鼓励长期持有 险资权益投资再“松绑”

Core Viewpoint - The National Financial Regulatory Administration has relaxed regulations on insurance funds' investments in the stock market by lowering risk factors for certain stocks, aiming to support long-term capital and technological innovation [2]. Group 1: Regulatory Changes - The new notification adjusts risk factors for insurance companies investing in stocks, specifically for the CSI 300 index, the CSI Dividend Low Volatility 100 index, and stocks listed on the Sci-Tech Innovation Board [2]. - Risk factors for stocks held over three years in the CSI 300 and CSI Dividend Low Volatility 100 indices have been reduced from 0.30 to 0.27, while those for Sci-Tech Innovation Board stocks held over two years have decreased from 0.40 to 0.36 [2][3]. Group 2: Impact on Capital Efficiency - Lower risk factors will reduce the capital required for insurance companies to cover potential losses, thereby improving capital utilization efficiency [2]. - As of the end of Q3 2025, the total balance of insurance funds reached 37.5 trillion yuan, reflecting a 12.6% increase since the beginning of the year, marking three consecutive years of double-digit growth [3][4]. Group 3: Market Trends - The allocation of insurance funds to equity assets has been increasing, with a total of 5.59 trillion yuan invested in stocks and securities investment funds, accounting for 14.92% of the total insurance fund balance, nearing the significant 15% mark [4]. - The rise in equity asset allocation is influenced by favorable long-term policies and the recent bullish trend in the A-share market, which has increased the fair value of equity assets [5]. Group 4: Investment Activity - The preference for equity assets is also reflected in the growing number of stake acquisitions by insurance funds, with 31 instances reported this year [6].