除了推动险资进入资本市场，监管部门还推动险资投资黄金业务试点，进一步丰富了险资多元配置渠 道，中国人寿(47.010, 0.07, 0.15%)、人保财险、平安人寿、太保寿险等10家保险公司获得试点资格并入 场购金。 黄金已成为险资配置重点关注的新领域。太保资产副总经理、证券投决会主任易平在接受上海证券报记 者采访时表示，全球宏观不确定性上升，美元和美债作为全球储备资产的地位正在减弱，黄金等贵金属 的财富储存功能和地位正在回归，其在长期战略资产配置中的价值逐步凸显。 今年，不少险资机构投资人员感受到险资"长钱"迎来新叙事——资负匹配更精细、投资渠道更多元、投 资周期更长，并且这些新叙事有望持续很长时间。 险资演绎新的"长钱"叙事并非偶然，背后是监管政策引导与险资机构资产配置需求的双向奔赴：一方 面，为引导长期资金入市，监管部门持续为险资投资"松绑"；另一方面，为满足负债端成本要求，多元 配置、长期配置成为险资投资的必然选择。 险资投资"松绑" 上调权益资产投资比例，调降股票投资相关风险因子，扩大保险资金长期投资试点，开展黄金投资试 点……2025年以来，监管部门持续为险资投资"松绑"，打开空间与拓宽渠道并行， ...

◎记者 何奎 今年，不少险资机构投资人员感受到险资"长钱"迎来新叙事——资负匹配更精细、投资渠道更多元、投 资周期更长，并且这些新叙事有望持续很长时间。 险资演绎新的"长钱"叙事并非偶然，背后是监管政策引导与险资机构资产配置需求的双向奔赴：一方 面，为引导长期资金入市，监管部门持续为险资投资"松绑"；另一方面，为满足负债端成本要求，多元 配置、长期配置成为险资投资的必然选择。 险资投资"松绑" 上调权益资产投资比例，调降股票投资相关风险因子，扩大保险资金长期投资试点，开展黄金投资试 点……2025年以来，监管部门持续为险资投资"松绑"，打开空间与拓宽渠道并行，鼓励险资"长钱长 投"。 数据显示，截至2025年三季度末，人身险公司和财产险公司股票资金运用余额分别较年初增长约50%和 30%。长期投资试点方面，今年监管部门开展多批次试点，多家险资机构积极成立私募基金，合计金额 超千亿元。"我们的私募基金已进入平稳运作状态，未来将积极践行长期主义，发挥耐心资本优势，做 好资本市场的'稳定器'和'压舱石'。"一家参与长期投资试点的险资机构高管告诉上海证券报记者。 资负匹配更精细 无论是从OCI投资策略，还是从配置权益 ...

Summary of Insurance Asset Allocation Conference Call Industry Overview - The insurance industry is experiencing a significant shift in asset allocation, with a notable increase in equity investments. The overall allocation in stocks, funds, and long-term equity investments has reached 23%, approaching the regulatory limit of 30% [1][3]. Key Insights Asset Allocation Trends - Leading insurance companies have a secondary equity allocation ratio between 10% and 15%, with some aggressive firms nearing 20%. Overall returns for large insurers have exceeded 20% this year [2][3]. - Smaller insurance companies show significant differentiation; while some maintain high equity positions for higher returns, many are forced to reduce their positions due to solvency pressures [1][3][5]. Future Projections - By 2026, the equity central tendency for listed insurance companies is expected to range between 14% and 17%, with a potential increase of 4-5 percentage points in large equity allocations [1][6]. - Major state-owned enterprises are expected to increase their allocation to dividend stocks and high-yield assets, potentially through private equity funds [1][4]. Investment Strategies - Companies like Ping An and Taikang are leaning towards OCI (Other Comprehensive Income) and high-dividend assets, with Ping An replacing long-term bonds with stock allocations [1][6][7]. - The investment styles of various companies differ significantly; for instance, Xinhua focuses on growth, while China Life adopts a more balanced approach [8][9]. Regulatory and Market Influences - The low interest rate environment poses challenges for insurance companies, affecting their solvency and investment strategies. Future policy adjustments may alleviate some of these pressures [19][21]. - The anticipated implementation of new accounting standards in 2026 may lead to increased demand for dividends and OCI, impacting asset allocation strategies across the industry [10][24]. Additional Considerations - The selection criteria for OCI investments are becoming stricter, focusing on high and stable dividend yields, low volatility, and strong liquidity [12][14]. - There is a growing trend towards using ETFs and external management to enhance investment capabilities, particularly in technology and healthcare sectors [13][18]. - The disparity in investment strategies between state-owned and private insurance companies reflects varying levels of market understanding and internal conditions [5][22]. Conclusion - The insurance sector is navigating a complex landscape of regulatory pressures, market dynamics, and evolving investment strategies. The focus on equity investments, particularly in high-dividend and growth sectors, is expected to continue shaping the industry's asset allocation in the coming years.