The impact of the "second generation compensation" is gradually becoming apparent, and there is no systematic pressure for risk funds to reduce their holdings.

Recently, there have been reports in the market that "small and medium-sized insurance companies have reduced their positions due to the new solvency regulation, leading to market volatility." In response to this, some industry insiders pointed out that attributing short-term market fluctuations mainly to "reduced insurance positions" is not sufficient. On one hand, the full implementation of the second phase of the "Solvency II" regulations will indeed have a significant impact on insurance company investment behavior, but this impact is essentially a structural, gradual adjustment, rather than a short-term trigger for passive reduction of positions. On the other hand, the idea that "the reduction of positions by small and medium-sized insurance companies leads to a market decline" is more likely an exaggerated interpretation of localized phenomena and does not have comprehensive explanatory power. "The phenomenon of reducing positions does exist, but the scale is limited, so there is no reason to believe that insurance activities are causing the stock market to fall," said one insurance investment professional interviewed. A securities analyst, when interviewed, analyzed that for medium and large-sized insurance companies whose funds account for more than 70% and have already implemented the new regulations by the end of 2025, the actual pressure to reduce positions is not significant.