Zheng Quan Shi Bao·2025-07-03 01:56Core Viewpoint - The third batch of insurance fund long-term investment pilot programs is being approved, introducing new small and medium-sized insurance companies alongside larger firms, marking a significant shift in participation and investment models [1][2]. Group 1: Third Batch Pilot Program - The third batch of pilot institutions includes several small and medium-sized insurance companies, such as Zhonghui Life and bank-affiliated insurers like Nongyin Life and Jiaoyin Life, with asset sizes exceeding one billion [1]. - The Financial Regulatory Administration plans to approve an additional 60 billion yuan for the pilot program, increasing the total scale of long-term investment pilots to 222 billion yuan [3][4]. - The Honghu Fund Phase III, approved for 40 billion yuan, will focus on investing in well-governed, stable-operating, and dividend-paying large-cap blue-chip stocks [2][3]. Group 2: New Participation Models - The third batch introduces a new model where private fund managers manage third-party insurance funds, differing from previous batches where fund managers were from the same insurance system [2]. - Many small insurance companies lack their own asset management firms and prefer to invest in existing private funds established by other insurance asset management companies to benefit from the pilot program [2][3]. - This new model may enhance the efficiency and success rate of small insurance companies participating in the pilot, while also providing asset management firms with new business opportunities [3]. Group 3: Impact on the Insurance Industry - The long-term investment pilot aims to alleviate profit volatility for insurance companies and enhance equity investments, contributing to market stability and fostering a positive interaction between insurance funds and capital markets [4]. - The pilot program is seen as a means to address barriers to insurance capital entering the market, with accounting methods like equity method accounting and OCI helping to mitigate the impact of market fluctuations on insurance company profit statements [3].