培育壮大耐心资本 支持科技创新 金融监管总局调整保险公司相关业务风险因子

Core Viewpoint - The recent adjustments by the Financial Regulatory Administration aim to enhance the long-term investment management capabilities of insurance companies, improve asset-liability matching, and support the healthy development of the capital market while serving the real economy more effectively [1][2]. Group 1: Adjustments to Risk Factors - The risk factor for stocks held by insurance companies for over three years in the CSI 300 index and the CSI Dividend Low Volatility 100 index has been reduced from 0.3 to 0.27 [2]. - The risk factor for ordinary shares listed on the Sci-Tech Innovation Board held for over two years has been lowered from 0.4 to 0.36 [2]. - The premium risk factor for export credit insurance and overseas investment insurance has been adjusted from 0.467 to 0.42, while the reserve risk factor has been reduced from 0.605 to 0.545 [2]. Group 2: Impact on Investment Behavior - The adjustments are designed to cultivate patient capital and support technological innovation by differentiating risk factors based on holding periods for specific stock indices [3]. - The changes encourage insurance companies to increase support for foreign trade enterprises and effectively serve national strategies [3]. - The adjustments will lead to improved capital efficiency, allowing insurance companies to occupy less capital for the same investment scale, thereby enhancing solvency ratios and freeing up funds for further investments or other business activities [3][4]. Group 3: Shift in Investment Strategy - The adjustments are expected to reshape the investment behavior of insurance companies, increasing the cost of short-term trading while rewarding long-term allocation of quality assets [4]. - This will drive a shift from trading-oriented strategies to allocation-focused strategies, emphasizing fundamental research and value investing [4]. - The targeted reduction in risk factors for the Sci-Tech Innovation Board provides institutional incentives for insurance capital to participate in technological innovation [4].