Core Insights - The insurance industry in China is facing unprecedented challenges as it transitions to a high-quality development phase, with traditional investment areas like infrastructure and real estate becoming saturated, leading to a compression of long-term profit margins [1][5][6] - Insurance funds, as long-term and patient capital, are well-suited to support technology innovation, especially in the context of the national strategy for technological self-reliance, which has created significant policy momentum and market opportunities [1][2][7] - There is a pressing need for insurance funds to explore new investment areas that can replace traditional investments and align with their long-term investment characteristics [1][4][12] Investment Landscape - As of June 2025, the balance of insurance funds in China exceeded 36 trillion yuan, indicating a growing capital scale, but the investment structure reveals significant imbalances and potential risks [3][4] - The investment composition shows a heavy reliance on the bond market, with bond investments accounting for 51.12% of total assets, while equity investments and long-term equity investments are significantly lower at 13.53% and 7.88%, respectively [3][4] Challenges in Investment - The low interest rate environment is causing fixed-income asset yields to decline, putting pressure on the insurance industry's profitability, which heavily relies on bond investments [5] - The saturation of infrastructure investments and the ongoing adjustments in the real estate sector are leading to a decline in traditional asset allocation channels for insurance funds [6][7] Transition to Technology Investment - The necessity, importance, and urgency of transitioning insurance investments towards equity in technology enterprises are highlighted, as this aligns with national strategies and can enhance investment returns [7][8][12] - Insurance funds can play a crucial role in supporting key sectors like semiconductors, biomedicine, artificial intelligence, and new energy, which are essential for national strategic goals [7][13] Recommendations for Investment Transformation - Suggestions include improving the policy environment to support insurance investment transformation, such as relaxing investment limits on unlisted equity and providing targeted incentives for investments in early-stage technology enterprises [16][17] - Developing a scientific and prudent investment strategy that emphasizes indirect investments through venture capital and private equity funds, while gradually moving towards direct investments as expertise grows [18][19] - Establishing a long-term performance evaluation mechanism that aligns with the nature of equity investments, focusing on multi-year assessments rather than annual returns [20]
推动保险投资转型 服务科技自立自强战略
Shang Hai Zheng Quan Bao·2025-12-16 18:42