保险行业：低利率下保险资金入市必要性提升，高股息仍是重要配置方向

Summary of Insurance Industry Conference Call Industry Overview - The insurance industry has seen a significant increase in fund utilization, reaching 36.23 trillion yuan by the end of Q2 2025, marking an 8.9% year-on-year growth [1][4] - The bond allocation ratio has risen to 51.1%, while the stock allocation stands at 8.8%, with total equity investments (stocks, funds, and long-term equity) accounting for 21.4%, up 1 percentage point from the previous year [1][4] Key Insights and Arguments - The necessity for insurance funds to enter the market has become critical in the current low-interest-rate environment, with expectations for a 2 percentage point increase in secondary equity allocation throughout the year, potentially bringing in over 1 trillion yuan in new funds [2][12] - High-dividend sectors are expected to attract around 50% of the inflow, indicating a strong preference for stable returns [2][12] - Major insurance companies are increasingly investing in long-term government bonds, with life insurance companies allocating 70% to interest-bearing bonds, while property insurance companies prefer financial and corporate bonds [5][12] Investment Performance - As of Q2 2025, 59 life insurance companies reported positive investment returns, with 32 companies achieving annualized returns exceeding 2% [6][7] - The average and median annualized returns for these companies were 2.15% and 2.04%, respectively [7] Trends in High-Dividend Allocation - There has been a notable trend towards increasing allocations in high-dividend stocks, particularly in sectors such as banking, public utilities, telecommunications, and transportation [8][19] - In 2025, there have been 30 instances of shareholding increases involving 14 insurance companies and 45 firms, primarily in high-dividend sectors [9][19] Changes in Equity Investment - Recent changes in equity investment strategies have been observed, with significant shareholding increases by major insurance companies in their peers, indicating a positive outlook for the insurance sector [10][19] - The allocation to equity assets, including stocks, funds, and long-term equity investments, has seen a shift, with a decrease in fund allocations and an increase in direct stock investments [11][19] Future Outlook and Strategies - The insurance sector is expected to benefit from a recovery in sales data, with a positive growth trend anticipated in the second half of the year [20][21] - Companies with stable operations and lower profit baselines for the second half, such as China Pacific Insurance, Ping An, China Taiping, and Sunshine Insurance, are recommended for investment [21][22] - Pure life insurance companies like China Life and New China Life are highlighted for their strong beta characteristics, making them attractive in a rising market [23][22] Conclusion - The insurance industry is poised for growth, driven by favorable market conditions, regulatory support for equity investments, and a shift towards high-dividend strategies. The focus on stable, high-quality investments is expected to enhance overall returns and mitigate risks associated with low-interest rates.