Core Viewpoint - The Financial Regulatory Bureau has issued a notification adjusting risk factors for insurance companies' investments, aiming to encourage long-term capital and support technological innovation [1][2]. Group 1: Risk Factor Adjustments - Insurance companies holding stocks from the CSI 300 Index and the CSI Low Volatility 100 Index for over three years will see their risk factor reduced from 0.3 to 0.27 [1]. - For stocks listed on the Sci-Tech Innovation Board held for over two years, the risk factor will decrease from 0.4 to 0.36 [1]. - The notification also lowers the premium risk factor for export credit insurance and overseas investment insurance from 0.467 to 0.42, and the reserve risk factor from 0.605 to 0.545 [3]. Group 2: Impact on Insurance Industry - The adjustments are expected to alleviate capital occupation for insurance companies, enhancing solvency ratios and encouraging long-term investments in the stock market [2]. - The industry is likely to shift towards a "long-term holding" strategy, focusing on high-dividend blue-chip stocks and stocks supported by national strategies [2]. - There will be a greater emphasis on "long-term capability" in internal assessments and investment research systems, aligning with long-term performance [2]. Group 3: Industry Demand and Suggestions - In a low-interest-rate environment, there is a growing demand for equity asset allocation among insurance companies, with calls for optimized solvency policies [3]. - Suggestions include further refining risk factor classifications based on investment fields and holding periods, providing capital advantages for long-term strategic stocks [3].

刚刚 持仓时间超过3年的市值超3千亿 ③有助 险企更注重长期投资 投资更稳、资金更多、时间更长 金融监管总局发文 ①将股票投资的 风险因子进一步调降10% 要求对沪深300等持仓超过3年 ② 沪深300和红利100 保险公司持仓市值超4.8千亿 1 金融监管总局：提上限、降因子 助力险企发挥"长期资本"的优势 | 序号 | 文件名称 时间 | | --- | --- | | 13 | 关于优化保险公司权益类资产配置监管有关事项的通知 2020/7/17 | | 123 | 关于优化保险公司偿付能力监管标准的通知 3 2023/9/10 | | గ్ | 关于调整保险资金权益类资产监管比例有关事项的通知 2025/4/8 | | | 峰 关于调整保险公司相关业务风险因子的通知 2025/12/5 | 近年来，为推动以保险资金为代表的中长期资金，加大对市场的投资力度，金融监管总 局等部门，先后出台多项措施。 先是，对权益类资产投资，实行差异化监管，而后，又下调风险因子、上调权益类投资 比例上限！ 以金融监管总局为例，从2 020年至今，已经先后下发4个文件，详见上图。 今日，金融监管总局下发《关于调整保险公司相关 ...

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][2]. Group 1: Adjustments to Risk Factors - The notification differentiates risk factors based on the holding period of stocks, lowering the risk factor for stocks held over three years from 0.3 to 0.27 for certain indices [2][3]. - For stocks listed on the Sci-Tech Innovation Board held for over two years, the risk factor is reduced from 0.4 to 0.36 [2]. - The risk factor for export credit insurance and overseas investment insurance is lowered from 0.467 to 0.42 and from 0.605 to 0.545, respectively [2]. Group 2: Impact on Capital Efficiency - The reduction in risk factors allows insurance companies to reserve less capital for investments, enhancing capital utilization efficiency [3][4]. - For example, a hypothetical investment of 10 billion yuan in the CSI 300 index would see a capital reserve decrease from 3 billion yuan to 2.7 billion yuan due to the risk factor adjustment [3]. - This change is expected to improve liquidity and stability in the capital market, particularly in the stock market [3][4]. Group 3: Encouragement of Long-term Investment - The adjustments aim to guide insurance funds into the equity market as long-term capital, promoting stable funding sources for the economy [5][6]. - The notification encourages insurance companies to adopt a long-term investment strategy, focusing on stocks with stable dividends and strong fundamentals [6]. - The policy is expected to support the development of high-tech and blue-chip stocks, aligning with national innovation strategies [5]. Group 4: Support for Foreign Trade Enterprises - The adjustments to risk factors for export credit insurance are intended to encourage insurance companies to support foreign trade enterprises, which is crucial given the current global economic uncertainties [7]. - The regulatory body emphasizes the importance of these changes in fostering patience capital and supporting technological innovation [7].

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 loosening" and "long-term investment" to better support the real economy [1][6]. Summary by Relevant Sections Risk Factor Adjustments - The notification introduces differentiated risk factors based on the holding period for insurance companies investing in stocks, lowering the risk factor for stocks held over three years from 0.3 to 0.27 for certain indices [2][3]. - For stocks listed on the Sci-Tech Innovation Board held for over two years, the risk factor is reduced from 0.4 to 0.36 [2]. - The risk factor for export credit insurance and overseas investment insurance is lowered from 0.467 to 0.42 for premiums, and from 0.605 to 0.545 for reserves [2]. Impact on Capital Efficiency - The reduction in risk factors allows insurance companies to reserve less capital for investments, enhancing capital utilization efficiency. For example, a hypothetical investment of 10 billion yuan in the CSI 300 index would see a capital reserve decrease from 3 billion yuan to 2.7 billion yuan [3]. - This adjustment is expected to improve liquidity and stability in the capital markets, particularly in the stock market, by enabling insurance funds to invest more while meeting solvency requirements [3][4]. Support for Long-term Investment - The adjustments encourage insurance funds to adopt a long-term investment approach, which is crucial for supporting the development of high-growth and blue-chip companies [4]. - The policy aims to cultivate "patient capital," which is characterized by lower volatility and longer investment horizons, thereby smoothing market fluctuations [4]. Strategic Asset Allocation - Insurance companies are advised to enhance their strategic asset allocation, focusing on long-term and value investment principles while carefully selecting stocks with stable dividends and strong fundamentals [5]. - Larger insurance firms are likely to benefit more from these policy changes due to their greater resources, while smaller firms may face challenges in capital market competition [5]. Support for Foreign Trade Enterprises - The notification also aims to bolster support for foreign trade enterprises by adjusting risk factors in export credit insurance, which is particularly important given the current global economic uncertainties [6]. - The regulatory body emphasizes the need for insurance companies to enhance their long-term investment management capabilities and ensure accurate solvency data [6].

对偿付能力的占用一直是险资在进行权益投资时的一大重要考量因素，也在一定程度上掣肘了险资的权 益投资步伐。 险资权益投资部分的偿付能力风险因子下降10%的政策落地。 12月5日，国家金融监管总局发布《关于调整保险公司相关业务风险因子的通知》（下称《通知》）， 将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；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，降幅均为 10%。 早在5月7月的国新办发布会上，国家金融监管总局局长李云泽就已预告下一步"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"，此次《通知》正是该政策的落地。 "《通知》优化降低权益因子，有助于提升险资权益配置意愿。若释放最低资本全部增配沪深300股票， 对应资金为1086亿元。"中泰证券非银金融行业首席分析师葛玉翔回复第一财经称。 如何计算加权平均持仓时间？金融监管总局相关负责人表示，以投资科创板上市普通股为例，保险公司 季度末持仓的科创板股票按照先进先出原则，采用加权平均的方式计算其过去四年持仓时间（超过四年 的按照四年计算），持仓 ...

我们重刊了罗伯特·伦兹纳这篇2012年的旧文，作者以长达半个世纪的近距离观察，记录下巴菲特与一 个普通孩子的温暖互动、他在危机时刻的担当，以及那些隐藏在致股东信与日常言行中的智慧。 这些故事跨越时间，依然鲜活——或许正因如此，我们才更感慨：世上很难再有下一个巴菲特，但他的 精神与方法，仍将长久照亮投资与为人之道。 以下是全文，敬请阅读。 我想分享一个关于沃伦·巴菲特（Warren Buffett）的故事。这个故事我一直铭记于心，相信读者也能从 我的讲述中，感受到他令人敬佩的品格。 1993年，为了撰写《福布斯》美国富豪榜特刊封面报道，我采访了这位当时的美国首富。在奥马哈小联 盟棒球场，有个界外球落在我们附近，巴菲特捡起球，在上面签了名，递给我儿子杰德。那时杰德还只 是个小不点，可从那以后，来自奥马哈的信件就不断寄来，问我什么时候带他去参加伯克希尔·哈撒韦 的年度股东大会。我一直纳闷，一位身家430亿美元的亿万富豪，怎么会记得一个孩子的名字？然而正 是这样的言行举动，让他如此与众不同。自1993年那次封面报道以来，这位来自中西部的81岁长者的财 富已增长五倍有余。 杰德13岁那年，我给巴菲特发了条消息，说六个小 ...

Core Insights - The Hong Kong Mandatory Provident Fund (MPF) assets reached a record high for the seventh consecutive time, despite a slight market decline in November [1] - The average satisfaction rating for MPF returns is only 5.2 out of 10, indicating a psychological gap among investors despite a return exceeding 15% from early 2025 to the third quarter [1] - There is a need for increased investor education to help individuals understand fund selection, risk diversification, and proactive account management [2] Group 1: Market Performance - The AQUMON MPF "Composite Fund Index + Inflation Index" recorded a slight decline of -0.25% in the second half of 2025, although the overall annual performance remains strong [1] - As of the third quarter of this year, the average return for MPF members exceeded 15%, with total assets reaching HKD 1.53 trillion [2] Group 2: Investor Sentiment - The average expected annual return for MPF over the next five years is perceived to be 6.4%, reflecting a disconnect between market performance and investor satisfaction [1] - Many investors show a lack of understanding regarding MPF investment performance, leading to a "disinterested" attitude towards their investments [1] Group 3: Recommendations - It is recommended that trustees provide more educational resources to help investors actively manage their accounts and understand the importance of long-term investment strategies [2] - Regular reviews of MPF investment portfolios are essential for long-term financial planning, and automated tools can help ensure timely adjustments [2]

他提到，当前我国资本市场估值重构，资金流入和市场向好，相互促进的良好局面已经形成，这是各方 努力的宝贵成果，也是深刻反映着全球资本对中国经济的信心和期待。吸引更多中长期资金入市需要适 宜的环境和土壤，其中也离不开金融期货等风险管理工具。"十五五"规划建议提出稳步发展期货和衍生 品，证监会也强调将丰富适配长期投资的产品和风险管理工具，这为推动金融期货市场更好服务长期资 金入市和高质量发展也指明了方向。 专题：南方财经论坛2025年会 由南方财经全媒体集团主办、21世纪数字传媒主要承办的"南方财经论坛2025年会"于12月5-6日在广州 南方财经大厦举办，主题为"共识的力量——创新涌动，中国资产重估"。中国金融期货交易所党委委 员、副总经理蔡向辉出席并演讲。 谈及金融期货服务中长期资金入市，蔡向辉表示，中长期资金入市意义重大，金融期货责无旁贷。大力 推动中长期资金入市，有利于增强资本市场专业力量，推动市场生态向价值投资、长期投资转型。有利 于将社会资金转化为耐心资本，长钱长投，适配科技创新新需要，为实体经济高质量发展和国家重大战 略实施提供稳定支持。当然也有利于中长期资金充分把握长期机会，有效应对低利率时代挑战， ...

Core Viewpoint - The article emphasizes the need to create a standardized, inclusive, and vibrant capital market ecosystem, highlighting the importance of legal construction and regulatory reforms in the capital market [1] Regulatory Reforms - The article calls for the revision of key laws including the Securities Law and the Securities Investment Fund Law, as well as the formulation and revision of administrative regulations such as the Listing Company Supervision Management Regulations and Securities Company Supervision Management Regulations [1] Investor Protection - There is a push to enhance investor protection mechanisms, including the establishment of representative litigation for investors and strengthening investor education and advocacy for rational, value, and long-term investment [1] Talent and Research Development - The article stresses the importance of building high-end think tanks and talent teams in the capital market, focusing on strategic, foundational, and forward-looking research [1] Public Sentiment and Innovation - It advocates for improving expectation management mechanisms and fostering a societal atmosphere that encourages innovation and accepts failure [1]

证券时报记者 刘敬元 邓雄鹰 "十五五"即将开篇，在培育壮大新兴产业与未来产业的进程中，37万亿元险资如何更好发挥"耐心资本"作用，仍是 亟待解答的时代课题。 近日，在"第十九届深圳国际金融博览会暨2025中国金融机构年会"分论坛"2025中国保险业资产负债管理年会"上， 四位保险资管高管以"壮大耐心资本，赋能新质生产力"为主题展开了圆桌讨论，分享不同业务条线的实践和思 考。 这四位高管包括新华资产总裁陈一江，太保资产副总经理、董事会秘书赵峰，中意资产总经理助理陈伍斌，中邮 资管首席风险管理执行官张超。 长期投资试点 是"上下结合"的成果 自去年鸿鹄基金入市以来，保险资金长期投资试点改革在资本市场上受到高度关注，今年试点规模进一步扩围到 2220亿元。 张超表示，中邮资管获得第三批试点资格，在投资思路上，基金将发挥"耐心资本"的核心优势，坚持长期投资、 价值投资、责任投资的理念，重点围绕服务国家战略、科技等领域，展开深入研究和投资。 做好支持科技的"耐心资本" 科技创新的金融支持是当前重要命题，保险资金凭借"耐心资本"属性，正积极投身"科技金融"实践，相关领域已积 累诸多经验认识。 陈一江表示，对于险资这类大 ...