值得注意的是，证监会主席吴清表示对优质机构适当"松绑"，进一步优化风控指标，适度打开资本空间 和杠杆限制，提升资本利用效率。海通证券研报分析指出，吴清主席提出的对优质机构"松绑"政策，其 核心在于推动证券行业经营逻辑从规模导向转向风险定价能力，从依赖牌照红利转向提升专业经营水 平。这一转变将显著利好优质头部券商，成为板块估值修复的重要催化剂。 消息面上，金融监管委员会发布对调整保险公司相关业务风险因子的通知。国泰海通指出，金监总局下 调长期持有的沪深300、中证红利低波成分股及部分科创板股票风险因子，在不放松偿付能力约束的前 提下，降低险资配置优质权益资产的资本占用，强化"长期持有享受资本优惠"的导向。本次释放的最低 资本规模有限但方向明确，有利于险资适度提升权益占比、延长持仓久期。叠加"新增保费约30%入 市"的中长期逻辑，我们仍看好险资在未来几年持续为权益市场提供增量。 中资券商股涨幅扩大，截至发稿，中国银河(06881)涨5.17%，报10.57港元；国泰海通(02611)涨4.61%， 报16.78港元；中信证券(06030)涨3.21%，报27.64港元；广发证券(01776)涨2.58%，报17. ...

消息面上，金融监管委员会发布对调整保险公司相关业务风险因子的通知。国泰海通指出，金监总局下 调长期持有的沪深300、中证红利低波成分股及部分科创板股票风险因子，在不放松偿付能力约束的前 提下，降低险资配置优质权益资产的资本占用，强化"长期持有享受资本优惠"的导向。本次释放的最低 资本规模有限但方向明确，有利于险资适度提升权益占比、延长持仓久期。叠加"新增保费约30%入 市"的中长期逻辑，我们仍看好险资在未来几年持续为权益市场提供增量。 智通财经APP获悉，中资券商股涨幅扩大，截至发稿，中国银河(06881)涨5.17%，报10.57港元；国泰海 通(02611)涨4.61%，报16.78港元；中信证券(06030)涨3.21%，报27.64港元；广发证券(01776)涨2.58%， 报17.49港元。 值得注意的是，证监会主席吴清表示对优质机构适当"松绑"，进一步优化风控指标，适度打开资本空间 和杠杆限制，提升资本利用效率。海通证券研报分析指出，吴清主席提出的对优质机构"松绑"政策，其 核心在于推动证券行业经营逻辑从规模导向转向风险定价能力，从依赖牌照红利转向提升专业经营水 平。这一转变将显著利好优质头部券商 ...

非银行金融 2025 年 12 月 12 日 【平安证券】行业点评-非银行金融-下调保险投资股 票风险因子，培育壮大耐心资本-强于大市 20251207 证券分析师 相关研究报告 【平安证券】行业半年度策略报告-非银行金融-高质 量发展引领价值重估，头部公司更具韧性——非银金 融行业 2025 年中期策略报告-强于大市 20250701 【平安证券】行业点评-非银行金融-人身险预定利率 再下调，分红险具备比较优势-强于大市 20250727 【平安证券】行业点评-非银行金融-中金拟吸收合并 东兴+信达，证券业供给侧改革加速-强于大市 20251120 保险业 2026 年度策略报告 攻守兼备，乘势而上 强于大市（维持） 行情走势图 | 李冰婷 | 投资咨询资格编号 | | --- | --- | | | S1060520040002 | | | LIBINGTING419@pingan.com.cn | | 许 淼 | 投资咨询资格编号 | | | S1060525020001 | | | XUMIAO533@pingan.com.cn | 平安观点： 行 业 报 告 行 业 年 度 策 略 报 证 券 研 ...

Market Overview - On December 11, the A-share market opened high but closed lower, with the Shanghai Composite Index finding support around 3897 points before retreating again[2] - The Shanghai Composite Index closed at 3873.32 points, down 0.70%, while the Shenzhen Component Index fell 1.27% to 13147.39 points[7] - Total trading volume for both markets was 18854 billion yuan, above the median of the last three years[3] Sector Performance - Wind power equipment, grid equipment, aerospace, and medical services sectors performed well, while real estate, textiles, pharmaceuticals, and shipbuilding sectors lagged[3] - Over 80% of stocks in the two markets declined, with notable gains in non-metal materials and wind power equipment[7] Valuation Metrics - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 16.00 times and 49.52 times, respectively, above the median levels of the past three years[3] - The current macroeconomic environment is in a mild recovery phase, but the foundation still needs consolidation[3] Future Outlook - The market is expected to consolidate around the 4000-point level, with cyclical and technology sectors likely to perform in rotation[3] - Investors are advised to closely monitor macroeconomic data, changes in overseas liquidity, and policy developments[3] Risk Factors - Potential risks include unexpected overseas economic downturns, domestic policy changes, and international relations affecting the economic environment[4]

期货市场交易指引 2025 年 12 月 11 日 | | 宏观金融 | | --- | --- | | ◆股指： | 中长期看好，逢低做多 | | ◆国债： | 震荡运行 | | | 黑色建材 | | ◆焦煤： | 区间交易 | | ◆螺纹钢： | 区间交易 | | ◆玻璃： | 观望不追高 | | | 有色金属 | | ◆铜： | 轻仓持多 | | ◆铝： | 建议多单考虑减仓 | | ◆镍： | 建议观望或逢高做空 | | ◆锡： | 区间交易 | | ◆黄金： | 区间交易 | | ◆白银： | 多单持有，新开仓谨慎 | | ◆碳酸锂： | 偏强震荡 | | | 能源化工 | | ◆PVC： | 区间交易 | | ◆烧碱： | 暂时观望 | | ◆纯碱： | 暂时观望 | | ◆苯乙烯： | 区间交易 | | ◆橡胶： | 区间交易 | | ◆尿素： | 区间交易 | | ◆甲醇： | 区间交易 | | ◆聚烯烃： | 偏弱震荡 | | | 棉纺产业链 | | ◆棉花棉纱： | 震荡偏强 | | ◆PTA： | 震荡上行 | | ◆苹果： | 震荡偏强 | | ◆红枣： | 震荡偏弱 | | | 农业 ...

Core Viewpoint - The article emphasizes a significant shift in the investment behavior of insurance funds, which are becoming a new source of long-term capital for the A-share market, driven by regulatory changes and a declining interest rate environment [2][24]. Group 1: Changes in Insurance Fund Investment - Insurance funds are experiencing a directional adjustment, with over 1 trillion yuan added to stock investments this year [2][12]. - Recent regulatory adjustments have lowered the "invisible costs" associated with insurance funds entering the stock market, making it more attractive for them to invest [2][10]. - The adjustment in risk factors for long-term holdings in major indices indicates a clearer path for insurance funds to allocate capital [4][5]. Group 2: Impact of Regulatory Changes - The risk factor for stocks held over three years in the CSI 300 index has been reduced from 0.3 to 0.27, and for stocks in the Sci-Tech Innovation Board from 0.4 to 0.36 [4][5]. - Lower risk factors mean that insurance companies need to set aside less capital for potential losses, effectively reducing their internal cost of investment [10][11]. - This reduction in "invisible burden" is expected to increase the potential investment space for insurance funds [11][32]. Group 3: Future Investment Potential - By the end of Q3 2025, the direct stock holdings of insurance funds are projected to increase from 2.43 trillion yuan to 3.62 trillion yuan, reflecting a significant increase in investment activity [12][33]. - If the investment ratio of stocks and funds by life insurance companies increases from 15% to 30%, the potential additional investment could reach approximately 3.2 trillion yuan [39]. - Regulatory proposals suggest that from 2025, large state-owned insurance companies will allocate 30% of new premiums to A-share investments, potentially adding around 2 trillion yuan to the market by 2026 [40].

Investment Rating - The industry is rated as "outperforming the market," indicating an expected increase of over 10% relative to the CSI 300 index within the next six months [14]. Core Insights - The A-share market experienced slight fluctuations with a resistance level around 3923 points for the Shanghai Composite Index, while sectors such as commercial retail, electronic components, photovoltaic equipment, and medical services performed well [2][3][7]. - The average price-to-earnings ratios for the Shanghai Composite and ChiNext indices are 16.10 times and 49.51 times, respectively, which are above the median levels of the past three years, suggesting a favorable environment for medium to long-term investments [3][13]. - The total trading volume on the two exchanges was 19,179 billion, indicating a level above the median daily trading volume over the past three years, reflecting a robust market activity [3][13]. - The macroeconomic environment is in a state of moderate recovery, with ongoing support for the current upward trend in the A-share market, driven by favorable policies and improved liquidity [3][13]. Summary by Sections A-share Market Overview - On December 9, the A-share market faced resistance and showed slight fluctuations, with the Shanghai Composite Index closing at 3909.52 points, down 0.37%, while the ChiNext index rose by 0.61% [7][8]. - The trading day saw over 70% of stocks decline, with sectors like commercial retail, communication services, photovoltaic equipment, and electronic components leading in gains, while sectors such as non-ferrous metals, pharmaceuticals, and steel faced significant declines [7][9]. Future Market Outlook and Investment Recommendations - The market is expected to consolidate around the 4000-point mark for the Shanghai Composite Index, with cyclical and technology sectors likely to alternate in performance [3][13]. - Investors are advised to closely monitor macroeconomic data, changes in overseas liquidity, and policy developments, with short-term investment opportunities identified in commercial retail, photovoltaic equipment, electronic components, and medical services sectors [3][13].

2025年12月5日，《关于调整保险公司相关业务风险因子的通知》发布。一是通过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。 而事实上，险资股票投资已显著提升。截至2025年三季度末，人身险+财险公司资金运用余额361167亿 元，其中股票投资达36210亿元，占比10.0%，创近年来新高（2023年占比为7%左右）。 本次风险因子下调，经过华西证券测算，将释放最低资本约290亿元，若全部用于增配沪深300股票，可 带来约966亿元的潜在增量资金，有望成为推动资本市场"慢牛""长牛"运行的重要力量。 市场人士分析认为，因为投资的都是指数基金，因此费率或成为选择关键。长投意味着低费率的投资标 的在复利带动下，将更具优势。数据显示，红利低波ETF基金（159547）和科创50ETF（588000）都是 综合费率20bp，是最低一档。 华西证券（002926）分析认为，偿付能力充足率约束了险资权益配置上限，风险因子下调则通过释放最 低资本占用，进一步打开险资入市的空间。 ...

上周国内权益市场震荡反弹，主要宽基指数涨幅在1%左右，全市场日均成交量稳定在1.7万亿元附近， 周五下午开盘后，保险板块大幅上涨，部分上市保险公司的涨幅超过5%，有效提振了当日的市场人 气。 12月5日，国家金融监督管理总局发布通知，下调保险公司相关业务风险因子，进一步提升险资配置权 益资产的资本使用效率，为加大险资持续入市力度，培育壮大险资耐心资本，支持科技创新打开空间。 泓德基金表示，风险因子下调直接降低保险资金权益投资的最低资本占用，释放的资本额度若全部用于 增配股票，理论上可为A股带来约千亿元增量资金。政策通过资本占用折扣机制，显著提升险资对高股 息蓝筹股及科技创新板块的配置意愿，同时抑制短期交易行为，推动投资策略向长期价值型转变。 上周国内权益市场震荡反弹，主要宽基指数涨幅在1%左右，全市场日均成交量稳定在1.7万亿元附近， 周五下午开盘后，保险板块大幅上涨，部分上市保险公司的涨幅超过5%，有效提振了当日的市场人 气。 12月5日，国家金融监督管理总局发布通知，下调保险公司相关业务风险因子，进一步提升险资配置权 益资产的资本使用效率，为加大险资持续入市力度，培育壮大险资耐心资本，支持科技创新打开空间 ...

本报（chinatimes.net.cn）记者吴敏 北京报道 在资本市场波澜起伏之际，一剂"强心针"悄然注入。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》（下称《通知》），对保险公司长期持有特定股票的风险因子进行差异化下调。 多家研究机构对政策影响进行了量化测算。中泰证券非银金融首席分析师葛玉翔测算显示，截至今年三 季度末，险资投资股票余额为3.62万亿元。假设其中符合《通知》要求的长期持仓标的占比约为20%， 考虑风险分散效应前静态释放最低资本约326亿元。若这部分资金全部增配沪深300股票，对应入市资金 规模约1086亿元。即使不新增配置，也能改善行业偿付能力充足率约1个百分点。 盘古智库高级研究员江瀚在接受《华夏时报》记者采访时表示，此举能够进一步优化资本市场结构。当 前A股市场散户占比高、换手率高、波动大，不利于价值投资生态形成。通过制度性安排鼓励保险等长 期资金"拿得住、稳得住"，有助于改善投资者结构，提升市场定价效率，契合建设中国特色现代资本市 场的战略方向。 监管政策从"松绑"到"引导" 风险因子的调整，表面上是一次技术性的参数修订，实则嵌于近年来金融监管持续优化险资运用环 ...