华泰资产杨平：“投资+投行”双轮驱动，模式优化助力科技创新

Core Viewpoint - Insurance asset management institutions are becoming a crucial force in supporting high-quality development of technology finance, bridging long-term capital with technological innovation [2][3]. Group 1: Growth and Potential of Insurance Funds - The scale of insurance funds is steadily increasing, with significant potential for development in technology finance, primarily through equity investments and venture capital in strategic sectors like integrated circuits, biomedicine, and new energy [3]. - Regulatory policies have been increasingly supportive, encouraging insurance funds to engage in technology innovation through various models, including S funds and investment-loan linkage [3]. Group 2: Challenges Faced by Insurance Funds - There are contradictions between capital constraints and risk tolerance, with the risk factor for unlisted equity remaining high at 0.41, while the industry’s comprehensive solvency adequacy ratio is 199.4% [3][4]. - Exit channels for investments are limited, with IPOs being the dominant exit strategy, but prolonged A-share IPO cycles hinder timely exits for insurance capital [3][4]. - There is a shortage of professionals with expertise in technology innovation, leading to significant discrepancies in pricing due to the lack of standardized valuation models [4]. Group 3: Systematic Layout in Emerging Fields - Supporting technology innovation requires a comprehensive investment ecosystem that includes long-term investment philosophies, in-depth industry research, effective risk control, and flexible exit mechanisms [5]. - HuaTai Asset has been innovating its investment models, moving beyond traditional risk-return frameworks to accommodate the unique characteristics of technology innovation [6]. Group 4: Strengthening Asset Acquisition and Product Creation - Investment banking is a vital segment for insurance asset management companies to support technology innovation, necessitating enhanced asset acquisition and product creation capabilities [7]. - HuaTai Asset has established debt investment plans to support domestic aircraft manufacturing and has launched indirect equity investment management to channel resources into advanced manufacturing sectors [7]. - Future efforts will focus on deepening ecological and professional integration within the technology finance ecosystem, enhancing investment management capabilities, and developing comprehensive financial product services [7].