洞察2025｜险资“变形记”！长钱解锁“牛市”新副本

Core Insights - The concept of "patient capital" is emerging as a key theme in China's financial landscape, emphasizing long-term investments that prioritize sustainable growth over short-term gains [2][3] - Insurance capital is positioned as a central player in this "patient capital" movement, with significant resources and a focus on supporting the real economy and technological innovation [1][2] Policy Support for Long-term Investment - The China Securities Regulatory Commission is advocating for a more attractive environment for long-term investments, aiming to create conditions that encourage medium to long-term capital to enter and thrive in the market [2][3] - A series of regulatory measures have been implemented to enhance the investment environment for insurance funds, including adjustments to asset allocation ratios and risk factor settings [3][4] Growth in Insurance Capital Investment - As of Q3 2023, the total investment balance of insurance companies reached 37.46 trillion yuan, a year-on-year increase of 16.5%, with stock investments accounting for 3.6 trillion yuan [5][6] - The number of times insurance capital has made significant equity purchases reached 39 in 2023, the highest since 2016, indicating a growing trend towards long-term value investments [5][6] Focus on Hard Technology - Insurance capital is increasingly investing in hard technology sectors, with a diversified approach that includes direct and indirect investments in advanced manufacturing, AI, semiconductors, and biotechnology [7][8] - By mid-2025, insurance capital's direct equity investments in technology sectors reached 425.93 billion yuan, reflecting a commitment to supporting innovation and strategic emerging industries [7][9] 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 [10][11] - There is a need for insurance companies to evolve from being mere investors to becoming knowledgeable partners in the investment process, focusing on professional development and comprehensive risk management [12][11]