险资入市空间再释放！直接利好沪深300等指数

Core Viewpoint - The adjustment of risk factors for insurance companies' related business is expected to enhance the investment capacity of insurance funds in the stock market, particularly benefiting core assets and contributing to market stability [1][2]. Group 1: Regulatory Changes - The National Financial Supervision Administration announced a reduction in risk factors for insurance companies' holdings of certain index stocks, decreasing from 0.3 to 0.27, a drop of 10% [1]. - This regulatory change is interpreted as a release of space for insurance capital to enter the market, reinforcing the "long money" and "ballast stone" attributes of insurance funds [2]. Group 2: Market Impact - The new regulation is expected to increase the stock investment scale by approximately 150 billion yuan, raising the anticipated insurance capital in the equity market to about 2.15 trillion yuan by 2026 [2]. - The adjustment is projected to directly benefit indices such as the CSI 300 and the CSI Low Volatility 100, becoming a significant driver for a "slow bull" market in 2026 [2]. Group 3: Financial Metrics - The adjustment is estimated to provide A-share listed insurance companies with an additional 78.9 billion yuan in stock allocation space, with a minimum capital optimization of 20 billion yuan [2]. - The average solvency adequacy ratio for core and comprehensive solvency is expected to improve by 1.5 and 2.1 percentage points, respectively, following the adjustment [2]. Group 4: Index Overview - The CSI 300 index, comprising the 300 most representative securities in the A-share market, is viewed as a core asset and a standard for individual investors [3]. - The current risk premium for the CSI 300 index stands at 5.33, slightly above the historical average of 5.15 since 2014, indicating that the index valuation remains within a reasonable range [3].