在新会计准则(IFRS 9&17)框架下，OCI账户(以公允价值计量且其变动计入其他综合收益的金融资产)使 保险公司能够有效平滑波动、稳健利润表现，近年占比显著提升。家用电器核心标的具备高分红、低波 动的类债属性，深度契合险资OCI账户的配置逻辑，有望承接长期增量资金，实现估值中枢的稳步提 升。 三、险资流入家用电器行业资金量化测算 横向对比来看，家用电器的配置比例仍显著低于银行、非银金融及公用事业等板块，在"高股息"配置主 线内部具备较大的增配空间。该行预计2026年家电行业有望获得约960亿元险资流入，占100亿以上标的 市值之和的比例约为5.4%。保险扩容对家用电器行业核心资产形成显著的支撑效应。 中信建投主要观点如下： 一、险资入市比例逐步提升，深刻影响近年A股市场风格 近年来，为了支持资本市场良性发展，监管部门连续出台多项政策，明确鼓励保险资金增加权益类资产 的配置，推动保险资金对权益市场进行长期稳定的投资。政策引导下，保险资金在股票市场的配置规模 与比例均呈显著上升趋势。该行预计2026年保险投资入市资金将达到0.53万亿-1.33万亿元，系年内资本 市场的主要增量资金。 二、OCI账户快速扩容， ...

Core Viewpoint - Insurance companies are shifting their investment strategy from relying on interest income to focusing on high-dividend stocks to enhance cash flow stability amid declining interest rates [1][2][9]. Group 1: OCI Stock Allocation - Insurance firms are increasing their allocation to OCI (Other Comprehensive Income) stocks, with a notable rise in investment scale and proportion in their portfolios [1][3]. - As of mid-2023, China Life's OCI stock scale reached 140.26 billion yuan, accounting for 22.6% of its total stock assets, while New China Life's high-dividend OCI equity tools increased from 30.64 billion yuan to 37.47 billion yuan [3]. - The new accounting standards allow insurance companies to classify certain stocks under OCI, which helps mitigate the impact of stock price fluctuations on profit statements [4][5]. Group 2: New Accounting Standards - The new accounting standards, including IFRS 17 and IFRS 9, introduce significant changes in asset and liability measurement, affecting how insurance companies classify their financial assets [4][6]. - The standards provide insurance companies with the option to allocate certain stocks to OCI, which can enhance the stability of their profit and loss statements [5][6]. - The transition to the new accounting standards is complex and varies among companies, with full implementation expected by January 1, 2026 [4][5]. Group 3: Investment Strategy and Market Conditions - The persistent decline in traditional fixed-income asset yields has prompted insurance companies to seek solutions through equity investments, focusing on high-quality stocks to build OCI portfolios [8][9]. - High-dividend stocks are seen as a crucial component for constructing OCI portfolios, providing stable cash flow and reducing reliance on trading profits [8][9]. - Analysts suggest that increasing the allocation of high-dividend stocks through OCI accounts can help stabilize net investment returns amid falling interest rates [9].