Core Viewpoint - Insurance funds are increasingly entering the market as long-term capital, with significant investments in various sectors, particularly banking and transportation [1][2][3]. Group 1: Insurance Fund Activities - As of May 9, 2023, insurance funds have made 13 equity stakes this year, including 6 in bank stocks [2]. - Ping An Life increased its stake in China Merchants Bank by acquiring 3.4755 million H-shares, raising its holding from 11.92% to 12% [2]. - Postal Insurance acquired 79.4201 million shares of Eastern Airlines Logistics, representing 5% of the total share capital, triggering a stake disclosure [2]. Group 2: Regulatory Support and Investment Trends - The National Financial Regulatory Administration announced plans to approve an additional 60 billion yuan for long-term investment reforms, bringing the total scale of insurance fund pilot projects to 222 billion yuan [1][3]. - The first pilot companies, China Life and New China Life, each invested 25 billion yuan to establish a private equity fund, which has shown good performance [3]. Group 3: Investment Strategy Insights - Analysts suggest that insurance funds are likely to focus on high dividend, high ROE (Return on Equity) assets, and may gradually increase allocations to stocks in the CSI A500 index, benefiting from economic stabilization [4].

Investment Rating - The report maintains a "Buy" rating for several key companies in the insurance sector, including China Pacific Insurance, AIA Group, China Life Insurance, and Ping An Insurance [7][10][37]. Core Insights - The report emphasizes the encouragement of long-term investments and the proactive capital replenishment strategies in the insurance industry to address potential uncertainties arising from low interest rates [1][2][11]. - Recent regulatory changes include a 10% reduction in the risk factor for stock investments, aimed at promoting greater market participation by insurance companies [3][15]. - The total scale of the long-term stock investment pilot program is expected to reach 2,220 billion RMB, with the latest approval of an additional 600 billion RMB [4][26]. Summary by Sections Regulatory Changes - The Financial Regulatory Bureau has announced a series of policies to stabilize market expectations and enhance the entry of insurance funds into the market, including a 10% reduction in the stock investment solvency risk factor [3][5][15]. - The capital replenishment mechanism for large insurance groups has been prioritized, with a focus on preparing for potential uncertainties in the low-interest-rate environment [2][11]. Long-term Investment Strategies - The report highlights the ongoing pilot program for long-term stock investments, which has already approved three batches totaling 1,620 billion RMB, with the fourth batch of 600 billion RMB expected to be approved soon [4][26]. - Insurance companies are increasingly allocating to dividend stocks, with a notable increase in the stock holdings of seven listed insurance companies, which rose by 2,856 billion RMB year-on-year [4][27]. Market Outlook - The report suggests that the policies introduced will benefit leading companies in the insurance sector, encouraging them to adopt long-term investment strategies that align with their dividend strategies [1][5][31]. - The anticipated dynamic under-allocation in dividend strategies could reach over 1 trillion RMB in the coming two to three years, as insurance companies gradually adjust their portfolios [27][31].

Core Viewpoint - Insurance capital is actively entering the market, with China Post Life Insurance acquiring a 5% stake in Eastern Airlines Logistics, reflecting a broader trend of insurance companies increasing their market presence due to supportive policies [1][5]. Company Overview - Eastern Airlines Logistics is a key player in the aviation logistics sector under the Eastern Airlines Group, benefiting from the growth of cross-border e-commerce and increasing international air logistics demand [1][8]. - In 2024, Eastern Airlines Logistics reported a revenue of 24.056 billion yuan, a year-on-year increase of 16.66%, and a net profit of 2.688 billion yuan, up 8.01% [1][9]. Business Performance - The cross-border e-commerce solutions segment generated a revenue of 5.920 billion yuan in 2024, representing a 26.01% increase and accounting for 24.58% of the company's total revenue [2][9]. - The total volume of cross-border e-commerce imports and exports reached 75.39 million orders, a 40.94% increase year-on-year, with a cargo volume of 16.22 million tons, up 47.52% [2][9]. Shareholder Activity - China Post Life Insurance announced its acquisition of 79.42 million shares of Eastern Airlines Logistics at a price of 10.944 yuan per share, totaling 869 million yuan [4][5]. - Following this transaction, China Post Life Insurance holds a 5% stake in Eastern Airlines Logistics, marking a significant investment move [3][4]. Industry Context - The insurance sector has seen increased activity, with seven insurance companies making 13 stake acquisitions in listed companies this year, driven by policy encouragement [5][6]. - The global air cargo demand grew by 11.3% in 2024, with China's air cargo transport volume increasing by 22.1%, indicating a robust market environment for logistics companies [8]. Dividend Policy - Eastern Airlines Logistics announced a cash dividend plan of 1.88 yuan per share, totaling 457 million yuan, which represents 40% of the company's net profit for 2024 [10].

Core Viewpoint - The Chinese government is intensifying policies to encourage insurance funds to enter the capital market, with three major measures announced to stabilize and activate the market [1][2]. Policy Measures Policy One: Risk Factor Adjustment - The risk factor for stock investments will be reduced by 10%, potentially releasing a minimum capital of 364 million yuan, which could lead to an influx of approximately 1,349 million yuan into the stock market if insurance companies increase their stock allocations [2][3]. - The adjustment aims to improve the solvency ratio of the insurance industry by reducing the capital required for equity investments, which has been a significant consideration for insurance companies [1][2]. Policy Two: Long-term Investment Pilot - An additional 600 million yuan will be allocated to long-term stock investment pilots, bringing the total to 2,220 million yuan [3]. - This initiative allows insurance companies to establish private equity funds focused on long-term stock investments, which can mitigate the impact of market volatility on net profits [3]. Policy Three: Long-term Assessment Mechanism - The implementation of a long-term assessment mechanism is intended to smooth out short-term market fluctuations and enhance the stability of long-term investment behaviors [4]. - The recent increase in the equity investment ratio cap for insurance companies from 10%-45% to 10%-50% indicates that there is still room for further equity investments, which can act as a stabilizing force in the capital market [4].

600亿长期投资试点新增规模+风险因子调降10%+推动完善长周期考核。 加大保险资金入市稳市力度的推动政策继续加码。 继上月上调险资权益投资比例上限后，在5月7日上午举行的国新办新闻发布会上，国家金融监督管理总 局局长李云泽再次宣布了险资入市"正在路上"的三大措施，继续支持稳定和活跃资本市场。 从发布会信息来看，这三大措施分别是拟再批复600亿元长期投资试点规模，将股票投资的风险因子进 一步调降10%，以及推动完善长周期考核机制。 "5月7日的政策可以说是之前一轮险资入市政策的延续，有之前政策的加码和落实，也有像风险因子下 调这类回应行业呼声的政策。总体而言，这进一步释放了险资的投资空间。"一名险企投资负责人对第 一财经记者表示。 这些政策会带来多少增量资金？中泰证券非银金融行业首席分析师葛玉翔回复第一财经记者的测算数据 显示，股票投资的风险因子调降10%或将带动增量险资规模逾1300亿元。这1300亿元的理论增量，再加 上拟批复的"实打实"的600亿元规模险资长期投资试点，以及长周期考核所带来的底层影响，撬动的增 量险资权益投资空间或将是超千亿量级的。 政策一：股票投资风险因子调降10%，或带动增量资金逾1 ...

一揽子金融政策有效提振市场情绪。 5月7日，央行、金融监管总局、证监会负责人介绍"一揽子金融政策支持稳市场稳预期"有关情况。 本次发布会出台了降准降息、结构性货币政策工具降价扩容、险资入市加码、公募费率改革等众多增量政策。 公募基金普遍认为，会议释放积极政策信号，有效提振市场情绪。 发布会超预期 此次发布会上，央行发布三类共10项货币政策，延续货币政策适度宽松基调，强化逆周期调节和支持实体经济 发展。 金融监管总局发布8项增量政策，覆盖房地产、资本市场、小微民营企业、外贸及科技创新等多个领域。 博时基金首席权益策略分析师陈显顺分析，此次会议凸显多部门协同发力稳定市场的政策决心，释放以下三大 信号。一是政策协调性强化。央行、金融监管总局、证监会联合部署，传递系统性维稳意图，提振市场信心。 二是重点风险化解加码。明确支持房企合理融资、推进地方债务重组，并严控IPO节奏缓解资金分流压力，结 构性纾困政策有望降低系统性风险。三是 引入 长线资金。推动险资、养老金等入市，优化分红回购机制，引 导市场从短期博弈转向长期价值投资，夯实估值底部。 景顺长城基金指出，本次央行、金融监管总局、证监会三部委出台多项举措，释放积极政 ...

证券研究报告 | 固收点评报告 | | --- | hyzqdatemark 2025 年 05 月 07 日 降准降息落地，债市利好或出尽 ——5 月 7 日金融监管国新办新闻发布会点评 投资要点： 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 源引金融活水 润泽中华大地 图表 2：2025 年初以来同业存单利率走势 请务必仔细阅读正文之后的评级说明和重要声明 第 2页/ 共 4页 图表 1：2025 年初以来，DR001 及 DR007 利率走势（%） 资料来源：同花顺 iFinD、华源证券研究所 资料来源：同花顺 iFinD、华源证券研究所 图表 3：各期限国债收益率走势（%） 资料来源：同花顺 iFinD、华源证券研究所 源引金融活水 润泽中华大地 请务必仔细阅读正文之后的评级说明和重要声明 事件：5 月 7 日国新办新闻发布会上监管推出一揽子金融政策支持稳市场稳预期。 联系人 降准降息落地。为落实 4 月下旬政治局会议部署，应对高关税对经济的潜在冲击，5 月 7 日金融监管层在国新办新闻发布会上推出了一揽子金融政策，将助力经济稳增 ...

Investment Rating - The report maintains an "Overweight" rating for the banking and insurance sectors, indicating an expectation that these sectors will outperform the market index by more than 10% over the next six months [1]. Core Insights - The report highlights the necessity for increased domestic policy support in response to external disturbances, emphasizing the importance of stabilizing economic growth and market expectations [3]. - Recent monetary policy measures, including a 0.5% reduction in the reserve requirement ratio, are expected to inject approximately 1 trillion yuan into the market, enhancing banks' lending capabilities and supporting economic recovery [4]. - A 0.1% decrease in policy interest rates is anticipated to boost market confidence and stimulate financing demand, particularly benefiting the real estate sector [5]. - The report discusses measures to encourage insurance capital to enter the market, including lowering risk factors for stock investments by 10% and expanding the scope for long-term investments [6][7]. Summary by Sections Banking Sector - The reduction in the reserve requirement ratio is projected to provide banks with more available funds, enhancing their credit issuance capacity and promoting stable business development [4]. - The report suggests focusing on high-dividend, low-valuation banks such as Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and China Construction Bank [7]. Insurance Sector - The report recommends attention to insurance companies with flexible asset management, such as China Life and New China Life, as well as those with stable overall capabilities like China Pacific Insurance and Ping An Insurance [7].

题图来源 | Pexels 资本市场将再迎险资"活水"。 5月7日，国家金融监督管理总局（下称"金融监管总局"）局长李云泽出席国新办新闻发布会时表示，充分发挥保险资金作为耐心资本和长期资本 的作用，加大入市稳市力度，下一步将推出三条措施支持稳定和活跃资本市场： 针对进一步调降险资股票投资风险因子10%政策，一位大型险企投资人士表示，该政策有利于推动保险资金入市，降低股票资本占用，弱化平滑 股票持仓市值波动对公司偿付能力充足率的影响，提高险资对市场风险的容忍度，进一步释放保险公司股票投资空间。 据业内人士透露，此前业内一直在反映再次降低股票投资风险因子方面需求，政策方面亦早有吹风，此次终于官宣放开，将关注上述政策具体落 地细节。 2023年9月10日，金融监管总局曾发布《关于优化保险公司偿付能力监管标准的通知》，对险资投资沪深300指数成分股、投资科创板上市普通股 票等风险因子进行了调整。 彼时，据东吴证券金融团队测算，2023年7月末，险资投资股票和证券投资期末余额为3.55万亿元，假设其中股票占比为60%，（其中假设投资沪 深300比例为50%，投资科创板比例为5%），考虑风险分散效应前静态释放最低资本为5 ...

Core Viewpoint - The recent policy changes by the National Financial Regulatory Administration aim to further promote insurance capital's entry into the stock market by reducing the risk factors associated with equity investments, which is expected to unlock significant additional capital for the insurance sector [1][2] Group 1: Policy Changes - On May 7, the head of the National Financial Regulatory Administration announced a 10% reduction in the risk factor for stock investments within the solvency rules, which is a significant consideration for insurance capital when making equity investments [1] - This policy is projected to lead to an increase in insurance capital of over 130 billion yuan, with estimates suggesting that if the risk factor for the CSI 300 stocks is lowered by 10%, the corresponding market funds could reach approximately 134.9 billion yuan [1] Group 2: Historical Context - The last adjustment to the risk factors for insurance capital equity investments occurred in September 2023, where the risk factor for investments in CSI 300 index stocks was reduced from 0.35 to 0.3, and for stocks listed on the Sci-Tech Innovation Board from 0.45 to 0.4 [2] - Since the September adjustment, insurance funds have been increasing their stock allocation due to a persistently low interest rate environment, with the proportion of stock and securities investment in life insurance companies reaching 12.5% by the end of Q4 2024, a slight increase from the previous year [2] Group 3: Industry Trends - Analysts believe that many insurance companies, particularly large listed firms, still have room to increase their equity investment ratios, especially after the recent regulatory increase in the upper limit for equity asset allocation from 10%-45% to 10%-50% [2]