引导险资长期稳健投资 资本市场再迎重磅利好

Core Viewpoint - The introduction of a long-term assessment mechanism for state-owned insurance companies is expected to enhance the stability of the capital market and promote the role of insurance funds as long-term investors [1][2][3] Group 1: Policy Changes - The Ministry of Finance issued a notification to establish a long-term assessment mechanism for state-owned commercial insurance companies, focusing on improving asset-liability management and investment capabilities [1] - The assessment mechanism now includes a five-year performance indicator alongside annual and three-year indicators, with respective weights of 30%, 50%, and 20% [1] - The capital preservation and appreciation rate has also been adjusted to include three- and five-year indicators, indicating a significant shift in investment philosophy [1] Group 2: Market Impact - The policy is expected to enhance the inherent stability of the capital market by reducing volatility caused by short-term capital movements, positioning insurance funds as stabilizers [2] - A longer assessment period allows insurance funds to adopt a more patient investment approach, enabling them to engage in counter-cyclical investments during market adjustments [2] - The increased stability in insurance fund investments is likely to attract other types of capital, promoting a shift towards a long-term and institutional investment structure in the market [2] Group 3: Potential for Increased Capital - As of the end of 2024, the balance of commercial insurance funds is projected to be approximately 33 trillion yuan, with only about 11% currently invested in A-shares, indicating significant room for growth [3] - If insurance funds increase their equity allocation by just 1%, it could inject approximately 350 billion yuan into the market, providing substantial support for market development [3] - The notification reflects a commitment from regulatory authorities to guide insurance funds towards long-term, stable investments, which is crucial for the healthy development of the capital market [3]