利率不断走低、资本市场"吸睛"，低利率新周期如何应对，成为保险资金当前主要议题。截至8月31日，中报季收官，中国平安、中国人寿、中国太保、 中国人保、新华保险五大A股上市险企的投资"账本"同时摊开。从投资端来看，上半年各家险企投资资产均较年初实现增长。在增加的投资资产中，权益 类资产备受青睐。 低利率环境对人身险公司的资产负债匹配提出了新要求。多家险企管理层表示，在固收类资产收益承压的背景下，挖掘多元资产、增配权益类资产，特别 是高股息资产，已成为上市险企资产配置策略中的重要一环。此外，险企还注重对成长性标的的挖掘，以捕捉超额收益。 权益布局加码增厚收益 投资业绩一直都是保险公司整体业绩表现的"胜负手"。截至6月末，中国平安、中国人寿、中国太保、中国人保、新华保险五大A股上市险企投资资产合 计19.73万亿元，同比增长7.52%。 今年上半年，资本市场呈现回暖态势，为保险公司投资收益的提升创造了有利条件，多家险企披露的投资收益相关指标，较2024年上半年均实现明显增 长，但也有个别险企投资收益率下滑。 对于股市，海南纵帆私募基金经理王兆江表示，目前A股市场估值总体合理，市场底部相对夯实，积极因素累积增多。中国 ...

Core Viewpoint - The Ministry of Finance has issued a notification to guide state-owned commercial insurance companies towards long-term stable investments, adjusting the long-cycle assessment indicators to enhance their role as market stabilizers and economic development boosters [1][4]. Group 1: Long-Cycle Assessment Adjustments - The net asset return rate assessment has been changed from a "three-year cycle + annual indicator" to an "annual indicator + three-year cycle + five-year cycle," with respective weights of 30%, 50%, and 20% [2][4]. - The capital preservation and appreciation rate assessment has been modified from an "annual indicator" to an "annual indicator + three-year cycle + five-year cycle," also with weights of 30%, 50%, and 20% [2][3]. Group 2: Impact on Investment Behavior - The establishment of a long-cycle assessment mechanism is expected to increase the tolerance of insurance funds for short-term market fluctuations, encouraging a higher allocation to A-shares and promoting stable long-term returns [1][3]. - The stable investment behavior of insurance funds will enhance the inherent stability of the capital market, reduce market volatility, and improve the investment ecosystem, thereby attracting various types of capital [1][5]. Group 3: Asset-Liability Management and Investment Strategy - State-owned commercial insurance companies are required to improve asset-liability management, optimize asset allocation, and reasonably determine equity investment ratios to balance investment returns and risks [3][6]. - The focus should be on long-term, value, and stable investments, enhancing internal long-term assessment mechanisms and investment portfolio management to identify quality investment targets with stable cash flow returns [3][6]. Group 4: Market Context and Future Outlook - As of the end of 2024, the balance of commercial insurance fund utilization is expected to reach approximately 33 trillion yuan, indicating significant room for increasing the proportion of A-share investments [4]. - The long-cycle assessment mechanism is viewed as a key measure to enhance the stability and positivity of various funds' stock investments, potentially leading to a substantial influx of long-term capital into the market [5][6].