Core Viewpoint - The recent actions of insurance funds, including the approval of 600 billion yuan for long-term investment trials, indicate a significant acceleration in the reform of insurance capital investment, aimed at injecting more capital into the market and enhancing investment returns for insurance companies [1][2][3]. Group 1: Insurance Fund Investment Reforms - Eight insurance companies have been approved to conduct long-term stock investment trials, with a total amount reaching 162 billion yuan [1]. - The National Financial Regulatory Administration plans to approve an additional 600 billion yuan for long-term investment trials, increasing the total scale of insurance funds entering the market to 222 billion yuan [1][2]. - Adjustments to solvency regulations will lower the risk factor for stock investments by 10%, encouraging insurance companies to increase their market participation [2][3]. Group 2: Impact on Market Liquidity - The reduction of the risk factor for stock investments is expected to release a minimum of 364 billion yuan in capital for insurance companies, potentially leading to an influx of 1.349 billion yuan into the stock market if fully allocated to the CSI 300 index [3][4]. - If all released capital from the risk factor adjustment is allocated to the CSI 300 stocks, it could result in over 150 billion yuan of new market funds [4]. Group 3: Strategic Investments by Insurance Companies - New China Life and China Life plan to invest a combined 20 billion yuan in the second phase of the Honghu Fund, focusing on large listed companies with stable dividends and good governance [5]. - The establishment of private fund management companies by insurance firms, such as the approval of Taikang Asset's private fund management subsidiary, aims to enhance long-term investment assets and improve capital efficiency [6].

Investment Rating - The report maintains an "Outperform" rating for the insurance industry, indicating that the industry's stock performance is expected to exceed market benchmarks over the next 12 months [9]. Core Insights - Recent financial policies announced by regulatory bodies aim to inject more capital into the insurance market, including an additional 600 billion RMB for long-term investments and a 10% reduction in stock investment risk factors, which could release over 1,500 billion RMB in new market funds [1][3]. - The average solvency ratio for the industry is projected to improve from 199.4% to 200.6% following these adjustments, reflecting enhanced financial stability [1][5]. - High dividend stocks are identified as a key focus for future equity asset allocation by insurance companies, with expectations for increased investment in these assets due to regulatory support [3]. Summary by Sections Investment Policy Changes - The insurance sector will see the long-term investment pilot scale increase to 2,220 billion RMB, up from 1,620 billion RMB, reflecting strong participation from leading insurance firms [3][4]. - The adjustment of stock investment risk factors is expected to significantly impact the capital requirements for equity investments, allowing for greater flexibility in asset allocation [3][4]. Financial Projections - The report estimates that the release of minimum capital due to the risk factor adjustments could lead to an influx of approximately 1,529 billion RMB into the stock market, primarily targeting large-cap blue-chip stocks and high-yield equities [3][5]. - The insurance industry's total investment balance is projected to reach 33.26 trillion RMB by the end of 2024, with stock investments accounting for 7.3% of this total [3][4]. Recommendations - The report suggests a focus on defensive leaders in property and casualty insurance, recommending a buy for China Pacific Insurance (2328 HK) with a target price of 15.8 HKD, and AIA Group (1299 HK) with a target price of 89 HKD, citing their strong market positions and growth potential [3].

深圳商报记者邱清月 5月7日，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，其中提到了充分发 挥保险资金作为耐心资本、长期资本的优势，近期拟再批复600亿元，为市场提供真金白银的增量资 金。 稳股市方面，国家金融监管总局局长李云泽表示，将充分发挥保险资金作为耐心资本、长期资本的优 势，加大入市稳市力度。前期，金融监管总局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。上个月，上调了保险资金权益类资产投资的比例上限，进一步释放投资空间。 数据显示，截至2024年年末，我国保险资金运用规模已达33.56万亿元，权益类资产占比每提升1%，即 可带来约3300亿元增量资金。 李云泽透露，下一步金融监管总局将推出几条具体措施，继续支持稳定和活跃资本市场。一是进一步扩 大保险资金长期投资的试点范围。近期拟再批复600亿元，为市场注入更多的增量资金。二是调整偿付 能力监管规则，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力度。三是推动完善长 周期考核机制，调动机构的积极性，促进实现"长钱长投"。李云泽指出，在当前外部冲击影响加大的背 景下，金融监管总局将制定实施银行业保 ...

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [19]. Core Insights - The report highlights a significant policy shift with the approval of an additional 600 billion yuan for long-term investments by insurance funds, aimed at stabilizing the market and boosting investor confidence [7][8]. - The adjustment of risk factors for stock investments by insurance companies, with a reduction of 10%, is expected to encourage greater market participation from these firms [7][8]. - The report emphasizes the potential for insurance companies to enhance their investment returns through equity investments, particularly in high-dividend assets, as they navigate challenges related to interest rate spreads [7][8]. Industry Overview - As of May 2025, the total market capitalization of the insurance sector is approximately 27,440.85 billion yuan, with a circulating market value of about 18,928.15 billion yuan [4]. - The report notes a mixed performance in the insurance sector, with a 1-month absolute performance of -2.1% and a 12-month performance of 26.2% [5]. Key Company Forecasts and Valuations - China Ping An: Expected EPS of 7.56 yuan in 2025, with a PE ratio of 6.72 and a rating of "Strong Buy" [8]. - China Pacific Insurance: Expected EPS of 4.87 yuan in 2025, with a PE ratio of 6.24 and a rating of "Recommended" [8]. - New China Life: Expected EPS of 6.39 yuan in 2025, with a PE ratio of 7.60 and a rating of "Recommended" [8]. - China Life: Expected EPS of 3.09 yuan in 2025, with a PE ratio of 11.90 and a rating of "Recommended" [8].

Group 1 - The core viewpoint emphasizes that foreign capital has become an important participant in the A-share market, with foreign investments holding a stable market value of around 3 trillion yuan [5][4] - The China Securities Regulatory Commission (CSRC) is committed to advancing high-level opening-up of the capital market, enhancing the convenience for foreign investment participation [5][6] - Recent adjustments in macro policies have increased stability and predictability, leading to a rise in foreign institutions upgrading their ratings on Chinese stocks [5][6] Group 2 - The banking and insurance sectors have provided approximately 17 trillion yuan in new financing to the real economy in the first four months of the year [8][7] - The no-repayment renewal loan policy has supported small and micro enterprises with 4.4 trillion yuan in renewed loans since its expansion [8][10] - Insurance companies have accumulated over 10 trillion yuan in long-term reserves for pension and health insurance [8][10] Group 3 - The financial regulatory authority plans to expand the pilot scope for long-term investment by insurance funds to inject more incremental capital into the market [10][9] - Adjustments to regulatory rules will lower investment risk factors for insurance companies in stock investments, supporting a stable and active capital market [10][9] - Insurance capital is increasingly focusing on high-dividend assets, with a notable presence in over 700 stocks among the top ten shareholders [10][9]

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].

Core Viewpoint - The head of China's Financial Regulatory Authority, Li Yunzhe, emphasizes continued support for stabilizing and invigorating the capital markets, alongside the approval of an additional 60 billion yuan to further expand the pilot scope for long-term investments by insurance funds [1] Group 1 - The Chinese government is actively working to stabilize and enhance the capital markets [1] - An additional approval of 60 billion yuan has been granted to support this initiative [1] - The expansion of the pilot scope for insurance fund long-term investments indicates a strategic move to encourage more substantial investments in the market [1]

金融监管总局局长李云泽5月7日在国新办举行的新闻发布会上宣布，近期将进一步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；调整优化监管规则，进一步调降保险公司股票投资风险因子， 支持稳定和活跃资本市场。（新华社） ...