《关于印发保险公司监管评级办法的通知》点评：险企监管评级新规落地，开启分级分类监管新序章

Investment Rating - The industry investment rating is "Positive" (看好) [1] Core Insights - The new insurance company regulatory rating method was implemented on January 17, 2025, which clarifies the main criteria for assessing the risk levels of insurance companies [1] - The new regulations initiate a tiered classification supervision system, with leading companies expected to receive further resource allocation [1] - The focus of regulation has shifted from solely "risk mitigation" to a dual approach of "risk mitigation" and "promoting development" since June 2024 [1] - The new "National Ten Measures" emphasizes the establishment of a regulatory rating system for insurance institutions, enhancing the application of rating results [1] - High-rated companies are anticipated to benefit from multiple policy supports, including diversified investment models and innovative product forms [1] Summary by Sections Regulatory Changes - The new regulatory framework aims to address both the resolution of interest spread losses and the risks associated with smaller institutions [1] - The method for measuring the risk levels of insurance companies will play a crucial role in preemptive risk prevention, risk management during operations, and post-event risk resolution [1] Investment Recommendations - Short-term suggestions include focusing on high-elasticity targets such as New China Life and China Life Insurance [2] - Mid-term recommendations highlight potential valuation logic shifts in targets like Ping An Insurance and China Pacific Insurance, which may offer operational alpha [2] Valuation Metrics - Key valuation metrics for major insurance companies are provided, including market capitalization and various price-to-earnings ratios [4] - For instance, China Life Insurance has a closing price of 39.06 RMB with a total market value of 90.73 billion RMB, while Ping An Insurance has a closing price of 49.38 RMB and a market value of 81.81 billion RMB [4]