“三投资”方法论 | 保险资管篇一 险资如何推进"长钱长投"

Core Viewpoint - The "Three Investments" (Rational Investment, Value Investment, Long-term Investment) advocated by the Shanghai Stock Exchange is becoming a guiding principle for institutional investors in the context of high-quality development in the capital market [1] Group 1: Challenges of Long-term Investment - Insurance funds, as natural long-term capital, should ideally support the capital market, but their allocation to stocks and funds is only 13.2% of the total, significantly below regulatory limits [2] - Three main challenges for "Long Money Long Investment" are identified: 1. Constraints from assessment mechanisms, where annual performance targets may lead to reduced stock allocations [2] 2. Limitations from solvency requirements under the "Solvency II" framework, which increases risk capital for equity investments [2] 3. Increased uncertainty in the external environment, including global economic policy changes and geopolitical risks [2] Group 2: New Requirements for Investment Strategy - The rise of new productive forces has increased the market capitalization of technology and manufacturing in A-shares from 17% in 2007 to 36.6%, necessitating insurance funds to balance high growth opportunities with volatility risks [3] - Three core difficulties in adapting to this new requirement include: 1. Investment philosophy challenges in balancing stability with high-growth potential [3] 2. Investment management challenges due to strict risk control processes that may not meet the fast-paced needs of tech companies [3] 3. Investment research challenges requiring an upgrade of existing research systems to capture investment opportunities in technological changes [3] Group 3: Optimizing Long-term Investment Mechanisms - To address pain points and achieve "Long Money Long Investment," several strategies are proposed: 1. Optimizing long-term assessment mechanisms, with state-owned insurance companies increasing the weight of "net asset return" to at least 60% [4] 2. Considering a reduction in risk factors for equity assets under the "Solvency II" framework to lower capital requirements [4] 3. Enhancing investment capabilities to improve returns amidst a complex external environment [4] Group 4: Risk Management in Long-term Investment - Five key areas for insurance funds to focus on in risk management include: 1. Clarifying the positioning of insurance funds to ensure they serve the main business and match long-term liabilities [5][6] 2. Defining risk preferences with a focus on prudent and stable investment [6] 3. Establishing a robust investment culture emphasizing stability and seriousness [6] 4. Implementing comprehensive risk control mechanisms throughout the investment process [6] 5. Setting systematic performance metrics to guide investment teams in adhering to the "Three Investments" philosophy [6] - A three-tiered risk defense system for equity investments is established, focusing on pre-investment research, in-process management, and post-investment performance attribution [6]