大盘今日午后异动，证券、保险等非银金融板块集体拉升。截至收盘，沪深300非银行金融指数上涨2.2%，中证全指证券公司指数上涨2.0%，香港证券指数 上涨1.5%，中证银行指数上涨0.1%。Wind数据显示，截至昨日，证券保险ETF（512070）近一周合计"吸金"超5亿元。 平安证券指出，国家金融监督管理总局发布的《关于调整保险公司相关业务风险因子的通知》下调了沪深300、红利低波和科创板等长期持仓资产风险因 子，有助于培育耐心资本并支持科技创新。该政策的实施有望持续推动中长期资金入市，提升保险资金的权益配置能力。 | 该指数由A股中市值大、流动性 | 令日 该指数涨跌 | 该指数市净率 | 该指数自 发布以来仁 | | --- | --- | --- | --- | | 好的50只证券行业股票组成，反 | | | | | 映A股证券行业股票的整体表现 | 2. 0% | 1.5倍 | 30. | | | 今日 | | 该指数自 | | --- | --- | --- | --- | | 该指数由A股中市值大、流动性 | 该指数涨跌 | 该指数市净率 | 发布以来仁 | | 好的42只银行业股票组成，反映 | ...

申万宏源证券指出，科创板在保险公司持有股票规模占比呈长期上升趋势，政策定向鼓励保险持有 科创板成分股，风险因子从0.4下调至0.36（持仓超两年），有助于常态化高比例权益配置，同时保持战 术机动空间（4年内持仓超2年）。保险资金提升权益配置比例是主要增量来源，若股票+基金投资比例 提高至30%上限，潜在加仓空间达万亿级别。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 （责任编辑：张晓波 ） 科创板100ETF（588120）跟踪的是科创100指数（000698），单日涨跌幅达20 ...

今日，非银板块在连涨三日后迎来回调，银行板块则延续窄幅震荡。指数层面，中证银行指数下跌0.1%，中证全指证券公司指数下跌1.2%，沪深300非银行 金融指数下跌1.4%，香港证券指数下跌2.0%。 平安证券指出，国家金融监督管理总局发布的《关于调整保险公司相关业务风险因子的通知》下调了沪深300、红利低波和科创板等长期持仓资产风险因 子，有助于培育耐心资本并支持科技创新。该政策的实施有望持续推动中长期资金入市，提升保险资金的权益配置能力。 跟踪沪深300非银行金融指数 该指数由沪深300指数中归属于 资本市场、其他金融、保险行业 的27只股票组成,证券Ⅱ行业占 比近65%,是市场上保险行业占 比最高的指数之一 该指数出A胶甲巾倡天、流列性 好的42只银行业股票组成,反映 A股银行业股票的整体表现 0-1 证券保险ETF ▽日 该指数法 香港证券ETF 低费率 跟踪中证香港证券投资主题指数 该指数由港股通范围内属于资产 管理与托管银行、投资银行业与 经纪业的股票以及港交所作为指 数样木 反映法股通节周内证券 该指数准 令日 该指数泪 每日经济新闻 ...

Investment Rating - The industry is rated as "Buy" with an expectation of an increase exceeding 15% in the next 3-6 months [8]. Core Insights - The adjustment of risk factors for long-term stock investments is expected to ease the constraints on insurance capital allocation to equities. Specifically, the risk factor for stocks held over three years in the CSI 300 and the CSI Low Volatility 100 Index has been reduced from 0.3 to 0.27, and for stocks held over two years on the STAR Market, it has been lowered from 0.4 to 0.36 [2][3]. - The policy aims to guide long-term investments and stabilize the capital market, although the immediate impact on insurance capital's willingness and scale to increase equity assets is expected to be limited [4]. - It is estimated that there will be an influx of 550-600 billion yuan in new capital into the market next year, with varying levels of stock accumulation among companies [5]. Summary by Sections Risk Factor Adjustment - The adjustment of risk factors is a direct implementation of measures announced earlier to support the capital market, which includes a 10% reduction in stock investment risk factors [2][3]. - The overall impact on the solvency ratio of insurance companies is expected to be minimal, with a projected increase in solvency ratios for major life insurance companies being less than 3% [3]. Market Outlook - The insurance sector is anticipated to see double-digit growth in new premium sales, driven by the maturity of fixed deposits and the appeal of insurance products for long-term wealth preservation [6]. - The valuation of insurance companies remains low, presenting a favorable cost-performance ratio for investment [6]. Capital Influx - Major state-owned enterprises are expected to allocate 30% of new premiums to A-shares, translating to approximately 250 billion yuan entering the market [5]. - Some companies may exceed this allocation, with estimates suggesting that companies like China Life and Taiping may invest up to 40% of new premiums into the stock market [5].

Core Insights - The report discusses the adjustment of risk factors for insurance companies' investments, specifically the reduction of risk factors for stocks held for over three years in the CSI 300 and the low-volatility dividend index from 0.3 to 0.27, and for stocks held for over two years in the Sci-Tech Innovation Board from 0.4 to 0.36 [3][4][17] - The adjustment is seen as a marginal impact, with the potential for a significant increase in equity allocation by insurance funds in the long term [17][21] Quantitative Assessment of Risk Factor Adjustment - The report provides three scenarios for the proportion of stocks held for over three years in the CSI 300 and low-volatility dividend index: current situation at 13.0%, mid-term neutral at 42.1%, and optimistic at 50.3% [7][15] - For stocks held for over two years in the Sci-Tech Innovation Board, the current situation is at 0.6%, mid-term neutral at 1.9%, and optimistic at 2.9% [7][15] - The minimum capital released from the risk factor adjustment is estimated at 141 billion, 457 billion, and 554 billion under the three scenarios, respectively, with potential increases in stock investment of 514 billion, 1669 billion, and 2015 billion [15][17] Encouragement of Long-term Capital Market Entry - The adjustment is viewed as a supportive policy for encouraging long-term capital entry into the market, particularly for state-owned insurance companies that have already increased their equity investment ratios [17][21] - The report emphasizes the importance of increasing the equity allocation ratio of insurance funds as the main source of potential market entry space, estimating a potential increase of 32,431 billion if the equity and fund investment ratio reaches the regulatory cap of 30% [17][20] Market Dynamics and Future Outlook - The report notes that the spring market's economic and industrial catalysts are yet to be clarified, with supply-demand logic becoming a primary concern [21] - The adjustment of risk factors may lead to a favorable environment for insurance companies to engage in high-dividend stock investments while maintaining a focus on cost-effectiveness [21]

Core Viewpoint - Insurance funds are increasingly becoming a significant presence in the A-share market, with substantial investments in various sectors and a notable shift towards equity assets as traditional fixed-income returns decline [2][4][11]. Group 1: Insurance Fund Presence and Investment Trends - As of June 2025, insurance funds are listed among the top ten shareholders in nearly 800 A-share companies, with over 280 stocks increased and more than 300 new positions established in Q2 [2][4]. - The total investment balance of insurance companies in stocks reached 3.07 trillion yuan, an increase of approximately 640 billion yuan from Q4 2024 [4]. - The seven major A+H listed insurance companies hold a combined investment total of 21.85 trillion yuan, accounting for 60.30% of the industry total [4]. Group 2: Investment Strategies and Asset Allocation - Insurance companies are focusing on balancing returns, duration, and cash flow due to the long-term nature of their liabilities, leading to a cautious approach towards risk [4][11]. - In a low-risk return environment, insurance funds are gradually increasing their allocation to equities, with varying strategies among different companies [4][5]. - The average dividend yield of stocks held by insurance funds is 2.30%, slightly down from previous periods due to rising stock prices [8]. Group 3: Specific Company Actions and Sector Preferences - China Ping An has seen the largest increase in stock investment, with a net increase of 211.9 billion yuan, while China Life and New China Life also reported significant increases [5]. - The top five sectors for insurance fund holdings include banking, transportation, telecommunications, real estate, and utilities, with media, telecommunications, and utilities showing the highest quarterly increases [8]. - Insurance funds have engaged in notable stock purchases, with China Life increasing positions in CITIC Bank and China Telecom, while reducing holdings in Sinopec [9][10]. Group 4: Regulatory Environment and Future Outlook - Recent regulatory changes have encouraged insurance companies to allocate more funds to the A-share market, with a target of 30% of new premiums to be invested annually [12]. - The overall market valuation is considered reasonable, with expectations for continued investment in technology, consumer manufacturing, and emerging markets [12].