Q&A 保险资产配置交流 20251118 摘要 头部保险公司二级权益配置比例多在 10%-15%，激进者近 20%，收益 普遍达 20%以上，偏好红利股和成长价值股。中小险企分化明显，激进 者维持高仓位，但偿付能力压力迫使其降低仓位，仓位弹性较大。 行业内股票、基金及长期股权投资占比已达 23%，接近 30%监管上限。 大型机构权益配置基本在 20%以上，但受偿付能力和非上市权益增量限 制，加之年底回调，加仓空间有限。 大型国央企明年将增配红利股、高股息标的，或通过私募证券基金增配 长期股权投资。激进机构可能转向科技成长，但对科技或 OCI 策略存在 分歧。中小险企短期内仍将提高权益仓位以追求超额收益，但操作弹性 受偿付能力影响。 上市保险公司权益中枢合理范围在 12%-15%，大权益中枢增加 4-5 个 百分点。2026 年，头部险企或被动增加约两个百分点，预计权益中枢 将围绕 14%-17%区间制定，大权益比可能再增加约 4 个百分点。 平安和太保配置风格趋同，偏向 OCI 和高股息资产。平安股票配置替代 长期债券，OCI 占比持续增长。太保偏向价值投资和红利股，委外管理 高波动成长股票以补偿收益。 今 ...

事件：11月14日，金融监管总局发布2025年三季度保险公司资金运用情况 国泰海通主要观点如下： 前三季度保险资金运用余额稳健提升。截至2025年三季度，保险行业资金运用余额37.5万亿元，较年初 +12.6%;其中人身险33.7万亿元，较年初+12.6%;财险2.4万亿元，较年初+7.5%。预计主要得益于新单及 续期保费稳健增长带来的现金流贡献，2025年前三季度保险行业保费同比+8.8%，人身险同比+10.2%， 财险同比+4.9%。 股票配置进一步提升，债券占比环比下降 1)截至25年三季度末，保险行业("人身险+财险"口径，下同)配置股票资产达3.62万亿元，较年初提升 1.19万亿元，环比Q2末提升0.55万亿元;占比为10.0%，较年初提升2.5pt，环比Q2末提升1.2pt。该行预计 一方面得益于保险公司持续提升股票资产配置，以及权益市场回暖带来股票资产市值提升，2025年前三 季度上证指数较年初+15.8%，其中Q3单季度+12.7%。 智通财经APP获悉，国泰海通发布研报称，截至2025年三季度，保险行业资金运用余额37.5万亿元，较 年初+12.6%，前三季度保险资金运用余额稳健提升。保险 ...

Core Viewpoint - The low interest rate environment is a fundamental challenge facing the Chinese insurance industry, driving a deep transformation in asset allocation strategies to address pressures on interest spreads, solvency, and liquidity [1][2]. Group 1: Historical Context of Low Interest Rates - China has experienced four notable low interest rate cycles since the reform and opening up, each associated with specific economic and financial conditions [5]. - The current low interest rate cycle began in 2019, exacerbated by economic downturns and the impact of the pandemic, indicating a potentially prolonged period of low rates [6]. Group 2: Current Asset Allocation Trends - Despite low interest rates, the total assets of the insurance industry have continued to grow, surpassing 40 trillion yuan, with an expected balance of nearly 40 trillion yuan in funds by year-end [7]. - The industry has increased its allocation to long-term bonds and medium to long-term deposits to stabilize income and enhance returns from fixed income investments [8]. - Equity investments have also seen steady growth, particularly in stocks and stock funds, with a significant increase of 85% since the end of the 13th Five-Year Plan [9]. - Alternative asset allocations have decreased, with private debt investments notably declining, reflecting challenges in the market [10]. Group 3: Market Risks and Changes - New market risks have emerged, including stock market volatility and concentrated investments in certain sectors, necessitating careful evaluation of long-term profitability [11]. Group 4: Comparative Analysis of International Practices - International strategies for low interest rate environments typically involve increasing equity investments and diversifying into alternative assets, but these strategies have not been fully realized in the domestic market due to unique local conditions [12][13]. Group 5: Future Outlook and Strategic Measures - The insurance industry faces a complex external environment with both challenges and opportunities, necessitating a focus on high-quality development and adaptation to changing market conditions [14]. - Eight strategic measures have been proposed to navigate the low interest rate environment, including enhancing cost control, optimizing fixed income strategies, and promoting innovation in asset management products [15][16][17].