平安证券：国有险企长周期考核再加强 助力长期稳健投资

Core Viewpoint - The recent policy changes by the Ministry of Finance aim to strengthen the long-term assessment of state-owned commercial insurance companies, guiding insurance funds towards stable long-term investments, which will enhance the long-term investment returns of insurance companies and alleviate investment pressures [1][4]. Group 1: Policy Changes - On July 11, the Ministry of Finance issued a notice to guide insurance funds towards long-term stable investments and to strengthen the long-term assessment of state-owned commercial insurance companies [2]. - The assessment method for "return on net assets" and "capital preservation and appreciation rate" has been adjusted to combine annual indicators with 3-year and 5-year cycle indicators [3]. - The weights for the annual indicator, 3-year cycle indicator, and 5-year cycle indicator are set at 30%, 50%, and 20% respectively [3]. Group 2: Market Impact - The policy is expected to enhance the long-term investment capabilities of insurance companies, allowing them to better tolerate short-term fluctuations in investment returns, thereby promoting a focus on long-term stable investments [4][5]. - The allocation of equity assets by insurance funds is anticipated to increase, although the overall asset allocation style will remain stable [5]. - As of Q1 2025, the balance of funds utilized by insurance companies was 34.93 trillion yuan, with stock investments accounting for 8.43% and 7.56% of life and property insurance companies respectively [5]. Group 3: Investment Recommendations - The insurance sector is seen as having significant long-term allocation value due to its low valuation and stable dividend levels, despite uncertainties in investment performance for 2025 [6]. - If the equity market remains volatile, it is recommended to focus on China Pacific Insurance (601601.SH); if the market trends positively, attention should be directed towards New China Life Insurance (601336.SH) and China Life Insurance (601628.SH) [6].