券商中国·2025-06-12 15:42Core Viewpoint - The article discusses the latest developments in the third batch of insurance funds' long-term stock investment pilot program, highlighting the participation of major insurance companies like Xinhua Insurance and China Life in private equity funds aimed at long-term investments in the stock market [1][6]. Summary by Sections Investment Details - Xinhua Insurance plans to invest no more than 15 billion yuan in a private fund initiated by Guofeng Xinghua, with a total fund size of 22.5 billion yuan, where both Xinhua Insurance and China Life will contribute 11.25 billion yuan each [1][2]. - The fund aims to adopt a long-term investment strategy through low-frequency trading and long-term holding to achieve stable dividend income, focusing on large listed companies that meet specific governance and operational criteria [3]. Fund Structure and Duration - The private fund has a duration of 10 years, with the possibility of extension following procedural changes [4]. - The fund will be raised through a non-public offering to qualified investors, with a maximum fundraising period of three months from the start of the fund's share sale [5]. Policy and Strategic Alignment - This investment aligns with national policies promoting long-term capital market entry and reflects Xinhua Insurance's strategic direction towards long-term, value, and stable investments [6]. - The third batch of pilot programs has a total approved amount of 60 billion yuan, with various insurance companies participating, including smaller firms [6][14]. Market Context and Implications - The long-term investment pilot program allows insurance companies to establish private equity funds primarily targeting the secondary stock market, with the first batch approved in October 2023 [7]. - The second batch involved eight insurance companies with a total scale of 112 billion yuan, indicating a growing trend in insurance capital entering the market [7][8]. - The overall amount for the long-term investment reform pilot program will increase to 222 billion yuan after the approval of the third batch [13]. Benefits and Market Stability - Research institutions believe that the long-term investment pilot can help mitigate profit volatility for insurance companies while enhancing equity investments, contributing to market stability and fostering a positive interaction between insurance funds and capital markets [15].