Core Viewpoint - The recent notification from the Financial Regulatory Bureau aims to enhance the solvency supervision standards for insurance companies, promoting the role of insurance funds as patient capital and improving service quality to the real economy [1][3]. 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 Low Volatility 100 Index has been reduced from 0.3 to 0.27, based on a six-year weighted average holding period [1][3]. - 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, determined by a four-year weighted average holding period [1][4]. - 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 [2][4]. Group 2: Future Guidance and Management - The Financial Regulatory Bureau will guide insurance companies to implement the notification's requirements, enhancing their long-term investment management capabilities and ensuring the accuracy and completeness of solvency data [1][3]. - Insurance companies are advised to improve internal controls, accurately measure stock holding periods, and continuously enhance their long-term investment management capabilities [3][5]. - There is an emphasis on strengthening solvency management and accurately measuring various risk capital requirements to ensure the authenticity of solvency data [5].

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》 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。本次风险因子调整主要包括两方面：一是针对保险公司投 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；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支 持力度、有效服务国家战略。 逆全球化进程和中美贸易风波给国内经济复苏节奏带来较大不可预测性 智通财经APP获悉，东兴证券发布研报称，在中美经贸关系面临重大变革的时期，资本市场承担了更大 的稳定和发展职责。在此时点，险资的资本市场"稳定器"作用就显得尤为重要。本次监管层降低险资部 分投资品种的风险因子，在推动资本市场平稳健康发展的同时，亦有望提升险企资金运用效率和投资收 益，进而提升险企经营业绩。此外，资本市场运行环境的改善亦将直接推动券商业绩释放。 具体来看，调整分为三点：1）保险公司持仓时间 ...

Investment Rating - The industry investment rating is "Positive" [6] Core Viewpoints - The recent adjustment of risk factors by the financial regulatory authority aims to enhance the long-term investment management capabilities of insurance companies, thereby better serving the real economy and promoting stable operations [1][4] - The adjustments include differentiated risk factors based on holding periods for specific indices, which will encourage insurance capital to enter the market more rapidly and stabilize market fluctuations [2][4] - The lowered risk factors for insurance companies' investments in major indices and export credit insurance are expected to boost the efficiency of capital utilization and investment returns for insurance companies [5] Summary by Sections Risk Factor Adjustments - The risk factor for insurance companies holding stocks in the CSI 300 index and the CSI Dividend Low Volatility 100 index for over three years has been reduced from 0.3 to 0.27 [3] - The risk factor for insurance companies holding stocks in the Sci-Tech Innovation Board for over two years has been reduced from 0.4 to 0.36 [3] - The risk factor for premium and reserve in export credit insurance has been adjusted from 0.467 to 0.42 and from 0.605 to 0.545, respectively [3] Market Context - The ongoing de-globalization and trade tensions between China and the U.S. have introduced unpredictability into the domestic economic recovery, making insurance capital a key stabilizing factor in the capital market [4] - The adjustments are expected to provide liquidity to the capital market and support the development of domestic enterprises, particularly in alignment with national strategies like the Belt and Road Initiative [4] Investment Recommendations - In the context of significant changes in Sino-U.S. trade relations, the role of insurance capital as a stabilizer in the capital market is emphasized [5] - The report suggests focusing on leading companies in the non-bank financial sector, which are better positioned to leverage policy innovations and enhance their operational performance [5] - The growing trend of ETFs is highlighted, indicating continued investment value in securities and insurance ETFs [5]

Group 1 - The China Securities Regulatory Commission (CSRC) Chairman Wu Qing emphasized the need to optimize evaluation indicators for quality institutions, appropriately expand capital space and leverage limits, and enhance capital utilization efficiency [2][6] - The Financial Regulatory Bureau announced adjustments to risk factors for insurance companies' investments in specific indices, which will lower capital occupation and improve solvency ratios, encouraging long-term investment by insurance funds [2][8][10] - The new performance assessment guidelines for fund managers link their compensation closely to fund performance, with significant penalties for underperformance [3][15] Group 2 - The People's Bank of China has increased its gold reserves for the 13th consecutive month, with reserves reaching 7.412 million ounces as of the end of November [5] - The CSRC is pushing for a shift from price competition to value competition among securities firms, encouraging resource integration and the development of internationally influential benchmark institutions [6] - The CSRC is seeking to enhance corporate governance and investor protection through new regulations on market capitalization management, cash dividends, and share buybacks [7] Group 3 - The new drug directory for basic medical insurance and commercial health insurance will be implemented starting January 1, 2026, with strict compliance required from local authorities [16] - The 2025 drug directory includes 114 new drugs, of which 50 are classified as innovative drugs, highlighting a focus on high-quality development in the pharmaceutical sector [17] Group 4 - Major airlines have extended free ticket changes and cancellations for flights to and from Japan until March 28, 2026, reflecting ongoing adjustments in the travel sector [18] - This week, five new stocks are available for subscription, indicating ongoing market activity [19][20]

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].

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].

Core Viewpoint - The National Financial Regulatory Administration has issued a notice 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 lowered 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 decreased from 0.467 to 0.42, while the reserve risk factor has been adjusted from 0.605 to 0.545 [1]. Group 2: Impact on the Insurance Industry - The adjustments in risk factors are designed to cultivate patient capital and support technological innovation, thereby enhancing the insurance industry's service to the real economy [2]. - The notice encourages insurance companies to increase support for foreign trade enterprises and effectively serve national strategies [2]. Group 3: Internal Control and Management - Insurance companies are required to improve internal controls and accurately measure the holding period of stock investments, thereby enhancing their long-term capital investment management capabilities [3]. - The National Financial Regulatory Administration will guide insurance companies to implement the notice's requirements and improve their solvency management [3].

保险A 关键词：保险资金 投资 股票 资本市场 为有效防范风险，引导保险公司提高长期投资管理能力，更好发挥保险资金耐心资本作用，12月5日，金融监管总局发布了《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》）。 下调风险因子，意味着相关投资的资本占用降低，险资配置活力可以得到进一步释放。业内专家表示，这一系列政策有助于鼓励和引导作为市场"压舱 石"的保险资金加大入市力度，为市场带来更多增量资金。 保险资金的持仓时间如何计算？金融监管总局有关司局负责人表示："以投资科创板上市普通股为例，保险公司季度末持仓的科创板股票按照先进先出原 则，采用加权平均的方式计算其过去四年持仓时间（超过四年的按照四年计算），持仓时间超过两年的，适用风险因子0.36。" 这项政策此前监管早已"吹风"，5月7日，国新办举行新闻发布会，介绍"一揽子金融政策支持稳市场稳预期"有关情况，金融监管总局局长李云泽彼时透 露，下一步，将调整偿付能力监管规则，将股票投资的风险因子进一步调降10%，鼓励保险公司加大入市的力度。当时业内测算，在假设50%沪深300成 分股配置情况下，若全部增配沪深300，可能为股市带来超千亿增量资金。 谈及 ...

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。 （文章来源：北京商报） ...

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 ...