7月11日，财政部印发《关于引导保险资金长期稳健投资进一步加强国有商业保险公司长周期考核的通 知》(以下简称《通知》)，明确国有商业保险公司全面建立三年以上长周期考核机制，并要求其提高资 产负债管理水平，注重稳健经营，增强投资管理能力。 今年1月份，中央金融办、证监会、财政部等六部委联合印发《关于推动中长期资金入市工作的实施方 案》提出，对国有保险公司经营绩效全面实行三年以上的长周期考核，净资产收益率当年度考核权重不 高于30%，三年到五年周期指标权重不低于60%，以引导保险公司加大A股投资力度。 中国社会保障学会副会长兼养老金分会会长、浙江大学国家制度研究院副院长金维刚接受《证券日报》 记者采访时表示，考核周期延长，将对保险资金的投资理念、投资风格和投资特点产生正向激励作用， 有利于提升险资权益投资稳定性和积极性，鼓励险资价值投资、长期投资，成为稳定资本市场的重要力 量，增强市场的活力和韧性。 此次《通知》进一步将净资产收益率由"当年度指标+三年周期指标"调整为"当年度指标+三年周期指标 +五年周期指标"，权重分别为30%、50%、20%；同时将资本保值增值率由"当年度指标"调整为"当年度 指标+三年周期指 ...

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial sector [1]. Core Insights - The recent notification from the Ministry of Finance emphasizes the importance of long-term assessments for state-owned commercial insurance companies, aiming to enhance their stable operation and increase their market participation [1][3]. - The adjustment in the assessment criteria for net asset return rates and capital preservation rates aims to encourage long-term investment strategies among insurance companies [3][4]. - The report highlights that the long-cycle assessment will help alleviate the impact of short-term market fluctuations on performance, thereby increasing the willingness of insurance funds to enter the market [8][9]. Summary by Sections Background - The regulatory environment is being optimized to promote long-term investments, with a series of measures introduced to address the barriers faced by insurance funds in making long-term investments [2]. - Key measures include increasing the A-share investment ratio and stability of commercial insurance funds, as well as simplifying the regulatory ratios for equity assets [2]. Content - The assessment weight for the 3-5 year cycle has been raised to 70%, with the new evaluation method combining annual, 3-year, and 5-year indicators [3][4]. - The notification introduces a new assessment requirement for the preservation and appreciation rate of state-owned capital, aligning it with the assessment method for net asset return rates [4]. Impact - The long-cycle assessment system is expected to facilitate the entry of insurance funds into the market, particularly in a low-interest-rate environment, which has been squeezing profit margins for insurance companies [8][9]. - Increasing the proportion of equity investments is anticipated to enhance the investment yield elasticity for insurance companies, thereby providing a buffer against interest margin losses [9]. Investment Recommendations - The report suggests that despite potential pressures on new business growth, the ongoing optimization of product structures and the increase in floating income products will support the net profit value (NBV) [15]. - It recommends specific insurance stocks that are likely to benefit from these trends, including New China Life Insurance, China Life Insurance, and China Pacific Insurance [15].

保险公司长周期考核进一步加强。 7月11日，财政部印发《关于引导保险资金长期稳健投资 进一步加强国有商业保险公司长周期考核的通知》 （财金〔2025〕62号，下称《通知》），自印发之日起施行。 此次考核方式的变化主要体现在三个方面：一是考核周期进一步拉长，新增5年周期指标考核。二是当年指标 在考核中所占权重降低、长周期指标所占权重更大，当年度指标权重从50%降至30%，而5年和3年指标所占 权重合计达到70%。三是在对"净资产收益率"长周期考核的同时，对"国有资本保值增值率"也同样实施长周期 考核。 据券商中国记者了解，继2023年首次对国有商业保险公司经营效益采取长短结合的考核方式后，财政部在对 行业征求意见的基础上，进一步加强长周期考核，受到保险机构欢迎。 三大变化：考核周期更长、当年权重降低、"国有资本保值增值率"也长期考核 本次财政部《通知》的核心内容，是将国有商业保险公司经营效益类绩效评价指标"国有资本保值增值 率"和"净资产收益率"，调整为"5年周期+3年周期+当年度"相结合的考核方式。其中，5年、3年、当年指标所 占的权重分别为20%、50%、30%。 长期以来，长期负债特性与短期考核，成为掣肘 ...

Core Viewpoint - The Ministry of Finance has issued a notification to guide state-owned commercial insurance companies towards long-term stable investments, adjusting the long-cycle assessment indicators to enhance their role as market stabilizers and economic development boosters [1][4]. Group 1: Long-Cycle Assessment Adjustments - The net asset return rate assessment has been changed from a "three-year cycle + annual indicator" to an "annual indicator + three-year cycle + five-year cycle," with respective weights of 30%, 50%, and 20% [2][4]. - The capital preservation and appreciation rate assessment has been modified from an "annual indicator" to an "annual indicator + three-year cycle + five-year cycle," also with weights of 30%, 50%, and 20% [2][3]. Group 2: Impact on Investment Behavior - The establishment of a long-cycle assessment mechanism is expected to increase the tolerance of insurance funds for short-term market fluctuations, encouraging a higher allocation to A-shares and promoting stable long-term returns [1][3]. - The stable investment behavior of insurance funds will enhance the inherent stability of the capital market, reduce market volatility, and improve the investment ecosystem, thereby attracting various types of capital [1][5]. Group 3: Asset-Liability Management and Investment Strategy - State-owned commercial insurance companies are required to improve asset-liability management, optimize asset allocation, and reasonably determine equity investment ratios to balance investment returns and risks [3][6]. - The focus should be on long-term, value, and stable investments, enhancing internal long-term assessment mechanisms and investment portfolio management to identify quality investment targets with stable cash flow returns [3][6]. Group 4: Market Context and Future Outlook - As of the end of 2024, the balance of commercial insurance fund utilization is expected to reach approximately 33 trillion yuan, indicating significant room for increasing the proportion of A-share investments [4]. - The long-cycle assessment mechanism is viewed as a key measure to enhance the stability and positivity of various funds' stock investments, potentially leading to a substantial influx of long-term capital into the market [5][6].

Core Viewpoint - The recent notification from the Ministry of Finance aims to guide state-owned commercial insurance companies towards long-term stable investments, adjusting performance evaluation metrics to include longer-term indicators, thereby promoting a more sustainable investment approach [2][3][4]. Group 1: Changes in Evaluation Metrics - The Ministry of Finance has adjusted the performance evaluation metrics for state-owned commercial insurance companies, combining annual indicators with 3-year and 5-year cycle indicators for "net asset return rate" and "capital preservation and appreciation rate" [3][4]. - The new evaluation weights are set at 30% for the annual indicator, 50% for the 3-year cycle indicator, and 20% for the 5-year cycle indicator, significantly increasing the emphasis on long-term performance [3][4]. Group 2: Impact on Investment Strategy - The adjustments are expected to alleviate short-term performance pressures on insurance companies, allowing them to increase their long-term stock investment capabilities [5][6]. - Insurance companies are encouraged to shift their investment strategies from short-term gains to long-term value creation, focusing on high-quality stocks with stable cash flows and reasonable valuations [6][8]. Group 3: Asset-Liability Management - The notification emphasizes the need for improved asset-liability management, requiring insurance companies to align their investment strategies with long-term goals and enhance their internal management mechanisms [7][8]. - Companies are urged to consider various factors such as customer needs, cash flow matching, and liability cost constraints in their operational strategies to optimize capital allocation [8]. Group 4: Support for Innovation - The notification is expected to enhance the ability of insurance funds to support technology innovation by identifying stable, low-risk investment opportunities, particularly in promising small and medium-sized tech enterprises [8]. - This approach aims to ensure that insurance funds play a significant role in providing long-term capital to support national strategic initiatives and the development of the real economy [8].

两项调整 据了解，《通知》根据《财政部关于印发<商业保险公司绩效评价办法>的通知》（财金〔2022〕72 号）、《财政部关于引导保险资金长期稳健投资 加强国有商业保险公司长周期考核的通知》（财金 〔2023〕89号）（以下统称《办法》）相关规定进行调整。 中国人寿集团表示，《通知》是对《办法》的有益补充和完善，体现了财政主管部门引导国有商业保险 公司更好发挥经济减震器和社会稳定器功能、始终坚持高质量发展的坚定决心和积极行动。 具体来看，《通知》将《办法》中经营效益类指标的"净资产收益率"由"3年周期指标+当年度指标"相结 合的考核方式调整为"当年度指标+3年周期指标+5年周期指标"相结合的考核方式。其中，当年度指标 为"当年净资产收益率"，权重为30%；3年周期指标为"3年周期净资产收益率"，权重为50%；5年周期指 标为"5年周期净资产收益率"，权重为20%。 南方财经全媒体记者林汉垚北京报道 7月11日，财政部重磅发布国有商业保险公司长周期考核新规—《关于引导保险资金长期稳健投资 进一 步加强国有商业保险公司长周期考核的通知》（下称《通知》），通过弱化短期收益考核压力，引导险 资减少股市短期抛售冲动，鼓励 ...

新的考核"指挥棒"将从2025年度绩效评价起开始实施。 新华社北京7月11日电 题：考核"指挥棒"升级！保险"长钱"入市更顺畅 7月11日，财政部公布《关于引导保险资金长期稳健投资 进一步加强国有商业保险公司长周期考核的通知》，升级国有商业保险公司绩效评价 标准，全面建立三年以上长周期考核机制，实现了重要的制度性突破。 先来看一下考核"指挥棒"是如何升级的。 ——将净资产收益率由"当年度指标+三年周期指标"调整为"当年度指标+三年周期指标+五年周期指标"，权重分别为30%、50%、20%。 ——将（国有）资本保值增值率由"当年度指标"调整为"当年度指标+三年周期指标+五年周期指标"，权重分别为30%、50%、20%。 进一步加强长周期考核的同时，通知还要求国有商业保险公司提高资产负债管理水平，注重稳健经营，增强投资管理能力等。 业内人士指出，"净资产收益率"和"资本保值增值率"是保险公司进行长期投资时要考虑的最重要的两个考核指标。考核"指挥棒"全面升级，细 化了考核周期和权重比例，将有力推动国有商业保险公司更加注重长期收益、防范短期行为，还将降低市场短期波动对国有商业保险公司当年 评价结果的影响。 数据显示， ...

作者 | 第一财经 周斌 时隔近两年，国有险企中长期考核指标再度调整。 近日，财政部印发《关于引导保险资金长期稳健投资 进一步加强国有商业保险公司长周期考核的通知》 （下称《通知》），针对国有保险公司净资产收益率、资本保值增值率这两大关键指标的评价方式再度进 行调整，将三年、五年的长周期考核权重提升至70%。 业内普遍认为，推动保险资金全面建立三年以上长周期考核机制，是一个很重要的制度性突破。新规实施 有助于降低保险资金对市场短期波动的敏感性，提升险资入市意愿。同时，新规将引导险资的投资行为更 注重稳定，这将有效提升资本市场内在稳定性。 "长周期考核是提升各类资金股票投资稳定性和积极性的关键举措。" 银华基金总经理王立新对第一财经 表示，扩大长钱的入市规模，短期看，给市场带来大规模增量资金；长期看，将显著改善市场的资金结 构，增强市场韧性和抗风险能力，推动形成价值投资的市场氛围，巩固A股回暖向好的良好趋势。 南方基金对第一财经分析称，新规将从投资行为上引导保险资金更加注重稳健经营、长期价值投资，鼓励 险资投资"长期成长性企业"，更多通过战略投资、定增等方式参与上市公司，强化其长期影响力，促进上 市公司治理与质 ...

Core Viewpoint - The Ministry of Finance issued a notification to enhance long-term assessments for state-owned commercial insurance companies, emphasizing the importance of long-term investment strategies and aiming to improve the quality of capital market development [1][3][11]. Group 1: Long-term Assessment Mechanism - The notification increases the weight of long-term assessments for key indicators such as net asset return rate and capital preservation and appreciation rate to 70%, with specific weights of 30% for the current year, 50% for three years, and 20% for five years [3][11]. - This adjustment aims to encourage state-owned insurance companies to focus on long-term returns and mitigate short-term performance pressures, thereby promoting high-quality development [3][11]. Group 2: Management and Investment Capabilities - The notification requires state-owned insurance companies to enhance asset-liability management, focusing on matching the structure, cost, and cash flow of assets and liabilities to achieve stable growth of owners' equity [5]. - It emphasizes prudent operations and the need for improved internal assessment mechanisms, investment portfolio management, and the identification of quality investment targets to ensure stable long-term returns [5][6]. - The notification also calls for strengthening investment management capabilities, including adherence to internal investment management systems and enhancing decision-making and risk assessment processes [5][6]. Group 3: Market Impact and Future Outlook - The establishment of a long-term assessment mechanism is expected to increase the proportion of insurance funds invested in A-shares, which currently stands at approximately 11%, with a significant gap to the 25% policy ceiling [10]. - The long-term investment approach is anticipated to stabilize market fluctuations and enhance the overall investment environment, thereby attracting more capital into the market [6][10]. - The notification is seen as a continuation of previous policies aimed at promoting the entry of insurance funds into the market, providing a regulatory framework for long-term investment strategies [11][12].

Core Viewpoint - The Ministry of Finance has issued a notification to implement a long-term assessment framework for state-owned insurance companies, emphasizing the importance of long-term, stable investments to mitigate market volatility and enhance the role of insurance funds as stabilizers in the market and drivers of economic development [1][3]. Summary by Sections Long-term Assessment Implementation - Starting from the performance evaluation for the year 2025, state-owned insurance companies will adopt a three-year and five-year assessment framework alongside annual indicators [2][8]. Performance Evaluation Metrics - The net asset return rate will now be assessed using a combination of annual, three-year, and five-year indicators, with respective weights of 30%, 50%, and 20% [1][4]. - The capital preservation and appreciation rate will also shift to include annual, three-year, and five-year indicators, maintaining the same weight distribution [1][6]. Asset-Liability Management - State-owned insurance companies are required to enhance their asset-liability management, ensuring alignment in terms of duration structure, cost-benefit, and cash flow [7]. Investment Strategy - Emphasis is placed on prudent management, with a focus on long-term, value-based investments, and the identification of quality investment targets that offer stable returns and growth potential [7][8]. Investment Management Capability - Companies must strengthen their investment management capabilities, adhering to internal investment management systems, and improving decision-making and risk assessment processes [7].