

Core Viewpoint - The insurance industry needs to undergo adjustments and transformations in the new era, focusing on three key attributes: era, industry, and state-owned enterprise attributes [1][2]. Group 1: Industry Transformation - The insurance industry is in a phase of "hard constraints, soft landing," where the cost of insurance funds is relatively rigid, and adjustments have been made primarily to new business, leading to marginal improvements [2]. - The industry faces the challenge of avoiding interest rate mismatches between assets and liabilities, necessitating a soft landing that stabilizes and raises the yield levels [2]. - Traditional strategies such as direct financing and fixed-income strategies are insufficient for achieving the strategic goals in the new economy [2]. Group 2: Investment Strategy - The industry is shifting towards a "dumbbell" strategy, balancing traditional stable investments in interest rate bonds with active investments in new sectors like renewable energy, new infrastructure, digital economy, and healthcare to capture growth opportunities [2][3]. - By 2035, new productive forces are expected to reach a scale of 100 trillion yuan, which will help fill gaps in the existing economy and drive growth [1]. Group 3: Mechanism and Pathway for Transformation - To achieve transformation, the industry must clarify navigation capabilities for selecting new economic targets, adapt assessment mechanisms for early-stage technology investments, and refine strategies and operational methods [3]. - The focus should be on investment opportunities from industrial, regional, and service capability dimensions, aiming to build a large investment ecosystem and enhance investment capacity [3].