洞察2025｜险资“变形记”！长钱解锁“牛市”新副本

Core Viewpoint - The concept of "patient capital" is emerging as a key driver for financial empowerment in China's economy, particularly through the insurance sector, which is increasingly integrating long-term investment strategies with innovation [1][4]. Group 1: Policy Support for Long-term Investment - The China Securities Regulatory Commission emphasizes the need for a more attractive environment for long-term investments, aiming to create conditions where long-term funds are willing to enter and thrive in the market [4]. - A series of policies have been implemented to facilitate insurance capital's entry into the market, including adjustments to investment limits and risk factor settings for equity assets [5][6]. - These policies are designed to enhance the flexibility and profitability of insurance institutions' asset management, thereby fostering a culture of long-term investment [5][6]. Group 2: Growth in Insurance Capital Market Participation - As of the third quarter, the total balance of insurance funds reached 37.46 trillion yuan, a year-on-year increase of 16.5%, with stock investments accounting for 3.6 trillion yuan [6]. - The number of times insurance capital has made significant investments (or "took stakes") in companies reached 39 in the current year, the highest since 2016, indicating a shift towards more mature long-term value investment strategies [6][7]. - Insurance capital is diversifying its investment methods beyond direct stock purchases, including long-term investment reform trials that have approved a total of 222 billion yuan [6][7]. Group 3: Focus on Hard Technology Investments - Insurance capital is increasingly investing in hard technology sectors, demonstrating a commitment to long-term partnerships with innovative companies [8][9]. - By mid-2025, insurance capital's direct equity investments in technology sectors reached 42.59 billion yuan, with significant growth in investments in internet-related services [8][9]. - Major insurance companies are establishing specialized funds focused on technology innovation, indicating a strategic shift towards supporting advanced manufacturing and other high-tech industries [9][10]. Group 4: Challenges and Upgrades in Investment Practices - The insurance sector faces challenges such as macroeconomic fluctuations and increased uncertainty in technology investments, necessitating enhanced professional capabilities and risk management [11][12]. - There is a need for insurance companies to evolve from being passive investors to proactive value creators, which involves building specialized operational capabilities and comprehensive risk management frameworks [12][13]. - The transition from "long money" to "long wisdom" reflects a comprehensive upgrade in the professional capabilities and overall quality of insurance capital [13].