保险行业研究：保险资负匹配重要性提升，利好行业稳健发展

Investment Rating - The industry is rated as "Buy" with an expectation of an increase exceeding 15% over the next 3-6 months [5]. Core Insights - The new asset-liability management regulations aim to create a more comprehensive regulatory framework by consolidating previous guidelines, effective from July 1, 2026 [1]. - Regulatory indicators and monitoring metrics have been established, including specific thresholds for property and life insurance companies, ensuring a robust assessment of asset-liability management [2]. - The report emphasizes the importance of a sound governance structure for asset-liability management, highlighting the independence of the management department and the need for long-term evaluation [3]. - Enhanced regulatory measures are outlined, allowing for various interventions based on specific circumstances to ensure compliance and effective management [3]. - The new regulations are expected to positively impact the long-term stability of the insurance industry by promoting better cost-revenue matching and liquidity management [4]. Summary by Sections Regulatory Framework - The new regulations integrate previous guidelines into a cohesive framework, enhancing the oversight of insurance companies' asset-liability management [1]. Regulatory Indicators - Specific regulatory and monitoring indicators have been set, including: - For property insurance: - Minimum coverage ratios for long-term assets and income [2]. - For life insurance: - Effective duration gap and investment return coverage ratios [2]. Governance Structure - A clear governance structure is mandated, with responsibilities assigned to the board and management, ensuring effective oversight and coordination [3]. Regulatory Measures - The report outlines various regulatory measures that can be employed, including regulatory discussions and stress testing, to ensure compliance with the new framework [3].