2025Q2 保险业资金运用情况点评：负债驱 动，股票及债券投资占比创新高 事件描述 国家金融监督管理总局发布 2025 年二季度保险公司资金运用情况。 事件点评 保险资金运用余额突破 36 万亿，2025 上半年同比+17.39%。低利率环境下 "存款搬家"、保险公司加大分红险等浮动收益型产品的销售力度，保险行业 保费收入持续提升。截至 2025Q2，保险公司累计实现保费收入 37349.82 亿 元，同比+5.31%；保险资金运用余额达到 36.23 万亿元，同比+17.39%。分 项看，人身险公司资金运用余额 32.60 万亿，同比+17.65%；财产险公司资 金运用余额 2.35 万亿，同比+11.25%。 保险资金债券投资规模及占比均创下近年新高，银行存款和基金配置比例下 降。保费收入稳健增长带动保险资金运用余额持续提升，保险公司存在"被动 配债"压力。截至 2025Q2，保险资金债券投资规模 17.87 万亿。地产弱周期 叠加化债背景下，非标等高收益资产规模持续压缩，三季度预定利率下调有 利于带动保费收入持续扩张，险资债券投资规模将进一步提升。险资债券投 资以利率债为主，资产负债匹配需求下长久期利 ...

Investment Rating - The report maintains an "Overweight" rating for the insurance sector, indicating a positive outlook for the industry over the next 6 to 12 months [2]. Core Insights - The insurance sector's total investment balance reached 36.23 trillion yuan by the end of Q2 2025, with a year-on-year growth rate of 17.4%, marking the fifth consecutive quarter of improvement [5]. - The asset allocation shows a continued increase in bond investments, with a slight slowdown in growth, while stock allocations have improved for five consecutive quarters [5][6]. - The report highlights that the insurance industry is not as negatively impacted as the market perceives, with valuations reflecting the pressures on both assets and liabilities [5]. Summary by Sections Industry Overview - The total market capitalization of the insurance industry is approximately 32,643.28 billion yuan, with a circulating market value of 32,637.15 billion yuan [2]. Investment Allocation - By the end of Q2 2025, the allocation of insurance funds was as follows: bank deposits (8.6%), bonds (51.1%), stocks (8.8%), securities investment funds (4.8%), long-term equity investments (7.9%), and other non-standard assets (18.2%) [5][6]. - The bond allocation has increased, but the growth rate has shown signs of slowing down, while stock allocation has seen a consistent rise [5]. Performance Metrics - The year-on-year growth rates for original premiums, net assets, and total assets as of June 2025 were 5.3%, 23.4%, and 16.1%, respectively, indicating improved operational performance [5]. - The solvency ratios for property and life insurance companies were reported at 240.6% and 196.6%, respectively, showing a recovery trend [5][18]. Investment Recommendations - The report suggests focusing on companies such as New China Life Insurance, Ping An Insurance, China Life Insurance, AIA, China Pacific Insurance, and China People’s Insurance, as they are expected to benefit from the current market conditions [5].

Core Viewpoint - The insurance industry in China has seen a significant increase in fund utilization, with the total balance surpassing 36 trillion yuan as of Q2 2025, reflecting a year-on-year growth of 17.4% [2]. Group 1: Fund Utilization Overview - As of Q2 2025, the fund utilization balance of property insurance companies reached 2.35 trillion yuan, while life insurance companies held 32.6 trillion yuan [2]. - The total investment in stocks and securities investment funds by both life and property insurance companies amounted to 4.73 trillion yuan, marking a 25% increase compared to the same period in 2024 [3][4]. Group 2: Equity Investment Trends - The proportion of equity investments has been steadily increasing, with life insurance companies investing 4.35 trillion yuan in stocks and securities investment funds, a 25.7% increase year-on-year, representing 13.34% of their total fund utilization [4]. - Property insurance companies invested 379.2 billion yuan in stocks and securities investment funds, accounting for 16.16% of their total fund utilization, showing a significant increase [4]. - The rise in equity investment is attributed to several factors, including stock market gains, a low-interest-rate environment, and regulatory policies encouraging long-term investments [5]. Group 3: Bond Investment Dynamics - The total balance of bond investments by both life and property insurance companies reached 17.87 trillion yuan, a substantial increase of 1.9 trillion yuan from the end of 2024, making it the largest investment category [8]. - Life insurance companies held 16.92 trillion yuan in bonds, representing 51.90% of their total fund utilization, while property insurance companies held 945.5 billion yuan, accounting for 40.29% [8]. - The recent tax policy changes regarding bond interest income are not expected to alter the fundamental role of bonds as a stable investment for insurance funds [9]. Group 4: Decline in Bank Deposits - The proportion of investments in bank deposits has been declining, with life insurance companies holding 8.02% and property insurance companies holding 17.24% of their total fund utilization in bank deposits as of Q2 2025 [9]. Group 5: Future Investment Outlook - Analysts suggest that insurance funds may shift towards investments with better tax advantages or higher returns, with a continued emphasis on equity investments in the long term [10].

8月1日，国家金融监督管理总局背景监管局发布任职批复公告，核准张戬中邮保险资产管理有限公司（以下简称"中邮保险 资产"）总经理的任职资格。这也是公司成立以来首任总经理，而这距离其去年7月获批担任公司副总经理仅约一年，晋升 速度颇为快速。 张戬副总转正仅历时一年，前任阴秀生意外离任 履历显示，张戬，经济学博士研究生。此前担任中邮保险资管临时负责人、副总经理，分管组合管理部、固定收益投资 部、权益投资部、战略研究部、董事会办公室、总经理办公室工作。其曾任中邮人寿资产管理中心创新投资部负责人、权 益投资部负责人，中国人寿资管资产配置部业务董事，中银国际证券研究部主管助理等职务。 图中人物系 张戬 值得注意的是，其前任总经理临时负责人阴秀生，履职不足一年即告离任。其生于1965年6月，经济学硕士，履历显赫。在 加入中邮体系前，曾历任中再资管、国泰君安证券、安信证券副总裁等职。进入中邮后，他身兼中邮人寿党委委员、首席 投资官及董事会秘书数职，并出任中邮保险资管党委副书记、总经理临时负责人。然而，2024年4月，其先行卸任中邮人寿 全部职务，同年9月2日，中邮人寿股东会决议生效，其保险资管总经理临时负责人职务同步终止。此 ...

Core Viewpoint - The insurance industry in China is transitioning from a phase of rapid growth to high-quality development, emphasizing its role as a stabilizer in the financial system and focusing on serving social welfare, the real economy, and national strategies [1] Group 1: Policy and Market Opportunities - The Central Financial Office and the China Securities Regulatory Commission issued guidelines to promote long-term capital investment in the market, encouraging insurance funds to invest in equity assets [1][2] - Insurance funds, characterized as long-term and patient capital, are expected to provide stable funding sources for the capital market and enhance market stability through professional institutional operations [1][2] Group 2: Company Strategy and Performance - CITIC Prudential Life Insurance Company and its subsidiary CITIC Prudential Asset Management are aligning with national policies, focusing on core business and enhancing management mechanisms to support the healthy development of the capital market [2][3] - The company has established a performance evaluation mechanism that emphasizes supporting real enterprises and long-term investment returns, ensuring compliance with regulatory standards [3] Group 3: Investment Focus Areas - The company is directed to optimize funding supply structures, focusing on technology innovation, advanced manufacturing, green development, and support for small and micro enterprises [4] - As of the end of 2024, the company has invested nearly 215 billion yuan in the real economy, with significant investments in technology innovation and green projects [5][6] Group 4: Long-term Investment and Market Impact - The importance of insurance funds in equity investments is increasing due to declining long-term interest rates and a lack of quality non-standard assets [8] - The company has actively responded to regulatory encouragement for long-term capital investment, with over 41 billion yuan allocated to equity markets by March 2025 [8][9] Group 5: Future Outlook - The insurance industry is poised for new development opportunities, with CITIC Prudential Asset Management planning to leverage its unique advantages in long-term capital management to support the real economy and contribute to high-quality economic development [10]

证券研究报告 | 2025年05月22日 2025 年一季度保险业资金运用情况点评 风险偏好提升，权益增量持续 |  行业研究·行业快评 | | |  | 非银金融·保险Ⅱ |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | --- | | 证券分析师： | 孔祥 | 021-60375452 | | kongxiang@guosen.com.cn | 执证编码：S0980523060004 | | 联系人： | 王京灵 | 0755-22941150 | | wangjingling@guosen.com.cn | | 事项： 评论： 固收：债市利率下行推动债券配置创新高 2025 年一季度，债券市场利率中枢出现回升，持续吸引险资增配。截至一季度末，我国 10 年期及 30 年期 国债收益率较年初分别上升 20.5bp 及 18.3bp。低利率叠加"资产荒"背景下，债市下跌进一步吸引险资 增加长债类资产的配置。 图1：2024 年以来我国长债收益率（单位：%） 资料来源：Wind，国信证券经济研究所整理 权益：高股息策略与新兴产业布局并进 权益类资产成 ...

中保投资有限责任公司（下称"中保投"）总裁贾飙拟任上海市管企业党委书记，并提名任董事长。 2月27日，上海市委组织部发布上海市市管干部任职前公示，其中提及，现任中保投资有限责任公司总裁、党委副书 记贾飙，拟任市管企业党委书记，并提名任董事长。 据券商中国记者了解，该市管企业很大可能即为中保投。中保投前一任董事长为任春生，任2021年7月调离后，中保 投董事长之职空缺至今。 中保投于2015年12月成立，注册资本12亿元，由27家保险公司、15家保险资产管理公司以及4家社会资本共46家股东 单位出资设立。 根据《国务院关于中国保险投资基金设立方案》（下称《方案》），中国保险投资基金主要由保险机构依法设立， 并发挥保险行业长期资金优势的战略性、主动性、综合性投资平台。中保投资担任中国保险投资基金的普通合伙 人，负责基金设立、募集和管理。 中保投曾是原银保监会管委会统筹管理的会管单位之一，后归国家金融监督管理总局管理。今年1月，中保投划归上 海管理。 据上海市国资委官微消息，1月7日，上海市国资委党委书记、主任贺青带队赴中保投调研并主持召开座谈会。贺青 指出，根据机构改革有关要求，中保投划归上海管理，由上海市国资委 ...