作为资本市场重要的机构投资者，保险资金的动向一向是市场关注的焦点。近日，中国银行保险资 产管理业协会发布《中国保险资产管理业发展报告（2025）》（以下简称《报告》），对201家保险集 团（控股）公司和保险公司（以下统称"保险公司"）的投资情况进行了系统梳理。数据显示，2024年， 参与调研的保险公司投资资产规模合计达30.55万亿元，综合收益率主要集中在4.5%以上。整体来看， 保险公司在资产配置结构上持续优化，投资收益显著提升。 资产规模稳健增长配置结构持续优化 综合看，2024年，保险公司行业在复杂市场环境中取得了亮眼的投资收益，综合收益率与财务收益 率均实现较大幅度提升。 《报告》显示，综合收益率方面，超过60%的保险公司综合收益率集中在4.5%以上。其中，投资收 益率中位数位于5%至5.5%区间，收益率在6%以上的保险公司占比最高，达到34%。财务收益率方面， 收益率在4%以上的保险公司数量占比为34%，较2023年提升12%。进一步分析显示，综合收益率超过 7%的51家保险公司普遍在利率债上配置比例较高，显示出稳健资产结构对收益的支撑作用。 值得一提的是，股权投资作为保险资金运用的重要方向，在20 ...

Core Viewpoint - The newly issued "Guidelines for the Management of Investment Behavior of Securities Company Directors, Supervisors, Senior Management Personnel, and Securities Practitioners (Trial) (Draft for Comments)" by the China Securities Association indicates a shift towards stricter regulation of investment behaviors among securities practitioners, rather than allowing them to engage in stock trading freely [2][5]. Summary by Sections Regulatory Framework - The guidelines encompass a comprehensive regulatory framework that includes not only securities but also various types of funds (excluding money market funds) and equity in unlisted companies [2][5]. - The scope of regulation extends to the immediate family members of securities practitioners, including parents, children, spouses, and other relatives who may have financial ties or influence over the practitioner's investment activities [2]. Prohibited Activities - The guidelines explicitly list 13 prohibited activities for securities practitioners, including: - Lending or borrowing securities accounts for trading [3][9]. - Accepting gifts of stocks or other equity securities [9]. - Engaging in private transactions or accepting client commissions for trading [10]. - Acquiring shares of companies through unfair means [10]. - A total of seven specific behaviors are highlighted as particularly concerning, emphasizing the need for strict adherence to these regulations [9][10]. Allowances for Stock Ownership - The guidelines allow securities practitioners and their spouses to hold or sell stocks as part of equity incentive plans or employee stock ownership plans, marking a nuanced approach to regulation [3][4][5]. - However, this allowance does not equate to a general permission for stock trading, as the overall regulatory environment remains stringent [4][9]. Reporting and Compliance - Securities practitioners are required to report their investment activities at least quarterly, detailing their investments in securities, private funds, and unlisted company equities [12]. - The reporting must include comprehensive information such as investment time, targets, and transaction details, linking compliance to performance evaluations and promotions within the firm [12][13]. New Employee Regulations - New hires are generally required to divest any existing stock holdings before joining, with provisions for exceptions based on specific circumstances [7]. - Background checks on investment behaviors will be conducted for new recruits, influencing hiring decisions [13].