本报记者 孔瑞敏

Our reporter KongRuiMin

　　本周一（10月22日），保监会网站密集公布四项险资运用政策（《关于保险资产管理公司有关事项的通知》、《保险资金投资有关金融产品的通知》、《基础设施债权投资计划管理暂行规定》、《保险资金境外投资管理暂行办法实施细则》），允许保险资金购买金融产品，进行境外投资和基础设施债权投资。

On Monday(On October 22,),The China insurance regulatory commission website intensive released four risk information use policy([About the insurance assets management companies related matters notice]/[Insurance funds investment relevant financial products notice]/[Infrastructure debt investments plan management interim provisions]/[The overseas investment of insurance capital detailed rules for the implementation of the interim measures for the administration of the]),Allow insurance funds to buy financial products,To engage in overseas investment and infrastructure debt investments.

　　本周二（10月23日），保监会又连续公布了《保险资金参与股指期货交易规定》和《保险资金参与金融衍生产品交易暂行办法》，允许保险资金参与股指期货等衍生品交易。

On Tuesday(On October 23,),The China insurance regulatory commission and continuous released[Insurance funds to participate in stock index futures trading rules]and[Insurance funds to participate in the financial derivatives transaction interim measures],Allow insurance funds to participate in such as stock index futures derivatives trading.

　　保监会接连密集发布6项投资新政，这是继7月份保监会围绕险资力挺资本市场发布的投资新政后，再次发布旨在进一步改善保险公司资产结构，完善保险投资政策体系，促进保险市场健康运行，服务社会民生大局的投资松绑新政策。

The China insurance regulatory commission issued for intensive six new investment,This is after July, the China insurance regulatory commission on risk financial capital market is released after the new investment,Once again to further improve by insurance company assets structure,Perfect insurance investment policy system,To promote the healthy operation of the insurance market,To serve the society the livelihood of the people the overall situation of investment relax the new policy.

　　截至目前，保险资金能够投资的领域扩宽至股权投资、不动产投资、债券投资、基础设施债权投资、境外投资、金融产品投资、股指期货和金融衍生品等领域。

So far,Insurance funds can invest field widen to equity investment/Real estate investment/Bond investment/Infrastructure debt investments/Overseas investment/Financial products investment/Stock index futures and financial derivatives, etc.

　　正式稿里限制更少

The formal draft fewer restrictions

　　细读政策可以发现，保监会发布的关于险资投资新政中征求意见稿和正式稿件有些细微的变动。

Read policy can be found,Issued by the China insurance regulatory commission on risk capital investment in the new draft and formal manuscript some subtle changes.

　　理财产品不限定保证收益型，券商集合资产管理计划无需有担保，增加项目资产支持计划；除不动产和基础设施债权计划20%的投资上限之外，另行规定理财产品、信贷资产支持证券、信托、专项资管计划、项目资产支持计划账面余额合计不超过30%。

Financial products do not limit guarantee income type,Brokers aggregate asset management plan have no guarantee,The increase of project assets support plan;In addition to real estate and infrastructure creditor's rights plan 20% of the upper limit of investment outside,Separately financial products/Credit asset-backed securities/trust/Special endowment tube plan/Project assets support plan book balance of no more than 30% of total.

　　未上市股权投资由金融类、能源和矿产资源企业（限财务性投资），扩展至养老、医疗、能源、资源、汽车服务和现代农业等企业股权；不动产投资由限于收购境外项目扩充至发达市场主要城市的核心地段的商业不动产和办公不动产，范围与国内无本质区别；股权投资资金不受海外区域的限制（25个发达地区市场加20个新兴市场）。

Private equity investment by finance/Energy and mineral resources enterprise(Limit financial property investment),Extended to endowment/medical/energy/resources/Auto service and modern agriculture enterprise equity;Real estate investment by limited to purchase overseas project expanded to major cities in the developed markets core section of commercial real estate and office real estate,Scope and domestic no essential difference;Equity investment funds from overseas regional restrictions(25 developed market add 20 emerging market).

　　基础设施债权投资计划对偿债主体限制大幅放松，与不动产合计20%的投资上限更易实现。发债主体由之前的中央一级扩展到征求意见稿的省级，再到正式稿的没有级别限制；征求意见稿增加了央企大型企业（集团）直接控股企业以及省级国有企业，而正式稿对偿债主体没有级别限制，只需符合要求的项目方或其母公司(实际控制人)；限制放开后，基础设施债权计划投资有望上升，投资收益率可达5-6%。

Infrastructure investment plans to creditor's rights debt subject limit greatly relaxed,And real estate total 20% of the upper limit of investment are more likely to achieve.FaZhai subject before by the central level 1 expanded to draft at the provincial level,To draft of the no formal level limit;Draft increased renmin large enterprise(group)Direct holding enterprise and the provincial state-owned enterprise,And formal draft for debt service main body no level limit,Just to meet the requirements of project party or the parent company(Actual controller);Limit after let go of,Infrastructure investment is expected to rise creditor's rights plan,Rate of return on investment can reach 5-6%.

　　险资可开展第三方资产管理业务，除管理保险资金外，还可受托管理养老金、企业年金、住房公积金和其他合格投资者的资金；可发行资产管理产品；可以设立专门的子公司；也可以向有关金融监管部门申请，依法开展公募性质的资产管理业务。

Risk information can develop the third party's asset management business,In addition to the management of insurance funds,Can the pension management/Enterprise annuity/The public accumulation fund for housing construction and other qualified investors' money;May issue assets management products;May set up specialized subsidiaries;Also can apply for to the relevant financial supervision department,To carry out public offering nature of the asset management business.

　　保险机构参与股指期货交易，应当以确定的资产组合为基础，分别开立股指期货交易账户，实行账户、资产、交易、核算和风险的独立管理。允许险资参与金融衍生产品交易，是指境内衍生品交易，不包括境外衍生品交易。同时，险资参与股指期货等金融衍生品交易，仅限于对冲或规避风险，不得用于投机目的，旨在引导保险资金建立风险对冲机制。

Insurance institutions involved in stock index futures trading,Should be to determine portfolio basis,Open stock index futures trading account respectively,Implement account/assets/trading/Accounting and risk independent management.Allow risks involved in the financial derivatives transaction information,Refers to the domestic derivatives trading,Not including overseas derivatives trading.At the same time,Risk information to participate in stock index futures, and other financial derivatives trading,Limited to hedge or avoid risk,Shall not be used for speculative purpose,To guide the insurance funds to establish the risk hedge mechanism.

　　总体来看，正式稿的规定更细致、具体，对险资的限制更少。

overall,The provisions of the formal draft more meticulous/specific,To risk (fewer restrictions.

　　信托投资或受宠

Trust and investment or suffers bestow favor on

　　本周前三个交易日中，保险股表现不一。总体来讲，整个保险板块似乎并未因上述利好政策而得到提振。前三个交易日中，中国人寿(601628,股吧)股价上涨1.18%，中国平安(601318,股吧)下跌0.29%，中国人寿下跌0.10%，新华保险(601336,股吧)上涨6.04%。业内人士认为，中国人寿价格下跌主要是受到其“前三季度业绩预告净利润下滑55%左右”消息的不利影响。另有市场人士认为，要警惕对保险股过分乐观情况的发生。

The three weeks ago in the trading day,Insurance stocks have shown mixed.Generally speaking,The whole insurance plate for the above do not seem good policy and get boost.In the first three trading day,China life(601628,guba)Shares rose 1.18%,China peace(601318,guba)Fell 0.29%,China life fell 0.10%,Xinhua insurance(601336,guba)Rose 6.04%.The personage inside course of study thinks,China life prices mainly by its"The first three quarters performance forecast net profit fell 55% or so"The adverse effect of the news.Another market experts consider,Be alert to insurance shares too optimistic the happening of the circumstance.

　　广发证券(000776,股吧)研究员曹恒乾认为，长期来看，为险资投资松绑，有利于险资投资组合配置，分散风险，提高投资收益率；但从短期来看，对保险公司投资业绩无大影响。至于投资能力，大型保险公司不成问题，但刚开始投资额度不会太大，是一个逐步积攒投资经验、储备投资人才的过程。“不管是哪一个投资渠道，都不意味着一定赚钱，这要具体看项目的选择。”

Wide hair negotiable securities(000776,guba)The researchers CaoHengQian think,In the long term,For risk capital investment relax,To risk investment combination configuration information,Spread risk,Improve the rate of return on investment;But in the short term,The insurance company investment performance without big influence.As for the investment capacity,Large insurance company is a problem,But just began to investment quota will not be too big,Is a gradually accumulate investment experience/Reserve talents in the investment process."No matter which an investment channels,All don't mean that must make money,This specific see project choice."

　　同时，曹恒乾认为，在目前已经开放的投资渠道中，从投资收益率来看，信托投资对保险公司更有吸引力；而其包含的较高风险也考验各家险企的承受能力和投资眼光。

At the same time,CaoHengQian think,At present already open in the investment channels,From the rate of return on investment to see,Trust and investment to insurance company more attractive;And it contains high risk also test each risk to bear ability and investment perspective.

　　东方证券表示，保险资金目前的配置结构中，协议存款占比约20%，债券约60%，权益资产约10%，风险基本都集中在公开市场上。分类资产收益率显示，权益资产导致保险投资收益的巨大波动。放开保险资金对类证券化金融产品的投资渠道后，原配置结构中的协议存款、债券可能会有一定的替代效应，由此可能会促进险资收益率趋于稳定。理论上，按6万亿保险投资资产来计算，保险可投资于类证券化金融产品的上限为1.8万亿。

Orient securities said,Insurance funds current configuration structure,Agreement deposit accounts for more than about 20%,About 60% of the bonds,About 10% of the equity assets,Risk basic were focused on the open market.Classification return on assets display,Equity assets cause insurance investment gains great fluctuation.Let go of insurance funds to kind of securitization of financial products after investment channels,The original configuration structure of agreement savings/Bonds may have certain substitution effect,This may promote the risk rate of return on capital tends to be stable.In theory,According to the 6 trillion insurance investment assets to calculate,Insurance can invest in kind of securitization of financial products cap for 1.8 trillion.