Di Yi Cai Jing·2025-07-11 08:37Core Viewpoint - The recent adjustment of long-term assessment indicators for state-owned insurance companies aims to promote stable and long-term investment behaviors, reducing sensitivity to short-term market fluctuations and enhancing the willingness of insurance capital to enter the market [1][2][3]. Group 1: Regulatory Changes - The Ministry of Finance issued a notice to adjust the evaluation methods for key indicators such as net asset return rate and capital preservation rate, increasing the weight of long-term assessments over three and five years to 70% [1][4]. - The assessment mechanism has shifted from focusing on three-year evaluations to incorporating five-year evaluations, which is expected to provide new momentum for long-term investments [3][4]. - The new regulations will lower the weight of annual performance indicators to 30% for the net asset return rate, with 50% for three-year and 20% for five-year indicators [4]. Group 2: Impact on Investment Behavior - The adjustments are expected to encourage insurance capital to focus on stable operations and long-term value investments, promoting strategic investments in growth-oriented companies [2][5]. - The long-term assessment mechanism is anticipated to enhance the tolerance of insurance companies for short-term market fluctuations, thereby increasing their allocation to A-shares [5][6]. - The changes are likely to improve the efficiency of market price discovery and resource allocation by guiding insurance companies to focus on long-term value extraction [5][6]. Group 3: Market Dynamics - Insurance capital has been increasingly entering the market, with significant growth in long-term equity investments, as evidenced by the approval of multiple pilot programs [6]. - The proportion of equity and long-term equity investments in property insurance companies has risen to 13.81%, while for life insurance companies, it has reached 16.70% [6]. - The optimization of solvency regulatory standards is expected to further enhance the willingness of insurance companies to invest in equities, providing sustainable capital for the transformation of the real economy [7].