事件：11月14日，金融监管总局发布2025年三季度保险公司资金运用情况 国泰海通主要观点如下： 前三季度保险资金运用余额稳健提升。截至2025年三季度，保险行业资金运用余额37.5万亿元，较年初 +12.6%;其中人身险33.7万亿元，较年初+12.6%;财险2.4万亿元，较年初+7.5%。预计主要得益于新单及 续期保费稳健增长带来的现金流贡献，2025年前三季度保险行业保费同比+8.8%，人身险同比+10.2%， 财险同比+4.9%。 股票配置进一步提升，债券占比环比下降 1)截至25年三季度末，保险行业("人身险+财险"口径，下同)配置股票资产达3.62万亿元，较年初提升 1.19万亿元，环比Q2末提升0.55万亿元;占比为10.0%，较年初提升2.5pt，环比Q2末提升1.2pt。该行预计 一方面得益于保险公司持续提升股票资产配置，以及权益市场回暖带来股票资产市值提升，2025年前三 季度上证指数较年初+15.8%，其中Q3单季度+12.7%。 智通财经APP获悉，国泰海通发布研报称，截至2025年三季度，保险行业资金运用余额37.5万亿元，较 年初+12.6%，前三季度保险资金运用余额稳健提升。保险 ...

Investment Rating - The investment rating for the insurance industry is "Outperform the Market" (maintained) [1][7][28] Core Viewpoints - As of the end of Q2 2025, the balance of insurance funds in China reached 36.2 trillion yuan, a year-on-year increase of 17.4% [2][3] - The insurance sector is increasing its allocation to long-term bonds to optimize asset-liability duration matching amid a backdrop of declining 10-year government bond yields and a scarcity of high-yield assets [9][24] - The stock investment scale for life insurance companies reached 2.7 trillion yuan, an increase of 605.2 billion yuan since the beginning of the year, while property insurance companies' stock investment scale reached 195.5 billion yuan, an increase of 35.4 billion yuan [2][24] Summary by Sections Insurance Fund Utilization - The insurance fund utilization balance reached a historical high of 36.2 trillion yuan, with a year-on-year growth rate of 17.4% [2][3] - Life insurance companies accounted for 90% of the total insurance fund utilization balance, with a year-on-year growth of 17.7% [6] - Property insurance companies had a fund utilization balance of 2.3 trillion yuan, growing 11.3% year-on-year [6] Bond and Equity Investments - The bond allocation for the insurance industry reached 17.9 trillion yuan, accounting for 49.3% of total investment, marking a historical high [11] - Life insurance companies' bond allocation was 16.9 trillion yuan, up 26.6% year-on-year, while property insurance companies' bond allocation was 0.95 trillion yuan, up 19.9% [11][24] - The stock allocation for the insurance sector reached 3.1 trillion yuan, with life insurance companies increasing their stock investments significantly [13][24] Asset Allocation Efficiency - The asset allocation efficiency of insurance funds decreased in Q2 2025, with a fund turnover rate of 35%, the lowest since Q3 2023 [22][24] - The report anticipates that the adjustment of preset interest rates and short-term behaviors will lead to an expansion in the industry's short-term premium scale, which may increase the asset allocation demand of insurance funds [24] Regulatory Changes - Recent regulatory adjustments have simplified the asset allocation standards for insurance funds, allowing companies with strong solvency to increase their equity investment limits [14][15] - The new regulations aim to enhance the investment space for leading insurance companies while maintaining strict controls for those with lower solvency [14][15]