作者 | 一财评论员 权益市场正在用耐心开启赚钱效应。 25日，A股拾级而上冲击3900点的新高，成交量再次超3万亿元。自6月23日以来，中国股市走强已 超2个月，估值迭创新高，板块轮动上行。从政策市带动情绪市，再到翘首期待资金市的次第蓄力， 不断推动人们的"思牛心切"。 与过往不同的是，这轮行情表现出极大耐心。原因并不复杂，6月以来，央行以万亿逆回购呵护市 场，并重启降息，将银行间质押式7天回购利率、常备借贷便利利率、中期借贷便利利率相继下调10 个基点，这三大政策利率通过短中长期三个时间轴线压低市场利率，直接击中险资等机构投资者的基 石市场，整个金融市场的资产荒使机构投资者的选择菜单空间有限，最终在资本市场强化分红政策等 的激励之下，金融市场的机构投资者集中将投资目标转向权益市场。 本文字数：1673，阅读时长大约3分钟 2025.08. 26 这方面监管部门必须明确，资本市场本质就是风险交易和配置的场所，要让风险规避型投资者在市场 很好地安营扎寨。这才是资本市场走出猴市的稳压器，才能真正改变国内资本市场牛短熊长的顽疾， 也唯有如此资本市场才能真正在投资者眼中具有长期投资价值。 谁道群生性命微，一般骨肉一 ...

护航居民存款搬家，让险资安心在权益市场安营扎寨，就要打破"牛短熊长"的宿命，通过中长期制度建 设护航市场投资功能 当前市场走得有耐心，另一个重要因素是，资产荒问题依然较为突出，限制了人们的选择空间，即市场 走强尚未得到上市公司基本面的有效支撑。7月诸多宏观数据显示，经济基本面的夯实工作还需进行更 多务实工作。 还必须正视的是，当前市场行情带有明显的损失规避效应特征，即权益市场的投资热情与投资者的风险 回避偏好，正在产生"奇怪"的化学反应。不论是险资，还是居民存款，其本质都是避险类资金，寻找的 是确定性收益机会，将这类资金引入市场，需要制度性的安全护航和保障，因为一旦风险规避型投资者 匹配了超越其风险意愿和风险承载能力的风险资产，不仅会给资本市场带来系统不稳定性，而且会给整 个金融市场乃至经济带来巨大风险隐患。这方面智利养老金的极速缩水风险需引以为戒；同时当前险资 入市看重的恰是稳定的股息率，这是由险资的资本属性决定的。因此，不能拿避险资金冒险是基本的底 线，这点各方面都要足够重视。 当然，居民储蓄存款、险资等入市，是大趋势，如何善待存款搬家，不将其置于其风险管控和风险承载 能力之外，是决策层和监管部门需施力的 ...

Group 1 - Insurance funds are accelerating their entry into the market, with significant investments in H-shares of companies like China Pacific Insurance and China Life Insurance, marking a shift from previous preferences for bank stocks [1] - The insurance sector is witnessing a resurgence in "insurance buying insurance," indicating a strategic move towards high-dividend assets and an optimistic outlook on industry fundamentals [1] - The stock investment balance of life and property insurance companies has increased significantly, with life insurance companies holding 2.87 trillion yuan in stocks, representing 8.81% of their total investments, and property insurance companies holding 195.5 billion yuan, representing 8.33% [1][2] Group 2 - Regulatory policies are driving insurance companies to invest more in the stock market, with a directive for large state-owned insurers to allocate 30% of new premiums to A-shares starting in 2025 [2] - The new accounting standards have increased the impact of equity asset fluctuations on insurance profits, incentivizing insurers to invest in high-dividend equities for better returns [2] - The forecast indicates that large state-owned insurance companies could generate incremental funds of 378.8 billion yuan, 393.3 billion yuan, and 408.5 billion yuan over the next three years, leading to an overall increase in market entry funds approaching one trillion yuan [3]

Group 1 - The core viewpoint of the articles indicates that insurance capital has increased its market entry pace in the second quarter, with total investment balance reaching 36.23 trillion yuan, a year-on-year increase of 17.4% [1] - By the end of the second quarter, the combined investment in stocks by life insurance and property insurance companies exceeded 3 trillion yuan, marking an increase of nearly 1 trillion yuan compared to the same period last year [1] - Life insurance companies' stock investment balance reached 2.87 trillion yuan, with a net increase of over 200 billion yuan from the previous quarter and over 600 billion yuan since the beginning of the year, resulting in a stock investment ratio of 8.81% [1] Group 2 - The rise in the stock investment ratio of insurance capital is attributed to two main reasons: the low interest rate environment prompting insurance companies to invest in high-dividend stocks, and favorable policies from regulators encouraging long-term capital market entry [2] - Recent policy changes have included an increase in the equity asset ratio by 5% for certain solvency levels and a reduction of risk factors for stock investments by 10%, aimed at promoting greater market participation by insurance companies [3] - As of mid-year, the total approved amount for long-term investment pilot projects by insurance funds reached 222 billion yuan, with new private equity funds being established to facilitate these investments [3]

Group 1 - The current valuation of A-shares and Hong Kong stocks is relatively low, while dividend yields are high, suggesting that long-term capital allocation to equities may yield substantial returns [1] - Insurance funds have significantly increased their stock allocations, with the proportion reaching a recent high, driven by low interest rates and asset scarcity [1][3] - As of the end of Q2, the balance of insurance funds allocated to stocks was 3.07 trillion yuan, an increase of 8.9% from the previous quarter, representing a net purchase of approximately 640 billion yuan in the first half of the year [3][4] Group 2 - The shift in insurance funds' investment strategy is moving from "controlling positions" to "selecting sectors," reflecting the need to adapt to market volatility and structural changes [2][5] - Insurance companies have made 28 equity stakes in 23 listed companies this year, marking the highest number of actions in nearly four years [5] - The overall investment style of insurance funds favors large-cap, high-dividend, and low-volatility assets, with a preference for stable companies in sectors like banking, public utilities, and transportation [6] Group 3 - The total balance of insurance funds reached 36.23 trillion yuan by the end of Q2, with a 3.73% increase from the previous quarter [3] - The proportion of insurance funds allocated to long-term equity investments rose to 7.6%, while the allocation to securities investment funds was 4.6% [4] - The recent approval of several private fund management companies indicates progress in the long-term investment reform pilot for insurance funds [8]

Group 1 - The current valuation of A-shares and Hong Kong stocks is relatively low, while dividend yields are high, suggesting that long-term capital allocation to equities may yield substantial returns [1][2] - Insurance funds have significantly increased their stock allocations, with the proportion reaching a recent high, driven by low interest rates and asset scarcity [1][2] - As of the end of Q2, the balance of insurance funds allocated to stocks was 3.07 trillion yuan, an 8.9% increase from the previous quarter, equating to a net purchase of approximately 640 billion yuan in the first half of the year [2][3] Group 2 - The shift in insurance funds' investment strategy from "controlling positions" to "selecting sectors" is necessary due to increased market volatility during the economic transition [2][4] - Insurance funds have shown a preference for large-cap, high-dividend, and low-volatility assets, with banks being the most favored sector, followed by public utilities, transportation, and energy [4][5] - The investment in long-term equity has increased to 2.75 trillion yuan, representing 7.6% of the overall asset allocation, while the allocation to securities investment funds stands at 4.6% [3][4] Group 3 - Recent regulatory changes have facilitated insurance funds' entry into the capital market, allowing for increased investments through private equity funds and shareholding [4][7] - The number of equity stakes taken by insurance companies has reached a four-year high, with 28 stakes in 23 listed companies this year [4][7] - The establishment of new private fund management companies by major insurance firms indicates a growing trend towards long-term investment strategies [7]

Core Insights - The insurance industry is experiencing a significant shift towards long-term equity investments, driven by low interest rates and the need for better asset-liability matching [1][5][6] - Insurance companies are increasingly focusing on high-dividend assets as a stable source of cash flow, with a notable rise in the number of equity investments and strategic shareholdings [2][3][5] - Regulatory reforms are facilitating the establishment of private equity funds by insurance firms, allowing them to invest more heavily in the stock market [2][8] Group 1: Investment Strategies - Insurance companies are restructuring their asset allocations to prioritize long-term equity investments, moving from trading-oriented assets to those that generate stable cash flows [1][3] - The trend of increasing shareholdings in listed companies is evident, with insurance firms triggering shareholding notifications through significant stock purchases [2][3] - High-dividend sectors such as banking, utilities, energy, and technology are particularly favored by insurance investors, reflecting a strategic shift towards stable income generation [2][5] Group 2: Regulatory Environment - The establishment of private equity funds is part of a broader regulatory initiative to encourage long-term investments by insurance companies, with over 220 billion yuan approved for various pilot projects [2][8] - New accounting standards are reshaping investment strategies, emphasizing the importance of stable dividend income and reducing reliance on capital gains [6][7] - There are ongoing challenges related to regulatory constraints, including solvency requirements and accounting measurement methods, which may hinder the full potential of insurance capital in equity markets [8][9][10] Group 3: Market Dynamics - The insurance sector is facing pressure from high liability costs and low bond yields, prompting a shift towards equities to enhance returns [5][6] - The demand for high-quality, stable cash flow assets is increasing, with insurance firms actively seeking opportunities in REITs and other equity instruments [3][6] - The industry's asset duration is currently shorter than its liability duration, necessitating a strategic focus on extending asset duration to mitigate risks associated with interest rate fluctuations [5][9]

Market Overview - The market experienced slight declines last Friday, with the Shanghai Composite Index down 0.12%, the Shenzhen Component down 0.26%, and the ChiNext Index down 0.38% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.71 trillion yuan, a decrease of 115.3 billion yuan compared to the previous trading day [1] Institutional Insights - CITIC Securities noted that insurance capital is accelerating its market entry, with 22 instances of insurance capital increasing stakes this year, surpassing the total for 2024 [2] - The total number of shares held by insurance capital in the top ten shareholders of 35 listed companies amounts to 889 million shares, with a total market value of 13.727 billion yuan [2] Market Outlook - Everbright Securities predicts that the market will enter a new phase of upward momentum in the second half of the year, potentially surpassing the peak levels of 2024 [3] - The market's performance is expected to be driven by fundamental improvements, sustained capital inflows, and opportunities from emerging industries [3] Strategic Allocation - Huatai Securities continues to favor strategic allocations in large financials, pharmaceuticals, and military sectors, while also identifying tactical opportunities in sectors like storage, software, and certain chemicals [4] - The report highlights a return to a "barbell" investment style, focusing on dividend yield and small-cap stocks [4]

Core Viewpoint - The article highlights the increasing involvement of insurance capital in local economic development through the establishment of various funds, particularly emphasizing the collaboration between insurance companies and local governments to create investment opportunities and stimulate growth in specific industries [6][7]. Fund Establishment - Anhui Renbao Fund, with a total scale of 10 billion RMB, was established with significant contributions from China Insurance, which invested 8 billion RMB [6][13]. - The Zhejiang Zhanxing Industry Relay Fund, targeting a scale of 5 billion RMB, has successfully completed its first phase of fundraising [14]. - The Shaanxi Future Low-altitude Industry Investment Fund was established with a capital of 1.5 billion RMB, focusing on the low-altitude economy [15]. - The Hubei Xianning High-tech Industry Regional Mother Fund was launched with a total scale of 3 billion RMB, aimed at supporting local industrial development [19]. - The Nanning Qiang Chain No.1 Aluminum Industry Development Fund was established with a capital of 822 million RMB, focusing on the aluminum industry [20]. Fundraising Dynamics - Haichuan Capital completed the first closing of its main RMB fund, exceeding 300 million RMB, with a significant portion of LPs coming from industrial players [9]. - Xincheng Capital announced the successful fundraising of over 4.5 billion RMB for its new RMB merger fund, with over 70% of the LPs being insurance capital [11]. Investment Trends - Insurance capital is increasingly collaborating with local government funds, which is expected to become a trend in the primary market, providing essential liquidity [7]. - The establishment of S funds is gaining attention as a response to the challenges of exiting in the primary market, with various local governments actively promoting such initiatives [14]. GP Recruitment - Nanjing is seeking market-oriented fund management institutions for its 500 million RMB investment fund, focusing on sectors like aerospace, new energy materials, and digital economy [25]. - The Xiangxi Jin Furong Industry Development Guiding Mother Fund is also open for GP selection, targeting a total scale of 1 billion RMB for various emerging industries [26].

5月7日，中邮人寿保险股份有限公司（以下简称中邮保险）在中国保险行业协会官网披露的公告显示， 中邮保险通过协议转让方式持有东方航空物流股份有限公司（以下简称东航物流）7942.01万股股份， 占东航物流总股本的5.00%，触发A股举牌。 "此次战略投资东航物流，中邮保险践行长期投资理念，以实际行动参与上海'五个中心'建设，强化浦 东国际航空货运枢纽功能，助力上海国际航运中心能级提升，推动打造'交通强国''贸易强国'。"中邮保 险方面对《每日经济新闻》记者表示，未来，双方将依托各自资源优势持续释放协同效应，深化央企战 略合作，积极探索产融结合，为国家经济高质量发展注入全新动能。 通过协议转让方式举牌东航物流 据悉，中邮保险本次协议受让的资金来源为中邮人寿保险股份有限公司—传统保险产品，受托管理人为 中邮保险资产管理有限公司。 对于本次举牌，中邮保险系基于自身发展投资需求和支持上市公司持续健康发展的规划安排进行长期投 资。中邮保险将积极落实中国邮政集团有限公司与中国东方航空集团有限公司签署的战略合作协议，深 化在金融领域的战略合作，持续做好金融"五篇大文章"，坚持服务实体经济，推动经济民生高质量发 展。 资料显示 ...