【非银】股票风险因子差异化下调，推动险资进一步发挥耐心资本优势——《关于调整保险公司相关业务风险因子的通知》点评（王一峰等）

Core Viewpoint - The article discusses the adjustments made by the National Financial Regulatory Administration to the risk factors related to insurance companies' investment activities, aimed at enhancing their solvency and encouraging long-term investments in the stock market [7][9]. Group 1: Event Summary - On December 5, the National Financial Regulatory Administration issued a notice to adjust the risk factors for insurance companies' related business, focusing on enhancing the role of insurance funds as patient capital [7]. - The adjustments include lowering the risk factors for stocks held for over three years and two years, specifically for the CSI 300 Index and the STAR Market stocks, to encourage long-term investments [10]. - The risk factors for export credit insurance and overseas investment insurance have also been reduced to support foreign trade enterprises [10]. Group 2: Background and Context - The solvency of insurance companies has been under pressure due to stricter capital recognition requirements and increased risk factors since the implementation of the second phase of the solvency regime [8]. - Despite regulatory optimizations in September 2023, the overall solvency adequacy ratio remains below levels seen before the new rules were implemented [8]. - The proportion of stocks held by insurance companies has increased significantly, with a 1.2 percentage point rise in stock allocation to 10% by the end of Q3 2025 compared to the previous quarter [8]. Group 3: Impact Analysis - The adjustments are expected to promote long-term investments by insurance funds, alleviating solvency pressures and enhancing investment flexibility [11]. - The changes are likely to improve the long-term return levels for insurance companies, helping to mitigate risks associated with low interest rates and enhancing market resilience [12]. - By increasing the allocation to high-return, high-dividend stocks, insurance companies can secure more stable income and improve their net investment returns [12].