新周期下险资如何投资？ 中国太保另类投资涵盖四大主题

Core Insights - China Pacific Insurance emphasizes a core strategy of dividend value in equity investments, which provides stability across market cycles and addresses net investment income pressures [1] - The company is iterating its methodology for dividend insurance account allocations, focusing on differentiated investment return targets to ensure sustainable configurations [1] - The management discussed various topics including asset-liability duration strategies, equity investment configurations, long-term assessments, and global asset allocation [1] Equity Investment Strategy - The company maintains a "core + satellite" investment strategy, with a focus on dividend value that can withstand market cycles, while also diversifying satellite strategies [4] - The equity allocation is viewed as a scarce resource, requiring careful optimization to balance long-term sustainability against volatility risks [4] Duration Gap Management - Duration control is a critical aspect of fixed-income asset management, with a significant increase in long-term government bonds to effectively manage duration gaps [2] - The company believes that a reasonable duration gap can enhance long-term returns rather than pursuing an absolute zero gap [2] Alternative Assets - Alternative assets are seen as a means to enhance long-term returns and hedge against market volatility, with a focus on diversifying the investment portfolio [5] - The company is exploring various themes in its alternative investment sector, including healthcare, technology innovation, mergers and acquisitions, and infrastructure [6] Global Asset Allocation - The company recognizes the importance of global asset allocation for achieving long-term cost coverage and capitalizing on growth in emerging markets [7] - A comprehensive global allocation framework is necessary to manage risks, including currency risks, which have become increasingly important in overseas investments [7] Gold Investment - Gold is considered a niche product for insurance funds, primarily serving as a risk diversification tool rather than a significant contributor to long-term returns [8]