Group 1 - The core viewpoint is that the rapid development of the ETF market is leading to a significant shift in the investment landscape, with passive investment strategies gaining prominence over active equity funds [2][3][4] - As of the end of Q1 this year, the total scale of the equity market, excluding bond-mixed funds, reached 6.98 trillion yuan, with active equity products at 3.49 trillion yuan, down 190.3 billion yuan year-on-year, while index products increased to 3.5 trillion yuan, up 53 billion yuan [3] - The ETF market has shown remarkable growth, reaching a scale of 4.05 trillion yuan by the end of April, with the time taken to add each trillion in scale significantly decreasing over the years [3] Group 2 - The influx of long-term institutional investors, such as social security funds and insurance capital, along with individual investors, is driving the acceptance and growth of ETF investments [4] - The poor performance of active equity products in recent years has led investors to prefer simpler and more transparent investment options like ETFs [4][5] - Regulatory support, such as the fast-track approval process for ETFs, has accelerated their development, highlighting their advantages like diversification, flexibility, low entry barriers, transparency, and lower fees [4] Group 3 - Active and passive investments are seen as complementary rather than opposing strategies, with active management focusing on identifying mispriced opportunities in the market [4][5] - Active equity investment remains a valuable tool for generating stable returns, as it involves detailed research into individual companies and industries [5] - The current market environment is viewed as favorable for active funds, with expectations of improved corporate growth and profitability, providing more opportunities for active managers to generate alpha [6][7] Group 4 - The combination of active and passive funds can support investors in practicing the "three investment" philosophy, with different funds serving unique roles in various market conditions [6] - A suggested investment strategy is the "core + satellite" approach, allocating 70% to broad-based or balanced active funds and 30% to sector ETFs or cross-border products to capture opportunities [7]

Core Viewpoint - The "Three Investments" (Rational Investment, Value Investment, Long-term Investment) advocated by the Shanghai Stock Exchange is becoming a guiding principle for institutional investors in the context of high-quality development in the capital market [1] Group 1: Challenges of Long-term Investment - Insurance funds, as natural long-term capital, should ideally support the capital market, but their allocation to stocks and funds is only 13.2% of the total, significantly below regulatory limits [2] - Three main challenges for "Long Money Long Investment" are identified: 1. Constraints from assessment mechanisms, where annual performance targets may lead to reduced stock allocations [2] 2. Limitations from solvency requirements under the "Solvency II" framework, which increases risk capital for equity investments [2] 3. Increased uncertainty in the external environment, including global economic policy changes and geopolitical risks [2] Group 2: New Requirements for Investment Strategy - The rise of new productive forces has increased the market capitalization of technology and manufacturing in A-shares from 17% in 2007 to 36.6%, necessitating insurance funds to balance high growth opportunities with volatility risks [3] - Three core difficulties in adapting to this new requirement include: 1. Investment philosophy challenges in balancing stability with high-growth potential [3] 2. Investment management challenges due to strict risk control processes that may not meet the fast-paced needs of tech companies [3] 3. Investment research challenges requiring an upgrade of existing research systems to capture investment opportunities in technological changes [3] Group 3: Optimizing Long-term Investment Mechanisms - To address pain points and achieve "Long Money Long Investment," several strategies are proposed: 1. Optimizing long-term assessment mechanisms, with state-owned insurance companies increasing the weight of "net asset return" to at least 60% [4] 2. Considering a reduction in risk factors for equity assets under the "Solvency II" framework to lower capital requirements [4] 3. Enhancing investment capabilities to improve returns amidst a complex external environment [4] Group 4: Risk Management in Long-term Investment - Five key areas for insurance funds to focus on in risk management include: 1. Clarifying the positioning of insurance funds to ensure they serve the main business and match long-term liabilities [5][6] 2. Defining risk preferences with a focus on prudent and stable investment [6] 3. Establishing a robust investment culture emphasizing stability and seriousness [6] 4. Implementing comprehensive risk control mechanisms throughout the investment process [6] 5. Setting systematic performance metrics to guide investment teams in adhering to the "Three Investments" philosophy [6] - A three-tiered risk defense system for equity investments is established, focusing on pre-investment research, in-process management, and post-investment performance attribution [6]

推动中长期资金入市，培育耐心资本，既是深化资本市场投融资综合改革的需要，也是推动科技创新、 产业升级和高质量发展的重要举措。 30万亿银行理财在参与资本市场过程中，如何在践行"三投资"理念，壮大长期投资力量的同时，实现稳 健投资收益，提升投资者获得感？ 在近日由上海证券交易所、上海资产管理协会和第一财经共同推出的"资管行业践行'三投资'理念优秀 实践"系列访谈中， "我们对接下来资本市场的投资机会持积极乐观的态度。"交银理财多资产投资部总经理高歌结合政策支 持、基本面向好、市场环境优化、上市公司理念实践变化等因素提到，当下资本市场预期和生态都已明 显改善，理财公司等机构投资者不仅要会"借风使舵"，更要有穿越风暴的信心和勇气。 发挥稳健投资优势，全生命周期陪伴提升投资者体验 新"国九条"对资管机构的投研能力和产品创新服务都提出了更高要求，不仅督促树立"理性投资、价值 投资、长期投资"理念，还提出了从规模导向向投资者回报导向转变，把投资者获得感放在更重要位置 的要求。 强调投资者回报对理财行业意味着什么？高歌认为，理财产品与公募基金存在多方面不同。首先，理财 产品定位是以稳健投资、绝对收益为导向；其次，理财资金能 ...

Core Viewpoint - The shift from actively managed equity funds to passive investment strategies, particularly ETFs, has been significant, with passive investment now surpassing active equity products in scale as of the first quarter of this year [1][2]. Group 1: Market Trends - Active equity funds, once dominant in the public fund market, have faced declining performance and scale due to frequent market style switches and structural market conditions, leading to a reduction in their total scale to 3.49 trillion yuan, down 190.3 billion yuan year-on-year [2]. - In contrast, the scale of index products has increased to 3.5 trillion yuan, marking a year-on-year growth of 53%, and surpassing active equity funds by over 12 billion yuan [2]. - The ETF market has shown remarkable growth, reaching a scale of 4.05 trillion yuan by the end of April, with a notable acceleration in growth rates over recent years [2]. Group 2: Investor Behavior - Institutional investors, including social security funds and insurance capital, along with individual investors, are increasingly favoring ETFs, which are perceived as simpler and more transparent investment options [3]. - The poor performance of active equity products in recent years has led investors to prefer ETFs, which offer advantages such as diversification, flexibility, low entry barriers, transparency, and lower fees [3]. Group 3: Future Outlook - Active management is expected to continue to play a significant role, as it can identify mispriced opportunities in the market, especially in a non-efficient market [4]. - The future market environment is seen as favorable for active funds, with expectations of improved performance driven by China's economic resilience and ongoing structural opportunities [7]. - Investment strategies such as the "core + satellite" approach are recommended, where 70% of funds are allocated to broad-based or balanced active funds, and 30% to industry ETFs or cross-border products to capture opportunities [7].