手握近2000亿元额度 险资为何对黄金“克制”入场？

Core Viewpoint - The rising gold prices have sparked extensive discussions regarding their future trends and investment value, particularly in the context of insurance funds' involvement in gold investments, which has been under trial for nearly a year [1][2]. Group 1: Insurance Funds' Involvement - The National Financial Regulatory Administration has allowed insurance funds to participate in gold investments since February 2025, with ten insurance companies as the first batch of trial participants [2]. - As of March 2025, several major insurance companies, including People’s Insurance Company, China Life, and Ping An Life, have become members of the Shanghai Gold Exchange and completed their first gold transactions [2]. - Despite the opening of investment channels, the actual investment proportion remains low due to the trial's early stage, rapid gold price increases, and the ongoing development of professional investment teams within insurance companies [2][3]. Group 2: Investment Limits and Caution - The trial regulations stipulate that the total investment in gold by insurance companies must not exceed 1% of their total assets from the previous quarter, theoretically allowing for nearly 200 billion yuan in gold asset allocation across the ten trial companies [3]. - Insurance companies are currently maintaining a cautious approach to gold investments, primarily due to the high gold prices and the need to build specialized investment teams [3][4]. - Experts indicate that the current phase is characterized by a defensive investment strategy, with insurance companies gradually accumulating experience in gold investments [3][5]. Group 3: Long-term Strategic Value - The cautious stance of insurance companies does not negate the long-term strategic value of gold, which is seen as a means to optimize asset allocation and reduce overall portfolio volatility [4][5]. - Gold's low correlation with stocks and bonds makes it a valuable asset for insurance funds, particularly in managing long-term liabilities associated with life insurance and annuity products [5][6]. - The potential for gold to serve as a stabilizing asset in the face of inflation and economic fluctuations is recognized, with international practices suggesting that gold can be a long-term holding for insurance companies [6][7]. Group 4: Recommendations for Future Investment - Experts recommend a gradual and cautious approach to gold investment during the trial phase, with a focus on integrating gold allocation with liability duration management to prevent short-term trading behaviors [7]. - Suggestions include optimizing the solvency framework, adjusting risk factors for gold investments, and improving accounting treatment to reflect long-term volatility without significantly impacting current profits [7].