险资股票投资风险因子调降10%落地

Core Viewpoint - The recent policy adjustment by the National Financial Regulatory Administration aims to lower the risk factors for insurance companies' equity investments, encouraging increased market participation and long-term holding of quality stocks [2][3]. Group 1: Policy Changes - The risk factor for stocks held over three years in the CSI 300 index and the CSI Low Volatility 100 index has been reduced from 0.3 to 0.27, a 10% decrease [2][3]. - The risk factor for stocks held over two years in the Sci-Tech Innovation Board has been lowered from 0.4 to 0.36, also a 10% reduction [2][3]. - The adjustments are designed to promote long-term capital and support technological innovation by differentiating risk factors based on holding periods [3]. Group 2: Market Impact - The policy is expected to release approximately 108.6 billion yuan into the market if the minimum capital is fully allocated to the CSI 300 stocks [4]. - As of the end of the third quarter, insurance capital invested in stocks reached 3.62 trillion yuan, with a significant increase of 1.19 trillion yuan compared to the end of the previous year [7]. - The total core equity assets held by insurance companies, including securities investment funds, approached 5.6 trillion yuan, marking an increase of nearly 1.5 trillion yuan since the beginning of the year [7]. Group 3: Industry Trends - Insurance companies have been increasing their equity investments this year, driven by favorable market conditions and supportive policies [6][7]. - The regulatory body has implemented a series of measures to encourage insurance capital to enter the market, including the approval of additional long-term investment quotas [5][6]. - The long-term investment strategy is expected to focus on companies with stable fundamentals and dividends, aligning with the broader economic shift towards high-quality development [6][7].