太平资产表示，设立该私募证券投资基金公司，旨在积极响应保险资金长期投资改革试点，下一步将严 格规范基金运作管理，建立健全长周期考核机制和符合保险资金特性的投资策略，充分发挥保险资金长 期资本、耐心资本作用，进一步加大中长期资金对于资本市场的投资力度，坚定服务国家战略、服务实 体经济，更好发挥保险资金"稳定器"和"压舱石"作用。 人民财讯8月8日电，记者获悉，近日，中国太平旗下子公司太平资产获国家金融监督管理总局批复，同 意其投资设立太平(深圳)私募证券投资基金管理有限公司。截至2024年末，太平资产管理资产总规模超 过1.5万亿元。 ...

Core Insights - The establishment of the Taibao Zhiyuan No. 1 private securities investment fund marks an increase in the number of insurance-backed private securities investment funds in China to six, managed by three insurance-related private fund companies [1][3] Group 1: Fund Establishment and Management - The Taibao Zhiyuan No. 1 fund was established on July 23 and completed its filing on July 28, with a target size of 20 billion yuan [3] - Prior to Taibao Zhiyuan No. 1, five other insurance-backed private securities investment funds were already operational, with four managed by Guoshou Asset and Xinhua Asset through Guofeng Xinghua (Beijing) Private Fund Management Co., Ltd. [3] - The first insurance-backed private fund, Honghu Zhiyuan, was jointly initiated by Xinhua Insurance and China Life, with a total scale of 50 billion yuan fully deployed by March of this year [3] Group 2: Fund Sizes and Contributions - The second phase of the Honghu Zhiyuan private securities investment fund was established on May 27, with a total scale of 20 billion yuan, with Xinhua Insurance and China Life each contributing 10 billion yuan [3] - The first and second funds of the Guofeng Xinghua Honghu Zhiyuan third phase were established on July 7, with the first having a scale of 22.5 billion yuan, and contributions from Xinhua Insurance and China Life of 11.25 billion yuan each [3] - The Taikang Stable Phase I private securities investment fund was established on June 18 and began investing on June 27, managed by Taikang Asset [4]

Core Viewpoint - The approval of Sunshine Asset Management to establish Sunshine Hengyi Private Fund Management Company marks a significant development in the insurance asset management sector, increasing the number of insurance-funded private fund management companies in China to five [1][2]. Group 1: Establishment of Private Fund Management Companies - Sunshine Asset Management has been approved to set up Sunshine Hengyi with a capital of 10 million yuan [1]. - The five insurance-funded private fund management companies include Guofeng Xinghua, Taikang Stable, Hengyi Chiying, and Taibao Zhiyuan, in addition to Sunshine Hengyi [3]. - Two of these companies, Guofeng Xinghua and Taikang Stable, have already launched private fund products and commenced operations [3]. Group 2: Fund Scale and Investment Focus - The total scale of the three batches of pilot funds has reached 2,220 billion yuan, aimed at long-term equity investments in the capital market [5][6]. - The pilot funds are designed to focus on long-term holdings, primarily targeting stocks in key industries that are vital to the national economy [7]. - The investment strategy emphasizes high dividend, low volatility stocks, and sectors aligned with national development strategies, such as high-end manufacturing and artificial intelligence [8].

Core Insights - Xinhua Insurance has signed a fund contract with Guofeng Xinghua and Guangfa Bank to establish the Guofeng Xinghua Honghu Zhi Yuan Phase III Private Securities Investment Fund No. 1, with a total fund size of 22.5 billion yuan, in which Xinhua Insurance will invest 11.25 billion yuan [1] - The Honghu Fund Phase III No. 1 focuses on large listed companies that are constituents of the CSI A500 index, emphasizing good corporate governance, stable operations, consistent dividends, and good stock liquidity [1] - The management company, Guofeng Xinghua, was established in 2023 with a registered capital of 10 million yuan, jointly funded by Xinhua Asset Management and China Life Asset Management, each holding 50% equity [1] Fund Development - The Honghu Fund has been approved for three phases, with a total scale exceeding 100 billion yuan, including Phase I with a size of 50 billion yuan and Phase II with 20 billion yuan [1][2] - The third phase of the Honghu Fund has a total approved amount of 40 billion yuan, with participation from multiple small and medium-sized insurance companies alongside Xinhua Insurance and China Life [2] - The total amount for the insurance capital long-term investment reform pilot program will increase to 222 billion yuan after the approval of the third phase [2]

Group 1 - The core viewpoint of the article highlights the successful completion of the first investment transaction by Taikang Asset's specialized private equity securities investment fund management company, Taikang Stable (Wuhan) Private Fund Management Co., marking a stable start for its business [1] - In January 2025, the Financial Regulatory Administration approved the second batch of pilot reforms for long-term investment of insurance funds, allowing several insurance companies, including Taikang Life, to participate in long-term stock investments through contractual funds [1] - Taikang Stable will act as the fund manager to issue a contractual private equity securities investment fund directed to Taikang Life, with an initial investment scale expected to be 12 billion yuan, making Taikang Life the sole holder [1]

Core Viewpoint - The long-term investment reform pilot for insurance funds in China has made significant progress, with three insurance-related private equity funds currently in operation, totaling an expected scale of 82 billion yuan [1][2]. Group 1: Fund Details - The three operational insurance-related private equity funds are: Honghu Zhiyuan Phase I, Honghu Zhiyuan Phase II, and Taikang Stable Phase I, with a total expected scale of 82 billion yuan [1][2]. - Honghu Zhiyuan Phase I, with a total scale of 50 billion yuan, is the first insurance-related private equity fund in China and has completed all investments as of March this year [2]. - Honghu Zhiyuan Phase II has a total scale of 20 billion yuan and focuses on large listed companies with A+H shares that meet the criteria of the CSI A500 index [2]. - Taikang Stable Phase I was established on June 18, with an expected initial investment scale of 12 billion yuan [2]. Group 2: Regulatory Approval and Future Plans - The National Financial Regulatory Administration has approved a total of three batches of long-term investment reform pilot programs for insurance funds, with a cumulative total scale of 222 billion yuan [2]. - Other approved institutions are accelerating their efforts to launch related products [2]. - Taikang Zhiyuan has completed registration with the China Securities Investment Fund Industry Association and is expected to soon launch the Taikang Zhiyuan No. 1 private equity fund, targeting a scale of 20 billion yuan [2]. Group 3: Impact on the Industry - The establishment of these funds is expected to optimize the asset allocation structure of insurance institutions and increase the proportion of equity investments [3]. - The pilot program allows insurance capital to leverage its advantages as patient capital, helping to stabilize the capital market through long-term holdings of quality assets [3]. - The initiative also aims to optimize the asset-liability matching under the new accounting standards for insurance funds, reducing the impact of short-term market fluctuations on profits and solvency [3].

Regulatory Developments - The Financial Regulatory Bureau has approved AIA Life and Netherlands Global Life to establish an insurance asset management company in Shanghai [1] - The "Action Plan to Support the Construction of Shanghai International Financial Center" aims to further attract insurance institutions to Shanghai [1] Industry Trends - The pilot reform for long-term investment of insurance funds has progressed, with an additional 22.5 billion yuan expected to be invested by New China Life and China Life in a private equity fund [2] - In 2025, 403 new life insurance products have been launched, with participating insurance accounting for 37% of the total, indicating a shift towards this product type due to its fixed and floating income mechanism [3] - A new round of insurance product interest rate adjustments has begun, with a recent product launch featuring a 1.5% interest rate, down from the previous 2% cap [4] Company Performance - China Pacific Insurance reported a premium income of 134.79 billion yuan from January to May 2025, a year-on-year increase of 10.2% [5] - ZhongAn Online reported a total premium income of approximately 13.91 billion yuan for the same period, reflecting a 13% year-on-year growth [5] - Fuzhou Life Insurance has been officially established, with plans for its vice president to potentially become the president, indicating a strategic move in the insurance market [6]

保险资金长期投资改革试点又取得新进展。 6月12日，新华保险(601336.SH、01336.HK)公告称，此次投资标的为国丰兴华鸿鹄志远三期私募证券投 资基金1号(下称"鸿鹄三期")，规模达225亿元，新华保险与中国人寿拟各出资112.5亿元认购私募基金份 额，主要投向中证A500指数成分股中符合条件的大型上市公司A+H股。 新华保险表示，本次投资符合国家推动长期资金入市的相关政策。 长江商报记者注意到，一季度，随着资本市场活跃，新华保险的投资收益实现97.72亿元，同比飙升超 百亿，推动公司一季度业绩双增。去年同期，公司的投资收益为-17.19亿元。 保险业务方面，今年前5个月，公司实现保费收入990.86亿元，同比增长26%。 112.5亿认购鸿鹄三期50%份额 根据新华保险公告，为进一步响应国家推动中长期资金入市的政策，公司拟出资不超过150亿元认购由 国丰兴华(北京)私募基金管理有限公司(下称"国丰兴华")发起设立并管理的私募基金的份额。 此次投资标的为鸿鹄三期，存续期限为10年，按约定履行变更手续后，私募基金存续期限可相应延长。 据了解，该基金成立规模达225亿元，新华保险与中国人寿拟各出资112 ...

Core Viewpoint - The recent progress in the long-term investment reform pilot for insurance funds in China is marked by the joint investment of 225 billion yuan by New China Life Insurance and China Life Insurance in the Honghu Zhiyuan Phase III private equity fund, indicating a significant influx of long-term investment funds into the capital market [1][2][3]. Group 1: Investment Details - New China Life Insurance and China Life Insurance each plan to invest 11.25 billion yuan in the Honghu Zhiyuan Phase III fund, which has a total investment of 225 billion yuan [1][2]. - The Honghu Zhiyuan Phase III fund has a duration of 10 years, with the possibility of extension based on contractual agreements [2]. - This investment marks the third collaboration between New China Life and China Life in private equity funds, following previous investments in Honghu Zhiyuan Phase I and II [3]. Group 2: Reform Pilot Expansion - Since the pilot program began in 2023, the scale of long-term investment reform for insurance funds has been expanding, with a total approved scale expected to reach 222 billion yuan upon the completion of the third batch of 600 billion yuan [1]. - The pilot program allows insurance companies to establish private equity funds primarily targeting the secondary market for stocks, promoting a long-term holding strategy [4]. Group 3: Fund Structure and Taxation - The structure of private equity funds is diversifying, with the first fund being a company-type fund and subsequent funds being contract-type funds, which are easier to manage and do not require corporate governance mechanisms [4][5]. - Contract-type funds avoid double taxation issues that company-type funds face, as the tax burden is borne by the fund's shareholders rather than the fund itself [5][6]. Group 4: Market Impact and Future Outlook - The long-term investment reform pilot is expected to help insurance institutions optimize asset allocation, increase equity investment ratios, and act as a stabilizing force in the capital market [6]. - The establishment of private equity funds by insurance institutions is anticipated to enhance their participation in the capital market, potentially leading to a larger scale of funds and institutions involved in the pilot program in the future [6].

Group 1 - The core viewpoint of the news is that Xinhua Insurance plans to invest up to 15 billion yuan in a private fund initiated by Guofeng Xinghua, aligning with national policies to promote long-term capital market participation [1][2] - The private fund, named Guofeng Xinghua Honghu Zhiyuan Phase III, has a total size of 22.5 billion yuan, with Xinhua Insurance and China Life each contributing 11.25 billion yuan [1][2] - The investment will primarily target large listed companies that are constituents of the CSI A500 Index, which reflects the performance of 500 representative securities from various industries [1][2] Group 2 - Xinhua Insurance emphasizes its commitment to long-term, value, and prudent investment strategies, leveraging its advantages as a long-term capital provider [2] - The investment is part of the third batch of insurance capital long-term investment reform pilot programs initiated in 2023, allowing insurance companies to establish private equity funds for long-term stock market investments [2][3] - As of December 31, 2024, the book value of the investment in Honghu Fund Phase I was 26.358 billion yuan, with a net profit of 0.917 billion yuan for the year [3] Group 3 - The long-term investment reform pilot encourages insurance capital to establish private funds that are accounted for as long-term equity investments, which helps mitigate the impact of fair value fluctuations on financial statements [3][4] - The private funds are expected to favor high-dividend and high-return assets, with a focus on stable income generation [4]