每经记者｜彭斐 每经编辑｜陈俊杰 曾被寄予厚望的产业链协同投资，最终以标的业绩亏损、上市公司溢价"回售"收场。 12月1日晚间，福光股份（688010.SH，股价28.68元，市值46.05亿元）发布公告称，拟将持有的北京小 屯派科技有限责任公司（以下简称"小屯派"）25%股权转让给关联方福建福光科技集团有限公司（以下 简称"福光科技集团"），并将公司与小屯派控股股东签署的《投资保障协议》约定的股权回售权一并转 让给福光科技集团，交易金额定格在6726.36万元。这一价格相较公司5061.93万元的账面成本，溢价幅 度达到32.88%。 《每日经济新闻》记者注意到，此次交易的接盘方是福光股份实际控制人何文波控制的企业，而标的公 司小屯派在2025年前三季度亏损超过500万元。 上下游互补成空谈，小屯派9个月亏损逾500万元 2021年，彼时的福光股份正处于积极拓展产业链的战略期。基于对红外机芯相关产品与公司红外镜头业 务上下游互补性的看好，以及对小屯派业绩增长的预期，福光股份于当年斥资5000万元认购小屯派新增 注册资本，取得了其25%的股权。 彼时，小屯派被描述为一家主要从事红外热成像设备和系统研发的高技术 ...

Core Viewpoint - The insurance industry is increasingly active in supporting technological innovation through various investment strategies, including venture capital and private equity, to meet the funding needs of tech companies at different stages of development [1][5]. Investment in Listed Technology Companies - Insurance funds are becoming more prominent among the top shareholders of listed technology companies, with significant holdings reported in companies like Anji Technology and Deep Technology [2]. - Specific holdings include China Life Insurance and other insurers holding substantial shares in various tech firms, indicating a growing trend of insurance capital in the tech sector [2]. Participation in IPOs - Major insurance companies are deeply involved in the IPOs of technology firms, acting as cornerstone investors in several recent listings on the Hong Kong Stock Exchange [3]. - Notable participation includes investments by Taikang Life and China Pacific Insurance in multiple IPOs, showcasing the strategic role of insurance capital in the public offering process [3]. A-share Market Engagement - In the A-share market, insurance funds are actively participating in IPO projects within the energy and equipment manufacturing sectors, with significant investments made by China Life Insurance in major IPOs [4]. - The establishment of specialized insurance investment funds has facilitated strategic investments in various companies, further integrating insurance capital into the A-share market [4]. Focus on Technology Sectors - Insurance capital is increasingly targeting key technology sectors such as artificial intelligence, semiconductors, and advanced manufacturing, with a significant portion of holdings allocated to these areas [5]. - The shift towards a "long money, long investment" philosophy reflects the industry's commitment to supporting innovation and growth in technology [5]. Innovative Investment Models - Insurance funds are utilizing venture capital and private equity to indirectly invest in technology projects, with many insurers participating as limited partners in private equity funds [6]. - The development of a comprehensive investment support system for technology companies is being emphasized, allowing for tailored financing solutions throughout different stages of a company's lifecycle [6]. S-Fund Investment Strategy - The establishment of S-funds, which focus on acquiring alternative asset fund shares, is being utilized by insurance companies to optimize capital allocation and enhance investment strategies [7]. - Notable initiatives include the creation of funds aimed at investing in technology innovation, demonstrating a strategic approach to capital deployment [7]. Diverse Financing Channels - Insurance funds are also providing diverse financing options for technology companies through the purchase of bonds and asset-backed securities, enhancing the funding landscape for innovation [8]. - The integration of quality tech assets into insurance portfolios is seen as essential for achieving long-term stable returns [8]. Deep Adaptation to Innovation Needs - Insurance institutions are focusing on enhancing their mechanisms to better support technology innovation investments, including establishing specialized research teams [10]. - The emphasis on aligning investment strategies with the evolving needs of technology sectors is critical for fostering a sustainable investment environment [10]. Risk Management and Valuation - The establishment of robust risk management frameworks is essential for the sustainable participation of insurance capital in technology investments, with a focus on long-term analysis and monitoring [11]. - Valuation and pricing capabilities are being developed to ensure that investments in technology firms are based on sound financial assessments [12].