风险因子下调，保险股走强，中国平安涨2.6%领涨

Group 1 - The A-share market saw a strong performance in insurance stocks, with China Ping An leading the gains at 2.6%, followed by New China Life and China Pacific Insurance, both rising over 2% [1] - The regulatory body, the National Financial Regulatory Administration, recently lowered the risk factors for insurance companies holding certain equity assets long-term, effective from December 5, 2025 [1] - This policy is seen as a measure to encourage long-term capital into the market, providing "additional equity allocation incentives" for some insurance companies [1] Group 2 - CICC's report on the outlook for the insurance industry in 2026 indicates a return to a golden development period for the life insurance sector, with a more positive trend in liabilities [1] - The investment logic in the industry is shifting from seeking revaluation of existing business to providing valuation premiums for growth capabilities, suggesting that high-quality life insurance companies may see a resurgence [1]