智通财经APP获悉，西部证券发布研报称，截至2025Q3末，行业综合与核心偿付能力充足率分别为 186.3%和134.3%，显著高于监管红线(100%和50%)。经简单测算，在偿付能力充足率不变的前提下，仅 考虑沪深300成分股风险因子调降，将释放11%的股票加仓空间。沪深300与中证红利标的风险因子调整 利好银行、公用事业、煤炭等红利板块，科创板因子优化助力科技成长企业融资，形成"稳健底盘+创 新引擎"的配置导向，部分已进入险资视野的科创板标的及科创50ETF成分股有望获得更多配置。 西部证券主要观点如下： 事件：12月5日，国家金管总局发布《关于调整保险公司相关业务风险因子的通知》，对长期持有特定 股票及特定保险业务的风险因子进行下调，这是5月监管推动险资入市举措的具体落地。本次下调是继 2023年9月后的再优化，体现了监管层根据市场环境引导险资优化配置的灵活调控思路。 差异化降因子，精准引导资金流向 权益投资方面，持仓时间超三年的沪深300指数成分股、中证红利低波动100指数成分股，风险因子从 0.3下调至0.27，持仓时间按过去六年加权平均计算；持仓时间超两年的科创板普通股，风险因子从0.4 下调至0 ...

Investment Rating - The industry investment rating is "Overweight" with expectations of a price increase exceeding the market benchmark index by more than 10% in the next 6-12 months [4][9]. Core Insights - The adjustment of risk factors for insurance capital investments in stocks allows for expanded equity allocation, reflecting regulatory flexibility in guiding capital optimization based on market conditions [2][3]. - The insurance sector's solvency ratios are robust, with comprehensive and core solvency ratios at 186.3% and 134.3% respectively, significantly above regulatory thresholds [3]. - The report emphasizes a diversified equity allocation strategy for insurance capital, benefiting sectors like banking, utilities, and coal, while also supporting technology growth companies [3]. Summary by Sections Regulatory Changes - On December 5, the National Financial Regulatory Administration announced a reduction in risk factors for long-term holdings of specific stocks, following earlier regulatory initiatives to encourage insurance capital market participation [2]. - The risk factor for stocks held over three years in the CSI 300 index was reduced from 0.3 to 0.27, while for stocks held over two years in the Sci-Tech Innovation Board, it decreased from 0.4 to 0.36 [2]. Market Performance - As of Q3 2025, the stock allocation of major insurers ranges from 5.4% to 11.6% of total assets, with a slight increase from the beginning of the year [3]. - The report indicates that the adjustment in risk factors could theoretically release a minimum capital of 326 billion yuan, potentially increasing the stock balance by 1,207 billion yuan, which is 3.3% of the current insurance stock balance [3]. Investment Outlook - The report suggests a favorable outlook for insurance capital investments in dividend-paying sectors and technology growth companies, indicating a "stable base + innovation engine" investment strategy [3]. - Recommended stocks include China Pacific Insurance for low cost and stable operations, Ping An for high dividend yield, China Life for competitive performance, and New China Life for strong investment capabilities [3].