证券时报·2025-09-02 23:52Core Insights - The article discusses the recent disclosures of half-year reports from listed companies, highlighting the investments made by the Honghu Fund, which is the largest and earliest established private equity fund backed by insurance capital in China [1][2]. Group 1: Honghu Fund Investments - Honghu Fund has become a top ten shareholder in at least six listed companies, including China Petroleum, China Shenhua, and China Petrochemical [1]. - The investment criteria for Honghu Fund include companies with good governance, stable operations, relatively stable dividends, good liquidity, and strong returns, focusing on large-cap blue-chip companies [1]. - The companies in which Honghu Fund has invested exhibit characteristics of high dividend yields and large market capitalizations, with dividend yields exceeding 5% for companies like Shaanxi Coal and China Shenhua [1]. Group 2: Fund Performance and Strategy - As of the end of the second quarter, the second phase of the Honghu Fund has nearly completed its investment allocation, while the third phase commenced in early July and is progressing smoothly [2]. - The pilot fund has achieved lower risk indicators and higher return indicators compared to benchmarks, indicating a successful balance between functionality and profitability [2]. - The pilot fund's total amount has reached 222 billion yuan, with the first two batches of pilot institutions approved to establish private equity fund companies [2].