金吾财讯 | 国泰海通发研报指，国家金融监督管理总局发布《保险公司资产负债管理办法（征求意见稿）》，旨在2026年将全面实施新会计准则的背景下，对保险公司的资产负债管理进行系统性规范。核心变化包括两大方面：一是明确要求保险公司设立独立的资产负债管理部门，并确保其履职的独立性，以压实管理责任；二是首次设立了清晰的监管指标和监测指标体系，为财产险和人身险公司分别设定了最低监管标准，并拉长了成本收益等关键指标的评价周期至3-5年，以引导行业长期稳健经营。从对保险公司经营的实质影响来看，目前主要上市险企的有效久期缺口大多已处于或接近监管要求范围内，且新规预计不会对现有的权益资产配置策略产生重大影响。当前非银板块估值仍处于低位，该机构继续看好券商由投资端改革带来的估值和业绩双升的机会；保险则在当前有由利率企稳预期带来的估值提升的投资机会。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.