中长期资金入市深度报告：A股的机构化转型与长期价值重塑

Group 1 - The report emphasizes the acceleration of long-term capital inflow into the A-share market, driven by policy support and structural optimization [1][10][12] - The policy framework for promoting long-term capital entry has been established, with significant contributions from various government departments [11][15][23] - Institutional investment in A-shares is expected to increase, with large state-owned insurance companies aiming to allocate 30% of new premiums to A-shares starting in 2025, potentially bringing in hundreds of billions in long-term capital [16][23] Group 2 - The report highlights a shift in investment style towards stability, with long-term funds favoring low-volatility, high-cash-flow core assets such as finance, consumption, and public utilities [1][10][14] - The entry of long-term capital is anticipated to reduce market volatility and enhance liquidity, contributing to a more mature market structure [1][10][18] - The report notes that the OCI account plays a crucial role in optimizing capital allocation and stabilizing long-term capital inflow [1][10][27] Group 3 - The report discusses the impact of long-term capital on the A-share market, indicating a potential transition from high-volatility, high-growth investments to low-volatility, high-certainty investments [1][10][14] - It identifies a structural differentiation in asset allocation preferences among different types of long-term investors, with insurance funds focusing on financial and cyclical stocks, while public funds may increase allocations to technology growth stocks [1][10][24] - The report also mentions the importance of long-term performance evaluation mechanisms for institutional investors to encourage a focus on sustainable returns [19][20][21]