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长期股票投资试点加快落地更多险企积极推动资格申请
Zheng Quan Shi Bao·2025-04-13 17:49

Core Viewpoint - The insurance capital market is accelerating, with the second batch of long-term stock investment pilot programs being implemented, increasing the scale from 500 billion to 1,620 billion yuan, and the number of participating insurance companies rising from 2 to 8 [1][2][3]. Group 1: Investment Scale and Participants - The scale of the long-term stock investment pilot has expanded to 1,620 billion yuan, with 8 insurance companies participating, compared to the initial 500 billion yuan with 2 companies [1][3]. - The first batch of pilot companies included China Life and Xinhua Insurance, each contributing 250 billion yuan to establish the Honghu Fund, which was the first insurance capital private equity fund [2][3]. - The second batch of pilot companies includes 8 firms with a total scale of 1,120 billion yuan, exceeding the initial regulatory target of 1,000 billion yuan [3]. Group 2: Policy and Regulatory Support - The pilot program is supported by policies aimed at promoting long-term capital market investments, initiated by the Central Financial Office and the China Securities Regulatory Commission [2][4]. - The pilot program addresses investment challenges faced by insurance companies, particularly in accounting practices that affect profit reporting due to market volatility [5][6]. - New accounting methods for the pilot funds allow for smoother profit reporting, reducing the impact of market fluctuations on insurance companies' financial statements [5][6]. Group 3: Investment Strategies and Focus - Insurance companies are developing investment policies that emphasize long-term holdings, focusing on companies with competitive advantages and strong governance [7][8]. - The investment approach includes a balanced focus on high-dividend stocks and growth stocks, aiming to mitigate equity market volatility [8]. - The pilot program encourages insurance companies to adopt a longer evaluation period for investment performance, shifting from annual to multi-year assessments [7]. Group 4: Market Impact and Future Outlook - The long-term stock investment pilot is expected to enhance the capital supply structure in the market and support the real economy by providing stable capital [7][9]. - The pilot program has attracted interest from various insurance companies, with many planning to apply for participation in future rounds [9][10]. - Despite the growth in the pilot program, the total scale of 1,620 billion yuan remains small compared to the overall insurance capital market, which had a total investment balance of 33.26 trillion yuan by the end of 2024 [10].