题图来源 | Pexels 资本市场将再迎险资"活水"。 5月7日，国家金融监督管理总局（下称"金融监管总局"）局长李云泽出席国新办新闻发布会时表示，充分发挥保险资金作为耐心资本和长期资本 的作用，加大入市稳市力度，下一步将推出三条措施支持稳定和活跃资本市场： 针对进一步调降险资股票投资风险因子10%政策，一位大型险企投资人士表示，该政策有利于推动保险资金入市，降低股票资本占用，弱化平滑 股票持仓市值波动对公司偿付能力充足率的影响，提高险资对市场风险的容忍度，进一步释放保险公司股票投资空间。 据业内人士透露，此前业内一直在反映再次降低股票投资风险因子方面需求，政策方面亦早有吹风，此次终于官宣放开，将关注上述政策具体落 地细节。 2023年9月10日，金融监管总局曾发布《关于优化保险公司偿付能力监管标准的通知》，对险资投资沪深300指数成分股、投资科创板上市普通股 票等风险因子进行了调整。 彼时，据东吴证券金融团队测算，2023年7月末，险资投资股票和证券投资期末余额为3.55万亿元，假设其中股票占比为60%，（其中假设投资沪 深300比例为50%，投资科创板比例为5%），考虑风险分散效应前静态释放最低资本为5 ...

Core Viewpoint - The recent policy changes by the National Financial Regulatory Administration aim to further promote insurance capital's entry into the stock market by reducing the risk factors associated with equity investments, which is expected to unlock significant additional capital for the insurance sector [1][2] Group 1: Policy Changes - On May 7, the head of the National Financial Regulatory Administration announced a 10% reduction in the risk factor for stock investments within the solvency rules, which is a significant consideration for insurance capital when making equity investments [1] - This policy is projected to lead to an increase in insurance capital of over 130 billion yuan, with estimates suggesting that if the risk factor for the CSI 300 stocks is lowered by 10%, the corresponding market funds could reach approximately 134.9 billion yuan [1] Group 2: Historical Context - The last adjustment to the risk factors for insurance capital equity investments occurred in September 2023, where the risk factor for investments in CSI 300 index stocks was reduced from 0.35 to 0.3, and for stocks listed on the Sci-Tech Innovation Board from 0.45 to 0.4 [2] - Since the September adjustment, insurance funds have been increasing their stock allocation due to a persistently low interest rate environment, with the proportion of stock and securities investment in life insurance companies reaching 12.5% by the end of Q4 2024, a slight increase from the previous year [2] Group 3: Industry Trends - Analysts believe that many insurance companies, particularly large listed firms, still have room to increase their equity investment ratios, especially after the recent regulatory increase in the upper limit for equity asset allocation from 10%-45% to 10%-50% [2]

Group 1 - The National Financial Regulatory Administration plans to expand the pilot scope for long-term investment of insurance funds, with an additional 60 billion yuan to be approved to inject more incremental funds into the market [2] - In the first four months of this year, the banking and insurance sectors provided approximately 17 trillion yuan in new financing to the real economy through various means such as loans and bonds [3] - The insurance industry has paid out about 1 trillion yuan in claims from January to April, with over 10 trillion yuan accumulated in long-term preparation funds for pension and health insurance [3] Group 2 - The regulatory authority will further adjust and optimize regulatory rules, including a 10% reduction in the risk factor for insurance companies' stock investments to support a stable and active capital market [4] - Insurance capital is increasingly focused on high-dividend assets, aligning with the demand for long-term stable returns, suggesting a potential increase in the proportion of holdings in such assets [5] - As of the end of the first quarter, insurance capital appeared among the top ten shareholders in over 700 stocks, with a significant presence in banking, transportation, real estate, telecommunications, and public utilities sectors [4]

Group 1: Key Policies Announced - The National Financial Supervision Administration plans to introduce eight major incremental policies to stabilize the real estate market and support economic growth [2] - Policies include a series of financing systems tailored to new real estate development models, expansion of long-term investment trials for insurance funds, and adjustments to regulatory rules to lower investment risk factors for insurance companies [3][4] Group 2: Support for Small and Micro Enterprises - A comprehensive package of policies will be launched to support financing for small and micro enterprises, focusing on increasing supply, reducing costs, improving efficiency, and creating a favorable environment [6] - Specific measures include enhancing the financing coordination mechanism, lowering financing costs, streamlining loan approval processes, and strengthening the collaboration of monetary and fiscal policies [6] Group 3: Support for Foreign Trade Development - The administration will implement policies to support foreign trade development, including financial assistance for enterprises affected by tariffs and optimizing export credit insurance regulations [7] - Measures will focus on stabilizing exports, facilitating the transition from export to domestic sales, and enhancing financing guarantees for foreign trade enterprises [7] Group 4: Capital Supplementation for Financial Institutions - Large commercial banks are accelerating capital supplementation efforts, and large insurance groups are also prioritizing capital replenishment [8] - These measures aim to enhance the resilience of the financial system [8] Group 5: Technology and Innovation Financing - The administration will promote the establishment of specialized technology finance institutions and explore long-term performance assessment systems for technology loans [9] - The growth rate of loans to high-tech enterprises is nearly three times the average loan growth rate, indicating strong support for technology innovation [10]

Group 1 - The core investment strategy of Honghu Fund in Q1 2025 involved significant increases in holdings of Yili Co. and Shaanxi Coal, while maintaining its position in China Telecom [1][5][8] - Honghu Fund's holdings include 1.53 billion shares of Yili Co. valued at 4.289 billion yuan, and 1.16 billion shares of Shaanxi Coal valued at 2.304 billion yuan as of the end of Q1 2025 [5][8] - The fund's investment in China Telecom remained unchanged, with a holding of 760 million shares valued at 5.979 billion yuan, reflecting an increase in market value due to stock price appreciation [5][8] Group 2 - The fund's sector allocation shows a distribution of 47.56% in communication services, 34.12% in data services, and 18.33% in coal mining [4][3] - The total number of stocks held by Honghu Fund is three, with two stocks increased and one stock unchanged in Q1 2025 [3][5] - The insurance capital market is experiencing a significant increase in long-term stock investments, with the scale rising from 500 billion yuan to 1.62 trillion yuan, indicating a growing trend of insurance funds entering the equity market [10][11]

公告显示，该基金投资范围为中证A500指数成份股中符合条件的大型上市公司A+H股。 | A股股票代码:601336 | A股股票简称:新华保险 编号:2025-026号 | | --- | --- | | H股股票代码: 01336 | H股股票简称:新华保险 | 上天天基金APP搜索【777】领 98 元券包 ，优选基金10元起投！限量发放！先到先得！ 险资入市又有了新进展。 4月29日晚，新华保险公告称，公司拟出资不超过100亿元认购由国丰兴华（北京）私募基金管理有限公司发起 设立的私募基金的份额。该基金成立规模为200亿元，新华保险与中国人寿拟各出资100亿元认购私募基金份 额。 险资再出手 新华保险公告显示，为积极响应国家推动中长期资金入市的政策理念，贯彻长期投资理念，通过低频交易、长 期持有的方式以获得稳健股息收益，提升长期投资回报，实现资金保值增值，公司拟出资不超过100亿元认购 由国丰兴华发起设立的私募基金的份额。 据悉，国丰兴华由新华保险控股子公司新华资产管理股份有限公司与中国人寿资产管理公司共同出资设立，分 别持有国丰兴华50%股权。 据了解，该私募基金的名称暂定为国丰兴华鸿鹄志远二期私募证 ...

南财快讯记者注意到，这并非新华保险和中国人寿首次合作。 4月29日晚间，新华保险发布对外投资公告称，为提升长期投资回报，实现资金保值增值，拟出资不超 过100亿元认购由国丰兴华（北京）私募基金管理有限公司（简称"国丰兴华"）发起设立的私募基金的 份额。 据披露，国丰兴华发起设立的基金为国丰兴华鸿鹄志远二期私募证券投资基金（暂定名，简称"鸿鹄志 远二期"），存续期限为10年，按照基金合同约定履行相应变更手续后，私募基金存续期限可以相应延 长。该基金将贯彻长期投资理念，通过低频交易、长期持有的方式以获得稳健股息收益。 需要指出的是，另一保险巨头中国人寿也将出资100亿元认购鸿鹄志远二期份额，届时基金成立规模可 达200亿元。 私募基金投资范围方面，要求为中证A500指数成分股中符合条件的大型上市公司A+H股。此外，标的 公司应当公司治理良好、经营运作稳健、股息相对稳定、股票流动性相对较好，与保险资金长期投资需 求相适应。 公告显示，国丰兴华成立于2023年，注册资本1000万元，由新华保险控股子公司新华资产管理股份有限 公司与中国人寿资产管理公司共同出资设立，分别持有国丰兴华50%股权。 2023年11月，新华保 ...

Group 1 - The core viewpoint of the news is that insurance capital is actively entering the market, with New China Life Insurance planning to invest up to 10 billion yuan in a private fund initiated by Guofeng Xinghua [1][3][4] - The private fund, tentatively named "Honghu Zhiyuan Phase II," has a total scale of 20 billion yuan, with both New China Life and China Life Insurance each contributing 10 billion yuan [3][4] - The investment strategy of the fund focuses on long-term investment, aiming for stable dividend income and capital appreciation through low-frequency trading and long-term holding [3][4] Group 2 - The fund will invest in large listed companies that are part of the CSI A500 index, specifically targeting A+H shares that meet certain criteria [3][4] - New China Life's investment aligns with national policies promoting long-term capital market participation and reflects the company's strategic direction towards long-term, value, and prudent investments [4] - The Honghu Fund, a previous initiative by New China Life and China Life, has successfully invested 50 billion yuan and achieved performance exceeding benchmarks, indicating a positive trend in insurance capital investments [4] Group 3 - The Honghu Fund has increased its holdings in Shaanxi Coal and maintained its position in China Telecom, becoming a significant shareholder in both companies [5][6] - As of the first quarter of 2025, the Honghu Fund held 116.34 million shares of Shaanxi Coal, with a market value of 2.30 billion yuan, despite a decline in stock price [5] - The fund also holds 76.17 million shares of China Telecom, with a market value of 5.98 billion yuan, reflecting a stable investment strategy amidst market fluctuations [6]

险资入市又有了新进展。 4月29日晚，新华保险公告称，公司拟出资不超过100亿元认购由国丰兴华（北京）私募基金管理有限公司发起 设立的私募基金的份额。该基金成立规模为200亿元，新华保险与中国人寿拟各出资100亿元认购私募基金份 额。 公告显示，该基金投资范围为中证A500指数成份股中符合条件的大型上市公司A+H股。 据了解，该私募基金的名称暂定为国丰兴华鸿鹄志远二期私募证券投资基金（简称"鸿鹄志远二期"），由国丰 兴华发起设立。鸿鹄志远二期存续期限为10年，私募基金贯彻长期投资理念，通过低频交易、长期持有的方式 以获得稳健股息收益。 鸿鹄志远二期的规模为200亿元，新华保险与中国人寿拟各出资100亿元认购私募基金份额。基金投资范围为， 中证A500指数成 份 股中符合条件的大型上市公司A+H股。 据新华保险公告，鸿鹄志远二期的投资标的应当公司治理良好、经营运作稳健、股息相对稳定、股票流动性相 对较好，与保险资金长期投资需求相适应。 新华保险表示，本次投资事项符合国家推动中长期资金入市的相关政策，以及未来本公司整体战略发展方向。 本公司坚持长期投资、价值投资和稳健投资的理念，积极发挥好长期资本、耐心资本、高能 ...

Group 1 - The National Enterprise Win ETF (159719) has seen a recent increase of 0.54%, with a latest price of 1.49 yuan, and a cumulative increase of 1.58% over the past two weeks as of April 25, 2025 [1][3] - The ETF has a turnover rate of 1.98% and an average daily trading volume of 17.98 million yuan over the past year, indicating strong liquidity [1] - The management fee for the ETF is 0.25% and the custody fee is 0.05%, making it the lowest among comparable funds [1] Group 2 - The State-owned Assets Supervision and Administration Commission (SASAC) emphasized the importance of state-owned enterprises (SOEs) in China's economy during a recent seminar, highlighting the need for theoretical research to address significant practical issues [1] - Analysts from Huafu Securities believe that in 2025, central SOEs may benefit from debt reduction and mergers and acquisitions, as well as from insurance capital entering the market and valuation restructuring opportunities [1] Group 3 - The CSI Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index (931000) has decreased by 0.82%, with mixed performance among constituent stocks [3] - The top-performing stocks include Dazhenglin (603233) with a rise of 5.70% and Gree Electric (000651) with an increase of 3.07%, while the worst performers include Oppein Home (603833) down 5.62% [3] - The Greater Bay Area ETF (512970) has also seen a decline of 0.69%, with a latest price of 1.15 yuan [3] Group 4 - The National Enterprise Win ETF closely tracks the FTSE China National Enterprise Open Win Index, which consists of 100 constituent stocks, including 80 A-share companies and 20 Chinese companies listed in Hong Kong [3] - The top ten constituent stocks of the index are predominantly state-owned enterprises, including China Petroleum, China Petrochemical, and China Construction [3][5]