在各上市险企2025年半年报及三季报业绩发布会上，多家保险公司投资负责人均表示，正持续加仓 权益资产。今年以来，险资举牌上市公司次数已近40次，创下近10年来新高。叠加A股和H股回稳向好 势头不断巩固，上市险企的年化总投资收益率均超过5%。 金融监管总局有关司局负责人表示，《通知》旨在有效防范风险，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，推动保险公司持 续稳健经营。 (责任编辑：关婧) 近日，国家金融监督管理总局发布《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》）。金融监管总局有关司局负责人表示，一方面，《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。另一方面，还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的支持力 度、有效服务国家战略。 按照《通知》要求，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 ...

Core Viewpoint - The article emphasizes a significant shift in the investment behavior of insurance funds, which are becoming a new source of long-term capital for the A-share market, driven by regulatory changes and a declining interest rate environment [2][24]. Group 1: Changes in Insurance Fund Investment - Insurance funds are experiencing a directional adjustment, with over 1 trillion yuan added to stock investments this year [2][12]. - Recent regulatory adjustments have lowered the "invisible costs" associated with insurance funds entering the stock market, making it more attractive for them to invest [2][10]. - The adjustment in risk factors for long-term holdings in major indices indicates a clearer path for insurance funds to allocate capital [4][5]. Group 2: Impact of Regulatory Changes - The risk factor for stocks held over three years in the CSI 300 index has been reduced from 0.3 to 0.27, and for stocks in the Sci-Tech Innovation Board from 0.4 to 0.36 [4][5]. - Lower risk factors mean that insurance companies need to set aside less capital for potential losses, effectively reducing their internal cost of investment [10][11]. - This reduction in "invisible burden" is expected to increase the potential investment space for insurance funds [11][32]. Group 3: Future Investment Potential - By the end of Q3 2025, the direct stock holdings of insurance funds are projected to increase from 2.43 trillion yuan to 3.62 trillion yuan, reflecting a significant increase in investment activity [12][33]. - If the investment ratio of stocks and funds by life insurance companies increases from 15% to 30%, the potential additional investment could reach approximately 3.2 trillion yuan [39]. - Regulatory proposals suggest that from 2025, large state-owned insurance companies will allocate 30% of new premiums to A-share investments, potentially adding around 2 trillion yuan to the market by 2026 [40].

Core Viewpoint - The Financial Regulatory Bureau has issued a notification adjusting risk factors for insurance companies' investments, aiming to encourage long-term capital and support technological innovation [1][2]. Group 1: Risk Factor Adjustments - Insurance companies holding stocks from the CSI 300 Index and the CSI Low Volatility 100 Index for over three years will see their risk factor reduced from 0.3 to 0.27 [1]. - For stocks listed on the Sci-Tech Innovation Board held for over two years, the risk factor will decrease from 0.4 to 0.36 [1]. - The notification also lowers the premium risk factor for export credit insurance and overseas investment insurance from 0.467 to 0.42, and the reserve risk factor from 0.605 to 0.545 [3]. Group 2: Impact on Insurance Industry - The adjustments are expected to alleviate capital occupation for insurance companies, enhancing solvency ratios and encouraging long-term investments in the stock market [2]. - The industry is likely to shift towards a "long-term holding" strategy, focusing on high-dividend blue-chip stocks and stocks supported by national strategies [2]. - There will be a greater emphasis on "long-term capability" in internal assessments and investment research systems, aligning with long-term performance [2]. Group 3: Industry Demand and Suggestions - In a low-interest-rate environment, there is a growing demand for equity asset allocation among insurance companies, with calls for optimized solvency policies [3]. - Suggestions include further refining risk factor classifications based on investment fields and holding periods, providing capital advantages for long-term strategic stocks [3].

险资入市空间再度释放！ 12月5日，国家金融监管总局发布《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》），将保险公司持仓超过三年的沪深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，将持仓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。 所谓的风险因子，是衡量保险公司投资资产风险程度的系数，风险因子越小，资本占用越低，保险公司 就越能提升对股市的投资规模。 业内人士认为，《通知》传递出支持险资入市、鼓励险资支持国家战略性行业发展及鼓励险资成为资本 市场长期资金的政策导向。 下调多个投资标的风险因子释放更多资本以加码股市 朱俊生认为，沪深300成分股包括宁德时代、贵州茅台、中国平安等，涵盖了中国股市的核心蓝筹股， 通常代表着大盘股的整体表现，科创板上市普通股则以高科技、高成长型企业为主，符合国家创新驱动 战略。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保费风险因子、准 备金风险因子，则可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。 此次《通知》主要调整了风险因子这一变量。 根据规定，保险公司持仓超过三年的沪深30 ...

（文章来源：北京商报） 北京商报讯（记者李秀梅）12月5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》）。《通知》提到，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。 ...

Core Viewpoint - The Financial Regulatory Administration has announced adjustments to the risk factors for insurance companies related to certain stock indices, indicating a regulatory shift aimed at managing investment risks more effectively [1] Group 1: Regulatory Changes - The risk factor for stocks held by insurance companies for more than three years in the CSI 300 Index and the CSI Dividend Low Volatility 100 Index has been reduced from 0.3 to 0.27 [1] - This adjustment is based on the weighted average holding period over the past six years [1]

5日下午，国家金融监督管理总局发布《关于调整保险公司相关业务风险因子的通知》，针对性下调保 险公司部分业务的风险因子。这也是继2023年9月后，监管再次对保险公司风险因子调整。 具体来看，本次调整主要包含三方面：首先，对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。 其次，对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。 12月5日午后，大金融板块异动拉升，券商、保险股集体走强。收盘中银证券、瑞达期货涨停，中国太 保涨近7%，中国平安、中国人保、中国人寿、新华保险均涨超4%。 此外，通知还同步下调了保险公司出口信用保险业务和海外投资保险业务的风险因子。其中，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。 而金融监管总局的最新政策利好或是保险股大涨的最大推手。 据了解，风险因子是保险公司投资和经营业务的资本占用衡量指标。就市场风险而言，风险因子越高， 要求的最低资本越多，对资本的占用和消耗就越多。在风险因子下调后，保险公司的资本使用效率可以 得到提高。 作为资本市场规模最大、 ...

0:00 此外，盘后，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》。通知积极贯彻落实防 风险、强监管、促高质量发展要求，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。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） 12月5日，A股市场探底回升，创业板指涨超1%，早盘一度跌超0.5%。从板块来看，非银金融板块午后 集体飙涨，中银证券与瑞达期货双双涨停，中国太保、中国平安、兴业证券等涨超5%，中国人保、中 国人寿、新华保险、湘财股份、东方财富等个股跟涨。 消息面上，有A股"吹哨人"之称摩根士丹利突放大利好，将中国平安加入重点关注名单，仍列为首选。 该行将中国平安A股目标价从70元/股上调至85元/股，H股目标价从70港元/股上调至89港元/股。 ...