Core Viewpoint - The A-share market experienced fluctuations with military stocks surging, while real estate and large financial sectors also showed strength, indicating a positive sentiment in specific sectors driven by regulatory support for insurance investments [1] Group 1: Market Performance - The three major A-share indices opened high but closed lower with narrow fluctuations [1] - Military stocks saw a significant rally, while major banks like China Bank and Agricultural Bank rose over 1% [1] Group 2: Regulatory Developments - The head of the Financial Regulatory Bureau announced plans to expand the long-term investment pilot for insurance funds, with an additional 60 billion yuan to be approved soon [1] - Adjustments to solvency regulation rules will lower the risk factor for stock investments by 10%, encouraging insurance companies to increase market participation [1] - A long-term assessment mechanism will be promoted to enhance institutional engagement and support "long money long investment" strategies [1] Group 3: Investment Outlook - Guotai Junan Securities estimates that insurance funds will inject an additional 600-800 billion yuan into the market over the next three years, with high-dividend stocks accounting for 300-400 billion yuan of this amount [1] - The low interest rate environment and asset scarcity make high-dividend stocks a necessary choice for insurance companies, leading to an expected annual increase of 300-400 billion yuan in high-dividend allocations [1] Group 4: Investment Products - The Redundant ETF National Enterprise (530880) closely tracks the Shanghai Stock Exchange National Enterprise Dividend Index, which includes 30 state-owned enterprises with high cash dividend yields and stable dividends [1] - Investors without stock accounts can access investment opportunities through the Redundant ETF National Enterprise's linked funds [1]

事件 5 月 7 日，金融监管总局局长李云泽在参加国新办新闻发布会时表示，一是进一步扩大保险资金长期投资试点范围， 近期拟再批复 600 亿元，为市场注入更多增量资金；二是调整偿付能力监管规则，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；三是推动完善长周期考核机制，调动机构积极性，促进实现"长钱长投"。 核心内容 长期股票投资试点：截至当前金融监管总局批复的保险资金长期投资改革试点已达 1620 亿元，共计 8 家头部险企参 与，预计主要投向为二级市场优质的高股息标的。 股票投资风险因子：偿付能力充足率水平决定保险公司投资权益的上限，偿付能力对于权益配置的约束在于权益投资 *风险因子影响最低资本要求，以投资沪深 300 的基础因子从 0.3 优化至 0.27、2025Q1 偿付能力、2024 年股票数据进 行简单测算，对平安寿、太保寿、国寿、新华核心偿付能力充足率提振幅度分别为 4.4%/6.3%/4.4%/7.9%，综合偿付 能力充足率提振分别为 6.1%/9.9%/6.0%/11.0%，因此降低股票投资风险因子将缓释股票持仓高的险企的偿付能力压力， 打开险资入市空间，加快险资入市进程 ...

Core Viewpoint - A-shares experienced a mixed trading session with military stocks surging and real estate and financial sectors gaining momentum, while a press conference highlighted new financial policies aimed at stabilizing the market and boosting investor confidence [1]. Group 1: Market Performance - The three major A-share indices opened high but closed lower with narrow fluctuations [1]. - Military stocks saw a significant rally, while the real estate and large financial sectors also contributed positively to the market [1]. - The Red Dividend ETF (530880) rose by 0.72% by the afternoon close [1]. Group 2: Key Stocks - Notable individual stocks included Chongqing Rural Commercial Bank and Bank of China, both rising over 2%, while Industrial and Commercial Bank of China, Beijing Bank, Jiangsu Bank, and Agricultural Bank of China increased by over 1% [1]. - Other stocks such as COSCO Shipping Holdings and Sinopec also experienced upward movement [1]. Group 3: Financial Policies - A press conference was held by the State Council Information Office, featuring key financial leaders discussing a "package of financial policies to support market stability and expectations" [1]. - Measures announced include expanding the pilot scope for insurance funds' long-term investments, adjusting regulatory rules to lower risk factors for stock investments by 10%, and promoting long-term assessment mechanisms [1]. - According to Guosen Securities, traditional dividend, low-volatility dividend, and cash flow factors are expected to achieve both "absolute returns + excess returns," with long-term dividend assets showing advantages in terms of timing, annualized returns, and win-odds [1].

智通财经记者 | 吕文琦 "充分发挥保险资金作为耐心资本和长期资本的作用，加大入市稳市力度，下一步将推出三条措施支持 稳定和活跃资本市场。"5月7日，金融监管总局局长李云泽在国新办新闻发布会上表示。 具体来看，一是进一步扩大保险资金长期投资试点范围，近期拟再批复600亿元，为市场引入更多增量 资金。二是调整优化监管规则，将保险公司股票投资风险因子进一步调降10%，以鼓励保险公司加大入 市力度。三是推动完善长周期考核机制，促进实现长钱长投。 而此次将保险公司股票投资风险因子进一步调降10%，前述非银分析师认为，假如全部权益持仓都是股 票，都可以打9折的话，预计偿付能力大概能上升5%。 南开大学金融发展研究院院长田利辉向智通财经表示，金融监管总局近期推出的调降保险公司股票投资 风险因子、扩大保险资金长期投资试点范围等举措，是中国资本市场改革的重要信号，旨在通过优化保 险资金的配置能力，为市场注入长期稳定资金，同时提升保险业服务实体经济的能力。 多措并举引活水 打通中长期资金入市的卡点堵点，为险资提供良好的投资环境一直是监管重点关注的问题。 2024年3月，中国人寿与新华保险，共同成立总规模达500亿元的鸿鹄基金。 ...

早间迎多重重磅消息，中国央行宣布降息降准、优化两项支持资本市场的货币政策工具，商务部称中方决定同意与美方进行接触。 今日开盘，港A股主要指数集体高开，不过随后有所回落。 A股方面，截止发稿，沪指涨0.67%，深证成指涨0.32%，创业板指涨0.61%。全市场超3000只个股上涨，多元金融、证券、房地产、航天军工等行业板块表 现亮眼。 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | | 上证指数 | | 3338.20 | +22.09 | +0.67% | | 000001 | W | | | | | 深证成指 | | 10114.99 | +32.66 | +0.32% | | 399001 | W | | | | | 创业板指 | | 1998.47 | +12.06 | +0.61% | | 399006 | W | | | cinel | 港股方面，截止发稿，恒生指数、国企指数、恒生科技指数均涨逾1%。， | 名称 | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | | 恒生指数 | 2298 ...