Core Viewpoint - The Chinese government is implementing a series of financial policies aimed at stabilizing and invigorating the capital market, as highlighted by the recent press conference attended by top financial regulators [1][2]. Group 1: Market Stability Measures - The China Securities Regulatory Commission (CSRC) is committed to consolidating the market's recovery momentum by enhancing market monitoring and risk assessment, and supporting the Central Huijin Investment Ltd. to act as a stabilizing fund [1]. - The People's Bank of China announced the merging of two monetary policy tools aimed at supporting the capital market, expanding the range of participating institutions and collateral, while also reducing fees [1][2]. Group 2: Reform Initiatives - The CSRC plans to introduce reforms for the Sci-Tech Innovation Board and the Growth Enterprise Market to enhance institutional inclusivity and adaptability, alongside revising the major asset restructuring management measures [2]. - These reforms are expected to optimize resource allocation through mergers and acquisitions and improve financing channels for technology enterprises [2]. Group 3: Funding Injections - The National Financial Regulatory Administration intends to expand the pilot program for long-term insurance investments, injecting an additional 60 billion yuan into the market [3]. - Adjustments to solvency regulations will lower risk factors for stock investments, encouraging insurance companies to increase their market participation [3]. Group 4: Market Impact - Following the announcement of these policies, the A-share market experienced consecutive gains, with major indices rising over 1% in two trading days [3][4]. - The combination of liquidity support and long-term capital inflow is expected to stabilize market sentiment and reduce volatility, laying the groundwork for a sustained bullish market [4].

2025 年 5 月 7 日 行业研究/行业快报 非银行金融行业近一年市场表现 事件描述： 5 月 7 日，中国人民银行、国家金融监管总局、中国证监会主要负责人， 国新办新闻发布会介绍"一揽子金融政策支持稳市场稳预期"有关情况。 非银行金融 国新办发布会点评 领先大市-A(维持) 政策精准发力，全面完善资本市场机制 执业登记编码：S0760511050001 邮箱：liuli2@sxzq.com 完善资本市场"引长钱"，提升投资规模和占比。一是完善公募基金收 费管理，同日发布《推动公募基金高质量发展行动方案》，优化主动权益类 基金收费模式，浮动管理费收取，设立清晰的业绩比较基准，明确三年以上 考核权重不低于 80%，将投资者盈亏等指标纳入考核体系。二是扩大保险资 金长期投资试点范围，为市场引入更多增量资金，降低股票投资风险因子， 支持稳定和活跃资本市场。 事件点评： 吸引增量，培育"长钱长投"政策体系。政策进一步落实二十届三中全 会及中央经济工作会议相关会议精神，为资本市场建设指明方向，通过投资 请务必阅读最后股票评级说明和免责声明 1 电话：0351-8686900 资料来源：最闻 相关报告： 【山证非银行 ...

非银行金融行业近一年市场表现 事件描述： 5 月 7 日，中国人民银行、国家金融监管总局、中国证监会主要负责人， 国新办新闻发布会介绍"一揽子金融政策支持稳市场稳预期"有关情况。 资料来源：最闻 【山证非银行金融】政治局会议定调积 【山证非银行金融】明确五篇大文章指 加大宏观调控力度，出台一揽子货币政策措施。一是降准降息，降低存 款准备金率 0.5 个百分点，预计将向市场提供长期流动性约 1 万亿元；下调 政策利率 0.1个百分点，公开市场7 天期逆回购操作利率从 1.5%调降至 1.4%， 预计将带动贷款市场报价利率（LPR）同步下行约 0.1 个百分点。二是资本 市场支持工具扩容，优化两项支持资本市场的货币政策工具，互换便利和股 票回购增持再贷款两项工具贷款总额度 8000 亿元合并使用，互换便利由首 批 20 家扩大到 40 家，回购增持再贷款期限由 1 年延长到 3 年，自有资金使 用比例由 30%下降到 10%。三是创设科技创新债券风险分担工具，央行提供 低成本再贷款资金，可购买科技创新债券，提供共同担保等多样化的增信措 施，为科技创新企业和股权投资机构发行低成本、长期限科创债券融资提供 支持。 分 ...

Group 1 - The National Financial Regulatory Administration plans to expand the pilot scope for long-term investment of insurance funds, with an additional 60 billion yuan to be approved to inject more incremental funds into the market [2] - In the first four months of this year, the banking and insurance sectors provided approximately 17 trillion yuan in new financing to the real economy through various means such as loans and bonds [3] - The insurance industry has paid out about 1 trillion yuan in claims from January to April, with over 10 trillion yuan accumulated in long-term preparation funds for pension and health insurance [3] Group 2 - The regulatory authority will further adjust and optimize regulatory rules, including a 10% reduction in the risk factor for insurance companies' stock investments to support a stable and active capital market [4] - Insurance capital is increasingly focused on high-dividend assets, aligning with the demand for long-term stable returns, suggesting a potential increase in the proportion of holdings in such assets [5] - As of the end of the first quarter, insurance capital appeared among the top ten shareholders in over 700 stocks, with a significant presence in banking, transportation, real estate, telecommunications, and public utilities sectors [4]

Core Viewpoint - The article discusses the recent measures taken by the financial regulatory authority to enhance the long-term investment capabilities of insurance funds and to stabilize the financial system, including the approval of an additional 600 billion yuan for insurance investments and a reduction in risk factors for stock investments by insurance companies [2]. Group 1: Insurance Fund Investment - The financial regulatory authority plans to approve an additional 600 billion yuan for long-term investment by insurance funds to inject more capital into the market [2]. - The risk factor for stock investments by insurance companies will be reduced by 10%, encouraging greater market participation [2]. Group 2: Financial System Stability - Large commercial banks are accelerating capital replenishment efforts, and capital supplementation for large insurance groups is also on the agenda [2]. - In the first four months, the banking and insurance sectors provided approximately 17 trillion yuan in new financing to the real economy [4]. Group 3: Insurance Industry Performance - The insurance industry paid out approximately 1 trillion yuan in claims in the first four months of the year [3]. - The short-term export credit insurance underwriting amount increased by 15.3% year-on-year, supporting foreign trade stability [4]. Group 4: Support for Real Estate and SMEs - The regulatory authority will expedite the introduction of financing systems compatible with new real estate development models to stabilize the market [6]. - A comprehensive policy package to support financing for small and private enterprises will be launched [6]. Group 5: Banking Sector Health - The banking sector's provision coverage ratio increased by about 10 percentage points year-on-year, indicating a strengthening safety net [7]. - The approved white list loans by commercial banks have increased to 6.7 trillion yuan, supporting the construction and delivery of over 16 million residential units [8]. Group 6: Foreign Trade Support - The financing coordination mechanism will be expanded to all foreign trade enterprises to enhance financial support amid external pressures [9]. - Measures will be taken to stabilize exports, optimize export credit insurance policies, and provide tailored services to businesses affected by tariffs [9].

Group 1 - The core viewpoint of the articles emphasizes the need for long-term investment strategies and the role of various financial institutions in promoting this approach [1][2][5] - Regulatory measures have been introduced to encourage long-term capital inflow into the market, including the promotion of diverse investment products and investor education [1][2][3] - The capital market is undergoing reforms to enhance quality and provide clearer rules for long-term investments, with a focus on standardized and low-cost investment tools like ETFs and index funds [2][3] Group 2 - The implementation plan for attracting long-term capital includes measures such as guiding companies on dividends and buybacks, expanding the scope of strategic investors, and optimizing new stock subscription processes [3][4] - Financial institutions are innovating to create a diversified asset management system, which includes a range of products across different asset classes such as stocks, bonds, and cryptocurrencies [4] - The importance of improving financial literacy among investors is highlighted, as higher financial literacy correlates with longer holding periods and better risk management strategies [5][6]

Group 1 - The personal pension fund Y share has surpassed 10 billion yuan for the first time, reaching 11.39 billion yuan, with a growth of over 20% compared to the end of last year [1][2] - The number of personal pension funds has expanded to 288, indicating a steady growth in the market [2][3] - The introduction of low-cost, high-transparency tools like index funds is expected to enhance asset allocation efficiency in personal pension accounts, attracting more long-term capital into the market [1][4] Group 2 - The regulatory body has optimized the admission mechanism for index funds, allowing more broad-based indices and suitable long-term value investment indices to be included in personal pension products [3][4] - Index funds are highly compatible with the needs of pension investors, providing stable returns and lower management fees, which aligns with the core demand for "steady appreciation" of pension funds [4][5] - The inclusion of index funds is anticipated to guide more medium to long-term capital into the market, creating a virtuous cycle of "long money and long investment" [4][5]

Core Insights - The investment roadmap for the second pillar pension funds in China is gradually emerging, driven by regulatory encouragement for long-term investments from insurance funds and corporate annuities [2][7] - As of the end of 2024, the accumulated fund size of corporate annuities reached 36,421.88 billion yuan, with a year-on-year growth rate of 14.27% and an average return of 4.77% [2][4] - The average investment return for corporate annuities over the past 18 years is 6.17%, with only three years showing negative average returns [4][7] Investment Performance - The comprehensive investment return rate for the domestic insurance industry reached 7.21% in 2024, while the average return for corporate and occupational annuities is comparatively lower due to strict return requirements from managing institutions [3][4] - The net asset value of corporate annuities was 36,054.50 billion yuan, with a year-on-year growth of 14.53% [4] - The average annual return for occupational annuities since the start of market-oriented investment operations in February 2019 is 4.42% [5] Regulatory Environment - The National Financial Regulatory Administration has issued a plan to enhance the quality of pension finance, encouraging banks and insurance institutions to innovate in corporate and occupational annuity products [7][12] - The plan aims to establish a distinctive pension finance system in China over the next five years, emphasizing the importance of corporate annuities in alleviating pressure on basic pension insurance [7][12] Challenges and Opportunities - Despite the growth in corporate annuities, challenges remain, including market complexity and insufficient motivation for enterprises to establish annuity plans [8][10] - There is significant potential for growth in the corporate annuity market, but the motivation for enterprises to contribute remains low [9][10] - Enhancing the investment quality of corporate and personal pensions is seen as crucial for increasing participation in the second and third pillars of the pension system [11][12] Investment Strategy - Increasing the proportion of equity investments in corporate and occupational annuities is viewed as a key strategy to improve returns [11][12] - Financial institutions are focusing on upgrading their asset allocation methodologies to achieve better investment outcomes [11][12]

ETF产品规模的持续增长背后，是越来越多的投资者认可以ETF为代表的指数化投资新趋势。上交所有 关负责人介绍，随着指数化投资理念不断深入人心，ETF市场参与度稳步提升，目前沪市ETF参与账户 数近1000万户，去年"9.24"以来增长约200万户。 值得一提的是，ETF产品也吸引了更多国际资金以指数化方式投资中国。据上交所有关负责人介绍，目 前境外跟踪上证、中证指数的产品规模达到1500亿元。 该负责人表示，上交所正围绕"指数化投资高质量发展，推动中长期资金入市"这一主线，努力携手各方 构建"长钱长投"的生态环境，培育壮大耐心资本。具体举措包括持续健全ETF产品谱系、不断优化ETF 配套机制、着力构建ETF市场良好生态以及推动中长期资金投资规模和比例稳步提升等。 4月16日，上交所有关负责人在国泰海通"促进资本市场指数化高质量发展研讨会"上表示，以ETF为代 表的指数化投资已成为推动资本市场高质量发展的重要引擎。据介绍，今年以来，沪深两市ETF资金净 流入约2000亿元，其中沪市ETF净流入近1300亿元。2024年，两市ETF净流入约1.2万亿元，其中沪市 ETF净流入8400亿元。 当前，ETF产品数量已 ...

上交所更新指数业务三年行动方案，构建"长钱长 投"生态助力居民财富管理 2025年3月24日，上海证券交易所宣布完成对《指数业务三年行动方案（2024-2026年）》的中期更新。 此次修订紧扣服务国家战略与资本市场改革主线，旨在通过优化指数生态、强化科技赋能、完善产品供 给，为中长期资金入市创造更优环境，推动形成"长钱长投"的市场格局，助力居民财富保值增值。 立足国家战略，打造"中国品牌"指数体系 围绕金融"五篇大文章"，上交所正加速构建服务科技、绿色、普惠、养老、数字金融的指数矩阵。例 如，在科技金融领域强化科创板指数布局，绿色金融方向深化ESG指数应用，普惠金融领域推出低门槛 稳收益产品，养老金融领域编制个人养老金投资标的指数。这一体系不仅为投资者提供多元化配置工 具，更通过引导资金流向国家重点领域，助力经济高质量发展。此外，跨境指数布局的完善（如纳入港 股通ETF）进一步提升了中国指数的国际影响力，为全球资金配置中国资产提供便利。 展望未来：指数化投资迈向高质量发展 上交所表示，下一步将以更大力度落实行动方案，深化与市场各方合作，推动指数产品创新与投教宣传 协同发力。随着更多中长期资金入市和居民财富管理 ...