三大利好齐发，政策护航2026年A股牛市

Group 1 - The report highlights that since June, the A-share market has entered a main rising phase, driven by technology, with the ChiNext Index and the STAR 50 Index both rising over 60% to their current peaks. However, by October, the market began to show signs of consolidation, raising concerns about the potential end of the bull market [2][12] - Recent regulatory announcements regarding insurance, public funds, and securities firms have provided three major positive signals, boosting market confidence and supporting the A-share bull market into 2026 [2][12] Group 2 - Positive Policy I: The National Financial Regulatory Administration has lowered risk factors for insurance companies, encouraging long-term capital to enter the market. This adjustment reduces the minimum capital requirements for insurance companies holding stocks from the CSI 300, Low Volatility Dividend 100, and STAR Market, potentially releasing over 70 billion yuan in incremental capital for the bull market [3][13] - Positive Policy II: New performance assessment guidelines for public funds focus on actual investor returns, promoting public funds as patient capital. The guidelines include fee reductions, performance benchmarks, and long-term assessment metrics, which are expected to enhance the attractiveness of public funds and facilitate the inflow of more household savings into the market [4][14] - Positive Policy III: The relaxation of leverage restrictions for quality securities firms is anticipated, which may enhance capital utilization efficiency and profitability. This policy aims to shift the industry from price competition to value competition, potentially increasing the capital available for the bull market [5][15] Group 3 - The report anticipates that the combination of these three policies will accelerate the inflow of incremental capital from insurance, public funds, and securities firms, improving liquidity and reinforcing the foundation of the A-share bull market. The outlook for the 2026 bull market remains optimistic, supported by macro-level strategic backing, technological breakthroughs, and micro-level liquidity easing [8][16]