险资长周期考核机制落地 A股有望迎万亿元级增量资金

Core Viewpoint - The implementation of a long-term assessment mechanism for insurance funds is expected to stabilize capital market investments and enhance the resilience of the A-share market, potentially bringing in trillions of yuan in incremental funds [1][2][3]. Group 1: Long-term Assessment Mechanism - The Ministry of Finance issued a notification to establish a long-term assessment mechanism for insurance funds, effective from the 2025 performance evaluation [1]. - The new assessment criteria will combine annual indicators with three-year and five-year indicators, with respective weights of 30%, 50%, and 20% [3][4]. - This shift aims to reduce the sensitivity of insurance funds to short-term market fluctuations and promote a stable investment approach [1][2]. Group 2: Market Impact and Fund Allocation - The long-term assessment mechanism is projected to bring approximately one trillion yuan in incremental funds to the A-share market [1][7]. - As of the end of 2024, the total balance of commercial insurance fund investments is expected to reach about 33 trillion yuan, with only 11% currently invested in A-shares, indicating significant room for growth [2][7]. - The policy encourages large state-owned insurance companies to allocate 30% of new premiums to A-share investments starting in 2025, which could lead to over 300 billion yuan in additional funds [6][7]. Group 3: Regulatory Support and Industry Development - The regulatory framework has been strengthened to support the entry of long-term funds into the market, including raising the investment limits for equity assets to 50% for some insurance companies [6]. - The implementation of long-term investment trials has been approved, with a total scale of 2.22 trillion yuan, enhancing the capacity of insurance funds to support the capital market [6][7]. - The focus on long-term investment is expected to align with the needs of the real economy, promoting sustainable development and stability in the capital market [3][4].