华夏久盈王晓辉：发挥“长坡厚雪”禀赋优势，探索科技金融“保险资管方案”

Core Viewpoint - Insurance funds play a crucial role as long-term capital and are essential in supporting national strategies and fostering emerging industries, despite facing challenges in ideology, capability, and mechanisms in deepening participation in technology innovation investments [3][4]. Group 1: Insurance Funds' Unique Attributes - Insurance funds possess a "long slope and thick snow" endowment, which aligns with the long cycles and high investments required for technology innovation, with life insurance liabilities lasting 15-30 years [4][5]. - The total balance of insurance fund utilization in China exceeds 36 trillion yuan, providing substantial support for systematic layouts in cutting-edge fields [4]. Group 2: International Practices and Comparisons - International asset management giants, such as Yale's endowment fund and Allianz Insurance, allocate significant portions of their assets to venture capital and alternative investments, capturing excess returns and supporting global technological innovation [5]. Group 3: Challenges in Technology Investment - Insurance funds face challenges in ideology, capability, and mechanisms, needing to shift from a credit mindset to an equity mindset, enhance research capabilities, and improve risk-return matching mechanisms [6][7]. - The high-risk nature of technology projects conflicts with the safety-first principle of insurance funds, leading to a cautious approach towards early-stage and exploratory projects [7]. Group 4: Pathways for Improvement - To enhance support for technology innovation, insurance funds should focus on strengthening research capabilities, broadening investment strategies, and innovating risk management models [8][9]. - Companies like 华夏久盈 are establishing specialized research teams and developing a multi-dimensional risk assessment system to better evaluate technology enterprises [9].