文 | 银行螺丝钉 （转载请注明出处） 基金定投是非常适合懒人的投资方式，但是如何才能聪明地做好基金定投？ 定投前要准备什么？如何制定好定投计划？ 4种定投方法，哪个更适合你？如何止盈？ 这里有一门限时免费的福利课程，能帮助你搞清楚这些问题。 想要获取这门课程，可以扫下方二维码添加 @课程小助手 ，回复「 基金定投 」领取哦～ 更有课程笔记、思维导图，帮您快速搞懂课程脉络，学习更高效。 这个风险因子是啥意思呢? 投资有风险,保险机构做了有风险的投 资,就 必 须 拿 出 真 金 白 银 的 "资本 金"作为后备，以防风险发生时无法兑 付给客户。 风险 因 子 ，就 好 比 是 "资本 占 用 系 数"。每家保险机构，资本金都是有限 的,如果某一类资产,风险因子降低, 那保险机构就可以拿出更多的资金,投 资到这类资产中。 如何才能做好意长元主要? 长按添加@课程小助手,回复「基金定投」 免费领取《基金定投指南》课程 更有课程笔记、思维导图 帮你学会如何制定好一个基金定投计划 #螺丝钉小知识 und 银行螺丝钉 保险机构喜欢哪些指数呢，对普 通投资者有何启示? 2025年12月初，保险机构下调投资沪深 300、红 ...

Core Viewpoint - The recent adjustment of risk factors by the financial regulatory authority is expected to benefit long-term investments in the A-share market, particularly for insurance companies [4][7]. Group 1: Risk Factor Adjustment - The risk factor for insurance companies holding stocks in the CSI 300 and the CSI Low Volatility 100 for over three years has been reduced from 0.3 to 0.27 [5]. - The risk factor for holding stocks in the STAR Market for over two years has been lowered from 0.4 to 0.36 [6]. - This reduction in risk factors allows insurance companies to allocate more capital for investments, potentially releasing over 100 billion yuan in additional funds into the market [11]. Group 2: Investment Implications - The adjustment is limited to specific indices, including the CSI 300, CSI Low Volatility 100, and STAR Market indices [12]. - Insurance companies must hold these assets for a minimum of two to three years to benefit from the reduced risk factors, promoting a long-term investment strategy [13]. - The regulatory focus on long-term investments aligns with the broader policy direction encouraging sustained capital inflow into the A-share market [14]. Group 3: Investment Strategy Recommendations - Investors are advised to maintain a long-term investment approach and avoid chasing short-term market trends, aligning with institutional investment strategies [14]. - A diversified investment strategy is recommended, balancing between value-oriented large-cap stocks and growth-oriented STAR Market stocks to enhance risk-return profiles [15]. - Specific investment examples include a 10% allocation to the CICC CSI Selected 300 Index and a 7% allocation to Yongying Ruixin, focusing on high-growth sectors [17].

Core Viewpoint - The market is experiencing a rotation in styles, with growth stocks performing strongly while value stocks are lagging behind. Recent regulatory changes are expected to facilitate more capital inflow into the market, particularly benefiting certain indices [3][5][12]. Group 1: Market Performance - The overall market is up, with a closing rating of 4.2 stars [1]. - All market caps (large, mid, and small) have seen similar increases [2]. - The growth style is particularly strong, with the ChiNext Index rising over 2% [3]. - However, there is a rotation in market styles, with growth outperforming value [4]. Group 2: Regulatory Changes - Two positive regulatory announcements were made last week: 1. Insurance institutions have lowered the risk factors for investing in the CSI 300 and the Low Volatility Dividend 100 indices [9][10]. 2. There is a relaxation of capital space and leverage restrictions for quality brokerage firms, enhancing capital efficiency [11]. - These changes are expected to encourage more funds to enter the market [12]. Group 3: Risk Factors and Investment Strategies - The risk factor is akin to a "capital occupation coefficient," which determines how much capital insurance companies must reserve for risky investments [14]. - The risk factors for specific indices have been adjusted: 1. For stocks held over three years in the CSI 300 and Low Volatility Dividend 100, the risk factor decreased from 0.3 to 0.27 [15]. 2. For stocks held over two years in the Sci-Tech Innovation Board, the risk factor decreased from 0.4 to 0.36 [16]. - This adjustment allows insurance companies to allocate more funds to these indices, which is a positive signal for these stocks [17][18]. Group 4: Investment Insights for Retail Investors - Different indices are assigned varying risk levels by institutional investors, which can guide retail investors in their choices [21][22]. - The risk hierarchy for insurance institutions is as follows: 1. Broad-based and value style indices (e.g., CSI 300) are considered lower risk [23][26]. 2. Growth style indices (e.g., ChiNext) have higher risk factors, leading to more cautious investment [29]. 3. Smaller individual stocks not included in major indices carry the highest risk [31][32]. - Observing the risk factors assigned by insurance institutions can help retail investors identify suitable investment options [33]. Group 5: Future Investment Trends - The first batch of indices to be included in personal pension accounts by December 2024 will primarily consist of broad-based indices and dividend-focused indices [34]. - Recently, new stock-bond constant ratio indices have emerged, focusing on broad-based and dividend indices [36]. - Broad-based and dividend products are increasingly being promoted by financial institutions for individual investors [37].

金融监管总局近日发布《关于调整保险公司相关业务风险因子的通知》（下称《通知》），在严守风险 底线的基础上，适度调整保险公司相关业务风险因子： 一是调整保险公司投资相关股票的风险因子，培育壮大耐心资本；二是调整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风险因子，鼓励保险公司加大对外贸企业支持力度、有效 服务国家战略。 在业内人士看来，风险因子下调意味着在满足偿付能力要求的同时，保险公司将有更多的资金可以投入 到资本市场，这对于资本市场尤其是股市的流动性和稳定性具有积极影响，体现了监管层对资本市场长 期健康发展的支持与鼓励。 险资入市再松绑！ "对于普遍存在资本紧张的保险行业而言，《通知》将会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。"周瑾称。 具体到不同类型的保险公司而言，北京大学应用经济学博士后、教授朱俊生认为，大险企具有更多的资 金和资源优势，能够在股市中占据较大的份额，可能受益于政策的调整更多，尤其是在长期投资策略的 实施上。"中小险企可能面临资金实力不足的问题，尽管政策调整有利于降低投资风险，但它们在资本 市场的竞 ...

从提升保险资金权益投资比例上限，到下调相关股票的风险因子，保险资金投资股票市场迎来再次"松绑"。 2025年12月5日，国家金融监督管理总局（下称"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》），下调了保险公司 投资相关股票的风险因子。 据金融监管总局相关负责人介绍，《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。 具体来看，保险公司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0.30下调至0.27；保险公司持仓时间超过两年的 科创板上市普通股的风险因子从0.40下调至0.36。 中泰证券研报显示，当前沪深300及红利低波100指数权重前五行业集中在银行、食品饮料、交通运输、公用事业和电子；前十个股分别为贵州茅台、宁德时 代、冀中能源、招商银行、美的集团、长江电力、中国平安、兴业银行、中国神华和工商银行。本次调整后，A股相较于H股的资本占用的性价比进一步提 升，A股有望获得险资中长期青睐。 今年4月，金融监管总局发布了《 ...

Core Viewpoint - The recent adjustments by the Financial Regulatory Administration aim to enhance the long-term investment management capabilities of insurance companies, improve asset-liability matching, and better utilize insurance funds to support the real economy and promote the healthy development of capital markets [1][2]. Summary by Relevant Sections Long-term Investment Management Capability - The risk factor for stocks in the CSI 300 index and the CSI Dividend Low Volatility 100 index, held for over three years, has been reduced from 0.3 to 0.27. This adjustment is based on a weighted average holding period over the past six years [2]. - For ordinary shares listed on the Sci-Tech Innovation Board held for over two years, the risk factor has been lowered from 0.4 to 0.36, based on a four-year weighted average holding period [2]. - The premium risk factor for export credit insurance and overseas investment insurance has been decreased from 0.467 to 0.42, while the reserve risk factor has been reduced from 0.605 to 0.545 [2]. - Insurance companies are encouraged to enhance internal controls and accurately measure investment holding periods to continuously improve long-term investment management capabilities [2]. Reshaping Investment Behavior - The adjustments are designed to support the real economy by fostering patient capital and encouraging investment in technology innovation through differentiated risk factors for specific stock indices [3]. - The changes in risk factors for export credit insurance are intended to increase support for foreign trade enterprises and align with national strategies [3]. - The adjustment of risk factors will improve capital efficiency, allowing insurance companies to occupy less capital for the same investment scale, thereby enhancing solvency ratios and freeing up funds for further investments or other business activities [3][4]. Impact on Investment Strategies - The adjustments are expected to reshape investment behaviors within insurance companies, increasing the cost of short-term trading while rewarding long-term allocation of quality assets [4]. - This shift will encourage a transition from trading-oriented strategies to allocation-focused strategies, emphasizing fundamental research and value investing [4]. - The targeted reduction in risk factors for the Sci-Tech Innovation Board provides institutional incentives for insurance funds to participate in technological innovation [4].

此外，通知明确，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0.42，准备金风险因子从0.605下调至0.545。 同时，通知提出，保险公司应完善内部控制，准确计量投资股票持仓时间，持续提高长期资金投资管理 能力。保险公司应加强偿付能力管理，准确计量各类风险资本要求，确保各项偿付能力数据真实、准 确、完整。 金融监管总局网站12月5日消息，金融监管总局日前发布关于调整保险公司相关业务风险因子的通知， 调整相关股票投资风险因子，以及出口信用保险业务和海外投资保险业务风险因子。 业内人士表示，此次调整有助于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，更好地 发挥保险资金耐心资本作用，提高服务实体经济质效，推动资本市场长期健康稳健发展。 提高长期资金投资管理能力 通知明确，保险公司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。该持仓时间根据过去六年加权平均持仓时间确定。保险公司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。该持仓时间根据过去四年加权平均持仓时间确定。 二 ...

12月5日，国家金融监督管理总局（以下简称金融监管总局）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》），对保险公司相关业务风险因子进行下调。 金融监管总局表示，为完善保险公司偿付能力监管标准，充分发挥保险资金作为耐心资本的优势，提升 服务实体经济质效，在严守风险底线的基础上，适度调整保险公司相关业务风险因子。 下一步，金融监管总局将指导保险公司认真贯彻执行《通知》要求，推动保险公司提高长期资金投资管 理能力，加强偿付能力管理，确保偿付能力数据真实、准确、完整。 持仓超3年的沪深300指数成分股风险因子下调至0.27 《通知》内容主要聚焦两大方面：一是调整保险公司投资相关股票的风险因子，培育壮大耐心资本；二 是调整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风险因子，鼓励保险公 司加大对外贸企业支持力度、有效服务国家战略。 具体来看，保险公司持仓时间超过3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，该持仓时间根据过去6年加权平均持仓时间确定； 保险公司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，该持 ...

《通知》根据持仓时间，对保险公司投资相关股票的风险因子进行了差异化设置。同时，《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。 南方财经全媒体记者 林汉垚 12月5日，国家金融监管总局发布的《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》）显示，在严守风险底线的前提下，下调保险公司相关股票投资风险因子及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。 这一举措，释放出"资本松绑"与"长钱长投"的政策信号。 国家金融监管总局有关司局负责人在答记者问时明确指出，更好发挥保险资金耐心资本作用，有效服务 实体经济。 天职国际保险咨询主管合伙人周瑾向21世纪经济报道记者表示，为了更好鼓励保险资金作为"耐心资 本"加大长期入市力度，在之前监管的提高投资比例上限、拉长考核周期以及指导国有保险公司增量保 费投资A股比例的基础上，此次《通知》从偿付能力规则的角度进一步给出激励措施，根据股票的类型 和保险公司持有的时长，降低相关的风险因子，减少资本占用。 此外，多位业内专家在接受采访时表示，风险因子的下调不仅缓解了保险公司的偿付 ...

Group 1: International Factors Impacting Chinese Long Bond Rates - International factors are increasingly influential in determining China's long bond rates, especially under more open economic conditions[3] - The Bank for International Settlements (BIS) identifies a shift in global liquidity dynamics, with non-bank financial institutions becoming the main players in international capital flows since 2008[10] - The BIS financial condition index (FCI) highlights two key factors: the "level factor" reflecting interest rates and the "risk factor" indicating market risk perceptions[11] Group 2: Recent Trends and Implications - Since 2021, the BIS's "level factor" has risen sharply due to inflation and tightening U.S. monetary policy, indicating a significant tightening of financial conditions[12] - The "risk factor" has shown slight tightening since 2021, impacting China's economic conditions, but this effect is expected to ease as major central banks begin lowering interest rates in Q4 2024[12] - A strong U.S. dollar has a negative correlation with China's 10-year government bond yields, with a correlation coefficient of -0.89 from January 2014 to September 2025, indicating that dollar strength significantly influences bond rates[15]