中长期资金入市《方案》及国新办发布会点评：长期资金入市蓄活水，考核制度完善优生态

Core Insights - The report emphasizes the importance of long-term capital entering the market, highlighting the implementation plan released by six government departments to address barriers for institutional investors such as public funds, insurance companies, and pension funds [2][3][4]. Policy Summary - The implementation plan sets specific targets for various long-term funds to increase their investment in A-shares, including a 10% annual growth in public fund holdings over the next three years and a target for state-owned insurance companies to allocate 30% of new premiums to A-share investments starting in 2025 [3][12]. - The plan also proposes the establishment of long-term performance evaluation systems for public funds and state-owned insurance companies, reducing the weight of annual performance metrics and emphasizing longer-term assessments [3][12]. Characteristics of the Plan - The plan demonstrates strong coherence with previous government directives aimed at promoting long-term capital market participation, reflecting a systematic approach to reform [5][6]. - It showcases strong coordination among multiple government departments, indicating a unified effort to tackle the challenges faced by long-term capital in entering the market [6]. - The policy is expected to generate significant long-term capital inflows into the market, with projections suggesting that insurance funds could contribute nearly 500 billion yuan and public funds could add approximately 580 billion yuan in new capital [12][13]. Investment Strategy - The report suggests focusing on dividend-stable and low-volatility dividend-themed ETFs, as the policy is expected to enhance the attractiveness of such assets [12]. - It also recommends monitoring state-owned enterprises with clear market capitalization management goals, as they may benefit from the improved capital market environment [12]. - Long-term, the report anticipates that state-backed long-term funds will play a "patient capital" role, particularly benefiting technology growth sectors under a moderately loose monetary policy [14].