安联资管杜毅：以“长期主义+价值发现”为内核，做科技金融的“耐心资本”

Core Viewpoint - Insurance asset management is becoming a crucial "patient capital" for supporting technological innovation, leveraging its long-term funding characteristics to meet the financing needs of tech enterprises [3][5]. Group 1: Characteristics of Insurance Asset Management - Insurance funds, with a total utilization balance of approximately 33 trillion yuan and an average liability duration of 13.19 years, align well with the average 12-year R&D cycle of tech companies [5]. - The long-term investment nature of insurance asset management allows it to withstand short-term market fluctuations and support tech companies through their development phases, particularly in high-investment sectors like semiconductors, AI, and biomedicine [5][6]. Group 2: Investment Strategies - Insurance asset management is constructing a diversified investment system that includes equity investments, debt plans, and REITs to meet the full lifecycle funding needs of tech enterprises [7]. - Equity investment is identified as a core strategy, with a focus on private equity funds and direct investments in strategic emerging industries such as chips and AI [7]. - Fixed-income tools like tech bonds and REITs are also highlighted for their potential to provide stable returns and support the financing of tech enterprises [8]. Group 3: Risk Management - The company employs a proactive management strategy that incorporates both financial and non-financial risk assessment metrics, including patent value and R&D investment [10]. - A multi-layered risk diversification strategy is implemented, focusing on various sectors and regions to mitigate risks associated with specific industries [10]. - Collaboration with local governments and venture capital funds is emphasized to create a multi-tiered financial service ecosystem that supports tech enterprises [10]. Group 4: Future Outlook - The potential for insurance asset management to further enhance its role in supporting hard technology breakthroughs and new productive forces is anticipated as investment tools continue to evolve [6]. - The growth of Allianz Asset Management's assets under management from approximately 28 billion yuan to over 300 billion yuan within four years indicates a steady increase in tech-related investments [10].