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30次举牌、6400亿新增入市 保险资金在买什么
经济观察报· 2025-08-21 12:29
8月21日,A股总成交额再度突破2万亿元,这已经是连续7个交易日超2万亿元关口。 当日,上证指数摸高至3787.98点,创10年新高。同时,A股总市值迈上一个新台阶,突破100万亿元大关。 指数的上涨以及交易大放量背后,是各路资金的跑步入市。其中,作为长期资金的代表,保险资金高歌猛进, 仅在 今年上 半年新增入市资金超6400 亿元,远超去年全年的新增体量,创历史新高。 同时,从36万亿元保险资金的配置比例上看,股票投资余额达3.07万亿元,占比8.47%,创下2022年以来的新高。 更为吸引市场关注的,是今年以来保险资金进行的举牌潮。据统计,年内保险资金举牌已达30次,仅次于2015年的62次。 那么, 是什么吸引了保险资金入市?保险资金又在买什么? 仅在上半年,就有超6400亿元新增保险资金进入股市。其 中,一季度净流入3900亿元,二季度又净流入2500亿元。今 年4月7日,受关税战影响,上证指数暴跌7.34%,此后行情 一路震荡上行,也就是说,保险资金的加仓正好赶上了这一波 上涨行情。而拉长时间看,这一波增量远超保险资金在过去几 年的加仓规模。 作者:姜鑫 封图:图虫创意 | 时间 | | 股票投资余 ...
保险Ⅱ:低利率时代:海外险资如何应对挑战?
Changjiang Securities· 2025-02-28 02:46
Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Viewpoints - The low interest rate environment poses challenges for insurance companies, leading overseas insurers to extend bond durations and increase equity allocations. In the short term, China's bond market shows a slight shortage of long-term supply, and the current liability structure of insurers is sensitive to net assets, which poses some resistance to increasing equity allocations. However, in the medium to long term, with ongoing policy support for insurance capital market entry and improvements in capital market infrastructure, the willingness and ability of insurers to allocate equity will gradually increase, alleviating investment pressure [2][9][10]. Summary by Sections Impact of Interest Rates on Insurance Companies - The valuation of A-share listed insurance companies is generally aligned with interest rates. Since 2011, the valuation of insurance companies has maintained a consistent relationship with bond yields, with only a few exceptions during specific periods [17][19]. - The decline in interest rates can lead to increased risks of interest spread losses due to duration mismatches, negatively impacting net assets and the intrinsic value of insurance companies [6][24]. Overseas Insurance Asset Allocation Strategies - U.S. insurers have significantly increased their equity allocations from 9.9% in 1980 to 30.8% in 2021, making equities the second-largest asset class after bonds. Additionally, the duration of bonds held by U.S. insurers has been extended, with the proportion of bonds with a remaining term of over 20 years increasing by 4.8 percentage points since 1997 [7][44][57]. - Japanese insurers have also extended bond durations and increased overseas asset allocations, with the overseas allocation rising from 12.8% in 2008 to 25% in 2023 [68]. - South Korean insurers have gradually increased overseas asset allocations from 2.8% in 1999 to 11.6% in 2022, while the bond proportion has decreased from 57.9% in 2013 to 46.2% in 2022 [8][77]. Policy Support for Equity Allocation - Policies encouraging long-term capital market entry are being implemented, aiming to enhance the willingness and ability of insurers to allocate equity. The goal is to have 30% of new insurance premiums invested in the stock market annually, which could potentially increase equity allocation by approximately 295.7 billion yuan if the proportion is adjusted to 60% [9][10][9].