险资支持科技创新：从“财务投资者”到“战略赋能者”

Core Viewpoint - The insurance capital is evolving from a purely financial investor to a strategic investor that deeply understands industries and actively empowers value creation in supporting technological innovation [1][2]. Group 1: Role of Insurance Capital in Technological Innovation - Insurance capital is becoming an indispensable force in supporting technological innovation, characterized by its large scale, long duration, and stable sources [1]. - The investment landscape of insurance capital now covers key sectors of new productive forces, including advanced manufacturing, artificial intelligence, semiconductors, new energy, biomedicine, and high-end equipment [1]. - Insurance asset management is constructing a multi-layered, comprehensive "investment toolbox" and "industrial ecosystem" to support the entire lifecycle of technology enterprises [2]. Group 2: Investment Strategies and Tools - The insurance capital industry has evolved from being a simple capital provider to a resource integrator and strategic enabler [2]. - There is a combination of direct and indirect investments, with insurance funds injecting capital into high-quality tech companies through direct equity investments and participating in venture capital and private equity as limited partners [2]. - The insurance capital supports technology finance through a variety of asset classes, including equity investments, bonds, and alternative assets, to meet the diverse financing needs of tech companies [2]. Group 3: Balancing Stability and Innovation - The insurance capital industry faces the challenge of balancing the high risks and uncertainties of technological innovation with the need for safety and stability in fund management [3][4]. - A "core + satellite" strategy is commonly adopted, where approximately 80% of funds are allocated to low-risk, stable-return assets, while a portion is invested in high-growth, high-volatility assets to enhance long-term returns [4]. Group 4: Risk Management Framework - A comprehensive risk management system is established, covering the entire investment process from pre-investment to post-investment [4]. - The pre-investment phase involves rigorous due diligence, while the investment phase emphasizes diversification to mitigate individual risks [4]. - Post-investment, insurance institutions provide strategic consulting and market connections to enhance the value of invested companies [4]. Group 5: Future Outlook and Challenges - The strategic position of the insurance asset management industry in supporting technological innovation is expected to become more prominent, although it faces new challenges and higher demands [7]. - There is a need for continuous improvement in research capabilities and early project identification in cutting-edge technology fields [7]. - Recommendations include restructuring organizations to focus on macro analysis, asset allocation, risk management, and selecting excellent managers, as well as enhancing research capabilities in emerging industries [7][8].