金十数据5月7日讯，5月7日，金融监管总局局长李云泽在国新办新闻发布会上介绍，近期拟再批复600 亿元，为市场注入更多的增量资金。此前，金融监管总局批复的两批保险资金长期投资改革试点已达 1620亿元，共有8家保险公司参与。记者从相关渠道独家获悉，此次批复新增了数家试点机构，新增试 点规模600亿元。由此，金融监管总局合计批复总额将达2220亿元。 （上证报） 新增数家试点机构 保险资金长期投资改革试点将合计达2220亿元 ...

保险行业点评 ➢ 进一步扩大保险资金长期投资试点范围，为市场引入更多的增量资金。截至 2025 年 5 月 7 日，保险资金长期投资试点规模总计达 2220 亿元，自 2023 年 10 月首批试点以来，头部大型险企不断获得试点规模份额，权益空间不断打开， 同时，试点允许险资通过私募证券基金投资股票，采用权益法核算或以 FVOCI 类 资产计量，从而减少市值波动带来的公允价值变动损益波动影响当期利润表，有 望逐步达到"长期资金入市+平滑利润表波动"的平衡。 ➢ 我们认为结合险资负债端的刚性约束和投资风格，险资有望重点配置高股 息、高 ROE、抗周期性强的资产，并有望逐步增加对中证 A500 指数（侧重科技 和新兴产业龙头）成分股的配置，充分受益宏观经济企稳后的市场回暖，并助力 新质生产力发展。 ➢ 继续完善险资长周期考核，助力"长钱长投"。新会计准则下，权益投资一 般分类为 FVTPL，当期净利润和净资产的波动加大。2023 年 10 月，财政部印 发《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》，明确将国有商业保险公司经营效益类绩效评价指标的"净资产收益率"由 "当年度指标"调整为 ...

经济观察报记者了解到，人保寿险获批的100亿元试点规模也 将采取类似形式落地，目前正在推进过程中，其他参与试点的 保险公司获批规模也在百亿元左右。 作者： 姜鑫 封图：图虫创意 "前期，开 展了保险资金长期投资改革试点，为股市提供了真金白银的增量资金……近期拟再批复 600亿元，为市场注入更多的增量资金。"在5月7日上午的国务院新闻办公室新闻发布会上，国家 金融监督管理总局（下称"金融监管总局"）局长李云泽再度提及了保险资金入市的信息。 值得注意的是， 加上此前批复和落地的投资，险资长期投资试点的资金规模将突破2000亿元。 超过2000亿元 经济观察报记者了解到，继中国人寿保险股份有限公司（下称"中国人寿"）和新华保险合作成立私 募基金并向外投资后，后续试点正加快落地。 为了打通长期资金入市的"堵点"，监管政策也在不断加码。在4月上调了保险资金权益投资的比例 上限后，李云泽表示，将调整偿付能力的监管规则，将股票投资的风险因子进一步调降10%，鼓励 保险公司加大入市的力度。 一位大型保险集团的从业人士告诉经济观察报记者，公司的考虑是由保险资管公司成立私募股权基 金公司，并设计基金产品，由寿险公司来投资，目前正 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released an action plan aimed at promoting the high-quality development of public funds, focusing on a performance-based floating management fee model for actively managed equity funds [1][2]. Group 1: Fee Structure and Performance Linkage - The action plan introduces a floating management fee model linked to the performance of actively managed equity funds, allowing for differentiated management fees based on the fund's performance during the holding period for eligible investors [1]. - Funds that significantly underperform compared to their benchmarks will be required to charge lower management fees [1]. - The plan aims to strengthen the alignment of interests between fund companies and investors by establishing a performance-based evaluation system that prioritizes investment returns [1]. Group 2: Industry Evaluation and Management Practices - The action plan emphasizes the need to reduce the weight of metrics such as product management scale and fund company income in the evaluation system, while increasing the focus on direct indicators affecting investor interests [1]. - It mandates higher proportions of fund managers' investments in their own products and sets requirements for lock-in periods [1]. - Fund companies are encouraged to develop compensation management systems linked to fund investment returns, with significant reductions in performance-based compensation for underperforming fund managers [1]. Group 3: Enhancing Investor Services and Fund Stability - The action plan calls for fund companies and sales institutions to optimize resource allocation around the best interests of investors, promoting long-term, value, and rational investment practices [2]. - It aims to increase the scale and stability of public fund equity investments by optimizing fund registration processes and introducing more index funds and low-volatility products [2]. - The plan reinforces the importance of performance benchmarks for fund products and implements long-term assessments of fund performance over three years to enhance stability in public fund investment behavior [2].

证 券 研 究 报 告 保险行业重大事项点评 长期投资再批 600 亿，股票风险因子下调 10% 事项： 2025 年 5 月 7 日，国务院举行新闻发布会，中国人民银行、国家金融监督管 理总局、中国证券监督管理委员会负责人介绍"一揽子金融政策支持稳市场稳 预期"有关情况，并答记者问。 评论： 行业研究 保险Ⅲ 2025 年 05 月 07 日 推荐（维持） 华创证券研究所 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 联系人：陈海椰 邮箱：chenhaiye@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 6 | 0.00 | | 总市值(亿元) | 27,440.85 | 2.80 | | 流通市值(亿元) | 18,928.15 | 2.43 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | -2.1% | -12.2% | 26.2% | | 相对表现 | -0.7 ...

4月初以来，美政府关税政策严重冲击国际经贸秩序，国际金融市场剧烈动荡，也给国内资本市场带来 很大压力。 面对突如其来的严峻考验，证监会会同相关部门迅速行动，从政策对冲、资金对冲、预期对冲等方面打 出一揽子稳市"组合拳"，维护股价稳定。 "所谓众人拾柴火焰高，风雨同舟浪自平。在广大投资者和市场参与各方共同努力下，A股市场经历了 初期实际上也就一天的大幅波动后持续反弹、回稳向好，展现出较为强劲的韧性和抗风险能力。"中国 证监会主席吴清说。 5月7日上午9时，国新办举行新闻发布会，介绍"一揽子金融政策支持稳市场稳预期"有关情况。 一揽子金融政策涉及"几降几增"："降"，包括降低存款准备金率0.5个百分点，下调政策利率0.1个百分 点，降低个人住房公积金贷款利率0.25个百分点；"增"，包括设立5000亿元服务消费与养老再贷款、增 加3000亿元科技创新和技术改造再贷款额度等。此外，稳住楼市、稳住和活跃股市、支持小微民营企业 等也均有政策出台。 央行行长潘功胜、金融监管总局局长李云泽、中国证监会主席吴清集体亮相。记者注意到，这是自去年 9月24日以来，三部门"一把手"时隔近8个月再次齐聚国新办新闻发布会。 资本市场的 ...

Group 1: Financial Policy Support - The State Council Information Office held a press conference to introduce a "package of financial policies to support market stability and expectations" [1] - Financial Regulatory Administration Director Li Yunzhe announced plans to expand the pilot scope for long-term insurance fund investments and lower the risk factors for insurance companies' stock investments [1][3] Group 2: Insurance Fund Long-term Investment - The pilot for long-term investment by insurance funds is accelerating, with major companies like Xinhua Insurance and China Life each planning to invest 10 billion yuan in private equity funds [4] - The scale of the pilot has increased from 50 billion yuan to 162 billion yuan, with the number of participating insurance companies rising from 2 to 8 [4] - If the additional 60 billion yuan pilot is approved, the total scale of long-term investment by insurance funds could exceed 220 billion yuan [4] - Adjustments to risk factors for insurance companies investing in the CSI 300 index and the Sci-Tech Innovation Board have been made, reducing the risk factor from 0.35 to 0.3 and from 0.45 to 0.4, respectively [4][5] Group 3: Technology Insurance Development - Technology insurance has provided over 2 trillion yuan in coverage, with plans to accelerate the development of high-quality technology insurance policies [6] - The upcoming guidelines aim to enhance risk-sharing and compensation roles, supporting major technological breakthroughs with insurance coverage [6] - The regulatory framework is expected to encourage more technology companies to purchase insurance and prompt insurers to develop innovative products [6] Group 4: Foreign Trade Support - The Financial Regulatory Administration is taking measures to stabilize foreign trade amid challenges such as rising costs and supply chain disruptions [7] - Plans include optimizing export credit insurance regulations, improving underwriting capacity, and providing favorable rates to boost exporters' confidence [8] - The introduction of domestic trade insurance aims to support the transition of foreign trade enterprises to domestic sales, enhancing financing guarantees and promoting integrated trade [9]

Group 1 - The core viewpoint of the news is the Chinese government's initiative to support the financial market through a series of policies aimed at stabilizing expectations and increasing capital supply in the insurance sector [1][2][4] - The National Financial Regulatory Administration plans to enhance the capital replenishment mechanism for large insurance groups, indicating that capital replenishment has become a priority [2][3] - The government aims to expand the long-term investment pilot program for insurance funds, with an additional 60 billion yuan planned to inject more capital into the market [4][5] Group 2 - The core tier capital adequacy ratios of major banks are expected to improve significantly due to the capital replenishment efforts, with specific increases noted for China Bank, China Construction Bank, Postal Savings Bank, and Bank of Communications [3][4] - The adjustment of risk factors for stock investments by insurance companies will be reduced by 10%, encouraging greater market participation [6][7] - The insurance industry is projected to have a total fund utilization balance of 33.26 trillion yuan in 2024, with potential for an additional 1.66 trillion yuan in market funds if the upper limit for equity asset allocation is fully utilized [6][7]

秒速！ 伊藤 up 指导单位 05.09 15:00 播出平台 上海证券交易所 第一财经客户端 主办单位 05.10 17:00 上海资产管理协会 播出平台 第一财经电视 为贯彻中央金融工作会议精神和新"国九条"部署要求，大力推动中长期资金入市，树立理性投资、价值投资、长期投资的理念，2024年，由中共上海市委 金融委员会办公室和上海证券交易所作为指导单位，上海资产管理协会组织会员单位中的资产管理机构，开展了首届资产管理行业践行"三投资"理念优秀 实践展示活动。 为倡导"三投资"理念，帮助广大投资者加深对资管行业和管理人的理解，上交所、上海资产管理协会和第一财经组织首届优秀实践资管机构接受访谈，共 同打造了《秒懂金融·资管行业践行"三投资"理念优秀实践系列访谈》专题节目，来自公募基金、银行理财、保险资管、信托公司、券商资管等资管领域 优秀实践展示机构的相关人士将分享"三投资"理念、实践经验以及所思所想。 "三投资"理念会给资本市场带来什么样的影响和变化？券商资管应当如何通过践行"三投资"理念，有效应对复杂多变的市场环境、提升核心竞争力以及满 足投资者日益多元化的需求？ 本期节目邀请到国泰君安资管泛权益投资负责 ...

具体来看，对于第一个改革点，吴清介绍，改革突出强化公募基金与投资者的利益绑定，将优化主动权 益类基金收费模式，业绩差的必须少收管理费，通过浮动管理费收取机制，扭转基金公司"旱涝保收"的 现象。同时，把业绩是否跑赢基准、投资者盈亏情况等直接关乎投资者切身利益的指标，纳入基金公司 和基金经理的考核体系，督促基金公司从"重规模"向"重回报"转变。 中国证监会主席吴清5月7日在国新办新闻发布会上表示，今年以来，资本市场运行总体稳中有进、稳中 有好。证监会将坚持两强两严，坚定不移办好自己的事，既努力在市场运行上体现"稳"，同时也在激发 市场活力、强化市场功能上体现"进"，主要提及三点： 一是全力巩固市场回稳向好势头。二是突出服务新质生产力发展这个重要着力点。三是大力推动中长期 资金入市。 其中在第三点提及抓紧印发和落实《推动公募基金高质量发展行动方案》，今天就发布，表示这将更好 体现基金管理人与投资者同甘共苦、共同发展、相互成就，努力形成"回报增—资金进—市场稳"的良性 循环。 他介绍，即将发布的公募基金改革将有四个改革重点： 一、改革突出强化公募基金与投资者的利益绑定，将优化主动权益类基金收费模式，业绩差的必须少收 ...