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 recent adjustment of risk factors for insurance companies aims to enhance their solvency regulation standards, promote long-term investments, and support the real economy amidst a challenging domestic and international environment [1][2]. Group 1: Policy Background and Objectives - The policy is part of the "second generation solvency regulation" reform in the insurance industry, reflecting the need for supply-side reforms in response to current market pressures [2]. - The adjustment of risk factors is intended to encourage insurance companies to invest in A-shares and support foreign trade and investment, addressing the development challenges in these areas [2]. Group 2: Capital Market Implications - The A-share market is showing signs of recovery, with the Shanghai Composite Index fluctuating around the 4000-point mark, indicating increased market resilience [3]. - Regulatory measures are being implemented to enhance the inclusivity of the capital market, particularly to support technology innovation and new productive forces [3]. - The core task for the A-share market is to stabilize and improve the quality of listed companies, which requires sustained policy patience and long-term capital support [3]. Group 3: Foreign Trade and Investment Context - China's foreign trade is characterized by steady growth and structural upgrades, despite facing complex external challenges [4]. - The need for policy incentives to enhance insurance support for foreign trade and investment is emphasized, particularly in light of rising risks and challenges in the global environment [4]. Group 4: Impact of Risk Factor Adjustments - The adjustment of risk factors is expected to inject approximately 32.6 billion yuan of capital into the market, potentially providing around 108.6 billion yuan in incremental funds if fully allocated to the CSI 300 stocks [11]. - The policy aims to stabilize the market by encouraging long-term value investments, thereby reducing short-term volatility [11]. - The adjustments will also enhance support for the real economy by directing insurance funds towards strategic sectors such as technology innovation and high-end manufacturing [11]. Group 5: Microeconomic Effects on Insurance Companies - The reduction in risk factors will improve the solvency ratios of insurance companies by lowering the minimum capital requirements [12]. - It will also create new opportunities for business expansion and risk asset allocation for insurance companies [12]. - The changes are expected to drive a transformation in investment philosophies and assessment mechanisms within insurance companies, promoting a shift from transactional to long-term value investment [12]. Group 6: Market Signals and Future Outlook - The adjustment sends a clear signal to the market that long-term investment strategies will be favored, potentially leading to a more stable A-share market [13][14]. - The insurance sector may experience improved fundamentals and valuation opportunities as a result of increased long-term equity investments [14]. - The regulatory framework is designed to guide financial resources towards supporting the real economy and national strategies, indicating a long-term commitment rather than short-term stimulus [15].

Group 1: Infrastructure REITs - The National Development and Reform Commission has released the "2025 Industry Scope List for Infrastructure REITs," expanding the range of projects eligible for REITs to include sports venues, commercial complexes, four-star hotels and above, and urban renewal projects [6][7]. - The expansion of the REITs issuance scope is expected to facilitate project applications, enhance efficiency, and stimulate market activity, particularly in urban renewal and consumption sectors [7]. Group 2: Insurance Industry - Five Chinese insurance companies made it to the 2025 Global Top 50 Property Insurance Companies list, with China Life Insurance being the only one in the top ten [8]. - The rankings of China Life, China Ping An, and China Reinsurance have declined compared to last year, prompting a need for these companies to rethink their international strategies [8]. Group 3: Urbanization and Real Estate - Premier Li Qiang emphasized the importance of new urbanization as a vehicle for expanding domestic demand and promoting industrial upgrades, highlighting the need for urban renewal actions [9]. - The focus on addressing housing issues for the large population of rural migrants is expected to create opportunities for real estate development in the coming years [9]. Group 4: Securities Industry - The Chairman of the China Securities Regulatory Commission indicated a policy shift towards enhancing capital efficiency for quality securities firms by loosening capital space and leverage restrictions [10][11]. - This policy aims to transition the industry from scale competition to value competition, addressing the low return on equity (ROE) issue [10][11]. Group 5: Insurance Risk Factor Adjustment - The National Financial Regulatory Administration has adjusted risk factors for insurance companies, reducing capital requirements for certain stock investments, which is expected to enhance capital utilization efficiency [12]. - The adjustment allows for a potential influx of capital into the market, estimated to bring in hundreds of billions [12]. Group 6: IPO Market - Moore Threads' IPO on the STAR Market achieved a market capitalization exceeding 300 billion yuan, marking the largest IPO on the STAR Market this year [13]. - This listing signifies a milestone in domestic GPU technology and reflects the capital market's support for high-tech industries [13]. Group 7: Central Bank Operations - The People's Bank of China conducted a 10 billion yuan reverse repurchase operation to maintain liquidity in the banking system, indicating a consistent approach to liquidity management [14]. - This operation is part of a broader strategy to stabilize liquidity expectations and interest rates, supporting economic stability [14].

Core Viewpoint - The adjustment of risk factors for insurance companies aims to enhance their capital management and encourage long-term investments, particularly in the stock market and support for foreign trade enterprises [1][16]. Group 1: Background - The implementation of the second phase of solvency regulations has put pressure on insurance companies' solvency ratios, with the overall solvency adequacy ratio declining since the rules were enacted in 2022 [2][17]. - Despite regulatory optimizations in September 2023, the solvency adequacy ratio remains below levels prior to the second phase implementation [17]. - As of Q3 2025, the stock allocation ratio for the insurance industry reached 10%, an increase of 1.2 percentage points from the previous quarter and 2.5 percentage points from the beginning of the year [2][17]. Group 2: Content of the Notification - The notification includes differentiated adjustments to risk factors based on holding periods for stocks, encouraging long-term investments [4][18]. - For stocks in the CSI 300 index and the CSI Low Volatility 100 index held for over three years, the risk factor is reduced from 0.3 to 0.27 [4][18]. - For stocks listed on the Sci-Tech Innovation Board held for over two years, the risk factor is reduced from 0.4 to 0.36 [4][18]. - The risk factor for export credit insurance and overseas investment insurance premiums is reduced from 0.467 to 0.42, and the reserve risk factor is reduced from 0.605 to 0.545 [4][18]. Group 3: Internal Control and Solvency Management - Insurance companies are required to enhance internal controls and accurately measure stock holding periods to improve long-term investment management capabilities [5][19]. - There is an emphasis on strengthening solvency management to ensure that solvency data is accurate and complete [5][19]. Group 4: Impact - The adjustments are expected to promote long-term investments by insurance capital, alleviating pressure on solvency ratios and enhancing investment flexibility [14][28]. - In a low-interest-rate environment, increasing equity investment ratios can help insurance companies improve investment yield elasticity and mitigate potential interest spread losses [14][28].

Investment Rating - The report indicates a positive outlook for the insurance sector, encouraging long-term investments in large-cap stocks, dividend stocks, and stocks listed on the Sci-Tech Innovation Board [1][4]. Core Insights - The National Financial Regulatory Administration has adjusted the risk factors for insurance companies, reducing the risk factor for long-term holdings of stocks in the CSI 300 Index and the CSCI Dividend Low Volatility 100 Index by 10% [1][2]. - The adjustment reflects a regulatory push to encourage insurance capital to enter the market and emphasizes the importance of long-term investment strategies [1][3]. - The report estimates that the equity risk portion accounts for 18% to 46% of total capital consumption for major life insurance companies, with the adjusted risk factors providing a slight improvement in solvency [2][12]. Summary by Sections Regulatory Changes - The risk factors for stocks with an average holding period of over three years in the CSI 300 Index and the CSCI Dividend Low Volatility 100 Index have been reduced from 0.3 to 0.27, while those for stocks on the Sci-Tech Innovation Board with an average holding period of over two years have been reduced from 0.4 to 0.36 [2][22]. - This adjustment is part of a broader trend since the implementation of the risk-oriented solvency system in 2016, which has seen periodic adjustments to equity investment capital consumption [4][21]. Long-term Investment Focus - The report highlights that the current regulatory changes are aimed at promoting long-term investments, particularly in large-cap dividend stocks, which are expected to be included in the FVOCI accounting category [3][18]. - Major insurance companies have significantly increased their holdings in dividend stocks, with an estimated allocation of over 920 billion RMB in FVOCI stocks as of the first half of 2025 [3][14]. Market Trends - The emphasis on dividend stocks aligns with the trend of insurance companies relying on dividend income to compensate for declining cash yields [5][14]. - The report suggests that the insurance sector is transitioning from a phase of aggressive buying to a more selective investment strategy, focusing on balancing and optimizing their dividend stock portfolios [5][14].

Core Viewpoint - The National Financial Regulatory Administration has issued a notification to adjust risk factors for insurance companies, aiming to enhance their ability to support the real economy and promote long-term capital investment [1][2]. Group 1: Adjustments to Risk Factors - 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 [1]. - The risk factor for ordinary shares listed on the Sci-Tech Innovation Board, held for over two years, has been decreased from 0.4 to 0.36 [1]. - The premium risk factor for export credit insurance and overseas investment insurance by the China Export & Credit Insurance Corporation has been lowered from 0.467 to 0.42, while the reserve risk factor has been reduced from 0.605 to 0.545 [1]. Group 2: Impact on the Insurance Industry - The notification aims to cultivate patient capital and support technological innovation by differentiating risk factors based on holding periods for specific investments [2]. - The adjustments are intended to guide insurance companies to increase support for foreign trade enterprises and effectively serve national strategies [2]. - Insurance companies are required to improve internal controls and accurately measure the holding periods of their stock investments to enhance long-term capital investment management capabilities [2].

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 support the healthy development of the capital market while serving the real economy more effectively [1][2]. Group 1: Adjustments to Risk Factors - The risk factor for stocks held by insurance companies for over three years in the CSI 300 index and the CSI Dividend Low Volatility 100 index has been reduced from 0.3 to 0.27 [2]. - The risk factor for ordinary shares listed on the Sci-Tech Innovation Board held for over two years has been lowered from 0.4 to 0.36 [2]. - The premium risk factor for export credit insurance and overseas investment insurance has been adjusted from 0.467 to 0.42, while the reserve risk factor has been reduced from 0.605 to 0.545 [2]. Group 2: Impact on Investment Behavior - The adjustments are designed to cultivate patient capital and support technological innovation by differentiating risk factors based on holding periods for specific stock indices [3]. - The changes encourage insurance companies to increase support for foreign trade enterprises and effectively serve national strategies [3]. - The adjustments will lead to improved 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]. Group 3: Shift in Investment Strategy - The adjustments are expected to reshape the investment behavior of insurance companies, increasing the cost of short-term trading while rewarding long-term allocation of quality assets [4]. - This will drive a shift 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 capital to participate in technological innovation [4].

Core Viewpoint - The National Financial Regulatory Administration has announced a reduction in risk factors for insurance companies' stock investments and export credit insurance, signaling a policy shift towards "capital relaxation" and "long-term investment" [1][5]. Group 1: Policy Adjustments - The new notification aims to encourage insurance funds to act as "patient capital" and increase long-term market participation by lowering risk factors based on stock type and holding duration [1][5]. - The risk factor for stocks in the CSI 300 index and the CSI Low Volatility 100 index, held for over three years, has been reduced from 0.3 to 0.27, while the risk factor for Sci-Tech Innovation Board stocks held for over two years has been lowered from 0.4 to 0.36 [5][6]. - The adjustments also include a reduction in premium risk factors for export credit insurance and overseas investment insurance from 0.467 to 0.42 and reserve risk factors from 0.605 to 0.545 [5][9]. Group 2: Impact on Insurance Companies - The reduction in risk factors alleviates the solvency pressure on insurance companies and enhances capital efficiency, promoting long-term investments in the stock market [1][6]. - For example, a hypothetical investment of 10 billion yuan in the CSI 300 index would see a capital reserve requirement decrease from 3 billion yuan to 2.7 billion yuan due to the lowered risk factor [6]. - The policy encourages insurance companies to adopt a long-term investment strategy, which can lead to improved market stability and support for the real economy [7][9]. Group 3: Market Reactions - Following the announcement, insurance stocks in both A-shares and Hong Kong markets saw significant gains, with China Pacific Insurance rising over 6% and China Ping An increasing by more than 5% [10][11]. - The adjustments are expected to benefit large insurance companies more due to their greater resources, while smaller firms may face challenges in capitalizing on these policy changes [8]. Group 4: Support for Foreign Trade - The notification also aims to bolster support for foreign trade enterprises by adjusting risk factors in export credit insurance, which is crucial given the current global economic uncertainties [9]. - The regulatory body emphasizes the importance of these adjustments in fostering patient capital and supporting technological innovation [9].

Core Viewpoint - The recent adjustment by the National Financial Regulatory Administration to lower risk factors for insurance companies' investments in stocks is expected to significantly enhance market liquidity and encourage long-term investments in specific sectors like the CSI 300 and STAR Market [1][2][3]. Group 1: Impact on Stock Market - The adjustment could potentially bring over 100 billion yuan in incremental funds to the stock market if insurance capital fully reallocates to the affected stocks, significantly boosting market liquidity [2]. - The reduction in risk factors for long-term holdings of CSI 300 and STAR Market stocks is seen as a targeted benefit for these sectors, aiding in industrial upgrades [2][5]. - The adjustment is expected to stabilize market sentiment and enhance investor confidence, despite some industry players indicating that the immediate impact may be limited due to current investment strategies [2][4]. Group 2: Specific Adjustments - For stocks held for over three years in the CSI 300 and the low-volatility dividend index, the risk factor has been reduced from 0.3 to 0.27 [4]. - For STAR Market stocks held for over two years, the risk factor has been lowered from 0.4 to 0.36 [4]. - The adjustments are based on historical average holding periods, aiming to encourage longer-term investments [4][6]. Group 3: Broader Implications - The changes are expected to enhance the long-term investment management capabilities of insurance companies and improve their solvency management [6]. - The adjustments to risk factors for export credit and overseas investment insurance are designed to support foreign trade enterprises and align with national strategies [7]. - Insurance companies are encouraged to refine their internal controls and accurately measure investment holding periods to ensure compliance and enhance capital management [7][8].

Core Viewpoint - The National Financial Regulatory Administration has announced a reduction in risk factors for insurance companies' stock investments and export credit insurance, signaling a policy shift towards "capital relaxation" and "long-term investment" [1][2]. Group 1: Adjustments to Risk Factors - The notification differentiates risk factors based on the holding period of stocks, lowering the risk factor for stocks held over three years from 0.3 to 0.27 for certain indices [2][3]. - For stocks listed on the Sci-Tech Innovation Board held for over two years, the risk factor is reduced from 0.4 to 0.36 [2]. - The risk factor for export credit insurance and overseas investment insurance is lowered from 0.467 to 0.42 and from 0.605 to 0.545, respectively [2]. Group 2: Impact on Capital Efficiency - The reduction in risk factors allows insurance companies to reserve less capital for investments, enhancing capital utilization efficiency [3][4]. - For example, a hypothetical investment of 10 billion yuan in the CSI 300 index would see a capital reserve decrease from 3 billion yuan to 2.7 billion yuan due to the risk factor adjustment [3]. - This change is expected to improve liquidity and stability in the capital market, particularly in the stock market [3][4]. Group 3: Encouragement of Long-term Investment - The adjustments aim to guide insurance funds into the equity market as long-term capital, promoting stable funding sources for the economy [5][6]. - The notification encourages insurance companies to adopt a long-term investment strategy, focusing on stocks with stable dividends and strong fundamentals [6]. - The policy is expected to support the development of high-tech and blue-chip stocks, aligning with national innovation strategies [5]. Group 4: Support for Foreign Trade Enterprises - The adjustments to risk factors for export credit insurance are intended to encourage insurance companies to support foreign trade enterprises, which is crucial given the current global economic uncertainties [7]. - The regulatory body emphasizes the importance of these changes in fostering patience capital and supporting technological innovation [7].