本报记者 杨笑寒 近日，国家金融监督管理总局披露了今年三季度保险资金运用情况。数据显示，截至三季度末，保险公 司资金运用余额超37万亿元。其中，人身险公司和财险公司对股票和证券投资基金等权益类资产配置占 比，环比今年二季度末进一步提升。 受访专家表示，险资加大权益类资产配置比例，主要受利差损压力、投资收益提升、权益市场回暖和监 管政策鼓励等因素影响。 权益类资产配置比例加大 Wind资讯数据显示，剔除中国人寿集团对中国人寿的持股，以及中国平安集团对平安银行的持股，保 险机构持股数量排名前10位的A股股票分别为民生银行、浦发银行、农业银行、邮储银行、中国联通、 京沪高铁、浙商银行、华夏银行、兴业银行以及金地集团。而从增持情况来看，今年三季度，险资增持 股份数量较多的个股为邮储银行、华菱钢铁、兴业银行和中国外运等。 天职国际会计师事务所保险咨询主管合伙人周瑾对《证券日报》记者表示，险资普遍青睐经营稳健，股 票流动性好，股息率较高，分红稳定且具有升值空间的个股。银行股目前较为符合以上特征，因此受到 险资青睐。除银行股以外，环保、公用事业、医药、高科技等符合国家发展战略方向的行业，也会是险 资举牌的重点行业。 对于险 ...

本报记者 杨笑寒 近日，国家金融监督管理总局披露了今年三季度保险资金运用情况。数据显示，截至三季度末，保险公 司资金运用余额超37万亿元。其中，人身险公司和财险公司对股票和证券投资基金等权益类资产配置占 比，环比今年二季度末进一步提升。 受访专家表示，险资加大权益类资产配置比例，主要受利差损压力、投资收益提升、权益市场回暖和监 管政策鼓励等因素影响。 权益类资产配置比例加大 分公司类型来看，截至今年三季度末，财险公司的资金运用余额为23875亿元，其中债券和银行存款账 面余额分别为9699亿元和3742亿元，分别占财险公司资金运用余额的40.62%和15.67%，为主要配置资 产。财险公司股票、证券投资基金和长期股权投资的账面余额分别为2086亿元、1964亿元和1471亿元， 分别占比8.74%、8.23%和6.16%。 截至今年三季度末，人身险公司的资金运用余额为33.73万亿元，其中债券和股票账面余额分别为17.21 万亿元和3.41万亿元，占人身险公司资金运用余额的51.02%和10.12%，为主要配置资产。人身险公司对 银行存款、证券投资基金和长期股权投资的账面余额分别为2.49万亿元、1.78万亿 ...

Regulatory Developments - The Financial Regulatory Bureau supports insurance institutions in Fujian to develop innovative insurance products covering both sides of the Taiwan Strait [1] - Three departments, including the People's Bank of China, issued a notice to explore a forest insurance product system, including index insurance, yield insurance, income insurance, and liability insurance [2] Industry Performance - In the first half of 2025, the five major listed insurance companies in A-shares achieved a total net profit of 178.19 billion yuan, a year-on-year increase of 3.7%, with New China Life Insurance showing the highest profit growth rate of 33.5% [3] - Insurance capital has increasingly invested in equity assets, with two new equity investment funds established, totaling nearly 27 billion yuan, driven by declining fixed-income asset yields and improved market conditions [4] Company Updates - China Ping An reported a net profit of 68.05 billion yuan for the first half of 2025, with a new business value growth of 39.8% [5] - China Pacific Insurance achieved a net profit of 26.53 billion yuan in the first half of 2025, a year-on-year increase of 16.9% [6] - China Life Insurance reported a net profit of 40.93 billion yuan, a year-on-year increase of 6.9%, with total assets exceeding 7 trillion yuan [7] - New China Life Insurance reported a net profit of 14.8 billion yuan, a year-on-year increase of 33.5%, with a new business value growth of 58% [9] - China Taiping achieved an insurance service performance of 11.35 billion yuan, with a significant transformation in its participating insurance business [10]

Core Insights - Two private equity funds, Tianjin Jiayu and Suzhou Kuanyu, have been established with a total investment of nearly 27 billion yuan, primarily funded by insurance capital [1][2] - Insurance capital is increasingly allocating to equity investments due to low returns on fixed-income assets, regulatory guidance, and market conditions [1][3] Fund Establishment - Tianjin Jiayu Fund was established on August 22 with a total contribution of 4.5 billion yuan, mainly from insurance companies [2] - Suzhou Kuanyu Fund was established on August 25 with a total contribution of approximately 22.43 billion yuan, also with significant participation from insurance companies [2] - At least three equity investment funds involving insurance capital have been established in August, with ten insurance institutions participating [2] Investment Trends - Insurance capital is increasing its allocation to equity assets through various means, including private equity funds and stock investments [4] - As of mid-2025, the balance of funds allocated to stocks by insurance companies reached 3.07 trillion yuan, representing 8.5% of their total investments, showing an increase from the previous year [4] - In the first half of the year, insurance asset management institutions registered 11 equity investment plans, a year-on-year increase of 188% [4] Future Outlook - The scale and proportion of insurance capital investments in equity assets are expected to continue rising, with a diversification of investment channels [5] - There is an anticipated increase in allocations to dividend assets and technology growth stocks, as well as a greater focus on Hong Kong stocks [5]

Market Performance - A-shares saw all three major indices rise collectively, with total trading volume exceeding 2 trillion yuan, marking a significant increase in market activity [1] - The Shanghai Composite Index closed at 3683.46 points, surpassing its previous high of 3674.4 points set on October 8, 2024, and reaching its highest level since December 13, 2021 [1] Economic Insights - The chief economist of Qianhai Kaiyuan Fund, Yang Delong, indicated that the upward trend in A-shares is driven by liquidity, with a systemic decline in domestic risk-free interest rates and an influx of overseas dollar liquidity [1] - Yang Delong also suggested that the market is likely to maintain a strong performance due to the accumulation of favorable internal and external factors, potentially leading to a gradual bull market trend [1] Sector Performance - Various sectors showed positive performance, with electronic chemicals, small metals, bioproducts, non-ferrous metals, non-metallic materials, securities, and communication equipment leading the gains [3] - The chief strategy analyst of China Galaxy Securities, Yang Chao, noted that the market may experience a rotation of local hotspots, emphasizing the importance of focusing on sectors with strong earnings prospects [3] Insurance Sector Activity - Insurance institutions have made 22 equity stakes in listed companies this year, surpassing the total for the previous year, with five instances occurring just in July [4] - Notable recent activity includes Hongkang Life increasing its stake in Honghua Smart Energy, triggering a regulatory notice due to exceeding a 5% holding [4] Investment Trends - The insurance sector is increasingly focusing on companies with strong governance, solid performance, and stable cash flows, aligning with national strategic development directions [4] - Analysts predict that the demand for equity assets among insurance institutions will remain strong, with expectations of continued increases in both the number and scale of equity stakes in the second half of the year [5] Private Equity Expansion - The establishment of new private equity funds, such as the one approved for Taiping Asset, marks a significant expansion in the number of insurance-related private equity firms, now totaling six [7] - The advantages of insurance private equity funds include access to substantial capital reserves, independent management, and enhanced investment precision through professional teams [7]