非银行金融行业：保险、券商迎定向宽松板块或迎政策性行情-关于监管下调风险因子、监管表态优质券商适当加杠杆的点评

长城证券12-09

保险、券商迎定向宽松，助力资本市场持续回稳向好。2025 年12 月5 日，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（下称《通知》）。我们认为，相较于缓解险企资本压力，《通知》本意更在于引导长期资金入市。预计证券投资基金规模、股票投资规模及长期股权投资规模占保险行业资金运用余额比重短期继续提升空间相对有限，但随着新增保费持续到位，按照目前投资比例，2026 年保险公司流入二级...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2590316831?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-12-09 00:00","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2590316831","market":"hk","top_or_hot":-1,"title":"非银行金融行业：保险、券商迎定向宽松 板块或迎政策性行情-关于监管下调风险因子、监管表态优质券商适当加杠杆的点评","media":"长城证券","content":"<div>\n<p>保险、券商迎定向宽松，助力资本市场持续回稳向好。2025 年12 月5 日，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（下称《通知》）。我们认为，相较于缓解险企资本压力，《通知》本意更在于引导长期资金入市。预计证券投资基金规模、股票投资规模及长期股权投资规模占保险行业资金运用余额比重短期继续提升空间相对有限，但随着新增保费持续到位，按照目前投资比例，2026 年保险公司流入二级...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251209161642a72ce70d&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>非银行金融行业：保险、券商迎定向宽松 板块或迎政策性行情-关于监管下调风险因子、监管表态优质券商适当加杠杆的点评</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n非银行金融行业：保险、券商迎定向宽松 板块或迎政策性行情-关于监管下调风险因子、监管表态优质券商适当加杠杆的点评\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-09 00:00 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251209161642a72ce70d&s=b><strong>长城证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>保险、券商迎定向宽松，助力资本市场持续回稳向好。2025 年12 月5 日，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（下称《通知》）。我们认为，相较于缓解险企资本压力，《通知》本意更在于引导长期资金入市。预计证券投资基金规模、股票投资规模及长期股权投资规模占保险行业资金运用余额比重短期继续提升空间相对有限，但随着新增保费持续到位，按照目前投资比例，2026 年保险公司流入二级...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251209161642a72ce70d&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1813983027.USD","symbol_name":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251209161642a72ce70d&s=b","article_id":"2590316831","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251209161642a72ce70d&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2590316831","pubTimestamp":1765209600,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"保险、券商迎定向宽松，助力资本市场持续回稳向好。2025 年12 月5 日，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。我们认为，相较于缓解险企资本压力，《通知》本意更在于引导长期资金入市。证券行业有望步入“政策宽松期”，杠杆上限提升助力ROE 中枢。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"82318":"中国平安-R","601318":"中国平安","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","LU1282648689.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AMG\" (USD) INC","02628":"中国人寿","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","02318":"中国平安","LU0140636845.USD":"施罗德大中华区股票A Acc","LU0828237940.HKD":"SCHRODER ISF EMERGING ASIA \"A\" (HKD) ACC","IE00BZ08YR35.GBP":"GUINNESS BEST OF CHINA \"C\" (GBP) ACC","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU0048580855.USD":"富达大中华区A","PNGAY":"中国平安ADR","LU0823426480.USD":"法巴中国股票经典Dis","LU0819123356.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (HKD) ACC","IE00BGHQDM52.EUR":"GUINNESS ASIAN EQUITY INCOME \"C\" (EUR) ACC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","LU2226246903.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT4\" (HKD) ACC","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","LU0449515922.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","03145":"华夏亚洲高息股","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU1051768304.USD":"贝莱德新兴市场股票收益A6","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","LU0051755006.USD":"摩根大通中国A (dist)","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU0072462343.USD":"贝莱德亚洲巨龙基金","LU0049112450.USD":"FIDELITY PACIFIC \"A\" INC","LU0106959298.USD":"UBS (LUX) EQUITY FUND - EMERGING MARKETS SUSTAINABLE LEADERS (USD) \"P\" (USD) ACC","HPAD.SI":"Ping An Ins HK SDR2to1","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","LU0890818403.SGD":"JPMorgan Funds - Emerging Markets Dividend A (mth) SGD-H","LU0254981946.USD":"HSBC GIF BRIC MARKETS EQUITY \"AC\" (USD) ACC","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU0348783233.USD":"安联东方收入型 CI A Dis美元","LU0791590937.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"A\" (USD)","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","LU0918141887.USD":"安联亚洲实际收益股票基金","02601":"中国太保","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU1769817096.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (USD) INC","LU0165289439.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AC\" ACC"},"translate_title":"Non-bank financial industry: Insurance and securities firms welcome targeted easing sectors or policy trends-Comments on regulatory reduction of risk factors and regulatory statements on the appropriate increase of leverage by high-quality securities firms","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"82318":0.6,"601318":0.6,"PAImain":0.6,"PNGAY":0.6,"HPAD.SI":0.6,"02318":0.9,"03145":0.6,"02601":0.9,"02628":0.9},"content_text":"保险、券商迎定向宽松，助力资本市场持续回稳向好。2025 年12 月5 日，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（下称《通知》）。我们认为，相较于缓解险企资本压力，《通知》本意更在于引导长期资金入市。预计证券投资基金规模、股票投资规模及长期股权投资规模占保险行业资金运用余额比重短期继续提升空间相对有限，但随着新增保费持续到位，按照目前投资比例，2026 年保险公司流入二级权益市场的规模仍可观。长期看，随着负债端分红险等浮动收益型业务占比提升，保险资金风险偏好和权益配置比例中枢也将有所提高，持续发挥市场“稳定器”的作用。证券行业有望步入“政策宽松期”，杠杆上限提升助力ROE 中枢。我们认为，此次监管表态类似给优质券商进行定向宽松，在目前市场相对资产荒、部分业务相对受限等背景下，预计未来新增杠杆资金将围绕满足投资者融资需求，提升以两融为代表的资本中介业务收入；加大权益资产配置，通过优化OCI相关操作，提升权益类资产的收益水平；适当拓展出海业务等，助力ROE 中枢提升。投资建议：券商及金融IT 重点推荐组合：同花顺、东方财富、九方智投等，以及保险板块个股。风险提示：交易量大幅波动风险；公募基金发行不及预期风险；资金规模入市不及预期风险；市场波动等风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"policyRegulatory","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.35.11","shortVersion":"4.35.11","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2590316831","isCrawlerRequest":true}

非银行金融行业：保险、券商迎定向宽松 板块或迎政策性行情-关于监管下调风险因子、监管表态优质券商适当加杠杆的点评

精彩评论

非银行金融行业：保险、券商迎定向宽松板块或迎政策性行情-关于监管下调风险因子、监管表态优质券商适当加杠杆的点评