近日，"第十九届深圳国际金融博览会暨2025中国金融机构年会"在深圳举行。在"中国保险业资产负债 管理年会"分论坛上，平安集团副首席投资官路昊阳发表了《发挥长线资金优势，积极践行耐心资本担 当》的主题演讲。他表示，借鉴海外市场的经验，在低利率环境下增配权益资产是不二选择，中国股票 的吸引力愈发凸显。 （原标题：平安集团副首席投资官路昊阳： 低利率周期增配权益 是各国险企必经之路） 证券时报记者 杨庆婉 "我们不是来股市'炒股'的，而是来选择可以长期投资的公司，用长期主义分享其利润的增长和估值的 扩张。"路昊阳表示，成本相对刚性、资金体量大、负债久期长是保险资金的主要特性，决定了保险资 金天生就是"耐心资本"。同时，保险资金是"负债驱动、追求稳健"的资金，意味着今天收的保费，未来 要能变成稳定的现金流去支付给客户，"客户在春天播种，秋天须有收获"。 据路昊阳介绍，市场上还是较为缺乏长久期资产去匹配如此大体量的保险负债。2024年末寿险行业平均 负债久期16.3年，目前行业规模调整后久期缺口为9.2年。20世纪以来，中国保险资金规模进入高速增长 期，截至2025年三季度末保险资金运用余额达37万亿元，其中股票投资 ...

"平安集团所管理的保险资产现已超6万亿元，其中二级市场权益投资规模超8000亿元。"路昊阳透露， 平安集团内部制定了"五大匹配"原则，即资产与负债久期匹配、投资与收益要求匹配、投资与流动性需 求匹配、投资与风险安全要求匹配、投资与财务报表要求匹配。 当前，保险行业普遍面临低利率环境下资产收益无法满足负债成本要求的困境，资产负债匹配的挑战不 断加大。而全球保险机构在穿越低利率环境方面早有探索，特别是美国、日本等经历过低利率周期的国 家。日本在20世纪90年代经济泡沫破裂后、利率持续走低，其国内保险业经历了严重危机，多家保险公 司破产，剩下的险企在投资方面做对了两件事：一是大幅增加海外配置，赚取息差，缓解负债匹配压 力；二是增配国内高股息股票作为"压舱石"，有效覆盖了负债成本。美国险企面对低利率时，更多是选 择主动调降负债，在保证成本的同时大幅增配权益，与客户共同承担风险，同时利用权益的波动性弥补 低利率环境下产品吸引力的不足。德国险企虽略有保守但不缺灵活，一方面通过利率债严格把控久期缺 口，另一方面通过适当加大二级市场权益投资和挖掘一级市场的股权投资机会，全面提升长期收益水 平。 "增配权益是各国险企度过低利率 ...

Investment Rating - The report maintains a "Positive" investment rating for the investment banking and brokerage industry [8] Core Insights - A total of 46 listed brokerages reported their Q3 earnings, achieving revenue and net profit attributable to shareholders of 435.65 billion and 178.95 billion yuan respectively for the first three quarters of 2025, representing year-on-year growth of 17.7% and 62.2% [2][4] - The market trading activity remains high, and it is expected that the performance of brokerages will continue to grow significantly, presenting investment opportunities [4] - The insurance sector has seen a substantial upward adjustment in profit growth expectations for the first three quarters, with notable investment returns alleviating short-term concerns [4] - The report indicates a gradual improvement in overall cost-effectiveness for investments, supported by the logic of deposit migration, increased equity allocation, and improved new policy costs [4] Summary by Sections Earnings Performance - The report highlights the strong earnings performance of brokerages, with significant revenue and profit growth in Q3 2025 [2][4] - Specific recommendations include Jiangsu Jinzu, China Ping An, and China Pacific Insurance based on their stable profit growth and dividend rates [4] Market Trends - The non-bank financial index decreased by 0.5% this week, with a year-to-date increase of 7.6%, indicating a relatively weak performance compared to the broader market [5] - The average daily trading volume in the market increased to 232.53 billion yuan, up 29.38% from the previous period, reflecting a recovery in market activity [5][42] Regulatory Developments - Recent regulatory updates include the issuance of the "Qualified Foreign Investor System Optimization Work Plan" by the CSRC, aimed at enhancing the attractiveness of the domestic market to foreign investors [6][64] Company Announcements - Notable company earnings include New China Life Insurance reporting revenue and net profit of 137.25 billion and 32.86 billion yuan respectively, with year-on-year growth of 28.3% and 58.9% [6] - Other companies such as Guotai Junan and CICC also reported significant increases in revenue and net profit for the same period [6]

Investment Rating - The report maintains a "Positive" investment rating for the investment banking and brokerage industry [7] Core Insights - The industry is entering a period of concentrated third-quarter report disclosures, with the market remaining at high levels, indicating that brokerage firms are likely to continue their high growth trend, presenting investment opportunities [2][4] - In the insurance sector, profit growth for the top companies in the first three quarters has been significantly revised upward compared to previous expectations, with notable investment returns alleviating short-term concerns. This supports the logic of deposit migration, increased equity allocation, and improved new policy costs, enhancing the certainty of long-term ROE improvement and accelerating valuation recovery [2][4] - The overall cost-effectiveness of investment is gradually improving, aligning with the judgment of a long-term upward turning point [2][4] Summary by Sections Industry Performance - The non-bank financial index increased by 2.0% this week, with a year-to-date increase of 8.1%, although it ranks lower in relative performance against the CSI 300 index [5] - The market's trading activity has decreased, with an average daily turnover of 17,973.14 billion yuan, down 18.04% week-on-week [5] Insurance Sector - The cumulative premium income for the insurance industry in August 2025 reached 47,999 billion yuan, reflecting a year-on-year increase of 9.63%, with life insurance premiums growing by 11.43% [23][24] - The total assets of the insurance industry as of August 2025 were 40.11 trillion yuan, with a quarter-on-quarter increase of 1.32% [28][29] Brokerage Firms - The report recommends stable profit growth and dividend rates for companies such as Jiangsu Jinzu, China Ping An, and China Pacific Insurance, highlighting their strong market positions [4] - Additional recommendations include New China Life, China Life, Hong Kong Exchanges and Clearing, CITIC Securities, Dongfang Caifu, Tonghuashun, and Jiufang Zhitu Holdings based on their performance elasticity and valuation levels [4] Market Trends - The report notes a recovery in the equity market, with the CSI 300 index rising by 3.24% and the ChiNext index by 8.05% [42][47] - The financing scale for equity and bond markets showed a rebound in September, with equity financing reaching 416.34 billion yuan, up 86.6% month-on-month [54]