联合解读中长期资金入市政策：重塑生态，行稳致远

Macro Perspective - The recent policy shift aims to promote long-term capital inflow into the market, with an estimated incremental capital exceeding 1 trillion yuan by 2025[3] - The policy emphasizes a high specification, broad scope, and strong impact, involving multiple regulatory bodies to ensure effective implementation[10] - The focus is on enhancing the equity allocation ratio, which is expected to alleviate the current congestion in the bond market[3] Strategy and Impact on A-Share Market - The implementation of the policy is projected to significantly boost liquidity and stability in the A-share market in the short term[3] - Public funds are expected to increase their A-share holdings by at least 10% annually over the next three years, translating to approximately 600 billion yuan in new capital each year[12] - Major state-owned insurance companies are targeted to allocate 30% of their new premiums to A-shares starting in 2025, potentially adding around 5 billion yuan annually to the market[26] Fixed Income and Investment Preferences - The policy may lead to a "stock-bond seesaw" effect, favoring convertible bonds while negatively impacting interest rate bonds[3] - Long-term capital is expected to favor dividend-paying sectors and industries with stable growth, such as banking and non-banking financials[4] - The current allocation of social security and pension funds to equity assets is significantly lower than international standards, indicating substantial room for growth[15] Structural Investment Trends - The policy encourages investments in new productive forces, aligning with national strategic needs and long-term economic development[4] - There is a strong preference for high-margin assets, with social security and pension funds likely to increase their exposure to dividend stocks[20] - The policy aims to optimize the investment ecosystem by enhancing share buyback and dividend policies, thus improving market attractiveness[16]