股票投资风险因子调降10%，或带动险资入市增量资金逾1300亿

Core Viewpoint - The recent policy changes by the National Financial Regulatory Administration aim to further promote insurance capital's entry into the stock market by reducing the risk factors associated with equity investments, which is expected to unlock significant additional capital for the insurance sector [1][2] Group 1: Policy Changes - On May 7, the head of the National Financial Regulatory Administration announced a 10% reduction in the risk factor for stock investments within the solvency rules, which is a significant consideration for insurance capital when making equity investments [1] - This policy is projected to lead to an increase in insurance capital of over 130 billion yuan, with estimates suggesting that if the risk factor for the CSI 300 stocks is lowered by 10%, the corresponding market funds could reach approximately 134.9 billion yuan [1] Group 2: Historical Context - The last adjustment to the risk factors for insurance capital equity investments occurred in September 2023, where the risk factor for investments in CSI 300 index stocks was reduced from 0.35 to 0.3, and for stocks listed on the Sci-Tech Innovation Board from 0.45 to 0.4 [2] - Since the September adjustment, insurance funds have been increasing their stock allocation due to a persistently low interest rate environment, with the proportion of stock and securities investment in life insurance companies reaching 12.5% by the end of Q4 2024, a slight increase from the previous year [2] Group 3: Industry Trends - Analysts believe that many insurance companies, particularly large listed firms, still have room to increase their equity investment ratios, especially after the recent regulatory increase in the upper limit for equity asset allocation from 10%-45% to 10%-50% [2]