Insight into the 2026 risk asset allocation logic: "Dumbbell" strategy welcomes dynamic calibration.

Reporters learned from industry insiders that the consultation on the new regulations for asset and liability management of insurance companies will end in the near future. Several insurance company professionals told reporters that they have been studying the consultation draft and will improve their asset and liability management systems from aspects such as matching maturity structures, balancing costs and benefits, and controlling liquidity risks. Under constraints such as duration gap and investment income coverage ratio in the consultation draft, the asset allocation of insurance funds not only needs to address the issue of stock-bond ratio, but also needs to consider more time dimensions, such as extending the equity holding period. Based on the "dumbbell" type configuration popular in recent years in insurance funds, dynamic optimization should be done, with more emphasis on "long-term value, stable balance".