Core Viewpoint - Insurance funds are accelerating their entry into the capital market through private equity funds, driven by regulatory policies and declining interest rates [1][5]. Group 1: Private Fund Establishment - The recently established Honghu Fund Phase 1 and Phase 2 are part of the third batch of long-term investment pilot funds for insurance capital, with a total scale of 225 billion yuan, equally funded by New China Life and China Life [1][2]. - Since the long-term investment reform pilot began at the end of 2023, three batches have been approved, totaling 222 billion yuan, with the first batch fully invested in the stock market [1][2]. - Major insurance companies, including China Life, Ping An, and New China Insurance, have been actively setting up private equity funds since 2025 [2][4]. Group 2: Investment Strategies and Focus - The newly established funds primarily focus on long-term equity investments, targeting companies with stable cash flows and growth potential [6][7]. - The Honghu Fund Phase 1 aims for steady dividend income through low-frequency trading and long-term holding of large-cap A+H shares [5][6]. - Sunshine Insurance's fund will invest in stocks from the CSI 300 Index and Hang Seng Index, utilizing various investment methods to enhance capital market participation [6][7]. Group 3: Market Impact and Trends - The orderly entry of insurance funds into the market is expected to enhance market depth and resilience, fostering the development of high-quality listed companies [5][6]. - The focus of these pilot funds is on companies with good fundamentals and stable dividends, reflecting a long-term investment philosophy [6][7]. - Insurance capital is increasingly concentrated in sectors such as banking, telecommunications, automotive, electronics, and pharmaceuticals, as indicated by recent investment trends [7].

7月11日，财政部印发《关于引导保险资金长期稳健投资进一步加强国有商业保险公司长周期考核的通 知》(以下简称《通知》)，明确国有商业保险公司全面建立三年以上长周期考核机制，并要求其提高资 产负债管理水平，注重稳健经营，增强投资管理能力。 今年1月份，中央金融办、证监会、财政部等六部委联合印发《关于推动中长期资金入市工作的实施方 案》提出，对国有保险公司经营绩效全面实行三年以上的长周期考核，净资产收益率当年度考核权重不 高于30%，三年到五年周期指标权重不低于60%，以引导保险公司加大A股投资力度。 中国社会保障学会副会长兼养老金分会会长、浙江大学国家制度研究院副院长金维刚接受《证券日报》 记者采访时表示，考核周期延长，将对保险资金的投资理念、投资风格和投资特点产生正向激励作用， 有利于提升险资权益投资稳定性和积极性，鼓励险资价值投资、长期投资，成为稳定资本市场的重要力 量，增强市场的活力和韧性。 此次《通知》进一步将净资产收益率由"当年度指标+三年周期指标"调整为"当年度指标+三年周期指标 +五年周期指标"，权重分别为30%、50%、20%；同时将资本保值增值率由"当年度指标"调整为"当年度 指标+三年周期指 ...

Core Viewpoint - The implementation of a long-term assessment mechanism for insurance funds is expected to stabilize capital market investments and enhance the resilience of the A-share market, potentially bringing in trillions of yuan in incremental funds [1][2][3]. Group 1: Long-term Assessment Mechanism - The Ministry of Finance issued a notification to establish a long-term assessment mechanism for insurance funds, effective from the 2025 performance evaluation [1]. - The new assessment criteria will combine annual indicators with three-year and five-year indicators, with respective weights of 30%, 50%, and 20% [3][4]. - This shift aims to reduce the sensitivity of insurance funds to short-term market fluctuations and promote a stable investment approach [1][2]. Group 2: Market Impact and Fund Allocation - The long-term assessment mechanism is projected to bring approximately one trillion yuan in incremental funds to the A-share market [1][7]. - As of the end of 2024, the total balance of commercial insurance fund investments is expected to reach about 33 trillion yuan, with only 11% currently invested in A-shares, indicating significant room for growth [2][7]. - The policy encourages large state-owned insurance companies to allocate 30% of new premiums to A-share investments starting in 2025, which could lead to over 300 billion yuan in additional funds [6][7]. Group 3: Regulatory Support and Industry Development - The regulatory framework has been strengthened to support the entry of long-term funds into the market, including raising the investment limits for equity assets to 50% for some insurance companies [6]. - The implementation of long-term investment trials has been approved, with a total scale of 2.22 trillion yuan, enhancing the capacity of insurance funds to support the capital market [6][7]. - The focus on long-term investment is expected to align with the needs of the real economy, promoting sustainable development and stability in the capital market [3][4].

两项调整 据了解，《通知》根据《财政部关于印发<商业保险公司绩效评价办法>的通知》（财金〔2022〕72 号）、《财政部关于引导保险资金长期稳健投资 加强国有商业保险公司长周期考核的通知》（财金 〔2023〕89号）（以下统称《办法》）相关规定进行调整。 中国人寿集团表示，《通知》是对《办法》的有益补充和完善，体现了财政主管部门引导国有商业保险 公司更好发挥经济减震器和社会稳定器功能、始终坚持高质量发展的坚定决心和积极行动。 具体来看，《通知》将《办法》中经营效益类指标的"净资产收益率"由"3年周期指标+当年度指标"相结 合的考核方式调整为"当年度指标+3年周期指标+5年周期指标"相结合的考核方式。其中，当年度指标 为"当年净资产收益率"，权重为30%；3年周期指标为"3年周期净资产收益率"，权重为50%；5年周期指 标为"5年周期净资产收益率"，权重为20%。 南方财经全媒体记者林汉垚北京报道 7月11日，财政部重磅发布国有商业保险公司长周期考核新规—《关于引导保险资金长期稳健投资 进一 步加强国有商业保险公司长周期考核的通知》（下称《通知》），通过弱化短期收益考核压力，引导险 资减少股市短期抛售冲动，鼓励 ...

作者 | 第一财经 周斌 时隔近两年，国有险企中长期考核指标再度调整。 近日，财政部印发《关于引导保险资金长期稳健投资 进一步加强国有商业保险公司长周期考核的通知》 （下称《通知》），针对国有保险公司净资产收益率、资本保值增值率这两大关键指标的评价方式再度进 行调整，将三年、五年的长周期考核权重提升至70%。 业内普遍认为，推动保险资金全面建立三年以上长周期考核机制，是一个很重要的制度性突破。新规实施 有助于降低保险资金对市场短期波动的敏感性，提升险资入市意愿。同时，新规将引导险资的投资行为更 注重稳定，这将有效提升资本市场内在稳定性。 "长周期考核是提升各类资金股票投资稳定性和积极性的关键举措。" 银华基金总经理王立新对第一财经 表示，扩大长钱的入市规模，短期看，给市场带来大规模增量资金；长期看，将显著改善市场的资金结 构，增强市场韧性和抗风险能力，推动形成价值投资的市场氛围，巩固A股回暖向好的良好趋势。 南方基金对第一财经分析称，新规将从投资行为上引导保险资金更加注重稳健经营、长期价值投资，鼓励 险资投资"长期成长性企业"，更多通过战略投资、定增等方式参与上市公司，强化其长期影响力，促进上 市公司治理与质 ...

Core Viewpoint - The recent adjustment of long-term assessment indicators for state-owned insurance companies aims to promote stable and long-term investment behaviors, reducing sensitivity to short-term market fluctuations and enhancing the willingness of insurance capital to enter the market [1][2][3]. Group 1: Regulatory Changes - The Ministry of Finance issued a notice to adjust the evaluation methods for key indicators such as net asset return rate and capital preservation rate, increasing the weight of long-term assessments over three and five years to 70% [1][4]. - The assessment mechanism has shifted from focusing on three-year evaluations to incorporating five-year evaluations, which is expected to provide new momentum for long-term investments [3][4]. - The new regulations will lower the weight of annual performance indicators to 30% for the net asset return rate, with 50% for three-year and 20% for five-year indicators [4]. Group 2: Impact on Investment Behavior - The adjustments are expected to encourage insurance capital to focus on stable operations and long-term value investments, promoting strategic investments in growth-oriented companies [2][5]. - The long-term assessment mechanism is anticipated to enhance the tolerance of insurance companies for short-term market fluctuations, thereby increasing their allocation to A-shares [5][6]. - The changes are likely to improve the efficiency of market price discovery and resource allocation by guiding insurance companies to focus on long-term value extraction [5][6]. Group 3: Market Dynamics - Insurance capital has been increasingly entering the market, with significant growth in long-term equity investments, as evidenced by the approval of multiple pilot programs [6]. - The proportion of equity and long-term equity investments in property insurance companies has risen to 13.81%, while for life insurance companies, it has reached 16.70% [6]. - The optimization of solvency regulatory standards is expected to further enhance the willingness of insurance companies to invest in equities, providing sustainable capital for the transformation of the real economy [7].

Economic Data Release - China will release several important economic data this week, including June CPI, June PPI, July foreign exchange reserves, and July social financing data [1] - The U.S. "reciprocal tariffs" suspension period is about to end, and the Federal Reserve will publish the minutes of its monetary policy meeting [1] Stock Market Developments - This week, a total of 50 stocks will have their lock-up shares released, with a total market value of approximately 37.619 billion yuan. The top three stocks by market value of released shares are Lingyun Guang (5.952 billion yuan), Haohua Technology (4.263 billion yuan), and Weike Technology (3.636 billion yuan) [2] Regulatory Changes - The People's Bank of China is seeking public opinion on the draft business rules for the Cross-Border Interbank Payment System (CIPS), which includes detailed processes for account management, funding, and settlement [4] - The Ministry of Finance has announced measures regarding government procurement of medical devices imported from the EU, requiring that non-EU companies' products must not exceed 50% of the total contract amount for certain procurement projects [5] Aviation Industry Initiatives - The Civil Aviation Administration of China has established a leadership group for general aviation and low-altitude economy, focusing on the development and regulation of these sectors [6] Real Estate Market Stability - The Ministry of Housing and Urban-Rural Development emphasizes the importance of stabilizing the real estate market and encourages local governments to implement precise policies to promote healthy development [7] Electricity Demand Surge - China's electricity load reached a historical high of 1.465 billion kilowatts on July 4, driven by high temperatures, marking an increase of approximately 200 million kilowatts from the end of June and nearly 150 million kilowatts year-on-year [8] Oil Production Increase - Eight major oil-producing countries have decided to increase production by 548,000 barrels per day in August, adjusting their output based on current market conditions [9] New Tariffs Announcement - U.S. President Trump announced that new tariffs will likely be implemented starting August 1, with rates potentially reaching up to 70% [10] Stock Market Outlook - The market is expected to experience a strong oscillation, with a focus on industry logic as half-year reports approach. High-dividend blue-chip companies are anticipated to gain market favor [14] - The market is cautiously optimistic for July, with expectations for steady upward movement in the index amid various influencing factors [14][15]

Core Viewpoint - The insurance capital is actively increasing its stake in listed companies, with a total of 19 instances of stake increases involving 15 companies reported by July 3, 2025, nearing the total of 20 for the entire year of 2024 [5][6]. Group 1: Recent Stake Increases - On July 3, 2025, Xintai Life Insurance acquired 345 million shares of Hualing Steel, representing 5% of the company's total share capital, triggering a stake increase notification [1][2]. - Li'an Life Insurance announced on July 3, 2025, that it increased its stake in Jiangnan Water by purchasing 1.1 million shares, bringing its total holdings to approximately 47 million shares, or 5.03% of the company [2][3]. Group 2: Financial Performance of Companies - Hualing Steel reported a revenue of 30.075 billion yuan for Q1 2025, a decrease of 18.52% year-on-year, while its net profit attributable to shareholders increased by 43.55% to 562 million yuan [2]. - Jiangnan Water achieved a revenue of 294 million yuan in Q1 2025, a slight decrease of 0.43%, with a net profit attributable to shareholders of 95 million yuan, reflecting a year-on-year increase of 13.13% [3]. Group 3: Trends in Insurance Capital - The insurance sector has seen a significant increase in stake acquisitions, with a focus on companies in banking, environmental protection, transportation, and public utilities, characterized by low valuations and high dividend yields [5][6]. - The current low-interest-rate environment and changes in accounting standards are driving insurance capital to pursue long-term stable investment returns through stake increases in listed companies [6][7]. Group 4: Regulatory Environment and Future Outlook - Recent regulatory changes have allowed insurance companies to increase their equity asset allocation, potentially bringing an additional 1.5 trillion yuan into the market [8]. - Insurance companies are encouraged to focus on long-term investments in sectors such as technology and traditional industries with stable earnings and reasonable valuations [8].

Group 1 - The A-share market showed a strong performance in certain sectors such as banking, electricity, chemical pharmaceuticals, and fiberglass, while software development, internet services, batteries, and auto parts lagged behind [1] - Long-term capital inflow into the market is accelerating, with a steady increase in ETF size and continuous inflow of insurance funds, providing significant support [1] - The Federal Reserve's decision to maintain interest rates in June introduces uncertainty regarding future rate cuts, which could significantly boost global risk appetite if clear signals are released [1] Group 2 - The A-share market exhibited a clear divergence in style, with strong performance in dividend stocks despite adjustments in previously strong sectors like solid-state batteries, stablecoins, and military industry [2] - The market is expected to continue its oscillation in the short term, with structural opportunities in specific themes, while caution is advised against chasing high-performing sectors and stocks [2] - The medium-term outlook for the A-share market appears positive, with expectations of continued upward trends supported by financial policies for high-quality development and anticipated interest rate cuts by the Federal Reserve [2]

Group 1 - The core viewpoint of the article is that regulatory changes are expected to lead to a significant increase in insurance capital allocation to equity assets, with an estimated additional funding of over 400 billion yuan by 2025 [1] Group 2 - In April, the National Financial Regulatory Administration issued a notice to relax the restrictions on the proportion of equity assets that insurance companies with sufficient solvency can allocate [1] - Under the ongoing regulatory guidance, insurance funds are accelerating their entry into the stock market by establishing private equity investment funds [1] - A fund manager from China International Capital Corporation (CICC) estimates that if the balance of insurance fund utilization grows by 5% by 2025, with 25% allocated to equity assets, approximately 412.5 billion yuan will be available for equity asset allocation [1]