徐高林：让匹配管理和专业投资成为险资“向上长”的动力

Core Viewpoint - The insurance sector is positioned as "patient capital," playing a crucial role in driving new productive forces through diversified investment channels, including equity, debt, funds, and alternative investments [2][3] Group 1: Current Industry Status - The insurance asset management industry is experiencing high growth, with total assets reaching 35.91 trillion yuan by the end of 2024, a 13.9% increase from the beginning of the year, marking the highest growth rate since 2017 [7] - By mid-2025, total assets in the insurance industry reached 39.2 trillion yuan, reflecting a 9.2% increase from the start of the year, indicating sustained high growth [8] - Despite overall growth, there is uneven distribution, with many small and medium-sized companies facing challenges, leading to a degree of "involution" in the industry [8] Group 2: Investment Opportunities and Strategies - The recent renaming of the China Banking and Insurance Asset Management Association aims to foster collaboration between insurance asset management and bank wealth management, creating numerous potential cooperation opportunities [9][10] - The insurance asset management sector is exploring alternative investments and innovative strategies to address the challenges posed by a scarcity of quality assets and interest rate risks [6][12] - The focus on green finance aligns with the long-term liabilities of insurance capital, allowing for better matching of investment cycles with the characteristics of insurance liabilities [13][14] Group 3: Future Trends and Recommendations - The insurance sector must enhance its asset-liability matching management capabilities while prioritizing safety to improve yield, which is essential for sustainable growth [19] - The industry is encouraged to concentrate on its comparative advantages and avoid overextending into all investment tools, focusing instead on stable investment opportunities [17][18] - As the scale of insurance capital continues to grow, the sector's responsibilities towards policyholders and the broader market will become increasingly significant, necessitating a balance between risk-taking and fulfilling contractual obligations [18][19]