保险资金长期投资改革试点落地有新进展。 日前，平安资产管理有限责任公司正式获批设立恒毅持盈 (深圳）私募基金管理有限公司（下称"恒毅持 盈"），并于5月30日完成工商登记。 据了解，恒毅持盈将作为基金管理人向平安人寿定向发行契约型私募证券投资基金，首期基金规模300亿元。 基金将聚焦"长期投资、价值投资"的理念，重点布局符合政策导向和险资配置需要的优质上市公司。 保险资金长期投资改革试点，指的是保险公司出资设立私募证券基金，主要投向二级市场股票，并长期持有。 今年3月，金融监管总局批复5家保险公司开展长期投资改革试点，平安人寿是试点公司之一。 天眼查显示，恒毅持盈注册资本3亿元，法定代表人窦泽云，许可经营项目包括，私募证券投资基金管理服务 等（须在中国证券投资基金业协会完成登记备案后方可从事经营活动）。 今年3月，中国平安总经理兼联席首席执行官谢永林接受券商中国记者专访时曾谈及该试点，其表示，长期股 票投资试点政策打通了中长期资金入市的卡点堵点，为险资提供良好的投资环境，平安将积极配合国家政策， 推动险资入市。 谢永林认为，险资入市将带来多方共赢，既有利于改善资本市场资金供给结构，也可帮助企业获取长期稳定 的 ...

Group 1 - The core viewpoint of the articles highlights the increasing trend of insurance funds entering the market, with over 170 billion yuan of long-term capital accelerating its market entry, particularly favoring high-dividend assets in the Hong Kong stock market [1][2] - The Hong Kong Stock Connect Dividend ETF (513530) has seen continuous net inflows for 23 trading days since April 24, 2025, reaching new highs in both share and scale, with current figures at 1.25 billion shares and 1.982 billion yuan as of May 29, 2025 [1] - The total scale of the insurance fund long-term investment pilot program is expected to increase to 222 billion yuan, with 172 billion yuan of long-term capital currently preparing for market entry [1] Group 2 - The Hong Kong Stock Connect Dividend ETF (513530) is the first ETF to invest in Hong Kong high-dividend stocks through the QDII model, offering a more favorable tax structure compared to traditional channels, potentially reducing dividend tax costs for long-term holders [2] - Huatai-PB Fund has over 18 years of experience in index investment and has been proactive in the dividend-themed ETF sector since 2006, creating a diverse range of products covering both A and H shares [2] - The two largest dividend-themed ETFs in the A-share market, with scales exceeding 15 billion yuan, are the Dividend ETF (510880) and the Low-Volatility Dividend ETF (512890), with current scales of 20.075 billion yuan and 16.837 billion yuan respectively [2]

Core Viewpoint - The recent developments in the insurance capital long-term investment reform pilot indicate a significant increase in the scale of insurance funds entering the market, with over 170 billion yuan of "long money" accelerating its market entry [1][5]. Group 1: Investment Fund Developments - The first insurance-related private securities investment fund, Honghu Fund, was established with a total scale of 500 billion yuan, funded equally by China Life and Xinhua Insurance [2]. - The second phase of the Honghu Fund has been established with a scale of 200 billion yuan, again jointly subscribed by Xinhua Insurance and China Life [2]. - Honghu Fund III has been approved for establishment, focusing on investing in large-cap blue-chip companies with good governance and stable dividends [3]. Group 2: Participation and Applications - Multiple insurance companies are applying to participate in the third batch of the long-term investment reform pilot, with some smaller institutions looking to invest in private securities funds initiated by larger institutions [4]. - The establishment of new private fund management companies by insurance firms is on the rise, indicating a proactive approach to long-term investment [3]. Group 3: Long-term Investment Strategy - The long-term investment strategy is seen as a response to policy calls and a way to address the challenges faced in equity investments [5]. - The use of private securities funds for long-term stock investments helps mitigate profit volatility under new accounting standards [6][7]. - Insurance companies are exploring various methods to increase equity investment while stabilizing profit fluctuations, such as acquiring significant stakes in listed companies [7]. Group 4: Market Environment and Future Outlook - In a low-interest-rate environment, there is a growing demand for insurance funds to increase their allocation to equity assets [8]. - Future efforts will focus on expanding the long-term investment pilot and optimizing incentive mechanisms to promote insurance capital market entry [8].

Core Viewpoint - The article discusses the expansion of the insurance fund long-term investment pilot program, highlighting the inclusion of more small and medium-sized insurance companies in the third batch of trials, which aims to innovate investment models and inject additional capital into the market [2][4][12]. Group 1: Pilot Program Expansion - The third batch of the long-term investment pilot program will include new small and medium-sized insurance companies, differing from previous batches that primarily involved large insurers [2][3]. - The Financial Regulatory Administration plans to approve an additional 600 billion yuan for the pilot program, increasing the total scale to 2,220 billion yuan [2][11]. - Among the newly approved participants is China Post Insurance, which will contribute 100 billion yuan to the pilot [4]. Group 2: New Investment Models - The third batch will see a new model where private fund managers and investors come from different insurance systems, allowing smaller insurers to invest in funds managed by established insurance asset management companies [5][6]. - This model allows smaller insurers without their own asset management companies to participate in the pilot by investing in existing private funds [6][7]. - The establishment of private fund companies incurs significant costs, prompting smaller insurers to prefer investing in existing funds rather than creating their own [7]. Group 3: Market Interaction and Benefits - The pilot program aims to alleviate investment barriers for insurance funds, enabling better interaction between insurance capital and the market [12]. - The program's accounting methods, such as equity method accounting and OCI asset measurement, help reduce the impact of market volatility on insurers' profit statements [12]. - The pilot also offers preferential policies for participating private funds, enhancing the stability of insurance companies' profits and promoting long-term investment [12].

Group 1 - The core viewpoint of the article highlights the approval of a third batch of 600 billion yuan insurance funds for long-term investment reform trials, increasing the total scale to 2220 billion yuan, which will inject more stability into the capital market [3] - Sunshine Insurance Group's subsidiary, Sunshine Life, has been approved to participate in the long-term investment trials, which are crucial for the stability of the capital market [3][4] - The company emphasizes its commitment to a "long-term value investment" philosophy, focusing on increasing equity investments and becoming a stabilizing force in the market [4] Group 2 - Sunshine Life and Sunshine Asset Management were approved to engage in long-term stock investments through a contractual fund approach, with a scale of 20 billion yuan [4] - The investment scope includes equity, fixed income, and cash management tools, with a focus on stocks from the CSI 300 Index and the Hang Seng Stock Connect Index [4] - The company plans to enhance its equity investment ratio through high-quality projects while maintaining a prudent approach [4] Group 3 - Sunshine Insurance aims to deepen value creation with a focus on "patient capital" and uphold social responsibility as part of its commitment to the new development pattern [5]

Regulatory Updates - The National Financial Regulatory Administration announced the approval of the third batch of pilot reforms for long-term investment of insurance funds, with a scale of 60 billion yuan, bringing the total to 222 billion yuan across three batches [1] Industry Insights - The "Car Insurance Easy to Insure" platform has successfully insured over 506,000 new energy vehicles, providing insurance coverage of 494.81 billion yuan, with 676,200 registered users and partnerships with 32 property insurance companies [2] - As of the end of Q1 2025, the total assets of insurance financial institutions reached 37.8 trillion yuan, a year-on-year increase of 5.4%, with premium income of 2.2 trillion yuan, up 0.8% [4] - Insurance companies' investment balance reached 34.93 trillion yuan, with a bond allocation exceeding 51%, and stock holdings valued at 2.65 trillion yuan, indicating a growing demand for equity investments in a low-interest environment [3] Corporate Developments - The Honghu Fund Phase III has been approved, aiming to facilitate the entry of long-term funds into the market [5] - Guofu Life Insurance plans to increase its registered capital by approximately 121 million yuan, raising it from 1.93 billion yuan to 2.05 billion yuan [6] - China United Life Insurance intends to increase its registered capital by 1.2 billion yuan, bringing the total to 4.1 billion yuan [7] - The Honghu Fund Phase II, initiated by China Life and Xinhua Insurance, is set to invest 20 billion yuan, focusing on high market impact quality listed companies [8] - Sunshine Insurance plans to establish a private equity investment fund with a total scale of 20 billion yuan, focusing on equity assets including stocks from the CSI 300 Index and related ETFs [9]

此外，金融监管总局正在联合科技部研究制定科技保险高质量发展的政策文件，主要是优化科技保险服 务体系，更好发挥保险业风险补偿、风险减量、资金杠杆以及链接互通的功能作用。 【深圳商报讯】（记者邱清月）"保险资金长期投资改革试点最早一批是500亿元，第二批是1120亿元， 近期会批复第三批600亿元。"5月22日，国新办举行新闻发布会，金融监管总局新闻发言人、政策研究 司司长郭武平透露，保险资金长期投资改革试点规模将达2200亿元。 （文章来源：深圳商报） 郭武平还表示，金融监管总局优化了保险公司偿付能力监管标准，将保险资金投资战略性新兴产业未上 市股权的风险因子调整为0.4，投资科技板企业股票风险因子从0.45下调到0.4，科技保险适用财产险风 险因子计量最低资本要求，按照90%计算偿付能力充足率。 "简单来说，就是都给予了政策倾斜和优惠，释放更多保险资金支持稳定和活跃资本市场。"金融监管总 局上月出台了保险资金投资未上市企业重大股权的政策，允许保险公司投资与保险业务相关的科技相关 企业；也调整了保险资金权益类资产监管比例，将保险资金投资单一创业投资基金余额占基金实缴规模 的比例从20%提高到30%，为更多保险资 ...

Group 1 - The core viewpoint of the news is that Xinhua Insurance is actively participating in the long-term investment reform pilot by committing 10 billion yuan to a private equity fund, aligning with national policies to encourage long-term capital market investments [3][5][6]. - Xinhua Insurance signed a contract with Guofeng Xinghua and Guangfa Bank to invest in the Guofeng Xinghua Honghu Zhi Yuan Phase II private equity fund, which has a total size of 20 billion yuan [3][5]. - The fund will focus on large listed companies that are part of the CSI A500 index, ensuring that the selected companies have good governance, stable operations, and relatively stable dividends [8]. Group 2 - The investment aligns with the national policy to promote long-term capital entering the market, with Xinhua Insurance emphasizing its commitment to long-term, value, and prudent investment strategies [6][9]. - The financial regulatory authority plans to expand the pilot scope for insurance funds' long-term investments, with an additional 60 billion yuan to be injected into the market, bringing the total pilot scale to 222 billion yuan [9]. - The fund has a duration of 10 years and can also invest in cash management products if there are idle funds, reflecting a flexible investment strategy [8].

Market Overview - The market experienced a significant adjustment today, with over 4,400 stocks declining, raising concerns about when stability will return [5] - The Shanghai Composite Index is currently in a "震荡" (oscillating) trend, with limited movement expected in the near term [5] Technical Analysis - The short-term technical indicators show that the 60-minute sequence has formed, while the 90-minute sequence has disappeared, indicating a lack of strong signals at the 120-minute and daily levels [5] - Key support is identified around the 3,360 level, with a strong support range between 3,300 and 3,350 [7] Trading Volume - Recent trading volumes have remained around 1.2 trillion, indicating a relative contraction and a reluctance among investors to sell [7] - Despite potential short-term adjustments, the downside is expected to be limited, and investors are advised to maintain around 50% position to balance risk and opportunity [7] Sector Performance - The military industry sector has shown relatively better performance, supported by favorable domestic policies and a sense of crisis in the environment [9] - The gaming and banking sectors have also seen gains, contributing to the overall market dynamics [10] Investment Opportunities - The recent approval of the third batch of insurance funds for long-term investment reform, amounting to 60 billion, presents a potential opportunity for long-term holdings in dividend-paying sectors [10] - Continuous optimization of the domestic listing environment for quality technology companies is expected to attract significant capital, indicating a positive outlook for the tech sector [10] Market Sentiment - The market sentiment remains cautious, with indications that the recent adjustments are just the beginning of a necessary correction process [8] - Investors are encouraged to be patient and wait for stabilization before making further investments [8]

金融监管总局：最近要做第三批保险资金长期投资改革试点的批复 金额600亿元 智通财经5月22日电，金融监管总局新闻发言人、政策研究司司长郭武平22日在国新办新闻发布会上表 示，保险资金长期投资改革试点的首批试点规模是500亿元，第二批试点是1120亿元，最近还要做第三 批600亿元的批复，规模合计是2220亿元。（智通财经记者 李婷） ...