三、《通知》规定的持仓时间如何计算？ 答：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），持仓时间超过两年的，适用风险因子 0.36。 新华财经北京12月5日电近日，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》（以 下简称《通知》），有关司局负责人就《通知》回答了记者提问。 一、《通知》出台背景是什么？ 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。 二、《通知》对保险行业服务实体经济有何影响？ 一是《通知》针对保险公司投资的沪深300指数成分股、中证红利低波动100指数成分股以及科创板股票 的风险因子，根据持仓时间进行了差异化设置，以培育壮大耐心资本、支持科技创新。二是《通知》调 整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、准备金风 险因子，引导保险公司加大对外贸企业支持力度、有效服务国家战略。 （文章来源：新华财经） 四、《通知》相 ...

Core Viewpoint - The National Financial Regulatory Administration has announced a second reduction in risk factors for insurance companies' related business, enhancing the capital efficiency of equity asset allocation, thereby continuously opening up space for insurance capital to enter the market [1][4]. Group 1: Regulatory Adjustments - The adjustment includes a reduction in risk factors for long-term holdings of stocks in the CSI 300 Index and the CSI Dividend Low Volatility 100 Index from 0.3 to 0.27 [1]. - The risk factor for common stocks on the Sci-Tech Innovation Board has been lowered from 0.4 to 0.36 [1]. - The risk factors for premiums and reserves in export credit insurance have also been reduced [1]. Group 2: Impact on the Real Economy - The notification aims to support the real economy by differentiating risk factors based on holding periods for investments in the CSI 300 Index, CSI Dividend Low Volatility 100 Index, and Sci-Tech Innovation Board stocks, fostering patient capital and supporting technological innovation [4]. - The adjustments in risk factors for export credit insurance and overseas investment insurance are intended to encourage insurance companies to increase support for foreign trade enterprises, effectively serving national strategies [4].

Core Viewpoint - The Financial Regulatory Bureau has issued a notification to adjust risk factors related to insurance companies' business, aiming to enhance long-term investment management and better serve the real economy [1][7]. Group 1: Background of the Notification - The notification was introduced to effectively prevent risks, guide insurance companies in improving long-term investment management capabilities, and strengthen asset-liability matching management [2][8]. - The goal is to enhance the role of insurance capital as patient capital and to support the sustainable and stable operation of insurance companies [2][8]. Group 2: Impact on the Insurance Industry - The notification differentiates risk factors for investments in the CSI 300 Index, the China Securities Dividend Low Volatility 100 Index, and stocks listed on the Sci-Tech Innovation Board based on holding periods, promoting the growth of patient capital and supporting technological innovation [3][9]. - Adjustments were made to the premium risk factors and reserve risk factors for export credit insurance and overseas investment insurance, encouraging insurance companies to increase support for foreign trade enterprises and effectively serve national strategies [3][9]. Group 3: Holding Period Calculation - For example, the holding period for stocks listed on the Sci-Tech Innovation Board is calculated using a first-in-first-out principle, with a weighted average method applied to the past four years of holding time [4][10]. - If the holding period exceeds two years, a risk factor of 0.36 is applicable [4][11]. Group 4: Specific Adjustments to Risk Factors - Adjustments to stock investment risk factors include maintaining the basic factor unchanged while modifying the characteristic coefficient K2 for stocks held for over three years in the CSI 300 Index and the China Securities Dividend Low Volatility 100 Index, as well as for Sci-Tech Innovation Board stocks held for over two years [5][11]. - Adjustments were also made to the risk factors for export credit insurance and overseas investment insurance, while the relevant characteristic coefficients remain unchanged [5][11]. Group 5: System Adjustments - The insurance company's solvency regulatory information system will be adjusted accordingly to reflect these changes [6][12].

Core Viewpoint - The recent notification from the Financial Regulatory Bureau aims to enhance the solvency regulation standards for insurance companies, promoting the effective use of insurance funds as patient capital to better serve the real economy [1]. 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 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 [3]. Group 2: Management and Compliance - Insurance companies are required to improve internal controls to accurately measure the holding period of investment stocks and continuously enhance their long-term capital investment management capabilities [4]. - There is an emphasis on strengthening solvency management, ensuring accurate measurement of various risk capital requirements, and guaranteeing that solvency data is true, accurate, and complete [5]. - Any previous documents that conflict with the current notification regarding the aforementioned business risk factors will be superseded by this notification [6].

具体来说，他解释到，"更加包容的创投市场"指首先要对人来包容。他提到，研究表示，超级独角兽的 创业者身上有大概十几个特质，除去优点之外，都带有一般意义上的缺点，比如疯狂的、孤僻的、不好 相处的、多余的、冷漠的，甚至自私的。核心逻辑是因为创业创新做的是从0到1，无中生有的事情，不 可能像正常人一样循规蹈矩。这些超级创业者必须是特立独行，离经叛道，才会有各种各样的奇思妙想 不断地涌现出来，这是超级创业者身上的特质。 他以马斯克为例，"他私生活极其不检点，各种行为非常怪异乖张。但是这些特质让他能够有各种各样 的奇思妙想，以及眼花缭乱各种各样的科技创新。所以要想去支持科技创新，要实现高水平的科技自立 自强，我们需要对超级创业者包容，需要有一个创投的市场。" 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"。清华大学国家金融研究院院 长、清华大学五道口金融学院副院长田轩出席并演讲。 推动科技创新，需要什么样的资本市场，需要怎么样的金融去支持？对此，田轩提出：第一、需要更加 包容的创投市场；第二、需要" ...

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"。清华大学国家金融研究院院 长、清华大学五道口金融学院副院长田轩出席并演讲。 推动科技创新，需要什么样的资本市场，需要怎么样的金融去支持？对此，田轩提出：第一、需要更加 包容的市场；第二、需要"不太积极"的二级市场。 具体来说，他解释到，"更加包容的创投市场"指首先要对人来包容。他提到，研究表示，超级独角兽的 创业者身上有大概十几个特质，除去优点之外，都带有一般意义上的缺点，比如疯狂的、孤僻的、不好 相处的、多余的、冷漠的，甚至自私的。核心逻辑是因为创业创新做的是从0到1，无中生有的事情，不 可能像正常人一样循规蹈矩。这些超级创业者必须是特立独行，离经叛道，才会有各种各样的奇思妙想 不断地涌现出来，这是超级创业者身上的特质。 他以马斯克为例，"他私生活极其不检点，各种行为非常怪异乖张。但是这些特质让他能够有各种各样 的奇思妙想，以及眼花缭乱各种各样的科技创新。所以要想去支持科技创新，要实现高水平的科技自立 自强，我们需要对超级创业者包容，需要有 ...

Core Viewpoint - The South Finance Forum 2025 emphasizes the need for a more inclusive venture capital market and a less aggressive secondary market to support technological innovation and achieve high-level self-reliance in technology [1][5]. Group 1: Venture Capital Market - A more inclusive venture capital market is necessary, which should be accommodating to the unique traits of "super unicorn" entrepreneurs, who often possess unconventional characteristics that drive innovation [3][7]. - The current venture capital market in China lacks "patient capital," with fund lifespans averaging 5-7 years compared to the 10-12 years typical in the U.S., limiting investments in early-stage projects [8][9]. - The composition of Limited Partners (LPs) in China has shifted from individual investors to state-owned entities, which, despite being patient capital, exhibit risk-averse behavior due to concerns over state asset preservation [4][9]. Group 2: Secondary Market - The secondary market in China needs to be less aggressive, requiring strong anti-takeover provisions, reduced stock liquidity, and a focus on long-term institutional investors [4][9]. - There should be fewer analysts tracking stocks and less frequent information disclosure to create a more stable investment environment [9]. - A combination of a more inclusive venture capital market and a less aggressive secondary market is essential for leveraging technology and financial power to support innovation [4][9].

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"。清华大学国家金融研究院院 长、清华大学五道口金融学院副院长田轩出席并演讲。 推动科技创新，需要什么样的资本市场，需要怎么样的金融去支持？对此，田轩提出：第一、需要更加 包容的创投市场；第二、需要"不太积极"的二级市场。 具体来说，他解释到，"更加包容的创投市场"指首先要对人来包容。他提到，研究表示，超级独角兽的 创业者身上有大概十几个特质，除去优点之外，都带有一般意义上的缺点，比如疯狂的、孤僻的、不好 相处的、多余的、冷漠的，甚至自私的。核心逻辑是因为创业创新做的是从0到1，无中生有的事情，不 可能像正常人一样循规蹈矩。这些超级创业者必须是特立独行，离经叛道，才会有各种各样的奇思妙想 不断地涌现出来，这是超级创业者身上的特质。 他以马斯克为例，"他私生活极其不检点，各种行为非常怪异乖张。但是这些特质让他能够有各种各样 的奇思妙想，以及眼花缭乱各种各样的科技创新。所以要想去支持科技创新，要实现高水平的科技自立 自 ...

Core Viewpoint - The South Finance Forum 2025 emphasizes the need for a more inclusive venture capital market and a less aggressive secondary market to support technological innovation and achieve high-level self-reliance in technology [1][5]. Group 1: Venture Capital Market - A more inclusive venture capital market is necessary, which should be open to diverse entrepreneurs, including those with unconventional traits that drive innovation [3][7]. - The characteristics of "super unicorn" entrepreneurs often include traits that are typically seen as negative, such as being eccentric or difficult to work with, which are essential for groundbreaking innovation [3][7]. - The current venture capital market in China lacks "patient capital," with fund lifespans averaging 5-7 years compared to the 10-12 years typical in the U.S., limiting investments in early-stage projects [8][9]. Group 2: Limited Partners (LPs) - The composition of LPs in China has shifted from individual investors to state-owned entities, which, while inherently patient, are often risk-averse due to concerns over state asset preservation [4][9]. - The risk-averse nature of state-backed venture capital institutions leads to insufficient support for early-stage investments, hindering technological innovation [4][9]. Group 3: Secondary Market - A less aggressive secondary market is needed, characterized by strong anti-takeover provisions, limited stock liquidity, a focus on long-term institutional investors, fewer analysts tracking stocks, and less frequent information disclosure [4][9]. - The combination of a more inclusive venture capital market and a less aggressive secondary market is essential for leveraging technology and finance to support innovation and achieve technological self-reliance [4][9].

1 2月5日，《人民日报》刊发中国证监会主席吴清的署名文章，题为《提高资本市场制度的包 容性适应性（学习贯彻党的二十届四中全会精神）》。 值得关注的是，我们发现，文章中多处对私募股权和创投基金提出明确肯定与支持： 母基金研究中心认为，吴清此次发声肯定了私募股权创投基金的重要作用，并释放出畅通募投 管退全链条机制的利好信号。 我们关注到，今年以来，证监会十分关注私募股权投资行业的发展： 1 0月2 7日，2 0 2 5金融街 论坛年会在北京金融街开幕，吴清在演讲中强调，新产业、新业态往往需要更大规模的耐心资 本投入和更灵活、更包容的融资环境，以利于更好支持创新资本形成和创新动能培育。这也肯 定了私募股权创投基金作为创新资本的重要作用。 6月1 8日，在2 0 2 5陆家嘴论坛上，中国证监会主席吴清发表主题演讲，吴清表示，当前，适应 创新规律的资本形成机制不完善。与科技创新"十年磨一剑"的坚守相比， 我们的金融供给仍存 在资金短期化、风险容忍度低等问题，长期资本、耐心资本远远不够 。 吴清指出，更大力度培育壮大耐心资本、长期资本。聚焦私募基金 "募投管退"各环节卡点堵 点，精准发力、畅通循环。积极推动社保基金、保 ...