登录新浪财经APP 搜索【信披】查看更多考评等级 重点关注 12月6日，证监会主席吴清在中国证券业协会第八次会员大会上，提出"对优质机构优化评价指标、适度拓宽资本空间与杠杆上限，提升资本利用效率"。 12月5日，金融监管总局发布了《关于调整保险公司相关业务风险因子的通知》（以下简称《通知》），根据持仓时间差异，明确保险公司投资的沪深300 指数成份股、中证红利低波动100指数成份股以及科创板股票，将享受较低的风险因子；同时，还进一步调低了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保费风险因子和准备金风险因子。 对于普遍存在资本紧张的保险行业而言，此次《通知》将降低已有持仓的资本占用并提升偿付能力充足率水平，从而腾挪出资本空间，进一步提升险资入 市并长期持有的积极性。 基金经理绩效薪酬与基金业绩强挂钩。根据《基金管理公司绩效考核管理指引》征求意见稿，对基金经理薪酬进行了调整，过去三年产品业绩低于业绩比 较基准超过十个百分点且基金利润率为负的，其绩效薪酬应当较上一年明显下降，降幅不得少于30%；低于业绩比较基准超过十个百分点但基金利润率为 正的，其绩效薪酬应当下降；低于业绩比较基准不足十个 ...

Investment Rating - The report maintains a positive outlook on the brokerage sector, indicating a potential for gradual realization of the sector's rebound logic [3]. Core Insights - The recent speech by the chairman of the China Securities Association has shifted market expectations positively for the brokerage sector, with a strong certainty of an upward adjustment in the long-term ROE central [3]. - The report highlights three main investment themes: 1. The attractiveness of the equity market will benefit wealth management and asset management businesses of brokerages, with a specific recommendation for Dongfang Securities [3]. 2. Companies benefiting from an improved competitive landscape, with key recommendations including Guotai Junan, GF Securities, and CITIC Securities [3]. 3. Valuation mismatches in Huatai Securities A+H and strong international business competitiveness in China Galaxy and CICC [3]. Market Review - The Shanghai and Shenzhen 300 Index closed at 4,584.54, with a weekly change of +1.28%. The non-bank index closed at 1,975.96, with a weekly change of +2.27%. The brokerage, insurance, and diversified financial sectors reported changes of +1.14%, +5.08%, and +0.49%, respectively [6]. - The average daily trading volume for the Shanghai and Shenzhen markets was 16,962.89 billion, with a year-to-date increase of 61.08% compared to the previous year [17]. Non-Bank Industry Data - As of December 5, 2025, the 10-year government bond yield was 1.85%, with a weekly change of +1.14 basis points. The credit spread for corporate bonds was 0.54%, with a weekly change of +3.61 basis points [11]. - The insurance sector's original premium income for the first ten months of 2025 reached 5.48 trillion, reflecting a year-on-year growth of 8% [28]. Individual Stock Highlights - In the insurance sector, notable A-share performances included China Pacific Insurance (+8.23%), Ping An (+5.09%), and China Life (+4.32%) [8]. - In the brokerage sector, the top performers included Zhongyin Securities (+7.89%) and Xingye Securities (+6.35%) [8].

证券研究报告 | 行业专题研究 gszqdatemark 2025 12 07 年 月 日 建筑装饰 明年预计有多少保险资金增配建筑板块？ 政策持续推动中长期资金入市，下调险企风险因子，二级市场有望持续迎 保险机构增量资金。今年初中央金融办、中国证监会等六部委联合印发《关 于推动中长期资金入市工作的实施方案》，提出力争大型国有保险公司从 2025 年起每年新增保费的 30%用于投资 A 股（对应每每年少少千亿新新增 长期资金）。本周金管局发布《关于调整保险公司相关业务风险因子的通 知》，应长期持仓的沪深 300 指数成分股、中证红利低波动 100 指数成分 股、科创板股票下调风险因子，同时降低出口信用与海外投资保险的保费 和准备金风险因子。长期持仓风险因子下调，一方面有助于减少险资投资 股票的资本消耗，腾出增持股票空间；另一方面有望提升险资长期持股意 愿，增强资本市场稳定性。2025 年 1-10 月我国实现保费收入 5.48 万新 元，同增 8.0%，2022 年以来我国保费收入持续增长。截少 2025Q3 末， 我国保险资金运用余额 37.5 万新元，同增 16.5%；其中投入少股票/基金 的资金分别为 ...

非银金融 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsresearch.com 联系人 孙冀齐 A0230523110001 sunjq@swsresearch.com 2025 年 12 月 07 日 险资入市再迎"强心针"，A 股险企 潜在股票增配空间达 789 亿元 金管局再次调降险资股票投资风险因子，为险资入市注入新的"强心针"。周五 盘后，金管局发布《关于调整保险公司相关业务风险因子的通知》（简称"《通 知》"），明确：1）险资持仓时间超过三年的沪深 300 指数成分股、中证红利低 波动 100 指数成分股的风险因子从 0.3 下调至 0.27，持仓时间根据过去 6 年加 权平均持仓时间确定。2）险资持仓时间超过两年的科创板上市普通股的风险因 子从 0.4 下调至 0.36，持仓时间根据过去 4 年加权平均持仓时间确定。3）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保费风险 因子从 0.467 下调至 ...

Core Viewpoint - The recent adjustment by the Financial Regulatory Bureau to the risk factors for insurance companies is expected to enhance their capacity to invest in the capital market, particularly in stocks, thereby improving market liquidity and stability [1][4]. Summary by Relevant Sections Risk Factor Adjustments - The risk factors for insurance companies investing in stocks have been lowered, allowing for more capital to be allocated to the capital market while meeting solvency requirements [1][4]. - Specific adjustments include: - The risk factor for stocks held over three years in the CSI 300 index and the China Securities Low Volatility 100 index has been reduced from 0.3 to 0.27 [3]. - The risk factor for stocks held over two years in the Sci-Tech Innovation Board has been reduced from 0.4 to 0.36 [3]. - The risk factor for export credit insurance and overseas investment insurance has been lowered from 0.467 to 0.42 and from 0.605 to 0.545, respectively [3]. Impact on Capital Market - The adjustments are anticipated to release approximately 326 billion yuan in minimum capital, which could translate to an additional 1,086 billion yuan in stock market funds if fully allocated to the CSI 300 stocks [4]. - The insurance sector's investment in stocks and securities has increased significantly, with a total balance of 5.59 trillion yuan by the end of Q3 2023, marking a 36.2% increase from the beginning of the year [7]. Long-term Investment Strategy - The policy aims to encourage insurance funds to act as patient capital, promoting long-term investments in the stock market [5][6]. - Larger insurance companies are expected to benefit more from these adjustments due to their greater financial resources, while smaller companies may face challenges in capitalizing on these opportunities [5]. Regulatory Context - The adjustments are part of a broader trend of regulatory optimization aimed at supporting the stable development of the capital market, with previous changes made throughout 2023 [7]. - The emphasis on improving long-term investment management capabilities and internal controls within insurance companies is highlighted as essential for effective capital allocation [8].

经测算，考虑风险分散效应前静态释放最低资本为326亿元，若这部分资金全部增配沪深300股票，对应 股市资金（除以风险因子0.3）为1086亿元 文｜《财经》研究员 丁艳 编辑 | 杨芮 袁满 12月5日，国家金融监督管理总局（下称"金融监管总局"）表示，为有效防范风险，有效服务实体经 济，更好发挥保险资金耐心资本作用，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》），下调保险公司相关股票投资风险因子。 5月7日，金融监管总局局长李云泽曾在国新办新闻发布会上表示，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，此次调整为该政策的具体落实。调降风险因 子10%，可以降低保险公司权益投资资本占用，释放资金空间。 据多位业内人士分析称，政策意在鼓励长线资金持续入市。据一位大型险企投资部门负责人表示，此次 监管降低符合有关条件标的风险因子，从而弱化此类持仓资产因市值波动对偿付能力充足率的直接影 响，其根本目的还是要鼓励险资长期稳定投资。 港股市场上，保险股亦于午后持续拉升。截至收盘，中国太平、中国平安分别上涨7.10%、6.71%，中 国人寿、中国太保均涨超5.3 ...

2025.12.05 本文字数：2350，阅读时长大约4分钟 作者 |第一财经 杨倩雯 根据葛玉翔测算，三季度末，险资投资股票期末余额为3.62万亿元，假设其中沪深300、中证红利低波 动100成分股和科创板股票投资占比分别为40%和5%，同时符合本次《通知》要求的加权平均持仓时间 标的为20%。经测算，考虑风险分散效应前静态释放最低资本为326亿元，若这部分资金全部增配沪深 300股票，对应股市资金为1086亿元。若不增配股票，则改善行业偿付能力充足率幅度约1个百分点。 事实上，风险因子与保险公司投资和经营业务的资本占用息息相关。根据偿付能力规则，风险因子越 高，要求的最低资本就越多，对资本的占用和消耗就越多，进而也会降低偿付能力充足率。而一旦偿付 能力充足率低于监管要求，将对保险公司的投资及业务开展造成巨大影响，因此权益资产对偿付能力的 占用一直是险资在进行权益投资时的一大重要考量因素，也在一定程度上掣肘了险资的权益投资步伐。 险资权益投资部分的偿付能力风险因子下降10%的政策落地。 12月5日，国家金融监管总局发布《关于调整保险公司相关业务风险因子的通知》（下称《通知》）， 将保险公司持仓时间超过三年的 ...

Core Viewpoint - The recent policy adjustment by the National Financial Regulatory Administration aims to lower the risk factors for insurance companies' equity investments, encouraging increased market participation and potentially releasing significant capital into the stock market [3][4]. Summary by Sections Policy Adjustment - The risk factor for insurance companies holding stocks from the CSI 300 Index and the CSI Low Volatility 100 Index for over three years has been reduced from 0.3 to 0.27, while the risk factor for stocks listed on the Sci-Tech Innovation Board held for over two years has been lowered from 0.4 to 0.36, both representing a 10% decrease [5][6]. Impact on Market Capital - According to estimates, if insurance companies fully allocate the released minimum capital to the CSI 300 stocks, it could result in an influx of approximately 108.6 billion yuan into the stock market [7]. The total balance of insurance capital invested in stocks reached 3.62 trillion yuan by the end of the third quarter, with a significant portion expected to be allocated to the aforementioned indices [12]. Long-term Investment Strategy - The policy encourages insurance companies to adopt a long-term investment approach, promoting the concept of "patient capital" and supporting technological innovation [6][8]. The adjustment is part of a broader strategy to enhance the insurance sector's investment capabilities and improve solvency ratios [7]. Historical Context - This is not the first adjustment; a previous reduction in risk factors occurred in September 2023, indicating a trend towards more favorable conditions for insurance equity investments [7][10]. Overall Market Trends - The combination of policy support and favorable market conditions has led to a substantial increase in insurance capital allocated to equities, with a reported increase of 1.19 trillion yuan in stock balances compared to the previous year [12]. The overall investment environment remains attractive for insurance funds, driven by low interest rates and a shift towards high-quality economic development [12].

Core Viewpoint - The recent adjustment by the National Financial Regulatory Administration to lower risk factors for certain insurance company investments is aimed at encouraging insurance capital to enter the stock market and support strategic industries in China [1][4]. Group 1: Risk Factor Adjustments - The risk factor for insurance companies holding stocks in the CSI 300 Index and the China Securities Low Volatility 100 Index for over three years has been reduced from 0.3 to 0.27 [2][4]. - For stocks listed on the Sci-Tech Innovation Board held for over two years, the risk factor has been lowered from 0.4 to 0.36 [2][4]. - Lowering the risk factor allows insurance companies to free up capital, enhancing their investment capacity in the stock market [2][3]. Group 2: Encouragement of Long-term Investment - The adjustments encourage insurance companies to hold stocks for longer periods, which supports corporate development and aligns with national strategies [3][4]. - The focus on specific indices and stocks, such as blue-chip and technology stocks, indicates a strategic direction to bolster investments in key economic sectors [4][5]. Group 3: Increased Market Participation - As of the end of Q3 this year, insurance companies have accelerated their stock market participation, with investments in stocks and securities reaching 5.59 trillion yuan, accounting for 14.92% of their total investment [5]. - Insurance capital has been increasing its holdings in major stocks, with significant acquisitions noted in several banks and companies [5]. - The ongoing reduction in risk factors is expected to further enhance insurance capital's engagement in the stock market, driving improvements in investment efficiency and market stability [5].

Core Viewpoint - The recent adjustment by the National Financial Regulatory Administration to lower risk factors for insurance companies' investments in stocks is expected to significantly enhance market liquidity and encourage long-term investments in specific sectors like the CSI 300 and STAR Market [1][2][3]. Group 1: Impact on Stock Market - The adjustment could potentially bring over 100 billion yuan in incremental funds to the stock market if insurance capital fully reallocates to the affected stocks, significantly boosting market liquidity [2]. - The reduction in risk factors for long-term holdings of CSI 300 and STAR Market stocks is seen as a targeted benefit for these sectors, aiding in industrial upgrades [2][5]. - The adjustment is expected to stabilize market sentiment and enhance investor confidence, despite some industry players indicating that the immediate impact may be limited due to current investment strategies [2][4]. Group 2: Specific Adjustments - For stocks held for over three years in the CSI 300 and the low-volatility dividend index, the risk factor has been reduced from 0.3 to 0.27 [4]. - For STAR Market stocks held for over two years, the risk factor has been lowered from 0.4 to 0.36 [4]. - The adjustments are based on historical average holding periods, aiming to encourage longer-term investments [4][6]. Group 3: Broader Implications - The changes are expected to enhance the long-term investment management capabilities of insurance companies and improve their solvency management [6]. - The adjustments to risk factors for export credit and overseas investment insurance are designed to support foreign trade enterprises and align with national strategies [7]. - Insurance companies are encouraged to refine their internal controls and accurately measure investment holding periods to ensure compliance and enhance capital management [7][8].