Core Viewpoint - The market is experiencing a rotation in styles, with growth stocks performing strongly while value stocks are lagging behind. Recent regulatory changes are expected to facilitate more capital inflow into the market, particularly benefiting certain indices [3][5][12]. Group 1: Market Performance - The overall market is up, with a closing rating of 4.2 stars [1]. - All market caps (large, mid, and small) have seen similar increases [2]. - The growth style is particularly strong, with the ChiNext Index rising over 2% [3]. - However, there is a rotation in market styles, with growth outperforming value [4]. Group 2: Regulatory Changes - Two positive regulatory announcements were made last week: 1. Insurance institutions have lowered the risk factors for investing in the CSI 300 and the Low Volatility Dividend 100 indices [9][10]. 2. There is a relaxation of capital space and leverage restrictions for quality brokerage firms, enhancing capital efficiency [11]. - These changes are expected to encourage more funds to enter the market [12]. Group 3: Risk Factors and Investment Strategies - The risk factor is akin to a "capital occupation coefficient," which determines how much capital insurance companies must reserve for risky investments [14]. - The risk factors for specific indices have been adjusted: 1. For stocks held over three years in the CSI 300 and Low Volatility Dividend 100, the risk factor decreased from 0.3 to 0.27 [15]. 2. For stocks held over two years in the Sci-Tech Innovation Board, the risk factor decreased from 0.4 to 0.36 [16]. - This adjustment allows insurance companies to allocate more funds to these indices, which is a positive signal for these stocks [17][18]. Group 4: Investment Insights for Retail Investors - Different indices are assigned varying risk levels by institutional investors, which can guide retail investors in their choices [21][22]. - The risk hierarchy for insurance institutions is as follows: 1. Broad-based and value style indices (e.g., CSI 300) are considered lower risk [23][26]. 2. Growth style indices (e.g., ChiNext) have higher risk factors, leading to more cautious investment [29]. 3. Smaller individual stocks not included in major indices carry the highest risk [31][32]. - Observing the risk factors assigned by insurance institutions can help retail investors identify suitable investment options [33]. Group 5: Future Investment Trends - The first batch of indices to be included in personal pension accounts by December 2024 will primarily consist of broad-based indices and dividend-focused indices [34]. - Recently, new stock-bond constant ratio indices have emerged, focusing on broad-based and dividend indices [36]. - Broad-based and dividend products are increasingly being promoted by financial institutions for individual investors [37].

Core Insights - The report discusses the adjustment of risk factors for insurance companies' investments, specifically the reduction of risk factors for stocks held for over three years in the CSI 300 and the low-volatility dividend index from 0.3 to 0.27, and for stocks held for over two years in the Sci-Tech Innovation Board from 0.4 to 0.36 [3][4][17] - The adjustment is seen as a marginal impact, with the potential for a significant increase in equity allocation by insurance funds in the long term [17][21] Quantitative Assessment of Risk Factor Adjustment - The report provides three scenarios for the proportion of stocks held for over three years in the CSI 300 and low-volatility dividend index: current situation at 13.0%, mid-term neutral at 42.1%, and optimistic at 50.3% [7][15] - For stocks held for over two years in the Sci-Tech Innovation Board, the current situation is at 0.6%, mid-term neutral at 1.9%, and optimistic at 2.9% [7][15] - The minimum capital released from the risk factor adjustment is estimated at 141 billion, 457 billion, and 554 billion under the three scenarios, respectively, with potential increases in stock investment of 514 billion, 1669 billion, and 2015 billion [15][17] Encouragement of Long-term Capital Market Entry - The adjustment is viewed as a supportive policy for encouraging long-term capital entry into the market, particularly for state-owned insurance companies that have already increased their equity investment ratios [17][21] - The report emphasizes the importance of increasing the equity allocation ratio of insurance funds as the main source of potential market entry space, estimating a potential increase of 32,431 billion if the equity and fund investment ratio reaches the regulatory cap of 30% [17][20] Market Dynamics and Future Outlook - The report notes that the spring market's economic and industrial catalysts are yet to be clarified, with supply-demand logic becoming a primary concern [21] - The adjustment of risk factors may lead to a favorable environment for insurance companies to engage in high-dividend stock investments while maintaining a focus on cost-effectiveness [21]

Core Insights - The report discusses the adjustment of risk factors for insurance companies' investments, specifically the reduction of risk factors for stocks held for over three years in the CSI 300 and the low-volatility 100 index from 0.3 to 0.27, and for stocks in the Sci-Tech Innovation Board held for over two years from 0.4 to 0.36 [4][17][21] - The adjustment is seen as a marginal impact, with the potential for a significant increase in equity allocation by insurance funds in the long term [21][26] Quantitative Assessment of Risk Factor Adjustment Impact - The report presents three scenarios for the proportion of stocks held for over three years in the CSI 300 and low-volatility 100: current situation at 13.0%, mid-term neutral at 42.1%, and mid-term optimistic at 50.3% [9][19] - For stocks held for over two years in the Sci-Tech Innovation Board, the current situation is at 0.6%, mid-term neutral at 1.9%, and mid-term optimistic at 2.9% [9][19] - The minimum capital released due to the risk factor adjustment is estimated at 141 billion, 457 billion, and 554 billion under the three scenarios, respectively, with potential increases in stock investment of 514 billion, 1669 billion, and 2015 billion [17][19][21] Insurance Fund Allocation Trends - As of Q3 2025, insurance companies' investment in stocks and funds exceeded 15%, nearing a new high since 2015, but still below the regulatory cap of 30% [21][22] - If the allocation to stocks and funds were to increase to the 30% cap, an additional 32,431 billion could be invested in stocks [25][21] - The report emphasizes that the increase in equity allocation by insurance companies is a gradual process, with significant potential for future growth [21][26] Policy Implications - The adjustment of risk factors is viewed as a supportive policy for encouraging long-term capital market participation, particularly for state-owned insurance companies that have already increased their equity allocation [21][26] - The report suggests that the adjustment will provide additional incentives for other insurance companies to increase their equity investments [21][26] - The overall impact of the risk factor adjustment is considered marginal compared to the potential for long-term increases in equity allocation by insurance funds [21][26]

（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。 ...