A股大利好！生力军来了 33万亿元险资市场 又迎来重要制度性突破！

Core Viewpoint - The Ministry of Finance issued a notification to enhance long-term assessments for state-owned commercial insurance companies, emphasizing the importance of long-term investment strategies and aiming to improve the quality of capital market development [1][3][11]. Group 1: Long-term Assessment Mechanism - The notification increases the weight of long-term assessments for key indicators such as net asset return rate and capital preservation and appreciation rate to 70%, with specific weights of 30% for the current year, 50% for three years, and 20% for five years [3][11]. - This adjustment aims to encourage state-owned insurance companies to focus on long-term returns and mitigate short-term performance pressures, thereby promoting high-quality development [3][11]. Group 2: Management and Investment Capabilities - The notification requires state-owned insurance companies to enhance asset-liability management, focusing on matching the structure, cost, and cash flow of assets and liabilities to achieve stable growth of owners' equity [5]. - It emphasizes prudent operations and the need for improved internal assessment mechanisms, investment portfolio management, and the identification of quality investment targets to ensure stable long-term returns [5][6]. - The notification also calls for strengthening investment management capabilities, including adherence to internal investment management systems and enhancing decision-making and risk assessment processes [5][6]. Group 3: Market Impact and Future Outlook - The establishment of a long-term assessment mechanism is expected to increase the proportion of insurance funds invested in A-shares, which currently stands at approximately 11%, with a significant gap to the 25% policy ceiling [10]. - The long-term investment approach is anticipated to stabilize market fluctuations and enhance the overall investment environment, thereby attracting more capital into the market [6][10]. - The notification is seen as a continuation of previous policies aimed at promoting the entry of insurance funds into the market, providing a regulatory framework for long-term investment strategies [11][12].