Group 1 - The core viewpoint of the news is the establishment of Hengyi Holding (Shenzhen) Private Fund Management Co., Ltd. by Ping An Asset Management, which has been approved by the National Financial Regulatory Administration, marking progress in the long-term investment reform pilot for insurance funds [1][2] - Hengyi Holding will serve as the fund manager to issue a contract-type private securities investment fund to Ping An Life, with an initial fund size of 30 billion yuan [2][3] - The establishment of Hengyi Holding reflects a trend where large domestic insurance institutions are entering the "long-term investment reform pilot" through private platforms to invest in the domestic equity market [1][4] Group 2 - Over the past year, insurance funds have established private institutions, creating new channels for long-term investment in the domestic equity market, with a total pilot scale of 2,220 billion yuan across various phases [5] - The first phase of the pilot program had a scale of 500 billion yuan, while the second phase was 1,120 billion yuan, and a third phase of 600 billion yuan is pending approval [5] - Not only large insurance companies but also medium and small insurance firms are participating in the reform, with companies like Zhongyou Insurance and Zhongyou Insurance Asset Management approved for a 10 billion yuan scale [5]