险资权益投资空间拓宽，多部门政策合力将推动权益市场行稳致远

Investment Rating - The industry investment rating is "Recommended" [2] Core Viewpoints - The adjustment of insurance funds' equity asset regulatory ratios provides insurance companies with more investment space, increasing the upper limit of equity asset allocation by 5 percentage points for certain solvency ratios [2][3] - The new policy encourages insurance funds to invest more in strategic emerging industries and optimizes the investment direction of insurance capital [3][4] - The coordinated efforts of multiple departments are expected to stabilize the A-share market and enhance the long-term investment advantages of insurance capital [4][5] Summary by Sections Event Overview - On April 8, the National Financial Supervision Administration issued a notice adjusting the regulatory ratio of insurance funds' equity assets, which includes raising the upper limit of equity asset allocation and relaxing the regulatory requirements for tax-deferred pension ratios [1] Analysis and Judgment - The new regulations allow for a 5 percentage point increase in equity asset allocation limits for insurance companies with solvency ratios of 150%-200%, 250%-300%, and above 350%, consolidating the previous seven tiers into five [2] - For major listed insurance companies, the equity asset allocation limits have been adjusted, with China Pacific Insurance and China Insurance increasing by 5 percentage points to 40%, translating to an increase in equity allocation limits of approximately 141.745 billion and 88.319 billion respectively [2][9] Investment Suggestions - The report suggests that insurance companies should steadily advance product transformation and channel integration, which is expected to lower liability costs and alleviate pressure from interest rate differentials over the long term [5] - The report maintains a "Recommended" rating for the industry, specifically recommending China Ping An and China Pacific Insurance for their stable liabilities, and China Life and New China Life for their equity flexibility [5]