非银金融：中长期资金系列研究（一）-落实长周期考核，助力培育耐心资本

Investment Rating - The report assigns an "Overweight" rating to the non-bank financial sector, indicating a positive outlook for the industry over the next six months [1][37]. Core Insights - The report emphasizes the implementation of a comprehensive plan to promote long-term capital inflow into the market, which is expected to significantly increase the investment scale in A-shares, potentially bringing in nearly 1 trillion yuan in incremental funds [5][10]. - It highlights the importance of long-term performance assessments for institutional investors, particularly state-owned insurance companies, to enhance the stability and growth of their investment strategies [16][20]. - The report discusses the phased reform of public fund fee structures aimed at reducing investor costs, which is anticipated to save approximately 45 billion yuan annually [21][24]. - It encourages companies to increase dividend payouts and share buybacks, which are expected to enhance market confidence and provide tangible returns to investors [25][26]. Summary by Sections 1. Increase Investment in A-shares - Public funds are required to increase their holdings in A-shares by at least 10% annually over the next three years, potentially adding over 500 billion yuan to the market [12][13]. - State-owned insurance companies are expected to allocate 30% of new premiums to A-share investments, which could contribute an additional 200 billion yuan [13][14]. 2. Long-term Assessment for Insurance Funds - The report outlines a shift in performance evaluation for state-owned insurance companies, reducing the weight of annual net asset return assessments to a maximum of 30% and increasing the focus on long-term performance [16][17]. 3. Phased Fee Reform for Public Funds - The first phase of fee reform has already been implemented, expected to save investors around 14 billion yuan annually, with further phases anticipated to reduce costs significantly [21][22][24]. 4. Encouragement of Dividends and Buybacks - The report notes a record high in dividends and share buybacks in 2024, which is expected to boost investor confidence and market attractiveness [25][26]. 5. Outlook on Long-term Capital Inflows - The report anticipates that the implementation of the new policies will reshape the investment landscape, fostering a positive cycle between stable long-term capital, a robust capital market, and high-quality listed companies [32][34].