风险因子下调鼓励险资“买得进”“拿得住”

Core Viewpoint - The adjustment of risk factors by the regulatory authority is a significant step in implementing the "long money, long investment" system, aimed at encouraging long-term and value investments in the market [1][7]. Group 1: Regulatory Changes - The Financial Regulatory Bureau issued a notice adjusting the risk factors for insurance companies investing in the CSI 300 index, the CSI Dividend Low Volatility 100 index, and stocks listed on the Sci-Tech Innovation Board [1][6]. - The risk factor for stocks held for over three years in the CSI 300 and CSI Dividend Low Volatility 100 indices has been reduced from 0.3 to 0.27, while for stocks held for over two years on the Sci-Tech Innovation Board, it has been reduced from 0.4 to 0.36 [2][4]. Group 2: Impact on Insurance Companies - The adjustment allows insurance companies to allocate more capital to stock investments, as lower risk factors mean less capital is required to cover potential risks [2][4]. - Analysts estimate that if the minimum capital is fully allocated to the CSI 300 stocks, it could release approximately 108.6 billion yuan [4]. Group 3: Long-term Investment Encouragement - The primary intention behind the notice is to guide insurance capital towards long-term holding rather than merely providing short-term capital relief [4][6]. - The regulatory authority aims to encourage insurance funds to not only invest but also hold onto their investments for longer periods, thereby reducing market volatility [4][7]. Group 4: Growth of Insurance Capital - As of September 2025, the total investment balance of insurance companies exceeded 37 trillion yuan, with stock and securities fund investments reaching 5.59 trillion yuan, accounting for 14.92% of total investments, up from 12.8% the previous year [7]. - The role of insurance capital in the capital market is expected to become increasingly significant, with projections indicating that new equity investments from insurance funds could remain around one trillion yuan in 2026 [7].