人保资产：做好科技金融大文章，助力高水平科技自立自强

Core Viewpoint - The article emphasizes the importance of insurance asset management in supporting the development of a high-level technology financial system, highlighting the role of insurance funds as "patient capital" in fostering technological innovation and economic transformation [3][4]. Group 1: Characteristics of Technology Innovation Financing - The financing needs of the technology innovation industry exhibit four distinct characteristics: strong demand for diversified financing channels, long-term and cyclical nature, inherent risks and uncertainties, and high efficiency requirements for financing [4]. - Insurance funds are characterized by large scale, cross-cycle stability, and consistent sources, making them well-suited to support the construction of a multi-layered and high-level technology financial system [4]. Group 2: Investment Capabilities of Insurance Asset Management - Insurance asset management institutions have become one of the most diversified financial institutions in terms of investment scope, leveraging strong asset allocation capabilities to support key areas of the technology innovation industry [4]. - The flexibility in product creation allows insurance asset management to meet the broad and lifecycle financing needs of technology innovation entities through various investment forms, including secondary market instruments and direct investments [5]. - Insurance asset management maintains a robust risk management capability, adhering to prudent operational principles through multiple market cycles [4][6]. Group 3: Challenges in Technology Innovation Investment - There are challenges in aligning insurance funds with technology innovation investments, including risk mismatch due to the non-linear value creation paths of technology projects, which may not align with the safety and stability focus of insurance funds [6]. - A capability gap exists as investment personnel often come from traditional financial backgrounds, lacking deep industry understanding necessary for specialized technology sectors [6]. - Capital constraints are imposed by regulatory frameworks, increasing the pressure on insurance companies' solvency ratios when engaging in equity investments [6]. Group 4: Innovative Investment Models - The company is actively exploring innovative investment models, such as convertible bonds and equity investments, to engage in significant technology projects throughout their lifecycle [7]. - Collaborative investment models with leading industry capital are being developed to enhance post-investment capabilities and support the growth of specialized small and medium-sized enterprises [7]. Group 5: Growth in Technology Financial Investment - The scale of technology financial investments by the company has rapidly increased, with a nearly 30% year-on-year growth as of June 2025, focusing on high-tech sectors like artificial intelligence and biomedicine [8]. - The company has launched various technology financial products, including a thematic asset management product targeting technology innovation industries, and has invested in key technology projects related to critical core technologies [8].