7月30日召开的中共中央政治局会议提出，增强国内资本市场的吸引力和包容性，巩固资本市场回稳向 好势头。这为下一阶段资本市场改革发展明确了方向和重点。在围绕"稳"与"活"综合发力的基础上，聚 焦提升上市公司投资价值、优化"长钱长投"市场生态、增强对科技创新的制度包容性，资本市场全面深 化改革将持续加力。 着力增强资本市场制度包容性，提升支持科技创新的质效。科技创新是时代发展大趋势，资本市场是支 持科技创新的"孵化器""助推器"。构建适配科技创新规律的新型制度体系是资本市场改革发展的关键所 在。科技创新企业具有轻资产、高投入、长周期等特征，需要资本市场不断突破传统的估值、上市标 准，增强制度的适应性和包容性。这需要在借鉴国际成熟市场经验和立足自身国情市情基础上不断探 索。目前，监管部门正推动科创板改革措施落地，并将适时出台深化创业板改革的一揽子举措。 改革永远在路上。资本市场内外部环境仍然错综复杂，困难挑战不少，但经济基本面保持稳进态势、宏 观调控保持积极有为、改革举措稳步落地等确定性因素，将使得制度变革驱动市场增强稳定性、吸引力 的底层逻辑更加明晰。 着力提升上市公司投资价值，夯实市场"稳""活"的微观基础。上 ...

●本报评论员 7月30日召开的中共中央政治局会议提出，增强国内资本市场的吸引力和包容性，巩固资本市场回稳向 好势头。这为下一阶段资本市场改革发展明确了方向和重点。在围绕"稳"与"活"综合发力的基础上，聚 焦提升上市公司投资价值、优化"长钱长投"市场生态、增强对科技创新的制度包容性，资本市场全面深 化改革将持续加力。 今年以来，资本市场经受住了超预期的外部冲击，市场韧性明显增强。"稳"的机制更加完善，资产价格 稳定被纳入货币政策视野，资本市场在宏观政策取向一致性评估框架中分量更重，中央汇金公司发挥 类"平准基金"作用，稳市战略力量不断壮大；"活"的基础更加扎实，以投资者为本的资本市场建设方向 更加清晰，力促"长钱长投"、鼓励上市公司加强市值管理、推动公募基金与投资者利益深度绑定等投资 端改革深入推进。这些着眼中长期的改革举措推动市场发展更多依靠业绩驱动、制度变革驱动。市场运 行逻辑的深刻变化为巩固市场回稳向好势头、增强市场吸引力和包容性奠定了良好基础。 当前，国际经济环境依然严峻复杂，不确定性风险因素依然较多，巩固资本市场回稳向好势头仍不可掉 以轻心。更重要的是，科技变革大潮澎湃，科技竞争愈发激烈，对资本市场加 ...

Core Viewpoint - Insurance funds are showing a strong enthusiasm for allocation in the capital market, with significant increases in stock holdings and a rise in equity asset allocation ratios [1][5]. Group 1: Insurance Fund Holdings - As of the end of Q1 2025, the stock market value held by the life insurance industry reached 2.65 trillion yuan, an increase of 377.5 billion yuan from the end of 2024, representing a growth rate of 16.65% [1]. - The stock allocation ratio for insurance funds is now 8.43%, up by 0.86 percentage points from the end of 2024 [1]. - In 2025, insurance funds have made 21 stake acquisitions, surpassing the total for 2024 and marking a four-year high [1][2]. Group 2: Investment Trends - Major insurance companies have indicated plans to moderately increase their equity asset allocation in 2025, highlighting the growing importance of equity investments in a prolonged low-interest-rate environment [1][5]. - The focus of insurance funds is shifting from short-term speculation to long-term investments, acting as a stabilizing force in the capital market [5]. Group 3: Sector Focus - The banking sector has been the most frequently targeted for stake acquisitions, followed by public utilities, energy, and technology sectors [4]. - Insurance funds are increasingly interested in high-dividend and technology sectors, with a strategy that combines defensive and growth-oriented investments [8][9]. Group 4: Policy Impact - Recent policies have opened up more space for insurance funds to enter the market, including a new long-cycle assessment mechanism for state-owned commercial insurance companies [7][8]. - The adjustment in performance evaluation criteria for insurance companies aims to promote long-term stable operations and sustainable development [8]. Group 5: Research and Engagement - Over 190 insurance institutions have conducted more than 9,800 research engagements with over 1,400 A-share listed companies, indicating a significant increase in research activity compared to previous years [9][10]. - The focus of these research activities includes high-dividend sectors like banking and emerging technology sectors such as artificial intelligence and semiconductors [9][10].

Core Viewpoint - The banking wealth management sector is experiencing significant growth opportunities due to ongoing policy support for long-term capital entering the market, despite facing challenges related to investor risk appetite and liquidity matching [2][3]. Group 1: Characteristics of Banking Wealth Management - Banking wealth management funds inherently possess "long money" characteristics, with low net value volatility and stable liability scales conducive to long-term investment [3]. - The focus is on promoting the issuance of closed-end products with a maturity of one year or more to reduce redemption pressure [3]. - There is an increasing allocation of equity assets in technology and innovative pharmaceuticals, which requires long-term holding to capture growth dividends [3]. Group 2: Challenges in Banking Wealth Management - The sector faces a challenge of "short-termization" of funds, as overall investor risk appetite is low, limiting the proportion of funds that can be allocated to equity assets [3]. - Market volatility and redemption pressures lead to a tendency for funds to favor "short-term behavior" [3]. - The banking wealth management institutions need to enhance their investment research capabilities in timing, drawdown control, and risk diversification [4]. Group 3: Strategies for Improvement - The company is adopting a "dual-driven" model of "multi-asset multi-strategy + investment advisory support" to enhance asset allocation capabilities and client service quality [4]. - The investment advisory service includes a four-stage support system covering product creation, operation, volatility response, and review [4]. - Recommendations include optimizing internal assessment mechanisms to focus on long-term risk-adjusted returns and encouraging the establishment of professional multi-strategy and equity research teams [5]. Group 4: Institutional Support and Recommendations - There is a need for collaborative efforts to promote long-term investment in banking wealth management funds [5]. - Suggestions include introducing a similar OCI account mechanism for certain banking wealth management products to mitigate the impact of short-term net value fluctuations on client behavior [6]. - Advocating for tax deferral support and integrating more banking wealth management products into personal pension accounts to create a sustainable long-term funding ecosystem [6].

Group 1 - Huadian New Energy Group Co., Ltd. has successfully listed on the Shanghai Stock Exchange, marking the largest IPO in the A-share market this year, which is a significant milestone for the company [1] - The investment by insurance companies such as China Life and Ping An Life in Huadian New Energy reflects a broader trend of insurance funds increasing equity investments and aligning with national strategies [1][2] - The investment in Huadian New Energy aligns with the green and low-carbon transformation trend, supporting the achievement of China's "dual carbon" goals [2] Group 2 - The long-term investment advantage of insurance funds, particularly life insurance funds, allows them to better navigate short-term liquidity pressures and market volatility risks [3] - The shift towards long-term equity investments is seen as a strategic choice for insurance funds to optimize their asset structure in a low-interest-rate environment [4] - Enhancing research and investment capabilities is crucial for insurance funds to maintain their professional brand in asset preservation and appreciation [4]

Core Viewpoint - Taikang Life is accelerating its layout in the multi-level capital market, exemplified by its investment in Fengcai Technology's H-share IPO, the initiation of a 12 billion yuan private equity fund, and its approval as a member of the Shanghai Gold Exchange [2][3][4] Capital Market Multi-point Layout - On July 18, Taikang Life announced its participation as a cornerstone investor in Fengcai Technology's H-share IPO, investing 25 million USD (approximately 1.79 billion yuan), accounting for 8.69% of the H-share issuance [3] - Fengcai Technology, established in 2010, specializes in motor drive chips and completed its "A+H" dual listing in July 2025, raising a total of 2.259 billion HKD [3] - Taikang Life's investment in Fengcai Technology represents 0.01% of its total assets as of the last quarter, with equity assets amounting to 264.453 billion yuan, making up 16.36% of total assets [3] - On June 27, Taikang Asset Management completed its first investment transaction through Taikang Stable Walk, with an expected initial investment scale of 12 billion yuan [4] - Taikang Life's membership in the Shanghai Gold Exchange will broaden its investment channels and enhance its participation in the gold market [4] Increased Equity Investment by Insurance Capital - Insurance capital movements are a focal point for market observers, with Taikang Life's investment in Fengcai Technology reflecting a broader trend among insurance companies to engage in high-growth potential enterprises [5][6] - As of July 22, 2025, various insurance companies, including Taikang Life, have made 21 stake acquisitions, surpassing the total for the entire year of 2024 [6] - The Ministry of Finance's recent notification encourages long-term stable investments by insurance funds, adjusting performance evaluation metrics for state-owned commercial insurance companies [6] Compliance Management - Despite aggressive business expansion, Taikang Life has faced compliance challenges, receiving 15 fines totaling approximately 6 million yuan since 2025 [8] - The company has implemented various measures to improve compliance, including extensive training programs and a focus on consumer rights protection [8][9] - The integration of strategic expansion with precise compliance management is crucial for Taikang Life's sustainable development [9]

Core Insights - Insurance capital has exceeded last year's total with 21 instances of shareholding increases by mid-year, indicating a strong trend towards IPO investments under the "long money long investment" policy [1][3] - Major insurance companies like Taikang Life, China Life, and Ping An Life are strategically investing in IPOs, signaling a shift from traditional fixed-income assets to equity assets to mitigate pressure from low interest rates [1][3] Group 1: IPO Investments - Taikang Life participated as a cornerstone investor in the IPO of Fengcai Technology, investing 179 million yuan, which accounts for 8.69% of the company's H-share issuance [3] - China Life, through its asset management arm, invested in the IPO of Huadian New Energy, which raised up to 18.171 billion yuan, marking it as the largest A-share IPO of the year [3][4] - Ping An Life also holds shares in Huadian New Energy, with a stake of 2.19 million shares, representing 0.61% of the company [5] Group 2: Strategic Focus Areas - The insurance sector is increasingly focusing on technology and green energy investments, aligning with national strategic goals such as the "dual carbon" targets [5][8] - The recent regulatory changes encourage long-term investments by insurance companies, allowing them to increase their equity asset ratios, thus facilitating more capital inflow into the market [7][8] Group 3: Market Dynamics - The decline in traditional fixed-income asset yields has prompted insurance capital to seek higher returns through equity investments, particularly in IPOs [8] - The anticipated growth in sectors like semiconductors and renewable energy is expected to drive insurance capital's investment strategies, with projections indicating a potential increase in holdings from 8%-10% to 15%-20% over the next three years [9]

Core Viewpoint - The article emphasizes the growing importance of ETFs as a long-term investment tool in the Chinese market, particularly with the launch of a new dynamic PB-based investment strategy for the ChiNext index by Tianhong Fund and the Shenzhen Stock Exchange [1][2]. Group 1: ETF Market Overview - The domestic ETF market has surpassed 4 trillion yuan, with stock ETFs exceeding 3 trillion yuan, indicating a rising demand for index tools among investors [1]. - Tianhong Fund's total index fund management scale is projected to exceed 130 billion yuan by the end of 2024, ranking 9th in the industry, with over 90 products and more than 12 million holders [3]. Group 2: Investment Strategy - The newly introduced ChiNext investment strategy uses dynamic PB percentiles as a valuation anchor, promoting a "buy low, sell high" approach by adjusting investment amounts based on PB levels [2][5]. - The strategy aims to enhance investor experience by addressing four major pain points in regular investment practices, focusing on effective buying and selling conditions [2][4]. Group 3: Market Trends and Insights - The ChiNext index has been optimized to improve investment value, with new mechanisms for monthly removal of risk warning stocks and ESG negative screening, enhancing the quality of index samples [8]. - The overall valuation of the ChiNext is currently at a relatively reasonable historical level, indicating a higher probability of positive returns in the future [8]. Group 4: Educational Initiatives - The Shenzhen Stock Exchange has been actively promoting ETF product innovation and investor participation through educational events like the "ETF Lecture Hall," aiming to instill a scientific investment mindset among investors [4][10]. - The collaboration between Tianhong Fund and Ant Wealth has led to the development of practical tools such as "Target Investment" and "Index Traffic Light" to assist investors [3].

Core Viewpoint - The article emphasizes the need for state-owned commercial insurance companies to focus on long-term investment strategies, optimize asset allocation, and enhance the ability to generate stable long-term returns, thereby contributing to the preservation and appreciation of state-owned capital while actively serving the real economy [1][3]. Group 1: Long-term Investment Strategy - State-owned commercial insurance companies are encouraged to adopt a long-term perspective in their operations, enhancing their capacity for long-term fund management and optimizing asset allocation to achieve stable long-term returns [1][3]. - The Ministry of Finance has issued a notice to increase the weight of long-term performance indicators in the evaluation of state-owned commercial insurance companies, guiding insurance funds towards stable long-term investments [1][2]. Group 2: Performance Evaluation System - The performance evaluation system for state-owned financial enterprises, including commercial insurance companies, assesses four categories: service to national development goals, quality of development, risk prevention, and operational efficiency [2][4]. - The new regulations enhance the long-cycle assessment of state-owned commercial insurance companies by adjusting the evaluation metrics to include annual, three-year, and five-year indicators, thereby promoting long-term investment behavior [3][4]. Group 3: Role in Capital Markets - Insurance funds are characterized by stable sources, large scales, and long durations, making them crucial "long money" investors in the capital market [2][4]. - The adjustment in performance evaluation aims to reduce the emphasis on short-term performance, encouraging insurance companies to engage in long-term, value-based, and stable investments, thus increasing the supply of medium- and long-term funds in the capital market [3][4].

Core Viewpoint - The article emphasizes the importance of "long money long investment" as a strategy for ordinary investors to achieve superior returns in the stock market, highlighting the need for a long-term perspective in investment decisions [1][5]. Group 1: Long-term Investment Strategy - "Long money long investment" helps investors avoid making decisions at the worst times, such as buying after a stock or sector has surged, which often leads to significant losses [2][3]. - The article cites historical examples where investors who adhered to short-term evaluation standards missed out on buying opportunities during market lows, resulting in underperformance compared to those who invested during downturns [3][4]. Group 2: Time as an Asset - Ordinary investors possess the luxury of time, which is a critical advantage over high-frequency traders and institutional investors, allowing them to wait for favorable market conditions [5][6]. - The article argues that while short-term fluctuations can be unpredictable, a long-term investment approach will likely yield positive results as the market eventually reflects the intrinsic value of companies [6]. Group 3: Historical Examples - The article references Warren Buffett's investment history, noting that despite experiencing significant drawdowns, his long-term investments in companies like Coca-Cola and Wells Fargo led to substantial gains over time [4][5]. - It highlights that from 1980 onwards, Berkshire Hathaway faced multiple declines exceeding 30%, yet these periods were followed by significant recoveries, reinforcing the value of a long-term investment perspective [4].