Rumors of reduced positions by risky funds due to new solvency regulations seek verification: The implementation of the new accounting standards' second and third phase policies has not yet taken place.

Recently, there have been rumors that the reason for the market downturn is that small and medium-sized insurance companies are reducing their positions due to the new solvency regulations. However, after seeking confirmation from multiple sources, it was found that this statement is not credible. There are three reasons for this: First, the second and third phases of the new solvency regulations based on the new accounting standards are still in the testing phase and have not been implemented. Industry insiders pointed out that "the current stage is still the implementation phase of regulatory counter-cyclical measures, and while there is indeed pressure on solvency for small and medium-sized insurance companies resulting in reduced positions, this happens every quarter and is not due to the new regulations. Moreover, small and medium-sized insurance companies have a relatively small proportion of equity investments, so the impact is controllable." Second, if it were insurance funds selling, the core issue would be a significant adjustment in the dividend sector, but this is not the case. Third, based on institutional behavior, insurance funds are currently net buyers. Data shows that in 2025, the investment assets of the insurance industry increased by 5 trillion yuan, and since 2026, there has been a significant increase in overall new premium size under the background of "moving deposits", forming a sufficient supply of new capital for investment.