长周期考核机制进一步完善，险资入市再迎重磅利好

Core Viewpoint - The Ministry of Finance issued a notification to guide state-owned commercial insurance companies to establish a long-term assessment mechanism, emphasizing a shift towards long-term investment strategies to stabilize the market and support economic development [1][3]. Group 1: Policy Changes - The new assessment mechanism combines annual indicators with 3-year and 5-year indicators, with weights of 30%, 50%, and 20% respectively, breaking away from the traditional annual assessment model [3]. - The policy aims to align with the long-term nature of insurance funds, which have stable sources and long repayment cycles, but have been constrained by short-term assessment pressures [3]. Group 2: Impact on Capital Markets - The notification is expected to introduce significant capital into the market, with estimates suggesting that a 1% increase in stock asset allocation by insurance funds could bring approximately 350 billion yuan into the market [4]. - The policy is anticipated to enhance the tolerance of insurance companies towards short-term market fluctuations, thereby increasing their allocation to A-shares [4]. Group 3: Long-term Investment Strategy - The new regulations will encourage insurance companies to focus on value investing and increase their equity investment ratios, aligning asset investments with insurance liabilities [5]. - The long-term investment reforms have already seen significant progress, with a total of 222 billion yuan approved for long-term investment pilot programs [6]. Group 4: Challenges and Recommendations - Despite the positive developments, challenges remain, particularly regarding solvency constraints that limit the ability of insurance companies to increase equity investments [6]. - Recommendations include optimizing solvency measures and accounting standards to facilitate better capital allocation for long-term investments [7].