近日，中国保险资产管理业协会研究专委会召开2025年二季度保险资金运用形势分析会。会上，险资人士 研判了行业形势以及权益、固收投资策略。 资负两端仍面临压力，但发生积极变化 对于保险资金的资产配置，与会人士从资负两端予以分析，认为仍存在一定利差压力，但已发生积极变化。 新华资产总经理陈一江表示，当前保险行业的负债端硬约束和资产端软着陆并存，利差损压力凸显。其中，负 债端呈现规模快速增长、久期偏长、成本刚性等"硬约束"；资产端进入"软着陆"阶段，高息非标资产陆续到期 叠加信用利差收窄，导致优质高收益资产供给不足，再投资压力增大。 中国人寿（601628）投资管理中心总经理肖凤群认为，保险投资仍面临较大挑战，资负利差持续收窄。但是， 随着负债端深化业务转型，中长期资金入市环境持续优化，行业生态发生积极变化。 太保资产总经理助理兼固定收益部总经理赵峰对固收投资作了具体分析。他表示，受经济周期和内外部不确定 性等因素影响，10年期国债利率逐级下行，屡创新低，保险公司面临利差损风险、净资产波动、财务预算难以 实现等挑战。 保险资管协会党委委员、副秘书长张倩表示，保险资金投资面临多重变化：一是保险资金长钱长投的内在需求 ...

Core Viewpoint - Insurance capital is increasingly entering the market, with significant investments in listed companies, indicating a trend towards high-frequency and concentrated acquisitions in 2025 [1][6]. Group 1: Insurance Capital Activity - In 2025, insurance companies have made 19 acquisitions involving 15 listed companies, matching the total number for the entire year of 2024 [1][6]. - Notable acquisitions include Xintai Life Insurance increasing its stake in Hualing Steel to 345 million shares (5% of total shares) and Lianan Life Insurance acquiring 46.9954 million shares (5.03% of total shares) in Jiangnan Water [1][2][4]. - The trend shows a preference for high-dividend equity assets, particularly in sectors like banking and public utilities, while also diversifying into undervalued cyclical stocks like Hualing Steel [1][7]. Group 2: Investment Strategy and Market Context - The increase in insurance capital activity is driven by supportive policies, optimized accounting standards, and a scarcity of alternative assets, leading to a focus on high-dividend equity assets [1][7]. - The total amount of insurance funds invested reached 33.56 trillion yuan by the end of 2024, with equity assets accounting for approximately 19.6% of this total [6]. - Recent regulatory changes have allowed for a higher allocation of equity assets, further encouraging insurance companies to invest in the stock market [6][7]. Group 3: Company-Specific Insights - Xintai Life Insurance's investment in Hualing Steel is based on a positive outlook for the company's future and aims to enhance its influence and share in the long-term benefits of Hualing Steel's growth [7][8]. - Lianan Life Insurance's acquisition of Jiangnan Water is characterized as a long-term investment based on the company's value and the insurance firm's own allocation needs [8].

近日，作为平安人寿资金受托方，平安资管通过竞价交易方式先后买入邮储银行（601658）H股和农业 银行H股，分别达到两家银行H股股本的10%，触发举牌。记者统计发现，2025年以来，险资机构已经 发布15次举牌公告。相比往年，今年险资举牌节奏更加频繁。部分险资机构并未止步于最低5%的举牌 线，而是在首次举牌后选择继续增持，甚至突破10%的举牌线。市场人士认为，险资频频举牌，主要是 基于会计处理考虑，通过将举牌标的纳入FVOCI(以公允价值计量且其变动计入其他综合收益)资产计 量，减少对利润波动影响；此外，利率下行导致净投资收益率承压，也倒逼险资机构增加高股息权益资 产配置。(上海证券报) ...