回顾2025年，险资在资本市场留下深刻印记，如举牌次数创十年新高，大举加仓红利资产，成为诸多热 门科技股的重要股东。2026年，险资权益投资会有何新动向？配置盘和交易盘将采取怎样的策略？会在 哪些领域寻找"结构性α"？ 从资产大类看，低利率环境、政策导向及负债端产品结构调整走向纵深，将持续强化险资配置权益类资 产的内在动力；从市场驱动逻辑看，与2025年主要由估值驱动不同，2026年A股市场或转向盈利驱动， 这将促使险资的权益投资策略发生相应调整。 "整体策略基调将更趋审慎与精细化""从追求市场整体弹性转向精选个股和赛道的超额收益""在权益仓 位动态调整上将更趋灵活与精细""策略重心将转向结构优化"……在谈及2026年的投资策略时，多位险 资人士如是说。同时，"寻找中国经济转型升级中的投资机会"成为险资的寻"牛"共识。 增加权益配置动力犹在 "对比2025年的重估值修复和流动性驱动策略，2026年的策略基调将更趋审慎与精细化，更精准地适应 市场从'估值牛'向'盈利驱动慢牛'演变的预期，从追求市场整体弹性转向精选个股和赛道的超额收益。 权益仓位调整仍将锚定高股息资产作为'压舱石'，同时密切关注宏观经济指标，特别 ...

收入和支出方面，2025年前三季度，保险公司原保险保费收入5.2万亿元，同比增长8.5%；赔款与给付支出1.9万亿元， 同比增长7.6%；新增保单件数846亿件，同比增长7.9%。 新华财经北京12月31日电（高二山） 2025年，我国保险业在监管引领、政策赋能与行业转型三重驱动下，呈现 "规模 稳增、结构优化、风险可控、服务升级" 的发展态势。前三季度，行业总资产突破40万亿元、保费收入达到5.2万亿 元，人身险分红险成转型主力，财险非车险 "报行合一" 落地，险资权益投资政策持续优化，健康养老与绿色保险加速 布局，强监管护航行业高质量发展。 行业整体收入稳健增长利润端表现分化 根据金融监管总局披露的数据显示，2025年我国保险业总资产保持增长，收入持续增长。 总资产方面，截至2025年三季度末，保险公司和保险资产管理公司总资产40.4万亿元，较年初增加4.5万亿元，增长 12.5%。其中，财产险公司3.2万亿元，较年初增长9.9%；人身险公司35.4万亿元，较年初增长12.3%；再保险公司8615 亿元，较年初增长4.1%；保险资产管理公司1388亿元，较年初增长8.7%。 偿付能力方面，截至2025年三 ...

Core Viewpoint - The National Financial Regulatory Administration has relaxed regulations on insurance funds' investments in the stock market by lowering risk factors for certain stocks, aiming to support long-term capital and technological innovation [2]. Group 1: Regulatory Changes - The new notification adjusts risk factors for insurance companies investing in stocks, specifically for the CSI 300 index, the CSI Dividend Low Volatility 100 index, and stocks listed on the Sci-Tech Innovation Board [2]. - Risk factors for stocks held over three years in the CSI 300 and CSI Dividend Low Volatility 100 indices have been reduced from 0.30 to 0.27, while those for Sci-Tech Innovation Board stocks held over two years have decreased from 0.40 to 0.36 [2][3]. Group 2: Impact on Capital Efficiency - Lower risk factors will reduce the capital required for insurance companies to cover potential losses, thereby improving capital utilization efficiency [2]. - As of the end of Q3 2025, the total balance of insurance funds reached 37.5 trillion yuan, reflecting a 12.6% increase since the beginning of the year, marking three consecutive years of double-digit growth [3][4]. Group 3: Market Trends - The allocation of insurance funds to equity assets has been increasing, with a total of 5.59 trillion yuan invested in stocks and securities investment funds, accounting for 14.92% of the total insurance fund balance, nearing the significant 15% mark [4]. - The rise in equity asset allocation is influenced by favorable long-term policies and the recent bullish trend in the A-share market, which has increased the fair value of equity assets [5]. Group 4: Investment Activity - The preference for equity assets is also reflected in the growing number of stake acquisitions by insurance funds, with 31 instances reported this year [6].

Core Viewpoints - The 2026 Postal Financial Forum highlighted the importance of risk awareness and effective credit supply in the banking sector, emphasizing the need for banks to combine risk assessment with opportunity recognition [1][3][4] - Insurance funds are evolving into more strategic players in the capital market, focusing on long-term investments and aligning with national strategies [10][11] - The Chinese equity market is expected to enter a long-term structural bull market by 2026, driven by improving corporate profits and strategic investment themes [12][13] Banking Sector Insights - Liu Jianjun, President of Postal Savings Bank, emphasized the need for banks to cultivate a "future-oriented" risk perspective to enhance credit availability, especially in a low-interest-rate environment [3][4] - Eight strategies were proposed to address challenges in the banking sector, including long-termism, capability building, digital transformation, and risk management [4][5][6][7][8][9] Insurance Sector Developments - Han Guangyue, Chairman of China Postal Life Insurance, noted that insurance funds are now prioritizing asset-liability matching and capital efficiency, moving towards lower-risk, high-capital efficiency assets [10][11] - The focus of insurance investments has shifted from cyclical hotspots to sectors like high dividends, technological innovation, and infrastructure, aligning with long-term investment strategies [11] Market Outlook - Huang Fusheng, Chief Economist of China Postal Securities, predicted a structural bull market for Chinese equities starting in 2026, with key investment themes including innovative pharmaceuticals and technology [12] - The bond market is expected to stabilize, with limited room for interest rate cuts, while commodity prices are anticipated to rise due to global economic recovery and supply constraints [13] - Concerns regarding AI stock bubbles were addressed, indicating that current valuations are manageable compared to historical peaks, with increased competition in the tech sector helping to mitigate risks [14]

Core Insights - The investment balance of life insurance companies in stocks and securities investment funds reached a record high, with a total of 5.59 trillion yuan, accounting for 14.92% of the total investment balance of insurance companies as of the end of Q3 2023, marking a significant increase since the data was first disclosed in 2022 [3][5]. Group 1: Investment Trends - The proportion of investments in stocks and securities investment funds by insurance companies has surpassed the 14% mark for the first time, indicating a strategic shift towards equity investments [4][5]. - As of Q3 2023, the total investment balance of insurance companies exceeded 37 trillion yuan, reflecting a year-on-year growth of 16.5% [4]. - The investment balance in stocks and securities by life insurance companies reached approximately 5.19 trillion yuan, representing 15.38% of their total investment balance, an increase of 2.04 percentage points from the previous quarter [5]. Group 2: Market Activity - Insurance companies have significantly increased their equity investment activities, with 31 instances of shareholding increases recorded in 2023, surpassing previous highs [6]. - The performance of insurance companies has improved due to rising capital market conditions, with several companies reporting record profits for the first three quarters of the year [6]. Group 3: Asset Allocation - The investment balance in bonds by life and property insurance companies reached 18.18 trillion yuan, maintaining the highest share among various investment types, although the proportion slightly decreased to 48.52% [7]. - The allocation to bank deposits has continued to decline, with life and property insurance companies holding 7.37% and 15.67% of their investment balance in bank deposits, respectively [8].

Core Insights - The balance of investments in stocks and securities investment funds by insurance companies has reached a record high, with a total of 5.59 trillion yuan, accounting for 14.92% of the total investment balance, nearing the significant 15% threshold [1][2][3] Investment Trends - The proportion of investments in stocks and securities investment funds has surpassed the previous range of 11% to 14%, indicating a strategic shift in equity investment strategies by insurance capital [2][3] - As of the end of Q3, the total investment balance of insurance companies exceeded 37 trillion yuan, marking a year-on-year growth of 16.5% [2] - The investment balance in stocks and securities investment funds increased by 35.92% compared to the same period in 2024, with a quarterly increase of over 800 billion yuan [2][3] Company-Specific Investments - By the end of Q3, the investment balance in stocks and securities investment funds for life insurance companies was approximately 5.19 trillion yuan, representing 15.38% of their total investment balance, while property insurance companies had 405 billion yuan, accounting for 16.97% [3] - The enthusiasm for equity investments among insurance companies has surged this year, driven by low interest rates and new accounting standards, prompting a reallocation of assets [3] Increased Equity Investment Activity - Insurance capital has entered a "buying mode," with a record 31 instances of equity stakes taken this year, surpassing previous highs [4] - Notable recent investments include purchases by Changcheng Life and China Ping An, indicating ongoing aggressive positioning in the equity market [4] Performance and Returns - The recovery of the capital market has significantly boosted investment returns for insurance companies, contributing to record-high profits for several firms [4] - For instance, China Life reported a net profit of 167.8 billion yuan for the first three quarters, a 60.5% increase year-on-year, with total investment income reaching 368.6 billion yuan, up 41% from the previous year [4] Bond Investment Trends - The balance of investments in bonds remains the largest among all investment types, totaling 18.18 trillion yuan, although the proportion has slightly decreased to 48.52% [6] - Life insurance companies have a bond investment balance of 17.21 trillion yuan, with a proportion of 51.02%, while property insurance companies have 969.9 billion yuan, with a proportion of 40.62% [6] Bank Deposits - The proportion of investments in bank deposits for life and property insurance companies has continued to decline, standing at 7.37% and 15.67%, respectively [7]

Core Viewpoint - The investment in stocks and securities investment funds by insurance companies has reached a record high, indicating a strategic shift towards equity investments in the current low-interest-rate environment [2][5][6]. Investment in Stocks and Securities - As of the end of Q3, the total investment in stocks and securities investment funds by life and property insurance companies reached 5.59 trillion yuan, accounting for 14.92% of their total investment, surpassing the 14% threshold [2][4]. - This represents a year-on-year increase of 35.92% compared to the same period in 2024, and a significant rise from 13.05% at the end of Q2 [4][5]. - The total investment balance of insurance companies exceeded 37 trillion yuan, marking a 16.5% year-on-year growth [4]. Shift in Investment Strategy - The increase in equity investment reflects a strategic shift in the asset allocation of insurance companies, moving from a long-standing range of 11%-14% to a new high [5]. - The favorable market conditions and policy changes have encouraged insurance companies to increase their equity investments, contributing to the stability and growth of the capital market [5][6]. Performance of Insurance Companies - The performance of insurance companies has improved significantly due to increased equity investments, with many reporting record profits in Q3 [7]. - For instance, China Life reported a net profit of 167.8 billion yuan for the first three quarters, a 60.5% increase year-on-year, with total investment income reaching 368.6 billion yuan, up 41% from the previous year [7]. Bond Investment Trends - Despite the increase in equity investments, bond investments remain a crucial part of the insurance companies' portfolios, with a total bond investment balance of 18.18 trillion yuan, still the largest among all investment types [8]. - However, the proportion of bond investments has slightly decreased to 48.52% as of Q3, indicating a gradual shift towards equities [8]. Bank Deposits - The proportion of investments in bank deposits by insurance companies continues to decline, with life and property insurance companies holding 7.37% and 15.67% of their total investments in bank deposits, respectively [9].

Core Viewpoint - The adjustment of accounting regulations has significantly contributed to the profits from insurance capital's stock investments, driving the rise of insurance stocks. The valuation recovery of insurance stocks is expected to evolve from a cyclical rebound into a long-term value reassessment [2]. Group 1: Investment Trends - Insurance capital has made 31 stake acquisitions this year, surpassing the peak in 2020 and setting a new record since 2015 [4]. - The increase in equity asset allocation by insurance capital is a positive response to regulatory policies, enhancing the overall return on investment and stability of the industry [5]. - The trend shows a substantial increase in the balance of insurance capital utilization and a higher proportion of equity asset allocation [7]. Group 2: Sector Performance - Insurance capital primarily holds positions in high-dividend sectors such as banking, public utilities, and transportation, which serve as the "ballast" for their portfolios [9][10]. - The defensive attributes of undervalued, high-dividend assets align well with the dual demand for safety and profitability from insurance capital [12]. Group 3: Technology Sector Investment - Insurance capital's investment in technology stocks has exceeded expectations, opening up new profit growth opportunities [13]. - In the third quarter, insurance capital's holdings in the electronics sector grew significantly, reaching nearly 11.8 billion, with increased positions in companies like Dongshan Precision, Huaxin Electronics, and Shenzhen Technology [14]. Group 4: Market Dynamics - The role of insurance capital as a "stabilizer" in the capital market is becoming more pronounced, with significant profit growth enhancing the investment value of insurance capital [16]. - Major insurance companies have seen their stock prices reach new highs, with the Hong Kong Stock Connect Non-Bank ETF (513750) rising over 50% this year [16]. Group 5: Financial Performance - The five A+H listed insurance companies reported impressive investment returns, with an average annualized total investment return of 7.3%, a year-on-year increase of 1.2 percentage points [24]. - The implementation of new accounting standards (IFRS 17 and IFRS 9) has further increased the correlation between insurance companies' performance and the stock market [25]. Group 6: Future Outlook - The strong performance of equity investments is expected to boost confidence in the sales of dividend insurance products in 2026, with a forecast of double-digit growth in new premium income [27]. - Insurance companies are likely to continue increasing their allocation to equity assets, benefiting from a sustained "slow bull" market in A-shares [27]. Group 7: Investment Strategy - The valuation recovery of insurance stocks is anticipated to transition from a cyclical rebound to a long-term value reassessment, with significant inflows of southbound capital into the A-share and Hong Kong markets [33]. - The Hong Kong Stock Connect Non-Bank ETF (513750) is highlighted as a convenient tool for investors to access the non-bank financial sector in Hong Kong [34].

Core Viewpoint - The article highlights the significant profit contribution from insurance capital's stock investment business, driven by new accounting regulations, which is expected to lead to a long-term value reassessment of insurance stocks [5][24]. Group 1: Market Performance - Hong Kong insurance stocks, including China Ping An, AIA, and China Life, have seen rapid gains, contributing to a more than 2% increase in the Hong Kong Stock Connect non-bank ETF [3]. - The non-bank ETF has recorded a net inflow of 6.46 billion yuan in a single day, marking a total net inflow of 22.225 billion yuan year-to-date, reaching a new historical high of 24.654 billion yuan [18]. Group 2: Investment Trends - Insurance capital has made 31 equity stakes this year, surpassing the 2020 peak and setting a new record since 2015 [6]. - The proportion of equity assets in listed insurance companies has increased, with total investment assets reaching 21.85 trillion yuan, and the stock allocation rising by 1.44 percentage points compared to the end of 2024 [7]. Group 3: Profit Growth - The average annualized total investment return for major listed insurance companies reached 7.3%, a year-on-year increase of 1.2 percentage points, with net profits for the top five insurance companies growing by 33.5% year-on-year [23]. - China Ping An reported a net profit of 132.856 billion yuan for the first three quarters, a year-on-year increase of 11.5%, with a significant 45.4% growth in the third quarter alone [26][27]. Group 4: Strategic Shifts - Insurance companies are increasingly focusing on technology stocks, with significant increases in holdings in the electronics sector, reflecting a shift in investment strategy from traditional sectors to more diversified allocations [14][16]. - The article emphasizes that the new accounting standards (IFRS 17 and IFRS 9) have enhanced the correlation between insurance company performance and the stock market, allowing for greater profit growth during market upswings [24]. Group 5: Future Outlook - The article suggests that the ongoing recovery in the A-share market will benefit insurance companies, particularly those with strong beta attributes, as they continue to increase their allocation to equity assets [26]. - The anticipated growth in new single premium sales for 2026 is expected to be in double digits, driven by the positive correlation between previous year investment returns and subsequent product sales [26].

Group 1 - The core viewpoint of the news is that insurance capital is actively increasing its equity investments through shareholding and stake acquisitions in listed companies, with a notable focus on the banking and environmental sectors [1][2][3] Group 2 - Zhong Postal Life Insurance announced an increase in its stake in China Railway Signal & Communication Corp, raising its holdings to 102 million shares, which is 5.1692% of the H-share capital [1] - This marks the third time in 2023 that Zhong Postal Life has made a significant investment, having previously acquired stakes in Eastern Airlines Logistics and Green Power Environmental [1] Group 3 - Insurance capital has accelerated its market entry this year, with 32 instances of stake acquisitions, surpassing the total for the previous year, focusing on sectors like banking, insurance, public utilities, and energy [2] - Bank stocks have been particularly favored, with 12 instances of stake acquisitions involving major banks such as Agricultural Bank of China and Postal Savings Bank of China [2] Group 4 - Recent trends show insurance capital extending its acquisitions to peers, with Ping An Life increasing its holdings in China Pacific Insurance and China Life Insurance, reaching 5% and later 11.28% in China Pacific [3] - The rationale behind insurance capital's focus on high-dividend stocks is linked to low interest rates and new financial instrument guidelines, aiming to enhance their equity asset allocation [3]