国有险企实施五年长周期考核，有望推动更多中长期资金入市！

Core Viewpoint - The recent issuance of the "Notice" by the Ministry of Finance aims to enhance the long-term assessment of state-owned insurance companies, promoting stable and sustainable investment of insurance funds in the capital market [1][4][8]. Group 1: Long-term Assessment Mechanism - The "Notice" adjusts the evaluation of net asset return rates from "annual indicator + three-year indicator" to include a five-year indicator, with respective weights of 30%, 50%, and 20% [5][9]. - The capital preservation and appreciation rate will also be evaluated similarly, aiming to reduce the impact of market volatility on annual performance evaluations [5][9]. - The long-term assessment mechanism is expected to encourage insurance companies to focus on long-term returns and mitigate short-term behaviors, thus facilitating high-quality development [5][8]. Group 2: Investment Management and Operational Improvement - The "Notice" requires state-owned insurance companies to enhance asset-liability management, ensuring better matching in terms of structure, cost, and cash flow [7][10]. - It emphasizes the importance of prudent operations and the need for improved investment management capabilities, including strict adherence to internal investment management systems and risk assessment processes [7][10]. - The focus on long-term investment is anticipated to strengthen the role of insurance funds as stable capital in the market, supporting the high-quality development of the real economy [10][11]. Group 3: Market Impact and Future Outlook - As of the end of 2024, the total investment balance of commercial insurance funds is projected to reach approximately 33 trillion yuan, with only about 11% allocated to A-shares, indicating significant room for growth [3][9]. - The adjustment in the assessment mechanism is expected to enhance the willingness of insurance funds to enter the market, potentially bringing in an additional 350 billion yuan if a 1% increase in stock allocation occurs [9]. - The long-term assessment is likely to improve the efficiency of market price discovery and resource allocation, as evidenced by the successful practices of social security funds [9].