Core Viewpoint - The National Financial Regulatory Administration has issued a notification to adjust risk factors for insurance companies, aiming to enhance their ability to support the real economy and promote long-term capital investment [1][2]. Group 1: Adjustments to Risk Factors - 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 [1]. - The risk factor for ordinary shares listed on the Sci-Tech Innovation Board, held for over two years, has been decreased from 0.4 to 0.36 [1]. - The premium risk factor for export credit insurance and overseas investment insurance by the China Export & Credit Insurance Corporation has been lowered from 0.467 to 0.42, while the reserve risk factor has been reduced from 0.605 to 0.545 [1]. Group 2: Impact on the Insurance Industry - The notification aims to cultivate patient capital and support technological innovation by differentiating risk factors based on holding periods for specific investments [2]. - The adjustments are intended to guide insurance companies to increase support for foreign trade enterprises and effectively serve national strategies [2]. - Insurance companies are required to improve internal controls and accurately measure the holding periods of their stock investments to enhance long-term capital investment management capabilities [2].

今年什么的科技亮点最值得关注？毫无疑问，人工智能。AI称得上是50年来最具变革性的技 术，发展迭代的速度也越来越快，多模态大模型几乎"以月为单位"迭代，芯片技术一年能更新 两代。这种速度让很多企业感到"AI焦虑"。 在广州举行的"2025粤港澳大湾区新经济发展论坛"上，很多顶尖的学者、企业家和投资人试图 穿透这些技术喧嚣，聊聊AI到底走到了哪一步，以及对我们每个人、每家企业意味着什么。我 听了他们的讨论，有几个观点很值得关注，今天也分享给你。 第一，AI的战场正在悄悄转向。 论坛上有个共识：单纯追求模型参数大、跑分高的时代，可能正在过去。没错，技术的绝对前 沿仍在突破，但更重要的是，顶级大模型之间的"能力差"正在迅速缩小。 这意味着什么？ 意味着技术的"红利期"可能要来了，竞争的重心转向实实在在的产业里"解决 问题"。 清华大学田轩院长反复强调，金融要支持"新质生产力"，核心就是支持科技真正落地 到产业。阿里云的康敏总也表示，AI已经像水电一样，渗透到游戏、汽车、医药研发、物流供 应链等千行百业里。 田轩院长也指出，像企业风险投资这样的"耐心资本"，因为投资周期长、容忍失败，更适合支 持AI这种长周期、高风险 ...

Core Viewpoint - The recent adjustments by the Financial Regulatory Administration aim to enhance the long-term investment management capabilities of insurance companies, improve asset-liability matching, and support the healthy development of the capital market while serving the real economy more effectively [1][2]. Group 1: Adjustments to Risk Factors - The risk factor for stocks held by insurance companies for over three years in the CSI 300 index and the CSI Dividend Low Volatility 100 index 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 adjusted from 0.467 to 0.42, while the reserve risk factor has been reduced from 0.605 to 0.545 [2]. Group 2: Impact on Investment Behavior - The adjustments are designed to cultivate patient capital and support technological innovation by differentiating risk factors based on holding periods for specific stock indices [3]. - The changes encourage insurance companies to increase support for foreign trade enterprises and effectively serve national strategies [3]. - The adjustments will lead to improved capital efficiency, allowing insurance companies to occupy less capital for the same investment scale, thereby enhancing solvency ratios and freeing up funds for further investments or other business activities [3][4]. Group 3: Shift in Investment Strategy - The adjustments are expected to reshape the investment behavior of insurance companies, increasing the cost of short-term trading while rewarding long-term allocation of quality assets [4]. - This will drive a shift from trading-oriented strategies to allocation-focused strategies, emphasizing fundamental research and value investing [4]. - The targeted reduction in risk factors for the Sci-Tech Innovation Board provides institutional incentives for insurance capital to participate in technological innovation [4].

Core Viewpoint - The National Financial Regulatory Administration has issued a notice to adjust risk factors for insurance companies, aiming to enhance their ability to support the real economy and promote long-term capital investment [1][2]. Group 1: Adjustments to Risk Factors - 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 [1]. - 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 [1]. - The premium risk factor for export credit insurance and overseas investment insurance by the China Export & Credit Insurance Corporation has been decreased from 0.467 to 0.42, while the reserve risk factor has been adjusted from 0.605 to 0.545 [1]. Group 2: Impact on the Insurance Industry - The adjustments in risk factors are designed to cultivate patient capital and support technological innovation, thereby enhancing the insurance industry's service to the real economy [2]. - The notice encourages insurance companies to increase support for foreign trade enterprises and effectively serve national strategies [2]. Group 3: Internal Control and Management - Insurance companies are required to improve internal controls and accurately measure the holding period of stock investments, thereby enhancing their long-term capital investment management capabilities [3]. - The National Financial Regulatory Administration will guide insurance companies to implement the notice's requirements and improve their solvency management [3].

第二，出海，尤其是科技企业的出海，从可选项变成必答题了。 全球很多国家面临"科技供给短缺"，而中国在工业自动化、大模型应用等领域已经跑出了成熟方案。未 来我们要输出的不仅是产品，更是技术标准、商业模式，甚至参与制定全球AI伦理与安全规则。 在广州举行的"2025粤港澳大湾区新经济发展论坛"上，很多顶尖的学者、企业家和投资人试图穿透这些 技术喧嚣，聊聊AI到底走到了哪一步，以及对我们每个人、每家企业意味着什么。我听了他们的讨 论，有几个观点很值得关注，今天也分享给你。 第一，AI的战场正在悄悄转向。 今年什么的科技亮点最值得关注？毫无疑问，人工智能。AI称得上是50年来最具变革性的技术，发展 迭代的速度也越来越快，多模态大模型几乎"以月为单位"迭代，芯片技术一年能更新两代。这种速度让 很多企业感到"AI焦虑"。 论坛上有个共识：单纯追求模型参数大、跑分高的时代，可能正在过去。没错，技术的绝对前沿仍在突 破，但更重要的是，顶级大模型之间的"能力差"正在迅速缩小。 这意味着什么？意味着技术的"红利期"可能要来了，竞争的重心转向实实在在的产业里"解决问题"。清 华大学田轩院长反复强调，金融要支持"新质生产力"，核心就 ...

（原标题：AI热潮的真相，大湾区这场论坛说清楚了｜财经早察） 今年什么的科技亮点最值得关注？毫无疑问，人工智能。AI称得上是50年来最具变革性的技术，发展 迭代的速度也越来越快，多模态大模型几乎"以月为单位"迭代，芯片技术一年能更新两代。这种速度让 很多企业感到"AI焦虑"。 在广州举行的"2025粤港澳大湾区新经济发展论坛"上，很多顶尖的学者、企业家和投资人试图穿透这些 技术喧嚣，聊聊AI到底走到了哪一步，以及对我们每个人、每家企业意味着什么。我听了他们的讨 论，有几个观点很值得关注，今天也分享给你。 所以，未来的巨大机会，很可能不在继续"卷"大模型本身，而在于如何把AI技术，与一个具体的、庞杂 的、传统的行业进行深度结合，解决实际痛点。 第二，出海，尤其是科技企业的出海，从可选项变成必答题了。 全球很多国家面临"科技供给短缺"，而中国在工业自动化、大模型应用等领域已经跑出了成熟方案。未 来我们要输出的不仅是产品，更是技术标准、商业模式，甚至参与制定全球AI伦理与安全规则。 所以你看，AI的故事还有很多没讲完，它正在改变商业竞争的逻辑、全球产业的格局。 田轩院长也指出，像企业风险投资这样的"耐心资本"，因为 ...

Core Viewpoint - The National Financial Regulatory Administration has announced a reduction in risk factors for insurance companies' stock investments and export credit insurance, signaling a policy shift towards "capital relaxation" and "long-term investment" [1][5]. Group 1: Policy Adjustments - The new notification aims to encourage insurance funds to act as "patient capital" and increase long-term market participation by lowering risk factors based on stock type and holding duration [1][5]. - The risk factor for stocks in the CSI 300 index and the CSI Low Volatility 100 index, held for over three years, has been reduced from 0.3 to 0.27, while the risk factor for Sci-Tech Innovation Board stocks held for over two years has been lowered from 0.4 to 0.36 [5][6]. - The adjustments also include a reduction in premium risk factors for export credit insurance and overseas investment insurance from 0.467 to 0.42 and reserve risk factors from 0.605 to 0.545 [5][9]. Group 2: Impact on Insurance Companies - The reduction in risk factors alleviates the solvency pressure on insurance companies and enhances capital efficiency, promoting long-term investments in the stock market [1][6]. - For example, a hypothetical investment of 10 billion yuan in the CSI 300 index would see a capital reserve requirement decrease from 3 billion yuan to 2.7 billion yuan due to the lowered risk factor [6]. - The policy encourages insurance companies to adopt a long-term investment strategy, which can lead to improved market stability and support for the real economy [7][9]. Group 3: Market Reactions - Following the announcement, insurance stocks in both A-shares and Hong Kong markets saw significant gains, with China Pacific Insurance rising over 6% and China Ping An increasing by more than 5% [10][11]. - The adjustments are expected to benefit large insurance companies more due to their greater resources, while smaller firms may face challenges in capitalizing on these policy changes [8]. Group 4: Support for Foreign Trade - The notification also aims to bolster support for foreign trade enterprises by adjusting risk factors in export credit insurance, which is crucial given the current global economic uncertainties [9]. - The regulatory body emphasizes the importance of these adjustments in fostering patient capital and supporting technological innovation [9].

作者丨林汉垚 编辑丨周炎炎 12月5日，国家金融监管总局发布的《关于调整保险公司相关业务风险因子的通知》（以下简 称《通知》）显示，在严守风险底线的前提下， 下调保险公司相关股票投资风险因子及出口 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 。 这一举措，释放出"资本松绑"与"长钱长投"的政策信号。 国家金融监管总局有关司局负责人在答记者问时明确指出，更好发挥保险资金耐心资本作用， 有效服务实体经济。 天职国际保险咨询主管合伙人周瑾向21世纪经济报道记者表示，为了更好鼓励保险资金作 为"耐心资本"加大长期入市力度，在之前监管的提高投资比例上限、拉长考核周期以及指导国 有保险公司增量保费投资A股比例的基础上，此次《通知》从偿付能力规则的角度进一步给出 激励措施，根据股票的类型和保险公司持有的时长，降低相关的风险因子，减少资本占用。 此外，多位业内专家在接受采访时表示， 风险因子的下调不仅缓解了保险公司的偿付能力压 力，也提升了资本使用效率，有助于推动险资长期入市，培育稳定资金来源，最终实现金融与 实体经济的良性互动 。 另据财联社报道，中泰非银测算，《通知》对持仓时间分别根据过去六年/四年 ...

Core Viewpoint - The Financial Regulatory Administration has issued a notification to adjust risk factors for insurance companies, aiming to enhance their long-term investment management capabilities and encourage greater participation in the capital market, thereby providing more incremental funds to the market [1][3]. Group 1: Policy Adjustments - The notification lowers risk factors for specific stock investments, including components of the CSI 300 Index and the CSI Low Volatility 100 Index, as well as stocks listed on the Sci-Tech Innovation Board, based on holding periods [3][5]. - For stocks held over three years, the risk factor for the CSI 300 and CSI Low Volatility 100 components is reduced from 0.3 to 0.27, while for stocks held over two years on the Sci-Tech Innovation Board, it decreases from 0.4 to 0.36 [3][4]. - The risk factors for export credit insurance and overseas investment insurance business are also adjusted, with premium risk factors dropping from 0.467 to 0.42 and reserve risk factors from 0.605 to 0.545 [3][4]. Group 2: Market Impact - The policy is expected to encourage insurance funds to increase their market participation, providing a stable and long-term funding source, which is crucial for the market's stability [4][5]. - Analysts suggest that the differentiated support for blue-chip stocks and technology innovation reflects regulatory preferences, potentially leading to a shift towards long-term value investment and an increase in overall market valuations [5][4]. - The policy promotes long-term holding of quality assets, which may reduce market volatility and enhance the role of A-shares as a stabilizing force for the real economy [5][4]. Group 3: Management Requirements - Insurance companies are required to improve their long-term investment management capabilities and risk management levels, ensuring accurate measurement of stock holding periods and compliance with solvency management [5][4].

登录新浪财经APP 搜索【信披】查看更多考评等级 1、A股摩尔线程上市首日开涨468％ 中一签盈利近27万元 A股摩尔线程上市首日开涨468％，中一签盈利近27万元。公司主要从事GPU及相关产品的研发、 设计和销售，本次募集资金总额近80亿元，主要投向新一代自主可控AI训推一体芯片研发项目、新一 代自主可控图形芯片研发项目、新一代自主可控AISoC芯片研发项目以及补充流动资金。 2、金融监管总局调整保险公司相关业务风险因子 国家金融监督管理总局发布关于调整保险公司相关业务风险因子的通知，经研究，现就保险公司相 关业务风险因子事项通知如下：一、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。二、 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。三、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。四、保险公司应完善内部控 制，准确计 ...