Core Insights - The report highlights the increasing role of long-term capital in stabilizing the market, particularly through insurance funds and social security funds, which are seen as "patient capital" that supports the development of a resilient market ecosystem [1][2] Group 1: Company Performance - Caitong Asset Management has been recognized for its outstanding investment management capabilities and professional client services, winning the "Securities Institution - Business Potential" recommendation for three consecutive years [1] - As of the end of Q2 2025, Caitong Asset Management has a total management scale of nearly 300 billion yuan, with public fund management exceeding 110 billion yuan and non-monetary public fund management surpassing 100 billion yuan [2] - The company has served 20.32 million investors and distributed over 68.6 billion yuan in dividends to product holders [2] Group 2: Industry Trends - The IAMAC's recommendation aims to promote collaboration between insurance institutions and various industry players, adhering to principles of legality, prudence, fairness, and non-profit [2] - The survey conducted by IAMAC reflects the growing trend of long-term investments in the capital market, emphasizing the importance of stable funding sources for market health [1][2]

纵观全局，险资正在从传统的"固收为主、权益为辅"转向"固收打底、权益增强"的资产配置模式。其在 IPO市场上的频繁出手，不仅是资产端寻求收益突破的战术调整，更是保险资金作为"耐心资本"服务实 体经济、支持国家战略的功能体现。 "险资正在从传统财务投资者向'产业赋能型资本'转型。"北京大学应用经济学博士后、教授朱俊生在接 受《华夏时报》记者采访时表示，传统险资更关注财务收益，而近年来，随着投资能力、产业研究能力 和投后管理能力的提升，一些险资机构开始通过IPO基石投资、战略配售、联合投后服务等方式深入参 与产业链发展，实现资本与产业的双向价值创造。 本报（chinatimes.net.cn）记者吴敏 北京报道 近年来，在资本市场深化改革与利率持续下行的双重背景下，保险资金正以前所未有的活跃姿态涌入 IPO市场，成为一级市场中不可忽视的长期资本力量。从港股基石投资到A股战略配售，从半导体芯片 到新能源电站，险资的触角正深入更多具备高成长性与战略价值的产业领域。 港股IPO：险资成为基石力量 今年以来，港股市场迎来多家重磅企业上市，其中紫金矿业旗下黄金业务板块紫金黄金国际的登陆尤为 引人注目。该项目不仅是今年港股募 ...

来源：中国证券报 9月28日，由中国证券报主办的"长钱 长投 长青"2025保险业、信托业高质量发展大会在北京举行。来自 保险公司、保险资管公司、信托公司的100余位机构高管及金融业内人士齐聚一堂，就行业转型、创新 探索与服务国家战略等议题展开深入讨论。 从宏观环境来看，内需潜力的释放成为推动经济高质量发展的重要动力。第十四届全国政协委员、中国 发展研究基金会理事长、国务院发展研究中心原副主任张军扩表示："我国内需潜力十分巨大，关键是 如何把它有效释放出来。"他建议，从多方面协同发力，包括以更大力度支持服务型消费，特别是针对 群众急难愁盼的教育、医疗、养老等方面问题，政府可加大补贴力度提振居民消费意愿，增强居民消费 能力。 在释放内需的过程中，保险业迎来新的发展机遇。原中国保监会副主席周延礼表示，随着人口老龄化加 剧，养老险市场需求将持续增长，为保险业提供广阔的发展空间。保险业要发挥规模优势、久期优势， 做好资产管理。同时，需加强产品创新和市场推广，提高养老保险第三支柱的市场竞争力和覆盖面。 国寿资产副总裁刘凡进一步阐释，保险资金具备"长钱长投"的独特属性，拥有成为"耐心资本"的潜力， 这一特性使其天然契合资 ...

Core Insights - The conference focused on the challenges faced by asset management institutions in the context of a declining interest rate environment, emphasizing the need for insurance funds to optimize asset allocation while adhering to long-term investment principles [1] Group 1: Market Environment and Confidence - The current capital market environment has seen positive changes, leading to increased confidence among insurance asset management institutions [2] - Key changes include a significant rise in bond yields and a substantial increase in stock market performance despite economic slowdown [2] - The macroeconomic landscape reflects fundamental shifts, such as the rapid development of AI-driven technology industries and enhanced reform expectations during the 14th Five-Year Plan period [2] Group 2: Asset Allocation Strategies - Insurance institutions are adjusting their asset allocation strategies, with a notable increase in risk appetite [3] - The focus is on matching assets and liabilities, considering the current market environment, and adapting strategies accordingly [3] - There is a trend towards increasing equity asset allocation, with insurance funds investing over 8% in stocks in the first half of the year, a significant rise from the beginning of the year [4] Group 3: Investment Capability Enhancement - The changing investment environment necessitates improved asset identification and operational management capabilities for insurance institutions [6] - There is a consensus on the need to transition from a focus on credit to a deeper understanding of assets, particularly in managing mid-tier assets [6] - The industry is moving towards a more proactive risk management approach, utilizing quantitative tools and advanced technologies for better decision-making [6] Group 4: Long-term Investment Ecosystem - The concept of "long money, long investment" requires a more robust investment ecosystem, including long-term assessment mechanisms [7] - Policymakers are encouraged to support long-term investment goals through improved regulatory frameworks and diversified investment models [7] - The need for a standardized research system covering macro, industry, and company levels is emphasized to ensure effective investment decision-making [6][7]

Core Insights - The conference "Long Money, Long Investment, Long Prosperity" highlighted the insurance and trust industries' transition towards high-quality development, emphasizing their roles in supporting the real economy and stabilizing capital markets [1][2] Group 1: Industry Transformation - Over 100 executives from insurance and trust companies gathered to discuss industry transformation, innovation, and alignment with national strategies [1] - The insurance sector is expected to leverage its "long money, long investment" characteristics to meet long-term capital market demands, distinguishing it from other financial institutions [2] Group 2: Economic Environment - The release of domestic demand is identified as a key driver for high-quality economic development, with calls for increased government support in service-oriented consumption, particularly in education, healthcare, and elderly care [1] - The demand for pension insurance is projected to grow, providing significant development opportunities for the insurance industry [1] Group 3: Asset Management and Innovation - The insurance industry is encouraged to enhance asset management capabilities and innovate products to improve the competitiveness and coverage of the third pillar of pension insurance [1] - The trust industry is undergoing adjustments and exploring new vitality, with a focus on its unique advantages in asset allocation and wealth transfer [2] Group 4: Mechanism and Capability Building - Mechanism and capability development are crucial for achieving high-quality growth in the insurance sector, with a recommendation for life insurance companies to strengthen their balance sheets [2] - The trust industry is entering a new phase of high-quality development, supported by improved top-level design [2]

9月28日，由中国证券报主办的"长钱 长投 长青"2025保险业、信托业高质量发展大会在北京举行。在 以"低利率之下保险机构金融资产配置的变与不变"为主题的圆桌论坛上，与会嘉宾就利率中枢下行环境 下资管机构面临的资产配置的新挑战进行了讨论。 面对新环境新形势，与会嘉宾认为，作为市场上重要的长期资金，保险资金需在坚守长期投资、绝对收 益理念的同时，积极优化资产配置结构，拓展投资能力边界，并呼吁完善长期投资生态，以真正践 行"长钱长投"，服务实体经济高质量发展。 ● 本报记者 陈露 薛瑾 险资机构信心增强 与会嘉宾认为，当前资本市场环境发生了一些积极变化，险资机构的信心在增强。 "自去年9月以来，市场环境发生了很多变化，最重要的变化是信心在修复。"中意资产总经理贡磊表 示，最为直观的体现就是今年以来资本市场的表现。在经济增速放缓、央行维持支持性货币政策的情况 下，债券利率出现较大幅度上行，股票市场大幅上涨。 贡磊认为，宏观经济与资本市场的走势体现出基本面的变化：一是以人工智能为核心的科技产业进入发 展快车道；二是以"反内卷"为代表的改革预期增强，预计"十五五"期间将是我国改革推进最为密集的阶 段；三是出口的韧性增 ...

Core Insights - Insurance capital possesses unique attributes of "long money and long investment," making it suitable for long-term capital market investment needs [1][2] - The current market environment presents a critical moment for insurance capital to actively seek changes and seize opportunities [1] Group 1: Characteristics of Insurance Capital - The "long money" aspect originates from the liability side, primarily utilizing life insurance funds, while "long investment" is practiced on the asset side, creating a closed loop through asset-liability matching [1] - The long-term nature of insurance liabilities provides a solid foundation for the "long money" attribute, with premium income accumulation showing stability and longevity [1] Group 2: Investment Strategy and Market Role - Insurance capital adopts a value investment approach, focusing on in-depth fundamental research to invest in industries and companies with genuine growth potential [2] - Insurance capital acts as a "stabilizer" and "ballast" in the capital market, with the ability and willingness to invest counter-cyclically during market panic, which helps stabilize market sentiment and smooth investment returns [2] Group 3: Current Market Context and Future Directions - The evolving landscape of the domestic economy, industry upgrades, and regulatory changes presents new opportunities and challenges for the utilization of insurance capital [2] - To implement the "long money and long investment" philosophy, insurance capital must proactively adapt its asset allocation to capture emerging investment opportunities and enhance equity asset allocation capabilities [2]

Group 1 - The conference "Long Money, Long Investment, Long Green" highlighted the importance of insurance and trust industries in supporting the real economy and stabilizing capital markets through innovative business models and optimized asset allocation [1] - The release of domestic demand is seen as a crucial driver for high-quality economic development, with a call for increased government support in service-oriented consumption, particularly in education, healthcare, and elderly care [1] - The insurance industry is presented with new growth opportunities, particularly in the pension insurance market, which is expected to continue growing, necessitating enhanced asset management and product innovation [1] Group 2 - Insurance funds possess a unique "long money, long investment" characteristic, positioning them as "patient capital" that aligns with the long-term investment needs of capital markets [2] - Mechanism and capability building are essential for achieving high-quality development in the industry, with a focus on restructuring balance sheets to integrate more effectively into national economic development [2] - The trust industry is undergoing adjustments and exploring new vitality, with its unique advantages in property independence, risk isolation, wealth inheritance, and asset allocation becoming increasingly relevant [2]

Core Viewpoint - The conference highlighted the need for insurance institutions to adapt their asset allocation strategies in a low interest rate environment while maintaining a long-term investment approach to support the high-quality development of the real economy [1][3]. Group 1: Market Environment and Confidence - Insurance institutions are experiencing increased confidence due to positive changes in the capital market since September of last year, with notable improvements in market performance despite economic slowdowns [4]. - Key factors contributing to this confidence include the rapid development of technology industries driven by artificial intelligence, expectations of intensified reforms during the 14th Five-Year Plan, and the resilience of exports amid global economic uncertainties [4]. Group 2: Asset Allocation Strategies - The risk appetite of insurance institutions is rising, necessitating adjustments in asset allocation strategies to align with the current market environment [5][6]. - The allocation structure is shifting towards a more diversified approach, with an emphasis on both fixed income and equity assets, while maintaining a cautious stance on fixed income investments [7]. - Insurance funds have increased their equity investments, with over 8% of investments in stocks this year, reflecting a significant rise from the beginning of the year [7]. Group 3: Alternative Investments and Long-term Strategies - There is a growing focus on diversifying income sources through alternative investments to extend duration, smooth volatility, and enhance yield flexibility [8]. - The appeal of REITs is highlighted as they offer predictable cash flows in a low interest rate environment, making them attractive for insurance capital [8]. Group 4: Investment Capability Enhancement - The changing investment environment demands improved asset identification and operational management capabilities from insurance institutions [9]. - A shift from a credit-focused approach to a more asset-understanding capability is essential for long-term stability and risk management [9]. - The industry consensus emphasizes the importance of deepening value investment and focusing on high-quality growth sectors such as new energy, technology, and advanced manufacturing [9].

Core Viewpoint - The initiative "New Era, New Fund, New Value" aims to promote the high-quality development of public funds in Beijing, supported by various financial institutions and media, following the implementation of comprehensive financial support measures for economic development [1] Group 1: Market Environment - Since the launch of the financial support measures on September 24, 2024, the capital market reforms have progressed, leading to a systematic restructuring of market infrastructure and ecosystem [1] - The removal of barriers for long-term capital entry has improved investor confidence, contributing to the stabilization and recovery of the A-share market this year [1] Group 2: Characteristics of Long-term Capital - Long-term capital is characterized by stable funding sources, long usage cycles, and a focus on value preservation and appreciation over time, including social security funds, pension funds, insurance funds, and other investment vehicles [1] - Compared to short-term investments, long-term investments reduce decision-making frequency and mitigate the impact of market volatility, leading to improved investment returns and experiences [1] Group 3: Role of Long-term Capital - Long-term capital serves as a stabilizing force for the market, with recent guidelines issued by central financial authorities to promote its entry into the market [2] - It is also a key driver for technological innovation and industrial transformation, providing essential funding for new technologies and major research initiatives [2] Group 4: Strategies for Long-term Investment - The company is enhancing its research capabilities and investment strategies to better serve long-term capital needs, focusing on new technologies and industries [3] - There is an emphasis on developing a diverse product system tailored to the investment demands of long-term capital, including social security and pension funds [3] Group 5: Future Outlook - The company plans to continue improving governance mechanisms and integrating investor interests into its long-term assessment framework [4] - Efforts will be made to innovate low-volatility products and promote index-based investments to better serve long-term investors and support the healthy development of the capital market [4]