进一步拉长周期考核，显然能够让险资这样的长期资本真正成为更耐心的资本。 随着考核周期的再次拉长，近35万亿元保险资金迎来了更贴合其"长钱"属性的考核指挥棒。在这一政策 导向下，险资投资又将走向哪里？ "进一步拉长周期考核，显然能够让我们这样的长期资本真正成为更耐心的资本，这种耐心也表现在能 够更为坚定和持久地贯彻我们的中长期投资战略战术。"一名保险资管负责人对第一财经表示。 业内人士分析称，拉长考核周期无疑有助于险资长钱长投，进一步增加权益投资的配置。而在新会计准 则的施行叠加低利率环境下的"资产荒"背景，险资在权益投资方面预计将提升FVOCI策略（即将更多权 益资产分入"以公允价值计量且变动计入其他综合收益"类资产中），银行股等高股息红利板块是实践这 一策略的重要载体。此外，长周期考核也将强化险资对科技、先进制造等新兴产业的配置能力。 FVOCI策略将提升 7月11日，财政部发布的《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》），将国有商业保险公司净资产收益率（ROE）和资本保值增值率的考核进一步 拉长至"当年度指标+三年周期指标+五年周期指标"，这较两年前净资 ...

Core Viewpoint - The Ministry of Finance has announced a new regulation to enhance the long-term assessment of state-owned commercial insurance companies, increasing the weight of three and five-year assessments to 70%, effective from the 2025 performance evaluation [2][3]. Group 1: Long-term Assessment Mechanism - The new long-term assessment scheme adjusts the weight of net asset return rates to 30% for the current year, 50% for three years, and 20% for five years [3]. - The capital preservation and appreciation rate for state-owned insurance companies will also follow a similar adjustment in weight distribution [3]. - The regulation aims to improve asset-liability management and enhance the matching of investment returns and risks [3][4]. Group 2: Impact on Market and Investment - The establishment of a long-term assessment mechanism is expected to smooth out the impact of short-term market fluctuations on performance, encouraging long-term capital investment in the market [2][4]. - Insurance funds, which currently have about 33 trillion yuan in investment balance, have significant room to increase their equity investment from the current 11% towards the 25% policy cap [5]. - The new policy is projected to bring substantial incremental funds into the market, with estimates suggesting that a 1% increase in equity allocation could lead to over 300 billion yuan in additional market funds [5][6]. Group 3: Industry Perspectives - Experts believe that the long-term assessment will help insurance companies focus on value and stable investments, thereby increasing their equity investment ratio [4][6]. - The policy is seen as a critical step in addressing the barriers to long-term capital entering the market, allowing for a more stable investment environment [4][5]. - The anticipated recovery in economic expectations and market confidence is expected to sustain the performance of insurance stocks, benefiting from the influx of long-term capital [6].

Investment Rating - The report maintains an "Accumulate" rating for the non-bank financial industry [1] Core Views - The non-bank financial sector has shown strong performance recently, with all sub-sectors outperforming the CSI 300 index in the last five trading days [9] - The report highlights the significant increase in trading volume in the securities sector, with a year-on-year increase of 120% in daily average stock trading volume as of July 11, 2025 [15] - The insurance sector is expected to benefit from long-term capital advantages due to new assessment criteria for state-owned insurance companies [23] - The multi-financial sector is entering a stable transition period, with trust assets continuing to grow but profits declining significantly [31] Summary by Sections 1. Recent Performance of Non-Bank Financial Sub-Sectors - In the last five trading days (July 7-11, 2025), the multi-financial sector rose by 11.89%, the securities sector by 4.58%, and the insurance sector by 1.72%, while the overall non-bank financial sector increased by 3.94% compared to a 0.82% rise in the CSI 300 index [9][11] 2. Non-Bank Financial Sub-Sector Insights 2.1 Securities - Trading volume has significantly increased, with a daily average stock trading amount of CNY 16,688 billion, up 120% year-on-year as of July 11, 2025 [15] - The China Securities Association has implemented measures to strengthen self-regulation and promote high-quality development in the securities industry [19] 2.2 Insurance - New long-term assessment criteria for state-owned insurance companies have been introduced, focusing on net asset return and capital preservation over a five-year period [23] - The insurance sector's valuation is currently at 0.62-0.95 times the 2025E P/EV, which is considered historically low, maintaining an "Accumulate" rating [28] 2.3 Multi-Financial - The trust industry saw its asset scale reach CNY 29.56 trillion in 2024, a year-on-year growth of 23.58%, but profits dropped significantly by 45.5% [31] - The futures market experienced a trading volume of 740 million contracts in June 2025, with a transaction value of CNY 52.79 trillion, reflecting year-on-year growth of 28.91% and 17.40%, respectively [34] 3. Industry Ranking and Key Company Recommendations - The report ranks the insurance sector highest, followed by securities and other multi-financial sectors, recommending companies such as China Ping An, New China Life, China Pacific Insurance, CITIC Securities, and Tonghuashun [44]

Group 1 - The China Securities Regulatory Commission (CSRC) has adjusted the trading halt arrangements, indicating a significant long-term positive impact on the A-share market, especially regarding quantitative trading regulations [1] - The A-share market has shown a clear upward trend, with the index rising from 3040 points to 3510 points in just three months, an increase of nearly 500 points, exceeding many expectations [1] - The securities sector has played a crucial role in the recent market rally, and there is still potential for further growth in this sector next week [1] Group 2 - The Ministry of Finance is enhancing long-term assessments for insurance companies, addressing the short-term focus previously seen in the A-share market, which often led to market volatility [3] - The upcoming opportunities in the Sci-Tech Innovation Board (STAR Market) are significant, as it has lagged in performance and now has strong demand for a rebound [3] - The long-term assessment aligns well with the cyclical nature of the domestic technology industry, which typically operates on a 3 to 5-year cycle [3] Group 3 - A majority of market participants (over 70%) do not believe that the index has peaked, indicating growing optimism about the ongoing bull market [5] - The current market phase is characterized by skepticism, suggesting that the bull market is still in its growth stage [5] Group 4 - The index has reached around 3550 points, with expectations that it could target the 3600-point mark soon, despite some market manipulation observed [6] - While the index has risen, many investors are experiencing a disconnect, as the gains are primarily driven by the financial sector, particularly banks, leaving many retail investors behind [6] Group 5 - As of the market close, the Shanghai Composite Index rose by 0.01%, while the Shenzhen Component Index increased by 0.61% [7]

Core Viewpoint - The article discusses the recent policy changes by the Ministry of Finance aimed at guiding insurance funds towards long-term stable investments, enhancing the performance evaluation of state-owned commercial insurance companies over longer periods [2][4]. Group 1: Background - The policy environment for "long money long investment" has been optimized, with a focus on promoting the entry of medium- and long-term funds into the market. Recent measures have been introduced to address the bottlenecks in long-term investment by insurance funds [3][4]. - A series of targeted measures have been implemented this year, including increasing the proportion and stability of commercial insurance funds' investments in A-shares and expanding the range and scale of long-term stock investment pilot institutions [3][4]. Group 2: Policy Changes - The new notification adjusts the assessment of "net asset return rate" from an annual basis to a combination of a 3-year cycle (50% weight) and the annual indicator (50% weight), promoting long-term stable operations [5]. - The assessment of "capital preservation and appreciation rate" has also been changed to a combination of annual, 3-year, and 5-year indicators, with weights of 30%, 50%, and 20% respectively, aligning with the changes made to the "net asset return rate" [6]. Group 3: Impact - The long-cycle assessment system is expected to facilitate the entry of insurance funds into the market, allowing long-term capital to smooth out short-term market fluctuations and increase market participation [7]. - In a low-interest-rate environment, the overall investment yield of insurance funds has been declining, making it essential to increase equity investment ratios to enhance investment yield elasticity and mitigate pressure on interest rate spreads [7].

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].