华创非银险资配置思路与入市考量深度研究

发布时间：2026-08-25 一、AI总结内容 一、核心要点 1. 险资配置分为战略资产配置（SAA，中长期，1-3年调整，基于负债特性，含产品定价等4个意义及3步骤实施）与战术资产配置（PAA，短期1年以内，结合市场及收益目标，调整大类资产二级配置）两类 2. 保险资金配置三大方向：低利率敏感无公允价值波动资产（如银行存款、非标，近年逐步减少）、高利率敏感公允价值计量资产（利率债，对冲准备金利率波动）、低利率敏感高波动资产（股票、不动产，获取超额收益） 3. 当前险资配置结构：债券占50%以上，银行存款约7%，长期股权投资约8%，股票及基金配置比例超15%，受益于2025年三季度以来的权益市场表现 二、风险与关注 1. 险资权益配置受偿付能力约束，按充足率分5档，上限10%-50%，险企通常留有余量不会顶格配置，避免波动突破上限 2. 会计计量约束：股票分FVTPL（公允价值变动影响当期损益，波动大）、FVOCI（波动不影响当期损益）等，权益类配置结构因险企不同而异，如平安等FVOCI占比高更稳健 3. 举牌相关风险：持股比例超5%需公告，集中度高且长期持有非长期股权时需用FVOCI降低报表影响；险资举牌诉求为高ROE资产、高股息港股标的，2025年举牌次数近40次，当前以财务投资为主 三、投资线索 1. 测算显示险资增量资金约为近万亿市值量级，为纯新增配置，未考虑市值波动2. 险企在合规前提下，可能适度增加高股息、高ROE权益类资产配置 二、音频原文（转写） 财经电话会议系统请输入参会密码，并以井号键。您已成功加入会议。感谢大家参加本次的会议。会议即将开始，请稍后。 Thanks for your participation. The meeting is ready to start. Please remain on the line. 感谢大家参加本次会议，会议即将开始，请稍后。thanks for your participation，themeeting is ready to start。Please remain on theline. 感谢大家参加本次会议。 会议即将开始 请稍后。Thanks for your participation. The meeting is ready to start. Please remain on the line. 感谢大家参加本次会议。会议即将开始 请稍后。Thanks for your participation. The meeting is ready to start. Please remain on the line. 感谢大家参加本次会议。 会议即将开始，请稍后。Thanks for your participation. The meeting is ready to start. Please remain on the line. 感谢大家参加本次会议，会议即将开始，请稍后。Thanks for your participation. The meeting is ready to start. Please remain on the line. 感谢大家参加本次会议。 会议即将开始 请稍后。Thanks. for your participation The meeting is ready to start. Please remain on the line. 感谢大家参加本次会议。会议即将开始。请稍后。 Thanks for your participation. The meeting is ready to start. Please remain on the line. 感谢大家参加本次会议。会议即将开始 请稍后。Thanks for your participation. The meeting is ready to start. Please remain on the line. 感谢大家参加本次会议。 会议即将开始。请稍后。Thanks for your participation. The meeting is ready to start. Please remain on the line. 感谢大家参加本次会议。会议即将开始 请稍后。 Thanks for your participation. The meeting is ready to start. Please remain on the line. 感谢大家参加本次会议。会议即将开始，请稍后。Thanks for your participation. The meeting is ready to start. Please remain on the line. 感谢大家参加本次会议，会议即将开始，请稍后。 Thanks for your participation. The meeting is ready to start. Please remain on the line. 感谢大家参加本次会议。会议即将开始，请稍后。Thanks for your participation. the meeting is ready to start. please remain on the line. 感谢大家参加本次会议。 会议即将开始 请稍后。Thanks for your participation. The meeting is ready to start. Please remain on the line. 感谢大家参加本次会议。会议即将开始 请稍后。Thanks for your participation. The meeting is ready to start. Please remain on the line. 感谢大家参加本次会议。 会议即将开始，请稍后。Thanks for your participation. The meeting is ready to start. Please remain on the li ne. 感谢大家参加本次会议。会议即将开始，请稍后。Thanks for your participation. The meeting is ready to start. Please remain on the line. 感谢大家参加本次会议。 会议即将开始，请稍后。Thanks for your participation. The meeting is ready to start. Please remain on the line. 感谢大家参加本次会议，会议即将开始，请稍后。Thanks for your participation. The meeting is ready to start. Please remain on the line. 感谢大家参加本次会议，会议即将开始，请稍后。 THANKS FOR YOUR PARTICIPATION。The meeting is ready to start. Please remain on the line. 感谢大家参加本次会议。会议即将开始。请稍后。 Thanks for your participation. The meeting is ready to start. Please remain on the line. 感谢大家参加本次会议。会议即将开始。请稍后。Thanks for your participation. The meeting is ready to start. Please remain on the line. 感谢大家参加本次会议。 会议即将开始，请稍后。Thanks for your participation. The meeting is ready to start. Please remain on the line. 感谢大家参加本次会议。会议即将开始，请稍后。Thanks for your participation. The meeting is ready to start. Please remain on the line. 感谢大家参加本次会议。 会议即将开始 请稍后。Thanks for your participation. The meeting is ready to start. Please remain on the line. 感谢大家参加本次会议。会议即将开始。请稍后。 Thanks for your participation. The meeting is ready to start. Please remain on the line. 感谢大家参加本次会议。会议即将开始 请稍后。Thanks for your participation. The meeting is ready to start. Please remain on the line. 感谢大家参加本次会议。 会议即将开始 请稍后。Thanks for your participation. The meeting is ready to start. Please remain on the line. 感谢大家参加本次会议。会议即将开始 请稍后。Thanks for your participation. The meeting is ready to start. Please remain on the line. 感谢大家参加本次会议。 会议即将开始，请稍后。Thanks for your participation. The meeting is ready to start. Please remain on the line. 感谢大家参加本次会议，会议即将开始，请稍后。Thanks for your participation. The meeting is ready to start. Please remain on the line. 感谢大家参加本次会议，会议即将开始。 请稍后。Thanks for your participation. The meeting is ready to start. Please remain on the line. 感谢大家参加本次会议。会议即将开始 请稍后。Thanks for your participation. The meeting is ready to start. Please remain on the line. 感谢大家参加本次会议。 会议即将开始。请稍后。Thanks for your participation. The meeting is ready to start. Please remain on the line. 感谢大家参加本次会议。会议即将开始 请稍后。 Thanks for your participation. The meeting is ready to start. Please remain on the line. 感谢大家参加本次会议。会议即将开始 请稍后。Thanks for your participation. The meeting is ready to start. Please remain on the line. 感谢大家参加本次会议。 会议即将开始，请稍后。Thanks for your participation. The meeting is ready to start. Please remain on the line. 感谢大家参加本次会议。会议即将开始，请稍后。Thanks for your participation.