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].

Core Viewpoint - The Ministry of Finance has issued a notification to promote the establishment of a long-term assessment mechanism for state-owned insurance companies, emphasizing a shift towards long-term investment strategies and enhancing the stability of capital markets [2][4][12]. Group 1: Long-term Assessment Mechanism - The notification increases the weight of long-term assessments for key indicators such as net asset return and capital preservation to 70%, with specific weights of 30% for annual indicators, 50% for three-year indicators, and 20% for five-year indicators [4][11]. - This adjustment aims to reduce the impact of short-term market fluctuations on the performance evaluation of state-owned insurance companies, encouraging them to focus on long-term, value-based investments [4][10]. Group 2: Enhancing Management Capabilities - The notification requires state-owned insurance companies to improve asset-liability management, ensuring better matching of cash flows and optimizing asset allocation to achieve stable growth of equity and preservation of state capital [6][7]. - It emphasizes the importance of prudent operations and robust investment management capabilities, including the enhancement of internal investment management systems and decision-making processes [7][12]. Group 3: Market Impact and Investment Opportunities - As of the end of 2024, the total investment balance of commercial insurance funds in China is approximately 33 trillion yuan, with only about 11% allocated to A-shares, indicating significant room for growth towards the 25% policy ceiling [10]. - The establishment of a long-term assessment mechanism is seen as a key measure to enhance the stability and positivity of various funds' stock investments, which could lead to improved capital market dynamics and attract more long-term capital [10][12].

Core Viewpoint - The recent issuance of the "Notice" by the Ministry of Finance marks a significant institutional breakthrough for long-term investment by insurance funds, enhancing the performance evaluation system for state-owned insurance companies and promoting stable and sustainable long-term investments in the capital market [1][2]. Group 1: Long-term Assessment Mechanism - The "Notice" emphasizes the establishment of a long-term assessment mechanism for state-owned insurance funds, adjusting the evaluation of net asset return and capital preservation and appreciation rates to include annual, three-year, and five-year indicators, with respective weights of 30%, 50%, and 20% [2][3]. - This adjustment aims to reduce the impact of short-term market fluctuations on performance evaluations, encouraging insurance companies to focus on long-term and value investments [2][3][4]. Group 2: Asset-Liability Management and Investment Capability - The "Notice" outlines new requirements for state-owned insurance companies regarding asset-liability management, emphasizing the need for better matching of asset and liability structures, cost-benefit analysis, and cash flow management [5]. - It also stresses the importance of stable operations and enhanced investment management capabilities, including strict adherence to internal investment management systems and improved decision-making processes [5][6]. Group 3: Increased A-share Investment - The new long-term assessment mechanism is expected to encourage insurance funds to increase their allocation to A-shares, as it allows for greater tolerance of short-term market volatility [8][9]. - If insurance funds increase their equity allocation by just 1%, it could inject approximately 350 billion yuan into the market, further enhancing the long-term investment characteristics of insurance capital [9][10]. Group 4: Potential for Growth in Specific Sectors - There is significant potential for insurance capital to increase its allocation in A-shares, with current investments being relatively low compared to the total assets under management [10][11]. - The focus on long-term assessments may lead to increased investments in blue-chip stocks and high-dividend assets, as well as in strategic emerging industries such as integrated circuits and artificial intelligence [12][13]. Group 5: Fund Companies' Role - Fund companies are expected to enhance their investment services to support insurance funds in achieving good long-term returns, developing more stable products, and improving their investment capabilities [13]. - The ongoing reforms and improvements in the capital market environment are seen as favorable for insurance funds to increase their equity investments [13].

国有保险公司三年以上长周期考核机制全面落地，财政部近日印发《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》，明确要求，进一步加强国有险企长周期考核。一方 面，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%；另一方面将资本保值增值率由"当年度指标"调整为"当年度指标+三 年周期指标+五年周期指标"，权重分别为30%、50%、20%。以降低市场波动对国有商业保险公司当年 绩效评价结果的影响，引导其 长期投资、价值投资、稳健投资，更好发挥其长期机构投资者作用。上 述要求自2025年度绩效评价起开始实施。（记者 闫军） ...

财政部：经营效益类指标调整为"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 相关链接 金十数据7月11日讯，财政部发布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。《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%。 (1+r${}_{n}$) x (1+r${}_{n-1}$) x (1+r${}_{n-2}$) = 1 ...

Group 1 - The core viewpoint of the news is the significant growth and performance of enterprise annuity funds in China, with a focus on long-term investment strategies and the shift to a three-year cumulative performance assessment [1][2][3] Group 2 - As of the end of Q1 2025, there are 168,200 enterprises with enterprise annuities, covering 32.91 million employees, with total fund accumulation reaching 3.73 trillion yuan and net investment assets at 3.70 trillion yuan [1] - The three-year cumulative return for enterprise annuity funds is reported at 7.46%, with an annualized average of 2.43% [4] - The adjustment in performance assessment to a three-year cumulative basis aligns with the guidelines for promoting long-term capital market investments, aiming to enhance the value investment approach and improve long-term returns [1][2][3] Group 3 - The investment management landscape includes 22 institutions managing 5,713 annuity portfolios, with total assets amounting to 3.67 trillion yuan [4] - Fixed income assets account for 529.30 billion yuan with a three-year cumulative return of 10.54%, while equity-related assets total 3.17 trillion yuan with a return of 7.06% [4] - The average scale of individual portfolios has shown steady growth, increasing from 502 million yuan in Q1 2022 to 628 million yuan by Q1 2025 [4] Group 4 - There is a notable performance differentiation among investment management institutions, with some achieving returns exceeding 12% while others reported negative returns [5][6] - The current equity investment ratio of enterprise annuity funds in A-shares is approximately 14%, indicating significant room for growth towards the 40% cap on equity investments [6]

Core Insights - The Ministry of Human Resources and Social Security (MoHRSS) has released data indicating that the corporate annuity fund size reached 3.73 trillion yuan, a year-on-year increase of 13.48% [1][2] - The introduction of a three-year cumulative return as a key performance indicator marks a significant shift towards long-term investment strategies in the corporate annuity sector [1][5][6] Fund Performance - As of the end of Q1 this year, the net value of investment assets for corporate annuities is 3.7 trillion yuan, with a three-year cumulative return of 7.46% [2][4] - Fixed-income portfolios have shown strong performance with a three-year cumulative return of 10.54%, while equity-inclusive portfolios yielded 7.06% during the same period [2][4] Management Institutions - There are 22 institutions managing corporate annuities, with public funds holding a significant share, managing over 40% of the total assets [2][3] - E Fund leads in the number of annuity portfolios with 422, while ICBC Credit Suisse tops in asset size with 315.12 billion yuan [3][4] Changes in Disclosure Mechanism - The new performance disclosure mechanism emphasizes three-year cumulative returns instead of annual returns, aligning with the long-term nature of pension funds [5][6] - This change is expected to provide a more accurate reflection of investment performance over time, reducing the impact of cash flow timing on returns [5][7] Long-term Investment Strategy - The shift to longer performance evaluation periods is seen as beneficial for both fund managers and investors, allowing for a more stable investment approach [6][8] - The long-term nature of corporate annuities positions them as "patient capital," which can enhance market stability by reducing the need for forced selling during short-term volatility [7][8]

Group 1 - The total scale of national enterprise annuity funds reached 3.73 trillion yuan by the end of Q1 2025, an increase of approximately 0.62 trillion yuan compared to the end of 2024 [1] - The net asset value of national enterprise annuity fund investments exceeded 3.7 trillion yuan in Q1, with a cumulative return of 7.46% over the past three years [2] - The adjustment of the performance reference indicator from a one-year to a three-year period is a significant change aimed at promoting long-term capital investment [3] Group 2 - The emphasis on three-year cumulative returns encourages annuity management institutions to focus on long-term investments, aligning with the government's push for long-term capital market participation [4] - The structure of the national enterprise annuity fund's returns shows that 1,553 fixed-income products had a total asset scale of 529.3 billion yuan, with a cumulative return of 10.54% over three years, while 4,339 equity-inclusive products had a total scale of 3.17 trillion yuan and a cumulative return of 7.06% [5] - The annual investment returns for the national enterprise annuity fund were -1.83% in 2022, 1.21% in 2023, and 4.77% in 2024, indicating a recovery trend [5]

周恒 制图 一场重塑公募权益投资生态变革的大幕已经拉开，将倒逼基金经理减少短期博弈和主题炒作，注重产品 投资收益的稳定性。作为掌握重要话语权的机构投资者，公募的改革也将重塑A股投资风格，促使资金 更多流向有长期价值的优质企业 ◎记者 赵明超 近日，证监会印发《推动公募基金高质量发展行动方案》（以下简称《方案》），强调建立健全基金公 司收入报酬与投资者回报绑定机制，并且全面强化长周期考核与激励约束机制。 对于主要依靠管理费收入的基金公司来说，《方案》将重构公募基金的商业模式。对于基金经理来说， 考核标准是指挥棒。随着《方案》的发布，一场重塑公募权益投资生态变革的大幕就此拉开，将倒逼基 金经理减少短期博弈和主题炒作，注重产品投资收益的稳定性。作为掌握重要话语权的机构投资者，公 募的改革也将重塑A股投资风格，促使资金更多流向有长期价值的优质企业。 回归价值投资本源 《方案》发布后，迅速在公募行业激起千层浪，引发基金经理热议。 沪上某基金经理李扬（化名）坦言，最近几天的同业交流，话题都围绕此次公募改革，周末还问了对方 公司的具体考核要求。 "目前正在与产品部沟通，确认合适的业绩比较基准，后续将对产品合同条款进行修改。 ...

Core Viewpoint - The release of the "Action Plan for Promoting the High-Quality Development of Public Funds" has become a focal point in the industry, emphasizing the need to enhance the stability of fund investment behavior and address issues like "style drift" and "inconsistent products" [1][2] Group 1: Performance Benchmarking - The Action Plan strengthens the role of performance benchmarks as a "lifeline" for public fund products, establishing clear guidelines for setting, modifying, disclosing, and evaluating these benchmarks [2][3] - Fund companies are expected to be more cautious in setting performance benchmarks, potentially shifting the evaluation logic from beta returns to alpha returns [3][4] - The emphasis on performance benchmarks aims to constrain fund managers' investment behavior, ensuring they adhere to the agreed-upon industry or style, thereby reducing arbitrary deviations [2][3] Group 2: Theme Fund Regulation - The Action Plan proposes stricter registration and self-regulatory rules for theme funds, enhancing monitoring and analysis of fund investment transactions [4][5] - Historically, theme funds have been prone to style drift, with instances of funds misaligning their investments with their stated themes, which the new regulations aim to address [4][5] - The plan encourages clearer definitions of investment directions in fund names and contracts to prevent misleading practices [4][5] Group 3: Long-Term Assessment Mechanism - The Action Plan introduces a long-term assessment mechanism, mandating that at least 80% of the evaluation weight be based on performance over three years or more [5][6] - This mechanism is designed to reduce short-term market fluctuations' impact on investment performance evaluations, promoting a shift from a focus on scale to a focus on returns [6][7] - By encouraging a long-term investment approach, the plan aims to attract more stable capital into the stock market, enhancing market stability and resource allocation efficiency [6][7]