保险行业热点速递之四：险资股票风险因子松绑，权益配置空间扩容

Investment Rating - The industry investment rating is "Overweight" with expectations of a price increase exceeding the market benchmark index by more than 10% in the next 6-12 months [4][9]. Core Insights - The adjustment of risk factors for insurance capital investments in stocks allows for expanded equity allocation, reflecting regulatory flexibility in guiding capital optimization based on market conditions [2][3]. - The insurance sector's solvency ratios are robust, with comprehensive and core solvency ratios at 186.3% and 134.3% respectively, significantly above regulatory thresholds [3]. - The report emphasizes a diversified equity allocation strategy for insurance capital, benefiting sectors like banking, utilities, and coal, while also supporting technology growth companies [3]. Summary by Sections Regulatory Changes - On December 5, the National Financial Regulatory Administration announced a reduction in risk factors for long-term holdings of specific stocks, following earlier regulatory initiatives to encourage insurance capital market participation [2]. - The risk factor for stocks held over three years in the CSI 300 index was reduced from 0.3 to 0.27, while for stocks held over two years in the Sci-Tech Innovation Board, it decreased from 0.4 to 0.36 [2]. Market Performance - As of Q3 2025, the stock allocation of major insurers ranges from 5.4% to 11.6% of total assets, with a slight increase from the beginning of the year [3]. - The report indicates that the adjustment in risk factors could theoretically release a minimum capital of 326 billion yuan, potentially increasing the stock balance by 1,207 billion yuan, which is 3.3% of the current insurance stock balance [3]. Investment Outlook - The report suggests a favorable outlook for insurance capital investments in dividend-paying sectors and technology growth companies, indicating a "stable base + innovation engine" investment strategy [3]. - Recommended stocks include China Pacific Insurance for low cost and stable operations, Ping An for high dividend yield, China Life for competitive performance, and New China Life for strong investment capabilities [3].