37万亿险资，如何做好“耐心资本”？四大保险资管纵论

Core Viewpoint - The article discusses the role of insurance capital as "patient capital" in supporting emerging industries and future production capabilities, particularly in the context of the upcoming "14th Five-Year Plan" [1][9]. Group 1: Long-term Investment Pilot - The long-term investment pilot program, initiated by China Life and Xinhua Insurance, has expanded to a scale of 222 billion yuan, emphasizing the need for insurance capital to act as a stabilizer in the capital market [5][6]. - The pilot fund is designed for a holding period of over 10 years, focusing on high-dividend and high-yield assets, with a strategy of "trading only when necessary" [6][7]. - The pilot has shown positive results, with high and stable returns, and the companies involved are satisfied with the outcomes [6][8]. Group 2: Role of Insurance Capital in Technology and Innovation - Insurance capital is expected to play a crucial role in supporting technological innovation and new production capabilities, aligning with national economic transformation goals [9][10]. - Companies are adjusting their investment research frameworks to better evaluate technology-driven sectors, moving away from traditional cash flow assessments used in infrastructure and real estate [10][12]. - The focus is on building partnerships with industry leaders and investment banks to identify promising technology projects and establish a supportive ecosystem [10][12]. Group 3: Investment Strategies and Future Outlook - For 2026, companies are adopting a "tight balance" approach due to declining net investment yields, emphasizing the need for precise asset-liability management [14][15]. - The investment strategy will focus on dynamic balance, seeking new investment opportunities across various asset classes while maintaining stability [15][17]. - There is a strong emphasis on value investment and long-term strategies, particularly in high-dividend assets and sectors aligned with national strategic goals, such as high-end manufacturing and information technology [17][20].