《保险资产风险分类暂行办法》点评：险资运用监管政策再完善，引导险企夯实资产质量

Investment Rating - The report maintains a positive investment suggestion, indicating that regulatory policies for insurance asset management are being improved to guide insurance companies in solidifying asset quality [2]. Core Insights - The report discusses the release of the "Interim Measures for the Classification of Insurance Asset Risks" on November 29, 2024, which revises the "Guidelines for the Five-Level Classification of Insurance Assets" issued in 2014, aiming to strengthen financial regulation and mitigate risks [2]. - Key changes in the new measures include expanding the scope of asset risk classification to include all investment assets, enhancing classification standards for fixed income and equity assets, and improving organizational management and supervision mechanisms [2]. - The report concludes that while the new measures may have a short-term impact on the solvency indicators of small and medium-sized insurance companies, they will ultimately promote the long-term healthy development of the industry by enhancing asset quality and risk management [2]. Summary by Sections - Regulatory Changes: The new measures broaden the classification of assets to include all investment assets, with specific exclusions for cash and certain liquid assets. It also incorporates overseas assets and adjusts the classification standards for fixed income and equity assets [2]. - Risk Classification Standards: Fixed income assets will continue to be classified into five categories, but with updated evaluation criteria. Equity and real estate assets will now be classified into three categories with clear qualitative and quantitative standards [2]. - Implementation and Supervision: The report emphasizes the establishment of a three-tier work mechanism for risk classification and the inclusion of asset risk classification in the regulatory evaluation and solvency supervision systems, highlighting the importance of compliance and enforcement [2].