坚持价值投资，险资私募钟情高股息大市值公司

Core Insights - The Honghu Fund, the largest and earliest established insurance private equity fund, has become a major shareholder in at least six listed companies, indicating a strategic investment approach focused on stable, high-dividend blue-chip companies [1][2] Group 1: Fund Overview - The Honghu Fund has established four funds with a total scale of 110 billion yuan, managed by Guofeng Xinghua, a joint venture of Guoshou Asset and Xinhua Asset [1] - The first phase of the Honghu Fund has a scale of 50 billion yuan, with investments fully deployed by March 2023 [2] - The second phase has nearly completed its investment allocation by the end of Q2 2023, while the third phase commenced in early July 2023 [2] Group 2: Investment Characteristics - The investment criteria for the Honghu Fund include companies with good governance, stable operations, relatively stable dividends, good liquidity, and strong returns [1] - The selected companies exhibit characteristics of high dividend yields and large market capitalizations, with companies like Shaanxi Coal and China Shenhua yielding over 5% [1] Group 3: Performance and Impact - The pilot fund's risk indicators are below the benchmark, while its return indicators exceed the benchmark, achieving both functional and profitability success [2] - The pilot fund aims to enhance equity investment and long-term investment capabilities for insurance companies, contributing to market stability and fostering a positive interaction between insurance funds and capital markets [2]