A股大利好！生力军来了

Core Viewpoint - The Ministry of Finance has issued a notification to promote the establishment of a long-term assessment mechanism for state-owned insurance companies, emphasizing a shift towards long-term investment strategies and enhancing the stability of capital markets [2][4][12]. Group 1: Long-term Assessment Mechanism - The notification increases the weight of long-term assessments for key indicators such as net asset return and capital preservation to 70%, with specific weights of 30% for annual indicators, 50% for three-year indicators, and 20% for five-year indicators [4][11]. - This adjustment aims to reduce the impact of short-term market fluctuations on the performance evaluation of state-owned insurance companies, encouraging them to focus on long-term, value-based investments [4][10]. Group 2: Enhancing Management Capabilities - The notification requires state-owned insurance companies to improve asset-liability management, ensuring better matching of cash flows and optimizing asset allocation to achieve stable growth of equity and preservation of state capital [6][7]. - It emphasizes the importance of prudent operations and robust investment management capabilities, including the enhancement of internal investment management systems and decision-making processes [7][12]. Group 3: Market Impact and Investment Opportunities - As of the end of 2024, the total investment balance of commercial insurance funds in China is approximately 33 trillion yuan, with only about 11% allocated to A-shares, indicating significant room for growth towards the 25% policy ceiling [10]. - The establishment of a long-term assessment mechanism is seen as a key measure to enhance the stability and positivity of various funds' stock investments, which could lead to improved capital market dynamics and attract more long-term capital [10][12].