国家金融监督管理总局：风险因子根据持仓时间进行了差异化设置，以培育壮大耐心资本

Core Viewpoint - The Financial Regulatory Bureau has issued a notification to adjust risk factors related to insurance companies' business, aiming to enhance long-term investment management and better serve the real economy [1][7]. Group 1: Background of the Notification - The notification was introduced to effectively prevent risks, guide insurance companies in improving long-term investment management capabilities, and strengthen asset-liability matching management [2][8]. - The goal is to enhance the role of insurance capital as patient capital and to support the sustainable and stable operation of insurance companies [2][8]. Group 2: Impact on the Insurance Industry - The notification differentiates risk factors for investments in the CSI 300 Index, the China Securities Dividend Low Volatility 100 Index, and stocks listed on the Sci-Tech Innovation Board based on holding periods, promoting the growth of patient capital and supporting technological innovation [3][9]. - Adjustments were made to the premium risk factors and reserve risk factors for export credit insurance and overseas investment insurance, encouraging insurance companies to increase support for foreign trade enterprises and effectively serve national strategies [3][9]. Group 3: Holding Period Calculation - For example, the holding period for stocks listed on the Sci-Tech Innovation Board is calculated using a first-in-first-out principle, with a weighted average method applied to the past four years of holding time [4][10]. - If the holding period exceeds two years, a risk factor of 0.36 is applicable [4][11]. Group 4: Specific Adjustments to Risk Factors - Adjustments to stock investment risk factors include maintaining the basic factor unchanged while modifying the characteristic coefficient K2 for stocks held for over three years in the CSI 300 Index and the China Securities Dividend Low Volatility 100 Index, as well as for Sci-Tech Innovation Board stocks held for over two years [5][11]. - Adjustments were also made to the risk factors for export credit insurance and overseas investment insurance, while the relevant characteristic coefficients remain unchanged [5][11]. Group 5: System Adjustments - The insurance company's solvency regulatory information system will be adjusted accordingly to reflect these changes [6][12].