Core Viewpoint - The recent adjustment by the Financial Regulatory Bureau to the risk factors for insurance companies' stock investments is seen as a positive signal for the capital market, encouraging long-term capital inflow and boosting market confidence [1][3]. Summary by Sections Risk Factor Adjustments - The risk factor for stocks in the CSI 300 index and the CSI Dividend Low Volatility 100 index held for over three years has been reduced from 0.3 to 0.27 [2]. - The risk factor for ordinary shares listed on the Sci-Tech Innovation Board held for over two years has been lowered from 0.4 to 0.36 [2]. - The premium risk factor for export credit insurance and overseas investment insurance has been decreased from 0.467 to 0.42, and the reserve risk factor from 0.605 to 0.545 [2]. Impact on Capital Allocation - The adjustment is expected to release approximately 1,086 billion yuan in incremental funds, enhancing the capacity for insurance companies to invest in blue-chip stocks and Sci-Tech Innovation Board stocks [3][5]. - The reduction in risk factors will lower the capital required for insurance companies to invest in these assets, thereby increasing their investment flexibility and encouraging long-term value investments [4]. Encouragement of Long-term Investment - The regulatory changes aim to guide insurance capital to participate more actively in the equity market, particularly in technology innovation sectors, which will enhance market liquidity and support stable capital market development [7]. - Specific investment directions include high-dividend assets, technology sectors aligned with national strategic investments, and broader index and industry ETF investments [7]. Policy Continuity - This adjustment is part of a series of measures aimed at promoting long-term investments by insurance funds, reinforcing their role as a stabilizing force in the capital market [8].

Core Viewpoint - The National Financial Regulatory Administration has adjusted the risk factors for certain insurance company investments, aiming to encourage insurance capital to enter the stock market and support strategic industries in the country [1][3][11]. Risk Factor Adjustments - The risk factor for stocks held by insurance companies for over three years in the CSI 300 Index and the CSI Low Volatility 100 Index has been reduced from 0.3 to 0.27 [5][11]. - The risk factor for ordinary shares listed on the Sci-Tech Innovation Board held for over two years has been lowered from 0.4 to 0.36 [6][11]. Impact on Capital Allocation - Lowering the risk factors will free up capital for insurance companies, allowing them to invest more in the stock market. For example, a company with a total capital of 1 billion yuan would see a reduction in capital usage from 300 million yuan to 270 million yuan for a 100 million yuan investment in the CSI 300 stocks [7][8]. - The saved capital can be reinvested into stocks or other assets, thereby expanding the investment capacity of insurance capital [8]. Encouragement of Long-term Investment - The adjustments encourage insurance companies to hold stocks for longer periods, which supports the development of enterprises and aligns with national strategies [10][12]. - The focus on specific indices and stocks indicates a targeted approach to encourage investment in blue-chip and technology stocks, which are crucial for economic growth [11][12]. Recent Trends in Insurance Capital - As of the end of Q3 this year, the total investment by life and property insurance companies in stocks and securities investment funds reached 5.59 trillion yuan, accounting for 14.92% of their total investment balance, marking a new high since 2022 [13]. - Insurance capital has been increasing its holdings in major stocks, with significant increases observed in the first three quarters of the year [13][15]. Future Outlook - With the reduction in risk factors, insurance capital is expected to further increase its stock market investments, which may lead to enhanced resource allocation towards equity investment and research capabilities within insurance companies [16].

Core Viewpoint - The recent adjustment by the Financial Regulatory Bureau to the risk factors for insurance companies' stock investments is seen as a positive signal for the capital market, encouraging long-term capital inflow and boosting market confidence [1][8]. Summary by Relevant Sections Risk Factor Adjustments - The risk factor for insurance companies holding stocks in the CSI 300 Index and the CSI Low Volatility 100 Index for over three years has been reduced from 0.3 to 0.27 [2]. - The risk factor for insurance companies holding ordinary shares listed on the Sci-Tech Innovation Board for over two years has been lowered from 0.4 to 0.36 [2]. - The premium risk factor for export credit insurance and overseas investment insurance has been decreased from 0.467 to 0.42, and the reserve risk factor from 0.605 to 0.545 [2]. Capital Release and Investment Opportunities - The adjustment is expected to release approximately 1,086 billion yuan in incremental funds, enhancing the capacity for insurance companies to invest in blue-chip stocks and Sci-Tech Innovation Board stocks [3][5]. - The reduction in risk factors will lower the capital required for insurance companies to invest in equities, thereby increasing their investment flexibility and capacity [4]. Encouragement of Long-term Investment - The regulatory changes aim to guide insurance capital to participate more actively in the equity market, particularly in technology innovation sectors, which will enhance market liquidity and support stable capital market development [7]. - Specific investment directions include high-dividend assets, technology sectors aligned with national strategic priorities, and broader index and industry ETF investments [7]. Policy Continuity - This adjustment is part of a series of measures aimed at promoting long-term investment by insurance funds, reinforcing their role as a stabilizing force in the capital market [8].

新华社北京12月5日电（记者张千千、李延霞）国家金融监督管理总局12月5日对外发布通知，下调 保险公司多项业务风险因子。 通知明确，保险公司应完善内部控制，准确计量投资股票持仓时间，持续提高长期资金投资管理能 力；加强偿付能力管理，准确计量各类风险资本要求，确保各项偿付能力数据真实、准确、完整。 业内人士认为，调降保险公司股票投资风险因子，能够鼓励保险公司加大入市力度，支持稳定和活 跃资本市场。 【纠错】 【责任编辑:胡蓉】 其中，保险公司持仓时间超过三年的沪深300指数成分股、中证红利低波动100指数成分股的风险因 子从0.3下调至0.27，该持仓时间根据过去六年加权平均持仓时间确定；保险公司持仓时间超过两年的科 创板上市普通股的风险因子从0.4下调至0.36，该持仓时间根据过去四年加权平均持仓时间确定。 同时，保险公司出口信用保险业务和中国出口信用保险公司海外投资保险业务的保费风险因子从 0.467下调至0.42，准备金风险因子从0.605下调至0.545。 ...