监管合力助推中长期资金入市，期待长钱长投

Investment Rating - The report assigns a "Buy" rating to multiple companies within the financial sector, indicating an expectation of total returns exceeding the relevant industry benchmarks over the next 12 months [3]. Core Insights - The report highlights a joint initiative by six ministries to promote long-term capital inflow into the market, aiming to enhance the stability and investment ratio of commercial insurance funds in A-shares [2]. - Specific investment targets are set, such as a 10% annual increase in the A-share market value held by public funds over the next three years and a target for large state-owned insurance companies to allocate 30% of new premiums to A-share investments starting in 2025 [2]. - The report emphasizes the importance of long-term assessments for various funds, with a focus on establishing a three-year evaluation period to encourage sustained investment strategies [2]. - The expansion of pilot programs for long-term stock investments by insurance funds is noted, with initial funding of 50 billion RMB and plans for further increases in 2025 [2]. - The report discusses the central bank's initiatives to facilitate stock repurchases and increase loan support for stock purchases, which are expected to provide significant support to the stock market [2]. Summary by Sections Regulatory Framework - The implementation plan aims to optimize the investment management mechanisms for social security and pension funds, enhancing their market participation [2]. - The report outlines the need for a more favorable investment ecosystem in the capital market to attract long-term funds [2]. Market Dynamics - Current investments by insurance funds in stocks and equity funds exceed 4.4 trillion RMB, representing 12% of total investment assets, with unlisted equity investments accounting for 9% [2]. - The report anticipates that the measures outlined will lead to a sustainable influx of capital into the A-share market, enhancing its stability and growth potential [2]. Company Ratings - The report lists several companies with their respective target prices and potential upside, including: - CICC (3908 HK) with a target price of 17.5, representing a 37.60% upside [3] - CITIC Securities (6030 HK) with a target price of 25, representing a 19.60% upside [3] - China Life (2628 HK) with a target price of 19, representing a 38.70% upside [3]