政府投资基金是支持产业发展和创新创业的重要政策工具，对社会资金具有"四两拨千斤"的撬动作 用。"十五五"规划建议提出，发挥政府投资基金引导带动作用。然而，各地在产业投资领域常面临不敢 投、投不好的局面。对此，成都高新区坚持培育耐心资本，设立规模庞大的产业基金集群，推动资本与 优势项目高效对接，为区域高质量发展注入不竭动能。 什么是好的产业投资？在成都高新区，有一笔长达10年的投资回答了这个问题。 好的产业投资是战略价值与财务回报的完美融合，要"看得准、投得巧、管得好、退得出"，不仅追求短 期盈利，更致力于长期产业价值创造。成都国资作为海光信息的耐心资本，投入周期近10年。截至今年 三季度末，成都国资旗下3家投资平台合计持有海光信息股票3.952亿股。据估算，成都国资这笔投资浮 盈超千亿元。 除了盈利回报，当地还通过投资引入重大项目，带动产业链发展。投资之后，海光信息两家核心子公司 ——海光集成、海光微电子落地成都高新区，此后以海光集成为链主企业，成都市集成电路产业蓬勃发 展。2024年，成都市电子信息产业实现营收1.34万亿元。 投资成就绝非一日之功，是对长期主义的坚守，是科技、产业、金融逐渐形成的良性循环， ...

【导读】多家保险资管机构发声，解析耐心资本2026年配置新变化 12月19日，在由中国基金报主办的"2025资本市场香港论坛"之圆桌讨论环节"耐心资本－保险资金配置新趋势"，与会嘉宾认为，全球市场的不确定性提 升。相较于2025年，2026年资产配置或发生显著变化。作为长期耐心资本的保险资金应重视权益投资，但不放弃固收收益配置。可适度降低风险偏好，更 加注重确定性较高的资产。债券端，可重点关注美国降息周期及中期选举影响；股票方面则需重点留意过去两到三年被显著低估、基本面稳健或正处行业 拐点的投资领域。 以下为圆桌讨论记录： 2026年大类资产配置考量 孙昊：2026年，在大类资产配置方向上，各位有哪些考量？ 张轶：站在当前时点展望2026年，公开市场配置或呈现两大主要变化。 首先，明年公开市场的整体投资回报可能不如今年。权益方面，过去两年来，中美两大市场均经历较充分的估值修复。目前，美国市场已转向盈利驱动。 预计中国内地和香港市场将逐步进入盈利驱动阶段。2026年，权益市场的整体收益率或下降。 其次，过去两年，中美两大市场利率下行。通过布局固定收益，投资者既获得了稳定的票息收益，又斩获了较好的资本利得。202 ...

Core Viewpoint - The discussion highlights significant changes in asset allocation for insurance capital in 2026, emphasizing the importance of equity investments while maintaining fixed income allocations. There is a recommendation to lower risk appetite and focus on assets with higher certainty [2][10][36]. Asset Allocation Considerations for 2026 - The overall investment returns in the public market for 2026 are expected to be lower than in 2025, with equity markets transitioning to profit-driven phases [10]. - Fixed income investments are anticipated to provide stable coupon income, especially with the expected interest rate cuts in the U.S. during the first half of 2026 [10][12]. - The "Three Transformations" strategy (high dividend, alternative, and international) is suggested to address the current yield curve inversion in domestic markets [12]. - The focus on alternative investments, particularly in AI, new technologies, and biopharmaceuticals, is encouraged due to government support for new productive forces [10][12]. Fixed Income Investment Strategies - Fixed income remains a favorable investment choice for 2026, with a focus on both interest rates and credit risk [18]. - The credit risk in individual companies is rising, necessitating careful management to avoid potential losses [19]. - Cash investments, such as money market funds or high-grade short-duration funds, are favored for their safety and stable returns [19][20]. Stock Investment Changes for 2026 - The risk-reward ratio in equity markets has shifted, necessitating a focus on risk identification for long-term capital [22]. - The "barbell strategy" remains effective, balancing high dividend assets with technology stocks for alpha returns [22][24]. - The potential for structural opportunities in cyclical sectors and real estate is highlighted, especially if consumer policies improve [22][24]. Technology Investment Opportunities - Technology is identified as a critical long-term investment theme, with a focus on capturing growth in AI, semiconductors, and healthcare [30][32]. - The strategy includes both primary market investments and selective secondary market opportunities, emphasizing research-driven approaches [30][31]. - The importance of understanding the business models and cash flow of technology investments is stressed to avoid high-risk speculative assets [25][32].

南方财经全媒体记者 林汉垚 实习生 涂盛青 一直以来，保险资金因其"长期性、稳定性、大规模"的特征，被视为"耐心资本"。近期，多地政府密集推出"险资入X"专项对接活动，吸引保 险资金落地。从河南、陕西、西藏、山东到辽宁，地方政府正积极搭建平台，引导规模庞大、期限长的保险资金支持地方实体经济与重大项目 建设。 多位受访专家指出，地方政府吸引险资的背后，是经济转型期对长期稳定资金的迫切需求，也是政策层面引导中长期资金入市、进入实体经济 的具体落地。同时，也与保险资金在"资产荒"背景下寻求优质资产的配置逻辑形成呼应。 豫、陕两地引入险资 近日，河南省发展和改革委员会、国家金融监督管理总局河南监管局等联合主办"保险资管河南行"产融对接会。在对接会现场，"险资入豫"企 业项目库也同步上线，为保险资金与中原产业精准对接提供平台。 据了解，自2022年7月《河南省推进"险资入豫"专项行动实施方案》（以下简称方案）出台以来，"保险资管河南行"产融对接会已在2023年、 2024年连续举办两届。 数据显示，截至10月末，河南累计引入险资已破万亿元，较2020年末翻两番，连续4年增量超千亿元，险资运用余额超7000亿元，提前完成 ...

南方财经全媒体记者 孙诗卉 林汉垚 在当前利率中枢持续下行的背景下，如何平滑穿越周期、防范利差损风险，已成为行业共同面临的严峻考题。 2024年发布的《国务院关于加强监管防范风险推动保险业高质量发展的若干意见》明确提出"强化资产负债联动监管"。 近日，国家金融监管总局发布《保险公司资产负债管理办法（征求意见稿）》（以下简称《办法》），进一步推动保险公司不断强化改进资产 负债管理架构、政策和程序。 国家金融监管总局有关司局负责人在答记者问中表示，《办法》是国家金融监管总局落实国务院重要文件精神、提升行业经营韧性、健全审慎 监管制度体系的重要措施之一。 应对行业新挑战 有效的资产负债管理是金融机构可持续经营的基础。2018年以来，监管部门陆续发布了《保险资产负债管理监管暂行办法》（以下简称《暂行 办法》）和五项监管规则，初步构建了符合国内保险行业特征的资产负债管理和监管体系。 但近年来，我国保险业面临的内外部环境发生了显著变化，这对保险公司的资产负债管理能力提出了严峻考验。 北京大学应用经济学博士后朱俊生教授在接受21世纪经济报道采访时表示，《办法》的出台，源自我国保险行业近年来面临的内外部环境变 化，尤其是日益 ...

Core Insights - The insurance industry in China is entering a critical year in 2025, focusing on high-quality development and internal reforms despite a complex external environment [1] Group 1: Life Insurance Sector - The life insurance industry is transitioning from reliance on interest rate spreads to a new cycle of value growth, emphasizing risk management and marketing reforms [2] - A dynamic adjustment mechanism for the predetermined interest rate was implemented, with the minimum guaranteed rates set at 2.0% for ordinary products, 1.75% for participating products, and 1.0% for universal insurance [2] - The insurance agent workforce is being upgraded, with a shift towards professional roles such as "health wealth planners" and "insurance wellness consultants" [3] Group 2: Property Insurance Sector - The property insurance sector is addressing challenges such as the difficulty in insuring new energy vehicles and enhancing management of non-auto insurance [4] - The "Good Insurance for Cars" platform was launched, involving 37 property insurance companies and providing coverage for over 1.1 million vehicles, with a total insured amount of 1.1 trillion yuan [5] - Non-auto insurance is undergoing stricter regulation, with a focus on improving compliance and quality, as outlined in the new regulatory framework [5] Group 3: Insurance Capital - Insurance capital is increasingly being utilized as patient capital, with total investment exceeding 37 trillion yuan, a 16.5% year-on-year increase [6] - Policies supporting insurance capital investment have been strengthened, including adjustments to asset allocation ratios and long-term investment assessments [7] - The scale of long-term investment pilot programs has expanded, with a total of 222 billion yuan approved for participation from various insurance companies [8]

近日，四川省人民政府办公厅印发《促进全社会加大研发投入工作方案》，其中提出， 加大金 融支持科技创新力度。优化国有创新投资基金考核机制， 政府引导基金和国资基金投资损失容 忍率最高 6 0%，对于投资种子期企业或未来产业的基金可进一步提高到8 0%，单个企业（项 目）最高允许1 0 0%亏损 。引导和支持股权投资机构加大对成果转化项目和科技型企业的投资 力度，鼓励有条件的市（州）按经济贡献给予一定比例的奖励。 又见 "最高允许1 0 0%亏损"。我们认为，四川的政策不仅规定了容亏率，更难能可贵的是容亏 不仅有针对单个项目的，也有针对基金层面的。 在容亏方面，我们关注到，最近，能容亏 1 0 0%的地方国资越来越多了： 可见，基金内单个项目最高允许 1 0 0%亏损，有望成为越来越多地区国资的容亏机制建设的参 考。这可谓是全国"天花板"级别的容亏率，我们认为，这是一种积极的引导与带动。科技创新 股权投资尤其"投早投小"的风险大，出现项目失败也是可能的，但只要管理规范、投资稳健及 盈利满意的，则应宽容少数项目的投资失败。 "国资的容亏机制建设越来越'大胆'了，如果说去年是国资容亏的大门打开，今年就是全面敞 开。信 ...

在"农村集体经济经理人"被正式纳入国家职业序列的背景下，"乡村职业经理人大会2025"日前在北京门 头沟召开。 他特别肯定了北京门头沟区的探索：党政"一把手"亲自推动，出台20条真金白银政策，甚至将"北京户 口"作为人才引进配套，展现出极高的政治站位与战略眼光。同时，他也高度赞扬头部企业的深度参 与，认为具有社会责任感的企业投身乡村振兴，是"融合生态"得以成型的重要支撑。此外，他点名称赞 中国农业大学李小云教授团队"最接地气"，长期扎根云南昭通等地，将学术研究与基层实践紧密结合， 为乡村CEO制度提供了扎实的理论与行动基础。 顾益康进一步提出，未来乡村最大的产业不是"养猪养鸡"，而是"养人"——即通过发展康养、研学、农 文旅等新质生产力业态，吸引城市人群下乡消费、旅居、创业。而实现这一目标，关键在于依靠年轻化 的乡村CEO群体，打造有吸引力的乡村生活场景和产业生态。 此外，顾益康还强调制度保障的重要性，呼吁通过农广校系统将乡村CEO纳入国家政策框架，争取写入 中央一号文件，甚至推动立法保障。 乡村CEO的双重挑战 刘振伟从实践角度出发，指出乡村CEO虽"强势崛起"，但其发展之路充满挑战。他强调，乡村CEO不是 ...

近期市场上关于耐心资本入市的讨论热度居高不下。就在前不久，监管层面再次发布重磅利好，下调了保险资金投资股市 的风险因子。这听起来可能有点专业，但对于我们普通投资者关注的市场资金流向，尤其是红利板块的走势，有着一定的 影响。简单来说，就是保险公司买股票更便宜了，手里能动用的钱变多了。今天我们就来拆解一下这项新规，看看它到底 释放了多少资金，又为何会利好红利低波类资产。 中证红利低波100指数所代表的高股息、低波动资产，或许匹配了险资的这一需求 。此次政策专门将该指数纳入，相当于 给保险公司指明了方向：买这类股票，不仅能获得不错的分红回报，还能享受更低的资本占用。为了鼓励长期持有，新规 还特别设定了持仓期限要求，计算方法为过去6年加权平均持仓时间，旨在遏制短期的投机冲动，引导保险资金真正成为市 场的耐心资本 。 图：险资风险因子较23年规定大幅降低 一、什么是风险因子，为什么要下调它？ 数据来自wind， 截止至2025/12/10 要理解这次政策的利好，首先得明白保险公司投资的一个核心约束，那就是偿付能力。保险公司不能把所有的钱都拿去投 资，必须留出一部分作为安全垫，以确保能够赔得起钱。这个安全垫的计算公式里， ...

Group 1: Core Insights - The year 2025 is pivotal for China's insurance industry, marking the end of the "14th Five-Year Plan" and a critical year for high-quality development amidst a complex external environment [1] - The insurance industry is undergoing significant internal reforms, focusing on enhancing service to the real economy and improving public welfare through supply-side structural reforms [1] Group 2: Life Insurance Sector - The life insurance industry is transitioning from reliance on interest spread to a new cycle of value growth, emphasizing risk prevention and marketing system reform as dual engines for transformation [2] - A dynamic adjustment mechanism for the predetermined interest rate in life insurance has been implemented, with the minimum guaranteed rates set at 2.0% for ordinary products, 1.75% for participating products, and 1.0% for universal insurance [2] - The insurance agent workforce is being upgraded, with a shift towards professional and vocational roles, enhancing the industry's talent base for high-quality development [3] Group 3: Property Insurance Sector - The property insurance sector is addressing challenges such as the difficulty in insuring new energy vehicles and is enhancing management of non-auto insurance businesses [4] - The "Good Insurance for Cars" platform has been launched, involving 37 property insurance companies and providing coverage for over 1.1 million vehicles, with a total insured amount of 1.1 trillion yuan [5] - Non-auto insurance is entering a new regulatory phase, with measures to improve compliance and quality, aiming to resolve longstanding issues of high costs and low rates [5] Group 4: Insurance Capital - Insurance capital is increasingly being transformed into patient capital, with the total investment balance exceeding 37 trillion yuan, a year-on-year increase of 16.5% [7] - Policies supporting insurance capital market entry have been strengthened, including adjustments to the regulatory ratios for equity assets, enhancing the role of insurance funds as long-term capital [8] - The scale of long-term investment reform pilot programs has expanded, with a total of 222 billion yuan approved for participation, involving major insurance companies [9]