Investment Rating - The report maintains an "Overweight" rating for the insurance industry, indicating a positive outlook for investment opportunities in the sector [82]. Core Insights - The adjustment of predetermined interest rates is expected to enhance the value of new business, with a projected decrease in the rate to 2% in the third quarter, which will lower the rigid cost of liabilities and improve product profitability [8][12]. - The expansion of long-term stock investment trials is anticipated to increase the flexibility of the asset side, with insurance companies actively seeking higher-yield risk assets to mitigate the pressure from interest rate spreads [20][27]. - There is a need for further optimization in asset-liability matching, as mismatches in duration can lead to fluctuations in net assets, particularly under the IFRS 17 standards [42][50]. - The valuation of insurance companies is primarily driven by improvements in the asset side, with the current PEV valuation level at 0.70, indicating that market valuations are below the intrinsic value of the companies [59][67]. Summary by Sections 1. Adjustment of Predetermined Interest Rates - The upper limit for the predetermined interest rate for ordinary life insurance is currently set at 2.5%, with a projected decrease to 2% in the upcoming quarter, which is expected to enhance the new business value [8][12]. - The insurance premium income for life insurance is showing signs of recovery, with a cumulative growth of 1.3% as of April 2025, marking a positive shift in the market [12][14]. 2. Expansion of Long-term Stock Investment Trials - The total scale of long-term stock investment trials has reached 222 billion, with several major insurance companies participating [25]. - The demand for high-yield risk assets is increasing as insurance companies seek to cover the rigid costs associated with liabilities [27][33]. 3. Need for Optimization in Asset-Liability Matching - The mismatch in asset and liability durations is causing volatility in net assets, necessitating better alignment to mitigate risks associated with interest rate changes [42][50]. - The average net investment yield for listed insurance companies remains around 4%, which poses challenges for long-term asset yield stabilization [50][56]. 4. Valuation Driven by Asset Side Improvements - The contribution of insurance contract services to profits is significant, with new business value expected to enhance overall performance [59][61]. - The current average PB valuation for five A-share insurance companies is 1.6, indicating a moderate valuation level compared to historical data [67][71].

Group 1 - The core viewpoint of the articles highlights the significant increase in insurance companies' investment in bonds and equities, with a focus on long-term investment strategies to stabilize returns [1][2][3] - As of the first quarter of 2025, the total investment balance of insurance companies reached 34.93 trillion yuan, marking a year-on-year growth of 16.7% [1] - The bond allocation for life insurance companies exceeded 51% for the first time, reaching 16.1 trillion yuan, while property insurance companies' bond allocation reached 909.3 billion yuan, surpassing 40% [2] Group 2 - Equity assets have become crucial for insurance companies to enhance their returns, with stock allocation ratios reaching 8.4% for life insurance and 7.6% for property insurance, both at historical highs [3] - The long-term stock investment pilot program has expanded significantly, with an approved scale of 242 billion yuan as of May 2025, indicating a stable influx of medium to long-term capital into the capital market [3] - The investment focus of long-term stock investment pilot funds is on high-quality listed companies in the domestic and Hong Kong markets, emphasizing companies with good governance, stable operations, and reliable dividends [3]

Core Insights - The establishment of Taikang Stable (Wuhan) Private Fund Management Co., Ltd. has been officially registered, with an initial investment scale expected to be 12 billion yuan [1][7][10] - Taikang Life Insurance Co., Ltd. will be the sole investor in the fund, which aims to select high-quality listed companies in the domestic and Hong Kong markets based on fundamental analysis [1][10] Company Information - Taikang Stable was founded on April 21, 2025, and completed its private fund management registration on May 26, 2025 [2][3] - The company is fully owned by Taikang Asset Management Co., Ltd., which has a total asset management scale exceeding 4.2 trillion yuan as of the end of 2024 [3][5] - The registered capital of Taikang Stable is 10 million yuan, with a paid-in capital ratio of 100% [3] Management Team - The legal representative and executive director, Wang Qi, has over 20 years of experience in the financial industry and has held positions in various financial institutions [5] - The general manager, Liu Zhiqiang, also possesses over 20 years of investment research experience and has been with Taikang Asset for 17 years [6] Investment Strategy - The fund will focus on long-term investments as part of the second batch of insurance capital long-term stock investment pilot programs approved by the National Financial Regulatory Administration [10] - The strategy emphasizes fundamental analysis and aims for stable long-term asset appreciation while managing risks scientifically and rigorously [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 ...

Group 1 - Insurance capital is increasing equity investments through various methods such as shareholding and long-term stock investment trials due to low interest rates and supportive policies [1][2] - Analysts expect insurance companies to continue increasing equity investments, which will reduce the impact of stock market fluctuations on current profit statements [1][3] - The focus is shifting towards the CSI A500 index, which emphasizes technology and emerging industry leaders [1][3] Group 2 - Recent actions include China Ping An Life Insurance increasing its stake in China Merchants Bank to 12% and Ruizhong Life Insurance raising its stake in Longyuan Power to 16.04% [2] - The long duration of traditional insurance accounts makes them suitable for investing in low-valuation, stable-growth targets, benefiting from capital gains and high dividends in a low-interest environment [2] - Insurance funds are actively seeking long-term stock investment trials to address asset allocation issues and take advantage of relatively low A-share market valuations [4][5] Group 3 - The introduction of policies has expanded investment space for insurance funds, allowing for a reduction in risk capital requirements for equity assets [3][5] - The long-term stock investment trial allows insurance funds to invest through private equity funds, which can stabilize market value accounting and provide more flexible dividend options [4][5] - Regulatory approval for long-term stock investment trials has reached a total of 222 billion yuan, with significant funds expected to flow into the capital market [5]

证券研究报告 保险 鼓励长期投资，增资未雨绸缪 华泰研究 2025 年 5 月 08 日│中国内地 动态点评 进一步推动险资入市，资本补充提上日程 5 月 7 日，一行一局一会召开新闻发布会，提出多项政策稳定市场预期、加 大险资入市力度。保险行业关系密切的政策包括"大型保险集团资本补充已 经提上日程"，下调保险公司股票投资偿付能力风险因子 10%，再批复保险 公司长期股票投资试点 600 亿元。此外还有保险业支持外贸和科技行业的相 关政策。我们认为这些政策有利于进一步推动保险资金入市，鼓励保险公司 长期投资。补充资本的提法更多是未雨绸缪，提前布局，以应对低利率下保 险行业经营面临的潜在不确定性。我们认为政策总体更有利于行业头部公 司。建议关注中国太保 A/H、友邦保险、中国人保 A/H、中国平安 A/H。 资本补充提上日程 金融监管总局局长李云泽表示，完善资本补充机制，"大型保险集团资本补 充已经提上日程"。当前大型保险公司的偿付能力充足率较为充足，我们认 为这更多是未雨绸缪，以应对低利率下保险行业尤其是寿险行业经营面临的 潜在不确定性。过去一段时间保险行业的资本补充多以发行资本补充债和永 续债的方式进行。根 ...

政策一：或带动增量资金逾1300亿元 加大保险资金入市稳市力度的推动政策仍在继续加码。 继上月上调险资权益投资比例上限后，在5月7日上午举行的国新办新闻发布会上，国家金融监管总局局 长李云泽再次宣布了险资入市"正在路上"的下一批三大措施，继续支持稳定和活跃资本市场。 从发布会信息来看，这三大措施分别是拟再批复600亿元长期投资试点规模、将股票投资的风险因子进 一步调降10%以及推动完善长周期考核机制。 葛玉翔称，自2023年9月调整风险因子以来，在持续低利率环境倒逼下，保险资金持续加大股票配置比 例。国家金融监管总局数据显示，2024年四季度末人身险公司股票及证券投资基金投资占比合计为 12.5%，同比基本持平，但其中股票占比提升了0.36个百分点；财产险公司合计比例则为16.33%，同比 提升1.23个百分点，其中股票占比提升0.95个百分点。 政策二：险资长期投资试点将再添600亿 所谓长期股票投资试点，指的是保险公司出资设立私募证券基金，主要投向二级市场股票，并长期持 有。 葛玉翔分析称，目前已有两批保险资金长期股票投资试点落地，加上本批次600亿元，合计规模达2220 亿元。 葛玉翔分析称，长期股票投 ...

Core Viewpoint - The acceleration of insurance funds entering the stock market is evident, with the second batch of long-term stock investment pilot programs being implemented, increasing the scale and number of participating insurance companies [2][6]. Summary by Sections Pilot Program Overview - The scale of the long-term stock investment pilot has increased from 500 billion to 1,620 billion, with the number of participating insurance companies rising from 2 to 8, all of which are life insurance companies [2][6]. - The pilot program allows insurance companies to establish private equity funds primarily investing in the secondary stock market for long-term holding [5][6]. Investment Performance - As of early March 2025, the first pilot fund, Honghu Fund, has invested 500 billion and achieved returns lower than the benchmark with higher yields [6]. Regulatory Support - The pilot program is supported by regulatory frameworks aimed at increasing the actual investment ratio of long-term funds, including insurance funds [5][10]. - The second batch of pilot companies has a total approved scale of 1,120 billion, exceeding the initially planned 1,000 billion, indicating a strong interest from insurance companies [6][12]. Accounting and Investment Strategy - The pilot program allows for different accounting methods, such as equity method accounting, which helps mitigate the impact of market volatility on profit statements [10][11]. - Insurance companies are developing investment policies that focus on long-term holdings, emphasizing the selection of companies with competitive advantages and good governance [14][15]. Market Impact and Future Outlook - The long-term stock investment pilot is expected to enhance the supply structure of capital in the market, benefiting both the capital market and the real economy [14][15]. - Despite the growth in the pilot program, the total scale of 1,620 billion remains small compared to the total insurance fund balance of 33.26 trillion, indicating potential for further expansion [18].