【环球网财经报道 记者 冯超男】当前，险资投资究竟呈现出怎样的态势？这组数据给出了清晰的答案：根据国家金融监督管理总局最新公布的保险公司资 金运用情况表，截至2025年三季度末，保险公司资金运用余额达37.46万亿元，相较于二季度末的36.23万亿元增长3.39%。 在险资投资规模持续扩张同时，权益投资在整体资产配置中的占比有所上升。同期末，人身险公司和财险公司投资于股票和证券投资基金的余额总计5.593 万亿元，占资金运用总余额的14.93%，较二季度末的13.05%增长1.88个百分点。 相较而言，两类公司投资于债券的余额达18.18万亿元，在保险公司资金运用余额中占比达48.52%，与二季度末的49.31%相比小幅下降。 在超37万亿元资金运用余额中，其中人身险公司有33.73万亿元，2.39万亿元来自于财产险公司。细分来看，截至今年三季度末，人身险公司投资于股票和证 券投资基金的余额约为5.19万亿元，占资金运用总余额的15.38%，较二季度末的13.34%上涨2.04个百分点。 权益投资占比提升，险资举牌次数创新高 环球网记者进一步梳理发现，人身险公司投资于股票和证券投资基金的余额总体呈逐季度递增态 ...

期货日报网讯（记者 肖佳煊）金融监管总局日前发布的2025年三季度保险公司资金运用情况表显示， 截至2025年三季度末，保险资金运用余额达到37.46万亿元，较年初增长12.6%，较年中增长3.4%。具体 来看，人身险公司资金运用余额为33.73万亿元，财产险公司资金运用余额为2.39万亿元。 业内普遍认为，随着政策支持力度加大与市场环境持续向好，险资投资股票的比例预计将进一步上升。 东吴证券首席战略官、非银金融首席分析师孙婷团队预计，保险资金运用余额全年将保持两位数增长， 这将是行业投资资产规模连续三年实现两位数增长，主要由负债端保费规模持续较快提升带动。 在险资的大类资产配置中，债券始终扮演着"压舱石"角色。截至2025年三季度末，人身险公司与财产险 公司投资于债券的余额合计为18.18万亿元，较年初的15.92万亿元增加2.25万亿元，增幅达14.1%，规模 继续位居各类资产之首。不过，债券在两类公司资金运用余额中的占比为48.5%，较二季度末的49.3% 略有下降。 险资对银行存款的配置比例也略有下降。截至三季度末，人身险公司与财产险公司投资于银行存款的余 额分别为2.49万亿元和3742亿元，占各自 ...

证 券 研 究 报 告 保险行业周报（20251110-20251114） 25Q3 险资提升核心权益资产配置 本周行情复盘：保险指数上涨 2.62%，跑赢大盘 3.71pct。保险个股表现分化， 太平+10.96%，人保+3.16%，平安+2.99%，太保+1.91%，新华+1.46%，国寿 +1.24%，友邦+1.04%，众安+0.74%，阳光-0.53%，财险-2.75%。10 年期国债 收益率 1.81%，较上周末持平。 本周动态： （1）金融监管总局：①截至 2025Q3，险资资金运用余额达到 37.5 万亿，其 中财产险公司 2.39 万亿，人身险公司 33.73 万亿。②截至 2025Q3，保险公司 综合/核心偿付能力充足率为 186.3%/134.3%，财产险公司综合/核心偿付能力 充足率为 240.8%/212.9%，人身险公司分别对应 175.5%/118.9%，再保险公司 分别对应 246.2%/216.7%。环比来看，仅财产险公司实现偿付能力同比提升。 （2）格隆汇：据联交所，2025 年 11 月 6 日，新天绿色能源获长城人寿增持 773.7 万股。增持后，长城人寿最新持股数目为 ...

Group 1 - The core strategy for insurance asset allocation in Q4 is focused on high-dividend assets, including OCI equity investments, while also considering profit-taking on trading equity assets such as funds and stocks [1] - Long-duration bonds, including local government bonds and interest rate bonds, remain a fundamental part of insurance asset allocation, helping to match long-term asset needs and reduce duration mismatch risks [1] - There is potential for increasing alternative investments, as the current allocation of overseas assets by insurance companies is relatively low (below 10%), indicating room for growth [1] Group 2 - As of Q3 2025, the balance of insurance funds exceeded 37 trillion yuan, with a year-on-year growth rate of 16.5%, reflecting a sustained high growth trend [2] - The overall conversion rate of funds in the insurance industry stands at 83%, indicating some degree of under-allocation [2] - Insurance companies have significantly increased direct investments in equity assets, with the balance of stock allocations reaching 3.6 trillion yuan by the end of Q3, marking a substantial year-on-year increase of 55.1% [2]

● 本报记者陈露 2025年三季度，保险资金运用余额保持增长，险资继续增持权益类资产，固收类资产的配置占比有所下 降。金融监管总局最新数据显示，截至三季度末，人身险公司和财产险公司股票投资余额合计3.62万亿 元，规模和占比均较二季度末进一步提升；此外，人身险公司的债券配置占比环比下降，人身险公司和 财产险公司的银行存款配置规模和占比均环比下降。 权益投资规模和占比双提升 金融监管总局近日披露2025年三季度保险公司资金运用情况表，截至三季度末，保险公司资金运用余额 37.46万亿元，同比增长16.52%。 其中，人身险公司资金运用余额在保险行业占比约90%。截至三季度末，人身险公司资金运用余额 33.73万亿元，同比增长16.55%；财产险公司资金运用余额2.39万亿元，同比增长11.79%。 对于保险资金运用余额增长的原因，国金证券非银金融首席分析师舒思勤认为，权益市场表现较好使得 险企资产增值。此外，保险预定利率下调刺激消费者的投保需求提前释放，推动行业保费收入实现较好 增长。 三季度，人身险公司和财产险公司对股票的配置规模和比例均有所提升。金融监管总局数据显示，截至 三季度末，人身险公司股票投资余额3 ...

作为市场上重要的长期资本力量，险资正在悄然重塑其投资格局。11月16日，北京商报记者注意到，金 融监管总局日前公布了2025年三季度保险公司资金运用情况，截至今年三季度末，保险公司资金运用余 额突破37万亿元，达到37.46万亿元，较年初增长12.6%。 保险资金稳步增长的同时，延续多年的"固收为主"配置格局出现微妙变化，债券投资占比微降，股票投 资占比持续攀升，险资股票投资规模超3.6万亿元，凸显险资在低利率环境下寻求收益突破的主动调 整。 固收类资产占比降低 金融监管总局发布的数据显示，保险业资金运用余额稳步增长。截至三季度末，保险资金运用余额 37.46万亿元，较年初增长12.6%。 在险资大类资产配置中，债券是"压舱石"。过往10年中，险资对债券的配置占比一直超过30%，债券成 为稳定险资投资收益率的核心资产。 不过，北京商报记者注意到，截至今年三季度末，人身险公司对债券投资配置比例有所降低，具体来 说，人身险公司资金运用余额中，债券投资占比已经从二季度的51.9%降低至51.02%。 除了债券，险资对银行存款的投资也在减少。从环比数据来看，财产险公司银行存款占比从二季度末的 17.24%降低至三季度 ...

Group 1 - Insurance capital is accelerating its layout in the equity market under policy guidance, with a total of over 4700 company visits since the second half of 2025 [1][2] - Leading asset management and pension insurance companies are the main players in this trend, with Taikang Asset Management conducting over 280 visits, followed by Dajia Asset Management and Huatai Asset Management [1][2] - The technology and pharmaceutical sectors are the primary focus areas, with companies like Maiwei Biotech and Borui Pharmaceutical receiving multiple visits [1][4] Group 2 - The research activity is widespread across various A-share sectors, with over 70% of visits concentrated in Shenzhen Main Board, ChiNext, and STAR Market [2] - Some stocks have shown strong market performance post-insurance visits, with companies like Zhongji Xuchuang and Taotao Automotive doubling their stock prices [2] - Pension insurance companies are also actively participating, with Ping An Pension leading with 171 visits, focusing on both large-cap and small-cap companies [3][4] Group 3 - The dual focus on technology and pharmaceuticals reflects a strategic adjustment in asset allocation due to the low interest rate environment, aiming to build a balanced investment portfolio [3][5] - The pharmaceutical sector, particularly innovative drugs, is attractive for insurance funds due to its long-term investment nature, aligning with the stable characteristics of insurance capital [5] - The hard technology sector is experiencing multiple breakthroughs, with companies like Jing Sheng Machinery and Huichuan Technology being frequently visited [5][6] Group 4 - Traditional sectors, particularly bank stocks, remain a key focus for insurance capital, with a clear "growth in technology + high dividend" strategy [6] - Regional banks are gaining attention, with Jiangsu Bank receiving 17 visits, indicating a shift from the previous preference for state-owned banks [6]

Core Viewpoint - The Hong Kong IPO market has seen significant participation from insurance institutions, with a total subscription amount nearing 30 billion HKD, surpassing last year's total [1][3]. Group 1: Participation and Investment Trends - As of October 14, 2023, seven insurance institutions have participated as cornerstone investors in seven Hong Kong IPOs, with a total subscription amount of approximately 29.32 billion HKD, a substantial increase from less than 10 billion HKD last year [3][4]. - Major players include Taikang Insurance, China Pacific Insurance, and others, with Taikang Insurance alone participating in five IPOs, investing over 14 billion HKD, accounting for nearly half of the total insurance investment in Hong Kong IPOs [3][4]. - The participation of insurance capital is driven by regulatory encouragement, a downward trend in long-term interest rates, and the need to enhance equity asset allocation to cover liability costs [3][4]. Group 2: Investment Focus and Selection Criteria - Insurance institutions are focusing on sectors such as hard technology and green industries, with a preference for companies that align with national strategies and demonstrate long-term growth potential [6][7]. - The selection criteria emphasize cash flow, industry position, and governance structure, with a preference for projects with a clear controlling shareholder, low foreign ownership, and quantifiable valuations (typically PE less than 20) [1][6]. - The investment strategy reflects a balance between certainty and growth, targeting companies with strong market positions and solid financial metrics [6][7]. Group 3: Market Performance and Valuation - The Hong Kong IPO market has raised approximately 182.9 billion HKD in the first nine months of 2023, marking a 229% increase year-on-year, with an average of 4-5 cornerstone investors per project [5]. - The performance of IPOs has been strong, with significant first-day gains, exemplified by Zijin Mining International, which saw a peak increase of 66% on its listing day [5][8]. - The valuation of Hong Kong stocks is generally lower than that of A-shares, providing a favorable investment opportunity for insurance capital [5].

来源：智通财经 夏淑媛 "当前，债券类资产依旧是险资配置的基本盘，规模占比最大但增速有所放缓，公司配债倾向逐步由国 债转向地方政府债"近日，一家大型人身险公司风险管理部量化风险管理经理在接受智通财经记者采访 时表示。 据其介绍，近年来，国内利率中枢持续下行，10年期国债收益率跌破以往20年箱体震荡区间，以往保险 资金主力配置的30年期国债收益率也从2018年超过4.3%一路下行至1.8%左右。 面对整体资产收益率下降的挑战，身处低利率叠加资产荒环境的保险公司资产负债匹配诉求愈发强烈， 也倒逼险资加速重构资产底仓。据智通财经记者调研了解，在政策引导下，保险公司正加码权益配置， 着力增配股票，银行存款和以非标为主的其它类资产则有所减配。 展望下半年投资策略，太平人寿在接受智通财经记者采访时表示，将采用"哑铃型"配置结构来增厚投资 回报。一方面强化固收资产配置与交易，抓住利率阶段性高点，加大长久期债券配置；另一方面，权益 投资上配置高股息和高成长进攻型资产，在保底收益基础上为投资组合提供增长弹性。此外，公司还将 围绕"金融五篇大文章"挖掘产业转型中的优质资产，通过拓展私募证券投资基金、黄金、境外债券等渠 道多元化配 ...

Core Viewpoint - The recent increase in shareholding by China Ping An in China Life and China Pacific Insurance highlights a trend of insurance companies investing in their peers, indicating a shift towards high-quality development and asset allocation rebalancing within the insurance sector [1][3]. Group 1: Shareholding Activities - China Ping An has increased its stake in China Life by acquiring 9.5 million shares at HKD 22.41 per share, totaling HKD 213 million, raising its ownership from 4.91% to 5.04%, thus triggering a shareholding notification [1]. - Prior to this, China Ping An also increased its stake in China Pacific Insurance by approximately 1.74 million shares, bringing its total ownership to about 5.04% [1]. Group 2: Industry Trends and Valuation - The insurance sector is experiencing a transformation, with a focus on value reassessment and a shift from scale expansion to high-quality development, as indicated by the recent shareholding activities [1][3]. - Analysts believe that insurance stocks have significant medium to long-term valuation recovery potential, supported by factors such as increased premium income, reduced risk from interest spreads, and improved investment returns [2]. Group 3: Financial Performance and Projections - China Pacific Insurance is projected to achieve a 65% year-on-year increase in net profit for 2024, with total managed assets reaching CNY 3.5 trillion and a total premium income of CNY 282.008 billion in the first half of the year [5]. - China Life is expected to report a net profit exceeding CNY 100 billion in 2024, reflecting a substantial year-on-year growth of 108.9%, with net investment income projected at CNY 195.674 billion and a net investment return rate of 3.47% [5]. Group 4: Market Sentiment and Stock Performance - The stock prices of major insurance companies have shown significant growth this year, with China Pacific Insurance up over 54% and China Life up 75.30%, although their price-to-embedded value (P/EV) ratios remain at historical lows [3]. - The average dividend yield for major listed insurance companies is approximately 4.1%, which is notably higher than long-term bond yields, indicating strong long-term investment value [3][4].