平安的"口袋"里，银行股的权重正在变得越来越沉。 1月8日，平安人寿发布公告，称其委托平安资管投资的招商银行H股股票，已于2025年12月31日触及 20%的举牌线。 这已是过去一年里，平安对招行H股发起的第四次公开举牌。 这一动作并不突兀。在刚刚过去的2025年，险资"扫货"银行股已成常态，而平安无疑是其中出手最阔绰 的一位。 截至2025年末，平安人寿持有招行H股的账面余额已达439.56亿元。 从5%到20%，平安的增持曲线坚决、逻辑很清晰：在利率下行的长周期里，保险资金需要一个足够 大、足够稳且足够"慷慨"的资产池。 招商银行恰好符合所有画像。 业绩层面，招行依然稳坐"零售之王"的宝座。尽管行业息差普遍承压，但其2025年上半年依然实现了稳 健的盈利增长，拨备覆盖率保持高位，资产质量的"成色"在同业中堪称出众。 更核心的吸引力或在于股息，2024年度，招行派发了每股2.00元的红利，折合H股息率长期维持在较高 水平。 对于手握巨额保险责任准备金的平安人寿来说，相比于起伏不定的权益市场和不断下行的债市收益率， 招行H股这种自带"红利税收优势"的高分红标的，是绝佳的长久期匹配资产。 平安自己也在经历一场" ...

截至2026年1月8日 11:14，红利低波ETF泰康(560150)成交330.52万元。拉长时间看，跟踪指数中证红利 低波动指数(H30269)下跌0.49%。成分股方面涨跌互现，渝农商行(601077)领涨2.35%，中国国贸 (600007)上涨0.61%，三维化学(002469)上涨0.58%；陕鼓动力(601369)领跌2.24%，中国平安(601318)下 跌2.03%，重庆银行(601963)下跌1.86%。 截至1月7日，红利低波ETF泰康(560150)近2周份额增长400.00万份，实现显著增长。红利低波ETF泰康 (560150)近21个交易日内有11日资金净流入，合计"吸金"1489.06万元。 东吴证券表示，红利资产防御价值凸显。险资等长钱配置需求有望持续释放。险资为代表的中长期资金 基于负债端久期匹配与收益稳定的需求，将为红利资产带来长期稳定的资金流入。 红利低波ETF泰康(560150)紧密跟踪中证红利低波动指数，中证红利低波动指数选取50只流动性好,连续 分红,红利支付率适中,每股股息正增长以及股息率高且波动率低的证券作为指数样本，采用股息率加 权，以反映分红水平高且波动率低 ...

对话非银：2026 年险资配置煤炭有哪些期待？ 20260107 2026 年保险行业的保费增量规模预计约为 3,000 多亿元。根据测算，26 年总 行业的人身险保费收入大概可以达到 4.8 万亿元，对应的总保费增速约为 10%。关于流入资本市场的资金，根据监管要求，30%的新增保费用于投资 A 股。假设经营性现金流与总保费之间有一个比例关系，大致在 50%至 55%之 间，那么按照这一比例计算，新增保费中用于投资 A 股的部分可能在 3,000 亿 至 7,000 多亿之间。 具体来看，如果仅考虑大型国有保险公司，这一增量可能 是 3,000 多亿元；如果乐观地将更多保险公司纳入考量，则可能达到 7,000 多 亿元。此外，还需考虑存量敞口的问题，如果市场表现良好，存量敞口也会增 加。因此最差情况下大约有 3,000 多亿增量进入 A 股市场，而乐观情况下则会 更高。 对于 OCI 账户，大部分资金仍然会进入该账户，因为保险公司对收益稳 当前险资对股息率要求有所下降，部分公司入池标准从 5%降至 4%- 4.5%，主要原因是新增和存量负债成本下降，对各类资产收益率要求随 之降低，优质标的稀缺也是原因之一。 ...

Core Viewpoint - The recent adjustments in insurance company risk factors are expected to encourage long-term allocations in quality equity assets, particularly in dividend stocks, as institutional investors increase their equity asset allocations amid a supportive policy framework [1][25]. Group 1: Market Trends and Fund Flows - The China Securities Dividend ETF (515080) saw a net subscription of 59.78 million yuan yesterday, with a cumulative net subscription of 125 million yuan over the past three days [1]. - The insurance sector is anticipated to allocate 30% of new premiums to A-shares annually, with December to the first quarter being a traditional allocation window for insurance funds [25]. Group 2: Policy Implications - The recent notification from the Financial Regulatory Bureau regarding the adjustment of risk factors for insurance companies aligns with the trend of increasing investment in dividend stocks by insurance firms [2][25]. - The policy focus is on capital market and consumption policies, with an emphasis on stimulating domestic demand and supporting emerging industries [25]. Group 3: Dividend Stock Analysis - Huatai Securities estimates that the industry is currently under-allocated in dividend stocks by approximately 0.8 to 1.6 trillion yuan, which may be addressed in the next two to three years [2]. - The average dividend yield of the newly included stocks in the index is 4.15%, compared to 3.89% for those being removed, indicating a trend towards higher-yielding stocks [20]. Group 4: Performance Metrics - The latest PE ratio for the China Securities Dividend Index is 8.48 times, with a historical percentile of 98.43% over the past five years [14]. - The China Securities Dividend Total Return Index has shown a 40-day return difference of 1.54% relative to the Wind All A Index as of December 5 [8].

Core Insights - The insurance asset management industry is increasing its allocation to equity assets, with stock investment assets growing approximately 30.60% year-on-year and equity investment funds increasing about 36.20% [1][3][10] Group 1: Investment Trends - As of the end of 2024, insurance companies have invested a total of 30.55 trillion yuan, accounting for 91.85% of the industry's total fund utilization [1] - The allocation of insurance company investments includes 15.21 trillion yuan in bonds, 5.60 trillion yuan in stocks and public funds (excluding money market funds), and 1.92 trillion yuan in equity investment assets [3][6] - The growth rates for various equity assets include stock investment assets increasing by approximately 30.60%, public fund investments by about 10.42%, and equity investment assets by around 9.66% [3][10] Group 2: Asset Management Companies - In 2024, 34 insurance asset management companies had a total investment asset scale of 32.68 trillion yuan, representing a year-on-year growth of 25% [6] - The asset allocation structure shows that bonds account for 46% (15.18 trillion yuan), financial products for 20% (6.66 trillion yuan), and stocks for 7% (2.17 trillion yuan) [6] - The growth rates for bonds, financial products, and stocks are approximately 28%, 31%, and 36% respectively [6] Group 3: Direct Equity Investment - The total scale of direct equity investment in the industry reached 1.16 trillion yuan by the end of 2024, with a year-on-year growth of 22.2% [10] - The largest contributors to direct equity investment are insurance groups and life insurance companies, with scales of 5.78 trillion yuan and 5.06 trillion yuan respectively [10][12] - The growth in direct equity investment may be linked to insurance companies' increased focus on the healthcare and elderly care sectors, enhancing their life insurance business [12]

Core Insights - Insurance capital continues to increase its allocation to equity assets, with the proportion of equity assets reaching near historical highs in Q3 2025 [1] - The allocation structure shows a significant increase in technology and a reduction in high-end manufacturing sectors [5][6] - Insurance capital has accelerated its stake acquisitions in listed companies, particularly in Hong Kong stocks, with a notable increase in the number of acquisitions compared to previous years [9] Allocation Trends - In Q3 2025, the allocation of insurance capital to various asset classes is as follows: bank deposits (7.9%), bonds (50.3%), stocks (10.0%), funds (5.5%), long-term equity investments (7.9%), and other assets (18.4%) [1] - The investment proportions in bank deposits and bonds decreased by 0.7 percentage points and 0.8 percentage points, respectively, while the investment in stocks and funds surged to 15.5%, approaching the historical peak of 16.1% in H1 2015 [1] Sector and Stock Preferences - Insurance capital has significantly increased its allocation to banks, steel, and textile sectors, while reducing holdings in high-end manufacturing sectors such as new energy and military [5] - Key stocks that saw increased investment include Agricultural Bank of China, Postal Savings Bank, Industrial and Commercial Bank of China, and Hikvision, while reductions were noted in stocks like Goldwind Technology and Aviation Industry Corporation of China [6][8] Shareholding Activities - In 2025, insurance capital has made 30 stake acquisitions in listed companies, surpassing the total for the entire years of 2020 and 2024, with 25 of these acquisitions in Hong Kong stocks [9] - The trend indicates a shift towards acquiring dividend-yielding assets in Hong Kong due to declining bond yields and rising traditional dividend assets [9]

Core Insights - The total balance of insurance funds reached 37.46 trillion yuan by the end of Q3 2025, marking a 12.6% increase from the beginning of the year and a 3.4% increase from mid-year [1] - The growth in insurance fund utilization is primarily driven by a sustained increase in premium income, with expectations of double-digit growth for the entire year [2] Asset Allocation - Bonds remain the cornerstone of insurance asset allocation, with a total investment of 18.18 trillion yuan in bonds by the end of Q3 2025, up 14.1% from 15.92 trillion yuan at the beginning of the year [3] - The proportion of bonds in the total asset allocation slightly decreased from 49.3% at the end of Q2 to 48.5% by the end of Q3 [3] - Investments in bank deposits also saw a slight decline, with balances of 2.49 trillion yuan for life insurance and 374.2 billion yuan for property insurance, representing 7.4% and 15.7% of their respective total assets [3] - Investments in stocks and securities increased significantly, reaching a total of 5.59 trillion yuan, a 36.2% increase from 4.11 trillion yuan at the beginning of the year, raising its share from 12.3% to 14.9% [3] Factors Driving Equity Investment - The substantial increase in equity investments is attributed to multiple factors, including ongoing policy guidance, the need for insurance companies to enhance returns through stable equity assets, and a gradually improving capital market [4] - In January 2025, a joint initiative by six departments aimed to encourage long-term funds, including insurance capital, to enter the market, emphasizing the need to increase A-share investment ratios [4] - Regulatory adjustments in April raised the upper limit for equity asset allocation, further expanding investment opportunities [4] - The Ministry of Finance's July notice aimed to strengthen long-term investment by state-owned insurance companies, adjusting performance evaluation metrics to include multi-year indicators [4] Future Outlook - There is a general consensus that with increased policy support and a favorable market environment, the proportion of insurance capital invested in stocks is expected to rise further [5]

Core Viewpoint - The Hong Kong dividend assets have shown strong performance, rivaling the technology sector, with significant increases in key dividend indices over the past year [1][4]. Performance of Dividend Indices - The Hong Kong Stock Connect High Dividend (CNY) and the Hang Seng High Dividend Low Volatility indices have reached historical highs, with annual increases of 31.65% and 33.57% respectively, outperforming the Hang Seng Technology Total Return Index, which rose by 28.02% during the same period [1][4]. Market Dynamics - The divergence between the technology and dividend sectors began in October 2025, influenced by external factors such as the escalating US-China tariff disputes and government shutdown risks, leading to a shift in investor sentiment towards more defensive dividend assets [4][5]. - The technology sector's high valuations and lack of new catalysts during a policy and earnings vacuum have prompted funds to move towards more reasonably valued dividend stocks [4]. Southbound Capital Inflows - Despite market volatility, southbound capital has consistently flowed into Hong Kong stocks, with net inflows exceeding 1.3 trillion HKD in 2025, marking a record high since the launch of the Stock Connect [6][7]. - The financial, energy, consumer discretionary, and telecommunications sectors have attracted the most southbound capital, indicating a growing interest in dividend assets [7]. Institutional Investment Trends - Insurance capital has increasingly targeted dividend assets, with 36 instances of stake acquisitions in 2025, surpassing previous highs and focusing on stable, high-dividend sectors such as banking and utilities [8][9]. - The dividend yields of the Hong Kong Stock Connect High Dividend (CNY) and the Hang Seng High Dividend Low Volatility indices stand at 5.53% and 5.69%, significantly higher than comparable A-share indices [9]. Investment Strategy - In the current low-interest-rate environment, the dividend yields from Hong Kong stocks present a compelling alternative to domestic bonds, which yield only 1.81% [9]. - The Hong Kong dividend ETFs have shown strong performance, with the Hong Kong Stock Connect High Dividend ETF achieving a 69.51% return since its inception, outperforming its benchmark [15][16].

Core Viewpoint - The implementation of the new accounting standards in the insurance industry, particularly the FVOCI category, is significantly impacting the asset allocation strategies of insurance companies [1][2][4]. Group 1: Accounting Standards and Implementation - The FVOCI (Fair Value Through Other Comprehensive Income) category will be fully implemented by January 1, 2026, replacing the previous four-category model with a three-category system [2][4]. - The new classification system includes FVOCI, FVTPL (Fair Value Through Profit or Loss), and AC (Amortized Cost) [2][4]. - Non-listed insurance companies must implement the new standards by the specified date, while some companies like China Ping An have already adopted them since 2018 [4]. Group 2: Impact on Profitability - Investment income is crucial for insurance companies, with total investment income contributing significantly to net profit for major players like China Life and China Ping An, with ratios reaching 192% and 194% respectively in the first half of 2025 [8]. - The choice between FVOCI and FVTPL for equity assets can greatly influence profit volatility, with FVOCI potentially offering a more stable profit profile for companies with long-term liabilities [11]. Group 3: Asset Allocation Trends - As of mid-2025, the proportion of equity assets classified under FVOCI has increased for major insurance companies, with China Life's FVOCI equity assets rising by 10.6 percentage points to 22.6% [12]. - The increase in FVOCI equity allocation is attributed to a low-interest-rate environment and a shortage of alternative investments, making FVOCI stocks a short-term substitute for bonds [15]. - In the bond category, the FVOCI proportion has also seen increases, with China Life's bond assets under FVOCI rising by 1.8 percentage points to 87.3% [16]. Group 4: Strategic Considerations - Different insurance companies have varying requirements regarding profit volatility, leading some to prefer a higher allocation to FVOCI assets while others may favor FVTPL for potential higher returns [17]. - The classification of assets is not standardized across the industry, allowing companies to tailor their strategies based on their specific operational needs and investment capabilities [17].

Core Viewpoint - The insurance capital (险资) has become a focal point in the market this year, driven by policies promoting medium to long-term capital inflows, effectively optimizing the capital market structure and encouraging a shift towards value investing [1][3]. Group 1: Insurance Capital Market Activity - As of the end of Q3 2025, insurance capital appeared among the top ten shareholders of 633 A-share listed companies, with 270 new stock positions taken [3]. - The total market value of insurance capital holdings in A-shares exceeded 650 billion yuan, reflecting a growth of over 6% compared to mid-2025 [3]. - The insurance sector's investment strategy is characterized by a focus on long-term stability and value, aligning with the overall market recovery trend [5]. Group 2: Investment Performance and Preferences - In Q3 2025, the Shanghai Composite Index rose by 12.73%, with insurance companies' investment results significantly contributing to their net profit growth [4]. - Insurance capital's holdings in the top five industries by market value include banking, public utilities, transportation, communications, and electrical equipment [5]. - The top five industries by the number of individual stocks held by insurance capital are electronics, pharmaceuticals, electrical equipment, machinery, and automobiles [5]. Group 3: Investment Strategies and Tools - Insurance capital's investment strategy is primarily driven by liability-driven investment (LDI), focusing on matching assets with liabilities [6]. - The strategy includes a foundation of high-rated bonds (60%-70% of the portfolio) for stable returns, with equity investments typically comprising 10%-15% [6]. - The insurance version of asset-backed securities (ABS) has emerged as a key tool for insurance capital to navigate low interest rates and market volatility, providing a stable return and extending asset duration [7][9]. Group 4: Growth of Insurance Version ABS - In the first three quarters of 2025, the number of registered insurance asset-backed plans reached 66, with a total scale of 274.58 billion yuan, marking a 25.1% increase year-on-year [8]. - The insurance version of ABS serves as a "stabilizer" for returns and an "extender" for assets, typically offering a higher issuance rate of 5%-6% compared to similar credit bonds [8][9]. - The unique structured design of insurance version ABS allows for risk and return layering, catering to the needs of insurance capital for stable and secure investments [9][10].