年内，险资在市场上的表现愈发活跃，下半年将有哪些投资侧重？8月24日，北京商报记者了解到，中国保险资产管理业协会（以下简称"保险资管业协 会"）最新调查显示，股票是下半年我国保险机构首选的投资资产，多数保险机构对下半年A股市场持较乐观态度。这一趋势在监管披露的数据中也得到了 印证，今年二季度末，险资运用余额已突破36万亿元大关，其中股票投资余额较上年末增长47.57%，占比提升至8.8%。 一组统计数据为这轮"入市潮"提供了最直观的证据。 资产配置偏好方面，保险资管业协会近日公布的2025年下半年保险资产管理业投资者信心调查结果显示，股票是下半年我国保险机构首选的投资资产，其次 是债券和证券投资基金。多数保险机构预期下半年各类资产配置比例与2025年初基本保持一致，部分保险机构有可能适度或微幅增加股票和债券投资。 在低利率环境与政策引导的双重驱动下，保险机构正以历史性力度加码股票投资。金融监管总局披露的数据显示，截至2025年二季度末，险资运用余额已达 到36.23万亿元。其中股票投资余额较2024年末增长47.57%，突破3万亿元，明显超过资金运用余额整体17.39%的同比增速。 在业内人士看来，与全面大幅 ...

Core Viewpoint - The China Insurance Asset Management Association released a survey indicating that insurance institutions prefer stocks as their primary investment asset for the second half of 2025, followed by bonds and securities investment funds [1][4]. Macro Economic Aspects - Most insurance institutions expect stable economic growth in the second half of the year, with GDP growth projected between 4.5% and 5.5%, CPI growth between 0% and 0.5%, and PPI growth between -3.5% and -2.0%. The RMB exchange rate is anticipated to appreciate steadily, with a focus on exports, consumption, fiscal policy, and real estate investment [2]. Macro Policy Aspects - Insurance institutions predict a moderately accommodative monetary policy in the second half, with expectations for timely reserve requirement ratio and interest rate cuts to maintain ample liquidity. Fiscal policy is expected to be more proactive, leaning towards expansion to boost domestic demand and consumption, potentially increasing the issuance of ultra-long special government bonds [3]. Asset Allocation Preferences - Stocks are identified as the preferred investment asset for insurance institutions in the second half, followed by bonds and securities investment funds. Most institutions expect their asset allocation ratios to remain consistent with early 2025, with some considering slight increases in stock and bond investments [4]. Bond Market Outlook - Insurance institutions hold a neutral to optimistic view on the bond market for the second half, expecting 10-year government bond yields to range between 1.4% and 1.6%, and high-grade credit bond yields between 1.5% and 2.0%. There is a favorable outlook for ultra-long special government bonds, perpetual bonds, convertible bonds, and credit bonds with maturities over 10 years, influenced by economic fundamentals, monetary policy easing, and market liquidity [5]. A-Share Market Outlook - A majority of insurance institutions are optimistic about the A-share market, predicting the Shanghai Composite Index to likely remain between 3200 and 3800 points. They favor stocks related to the CSI 300 index, particularly in sectors such as pharmaceuticals, electronics, banking, computing, telecommunications, and national defense. Investment areas of interest include artificial intelligence, dividend assets, new productivity, high dividend yields, and innovative pharmaceuticals, with corporate earnings growth seen as a key factor affecting the A-share market [6]. Overseas Investment Preferences - Hong Kong stocks are favored for investment in the second half, with 40% of insurance institutions also optimistic about bond and gold investments [7].

据了解，本次调查覆盖宏观环境、市场判断、配置计划和收益预期四个方面，共有122家保险机构参与，包括36家保险资产管理机构和86家保险公司。 在宏观政策层面，多数保险机构预期下半年货币政策将适度宽松，重点关注适时降准降息，保持流动性充裕，以及与财政政策的协调配合，充实完善政策工 具箱；财政政策预期将更加积极，整体偏向扩张，希望能够扩大内需、提振消费，或增加发行超长期特别国债。 A股市场方面，多数保险机构对下半年A股市场持较乐观态度，预计上证综指大概率维持在3200点至3800点之间。下半年，保险机构更为看好沪深300相关股 票，看好医药生物、电子、银行、计算机、通信和国防军工等行业，关注人工智能、红利资产、新质生产力、高分红高股息和创新医药等投资领域，认为企 业盈利增速是影响下半年A股市场的主要因素。 对于下半年债券市场，多数保险机构持中性偏乐观态度。预计10年期国债收益率将在1.4%到1.6%区间，中高等级信用债收益率在1.5%到2.0%区间。下半年 看好超长期特别国债、银行永续债、可转债以及10年期以上信用债，认为经济基本面、货币政策宽松力度和市场流动性将是影响下半年债券市场的主要因 素。（闻辉） 【环球网 ...

Core Viewpoint - The insurance asset management industry in China is optimistic about the macroeconomic outlook for the second half of 2025, with a focus on key areas such as exports, consumption, fiscal policy, and real estate investment [2]. Group 1: Macroeconomic Expectations - Most insurance institutions expect stable economic growth in the second half of 2025, with an emphasis on monitoring exports, consumption, fiscal policy, and real estate investment [2]. - The monetary policy is anticipated to be moderately accommodative, with expectations for timely reserve requirement ratio (RRR) and interest rate cuts to maintain ample liquidity [2]. - Fiscal policy is expected to be more proactive and expansionary, aiming to boost domestic demand and consumption, potentially through the issuance of ultra-long special bonds [2]. Group 2: Asset Allocation Preferences - In terms of asset allocation, insurance institutions prefer stocks as their primary investment asset, followed by bonds and securities investment funds [5]. - Most institutions expect their asset allocation ratios to remain consistent with early 2025, with some considering slight increases in stock and bond investments [5]. - The bond market outlook is moderately optimistic, with a focus on ultra-long special bonds, perpetual bonds, convertible bonds, and credit bonds with maturities over 10 years [5]. Group 3: A-Share Market Outlook - A majority of insurance institutions hold a positive outlook for the A-share market in the second half of 2025, with 52.78% of asset management institutions and 55.81% of insurance companies expressing optimism [5]. - Expectations for A-share market trends indicate a belief in a fluctuating upward trajectory, with 52.78% of asset management institutions and 59.30% of insurance companies anticipating this movement [5]. - Regarding A-share valuations, 69.44% of asset management institutions and 66.28% of insurance companies consider current valuations to be reasonable, while 25% and 25.58% respectively view them as low [6]. Group 4: Investment Focus Areas - Insurance institutions are particularly interested in sectors such as pharmaceuticals, electronics, banking, computing, telecommunications, and national defense [6]. - There is a focus on investment themes including artificial intelligence, dividend assets, new productivity, high dividend yields, and innovative pharmaceuticals, with corporate earnings growth seen as a key factor influencing the A-share market [6]. Group 5: Risk Considerations - The primary risks identified by insurance asset management institutions and insurance companies for the second half of 2025 include asset scarcity, yield pressure, interest rate declines, and asset-liability mismatches [10]. Group 6: Offshore Investment Preferences - Hong Kong stocks are favored for investment in the second half of 2025, with 40% of insurance institutions also showing interest in bond and gold investments [11].

Core Viewpoint - The insurance asset management industry in China is optimistic about the macroeconomic outlook for the second half of 2025, with a focus on key areas such as exports, consumption, fiscal policy, and real estate investment [2][5]. Group 1: Macroeconomic Expectations - Most insurance institutions expect stable economic growth in the second half of 2025, with an emphasis on monitoring exports, consumption, fiscal policy, and real estate investment [2]. - The monetary policy is anticipated to be moderately accommodative, with expectations for timely reserve requirement ratio (RRR) and interest rate cuts to maintain liquidity [2]. - Fiscal policy is expected to be more proactive, leaning towards expansion to boost domestic demand and consumption, potentially through the issuance of long-term special government bonds [2]. Group 2: Asset Allocation Preferences - In terms of asset allocation, insurance institutions prefer stocks as their primary investment asset, followed by bonds and securities investment funds [5]. - Most institutions expect their asset allocation ratios to remain consistent with early 2025, with some considering slight increases in stock and bond investments [5]. - The bond market outlook is moderately optimistic, with a focus on long-term special government bonds, perpetual bonds, convertible bonds, and credit bonds with maturities over 10 years [5]. Group 3: A-Share Market Outlook - A majority of insurance institutions hold a positive outlook for the A-share market in the second half of 2025, with 52.78% of asset management institutions and 55.81% of insurance companies expressing optimism [5]. - Expectations for the A-share market include a trend of oscillating upward, with 52.78% of asset management institutions and 59.30% of insurance companies predicting this movement [5]. - Regarding A-share valuations, 69.44% of asset management institutions and 66.28% of insurance companies believe current valuations are reasonable, while 25% of asset management institutions and 25.58% of insurance companies view them as low [5]. Group 4: Sector Preferences - Insurance institutions favor stocks related to the CSI 300 and STAR Market 50, with a positive outlook on sectors such as pharmaceuticals, electronics, banking, computing, telecommunications, and national defense [6]. - Investment areas of interest include artificial intelligence, dividend assets, new productivity, high dividend yields, and innovative pharmaceuticals, with corporate earnings growth seen as a key factor influencing the A-share market [6]. Group 5: Investment Risks and Preferences - Key risks identified by insurance institutions for the second half of 2025 include asset scarcity, yield pressure, interest rate declines, and asset-liability mismatches [10]. - Offshore investment preferences indicate a favorable view towards Hong Kong stocks, with 40% of insurance institutions also optimistic about bond and gold investments [10].

Group 1 - The core point of the announcement is that Debang Fund Management Co., Ltd. will adjust the valuation method for its funds holding long-term suspended stocks to ensure fair and reasonable valuations for investors [1] - Starting from August 18, 2025, the company will use the "index income method" for the valuation of the stock "Shaanxi Huada" (stock code: 301517) [1] - Once the stock resumes trading and shows active market trading characteristics, it will be valued at market price without further announcements [1]

Core Viewpoint - The insurance industry in China has seen a significant increase in the scale of fund utilization, surpassing 36 trillion yuan by the end of Q2 2025, marking a year-on-year growth of 17.4% [1] Group 1: Fund Utilization Scale - By the end of Q2 2025, the total fund utilization balance of insurance companies reached over 36 trillion yuan, with property insurance companies holding 2.35 trillion yuan and life insurance companies holding 32.6 trillion yuan [1] - The balance of investments in stocks and securities investment funds by life and property insurance companies reached 4.73 trillion yuan, reflecting a 25% increase compared to the same period in 2024 [2] Group 2: Equity Investment Trends - The proportion of equity investments has been steadily increasing, with life insurance companies investing 4.35 trillion yuan in stocks and securities investment funds, a 25.7% year-on-year increase, accounting for 13.34% of their total fund utilization [2] - Property insurance companies invested 379.2 billion yuan in stocks and securities investment funds, representing 16.16% of their total fund utilization, showing a significant increase [2] Group 3: Stock Investment Growth - The enthusiasm for stock investments among insurance companies has rapidly increased, with life insurance companies holding 2.87 trillion yuan in stocks, accounting for 8.81% of their total fund utilization, up 1.8 percentage points year-on-year [3] - Property insurance companies held 195.5 billion yuan in stocks, representing 8.33% of their total fund utilization, an increase of 1.84 percentage points year-on-year [3] Group 4: Bond Investments - The total balance of bond investments by insurance companies reached 17.87 trillion yuan by the end of Q2 2025, a significant increase of 1.9 trillion yuan from the end of 2024, making it the largest investment category [5] - Life insurance companies held 16.92 trillion yuan in bonds, accounting for 51.90% of their total fund utilization, while property insurance companies held 945.5 billion yuan, representing 40.29% [5] Group 5: Changes in Investment Strategy - The recent tax policy changes regarding bond interest income are not expected to alter the fundamental role of bonds as a stabilizing asset for insurance companies, which continue to prioritize long-duration bonds in their investment strategies [6] - Analysts suggest that insurance companies may shift towards investment products with better tax advantages or higher returns, while maintaining a focus on absolute returns in equity investments [6]

Core Viewpoint - The insurance industry in China has seen a significant increase in fund utilization, with the total balance surpassing 36 trillion yuan as of Q2 2025, reflecting a year-on-year growth of 17.4% [2]. Group 1: Fund Utilization Overview - As of Q2 2025, the fund utilization balance of property insurance companies reached 2.35 trillion yuan, while life insurance companies held 32.6 trillion yuan [2]. - The total investment in stocks and securities investment funds by both life and property insurance companies amounted to 4.73 trillion yuan, marking a 25% increase compared to the same period in 2024 [3][4]. Group 2: Equity Investment Trends - The proportion of equity investments has been steadily increasing, with life insurance companies investing 4.35 trillion yuan in stocks and securities investment funds, a 25.7% increase year-on-year, representing 13.34% of their total fund utilization [4]. - Property insurance companies invested 379.2 billion yuan in stocks and securities investment funds, accounting for 16.16% of their total fund utilization, showing a significant increase [4]. - The rise in equity investment is attributed to several factors, including stock market gains, a low-interest-rate environment, and regulatory policies encouraging long-term investments [5]. Group 3: Bond Investment Dynamics - The total balance of bond investments by both life and property insurance companies reached 17.87 trillion yuan, a substantial increase of 1.9 trillion yuan from the end of 2024, making it the largest investment category [8]. - Life insurance companies held 16.92 trillion yuan in bonds, representing 51.90% of their total fund utilization, while property insurance companies held 945.5 billion yuan, accounting for 40.29% [8]. - The recent tax policy changes regarding bond interest income are not expected to alter the fundamental role of bonds as a stable investment for insurance funds [9]. Group 4: Decline in Bank Deposits - The proportion of investments in bank deposits has been declining, with life insurance companies holding 8.02% and property insurance companies holding 17.24% of their total fund utilization in bank deposits as of Q2 2025 [9]. Group 5: Future Investment Outlook - Analysts suggest that insurance funds may shift towards investments with better tax advantages or higher returns, with a continued emphasis on equity investments in the long term [10].

Core Viewpoint - The insurance companies in China have significantly increased their investment in stocks and securities, with total funds reaching 36.23 trillion yuan by the end of Q2 2025, marking a 17.4% year-on-year growth [1] Group 1: Investment Trends - By the end of Q2 2025, the total investment balance of life insurance companies reached 32.6 trillion yuan, with stock investments amounting to 2.87 trillion yuan, an increase of over 200 billion yuan from Q1 and over 600 billion yuan since the beginning of the year [1] - The proportion of stock investments in life insurance companies rose to 8.81%, up 0.38 percentage points from the previous quarter and 1.8 percentage points from the same period in 2024 [1] - Property insurance companies also showed similar trends, with stock investments totaling 195.5 billion yuan and a proportion of 8.33%, increasing by 0.77 percentage points from Q1 and 1.84 percentage points from 2024 [1] Group 2: Overall Asset Allocation - The combined balance of stock and securities investment funds for life and property insurance companies reached 4.73 trillion yuan, a 25% increase from the same period in 2024 [2] - Life insurance companies' investments in stocks and securities funds amounted to 4.35 trillion yuan, accounting for 13.34% of their total investment balance, marking a peak since 2023 [2] - The rapid growth in stock investments is attributed to several factors, including stock market gains, a low interest rate environment, and policy changes facilitating long-term investments [2] Group 3: Bond Investments - By the end of Q2 2025, the total bond investment balance for life and property insurance companies reached 17.87 trillion yuan, an increase of 1.9 trillion yuan since the beginning of the year [2] - Life insurance companies held 16.92 trillion yuan in bonds, representing 51.90% of their total investments, the highest among all asset types [2] - The increase in bond investments is driven by the need for long-term liability matching and the diminishing availability of stable high-yield assets in a declining interest rate environment [2][3]

Group 1 - The core driving forces behind the entry of insurance funds into the A-share market include a low interest rate environment, asset-liability mismatch, and new accounting standards that challenge insurers to smooth their financial statements [3][6][12] - The low interest rate environment has made it difficult for insurance companies to generate returns on their asset side, with 10Y and 30Y government bond yields fluctuating below 2% and 2.2% respectively [7][8] - The implementation of IFRS9 has compelled insurers to increase investments in stable, high-dividend stocks, as these assets help mitigate the impact of fair value fluctuations on financial statements [9][10] Group 2 - Policies aimed at facilitating the entry of insurance funds into the market include increasing the equity allocation ratio, optimizing long-term assessments, and establishing pilot projects for long-term stock investments [12][13][14] - The regulatory framework has been adjusted to allow for a higher proportion of equity investments, with the upper limit raised to 50% for certain insurance companies [12][15] - New tools have been created to provide low-cost leverage for insurance funds, enhancing their ability to invest in the capital market [14][15] Group 3 - Insurance funds are increasingly favoring high-dividend blue-chip stocks and long-term equity investments to address asset-liability duration mismatches [8][18] - In Q1 2025, insurance companies increased their stock holdings by approximately 390 billion yuan, with a notable rise in the proportion of OCI (Other Comprehensive Income) investments [18][19] - The trend of passive investment is expanding, with a focus on broad-based ETFs, which have seen a 34.8% increase in holdings by insurance funds compared to 2023 [26][27] Group 4 - There is significant potential for further investment from insurance funds, with an estimated 2.9 trillion yuan of additional capacity to enter the market based on current regulatory limits [29][30] - From a dynamic perspective, the annual incremental investment from four major state-owned insurance companies is projected to be between 347.7 billion and 659.8 billion yuan starting in 2025 [30][34] - The ongoing entry of insurance funds is expected to enhance the stability of the capital market and promote a shift towards institutional and professional investment practices [39][40]