本报记者 侯美丽

Our reporter hou beautiful

　　本周内第三个险资投资新政落地，是市场期待已久的险企投资股权和不动产的开闸。

This week, the third risks endowment investment New Deal fall to the ground，Is the market the long awaited the risks of the real estate equity investment enterprises and actually。

　　7月25日，保监会在其官网公布了《关于保险资金投资股权和不动产有关问题的通知》（下称《通知》）。其中，保险公司投资未上市企业股权、股权投资基金等相关金融产品的账面余额由两项合计不高于本公司上季末总资产的5%调整为10%，而投资不动产的比例从原先的10%提高至15%。截至今年6月底，保险公司总资产达6.78万亿元，根据股权以及不动产投资比例累计提高（上季末总资产）10%计算，上述新政将有望释放出近7000亿元的险资投资需求。

July 25,，In its website released by the circ《About insurance fund investment in real estate and equity of the relevant questions of the notice》（Said the《notice》）。Among them，The insurance company investment not listed enterprise equity、Equity funds and related financial products by the book balance of the two aggregate is not higher than the company the season on 5% of the total assets of adjustment of 10%，And the proportion of investments in real estate from the original 10% increase from 15% to。By the end of June this year，The insurance company total assets of 6.78 trillion yuan，According to the equity and real estate investment proportion cumulative increase（The end of the total assets）10% computation，The New Deal will be hoping to release the nearly 700 billion yuan of risks in investment demand。

　　自7月19日出台《保险资金投资债券暂行办法》、7月23日出台《保险资金委托投资管理暂行办法》到7月25日再次出台《关于保险资金投资股权和不动产有关问题的通知》，投资创新政策给保险业带来显著利好。接受中国经济时报记者采访的专家均预期投资新政十三条剩余的部分有望很快出台。

Since July 19, Taiwan《Insurance funds invest in bonds tentative measures》、July 23, Taiwan《Entrust investment of insurance funds the provisional measures》Until July 25, come again《About insurance fund investment in real estate and equity of the relevant questions of the notice》，Investment innovation policy to insurance bring about significant positive news。Accept China's economic times reporter interviews of experts are expected new article 13 of the investment part of the rest is expected to soon to come。

　　“松绑”风险几何 “easing”Risk geometry

　　从险资投资股权和不动产原有的暂行办法到如今的投资新规，投资者们翘首以盼了整整两年。但所幸新规放开的尺度和速度并没有让市场失望，在原有基础上进一步降低了投资门槛，扩大了投资范围，上调了投资额度。

Equity capital from risk investment and real estate original interim measures of the new rule to investment until now，Investors to wish eagerly for two years。Luckily the new rule to let go of the scale and speed and not let the market down，In the original basis to further reduce the investment threshold，Expanding the scope of investment，Raised investment quota。

　　《通知》取消了对投资标的上年度的盈利要求，对投资标的净资产要求由10亿元降至1亿元，保险公司偿付能力充足率要求由150%降至120%；投资未上市股权、股权投资基金等相关金融产品上限由上季末总资产的5%上调为10%，保险公司投资同一股权投资基金的账面余额，不高于该基金发行规模的20%，保险集团（控股）公司及其保险子公司，投资同一股权投资基金的账面余额，合计不高于该基金发行规模的60%；投资不动产、基础设施债权投资计划及不动产相关金融产品上限由上季末总资产的10%上调为15%；保险资金直接投资股权从保险类企业、非保险类金融企业和与保险业务相关的养老、医疗、汽车服务等企业的股权，扩展到能源企业、资源企业和与保险业务相关的现代农业企业、新型商贸流通企业的股权。

《notice》To the cancellation of the earnings of the last year's investment mark requirements，For the investment of mark by 1 billion yuan net requirements fell to 100 million yuan，The insurance company solvency adequacy requirements by 150% to 120%；Investment not listed equity、Equity funds and related financial products by the end of the upper limit on 5% of the total assets of raised to 10%，The insurance company investment the same equity investment fund account balance，Not more than 20% of the scale of this fund to issue，Insurance group（holding）The company and its insurance subsidiary，Investment the same equity investment fund account balance，Total is not higher than this fund to issue the scale of 60%；Investments in real estate、Infrastructure investment plan and real estate related claims financial products from the end of the upper limit of the total assets of 10% to 15% increase；Insurance fund direct investment from the insurance industry equity、The safety of financial enterprise and and insurance business related endowment、medical、Car service enterprise of the equity，Expanded to energy enterprise、Resources and insurance business enterprise and related to the modern agriculture enterprise、New circulation company of the equity。

　　股权投资和不动产投资的放宽看上去很美，同时蕴含的风险也在增加，比如股权投资对投资团队要求较高，不动产投资受国家调控政策影响很大，而保障房和公租房项目投资，也被认为政策意义大于实际意义。不过，国泰君安保险业分析师彭玉龙在接受本报记者采访时表示，这只是一个行业的风险，并无特别针对保险公司和保险资金的风险。

Equity investment and real estate investment liberalization looks very beautiful，At the same time the virtue of the risk are also on the increase，Such as equity investment higher requirements for investment team，Real estate investment by national regulation policy affected，And security room and male rent project investment，Also be think policy meaning is greater than the actual significance。but，Cathay Pacific insurance industry analysts PengYuLong hand in accepting our newspaper reporter to interview said，This is just a industry risk，And no special for insurance companies and insurance capital risk。

　　保监会也针对此次的“松绑”设置了防火墙。比如禁止股权投资项目公司对外投资，防范资金挪用和违规操作；防止以养老项目名义建设和销售商品房，防范以自用项目名义投资不动产。保险公司以股权方式投资不动产，应当严格规范项目公司名称，限定其经营范围。而为了控制不动产投资的关联风险扩大，还禁止保险公司利用投资的不动产提供抵押担保，限制了项目公司的融资比例。项目公司可用自身资产抵押担保，通过向其保险公司股东借款等方式融资，融资规模不超过项目投资总额的40%。

According to the circ also“easing”Firewall Settings。Such as banned equity investment project company foreign investment，Prevention funds appropriated and violate compasses operation；Prevent to endowment project name construction and sales commodity house，Guard for personal use project name investments in real estate。Insurance company way in equity investments in real estate，Should strictly regulate the project company name，Define the scope of business。And in order to control the risks of the real estate investment related to expand，Also prohibit insurance companies using the real estate investment provide mortgage guarantee，Limit the company's financing project proportion。The project company can be used their own assets mortgage guarantee，Through to the insurance company shareholder loan financing ways，Financing scale does not exceed 40% of the total amount of investment projects。

　　短期利润贡献有限 Short-term profit contribution is limited

　　近7000亿元险资的“松绑”将会给保险公司带来什么呢？

Nearly 700 billion yuan risk capital“easing”Will bring to the insurance company？

　　本报记者了解到，原有股权、不动产投资管理办法是在2010年7月31日发布实施，投资渠道的放开迅速带来投资回报，保监会全行业投资资产分类收益率显示，2011年投资性房产收益率高达18%，长期股权投资收益率达5%，超过债券、存款收益率。只不过由于渠道刚刚放开，投资占比仅在5%左右，对整体投资收益拉升贡献有限。但此次《通知》出台将投资上限大幅上调，而且更加分散的投资范围和投资品种可以降低保险资金对资本市场的过度依赖，从而可以获得长期稳定。

Our reporter to understand，Original equity、Real estate investment management way is on July 31, 2010 release implementation，The liberalization of investment channels quickly bring return on investment，Circ the industry investment assets that classification rate of return，In 2011 an investment property yields as high as 18%，A long-term equity investment rate of return of 5%，More than bonds、Deposit rate of return。Just because channel just let go，Investment accounts for only about 5% than in，On the overall investment income pull litre limited contribution。But the《notice》The upper limit of investment on a rise，And more diversified investment scope and investment products can lower the insurance funds to the excessive dependence on capital market，Thus can achieve long-term stability。

　　虽然中长期利好，但短期内并不能为保险公司贡献太多利润。

Although long-term positive news，But in the short term insurance company will not contribute much profit。

　　“放宽一回事，保险公司实际投资状况是另一回事，保险公司的投资还是会根据自己的资产配置和节奏去做，像原来的权益类配置也还没有到上限。我接下来比较看好的是以簿记建档方式公开发行的无担保债，可以提高一些收益率，而且风险不大。”广发证券(000776,股吧)保险业分析师曹恒乾在接受本报记者采访时说。

“Relaxing thing，Insurance company's actual investment situation is another thing，The insurance company or the investment it according to their asset allocation and rhythm，Like the original rights and interests kind configuration and have no to upper limit。My next book is to value is the way the public issuance of file unsecured debt，Can improve some yields，And the risk is not big。”Wide hair negotiable securities(000776,Shares it)Insurance industry analysts CaoHengQian in accepting our newspaper reporters。

　　也有业内分析师表示，短期内能够快速提升投资比例的主要是基础设施债权计划，由于此次合并计算基础设施和不动产金融产品比例，相当于变相大幅提升基础设施的投资比例上限至20%。

Also have industry analysts say，In the short term to quickly boost investment proportion of main is infrastructure plan creditor's rights，Due to the merger of computing infrastructure and real estate finance products proportion，In disguised form is equivalent to improve infrastructure investment proportion limit from 20% to。

　　纵观四家上市保险公司的投资资产结构，均以固定收益类投资资产为主，风险较大的权益类资产的配置比例大约在10%左右。2011年中国人寿的权益类投资比例为12.08%，在4家上市保险公司中是最高的；中国平安(601318,股吧)为11.5%；中国太保(601601,股吧)为10.25%，并且配置了1.26%的投资性房地产和4.89%的基础设施类投资计划；而新华保险(601336,股吧)的权益类资产配置比例最低，仅为7.8%，投资策略相对保守。但由于新华保险的股本较小，净资产与业绩的基数低，因此权益类投资收益提升对业绩的提升与净资产的提升依然较高。曹恒乾表示，假设13项投资新规能够全部落地，将提升保险公司的内含价值和新业务价值约10%。

Throughout the four listed insurance company investment assets structure，Are in fixed income investments assets primarily，The rights and interests of the greater risks of the asset allocation proportion at about 10%。In 2011, China life insurance rights and interests kind of investment ratio is 12.08%，In the four listed in the insurance company is the tallest；China peace(601318,Shares it)11.5%；What China(601601,Shares it)10.25%，And the configuration for 1.26% of the investment real estate and 4.89% of infrastructure investments plan；And xinhua insurance(601336,Shares it)The rights and interests of the asset allocation proportion of the lowest，Only 7.8%，Investment strategy relatively conservative。But because xinhua insurance equity is small，Net assets and performance of low base，So the rights and interests kind investment promotion to the achievement of the net assets of the ascension and ascend higher still。CaoHengQian said，13 investment new rule that can all be born，Will improve the insurance company the contents of value and new business value about 10%。