12月5日，第15届21世纪创新资本年会在广州举办。本次活动由南方财经全媒体集团指导、21世纪经济 报道主办、21世纪创投研究院提供首席智库支持，本次活动还得到中宏保险的特别支持。 "股权投资的'DeepSeek时刻'，其实质是资本认知升级、生态重构的时刻。从追逐短期波动到锚定长期 价值，从单纯资金注入到生态价值共创，从个体利益最大化到多方价值共振。"朱克力说，当越来越多 的资本以"三位一体"的姿态，扎根实体经济、赋能科技创新、拥抱产业变革，不仅能为基金管理人和出 资人们带来更稳健、更可持续的投资回报，更能为我国高水平科技自立自强、为现代化产业体系建设、 为高质量发展大局，贡献资本市场最坚实、最持久的力量。 国研新经济研究院创始院长朱克力在圆桌座谈中表示，中国股权投资已走出单纯追逐短期收益的认知误 区，迈向"安心资本—耐心资本—开心资本"三位一体的价值共创新阶段。 （文章来源：21世纪经济报道） "耐心资本"是核心，穿越创新周期方能成就伟大企业。从顶层政策设计角度，中央反复强调解决"耐心 资本"不足的问题，正是看到了长期资本对科技创新的关键支撑作用。没有耐心资本的陪伴，许多具有 颠覆性潜力的技术可能在"死亡谷 ...

Core Viewpoint - The National Financial Regulatory Administration has adjusted the risk factors for insurance companies' related business, aiming to enhance the efficiency of capital usage and support the real economy while maintaining risk control [1][2]. Group 1: Adjustments to Risk Factors - The risk factor for stocks held over three years in the CSI 300 index has been reduced from 0.3 to 0.27, based on a six-year weighted average holding period [2]. - The risk factor for stocks in the Sci-Tech Innovation Board held for over two years has been lowered from 0.4 to 0.36, based on a four-year weighted average holding period [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]. Group 2: Implications for Insurance Companies - The adjustment encourages insurance companies to invest in the equity market with a long-term perspective, thereby reducing capital occupation and alleviating solvency pressure [3][5]. - The changes are expected to enhance the overall competitiveness of the insurance industry by providing greater operational flexibility and optimizing capital allocation [5]. - Insurance companies are urged to improve internal controls and accurately measure investment holding periods to enhance long-term capital management capabilities [3][4]. Group 3: Support for the Real Economy - The adjustments are designed to promote insurance funds' support for strategic industries and high-tech enterprises, thereby contributing to the innovation and development of the economy [5]. - The regulatory changes reflect a commitment to fostering a stable and healthy development of the capital market, encouraging insurance companies to increase their market participation [4][5].

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].

松绑偿付能力压力引导"长钱长投"。 12月5日，金融监管总局发布了《关于调整保险公司相关业务风险因子的通知》，根据持仓时间差异， 明确保险公司投资的沪深300指数成份股、中证红利低波动100指数成份股以及科创板股票，将享受较低 的风险因子；同时，还进一步调低了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和准备金风险因子。 金融监管总局有关司局负责人表示，为有效防范风险，引导保险公司提高长期投资管理能力，强化资产 负债匹配管理，更好发挥保险资金耐心资本作用，有效服务实体经济，亟需完善偿付能力相关标准，推 动保险公司持续稳健经营。 具体来看，《通知》明确，保险公司持仓时间超过三年的沪深300指数成份股、中证红利低波动100指数 成份股的风险因子从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。 对于本次《通知》中强调的持仓时间计算规则，金融监管总局有关司局负责人以投资科创板上市普通股 为例介绍指出，保险公司季度末持仓的科创板股票按照先进先出 ...

松绑偿付能力压力引导 "长钱长投"。 12月5日，金融监管总局发布了《 关于调整保险公司相关业务风险因子的通知 》，根据持仓时间差异，明确 保险公司投资的沪深 300指数成份股、中证红利低波动100指数成份股以及科创板股票 ，将享受较低的 风险因 子 ；同时，还进一步调低了 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 和 准备金风险因子。 金融监管总局有关司局负责人表示，为有效防范风险，引导保险公司提高长期投资管理能力，强化资产负债匹 配管理，更好发挥保险资金耐心资本作用，有效服务实体经济，亟需完善偿付能力相关标准，推动保险公司持 续稳健经营。 具体来看，《通知》明确，保险公司持仓时间超过三年的沪深300指数成份股、中证红利低波动100指数成份股 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。 对于本次《通知》中强调的持仓时间计算规则，金融监管总局有关司局负责人以投资科创板上市普通股为例介 绍指出，保险公司季度末持仓的科创 ...

Core Viewpoint - The National Financial Supervision Administration has issued a notification to adjust the risk factors related to insurance companies' business, aiming to enhance the solvency regulation standards and support the real economy effectively [1]. Summary by Sections 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 decreased from 0.4 to 0.36 [2]. - 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 adjusted from 0.605 to 0.545 [2]. Internal Control and Management - Insurance companies are required to improve internal controls to accurately measure the holding period of investments in stocks and enhance the management capabilities of long-term capital investments [3]. - There is an emphasis on strengthening solvency management to ensure that all solvency data is true, accurate, and complete [3]. - Any previous regulations regarding the risk factors for the aforementioned businesses that conflict with this notification will be superseded by this notification [3].

Core Viewpoint - The National Financial Supervision Administration has announced adjustments to risk factors related to insurance companies' investment in stocks, export credit insurance, and overseas investment insurance, aiming to enhance long-term investment management and support the real economy [1][6]. Summary by Relevant Sections 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 Low Volatility 100 Index has been reduced from 0.3 to 0.27 [3]. - 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 [3]. - The premium risk factor for export credit insurance and overseas investment insurance has been lowered from 0.467 to 0.42, while the reserve risk factor has been adjusted from 0.605 to 0.545 [3]. Internal Control and Management - Insurance companies are required to improve internal controls, accurately measure stock holding periods, and enhance long-term investment management capabilities [4]. - There is an emphasis on strengthening solvency management and ensuring the accuracy and completeness of solvency data [4]. Impact on the Insurance Industry - The adjustments aim to cultivate patient capital and support technological innovation by differentiating risk factors based on holding periods for specific stock indices [6]. - The changes in risk factors for export credit insurance are intended to encourage insurance companies to increase support for foreign trade enterprises and effectively serve national strategies [6]. Calculation of Holding Periods - For stocks on the Sci-Tech Innovation Board, the holding period is calculated using a weighted average based on the FIFO principle, with a maximum consideration of four years [7]. - As of the end of this year, the transition period for the new solvency regulatory rules will officially end, imposing stricter requirements on insurance companies' solvency construction [7].

新京报贝壳财经讯 12月5日，为完善保险公司偿付能力监管标准，充分发挥保险资金作为耐心资本的优 势，提升服务实体经济质效，近日金融监管总局发布《关于调整保险公司相关业务风险因子的通知》。 《通知》积极贯彻落实防风险、强监管、促高质量发展要求，在严守风险底线的基础上，适度调整保险 公司相关业务风险因子。一是调整保险公司投资相关股票的风险因子，培育壮大耐心资本。二是调整保 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风险因子，鼓励保险公司加大对 外贸企业支持力度、有效服务国家战略。下一步，金融监管总局将指导保险公司认真贯彻执行《通知》 要求，推动保险公司提高长期资金投资管理能力，加强偿付能力管理，确保偿付能力数据真实、准确、 完整。 ...

Core Viewpoint - The Financial Regulatory Bureau has issued a notice to adjust the risk factors related to insurance companies' business, aiming to enhance the solvency regulation standards and improve the effectiveness of insurance funds in serving the real economy [1][5]. 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 more than 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 more than two years has been decreased from 0.4 to 0.36 [2]. - The premium risk factor for export credit insurance and overseas investment insurance has been lowered from 0.467 to 0.42, while the reserve risk factor has been adjusted from 0.605 to 0.545 [2]. Group 2: Impact on the Insurance Industry - The notice encourages insurance companies to increase support for foreign trade enterprises and effectively serve national strategies by adjusting risk factors for export credit insurance [6]. - The differentiated risk factor settings based on holding periods aim to cultivate patient capital and support technological innovation [6]. Group 3: Internal Control and Management - Insurance companies are required to improve internal controls to accurately measure the holding periods of stock investments and enhance long-term investment management capabilities [3]. - There is an emphasis on strengthening solvency management to ensure that solvency data is true, accurate, and complete [3]. Group 4: Implementation and Compliance - The Financial Regulatory Bureau will guide insurance companies to implement the requirements of the notice and improve their long-term investment management capabilities [2][4]. - Any previous documents that conflict with this notice regarding the risk factors will be superseded by this notice [4].