Huatai Securities: The scale of insurance funds entering the market in 2026 may reach 0.9 trillion yuan.

Huatai Securities research report stated that by 2025, under the combined influence of market growth and policy support, it is estimated that insurance funds, including stocks and funds, will have a total of 1 trillion yuan in new secondary equity investments, with a secondary equity position reaching around 16%, becoming an important source of funds for the stock market. In 2026, the growth on the liability side is expected to remain strong, with a total of 3.1 trillion yuan in new investable funds for insurance funds, and an expected 900 billion yuan in new secondary equity investments. Dividend stocks remain an important direction in the equity allocation of insurance funds, as cash dividends have become increasingly important for insurance companies. Furthermore, after reaching historical highs in equity positions, it is necessary for insurance funds to reduce the volatility of equity assets. Huatai Securities estimates that new bond investments in 2026 are expected to reach 3.7 trillion yuan, significantly higher than the previous year, and asset-liability duration matching remains an important consideration for insurance fund allocation. Non-standard, deposits, and alternative assets outside of stocks and bonds may continue to be reduced in allocation by insurance funds.