Core Viewpoint - The article emphasizes the importance of long-term investment strategies for state-owned commercial insurance companies, highlighting the implementation of a three-year long-cycle assessment mechanism to enhance investment stability and management capabilities [1][3][4]. Group 1: Long-Cycle Assessment Mechanism - The new assessment mechanism includes a shift in the evaluation of net asset return rates from a focus on annual performance to a combination of annual, three-year, and five-year indicators, with respective weights of 30%, 50%, and 20% [3]. - The capital preservation and appreciation rate will also be assessed over a longer period, which is expected to reduce the impact of short-term market fluctuations on performance evaluations [3][4]. - This mechanism aims to encourage insurance companies to focus on long-term returns and value investments, thereby enhancing their role as long-term institutional investors [3][4]. Group 2: Enhancing Management Capabilities - The notification requires insurance companies to improve asset-liability management, ensuring better alignment in terms of duration, cost-benefit, and cash flow [4]. - It also emphasizes the need for stable operations and the development of internal long-term assessment mechanisms to identify quality investment opportunities [4]. - By enhancing investment management capabilities, insurance companies can better serve the real economy and contribute to high-quality economic development [4]. Group 3: Market Impact and Future Prospects - The article notes that as of the end of 2024, the total investment balance of commercial insurance funds in China is expected to reach approximately 33 trillion yuan, with only about 11% currently invested in A-shares, indicating significant room for growth [7][8]. - The implementation of the long-cycle assessment is anticipated to increase insurance companies' tolerance for short-term market fluctuations, encouraging them to increase their A-share allocations [8][11]. - The overall trend suggests that more long-term funds are likely to enter the market, which could enhance market liquidity and stability, ultimately leading to a more favorable investment environment [10][12].

Core Viewpoint - The Ministry of Finance has issued a notification to implement a long-term assessment framework for state-owned insurance companies, emphasizing the importance of long-term, stable investments to mitigate market volatility and enhance the role of insurance funds as stabilizers in the market and drivers of economic development [1][3]. Summary by Sections Long-term Assessment Implementation - Starting from the performance evaluation for the year 2025, state-owned insurance companies will adopt a three-year and five-year assessment framework alongside annual indicators [2][8]. Performance Evaluation Metrics - The net asset return rate will now be assessed using a combination of annual, three-year, and five-year indicators, with respective weights of 30%, 50%, and 20% [1][4]. - The capital preservation and appreciation rate will also shift to include annual, three-year, and five-year indicators, maintaining the same weight distribution [1][6]. Asset-Liability Management - State-owned insurance companies are required to enhance their asset-liability management, ensuring alignment in terms of duration structure, cost-benefit, and cash flow [7]. Investment Strategy - Emphasis is placed on prudent management, with a focus on long-term, value-based investments, and the identification of quality investment targets that offer stable returns and growth potential [7][8]. Investment Management Capability - Companies must strengthen their investment management capabilities, adhering to internal investment management systems, and improving decision-making and risk assessment processes [7].

Core Viewpoint - The Ministry of Finance has issued a notification to promote the establishment of a long-term assessment mechanism for state-owned insurance companies, emphasizing a shift towards long-term investment strategies and enhancing the stability of capital markets [2][4][12]. Group 1: Long-term Assessment Mechanism - The notification increases the weight of long-term assessments for key indicators such as net asset return and capital preservation to 70%, with specific weights of 30% for annual indicators, 50% for three-year indicators, and 20% for five-year indicators [4][11]. - This adjustment aims to reduce the impact of short-term market fluctuations on the performance evaluation of state-owned insurance companies, encouraging them to focus on long-term, value-based investments [4][10]. Group 2: Enhancing Management Capabilities - The notification requires state-owned insurance companies to improve asset-liability management, ensuring better matching of cash flows and optimizing asset allocation to achieve stable growth of equity and preservation of state capital [6][7]. - It emphasizes the importance of prudent operations and robust investment management capabilities, including the enhancement of internal investment management systems and decision-making processes [7][12]. Group 3: Market Impact and Investment Opportunities - As of the end of 2024, the total investment balance of commercial insurance funds in China is approximately 33 trillion yuan, with only about 11% allocated to A-shares, indicating significant room for growth towards the 25% policy ceiling [10]. - The establishment of a long-term assessment mechanism is seen as a key measure to enhance the stability and positivity of various funds' stock investments, which could lead to improved capital market dynamics and attract more long-term capital [10][12].

Core Viewpoint - The recent issuance of the "Notice" by the Ministry of Finance marks a significant institutional breakthrough for long-term investment by insurance funds, enhancing the performance evaluation system for state-owned insurance companies and promoting stable and sustainable long-term investments in the capital market [1][2]. Group 1: Long-term Assessment Mechanism - The "Notice" emphasizes the establishment of a long-term assessment mechanism for state-owned insurance funds, adjusting the evaluation of net asset return and capital preservation and appreciation rates to include annual, three-year, and five-year indicators, with respective weights of 30%, 50%, and 20% [2][3]. - This adjustment aims to reduce the impact of short-term market fluctuations on performance evaluations, encouraging insurance companies to focus on long-term and value investments [2][3][4]. Group 2: Asset-Liability Management and Investment Capability - The "Notice" outlines new requirements for state-owned insurance companies regarding asset-liability management, emphasizing the need for better matching of asset and liability structures, cost-benefit analysis, and cash flow management [5]. - It also stresses the importance of stable operations and enhanced investment management capabilities, including strict adherence to internal investment management systems and improved decision-making processes [5][6]. Group 3: Increased A-share Investment - The new long-term assessment mechanism is expected to encourage insurance funds to increase their allocation to A-shares, as it allows for greater tolerance of short-term market volatility [8][9]. - If insurance funds increase their equity allocation by just 1%, it could inject approximately 350 billion yuan into the market, further enhancing the long-term investment characteristics of insurance capital [9][10]. Group 4: Potential for Growth in Specific Sectors - There is significant potential for insurance capital to increase its allocation in A-shares, with current investments being relatively low compared to the total assets under management [10][11]. - The focus on long-term assessments may lead to increased investments in blue-chip stocks and high-dividend assets, as well as in strategic emerging industries such as integrated circuits and artificial intelligence [12][13]. Group 5: Fund Companies' Role - Fund companies are expected to enhance their investment services to support insurance funds in achieving good long-term returns, developing more stable products, and improving their investment capabilities [13]. - The ongoing reforms and improvements in the capital market environment are seen as favorable for insurance funds to increase their equity investments [13].

据财政部网站，为落实中央金融办等6部门印发的《关于推动中长期资金入市工作的实施方案》有关要 求，持续引导国有商业保险公司长期稳健经营，更好发挥保险资金的市场稳定器和经济发展助推器作 用，进一步加强对国有商业保险公司长周期考核，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》。 ...

财政部7月11日印发的《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，同时，要求国有 商业保险公司提高资产负债管理水平，注重稳健经营，增强投资管理能力。 广发证券表示，对商业保险资金等中长期资金实施三年长周期考核，通过构建投资管理机构、投资经理、产品 组合等多层面相互衔接的考核体系，并建立健全与长周期考核相匹配的管理制度，有利于降低短期市场波动对 保险等中长期资金投资行为的影响，提升中长期资金权益投资的积极性和稳定性，为资本市场高质量发展注入 源头活水，优化市场结构，降低市场波动，更好发挥资本市场"稳定器""压舱石"作用。 强调长周期考核和经营管理能力提升 长周期考核是提升投资运作稳定性的关键举措之一。《通知》明确，进一步加强长周期考核，不断提升经营管 理能力。 具体来看，在长周期考核方面，一是将净资产收益率由"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％。以推动国有商业保险公司更加注重长期收益、 防范短期行为，加快实现高质量发展。二是将资本 ...

国有保险公司三年以上长周期考核机制全面落地，财政部近日印发《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》，明确要求，进一步加强国有险企长周期考核。一方 面，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%；另一方面将资本保值增值率由"当年度指标"调整为"当年度指标+三 年周期指标+五年周期指标"，权重分别为30%、50%、20%。以降低市场波动对国有商业保险公司当年 绩效评价结果的影响，引导其 长期投资、价值投资、稳健投资，更好发挥其长期机构投资者作用。上 述要求自2025年度绩效评价起开始实施。（记者 闫军） ...

财政部：经营效益类指标调整为"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 相关链接 金十数据7月11日讯，财政部发布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。《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%。 (1+r${}_{n}$) x (1+r${}_{n-1}$) x (1+r${}_{n-2}$) = 1 ...

Group 1: Education Planning and Trends - The year 2025 marks the end of the "14th Five-Year" education plan and is crucial for planning the "15th Five-Year" education development, with a mission to optimize and adjust about 20% of higher education disciplines and majors[1] - During the "14th Five-Year" period, education funding has steadily increased, with gross enrollment rates in higher education reaching 60.8% by 2024, indicating significant progress in expanding coverage and improving quality[9] - The current high school entrance examination reflects the strategic direction of the "15th Five-Year" plan, showcasing three emerging trends in education[14] Group 2: Emerging Trends in Higher Education - The first trend is the expansion of undergraduate programs, with a potential increase in graduate admissions, despite a decline in the number of applicants for the first time in eight years[15] - The second trend involves optimizing university majors, with a notable increase in demand for engineering and interdisciplinary talents, as evidenced by the addition of 29 new undergraduate majors, primarily in engineering (34.5%), arts (27.6%), and medicine (13.8%)[17] - The third trend focuses on enhancing international competitiveness by expanding the "Double First-Class" initiative, which emphasizes the development of engineering and science disciplines to support technological self-reliance[27] Group 3: Risks and Challenges - There are risks related to inaccurate or incomplete data and information regarding the "15th Five-Year" plan and the "Education Strong Nation" initiative[29] - The potential for insufficient policy implementation related to the "Education Strong Nation" initiative poses a risk to achieving the outlined goals[29] - There is a risk that the direction of educational reforms during the "15th Five-Year" period may not align with expectations based on recent trends and policy documents[29]

神译局是36氪旗下编译团队，关注科技、商业、职场、生活等领域，重点介绍国外的新技 术、新观点、新风向。 编者按：提问的意义大于答案的意义。本文来自编译，希望对您有所启发。 1. 我最坚定的信念中，有多少是基于二手信息而非亲身经历形成的？ 2. 如果无法与他人比较，我会如何定义美好的生活？ 3. 我曾经批评的观点中，有哪些是我如果身处他们的境地，实际上会同意的？ 4. 我羡慕的人中，有哪些实际上比我更不快乐？ 5. 回顾过去，我是否擅长预测自己对实际发生的风险的感受和反应？ 9. 如果除了我的直系亲属之外没有人能看到我的生活方式，我会过什么样的生活呢？ 10. 有哪些事情如果真的发生了，会从根本上改变我的生活，不管是好是坏？ 11. 有哪些观点我明知是错误的，但我说出来是因为我不想被雇主或同行批评？ 12. 我所做的事情中，有多少是基于内部标准（让自己感到快乐），有多少是基于外部标准（我认为这 会改变别人对我的看法）？ 13. 我是独立思考，还是随波逐流，顺应我希望融入的群体的观点？ 14. 我是在为谁的认可而努力？ 15. 如果我的原则不再为自己赢得赞誉和认可，我会放弃哪些原则？ 6. 我对更多金钱的渴望是否 ...