吴清指出，今年以来，A股市场总体活跃，市值从8月份开始超过100万亿，实现了量的合理增长和质的 有效提升。 吴清：A股实现了量的合理增长和质的有效提升 12月6日，在中国证券业协会第八次会员大会上，证监会主席吴清围绕证券行业高质量发展发表致辞。 吴清指出，要把握"十五五"时期证券行业的使命责任，投资银行、证券公司应该发挥重要作用：一是服 务实体经济和新质生产力发展方面强化使命担当；二是更好服务投资者，在服务居民资产优化配置方面 强化使命担当；三是在加快建设金融强化方面强化使命担当；四是在促进高水平制度性开放方面强化使 命担当。 吴清：证券行业要更好服务实体经济和新质生产力 吴清指出，以人工智能、生物医药、绿色能源等为代表的新一代科技革命加速突破，在此过程中，企业 创新主体的地位更加突出，证券公司连接资本市场和实体企业，具有扎实完备的研究体系、专业化的价 值评估和风险定价能力，证券公司在发现企业创新潜力、匹配投融资发展需要、支持产业并购整合等方 面发挥着不可替代的作用，构成了资本市场价格发展、资源配置和功能发挥的微观基础，服务实体经济 和新质生产力是时代赋予证券行业的使命。 吴清：证券公司要提供有利于长期投资、 ...

中国证监会主席吴清12月6日在中国证券业协会第八次会员大会上表示，证券公司和投资机构在权益投 资、风险管理等方面专业优势明显，要对接投资者不同的风险偏好、不同规模、不同期限的需求，提供 更加丰富、更加精准、更有利于长期投资、价值投资的产品，与投资者共进共赢。 责任编辑：凌辰 中国证监会主席吴清12月6日在中国证券业协会第八次会员大会上表示，证券公司和投资机构在权益投 资、风险管理等方面专业优势明显，要对接投资者不同的风险偏好、不同规模、不同期限的需求，提供 更加丰富、更加精准、更有利于长期投资、价值投资的产品，与投资者共进共赢。 责任编辑：凌辰 ...

Core Insights - The social security fund, typically seen as a stable investment vehicle, has recently faced challenges by being significantly invested in a poorly performing stock priced at 2 yuan, raising questions about its investment strategy [1][2] Group 1: Investment Performance - The fund's total holdings reached 210.52 billion yuan by the third quarter of 2025, primarily consisting of stocks from companies with steady growth, making the investment in the 2 yuan stock particularly noteworthy [2] - The specific stock in question is a leading player in the steel industry, which has seen its price drop from 6.4 yuan in 2022 to around 1.76-2 yuan, resulting in an estimated loss of approximately 15% for the fund [4][5] - The company reported significant losses, including a net loss of 3.3 billion yuan in 2023 and 7.1 billion yuan in 2024, with continued losses in 2025, indicating a deteriorating financial situation [4] Group 2: Investment Rationale - The fund's investment in this low-priced stock is attributed to expectations of a cyclical recovery in the steel industry, as it holds substantial iron ore resources and production capacity [5] - The investment aligns with national strategies aimed at supporting the green transformation and optimization of traditional industries, reflecting a long-term investment approach [5] - The fund's diversified portfolio includes 604 stocks across various sectors, allowing for risk mitigation through exposure to both emerging and traditional industries [5][6] Group 3: Risk Management and Strategy - The fund has actively managed its exposure by reducing its holdings from 57.76 million shares to 32.82 million shares, demonstrating a proactive risk management strategy [6] - The fund maintains a long-term investment philosophy, viewing the current situation as part of a broader investment cycle, with the stock still in its observation phase [6] - Despite the challenges, the fund's overall performance remains strong, with a cumulative balance of 9.85 trillion yuan, indicating resilience and capacity to absorb short-term losses [6][8]

近日，金融监管总局发布《关于调整保险公司相关业务风险因子的通知》，通知指出，为有效防范风 险，引导保险公司提高长期投资管理能力，强化资产负债匹配管理，更好发挥保险资金耐心资本作用， 有效服务实体经济，亟需完善偿付能力相关标准，推动保险公司持续稳健经营。 对此，前券商首席经济学家李大霄表示，此举对推动中国股票市场长远健康发展有重要意义，带来了实 质性的增量长期资金，这是呼吁已久期盼已久的政策，属真真正正的重大利好政策。中国股票市场会有 非常积极正面反应。 截至2025年二季度末，保险资金运用余额为36.23万亿，同比增长17.4%，是中国股市相对较大的增量资 金来源，而且，由于保险资金的长周期的特性，是天然的长期资金来源，对股票市场的稳定至关重要。 而一直以来，保险资金入市的障碍真实客观存在，减缓了保险资金入市的速度和积极性。 截至2025年二季度末，保险资金运用余额为36.23万亿，同比增长17.4%，是中国股市相对较大的增量资 金来源，而且，由于保险资金的长周期的特性，是天然的长期资金来源，对股票市场的稳定至关重要。 而一直以来，保险资金入市的障碍真实客观存在，减缓了保险资金入市的速度和积极性。 特别是下调 ...

Core Viewpoint - The Financial Regulatory Bureau has issued a notification adjusting risk factors for insurance companies' investments, aiming to encourage long-term capital and support technological innovation [1][2]. Group 1: Risk Factor Adjustments - Insurance companies holding stocks from the CSI 300 Index and the CSI Low Volatility 100 Index for over three years will see their risk factor reduced from 0.3 to 0.27 [1]. - For stocks listed on the Sci-Tech Innovation Board held for over two years, the risk factor will decrease from 0.4 to 0.36 [1]. - The notification also lowers the premium risk factor for export credit insurance and overseas investment insurance from 0.467 to 0.42, and the reserve risk factor from 0.605 to 0.545 [3]. Group 2: Impact on Insurance Industry - The adjustments are expected to alleviate capital occupation for insurance companies, enhancing solvency ratios and encouraging long-term investments in the stock market [2]. - The industry is likely to shift towards a "long-term holding" strategy, focusing on high-dividend blue-chip stocks and stocks supported by national strategies [2]. - There will be a greater emphasis on "long-term capability" in internal assessments and investment research systems, aligning with long-term performance [2]. Group 3: Industry Demand and Suggestions - In a low-interest-rate environment, there is a growing demand for equity asset allocation among insurance companies, with calls for optimized solvency policies [3]. - Suggestions include further refining risk factor classifications based on investment fields and holding periods, providing capital advantages for long-term strategic stocks [3].

刚刚 持仓时间超过3年的市值超3千亿 ③有助 险企更注重长期投资 投资更稳、资金更多、时间更长 金融监管总局发文 ①将股票投资的 风险因子进一步调降10% 要求对沪深300等持仓超过3年 ② 沪深300和红利100 保险公司持仓市值超4.8千亿 1 金融监管总局：提上限、降因子 助力险企发挥"长期资本"的优势 | 序号 | 文件名称 时间 | | --- | --- | | 13 | 关于优化保险公司权益类资产配置监管有关事项的通知 2020/7/17 | | 123 | 关于优化保险公司偿付能力监管标准的通知 3 2023/9/10 | | గ్ | 关于调整保险资金权益类资产监管比例有关事项的通知 2025/4/8 | | | 峰 关于调整保险公司相关业务风险因子的通知 2025/12/5 | 近年来，为推动以保险资金为代表的中长期资金，加大对市场的投资力度，金融监管总 局等部门，先后出台多项措施。 先是，对权益类资产投资，实行差异化监管，而后，又下调风险因子、上调权益类投资 比例上限！ 以金融监管总局为例，从2 020年至今，已经先后下发4个文件，详见上图。 今日，金融监管总局下发《关于调整保险公司相关 ...

Core Viewpoint - The National Financial Regulatory Administration has announced a reduction in risk factors for insurance companies' stock investments and export credit insurance, signaling a policy shift towards "capital relaxation" and "long-term investment" [1][2]. Group 1: Adjustments to Risk Factors - The notification differentiates risk factors based on the holding period of stocks, lowering the risk factor for stocks held over three years from 0.3 to 0.27 for certain indices [2][3]. - For stocks listed on the Sci-Tech Innovation Board held for over two years, the risk factor is reduced from 0.4 to 0.36 [2]. - The risk factor for export credit insurance and overseas investment insurance is lowered from 0.467 to 0.42 and from 0.605 to 0.545, respectively [2]. Group 2: Impact on Capital Efficiency - The reduction in risk factors allows insurance companies to reserve less capital for investments, enhancing capital utilization efficiency [3][4]. - For example, a hypothetical investment of 10 billion yuan in the CSI 300 index would see a capital reserve decrease from 3 billion yuan to 2.7 billion yuan due to the risk factor adjustment [3]. - This change is expected to improve liquidity and stability in the capital market, particularly in the stock market [3][4]. Group 3: Encouragement of Long-term Investment - The adjustments aim to guide insurance funds into the equity market as long-term capital, promoting stable funding sources for the economy [5][6]. - The notification encourages insurance companies to adopt a long-term investment strategy, focusing on stocks with stable dividends and strong fundamentals [6]. - The policy is expected to support the development of high-tech and blue-chip stocks, aligning with national innovation strategies [5]. Group 4: Support for Foreign Trade Enterprises - The adjustments to risk factors for export credit insurance are intended to encourage insurance companies to support foreign trade enterprises, which is crucial given the current global economic uncertainties [7]. - The regulatory body emphasizes the importance of these changes in fostering patience capital and supporting technological innovation [7].

Core Viewpoint - The National Financial Regulatory Administration has announced a reduction in risk factors for insurance companies' stock investments and export credit insurance, signaling a policy shift towards "capital loosening" and "long-term investment" to better support the real economy [1][6]. Summary by Relevant Sections Risk Factor Adjustments - The notification introduces differentiated risk factors based on the holding period for insurance companies investing in stocks, lowering the risk factor for stocks held over three years from 0.3 to 0.27 for certain indices [2][3]. - For stocks listed on the Sci-Tech Innovation Board held for over two years, the risk factor is reduced from 0.4 to 0.36 [2]. - The risk factor for export credit insurance and overseas investment insurance is lowered from 0.467 to 0.42 for premiums, and from 0.605 to 0.545 for reserves [2]. Impact on Capital Efficiency - The reduction in risk factors allows insurance companies to reserve less capital for investments, enhancing capital utilization efficiency. For example, a hypothetical investment of 10 billion yuan in the CSI 300 index would see a capital reserve decrease from 3 billion yuan to 2.7 billion yuan [3]. - This adjustment is expected to improve liquidity and stability in the capital markets, particularly in the stock market, by enabling insurance funds to invest more while meeting solvency requirements [3][4]. Support for Long-term Investment - The adjustments encourage insurance funds to adopt a long-term investment approach, which is crucial for supporting the development of high-growth and blue-chip companies [4]. - The policy aims to cultivate "patient capital," which is characterized by lower volatility and longer investment horizons, thereby smoothing market fluctuations [4]. Strategic Asset Allocation - Insurance companies are advised to enhance their strategic asset allocation, focusing on long-term and value investment principles while carefully selecting stocks with stable dividends and strong fundamentals [5]. - Larger insurance firms are likely to benefit more from these policy changes due to their greater resources, while smaller firms may face challenges in capital market competition [5]. Support for Foreign Trade Enterprises - The notification also aims to bolster support for foreign trade enterprises by adjusting risk factors in export credit insurance, which is particularly important given the current global economic uncertainties [6]. - The regulatory body emphasizes the need for insurance companies to enhance their long-term investment management capabilities and ensure accurate solvency data [6].

对偿付能力的占用一直是险资在进行权益投资时的一大重要考量因素，也在一定程度上掣肘了险资的权 益投资步伐。 险资权益投资部分的偿付能力风险因子下降10%的政策落地。 12月5日，国家金融监管总局发布《关于调整保险公司相关业务风险因子的通知》（下称《通知》）， 将保险公司持仓时间超过三年的沪深300指数成分股、中证红利低波动100指数成分股的风险因子从0.3 下调至0.27；保险公司持仓时间超过两年的科创板上市普通股的风险因子从0.4下调至0.36，降幅均为 10%。 早在5月7月的国新办发布会上，国家金融监管总局局长李云泽就已预告下一步"将股票投资的风险因子 进一步调降10%，鼓励保险公司加大入市力度"，此次《通知》正是该政策的落地。 "《通知》优化降低权益因子，有助于提升险资权益配置意愿。若释放最低资本全部增配沪深300股票， 对应资金为1086亿元。"中泰证券非银金融行业首席分析师葛玉翔回复第一财经称。 如何计算加权平均持仓时间？金融监管总局相关负责人表示，以投资科创板上市普通股为例，保险公司 季度末持仓的科创板股票按照先进先出原则，采用加权平均的方式计算其过去四年持仓时间（超过四年 的按照四年计算），持仓 ...

我们重刊了罗伯特·伦兹纳这篇2012年的旧文，作者以长达半个世纪的近距离观察，记录下巴菲特与一 个普通孩子的温暖互动、他在危机时刻的担当，以及那些隐藏在致股东信与日常言行中的智慧。 这些故事跨越时间，依然鲜活——或许正因如此，我们才更感慨：世上很难再有下一个巴菲特，但他的 精神与方法，仍将长久照亮投资与为人之道。 以下是全文，敬请阅读。 我想分享一个关于沃伦·巴菲特（Warren Buffett）的故事。这个故事我一直铭记于心，相信读者也能从 我的讲述中，感受到他令人敬佩的品格。 1993年，为了撰写《福布斯》美国富豪榜特刊封面报道，我采访了这位当时的美国首富。在奥马哈小联 盟棒球场，有个界外球落在我们附近，巴菲特捡起球，在上面签了名，递给我儿子杰德。那时杰德还只 是个小不点，可从那以后，来自奥马哈的信件就不断寄来，问我什么时候带他去参加伯克希尔·哈撒韦 的年度股东大会。我一直纳闷，一位身家430亿美元的亿万富豪，怎么会记得一个孩子的名字？然而正 是这样的言行举动，让他如此与众不同。自1993年那次封面报道以来，这位来自中西部的81岁长者的财 富已增长五倍有余。 杰德13岁那年，我给巴菲特发了条消息，说六个小 ...