险资入市再获松绑！降低资本占用 精准引流长投蓝筹与科创

Core Viewpoint - The National Financial Regulatory Administration has announced a reduction in risk factors for insurance companies' stock investments and export credit insurance, signaling a policy shift towards "capital loosening" and "long-term investment" to better support the real economy [1][6]. Summary by Relevant Sections Risk Factor Adjustments - The notification introduces differentiated risk factors based on the holding period for insurance companies investing in stocks, lowering the risk factor for stocks held over three years from 0.3 to 0.27 for certain indices [2][3]. - For stocks listed on the Sci-Tech Innovation Board held for over two years, the risk factor is reduced from 0.4 to 0.36 [2]. - The risk factor for export credit insurance and overseas investment insurance is lowered from 0.467 to 0.42 for premiums, and from 0.605 to 0.545 for reserves [2]. Impact on Capital Efficiency - The reduction in risk factors allows insurance companies to reserve less capital for investments, enhancing capital utilization efficiency. For example, a hypothetical investment of 10 billion yuan in the CSI 300 index would see a capital reserve decrease from 3 billion yuan to 2.7 billion yuan [3]. - This adjustment is expected to improve liquidity and stability in the capital markets, particularly in the stock market, by enabling insurance funds to invest more while meeting solvency requirements [3][4]. Support for Long-term Investment - The adjustments encourage insurance funds to adopt a long-term investment approach, which is crucial for supporting the development of high-growth and blue-chip companies [4]. - The policy aims to cultivate "patient capital," which is characterized by lower volatility and longer investment horizons, thereby smoothing market fluctuations [4]. Strategic Asset Allocation - Insurance companies are advised to enhance their strategic asset allocation, focusing on long-term and value investment principles while carefully selecting stocks with stable dividends and strong fundamentals [5]. - Larger insurance firms are likely to benefit more from these policy changes due to their greater resources, while smaller firms may face challenges in capital market competition [5]. Support for Foreign Trade Enterprises - The notification also aims to bolster support for foreign trade enterprises by adjusting risk factors in export credit insurance, which is particularly important given the current global economic uncertainties [6]. - The regulatory body emphasizes the need for insurance companies to enhance their long-term investment management capabilities and ensure accurate solvency data [6].