长城人寿收警示函，“举牌大户”的投资扩张合规之题待解

Core Viewpoint - The reliance of insurance companies on investment, particularly in equity assets, is increasing in a market characterized by low interest rates and high debt costs. This trend highlights the challenges of compliance and operational boundaries in investment expansion [2][10]. Group 1: Compliance and Regulatory Challenges - On December 9, 2025, the Hebei Securities Regulatory Bureau issued a warning letter to Great Wall Life Insurance Co., Ltd. for failing to halt trading after exceeding the 5% shareholding threshold in New Tian Green Energy Co., Ltd. [2][3] - The warning letter emphasizes the importance of maintaining a dynamic balance between investment operations and compliance boundaries, particularly for insurance companies that are significant shareholders in the market [2][10]. - Great Wall Life's response indicated that the violation was due to a technical execution issue, and the company plans to enhance its internal control and risk management processes to prevent future occurrences [6][9]. Group 2: Investment Strategy and Performance - Great Wall Life has actively engaged in equity investments, having made at least 12 significant shareholding actions since June 2023, which is notably high among life insurance companies [10]. - As of June 30, 2025, the company's equity assets amounted to 28.355 billion yuan, representing 18.84% of its total assets, significantly above the industry average [10]. - The company achieved an investment income of 4.262 billion yuan in 2024, a 106% increase year-on-year, and 3.502 billion yuan in the first three quarters of 2025, a 24.65% increase year-on-year, indicating strong performance in equity investments [11]. Group 3: Risks and Challenges in Investment Expansion - The increase in equity investment poses new challenges, including the need for dynamic tracking of the relationship between investment returns and risks, especially in a volatile market environment [12]. - The current portfolio structure of Great Wall Life is focused on long-term, stable revenue-generating assets, primarily in public utilities and energy sectors, which are relatively stable [12]. - The company must ensure that its growing equity investments align with its liability structure to avoid potential mismatches that could exacerbate risks [12][13].