CITIC Securities: Chinese insurance funds' equity asset allocation ratio in the third quarter is close to a historical high, increasing dividends to dividend-paying stocks.

Guosen Securities stated that in the third quarter of this year, the proportion of equity assets in Chinese insurance funds has increased significantly, approaching a historical high. There has been a substantial increase in the allocation of funds to banks, as well as sectors such as steel, textiles, and clothing. In the third quarter, the proportion of insurance funds invested in stocks and funds has risen to 15.5%, which is close to the historical high of 16.1% in the first half of 2015. The proportion of investments in bank deposits and bonds decreased by 0.7 and 0.8 percentage points from the second quarter, to 7.9% and 50.3% respectively.