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].

8月8日起，新发行的国债等债券的利息收入，恢复征收增值税。保险机构的债券配置规模大、占比 高，这一调整将对其带来何种影响？ 业内人士认为，整体来看，对新发国债等债券的利息收入恢复征收增值税，对险企净利润的静态影 响较小，但对险企在不同债券品种间的配置会产生一定影响。同时，险企还可能增配权益类资产，在一 定程度上替代债券。整体上看，增值税政策的调整并不会影响债券作为险资配置"压舱石"的地位，债券 仍将是险资配置的"基本盘"，而权益资产配置则可能呈边际提升态势。 整体影响较小 根据财政部和税务总局8月1日发布的《关于国债等债券利息收入增值税政策的公告》，对8月8日之 后（含当日）新发行的国债、地方政府债券、金融债券的利息收入，恢复征收增值税。对在8月8日之前 已发行的国债、地方政府债券、金融债券（包含在2025年8月8日之后续发行的部分）的利息收入，继续 免征增值税直至债券到期。 近年来，保险机构尤其是人身险公司持续加大债券配置力度，将债券作为第一大配置资产。国家金 融监督管理总局数据显示，截至今年一季度末，保险资金运用余额约34.9万亿元。其中，债券投资余额 约16.97万亿元，约占资金运用总额的48.58%， ...

Group 1 - Hongkang Life Insurance has increased its stake in Zhengzhou Bank H-shares, acquiring 24.7 million shares at an average price of HKD 1.3456 per share, totaling approximately HKD 33.24 million, raising its holding to about 162 million shares, or 8.04% [1][2] - The insurance sector is showing increased interest in regional financial institutions, indicating a shift towards a more diversified asset allocation strategy, with regional small and medium-sized banks demonstrating stronger resilience during economic recovery compared to large state-owned banks [1][3] Group 2 - Hongkang Life previously invested approximately HKD 79.7 million in Zhengzhou Bank H-shares, with a notable increase in its holding percentage from 5.55% to 6.68% after multiple acquisitions [2] - Zhengzhou Bank, the first city commercial bank listed in both A and H shares, has shown signs of recovery with a net profit of CNY 1.876 billion for 2024, marking a 1.39% year-on-year increase, and has resumed cash dividends for the first time in years [2][3] Group 3 - The valuation of Zhengzhou Bank H-shares has been consistently below the industry average, and the resumption of cash dividends has made its dividend yield attractive for investment [3] - The trend of insurance funds increasing their stakes in regional small and medium-sized banks reflects a re-evaluation of their investment value, with a focus on optimizing investment portfolios and diversifying credit risk [4][5]

Core Viewpoint - The insurance industry is increasingly concentrating its investments in high dividend yield assets, particularly in the banking and public utility sectors, reflecting a market-driven strategy aligned with the industry's risk-averse investment logic [1] Group 1: Current Trends in Insurance Investment - In 2023, insurance institutions have made 21 stake acquisitions, surpassing the total of 20 from the previous year [1] - The focus on high dividend yield stocks is consistent with the overall holding style of insurance funds in the stock market [1] Group 2: Challenges of Current Investment Strategy - The current trend of insurance funds clustering around high dividend assets is a passive choice under multiple pressures, including declining interest rates and the need to cover liability costs [2] - There are three main concerns with this strategy: high opportunity costs from missing growth in emerging sectors, the potential for high dividend yields to decrease over time, and the risk of concentrated investments leading to systemic risks [2] Group 3: Recommendations for Asset Allocation - Insurance funds should seek to identify and allocate more resources to high-growth sectors to achieve better long-term returns [3] - There is a need for strategic alignment between investments and core business areas, particularly in light of demographic trends such as aging populations, which can create synergies in sectors like healthcare and pensions [3] Group 4: Importance of Investment Capability - Enhancing investment capabilities is crucial for insurance companies, especially given the rapid decline in fixed-income asset yields and the pressure from long-duration liabilities [4] - Regulatory bodies have introduced policies to support insurance institutions in improving their investment capabilities, including increasing equity asset allocation limits [4] - The shift from a defensive to a proactive investment approach is essential for the insurance sector to contribute effectively to capital market health and support the real economy [4]

Core Viewpoint - The transfer of shares from Commonwealth Bank of Australia to New China Life Insurance marks a significant shift in the shareholder structure of Hangzhou Bank, with New China Life becoming the fourth largest shareholder, reflecting a broader trend of foreign banks reducing their stakes in Chinese banks [1][4][5]. Group 1: Share Transfer Details - On June 10, Hangzhou Bank announced that New China Life Insurance completed the transfer of 330 million shares from Commonwealth Bank of Australia, resulting in New China Life holding 5.09% of Hangzhou Bank's shares [1]. - The share transfer agreement was signed in January 2023 at a price of 13.095 yuan per share, totaling 4.32 billion yuan [4]. - The transfer does not trigger a mandatory takeover bid, and Hangzhou Bank remains without a controlling shareholder or actual controller post-transaction [4]. Group 2: Shareholder Structure and Trends - Following the transfer, the municipal finance bureau's total shareholding in Hangzhou Bank increased to 23.55%, with Commonwealth Bank of Australia becoming the second largest shareholder until its complete exit [5]. - The exit of Commonwealth Bank is part of a broader trend where foreign banks are reducing their stakes in Chinese banks, influenced by increased compliance costs and regulatory pressures since the introduction of the Interim Measures for the Management of Bank Equity in 2018 [5][6]. - New China Life's investment aligns with its asset allocation strategy, as it seeks to increase its equity asset allocation in a low-interest-rate environment [5]. Group 3: Performance and Strategic Implications - Hangzhou Bank has shown strong performance, with a projected net profit of 16.983 billion yuan for 2024, representing an 18.07% year-on-year growth, ranking fifth among 42 A-share listed banks [5]. - The bank's long-term lack of a controlling shareholder may impact strategic coherence, especially after the dissolution of the concerted action among major state-owned shareholders in February 2023 [6]. - The diversified shareholding structure may pose challenges in decision-making efficiency, as different shareholders have varying risk preferences [7]. Group 4: Market Dynamics - The entry of New China Life into the banking sector reflects a new trend where domestic institutions, particularly insurance companies and local state-owned enterprises, are filling the void left by foreign banks [8]. - In 2024, insurance capital's involvement in the market reached a record high with 20 instances of share acquisitions, indicating a growing trend towards investing in high-dividend stocks for asset diversification and long-term growth [8].

Core Insights - The insurance asset management sector is experiencing significant growth in asset-backed plans, with a total registration scale of 160 billion yuan disclosed by Zhongbao Insurance Asset Registration Trading System Co., Ltd. [1] - As of May 29, 2023, 13 insurance asset management institutions have registered 30 asset-backed plans, totaling 1,315.96 billion yuan, representing a year-on-year increase of 56.5% [2][3] Group 1: Growth in Asset-Backed Plans - The asset-backed plan business, often referred to as "insurance version ABS," has seen a consistent annual growth rate of over 50% from 2020 to 2023, with a slight slowdown expected in 2024 [2] - The recent registrations include two major plans, each with a scale of 80 billion yuan, managed by Dajia Asset Management Co., Ltd. and Everbright Yongming Asset Management Co., Ltd. [2] Group 2: Demand for Long-Term Assets - There is a notable gap in the domestic market for long-term assets, which aligns with the long-term matching needs of substantial insurance funds [3] - Asset-backed plans typically have longer durations, making them suitable for insurance companies to optimize risk-return profiles and improve cash flow [3] Group 3: Diversification of Underlying Assets - The types of underlying assets for registered asset-backed plans are expanding, with a shift towards consumer finance and micro-loan assets, which have become the dominant asset type since 2022 [4] - In 2024, micro-loan assets are expected to account for over 50% of the underlying assets, with supply chain and financing lease assets following [4] Group 4: Need for Enhanced Skills - Insurance asset management institutions are encouraged to improve their capabilities in identifying, analyzing, and judging underlying assets to further diversify risks and enhance overall returns [5]

Core Viewpoint - The performance of five listed insurance companies in A-shares for Q1 2025 shows a mixed result with three companies reporting profit increases and two reporting declines in net profit [2][3]. Group 1: Net Profit Performance - China Life Insurance reported a net profit of 288.02 billion yuan, a year-on-year increase of 39.5% [3]. - China Pacific Insurance and Ping An Insurance reported net profits of 96.27 billion yuan and 270.16 billion yuan, respectively, with declines of 18.1% and 26.4% year-on-year [4]. - New China Life Insurance achieved a net profit growth of 19% due to a 26.1% increase in revenue [3]. Group 2: Business Transformation and New Business Value - China Life Insurance has diversified its product offerings, with floating income-type business accounting for 51.72% of first-year premiums, showing significant transformation [5]. - Ping An Insurance's new business value reached 128.91 billion yuan, a year-on-year increase of 34.9%, driven by multi-channel development [6]. - China Pacific Insurance's new business value grew by 39% year-on-year, with a scale premium of 1,184.22 billion yuan, reflecting strong performance [7]. Group 3: Investment Performance - The investment strategies of insurance companies have varied, with China Life achieving a total investment return rate of 2.75% and New China Life achieving 5.7% [9]. - The bond market has shown significant volatility, impacting the investment income of companies like Ping An and China Pacific [4][9]. - Insurance companies are adjusting their asset allocation strategies in response to low interest rates and regulatory changes, seeking higher-yielding assets [11]. Group 4: Regulatory Environment and Future Outlook - Regulatory measures are pushing insurance companies to transform their liability-side businesses to mitigate interest rate risks [5]. - Companies are exploring diversified asset allocations, including investments in private equity funds and infrastructure [10][11]. - The focus on high-dividend assets and long-term equity investments is expected to be a key direction for insurance companies moving forward [11].

Group 1: Fixed Income Market Insights - The revision of the Shanghai Stock Exchange's guidelines has tightened the issuance review of urban investment bonds, leading to credit differentiation among issuers [5][6][8] - The 2025 fiscal policy aims to "develop while reducing debt," with a focus on replacing hidden debts and controlling new financing for urban investment [9][10] - The urban investment bond market is showing signs of differentiation, with credit spreads widening between regions, indicating a shift towards market-oriented transformations [10][12] Group 2: Real Estate and Construction Sector - The company "I Love My Home" has turned a profit, with net profit expected to reach 1.6 billion yuan in 2025, driven by cost control and a recovering second-hand housing market [24][25] - The overall GTV (Gross Transaction Value) for the company increased slightly, reflecting a positive trend in the real estate sector [25][26] Group 3: Food and Beverage Sector - Zhongju Gaoxin's seasoning business has returned to positive growth, with revenue expected to reach 9.5 billion yuan in 2025, despite a slight decline in profit due to previous legal issues [29][30] - The company is focusing on internal reforms and external acquisitions to support long-term growth [33] Group 4: Retail Sector - Jihong Co. reported a revenue decline of 17.4% in 2024, but anticipates growth through AI empowerment and international expansion [35][36] - The cross-border e-commerce segment faced challenges, but adjustments in marketing strategies are expected to lead to a recovery [36][37] Group 5: Home Appliances Sector - Xiaoxiong Electric's performance improved significantly in Q4 2024, with revenue reaching 16.19 billion yuan, supported by government incentives and a focus on quality OEM business [39][40] - The company is expected to see continued growth in both domestic and international sales, particularly in the kitchen appliance segment [41][42]