寻求股市新机会 保险资金稳步增长的同时，延续多年的"固收为主"配置格局出现微妙变化，债券投资占比微降，股票投 资占比持续攀升，险资股票投资规模超3.6万亿元，凸显险资在低利率环境下寻求收益突破的主动调 整。 固收类资产占比降低 金融监管总局发布的数据显示，保险业资金运用余额稳步增长。截至三季度末，保险资金运用余额 37.46万亿元，较年初增长12.6%。 在险资大类资产配置中，债券是"压舱石"。过往十年中，险资对债券的配置占比一直超过30%，债券成 为稳定险资投资收益率的核心资产。 不过，北京商报记者注意到，截至今年三季度末，人身险公司对债券投资配置比例有所降低，具体来 说，人身险公司资金运用余额中，债券投资占比已从二季度的51.9%降低至51.02%。 除债券外，险资对银行存款的投资也在减少。从环比数据来看，财产险公司银行存款占比从二季度末的 17.24%降低至三季度末的15.67%；人身险公司银行存款占比从二季度末的8.02%降低至三季度末的 7.37%。综合来看，银行存款减少、债券占比降低、权益类资产略增，保险资金投资占比的变化，折射 出保险机构随行情而变的波段操作策略。 在经济学家、新金融专家余丰慧看 ...

2025.11. 16 本文字数：2593，阅读时长大约4分钟 作者 | 第一财经 杨倩雯 今年前三季度，险资投资的一大重点就是加仓股票。 第一财经记者根据金融监管总局最新发布的2025年三季度保险公司资金运用情况表（下称"资金运 用情况表"）梳理，三季度末，保险资金运用余额达到37.46万亿元，其中 股票的账面余额为3.62万 亿元。这一数字较去年末增加了1.19万亿元，增幅近五成；其中第三季度增加5524亿元。 如果加上证券投资基金，则截至三季度末险资配置的核心权益资产近5.6万亿元，较去年末增加近 1.5万亿元，其中第三季度单季增加值为8640亿元。 从Choice显示的险资三季度重仓股来看， 银行股依然是险资的"心头好"，不仅三季度末持仓市值占 比超一半，且第三季度险资增持股数也在所有重仓股中排名首位。 在银行股外，据业内分析师统 计，钢铁、通信、食品饮料等行业在三季度获险资重点增持，而电力设备、有色金属、交通运输等则 环比减持。 前三季度股票余额增加超万亿 金融监管总局近日发布的资金运用情况表数据显示，截至今年三季度末，保险资金运用余额达37.46 万亿元，较年初增长12.64%。 东吴证券首席战略 ...

Core Insights - Insurance capital has significantly increased its stock investments, with a notable rise in equity assets driven by favorable market conditions and regulatory support [1][3][6] Investment Trends - As of the end of Q3, the total balance of insurance capital investments reached 37.46 trillion yuan, marking a 12.64% increase from the beginning of the year [2] - The stock balance alone rose to 3.62 trillion yuan, an increase of 1.19 trillion yuan or 49.14% compared to the end of last year [3] - Including securities investment funds, the core equity assets reached approximately 5.59 trillion yuan, up 1.49 trillion yuan or 36.19% year-on-year [3] Sector Preferences - Bank stocks remain the most favored by insurance capital, accounting for 51.92% of the total value of heavy holdings, which amounted to nearly 640 billion yuan [8] - Other sectors that saw significant increases in investment include steel, communication, and food and beverage, while sectors like electric equipment and non-ferrous metals experienced reductions [1][8] Market Dynamics - The increase in equity investments is attributed to a strong stock market performance, with the CSI 300 index rising approximately 18% in the first three quarters [6][10] - Insurance companies reported that equity assets were a major contributor to significant growth in investment income, leading to record net profits for the third quarter [6][10] Investment Strategy - Insurance capital is adopting a "dividend stocks + growth stocks" strategy, focusing on high-dividend and stable profit companies while also seeking high-growth opportunities in emerging industries [9] - Different preferences exist between life insurance and property insurance funds, with life insurance favoring low PB (price-to-book) and high dividend stocks, while property insurance leans towards higher PE (price-to-earnings) growth stocks [9]

Core Insights - The five major listed insurance companies in China reported a combined net profit of approximately 426 billion yuan for the first three quarters of 2025, averaging about 17.5 billion yuan per day, with China Life leading at 167.8 billion yuan, a year-on-year increase of 60.5% [2][3][6] Financial Performance - China Life achieved a net profit of 167.8 billion yuan, followed by Ping An with 132.86 billion yuan, which represents a year-on-year growth of 11.5% [3][6] - Other companies, including China Pacific Insurance, China Property & Casualty Insurance, and New China Life, reported net profits of 46.82 billion yuan, 45.7 billion yuan, and 32.86 billion yuan respectively, with New China Life showing a notable growth rate of 58.9% [6][7] Investment Performance - The total investment income for the five companies reached 357.12 billion yuan, with all companies experiencing more than double growth in investment net income [6][7] - China Life led with an investment net income of 137.075 billion yuan, a year-on-year increase of 453.75%, while New China Life had the highest growth rate at 687.16% with an investment net income of 40.413 billion yuan [7][8] Asset Allocation - The total investment assets of the five insurance companies exceeded 20 trillion yuan by the end of the third quarter, with China Life's assets at 7.28 trillion yuan, an increase of 10.2% from the beginning of the year [8][9] - The insurance companies maintained a strong focus on bank stocks, holding seven out of the top ten positions in their major stock holdings, with significant increases in positions for Postal Savings Bank [9][12] Stock Holdings - Postal Savings Bank saw a substantial increase of over 213 million shares, valued at approximately 12.556 billion yuan, making it the most favored stock among insurers in the third quarter [12][14] - Other notable increases included Nanjing Bank and Hualing Steel, with significant share increases and multiple insurance institutions participating in the investments [12][15]

Group 1 - Insurance funds have significantly increased their investment in A-shares, with a 14% growth in the number of heavily held A-share circulating stocks by insurance institutions compared to the previous quarter, and a total market value exceeding 650 billion yuan [1] - The market value of insurance funds' heavily held stocks has increased by approximately 100 billion yuan compared to the end of last year, indicating a double-digit growth in both stock quantity and market value [1] - Financial stocks remain the cornerstone of insurance funds, with a market value exceeding 300 billion yuan, accounting for nearly 50% of their holdings [1] Group 2 - The proactive adjustment of insurance funds in the third quarter led to over 300 new heavily held stocks, with a total market value exceeding 100 billion yuan, primarily in the manufacturing sector [1] - Notable new investments include Ping An Life's significant stake in Agricultural Bank, valued at 32.773 billion yuan, marking it as the most substantial new investment in the third quarter [1] - Several A-share listed insurance companies reported record high net profits in the first three quarters, with China Life's net profit increasing by 60.5% year-on-year and New China Life's net profit rising by 58.9% [3] Group 3 - The growth in stock market value directly impacts current profits under new accounting standards, enhancing the investment returns for insurance companies [3] - The increasing premium income from floating yield products like dividend insurance is expected to further boost the equity investment ratio of insurance companies, making investment returns a more significant driver of performance [3]

Core Viewpoint - As of the end of Q3 2025, insurance institutions have shown a preference for stable, high-dividend, and low-valuation stocks, particularly in the banking and telecommunications sectors, while also increasing their holdings in machinery, electronic equipment, and non-ferrous metals [1][3][4]. Group 1: Insurance Holdings - By the end of Q3, insurance institutions held nearly 744 stocks, with a focus on banks and telecommunications [1][3]. - The top 10 A-share stocks held by insurance institutions include Agricultural Bank of China, Minsheng Bank, China Unicom, and others, indicating a continued preference for these sectors [3][4]. - Insurance capital emphasizes asset allocation to balance returns and duration, seeking absolute returns with a cautious risk appetite [3][4]. Group 2: Investment Strategy Adjustments - Insurance institutions have adjusted their investment strategies to include sectors like non-ferrous metals, hardware, steel, and software, with specific stocks such as Zijin Mining and Huazhong Steel seeing significant increases in holdings [5][6]. - The focus on these sectors is attributed to their reasonable valuations and high dividend yields, which align with the insurance capital's need for stable growth [5][6]. Group 3: Future Investment Trends - The proportion of equity investments by insurance capital is expected to increase, particularly in sectors supported by policy and favorable market conditions [6]. - Potential sectors for increased investment include public utilities, infrastructure, and low-valuation cyclical leaders, which offer high dividends and stable cash flows [6].

Group 1 - The core viewpoint of the news is that institutional investors hold a significant portion of Weili Medical's shares, with a total of 1.62 billion shares, accounting for 55.24% of the total share capital as of October 20, 2025 [1] - The proportion of shares held by institutional investors increased by 0.15 percentage points compared to the previous quarter [1] - Among public funds, only one fund, the China Merchants Quantitative Selected Stock Initiation A, increased its holdings, with an increase of 0.24% [1] Group 2 - The National Social Security Fund's 412 portfolio is the only social security fund that increased its holdings, with an increase of 0.25% [2] - Two new insurance investors were disclosed this quarter, both from Taikang Life Insurance, indicating a growing interest from insurance capital [2] - Two pension funds were not disclosed in this quarter compared to the previous one, reflecting a potential shift in investment strategy [2]

Core Insights - The insurance industry is experiencing significant profit growth, with increases ranging from 40% to 70% for several companies in their third-quarter reports [1][2][3] - The positive performance is largely attributed to a favorable stock market environment, which has encouraged insurance funds to increase their equity investments [1][5] Group 1: Company Performance - China Life Insurance expects a net profit of approximately RMB 156.79 billion to RMB 177.69 billion for the first three quarters of 2025, representing a year-on-year increase of about RMB 52.26 billion to RMB 73.17 billion, or 50% to 70% growth [2][3] - New China Life Insurance anticipates a net profit of RMB 29.99 billion to RMB 34.12 billion for the same period, marking a year-on-year surge of 45% to 65%, surpassing its entire 2024 net profit of RMB 26.2 billion [2][3][4] - China Pacific Insurance also projects a net profit increase of approximately 40% to 60% for the first three quarters of 2025, benefiting from the rising capital market [5][6] Group 2: Investment Strategies - Insurance funds have significantly increased their investments in the stock market, with a total balance exceeding RMB 3 trillion, up RMB 640 billion from the end of 2024 [1][7][9] - The banking sector remains the largest investment focus for insurance funds, accounting for 47.2% of the total market value of heavy-weight stocks held by these funds [7][9] - The shift towards equity assets is driven by a low-interest-rate environment and government policies encouraging long-term capital market participation, with bank stocks being favored for their stability and reliable dividends [9][10] Group 3: Market Trends - The A-share and Hong Kong markets have shown strong performance, prompting insurance funds to increase their equity market investments, resulting in substantial income [7][8] - Insurance companies have actively participated in IPOs, with significant investments in various sectors, including materials and technology [7][8]

Core Viewpoint - The recent successful listing of Huaxia Kaide Commercial REIT reflects a growing trend of insurance capital increasing investments in rental-type real estate, indicating a shift towards more diversified and stable income-generating assets in the current economic environment [1][2]. Group 1: Investment Trends - Insurance capital is increasingly investing in rental-type real estate through various methods such as direct acquisitions, equity partnerships, and participation in REITs, with a significant increase in large real estate investments reported in the first half of the year [1][2]. - The preference for high-quality rental assets is driven by their cost-performance advantages, as valuations have declined due to market adjustments, making them attractive for stable cash flow generation [2][3]. Group 2: Asset Characteristics - Rental-type real estate aligns well with the long-term liabilities of insurance capital, as these assets typically offer lease terms of 3 to 5 years or longer, providing predictable cash flows that can mitigate short-term market volatility [3][4]. - The development of a closed-loop system for investment, management, and exit strategies in rental-type real estate has alleviated concerns about liquidity, allowing insurance capital to exit investments more easily through public REITs and internal asset management platforms [4][5]. Group 3: Market Dynamics - The collaboration between insurance capital and rental-type assets is fostering a healthier market ecosystem, encouraging a shift from a focus on short-term sales to long-term operational excellence in the real estate sector [4][5]. - As the supply of quality real estate in core cities increases and the REITs market matures, insurance capital is expected to deepen its engagement in rental-type assets, balancing stability and growth in the capital market [5].

Core Insights - The insurance capital market, with over 36 trillion yuan in assets, is undergoing a significant transformation, actively responding to low interest rates and asset scarcity through a "dual-engine" strategy of equity and bond investments [1][3] Group 1: Equity Investment Trends - Insurance capital has accelerated its equity investments, with a total stock investment balance reaching 3.07 trillion yuan, an increase of 640.6 billion yuan or 26.4% from the previous year, raising its proportion in total assets to 8.4% [1] - The increase in equity investments is driven by the need to counteract risks associated with low interest rates and is supported by favorable policies that encourage higher equity investment ratios and lower risk factors for stock investments [1][3] - Major insurance companies, such as China Life and China Ping An, have reported double-digit growth in their stock investment balances, reflecting a positive market performance [1] Group 2: Long-term Investment Strategies - Insurance capital is transitioning from being "financial investors" to "strategic investors," with a focus on long-term investment reforms and the expansion of private equity funds, which have reached a total scale of 222 billion yuan [3] - The frequency of insurance capital acquiring stakes in listed companies has reached a four-year high, with 32 instances recorded this year, particularly favoring bank stocks and stable, high-dividend assets in sectors like water, electricity, and pharmaceuticals [4] Group 3: Bond Investment Stability - Despite the surge in equity investments, bonds remain a crucial component of insurance capital's asset allocation, with a bond investment balance of 17.87 trillion yuan, accounting for nearly half of total assets [4] - The strategy for bond investments is evolving, with a focus on long-term bonds to match liability durations while increasingly allocating to high-grade credit bonds and local government bonds [4]