陈文辉：养老基金是最好的耐心资本

Core Viewpoint - The development of pension funds and long-term life insurance is crucial for addressing aging population issues and creating a substantial supply of patient capital, which is essential for modern industrial system construction and technological innovation [2][3]. Group 1: Importance of Patient Capital - Patient capital refers to long-term investments that do not seek short-term returns, focusing instead on supporting the sustained development of the real economy [3]. - The Chinese government has emphasized the cultivation and development of patient capital in several key documents, including the Central Economic Work Conference and the "14th Five-Year Plan" [3]. - Industries such as high-end manufacturing, new energy, and biomedicine require long-term funding due to their extended research and development cycles, which short-term capital cannot adequately support [3]. Group 2: Current Challenges - There is a notable shortage of patient capital supply in China, as institutional funds like wealth management products and public funds typically have short holding periods for equity investments [3]. - The previous reliance on short-term funds as long-term investments has proven unsustainable, particularly highlighted by the impact of the "Asset Management New Regulations" introduced in 2018 [3]. Group 3: Role of Pension Funds and Long-term Life Insurance - Pension funds and long-term life insurance are identified as the primary sources of true patient capital due to their long liability durations, which align with the long-cycle demands of modern industrial systems [5]. - These funds can effectively support strategic industries such as semiconductors and new energy, which require years of continuous investment [5]. Group 4: Risk Management for Pension Funds - A comprehensive risk management framework is necessary for pension funds to ensure they meet long-term investment goals, focusing on long-term trend risks such as demographic changes and climate change [6]. - The risk management system should extend beyond traditional market and credit risks to include operational, ESG, geopolitical, reputational, and long-term liability matching risks [6]. - Continuous enhancement of asset-liability management and stress testing is essential to assess potential risks and ensure the financial health of pension funds [6].