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 relaxation" and "long-term investment" [1][2]. Group 1: Adjustments to Risk Factors - The notification differentiates risk factors based on the holding period of 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 and from 0.605 to 0.545, respectively [2]. Group 2: Impact on Capital Efficiency - The reduction in risk factors allows insurance companies to reserve less capital for investments, enhancing capital utilization efficiency [3][4]. - 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 due to the risk factor adjustment [3]. - This change is expected to improve liquidity and stability in the capital market, particularly in the stock market [3][4]. Group 3: Encouragement of Long-term Investment - The adjustments aim to guide insurance funds into the equity market as long-term capital, promoting stable funding sources for the economy [5][6]. - The notification encourages insurance companies to adopt a long-term investment strategy, focusing on stocks with stable dividends and strong fundamentals [6]. - The policy is expected to support the development of high-tech and blue-chip stocks, aligning with national innovation strategies [5]. Group 4: Support for Foreign Trade Enterprises - The adjustments to risk factors for export credit insurance are intended to encourage insurance companies to support foreign trade enterprises, which is crucial given the current global economic uncertainties [7]. - The regulatory body emphasizes the importance of these changes in fostering patience capital and supporting technological innovation [7].