第一财经·2025-08-30 05:44Core Viewpoint - Xinhua Insurance's stock has shown significant growth in both A-shares and H-shares, with a year-to-date annualized total investment return of 5.9%, up 1.1 percentage points year-on-year, indicating strong investment value despite market challenges [2][4]. Investment Strategy - The company is focusing on asset-liability linkage to navigate challenges posed by declining interest rates and rigid liabilities. This includes maintaining a strategic focus on long-term bonds and optimizing equity investment structures to achieve stable excess returns [5][6]. - Xinhua Insurance is placing greater emphasis on high-dividend stocks, which provide stable cash flow and investment returns, and have increased its investments in such assets from CNY 30.64 billion at the beginning of the year to CNY 37.47 billion by mid-year, a growth of CNY 6.83 billion [6]. Fund Management - Xinhua Insurance has been proactive in participating in long-term investment pilot programs, establishing the Honghu Fund in collaboration with China Life. The first phase of the fund has completed its investment tasks with good returns, while the second phase is nearing completion [8]. - The fund's investment strategy focuses on large listed companies with stable governance and operations, with Xinhua Insurance planning to invest a total of CNY 46.25 billion in the pilot fund [8]. Future Investment Moves - In 2025, Xinhua Insurance has made strategic equity investments in Hangzhou Bank and Beijing Holdings, indicating confidence in their long-term growth potential. The company acquired 330 million shares of Hangzhou Bank for approximately CNY 4.3 billion, and increased its stake in Beijing Holdings to 5% [10][11]. - Future investment decisions will be based on macroeconomic conditions, the long-term value of specific targets, and alignment with the company's strategic goals [11].