保险业态观察（六）：险企长周期考核全面落地，引导中长期资金持续入市

Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [8]. Core Insights - The report highlights the acceleration in the approval of virtual asset trading licenses for brokerages, suggesting a positive impact on sales momentum driven by adjustments in preset interest rates [5]. - The implementation of long-term performance evaluations for state-owned insurance companies is expected to guide long-term capital into the market, enhancing the stability and growth of insurance funds [5]. - The report emphasizes the need for insurance companies to shift from a trading-oriented approach to a more allocation-focused strategy, driven by new accounting standards and regulatory changes [5]. Summary by Sections Investment Highlights - The Ministry of Finance issued a notice on July 11, 2025, to guide insurance funds towards long-term stable investments, emphasizing the importance of long-term performance evaluations [5]. - The new evaluation framework includes a 70% weight on long-term performance metrics, reducing the impact of short-term market fluctuations [5]. - As of Q1 2025, the balance of funds utilized in the insurance industry was 37.84 trillion yuan, with equity asset allocation at only 20.1%, indicating room for growth in this area [5][7]. Regulatory Policies - A series of regulatory documents have been issued to promote long-term capital market participation, including guidelines for three-year performance evaluations for various funds [6]. - The adjustments in performance evaluation criteria aim to enhance the focus on long-term capital preservation and growth for state-owned insurance companies [6]. Investment Recommendations - The report suggests continued attention to the life insurance sector's capacity improvement and the release of demand following increased awareness of insurance needs [5]. - It is recommended to focus on large listed insurance companies with strong competitive advantages, as the sector is currently undervalued [5].