上证观察家 | 推动保险投资转型 服务科技自立自强战略

Core Viewpoint - The insurance industry in China is facing unprecedented challenges as it transitions to a high-quality development phase, necessitating the exploration of new investment areas that align with the long-term characteristics of insurance capital [1][2][3] Group 1: Current Investment Landscape - As of June 2025, the balance of insurance funds in China exceeded 36 trillion yuan, indicating significant growth in the insurance sector [3] - The investment structure reveals a heavy reliance on the bond market, with bond investments totaling 17.87 trillion yuan, accounting for 51.12% of the total, while equity investments only represent 7.88% [3][4] Group 2: Challenges Facing the Insurance Industry - The low interest rate environment is causing a decline in fixed-income asset yields, putting pressure on the insurance sector, which has over half of its assets in bonds [5] - Traditional investment pillars like infrastructure are becoming saturated, leading to a need for structural adjustments in asset allocation [5][6] - The real estate sector is undergoing a significant adjustment, resulting in a loss of a major asset allocation channel for insurance investments [6] Group 3: Importance of Transitioning to Equity Investment - Aligning with the national strategy for technological self-reliance, insurance funds can play a crucial role in supporting key sectors such as semiconductors and biotechnology [7][13] - Increasing equity investments, particularly in early-stage technology firms, can enhance long-term returns and provide a hedge against low interest rates [8][12] - Diversifying into technology equity investments can reduce overall portfolio volatility and enhance resilience [9][10] Group 4: Feasibility of Transitioning to Equity Investment - Insurance funds are naturally suited for long-term equity investments due to their long liability durations, which can match the investment horizons of technology firms [12] - The development of a multi-tiered capital market in China provides diverse exit channels for equity investments, enhancing the attractiveness of this strategy [14] - Regulatory policies are increasingly supportive of insurance capital entering equity markets, creating a conducive environment for investment [15] Group 5: Recommendations for Promoting Investment Transition - The regulatory framework should be dynamically optimized to allow greater flexibility in insurance capital allocation to equity investments [17] - A scientific and prudent investment strategy should be developed, focusing on indirect investments through established venture capital and private equity funds [18] - Establishing a long-term performance evaluation mechanism can align incentives with the goals of sustainable growth and risk management [20] - Building a talent system that understands technology, investment, and risk management is essential for successful equity investment [21][22]