智通财经APP获悉，中泰证券发布研究报告称，2025年以来政策持续加码鼓励险资作为长期资金入市， 1月要求大型国有险企每年新增保费30%投入A股，7月财政部拉长国有商业保险公司经营指标考核周 期。截至2Q25末，保险公司总资产规模达39.2万亿元(近三年CAGR 12.99%)，三批长期股票投资试点金 额累计2220亿元。险资与价值投资所倡导的"长期持有、安全边际、基本面分析"具有天然的契合性，根 据商业模式的差异、资产类别的不同，选股侧重点存在差异。该机构提到，"利差不够，股票来凑"，险 资权益投资迎"慢牛+政策"双红利。 资产配置需动态匹配负债成本：采用"NII加成法"，通过"核心(低波红利)+卫星(科技成长)"策略平衡风 险收益。低波动策略可结合量化模型筛选股价与基本面波动双低标的。结构优化聚焦高股息与"现金 牛"资产：按商业模式划分标的(牌照类/公用事业类/金融类等)，目标综合收益5%-10%。新准则下需协 同科学分配科目，建立"核心持仓(FVOCI适合长期持有高股息资产)+战术配置(FVTPL侧重交易性机 会)"机制，并依险种特性差异化配置。 风险提示：1)本文根据中国资产管理协会系列报告阅读理解后 ...

从资产端看，股市走强将明显增厚险企的权益市场投资业绩。今年一季度，上市险企投资收益整体表现较稳健，二季度上 证指数上涨3.26%，且保险公司青睐的银行股等高股息资产价格走势良好，因此预计二季度保险公司的投资收益将延续增长势 头。 进一步观察，险资举牌同行，释放了加强权益资产长期配置的信号。一方面，引导保险资金加大权益资产投资的政策体系 日趋完善。监管部门明确提出，力争大型国有保险公司从2025年起每年新增保费的30%用于投资A股。同时，保险资金长期股 票投资改革试点有序推进。另一方面，鼓励长期投资、价值投资的政策举措不断完善。优化长周期考核机制，大幅降低当年度 经营指标考核权重。可以预期，险资的权益投资规模将稳步提升。 同时，在保险新会计准则即将全面实施的背景下，险企有很强的意愿增配以长期持有为目的、可分类为FVOCI（以公允价 值计量且其变动计入其他综合收益的金融资产）的资产，以降低权益资产价格波动的影响。笔者认为，这一趋势已经显现且必 将延续，也会重塑险企权益投资行为，使其从"赚差价"为主转向"赚股息"为主。 整体来看，当前，险资权益投资面临的宏观经济环境、政策体系框架等均已发生显著变化，同时保险行业自身 ...

Core Viewpoint - China Ping An Insurance (Group) Co., Ltd. has increased its stake in China Pacific Insurance (Group) Co., Ltd. to 5.04%, triggering a mandatory disclosure due to the acquisition of 1.7414 million H-shares at an average price of HKD 32.0655 per share, totaling over HKD 55.83 million [1][3]. Group 1: Investment Activity - The acquisition by China Ping An marks a significant move in the insurance sector, as it is relatively rare for one insurance company to take a stake in another, especially when both are leading firms in the industry [2][3]. - This investment is characterized as a financial investment and part of the routine operations of insurance capital equity investment portfolios [3]. Group 2: Company Performance - China Pacific Insurance reported a revenue of CNY 404.089 billion for 2024, a year-on-year increase of 24.7%, and a net profit of CNY 44.96 billion, up 64.9% [3]. - The company’s total assets under management reached CNY 3.54 trillion, reflecting a growth of 21.2% compared to the previous year [3]. Group 3: Market Reaction - Following the announcement of the stake increase, both China Ping An and China Pacific Insurance saw significant stock price increases, with China Ping An's H-shares rising by 3.87% to over HKD 59, marking a four-year high [6]. - The stock prices of other insurance companies, including New China Life Insurance and China Life Insurance, also experienced notable increases, indicating a positive market sentiment towards the insurance sector [6].

截至目前，除华夏久盈资产管理有限责任公司暂缓披露去年年度报告外，其余34家保险资管机构（包含 一家养老险公司）均已披露去年年报。数据显示，34家保险资管机构去年合计实现营业收入416.00亿 元，同比增长14%；合计实现净利润183.52亿元，同比增长18%。 受访专家表示，保险资管机构去年整体业绩表现突出，与权益市场表现较好、多项新型业务拓展业务增 长点、保险行业资金增长等因素相关。 21家净利润同比增长 今年以来，监管部门多措并举，拓宽险资入市空间，引导险资加强权益投资。 净利润方面，34家保险资管机构中，有33家实现盈利，盈利额总计183.68亿元；1家亏损0.16亿元。具体 来看，国寿资产、泰康资产、平安资管和国寿投资净利润均超过10亿元，其中，国寿资产实现净利润 38.57亿元，位列第一名。 从趋势来看，21家保险资管机构实现净利润同比正增长，1家保险资管机构扭亏为盈，1家保险资管机构 亏损扩大，11家保险资管机构净利润同比下降。 普华永道管理咨询（上海）有限公司中国金融行业管理咨询合伙人周瑾补充说，绝大部分保险资管机构 的业绩都和其股东的保险业务表现呈现出高度的正相关性。2024年，保险行业的保费 ...

中国平安扫货银行股仍在继续。 再度买入6353.4万股后，中国平安近日对农业银行H股的持股比例升至15.15%。 港交所披露易显示，6月6日，中国平安买入6353.4万股农业银行H股，每股均价5.3126港元，耗资约3.38亿港 元，此次交易后，中国平安所持农业银行H股股份达到约46.58亿股。 平安重仓多家大行H股 披露信息显示，中国平安所持农业银行H股股份由多家子公司持有。其中平安人寿持股39.44亿股，平安财险持 股约6.91亿股。这意味着平安人寿在5月12日达到10%举牌线后，至今一直在持续增持农业银行H股。 梳理中国平安对农业银行H股的买入历程显示，从今年1月开始，中国平安旗下子公司便在持续买入农业银行H 股。虽然每股买入均价从1月份的约4.22港元升至最近一次投资时的5.31港元，但这丝毫没有影响中国平安的买 入决心。短短5个月，中国平安对农业银行H股的持股数增加了31亿股，持股比例增加了10.1%。仅这一项投资 便耗资超百亿港元。 以农业银行H股6月11日收盘价5.55港元计算，目前中国平安持有农业银行H股的市值达到了258.5亿港元。 中国平安对于银行股的兴趣远不限于此。券商中国记者梳理显示， ...

Group 1 - The core viewpoint of the articles highlights the strong performance of insurance asset management institutions in 2023, with a total operating income of 41.6 billion yuan and a net profit of 18.35 billion yuan, reflecting year-on-year growth of 14% and 18% respectively [1][2] - 34 insurance asset management institutions reported that 21 achieved year-on-year net profit growth, with 33 out of 34 institutions being profitable, totaling 18.368 billion yuan in net profit [2][3] - The performance of these institutions is closely linked to the positive trends in the insurance industry, including premium growth and investment returns from capital markets [3] Group 2 - Regulatory measures have been implemented to enhance equity investment capabilities, including an increase in the proportion of equity assets that insurance funds can hold, which is expected to further open up investment opportunities [4] - Insurance asset management companies are encouraged to adopt market-oriented incentive mechanisms and long-term assessment strategies to improve decision-making and reduce the impact of market volatility [4][5] - The focus for asset allocation should include opportunities in equity investments related to China's economic transformation, value extraction from existing low-interest assets, and alignment with national strategies [5][6]

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Ⅱ | 看好 | | --- | --- | | 保险Ⅱ | 看好 | | 多元金融 | 看好 | | ◼ 推荐公司及评级 | | | 方正证券 | 买入 | | 湘财股份 | 买入 | | 中国人寿 | 买入 | | 众安在线 | 增持 | 相关研究报告 2025 年 04 月 14 日 行业周报 看好/维持 非银行金融 非银行金融 非银行业周报（0407-0413）：险资权益投资空间拓宽 ◼ 走势比较 (20%) (2%) 16% 34% 52% 70% 24/4/15 24/6/26 24/9/6 24/11/17 25/1/28 25/4/10 ◼ 子行业评级 <<新华保险 2024 年年报点评：NBV 涨 势优异，业绩弹性显著>>--2025-04- 08 <<非银行业周报（0331-0406）：险企 重大股权投资行业扩围>>--2025- 04-07 证券分析师：夏芈卬 电话：010-88695119 E-MAIL：xiama@tpyzq.com 分析师登记编号：S1190523030003 研究助理：王子钦 E-MAIL：wangziqin@tpyzq.com 一般证券业务登记编号：S1 ...