2 1 Shi Ji Jing Ji Bao Dao·2025-12-05 14:31Core 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][5]. Group 1: Policy Adjustments - The new notification aims to encourage insurance funds to act as "patient capital" and increase long-term market participation by lowering risk factors based on stock type and holding duration [1][5]. - The risk factor for stocks in the CSI 300 index and the CSI Low Volatility 100 index, held for over three years, has been reduced from 0.3 to 0.27, while the risk factor for Sci-Tech Innovation Board stocks held for over two years has been lowered from 0.4 to 0.36 [5][6]. - The adjustments also include a reduction in premium risk factors for export credit insurance and overseas investment insurance from 0.467 to 0.42 and reserve risk factors from 0.605 to 0.545 [5][9]. Group 2: Impact on Insurance Companies - The reduction in risk factors alleviates the solvency pressure on insurance companies and enhances capital efficiency, promoting long-term investments in the stock market [1][6]. - For example, a hypothetical investment of 10 billion yuan in the CSI 300 index would see a capital reserve requirement decrease from 3 billion yuan to 2.7 billion yuan due to the lowered risk factor [6]. - The policy encourages insurance companies to adopt a long-term investment strategy, which can lead to improved market stability and support for the real economy [7][9]. Group 3: Market Reactions - Following the announcement, insurance stocks in both A-shares and Hong Kong markets saw significant gains, with China Pacific Insurance rising over 6% and China Ping An increasing by more than 5% [10][11]. - The adjustments are expected to benefit large insurance companies more due to their greater resources, while smaller firms may face challenges in capitalizing on these policy changes [8]. Group 4: Support for Foreign Trade - The notification also aims to bolster support for foreign trade enterprises by adjusting risk factors in export credit insurance, which is crucial given the current global economic uncertainties [9]. - The regulatory body emphasizes the importance of these adjustments in fostering patient capital and supporting technological innovation [9].