险资集体大涨：监管下调风险因子，耐心资本获准“降本入市”

Core Viewpoint - The recent surge in the stock prices of listed insurance companies is attributed to the announcement by the National Financial Regulatory Administration regarding the adjustment of risk factors for insurance companies, effectively "unbinding" capital for insurers [9][11]. Group 1: Policy Adjustments - The core of the policy adjustment is to reduce the capital occupation cost for insurance companies through technical means, guiding funds more precisely [3][11]. - The risk factors for index components held for over three years, such as the CSI 300 and CSI Dividend Index, have been lowered from 0.2 to 0.17, while the risk factor for stocks locked for over five years on the Sci-Tech Innovation Board has been reduced from 0.4 to 0.36 [4][11]. - This adjustment allows insurance companies to release more usable capital without increasing their capital base [5][11]. Group 2: Market Implications - The regulatory intent is clear: to encourage insurers to adhere to "value investing" by lowering the holding costs of blue-chip and dividend stocks, acting as a "ballast" for the market [5][11]. - The adjustment also provides more room for insurers to support "hard technology" and "new economy" sectors, particularly favoring the Sci-Tech Innovation Board [5][11]. - The recent stock price increase reflects a perfect resonance between policy benefits and the transformation needs of insurance companies, especially in a declining interest rate environment [6][11]. Group 3: Future Outlook - The surge on December 5 may be just the beginning of a new round of asset allocation adjustments by insurers, with incremental funds gradually flowing into high-value areas of the A-share market [7][12]. - This situation presents a good opportunity for insurers to optimize their balance sheets and signifies that "patient capital" has better access to the market [7][12]. - However, the effectiveness of this policy relaxation will ultimately depend on the insurers' stock selection capabilities and risk management in a volatile market [7][12].