中性假设下，机构预测2026年险资的全年股基增量资金估计约7133亿元。 加仓叠加市值上涨，超38万亿元险资正上演一轮权益增配行情。 金融监管总局近期发布的2025年四季度保险公司资金运用情况表数据显示，截至2025年末，保险行业资 金运用余额达38.5万亿元，较年初同比增加15.7%。其中，险资配置核心权益资产（股票+证券投资基 金）规模较年初大幅增加1.6万亿元，达5.7万亿元。其中股票增加1.31万亿元，基金增加2900亿元，在 产寿险公司的险资大类配置中占比超15%。 "（险资的）权益配置维持在历史高位。"华创证券金融业研究主管、首席分析师徐康表示。 而2026年险资对权益资产的增配兴趣或将继续。中国银行保险资产管理业协会近期发布的保险机构2026 年资产配置展望调查结果（下称"调查结果"）显示，股票和证券投资基金是2026年保险机构普遍看好的 境内投资资产，超过六成的保险机构有意愿适度或微幅增加股票投资。 险资投资余额增速创五年新高 相对而言，险资近两年在核心权益配置上的比例提升得更为明显，股票配置比例已连续六个季度环比增 加。 金融监管总局数据显示，截至2025年末，保险行业资金运用余额达38.5 ...

作者 |郑孝杰 编辑 | 袁畅 2025年持续走强的A股市场里，有一股长期力量正在悄悄改变市场的模样。 这股力量，正是险资。 对普通投资者来说，这种变化或许只是"潜移默化"的：权重股的买盘越来越"厚"；"性感"的新兴科技股 持续受捧；周期股有人悄然"抄底"；就连曾被冷落的消费类"老登股"，步伐也轻巧了起来…… 2025年的险资与以往有显著不同：配置权益资产的节奏，像被按下了"加速键"。 而这一次，它们不只是路过，更是准备"长住"。 越来越多的资金正通过这个"低调大户"流入市场，悄无声息，却力道十足。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：资事堂 01 看懂险资动向的两个"锚点" 保险公司不像公募基金那样定期披露完整持仓，也不会把整个投资组合摊开给外界细看。 正因如此，外界对险资的真实配置动作往往只能"雾里看花"。 资事堂梳理发现：监管部门定期发布的保险资金运用数据为市场揭开了这层面纱。 其中有两项指标尤为关键： 一是"资金运用余额"，它代表保险业可动用的全部投资资金总量，相当于一个动态扩容的"资金水库"； 二是各大类资产的"账面余额"，即截至期末，险资实际持有股票、债 ...

Core Viewpoint - The Hang Seng High Dividend Low Volatility Index increased by 0.6% this week, marking a six-week consecutive rise, while the CSI Dividend Index, CSI Dividend Value Index, and CSI Dividend Low Volatility Index experienced declines of 0.1%, 0.5%, and 1.0% respectively [1]. Group 1: Index Performance - The CSI Dividend Index has a dividend yield of 4.8% and a rolling P/E ratio of 8.3 times, with a historical P/E ratio percentile of 72.3% [3]. - The CSI Dividend Low Volatility Index has a dividend yield of 4.6% and a rolling P/E ratio of 8.1 times, with a historical P/E ratio percentile of 73.3% [3]. - The Hang Seng High Dividend Low Volatility Index has a dividend yield of 5.6% and a rolling P/E ratio of 7.9 times, with a historical P/E ratio percentile of 91.2% [3]. - The CSI Dividend Value Index has a dividend yield of 4.6% and a rolling P/E ratio of 7.7 times, with a historical P/E ratio percentile of 71.7% [3]. Group 2: Future Investment Trends - According to Huatai Securities, it is estimated that insurance capital's secondary equity investment could reach 1 trillion yuan in 2025, with a secondary equity position of around 16%, becoming a significant source of funds for the stock market [1]. - In 2026, the overall new investable funds for insurance capital are expected to reach 3.1 trillion yuan, with secondary equity investment potentially reaching 900 billion yuan [1]. - Dividend stocks are increasingly important for insurance capital allocation, as the importance of cash dividend income rises and the need to reduce the volatility of equity assets becomes necessary [1]. Group 3: ETF Management Fees - E Fund is currently the only fund company that implements low fees for all dividend ETFs, with management fees for its products set at 0.15% per year [1].

Group 1 - The A-shares and Hong Kong stocks experienced a collective pullback, with the Hang Seng High Dividend Low Volatility Index down by 1.1% and the CSI Dividend Index down by 0.6% as of 11:05 AM on February 13 [1] - Despite the market downturn, there was a counter-trend investment with the E Fund Hang Seng Dividend Low Volatility ETF (159545) seeing a net subscription of approximately 700 million units [1] - According to Huatai Securities, it is estimated that new investments from insurance funds in secondary equity markets could reach 1 trillion yuan by 2025, with equity positions potentially reaching around 16% [1] Group 2 - E Fund is currently the only fund company that implements low fee rates for all its dividend ETFs, with management fees set at 0.15% per year for products including the E Fund Hang Seng Dividend Low Volatility ETF (159545) and others [2] - This low-cost structure is designed to assist investors in building high dividend asset portfolios at a lower cost [2]

东方证券指出，低位周期中具备红利吸引力的板块值得关注，宏观层面看，目前正处于PPI持续下行的 触底期，从市场预期角度看，PPI和行业盈利正处在低位回升的节点。在反内卷背景下有政策变化的行 业内，关注供给出清且有盈利弹性的板块，重点关注其中红利吸引力提升的板块。（文中所列示的行业 仅供参考，不预示本基金未来表现，不作为投资收益保证，也不构成对具体行业的投资建议） 国企红利ETF紧密跟踪中证国有企业红利指数，从国有企业中选取现金股息率高、分红比较稳定且有一 定规模及流动性的100只上市公司证券作为指数样本，反映国有企业中高股息率证券的整体表现。 据Wind数据显示，截至2026年1月30日，中证国有企业红利指数前十大权重股分别为中远海控、潞安环 能、西部矿业、山煤国际、恒源煤电、平煤股份、山西焦煤、兖矿能源、陕西煤业、华阳股份，前十大 权重股合计占比16.61%。（以上所列示股票为指数成份股，仅做示意不作为个股推荐。过往持仓情况 不代表基金未来的投资方向，也不代表具体的投资建议，投资方向、基金具体持仓可能发生变化。市场 有风险，投资需谨慎） 2026年2月11日早盘，截至11:05，中证国有企业红利指数上涨0.2 ...

Core Viewpoint - The adjustment of risk factors for insurance companies by the Financial Regulatory Bureau is expected to enhance the growth outlook for the insurance sector in 2024, with a focus on long-term wealth preservation and value-added policies [1][5]. Group 1: Regulatory Changes - On December 5, the Financial Regulatory Bureau issued a notice adjusting risk factors related to insurance companies' business [1]. - The adjustment aims to support stable and active capital markets by lowering the risk factors for long-term investments [2][5]. Group 2: Investment Opportunities - The insurance sector is expected to see a significant inflow of funds, with estimates of 550 to 600 billion yuan entering the market next year [6]. - Major insurance companies are projected to allocate a substantial portion of their new premiums to A-shares, with some companies like China Life and Taiping expected to invest up to 40% of new premiums [6]. Group 3: Market Dynamics - The insurance distribution channels are anticipated to achieve double-digit growth due to their advantages in customer resources and account management [1]. - The valuation of insurance companies remains low, presenting a high cost-performance ratio for investors [1]. Group 4: Long-term Outlook - The long-term fundamentals of the insurance industry are positive, with expectations of increased market share for larger companies as they transition to dividend insurance [1]. - The adjustment of risk factors is expected to provide some relief to insurance companies facing pressure on their solvency ratios, although the immediate impact on equity allocation may be limited [5][4].

Core Viewpoint - The adjustment of risk factors for insurance companies is expected to enhance the growth outlook for the insurance sector in 2024, with a focus on long-term wealth preservation and value-added policies [1][5]. Group 1: Regulatory Changes - The Financial Regulatory Bureau issued a notice on December 5 to adjust risk factors related to insurance companies' business [1]. - The risk factor for stocks held over three years in the CSI 300 and the CSI Low Volatility 100 Index has been reduced from 0.3 to 0.27, while for stocks held over two years in the STAR Market, it has been lowered from 0.4 to 0.36 [2]. Group 2: Impact on Investment Capacity - The solvency ratio, defined as actual capital over minimum capital, influences the upper limit of equity investments for insurance companies. The adjustment in risk factors allows for an expansion in stock allocation [3]. - The overall impact of the risk factor adjustment on solvency is expected to be limited, with estimated increases in solvency ratios for major life insurance companies remaining under 3% [4]. Group 3: Market Dynamics - An estimated 550 to 600 billion yuan of incremental funds is expected to enter the market next year, with varying levels of stock accumulation among companies [6]. - Major state-owned enterprises are projected to invest 30% of new premiums into A-shares, translating to approximately 250 billion yuan entering the market [6]. Group 4: Investment Recommendations - The report recommends focusing on leading insurance companies with favorable business quality and low liability costs, particularly those with good expectations for the "opening red" period [8].

Investment Rating - The industry investment rating is "Overweight" with expectations of a price increase exceeding the market benchmark index by more than 10% in the next 6-12 months [4][9]. Core Insights - The adjustment of risk factors for insurance capital investments in stocks allows for expanded equity allocation, reflecting regulatory flexibility in guiding capital optimization based on market conditions [2][3]. - The insurance sector's solvency ratios are robust, with comprehensive and core solvency ratios at 186.3% and 134.3% respectively, significantly above regulatory thresholds [3]. - The report emphasizes a diversified equity allocation strategy for insurance capital, benefiting sectors like banking, utilities, and coal, while also supporting technology growth companies [3]. Summary by Sections Regulatory Changes - On December 5, the National Financial Regulatory Administration announced a reduction in risk factors for long-term holdings of specific stocks, following earlier regulatory initiatives to encourage insurance capital market participation [2]. - The risk factor for stocks held over three years in the CSI 300 index was reduced from 0.3 to 0.27, while for stocks held over two years in the Sci-Tech Innovation Board, it decreased from 0.4 to 0.36 [2]. Market Performance - As of Q3 2025, the stock allocation of major insurers ranges from 5.4% to 11.6% of total assets, with a slight increase from the beginning of the year [3]. - The report indicates that the adjustment in risk factors could theoretically release a minimum capital of 326 billion yuan, potentially increasing the stock balance by 1,207 billion yuan, which is 3.3% of the current insurance stock balance [3]. Investment Outlook - The report suggests a favorable outlook for insurance capital investments in dividend-paying sectors and technology growth companies, indicating a "stable base + innovation engine" investment strategy [3]. - Recommended stocks include China Pacific Insurance for low cost and stable operations, Ping An for high dividend yield, China Life for competitive performance, and New China Life for strong investment capabilities [3].

Monthly Performance - The banking sector increased by 2.99% from November 1 to November 28, 2025, outperforming the CSI 300 index by 5.4 percentage points, ranking second among 31 Shenwan first-level industries [1][6] - Institutional investors increased their holdings in bank stocks due to a stable improvement in fundamentals, shareholder buybacks, and expectations of valuation recovery [1][6] Valuation Trends - State-owned banks saw a significant increase in valuation, with their PB ratio rising from approximately 0.76X at the beginning of the month to 0.78X by the end, while the PB ratios for joint-stock banks and city commercial banks remained stable at 0.67X and 0.60X, respectively [1][9] - As of November 28, the overall PE ratio for the banking sector was 6.53 times, with a historical percentile of 56.18%, and the PB ratio was 0.56 times, with a historical percentile of 32.25% [21] Individual Bank Performance - Notable gainers included Bank of China (8.20%), China Everbright Bank (8.08%), China Construction Bank (5.81%), and Nanjing Bank (5.13%), while Qingdao Bank and rural commercial banks experienced significant declines [1][12] - The performance of banks with improved earnings and mid-term dividend payouts led to notable increases in their stock prices [1][12] Market Environment - The 10-year government bond yield rose from around 1.80% in early November to 1.84% by the end of the month, while the 1-year bond yield remained stable at approximately 1.40% [16] - The trading volume in the banking sector increased by 13.07% year-on-year, accounting for 1.65% of the total trading volume in the AB share market, although it decreased by 0.18 percentage points compared to the previous month [19] Social Financing and Credit Trends - In October, the social financing growth rate fell to 8.5%, with new social financing of 816.1 billion yuan, a year-on-year decrease of 5.959 billion yuan [25] - The decline in credit supply was attributed to a shift in government bond issuance timing and a decrease in demand for consumer loans [25]

Core Viewpoint - China Ping An and its subsidiaries continue to increase their holdings in bank stocks, particularly in China Merchants Bank and Postal Savings Bank, reflecting a strategic investment approach in the banking sector [1][2][3]. Group 1: Investment Activities - On October 10, China Ping An increased its holdings in China Merchants Bank by purchasing 2.989 million H-shares, raising its total holdings to 781 million shares, which accounts for 17% of the bank's H-shares [1]. - On the same day, China Ping An acquired 6.416 million H-shares of Postal Savings Bank, bringing its total holdings to 3.379 billion shares, representing 17.01% of the bank's H-shares [2][5]. - Since the beginning of the year, China Ping An has consistently bought shares in China Merchants Bank, increasing its holdings from 230 million shares in January to over 780 million shares in October [3]. Group 2: Broader Investment Strategy - China Ping An has adopted a "bulk buying" strategy for bank stocks, indicating a strong confidence in the sector's performance [3]. - The company has also been actively purchasing shares in Agricultural Bank and other financial institutions, with significant increases in their holdings [4][5]. - As of February 14, China Ping An held 15.699 billion shares of Industrial and Commercial Bank, representing 18.08% of its H-shares [6]. Group 3: Market Context and Trends - The insurance sector has seen a significant increase in stock holdings, with a reported 2.87 trillion yuan in stock value held by life insurance companies as of June, marking a 26.69% increase from the beginning of the year [8]. - Insurance companies have made 30 stake acquisitions this year, the highest since 2021, driven by a low-interest-rate environment and the need for high-yield assets [9]. - Regulatory changes have facilitated the entry of long-term capital into the market, allowing companies like China Ping An to invest in stable, high-dividend stocks [10]. Group 4: Future Outlook - The low-interest-rate environment and supportive policies are expected to lead to a continued increase in the equity asset allocation by insurance companies [12]. - China Ping An aims to enhance its equity allocation while managing risks effectively, indicating a positive outlook for the equity market [12]. - The recovery of the capital market has positively impacted the investment returns of insurance companies, contributing to their profitability [13].