国民养老保险再次寻“金主”，养老险公司博弈加速

Core Viewpoint - The article highlights the increasing capital-raising activities of pension insurance companies in China, driven by the aging population and regulatory policies that promote the development of the pension finance sector [1][3]. Group 1: Capital Raising Activities - Guomin Pension Insurance Co., Ltd. plans to issue up to 471 million shares and attract no more than five investors to raise funds for core tier one capital and support business development [3][4]. - This marks the second capital increase since the company's establishment in 2022, following the introduction of Allianz as a strategic investor, with a current registered capital of 11.378 billion yuan [3][4]. - Other pension insurance companies, such as Taikang Pension and Ping An Pension, have also engaged in significant capital increases, indicating a competitive trend in the industry [4]. Group 2: Regulatory Environment and Market Dynamics - The regulatory environment has been reshaping the development and business structure of pension insurance companies, encouraging a focus on long-term pension financial products [5][6]. - Since 2021, policies have restricted pension insurance companies from engaging in certain asset management activities, promoting the development of commercial pension annuities and other long-term accumulation products [5][6]. - The aging population and changing investment environment necessitate a transformation in business strategies for pension insurance companies, particularly in a low-interest-rate context [5][6]. Group 3: Challenges and Opportunities - Pension insurance companies face various risks, including longevity and investment risks, particularly in a low-interest-rate environment that challenges investment returns [6]. - Despite the challenges, there is a consensus that the demand for pension financial services will continue to grow, prompting companies to innovate in pension products and services [6]. - The recent regulatory guidance encourages the development of new commercial insurance annuity products that combine risk protection and wealth management functions [6].