Huatai Securities Research Report said that as we enter 2026, insurance capitals' understanding of dividend and dividend strategies will become more and more clear and firm. In the first half of the year, even against the backdrop of a sharp rise in technology stocks, listed insurance companies were determined to increase their dividend stock positions, with an increase of 288.5 billion yuan, accounting for 6.3% of total investment assets. Total second-tier equity positions also rose slightly to 19.4% in the first half of the year, reaching a record high, indicating that the insurance industry is actively promoting capital entry into the capital market. However, the net return on investment is still declining rapidly. It is estimated that the weighted average annualized NIY of the seven major listed companies has fallen to 2.8%, or is close to the guaranteed cost. The promulgation of the “Measures for the Management of Assets and Liabilities of Insurance Companies” will push the industry to focus on improving net investment income, and increasing dividend income by allocating additional dividend shares to become an industry consensus. It is estimated that the insurance industry has allocated 2.1 trillion in dividend stocks by the first half of 2026, and is still lacking 1.9 trillion dollars in the future. The allocation may be gradually completed in the next 2 to 3 years.

Huatai Securities Research Report said that as we enter 2026, insurance capitals' understanding of dividend and dividend strategies will become more and more clear and firm. In the first half of the year, even against the backdrop of a sharp rise in technology stocks, listed insurance companies were determined to increase their dividend stock positions, with an increase of 288.5 billion yuan, accounting for 6.3% of total investment assets. Total second-tier equity positions also rose slightly to 19.4% in the first half of the year, reaching a record high, indicating that the insurance industry is actively promoting capital entry into the capital market. However, the net return on investment is still declining rapidly. It is estimated that the weighted average annualized NIY of the seven major listed companies has fallen to 2.8%, or is close to the guaranteed cost. The promulgation of the “Measures for the Management of Assets and Liabilities of Insurance Companies” will push the industry to focus on improving net investment income, and increasing dividend income by allocating additional dividend shares to become an industry consensus. It is estimated that the insurance industry has allocated 2.1 trillion in dividend stocks by the first half of 2026, and is still lacking 1.9 trillion dollars in the future. The allocation may be gradually completed in the next 2 to 3 years.