三、《通知》规定的持仓时间如何计算？ 答：以投资科创板上市普通股为例，保险公司季度末持仓的科创板股票按照先进先出原则，采用加权平 均的方式计算其过去四年持仓时间（超过四年的按照四年计算），持仓时间超过两年的，适用风险因子 0.36。 新华财经北京12月5日电近日，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》（以 下简称《通知》），有关司局负责人就《通知》回答了记者提问。 一、《通知》出台背景是什么？ 为有效防范风险，引导保险公司提高长期投资管理能力，强化资产负债匹配管理，更好发挥保险资金耐 心资本作用，有效服务实体经济，亟需完善偿付能力相关标准，推动保险公司持续稳健经营。 二、《通知》对保险行业服务实体经济有何影响？ 一是《通知》针对保险公司投资的沪深300指数成分股、中证红利低波动100指数成分股以及科创板股票 的风险因子，根据持仓时间进行了差异化设置，以培育壮大耐心资本、支持科技创新。二是《通知》调 整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、准备金风 险因子，引导保险公司加大对外贸企业支持力度、有效服务国家战略。 （文章来源：新华财经） 四、《通知》相 ...

Core Viewpoint - The Financial Regulatory Bureau has issued a notification to adjust risk factors related to insurance companies' business, aiming to enhance long-term investment management and better serve the real economy [1][7]. Group 1: Background of the Notification - The notification was introduced to effectively prevent risks, guide insurance companies in improving long-term investment management capabilities, and strengthen asset-liability matching management [2][8]. - The goal is to enhance the role of insurance capital as patient capital and to support the sustainable and stable operation of insurance companies [2][8]. Group 2: Impact on the Insurance Industry - The notification differentiates risk factors for investments in the CSI 300 Index, the China Securities Dividend Low Volatility 100 Index, and stocks listed on the Sci-Tech Innovation Board based on holding periods, promoting the growth of patient capital and supporting technological innovation [3][9]. - Adjustments were made to the premium risk factors and reserve risk factors for export credit insurance and overseas investment insurance, encouraging insurance companies to increase support for foreign trade enterprises and effectively serve national strategies [3][9]. Group 3: Holding Period Calculation - For example, the holding period for stocks listed on the Sci-Tech Innovation Board is calculated using a first-in-first-out principle, with a weighted average method applied to the past four years of holding time [4][10]. - If the holding period exceeds two years, a risk factor of 0.36 is applicable [4][11]. Group 4: Specific Adjustments to Risk Factors - Adjustments to stock investment risk factors include maintaining the basic factor unchanged while modifying the characteristic coefficient K2 for stocks held for over three years in the CSI 300 Index and the China Securities Dividend Low Volatility 100 Index, as well as for Sci-Tech Innovation Board stocks held for over two years [5][11]. - Adjustments were also made to the risk factors for export credit insurance and overseas investment insurance, while the relevant characteristic coefficients remain unchanged [5][11]. Group 5: System Adjustments - The insurance company's solvency regulatory information system will be adjusted accordingly to reflect these changes [6][12].