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 ...

Group 1 - The core viewpoint emphasizes the importance of nurturing and expanding long-term and patient capital, particularly in the context of private equity funds and their alignment with the development characteristics of technology innovation enterprises [1] - The China Securities Regulatory Commission (CSRC) is advocating for the optimization of long-cycle assessment mechanisms for private equity funds to better support technology innovation [1] - There is a push to support the development of secondary market funds (S funds) and to promote the regularization of fund share transfer business, which aims to enhance the virtuous cycle of fundraising, investment, management, and exit [1] Group 2 - The initiative includes encouraging long-term capital to enter the market and continuously improving the "long money long investment" system [1] - The CSRC aims to establish a fair and reasonable legal relationship between private equity investment funds and technology innovation enterprises, as well as their founding shareholders [1] - The Mother Fund Research Center has officially launched the 2025 special list evaluation to recognize outstanding institutions and talents in the private equity fund industry, promoting healthy development in the sector [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) aims to promote the regularization of fund share transfer business and expand the pilot program for physical stock distribution to investors, focusing on nurturing long-term capital and optimizing private equity fund mechanisms [1] Group 1 - The CSRC emphasizes the importance of cultivating and expanding long-term and patient capital [1] - There is a push to guide private equity funds in optimizing long-cycle assessment mechanisms to better align with the development characteristics of technology innovation enterprises [1] - The development of secondary market funds (S Funds) is supported, along with the transition of fund share transfer from pilot to regular practice [1] Group 2 - The initiative includes expanding the pilot program for physical stock distribution to investors, promoting a healthy cycle of fundraising, investment, management, and exit [1] - Continuous guidance for medium- and long-term capital to enter the market is highlighted, along with the improvement of the "long money, long investment" system [1] - The CSRC aims to adhere to the basic legal principles of equity investment, fostering a fair and reasonable legal relationship between private equity investment funds and technology innovation enterprises and their founding shareholders [1]

Group 1 - The article emphasizes the importance of cultivating long-term and patient capital to stabilize and develop the capital market, highlighting a "1+N" policy system aimed at optimizing market structure and enhancing stability [1][5] - Long-term capital and patient capital are characterized by their focus on long-term value rather than short-term gains, providing stable funding that supports enterprise development and market competitiveness [2][5] - The introduction of long-term and patient capital is expected to mitigate market volatility, promote long-term value investment, and enhance the overall quality and efficiency of the capital market [6][12] Group 2 - Recommendations for fostering patient capital include optimizing state-owned capital investment mechanisms, constructing a multi-tiered capital market, and improving policies for long-term funds to enter the market [7][8][9] - The article discusses the need to address barriers to long-term capital entering the market, such as regulatory restrictions and short performance evaluation periods for institutional investors [13][14] - Different types of long-term capital, including insurance funds, social security funds, and public funds, have unique characteristics and advantages that should be leveraged to support the capital market effectively [15][16]