Core Viewpoint - The China Securities Regulatory Commission (CSRC) aims to create first-class investment banks and institutions by easing restrictions on quality institutions, optimizing risk control indicators, and enhancing capital utilization efficiency [1][5]. Group 1: Market Conditions and Broker Actions - The capital market has shown a slow bull trend this year, with the total market value of A-shares exceeding 100 trillion yuan, indicating reasonable growth in both quantity and quality [3]. - Several brokerages, including Guotai Junan and Haitong Securities, have made progress in capital replenishment this year, which is crucial for enhancing their competitive edge [3]. - The average leverage ratio for the brokerage industry is reported to be 4.42 times, significantly lower than that of U.S. investment banks [4]. Group 2: Impact of Regulatory Changes - The easing of capital space and leverage restrictions is viewed as a significant positive for brokerages and the A-share market, leading to a notable increase in brokerage stocks [5]. - Major brokerages like Huatai Securities and China Merchants Securities have raised their margin trading business limits, reflecting a trend of increasing leverage in the industry [3]. Group 3: Insurance Sector Developments - The insurance sector also experienced a surge, with major companies like China Pacific Insurance and Ping An Insurance seeing stock price increases, attributed to improved capital efficiency [6]. - The National Financial Regulatory Administration has announced a reduction in risk factors for insurance companies, further enhancing their ability to invest in equity assets [6]. Group 4: Future Strategic Directions - The upcoming "14th Five-Year Plan" emphasizes the need for a modernized industrial system and high-level technological self-reliance, with significant strategic deployments for the capital market [7][8]. - Key tasks include promoting direct financing through equity and bonds, fostering high-quality listed companies, and creating a more attractive long-term investment environment [8].

Investment Rating - The industry investment rating is maintained as "Add" [1] Core Insights - Insurance funds' equity investments have significantly increased by 1.5 trillion yuan in the first three quarters of 2025, reaching a total of 5.59 trillion yuan, which is the highest proportion since 2014 at 15.5% [2] - The long-term outlook suggests that as the proportion of participating insurance and other floating income products increases, the risk appetite and equity allocation of insurance funds will also rise [2] - The valuation of the insurance sector remains low, with expected PEV ratios between 0.60-0.95 and PB ratios between 1.15-2.06 as of December 5, 2025, indicating significant upside potential [2] Summary by Sections Investment Strategy - The report emphasizes the need for insurance companies to enhance their long-term investment management capabilities, as guided by the new regulations from the China Banking and Insurance Regulatory Commission [5] - The new regulations aim to lower risk factors for long-term holdings, encouraging insurance companies to invest more in the stock market and support technology innovation [5][6] Market Conditions - The demand in the market remains strong, with expectations of continued optimization in liability costs due to the transformation of participating insurance products [2] - The ten-year government bond yield has risen to approximately 1.85%, which may alleviate pressure on the investment returns of fixed-income assets for insurance companies [2] Regulatory Changes - The new regulations include a reduction in risk factors for stocks held longer than three years, which is expected to encourage insurance companies to adopt a long-term holding strategy [5][6] - The adjustments in risk factors are designed to stabilize the market and promote the growth of patient capital [5]

2025 年 12 月 6 日 行业研究 股票风险因子差异化下调，推动险资进一步发挥耐心资本优势 ——《关于调整保险公司相关业务风险因子的通知》点评 非银行金融 增持（维持） 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：黄怡婷 执业证书编号：S0930524070003 010-57378023 huangyiting@ebscn.com 行业与沪深 300 指数对比图 资料来源：Wind 相关研报 长周期考核权重升至 70%，利好险资加大入 市力度——《进一步加强国有商业保险公司 长周期考核的通知》点评（2025-07-12） 保险权益投资空间拓宽，长期资金入市有望 提速——《关于调整保险资金权益类资产监 管比例有关事项的通知》点评（2025-04-09） 进一步明确长周期考核要求，提升中长期资 金入市力度——《关于推动中长期资金入市 工作的实施方案》点评（2025-01-23） 要点 另一方面，政策鼓励下今年以来险资入市力度显著增强，25Q3 末行业（人身险公 司+财产险公司）股票配置比例达 10%，环比+1.2pc ...

● 本报记者 吴玉华 从盘面上看，炒股软件、保险、商业航天、光模块、铜产业等板块爆发，摩尔线程、银行、GPU等板块 调整。申万一级行业普遍上涨，非银金融、有色金属、机械设备行业涨幅居前，分别上涨3.50%、 2.84%、2.34%；仅有银行行业下跌0.58%，公用事业行业收平。 领涨的非银金融行业中，中银证券、瑞达期货涨停，中国太保、四川双马涨逾6%，中国平安、兴业证 券涨逾5%，中国人保、中国人寿、新华保险、东方财富等涨逾4%。 此外，12月5日为摩尔线程上市首个交易日，当日收涨425.46%，市值为2823亿元，全天最大涨幅超 500%，市值一度超过3200亿元。 12月5日，在非银金融板块的带动下，A股市场放量走强，截至收盘，上证指数、深证成指、创业板 指、北证50指数分别上涨0.70%、1.08%、1.36%、1.52%，科创50指数收平，上证指数重返3900点。 大小盘股携手上涨，大盘股集中的上证50指数、沪深300指数分别上涨0.93%、0.84%;小微盘股集中的中 证1000指数、中证2000指数、万得微盘股指数分别上涨1.29%、1.87%、1.58%。 市场成交明显放量，当日A股市场成交额为 ...

刚刚 持仓时间超过3年的市值超3千亿 ③有助 险企更注重长期投资 投资更稳、资金更多、时间更长 金融监管总局发文 ①将股票投资的 风险因子进一步调降10% 要求对沪深300等持仓超过3年 ② 沪深300和红利100 保险公司持仓市值超4.8千亿 1 金融监管总局：提上限、降因子 助力险企发挥"长期资本"的优势 | 序号 | 文件名称 时间 | | --- | --- | | 13 | 关于优化保险公司权益类资产配置监管有关事项的通知 2020/7/17 | | 123 | 关于优化保险公司偿付能力监管标准的通知 3 2023/9/10 | | గ్ | 关于调整保险资金权益类资产监管比例有关事项的通知 2025/4/8 | | | 峰 关于调整保险公司相关业务风险因子的通知 2025/12/5 | 近年来，为推动以保险资金为代表的中长期资金，加大对市场的投资力度，金融监管总 局等部门，先后出台多项措施。 先是，对权益类资产投资，实行差异化监管，而后，又下调风险因子、上调权益类投资 比例上限！ 以金融监管总局为例，从2 020年至今，已经先后下发4个文件，详见上图。 今日，金融监管总局下发《关于调整保险公司相关 ...

Core Viewpoint - The National Financial Regulatory Administration has announced a reduction in risk factors for insurance companies' stock investments and export credit insurance, signaling a policy shift towards "capital relaxation" and "long-term investment" [1][5]. Group 1: Policy Adjustments - The new notification aims to encourage insurance funds to act as "patient capital" and increase long-term market participation by lowering risk factors based on stock type and holding duration [1][5]. - The risk factor for stocks in the CSI 300 index and the CSI Low Volatility 100 index, held for over three years, has been reduced from 0.3 to 0.27, while the risk factor for Sci-Tech Innovation Board stocks held for over two years has been lowered from 0.4 to 0.36 [5][6]. - The adjustments also include a reduction in premium risk factors for export credit insurance and overseas investment insurance from 0.467 to 0.42 and reserve risk factors from 0.605 to 0.545 [5][9]. Group 2: Impact on Insurance Companies - The reduction in risk factors alleviates the solvency pressure on insurance companies and enhances capital efficiency, promoting long-term investments in the stock market [1][6]. - For example, a hypothetical investment of 10 billion yuan in the CSI 300 index would see a capital reserve requirement decrease from 3 billion yuan to 2.7 billion yuan due to the lowered risk factor [6]. - The policy encourages insurance companies to adopt a long-term investment strategy, which can lead to improved market stability and support for the real economy [7][9]. Group 3: Market Reactions - Following the announcement, insurance stocks in both A-shares and Hong Kong markets saw significant gains, with China Pacific Insurance rising over 6% and China Ping An increasing by more than 5% [10][11]. - The adjustments are expected to benefit large insurance companies more due to their greater resources, while smaller firms may face challenges in capitalizing on these policy changes [8]. Group 4: Support for Foreign Trade - The notification also aims to bolster support for foreign trade enterprises by adjusting risk factors in export credit insurance, which is crucial given the current global economic uncertainties [9]. - The regulatory body emphasizes the importance of these adjustments in fostering patient capital and supporting technological innovation [9].

作者丨林汉垚 编辑丨周炎炎 12月5日，国家金融监管总局发布的《关于调整保险公司相关业务风险因子的通知》（以下简 称《通知》）显示，在严守风险底线的前提下， 下调保险公司相关股票投资风险因子及出口 信用保险业务和中国出口信用保险公司海外投资保险业务的保费风险因子 。 这一举措，释放出"资本松绑"与"长钱长投"的政策信号。 国家金融监管总局有关司局负责人在答记者问时明确指出，更好发挥保险资金耐心资本作用， 有效服务实体经济。 天职国际保险咨询主管合伙人周瑾向21世纪经济报道记者表示，为了更好鼓励保险资金作 为"耐心资本"加大长期入市力度，在之前监管的提高投资比例上限、拉长考核周期以及指导国 有保险公司增量保费投资A股比例的基础上，此次《通知》从偿付能力规则的角度进一步给出 激励措施，根据股票的类型和保险公司持有的时长，降低相关的风险因子，减少资本占用。 此外，多位业内专家在接受采访时表示， 风险因子的下调不仅缓解了保险公司的偿付能力压 力，也提升了资本使用效率，有助于推动险资长期入市，培育稳定资金来源，最终实现金融与 实体经济的良性互动 。 另据财联社报道，中泰非银测算，《通知》对持仓时间分别根据过去六年/四年 ...

01 12月5日，A股金融板块爆发，保险板块龙头股大涨，多只金融科技ETF涨超3%。 02 成交额方面，12月5日，中证A500ETF、证券ETF、沪深300ETF、中证500ETF成交额大幅放量。 03 12月3日至4日，A股连续调整，资金趁机布局A股ETF，合计净流入51.85亿元。其中，中证A500ETF、中证1000ETF、沪深300ETF等宽基指数 ETF出现资金大幅净流入。 金融科技ETF大涨 12月5日下午，A股三大指数走强，截至收盘，上证指数涨0.7%，深证成指涨1.08%，创业板指涨1.36%。全市场成交额17390亿元，较上一交易 日增加1773亿元。 保险板块下午大幅拉升，多只龙头股大涨，中国太保涨超6%，中国平安涨超5%，中国人保、中国人寿、新华保险涨超4%。A股ETF中，多只 金融科技ETF涨超3%。 | 金融科技ETF大涨 | | | | --- | --- | --- | | 证券代码 | 证券简称 | 涨幅(%) | | 159206. SZ | 卫星ETF | 4. 44 | | 515720. SH | 金融科技ETF富国 | 4. 22 | | 159103. SZ | ...

Core Viewpoint - The recent surge in the stock prices of listed insurance companies is attributed to the announcement by the National Financial Regulatory Administration regarding the adjustment of risk factors for insurance companies, effectively "unbinding" capital for insurers [9][11]. Group 1: Policy Adjustments - The core of the policy adjustment is to reduce the capital occupation cost for insurance companies through technical means, guiding funds more precisely [3][11]. - The risk factors for index components held for over three years, such as the CSI 300 and CSI Dividend Index, have been lowered from 0.2 to 0.17, while the risk factor for stocks locked for over five years on the Sci-Tech Innovation Board has been reduced from 0.4 to 0.36 [4][11]. - This adjustment allows insurance companies to release more usable capital without increasing their capital base [5][11]. Group 2: Market Implications - The regulatory intent is clear: to encourage insurers to adhere to "value investing" by lowering the holding costs of blue-chip and dividend stocks, acting as a "ballast" for the market [5][11]. - The adjustment also provides more room for insurers to support "hard technology" and "new economy" sectors, particularly favoring the Sci-Tech Innovation Board [5][11]. - The recent stock price increase reflects a perfect resonance between policy benefits and the transformation needs of insurance companies, especially in a declining interest rate environment [6][11]. Group 3: Future Outlook - The surge on December 5 may be just the beginning of a new round of asset allocation adjustments by insurers, with incremental funds gradually flowing into high-value areas of the A-share market [7][12]. - This situation presents a good opportunity for insurers to optimize their balance sheets and signifies that "patient capital" has better access to the market [7][12]. - However, the effectiveness of this policy relaxation will ultimately depend on the insurers' stock selection capabilities and risk management in a volatile market [7][12].

从资金流向上来看，当日保险板块主力资金净流入11.87亿元，游资资金净流出3.12亿元，散户资金净流 出8.75亿元。保险板块个股资金流向见下表： | 代码 | 名称 | 主力净流入（元） | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601318 中国平安 | | 10.75 Z | 12.82% | -3.14亿 | -3.75% | -7.60 Z | -9.07% | | 601336 新华保险 | | 1.74亿 | 9.97% | -9879.13万 | -5.65% | -7560.42万 | -4.32% | | 601319 中国人保 | | 9100.17万 | 8.12% | -7049.63万 | -6.29% | -2050.54万 | -1.83% | | 601628 中国人寿 | | 1420.36万 | 1.54% | 885.91万 | 0.96% | -2306.27万 | -2.51% | | 601601 中国太 ...