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全寿险业约欠配FVOCI股票1.1-1.9万亿(估计值)(或在未来2~3年完成配置)
全寿险业约欠配FVOCI股票1.1-1.9万亿(估计值)(或在未来2~3年完成配置)
行业数据
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图片尺寸:1819*491
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保险行业:险资2025大幅增配红利成长股-260330(25页).pdf
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南京银行压降FVPL规模,增加FVOCI和AC配置
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市场规模
2026-05-19
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2025末寿险业FVOCI股票配置余额或为1.8万亿元左右
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行业数据
2026-03-31
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Financial assets and liabilities at FVOCI and FVTPL as of December 31, 2024
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行业数据
2026-03-11
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2025年多数银行通过增加FVOCI及AC类债券浮盈兑现以平滑营收表现
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行业数据
2026-01-29
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表3 1964-2023年用于谷物生产的土地面积估计值
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行业数据
2026-01-23
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图表44险资以FVOCI分类股票资金翻倍(百万元)
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行业数据
2026-01-07
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图表132025-2027年险资增量FVOCI与红利资金测算
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行业数据
2026-01-07
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图表54.2023年底国内挖掘机械市场保有量估计值
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行业数据
2026-01-07
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以FVOCI+FVTPL类资产同比增速衡量各类银行金市投资影响力的边际变化,
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行业数据
2026-01-05
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2021年以来各类银行普遍增加FVOCI类配置来突出灵活性,呈现“国有行配置稳
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行业数据
2026-01-05
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同期投资相关非息收入高基数以及息差下行共同影响下,2025年多数银行通过增加FVOCI及AC类债
| 银行   | 投资相关其他非息收入占营收 | | | 投资相关其他非息收入 - YoY | | 2025年额外来自存量债券浮盈兑现对利润增厚影响 | | 处置AC类金融资产的投资收益/当期其他非息收入 | | 处置FVOCI类金融资产的投资收益/当期其他非息收入 | |
| ------ | -------------------------- | -------------------------- | -------------------------- | -------------------------- | -------------------------- | ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- | ---------------------------------------------- |
|        | 2023                       | 2024                       | 9M25                       | 2024                       | 9M25                       | 增厚利润（亿元）                               | 占2025年归母净利润                             | 2024                                           | 1H25                                           | 2024                                           | 1H25                                           |
| 工行   | 8.1%                       | 9.1%                       | 11.8%                      | 9.2%                       | 27.6%                      | 148                                            | 4.0%                                           | 4.6%                                           | 21.6%                                          | 7.4%                                           | 10.0%                                          |
| 建行   | 4.8%                       | 7.4%                       | 9.8%                       | 50.6%                      | 31.0%                      | 187                                            | 5.5%                                           | 7.2%                                           | 22.2%                                          | 5.4%                                           | 23.7%                                          |
| 农行   | 6.2%                       | 7.6%                       | 9.7%                       | 26.3%                      | 31.7%                      | 147                                            | 5.0%                                           | 13.2%                                          | 41.9%                                          | 6.9%                                           | 5.5%                                           |
| 中行   | 12.4%                      | 16.6%                      | 20.3%                      | 35.0%                      | 22.2%                      | -                                              | -                                              | 2.5%                                           | 1.8%                                           | 8.9%                                           | 5.7%                                           |
| 邮储   | 9.5%                       | 10.7%                      | 11.9%                      | 15.2%                      | 27.5%                      | 96                                             | 11.0%                                          | 8.2%                                           | 36.2%                                          | 6.2%                                           | 8.9%                                           |
| 招行   | 11.9%                      | 16.0%                      | 14.0%                      | 34.1%                      | -11.4%                     | 37                                             | 2.5%                                           | 7.5%                                           | 4.6%                                           | 13.5%                                          | 26.8%                                          |
| 中信   | 14.6%                      | 16.8%                      | 14.8%                      | 19.7%                      | -17.0%                     | 19                                             | 2.7%                                           | 7.0%                                           | 11.3%                                          | 19.4%                                          | 23.4%                                          |
| 民生   | 13.6%                      | 14.2%                      | 17.2%                      | 1.1%                       | 36.6%                      | 27                                             | 8.7%                                           | 9.6%                                           | 20.5%                                          | 12.9%                                          | 16.4%                                          |
| 浦发   | 17.6%                      | 19.5%                      | 18.9%                      | 8.7%                       | -2.7%                      | 64                                             | 12.7%                                          | 11.7%                                          | 25.5%                                          | 6.0%                                           | 17.9%                                          |
| 兴业   | 17.3%                      | 18.9%                      | 18.7%                      | 9.4%                       | -9.3%                      | 54                                             | 6.9%                                           | 11.2%                                          | 23.2%                                          | 0.6%                                           | 6.6%                                           |
| 光大   | 10.0%                      | 14.5%                      | 10.5%                      | 35.6%                      | -32.5%                     | 36                                             | 9.0%                                           | 1.3%                                           | 19.7%                                          | 3.5%                                           | 21.7%                                          |
| 华夏   | 17.6%                      | 30.5%                      | 21.4%                      | 81.1%                      | -29.6%                     | 17                                             | 6.4%                                           | 0.4%                                           | 1.7%                                           | 13.8%                                          | 24.8%                                          |
| 平安   | 10.5%                      | 19.9%                      | 15.3%                      | 68.7%                      | -24.1%                     | 13                                             | 3.1%                                           | 2.6%                                           | 12.7%                                          | 5.8%                                           | 4.3%                                           |
| 浙商   | 17.5%                      | 26.6%                      | 23.3%                      | 61.7%                      | -11.8%                     | 16                                             | 11.5%                                          | 4.7%                                           | 10.3%                                          | 26.7%                                          | 35.0%                                          |
| 北京   | 18.9%                      | 20.8%                      | 17.6%                      | 15.4%                      | -12.8%                     | 24                                             | 9.3%                                           | 6.2%                                           | 24.0%                                          | 7.8%                                           | 16.4%                                          |
| 南京   | 35.6%                      | 41.9%                      | 30.8%                      | 30.9%                      | -16.2%                     | 18                                             | 8.3%                                           | 4.1%                                           | 11.1%                                          | 10.6%                                          | 17.6%                                          |
| 宁波   | 24.2%                      | 21.0%                      | 19.3%                      | -6.2%                      | -9.0%                      | 12                                             | 3.9%                                           | 0.0%                                           | 0.0%                                           | 26.8%                                          | 37.6%                                          |
| 江苏   | 23.4%                      | 25.3%                      | 19.0%                      | 17.7%                      | -24.1%                     | 29                                             | 8.3%                                           | 0.0%                                           | -0.3%                                          | 4.4%                                           | 27.2%                                          |
| 上海   | 20.7%                      | 31.2%                      | 31.9%                      | 57.8%                      | 14.7%                      | 32                                             | 13.2%                                          | 33.6%                                          | 38.5%                                          | 6.0%                                           | 25.4%                                          |
| 杭州   | 21.5%                      | 26.6%                      | 19.0%                      | 35.3%                      | -24.7%                     | 22                                             | 11.4%                                          | -2.9%                                          | 18.1%                                          | 4.3%                                           | 23.3%                                          |
| 苏州   | 18.1%                      | 26.7%                      | 21.5%                      | 52.0%                      | -14.6%                     | 5                                              | 9.5%                                           | 1.5%                                           | 15.4%                                          | 12.0%                                          | 23.5%                                          |
| 成都   | 15.6%                      | 16.6%                      | 15.0%                      | 12.5%                      | -13.0%                     | 6                                              | 4.1%                                           | 36.2%                                          | 32.3%                                          | 15.0%                                          | 39.8%                                          |
| 重庆   | 17.8%                      | 19.1%                      | 17.6%                      | 11.2%                      | 5.8%                       | 2                                              | 3.2%                                           | 20.4%                                          | 0.0%                                           | 11.1%                                          | 40.2%                                          |
| 长沙   | 13.1%                      | 15.3%                      | 20.7%                      | 22.7%                      | 16.8%                      | 14                                             | 17.1%                                          | -0.2%                                          | 15.3%                                          | 6.3%                                           | 25.4%                                          |
| 青岛   | 12.9%                      | 15.7%                      | 14.9%                      | 31.8%                      | -15.5%                     | 3                                              | 5.0%                                           | 0.0%                                           | 22.9%                                          | 21.4%                                          | 14.0%                                          |
| 齐鲁   | 16.4%                      | 17.6%                      | 11.3%                      | 12.6%                      | -38.1%                     | 2                                              | 3.5%                                           | 0.0%                                           | 0.3%                                           | 23.7%                                          | 41.1%                                          |
| 厦门   | 15.4%                      | 23.8%                      | 20.2%                      | 59.2%                      | -3.2%                      | 4                                              | 14.4%                                          | 0.0%                                           | 0.0%                                           | 19.2%                                          | 62.9%                                          |
| 无锡   | 20.8%                      | 24.3%                      | 27.6%                      | 21.3%                      | 11.5%                      | 4                                              | 16.0%                                          | 22.9%                                          | 60.7%                                          | 13.3%                                          | 11.4%                                          |
| 常熟   | 13.5%                      | 15.4%                      | 18.6%                      | 25.9%                      | 20.0%                      | 8                                              | 18.4%                                          | 12.4%                                          | 52.6%                                          | 8.3%                                           | 15.0%                                          |
| 江阴   | 20.8%                      | 26.8%                      | 30.9%                      | 32.3%                      | 21.9%                      | 3                                              | 13.9%                                          | 38.3%                                          | 70.7%                                          | 4.2%                                           | 3.0%                                           |
| 苏农   | 24.5%                      | 31.2%                      | 34.0%                      | 31.5%                      | 7.1%                       | 5                                              | 24.4%                                          | 1.0%                                           | 42.8%                                          | 25.6%                                          | 29.2%                                          |
| 张家港 | 14.3%                      | 27.6%                      | 35.4%                      | 100.4%                     | 20.1%                      | -                                              | -                                              | 28.5%                                          | 28.3%                                          | -                                              | -                                              |
| 瑞丰   | 20.1%                      | 30.6%                      | 25.0%                      | 75.9%                      | -16.4%                     | 1                                              | 7.1%                                           | 1.7%                                           | 2.9%                                           | 38.7%                                          | 54.6%                                          |
| 紫金   | 7.8%                       | 13.7%                      | 21.3%                      | 76.9%                      | 57.5%                      | 1                                              | 4.3%                                           | 48.8%                                          | 55.9%                                          | 24.6%                                          | 26.5%                                          |
| 沪农   | 13.0%                      | 16.9%                      | 18.7%                      | 30.4%                      | 3.9%                       | 11                                             | 9.1%                                           | 0.1%                                           | 0.0%                                           | 12.1%                                          | 42.8%                                          |
| 渝农   | 9.6%                       | 14.7%                      | 12.7%                      | 55.5%                      | -22.4%                     | 8                                              | 6.7%                                           | 30.5%                                          | 17.0%                                          | 3.2%                                           | 46.1%                                          |
| 四大行 | 7.7%                       | 9.9%                       | 12.7%                      | 28.0%                      | 27.1%                      | 451                                            | 3.6%                                           | 6.0%                                           | 18.6%                                          | 7.5%                                           | 10.7%                                          |
| 国有行 | 8.7%                       | 10.8%                      | 13.2%                      | 22.9%                      | 23.9%                      | 582                                            | 4.1%                                           | 5.5%                                           | 18.4%                                          | 6.6%                                           | 9.9%                                           |
| 股份行 | 14.0%                      | 18.4%                      | 16.3%                      | 29.3%                      | -12.1%                     | 292                                            | 5.8%                                           | 6.7%                                           | 14.7%                                          | 10.9%                                          | 18.8%                                          |
| 城商行 | 21.7%                      | 24.9%                      | 21.2%                      | 22.8%                      | -11.4%                     | 178                                            | 8.8%                                           | 7.7%                                           | 15.0%                                          | 10.5%                                          | 25.9%                                          |
| 农商行 | 13.4%                      | 18.5%                      | 19.9%                      | 43.1%                      | 2.1%                       | 43                                             | 10.5%                                          | 16.7%                                          | 29.3%                                          | 11.8%                                          | 29.4%                                          |
| 上市银行 | 11.3%                      | 14.2%                      | 14.8%                      | 25.5%                      | 5.7%                       | 1081                                           | 5.0%                                           | 6.5%                                           | 17.1%                                          | 8.8%                                           | 15.3%                                          |

资料来源：公司财报，申万宏源研究；注：“2025年额外来自存量债券浮盈兑现”，根据1H25 AC类和FVOCI类金融资产投资
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行业数据
2026-01-05
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图30、中国棉花产量(年度估计值)
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行业数据
2025-12-16
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图表432025-2027年险资增量FVOCI与红利资金测算
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2025-12-03
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瑞他鲁肽12mg48周减重约24.2%(疗效估计值)
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2025-11-19
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估计全寿险业的 FVOCI 股票欠配额约为 1.1-1.9 万亿左右。我们认为行业整体 FVOCI 股票 的配置比 例至少应该占准备金的 7%以上,股票中 OCI 占比应超过一半(2025 年末上市公司股票配置比例 13%)。此外,近两年平安和阳光的股息收益率水平在 1%以上,其 FVOCI股票配置比例分别为 8.3%和 10%,也可为 7%的下限假设提供支撑。假设寿险业总资产每年增长 10%左右,那么 2028 年末行业总资产约为 48 万亿元,估计其中寿险总准备金占比达 85%。假设 2028 年末全寿险业的 FVOCI 股票配置比例达到 7%,那么整体 FVOCI 股票配置余额应为 2.9 万亿左右,全寿险业的 FVOCI 股票欠配额约为 1.1 万亿左右,配置比例每上升一个百分点,欠配规模上升 0.4 万亿左右。我们估计欠配的高息股或在未来 2~3 年完成配置,对应每年接近 4000~6000 亿的增配额。
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保险行业:险资2025大幅增配红利成长股-260330(25页).pdf
2026年保险行业报告:险资2025大幅增配红利成长,FVOCI股票新增超6300亿
保险行业:险资2025大幅增配红利成长股-260330
各上市公司股票及基金敞口对比
各上市公司股票及基金敞口对比(2025)
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