入市重点投向，长钱长投制度优化……多家险资巨头发声

Core Viewpoint - The article emphasizes the necessity and feasibility of increasing equity asset allocation by insurance funds, highlighting the importance of value investing and long-term investment strategies in the current macroeconomic environment [2][3][4]. Group 1: Value Investment Essence - Insurance funds should return to the essence of value investing, focusing on acquiring assets at reasonable prices to achieve long-term profit growth and investment returns [3][4]. - The investment strategy should prioritize "good companies" and "good returns," aligning with the long-term nature and stability of insurance capital [4][5]. Group 2: Selection Criteria for Investment Targets - Key indicators for selecting investment targets include: - Long-term competitiveness of the enterprise, requiring sustainable competitive advantages and long-term development potential [5]. - Continuous profitability, with financial metrics like ROE, ROIC, EBITDA, and FCFF consistently outperforming industry averages [5]. - Operational stability, characterized by low earnings volatility and strong cash flow predictability [5]. - Shareholder return capability, necessitating a stable dividend policy and a strong dividend record [5]. Group 3: Investment Opportunities - Focus areas for equity investment include: - New productive forces and new economic sectors, particularly in technology and innovation [6][7]. - High dividend, low volatility assets, and traditional industries with stable profitability and reasonable valuations [6][7]. - Opportunities arising from the overseas expansion of manufacturing and consumer brands, which can provide significant investment prospects [7]. - Niche industries with growth potential, such as innovative pharmaceuticals and high-value consumables, benefiting from domestic policy optimization [7]. Group 4: Long-term Investment Environment - The article suggests that the environment for long-term investment needs further optimization, including: - Cultivating a better "soil" for value investing and improving the institutional framework for long-term capital [11][12]. - Enhancing the investment capabilities of insurance funds to ensure they can effectively participate in the capital market [11][12]. - Recommendations include improving market infrastructure, refining IPO and refinancing policies, and enhancing investor protection mechanisms [11][12].