Core Insights - The insurance industry is experiencing a surge in the establishment of private equity funds, driven by regulatory encouragement for long-term capital investment in the market [2][4][7] - Major insurance companies like China Pacific Insurance, Ping An, and China Life are launching private funds with a focus on long-term and value investment strategies [3][5][6] Fund Establishments - China Pacific Insurance has launched two funds with a total scale of 500 billion yuan, including a 300 billion yuan private equity fund focused on state-owned enterprise reform in Shanghai [3] - Ping An has received approval to establish a private fund management company with an initial fund size of 300 billion yuan, targeting high-quality listed companies [5] - Sunshine Insurance and Taikang Asset have also initiated private funds, with Sunshine planning to invest 200 billion yuan in its fund [5][6] Regulatory Support - The regulatory framework has been supportive, with initiatives aimed at increasing the proportion and stability of insurance capital in the A-share market [7][8] - The second batch of long-term investment pilot programs for insurance funds has been approved, with a total scale of 1,120 billion yuan, including new participants [7] - The third batch of pilot programs is being accelerated, focusing on innovative investment models and expanding participation to smaller insurance companies [8] Investment Focus - The new funds are expected to concentrate on sectors such as artificial intelligence, healthcare, and advanced manufacturing, aligning with national strategic goals [3][8] - The investment strategies emphasize long-term capital and dividend value, aiming to enhance the stability and efficiency of capital market investments [5][8]

来源：上海国资 对接需求请扫码 每日｜荐读 热文： 社会LP去哪了 热文： 购基金井喷，巨头们开始"买买买" 报告： 独角兽的"新双轮驱动"：《2025中国CVC影响力报告》发布 报告： 哪些LP在活跃出资？——《LP全景报告2024》发布 国资基金是国有经济的重要组成部分，既是国有企业承接战略使命任务的重要载体，也是国企提升 核心竞争力的重要支撑。本次两大基金发布是中国太保深入贯彻党的二十大精神，服务"金融强 国"和上海"五个中心"建设，支持国内资本市场发展，提升金融服务能级的主动作为。其中：太保 战新并购私募基金（暂定名，以基金正式备案名称为准）目标规模300亿元，首期规模100亿元， 聚焦上海国资国企改革和现代化产业体系建设的重点领域，推动上海战新产业加快发展和重点产业 强链补链，打造以"长期资本＋并购整合＋资源协同"为特色的上海国资创新转型生态。太保致远1 号私募证券投资基金（暂定名，以基金正式备案名称为准）目标规模200亿元，旨在响应国家"扩 大保险机构设立私募证券投资基金改革试点"号召，积极践行长期主义，发挥耐心资本优势，完善 长周期权益资产配置体系，聚焦股息价值核心投资策略，助力资本市场持续健康 ...

Core Viewpoint - China Pacific Insurance has launched "Taibao Cloud Hub: Integrated Solutions for Meteorological Disaster Risks," introducing a comprehensive management system for disaster risk that includes prevention, response, and compensation, emphasizing the insurance industry's role in enhancing disaster resilience through innovative products and services [1] Group 1: Green Insurance Development - Green insurance integrates environmental awareness and ecological civilization concepts into insurance operations, providing risk protection and financial support for environmental protection and green industries [2] - The early focus of green insurance was on environmental pollution liability, but it has since expanded to include climate risk adaptation and green consumption guidance due to increasing global climate concerns [2] - China's policy framework for green insurance is continuously improving, establishing a multi-layered system to support its development [2] Group 2: Financial Support and Policy Initiatives - In April 2024, the People's Bank of China and other departments issued guidelines to strengthen financial support for green low-carbon development, emphasizing the establishment of green insurance standards [3] - Local governments are actively promoting green insurance policies tailored to their specific conditions, such as pilot programs for catastrophe insurance in disaster-prone areas and specialized products for green industries [3] Group 3: Integration of Green Solutions - Insurance companies are increasingly integrating green solutions into their core operations, focusing on reducing carbon footprints and supporting energy transitions [4] - China Life has launched five ecosystem carbon sink products and invested 5 billion yuan in green projects, aiming to save 21.76 million tons of standard coal annually and reduce carbon emissions by approximately 36.72 million tons [4] - As of the end of 2024, China Life's green insurance is expected to provide risk coverage exceeding 18 trillion yuan, with green investment and credit balances of 535 billion yuan and 220 billion yuan, respectively [4] Group 4: Challenges and Market Development - Despite progress, the green insurance sector is still in its early stages, facing challenges such as insufficient market demand, product homogeneity, and weak technical support [6] - Many enterprises lack awareness of the benefits of green insurance, viewing it as an additional cost rather than a risk management tool [6] - There is a need for improved marketing and information disclosure regarding green insurance products to enhance market demand [6] Group 5: Future Directions - The industry should focus on product innovation and market cultivation while promoting a comprehensive approach to green transformation across the insurance value chain [7] - Establishing collaborative platforms for dialogue and data sharing among stakeholders can enhance environmental awareness and improve the efficiency of green transitions [7]

Group 1 - The Guoqi Gongying ETF (159719) has seen a slight increase of 0.07%, marking its third consecutive rise, with the latest price at 1.52 yuan. Over the past week, it has accumulated a total increase of 0.66% as of June 3, 2025 [1] - The CSI Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index (931000) rose by 0.74%, with notable increases in constituent stocks such as Jingwang Electronics (603228) up 5.72%, Shengyi Technology (600183) up 5.46%, and Pengding Holdings (002938) up 4.50%. The Greater Bay Area ETF (512970) decreased by 1.57%, with a latest price of 1.19 yuan, and has accumulated a 2.02% increase over the past week [1] - The top ten weighted stocks in the CSI Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index account for 53.21% of the index, including companies like BYD (002594) and China Ping An (601318) [4] Group 2 - China Pacific Insurance officially launched a total scale of 50 billion yuan for the Taibao Zhanxin M&A Fund and private equity securities investment fund, with a target scale of 30 billion yuan for the M&A private fund and 20 billion yuan for the Taibao Zhi Yuan No.1 private equity fund [2] - The M&A private fund aims to focus on key areas of Shanghai's state-owned enterprise reform and modern industrial system construction, promoting the development of strategic emerging industries [2] - According to GF Securities, in the current market without new industry logic and significant fluctuations, dividend assets may gradually enter a headwind period in June, but for long-term investors, this may present a good entry point [2]

Group 1 - China Pacific Insurance (CPIC) officially launched two private equity funds with a total scale of 50 billion yuan, including the Taibao Zhanxin M&A Private Fund with a target scale of 30 billion yuan and the Taibao Zhiyuan No. 1 Private Securities Investment Fund with a target scale of 20 billion yuan [1] - The Taibao Zhanxin M&A Private Fund aims to focus on key areas of state-owned enterprise reform and modern industrial system construction in Shanghai, promoting the development of strategic emerging industries and enhancing industrial chains [1] - The Taibao Zhiyuan No. 1 Private Securities Investment Fund is designed to respond to the call for expanding long-term investment reforms in insurance funds, emphasizing a core investment strategy focused on dividend value [1] Group 2 - The establishment of the Taibao Zhanxin M&A Private Fund and the Taibao Zhiyuan No. 1 Private Securities Investment Fund is part of the ongoing long-term investment reform pilot for insurance funds, which has seen three batches of approvals, with the total amount reaching 222 billion yuan after the third batch [2] - Research institutions believe that the long-term investment pilot helps insurance companies stabilize profits and enhances equity investment, contributing to the stable operation of the capital market [2] - The trend of insurance institutions actively exploring equity investments is driven by policy support for the real economy and the declining interest rate environment, indicating a potential growth in the scale of insurance private equity funds [2]

【钛媒体综合】6月3日，工信部、国家发改委、农业农村部、商务部、国家能源局发布通知，组织开展 2025年新能源汽车下乡活动，并公布新能源汽车下乡活动车型目录，涉及124款车型。 据悉，此次活动以"绿色、低碳、智能、安全——赋能新农村，畅享新出行"为主题，将选取一批新能源 汽车推广比例不高、市场潜力较大的典型县域城市，举行若干场专场活动；以此为中心辐射周边乡镇， 结合地区特点开展若干场特色活动。与县域充换电设施补短板试点、智能网联汽车"车路云一体化"试点 等工作形成协同效应，推动优质资源向乡村地区倾斜。 鼓励各类新能源汽车生产、销售、金融、充换电及售后服务等领域市场主体共同参与，结合以旧换新、 县域充换电设施补短板等政策工具，定制"购车优惠+用能支持+服务保障"一体化促销方案，健全覆盖 购车、用车、养车全周期售后服务网络。 另外，活动采取"线上+线下"相结合的方式开展。线下环节，以县域主会场为枢纽，联动周边乡镇开展 专场活动。线上平台，搭建云展销、直播导购、在线咨询等数字化场景，推动"线上下单—线下交付— 售后跟进"服务闭环。 值得注意的是，今年活动车型较2024年增加了25款车型，特别是增加了特斯拉Model ...

6月3日，中国太保正式发布总规模5 0 0亿元的太保战新并购基金与私募证券投资基金。上海市 委常委、常务副市长吴伟出席仪式并正式启动两大基金。 据悉， 太保战新并购私募基金（暂定名，以基金正式备案名称为准）目标规模 3 0 0亿元，首期 规模1 0 0亿元 ， 聚焦上海国资国企改革和现代化产业体系建设的重点领域，推动上海战新产业 加快发展和重点产业强链补链，打造以 "长期资本＋并购整合＋资源协同"为特色的上海国资创 新转型生态。 母基金研究中心独家获悉， 太保战新并购私募基金为母基金，一半规模的资金将作为母基金配 置到子基金 。 我们认为，中国太保此举非常具有示范性带动意义，一方面在政策鼓励之下积极布局并购，另 一方面也为母基金行业注入耐心资本的活水力量。 首先，在并购方面，在 5月1 6日证监会《上市公司重大资产重组管理办法》（简称《重组办 法》）发布后，一级市场迎来并购讨论热潮。 《重组办法》明确指出，鼓励依法设立的并购基金、股权投资基金、创业投资基金、产业投资 基金等私募投资基金参与上市公司并购重组。值得关注的是，修订后的重组办法首次引入私募 基金 "反向挂钩"安排，明确私募基金投资期限满4 8个月的， ...

险资以"另辟蹊径"的模式，加大对A股和H股市场的投资，成为了依靠保费产品组合、自有资金投资以 外的新路径。 同期，中国太保还发布了太保战新并购私募基金（暂定名，以基金正式备案名称为准）目标规模300亿 元，首期规模100亿元。目标规模200亿元 中国太保指出，发布太保致远1号私募证券投资基金，旨在响应国家"扩大保险机构设立私募证券投资基 金改革试点"号召，积极践行长期主义，发挥耐心资本优势。 对于投资策略，这家险企有如下表述： 完善长周期权益资产配置体系，聚焦股息价值核心投资策略，助力资本市场持续健康发展。险资升 级"私募入市潮" 目前，从政策层面允许更多符合条件的保险资管公司、保险公司参与私募证券投资基金投资试点。 6月3日，中国太保发布太保致远1号私募证券投资基金（暂定名，以基金正式备案名称为准），目标规 模200亿元。 过去一年以来，多家中国大型上市险企陆续成立私募基金，专注于中国二级市场的投资。 2024年一季度，中国人寿、新华保险联合创立鸿鹄私募，鸿鹄一期规模为500亿元人民币，投资方向是 具有较大市值、流动性好以及较高市场影响力的优质上市公司。2025年5月，新华保险与中国人寿总计 出资200亿元 ...

Group 1 - China Pacific Insurance (Group) Co., Ltd. has launched two funds with a total scale of 50 billion yuan, including a 30 billion yuan private equity fund focused on mergers and acquisitions and a 20 billion yuan private securities investment fund [2] - The private equity fund aims to support the reform of state-owned enterprises in Shanghai and enhance the development of strategic emerging industries [2] - The private securities investment fund is designed to respond to national calls for expanding private equity fund trials by insurance institutions, focusing on long-term investment strategies [2] Group 2 - China Pacific Insurance has been actively involved in the financial sector, covering over 200 million people with inclusive insurance and achieving a green insurance coverage of over 360 trillion yuan [3] - The company has invested over 260 billion yuan in green investments and has provided insurance services to more than 10,000 enterprises, focusing on strategic emerging industries such as healthcare, advanced manufacturing, and artificial intelligence [3] - The National Financial Regulatory Administration has emphasized the role of insurance funds as patient and long-term capital, increasing their investment limits in equity assets to inject more capital into the market [4]

Core Viewpoint - The acceleration of insurance capital entering the market is highlighted by the establishment of new private equity funds, indicating a significant shift towards long-term equity investments by insurance companies in response to regulatory encouragement [2][3][6]. Group 1: Insurance Capital Market Entry - Ping An Asset Management has received approval to establish Hengyi Chiying (Shenzhen) Private Fund Management Co., marking the third insurance private equity manager licensed in China [2][3]. - The total scale of the insurance capital long-term investment reform pilot will increase to 222 billion yuan, with 50 billion yuan already invested and an additional 172 billion yuan in preparation for market entry [3][4]. - The new "National Ten Articles" policy released in September 2024 aims to expand the pilot program, allowing more insurance institutions to establish private equity funds [3][4]. Group 2: Investment Strategies and Focus - Hengyi Chiying will focus on long-term and value investments, targeting high-quality listed companies that align with policy directions and insurance capital needs [3][6]. - Insurance companies are increasingly favoring large-cap, liquid stocks with stable dividends, as seen in the investment strategies of various funds like Honghu Fund [9][10]. - The investment landscape includes a diverse range of sectors, with significant holdings in electronics, pharmaceuticals, machinery, and power equipment, among others [8][10]. Group 3: Regulatory Support and Market Dynamics - Regulatory measures have been implemented to encourage long-term investments, including raising the upper limit for equity asset allocation and adjusting risk factors for stock investments [6][11]. - The establishment of new private equity funds has surged, with several insurance companies launching their funds in May 2025, indicating a robust response to regulatory incentives [6][7]. - The shift towards equity investments is seen as a strategic move for insurance companies to optimize asset allocation, reduce risks, and enhance long-term returns [11][12].