【非银】长周期考核权重升至70%，利好险资加大入市力度——《进一步加强国有商业保险公司长周期考核的通知》点评（王一峰/黄怡婷）

Core Viewpoint - The article discusses the recent policy changes by the Ministry of Finance aimed at guiding insurance funds towards long-term stable investments, enhancing the performance evaluation of state-owned commercial insurance companies over longer periods [2][4]. Group 1: Background - The policy environment for "long money long investment" has been optimized, with a focus on promoting the entry of medium- and long-term funds into the market. Recent measures have been introduced to address the bottlenecks in long-term investment by insurance funds [3][4]. - A series of targeted measures have been implemented this year, including increasing the proportion and stability of commercial insurance funds' investments in A-shares and expanding the range and scale of long-term stock investment pilot institutions [3][4]. Group 2: Policy Changes - The new notification adjusts the assessment of "net asset return rate" from an annual basis to a combination of a 3-year cycle (50% weight) and the annual indicator (50% weight), promoting long-term stable operations [5]. - The assessment of "capital preservation and appreciation rate" has also been changed to a combination of annual, 3-year, and 5-year indicators, with weights of 30%, 50%, and 20% respectively, aligning with the changes made to the "net asset return rate" [6]. Group 3: Impact - The long-cycle assessment system is expected to facilitate the entry of insurance funds into the market, allowing long-term capital to smooth out short-term market fluctuations and increase market participation [7]. - In a low-interest-rate environment, the overall investment yield of insurance funds has been declining, making it essential to increase equity investment ratios to enhance investment yield elasticity and mitigate pressure on interest rate spreads [7].