Core Viewpoint - The insurance capital is undergoing a significant shift in investment strategy, moving from traditional fixed-income assets to equity investments due to declining interest rates and the need for growth potential [1][3]. Group 1: Investment Strategy Shift - Insurance capital is transitioning from a liability-driven investment model to an equity-driven model, focusing on long-term value returns through equity investments rather than solely stable fixed income [3][4]. - The growth characteristics of equity investments provide new revenue sources for insurance capital, especially in emerging industries and technological innovation, where potential returns often exceed those of fixed-income products [3][4]. Group 2: Policy Environment - Continuous optimization of regulatory policies has created a more favorable environment for insurance capital's equity investments, enhancing investment flexibility and injecting more equity capital into the real economy [4][5]. Group 3: Focus on Infrastructure - Infrastructure construction is becoming a core allocation area for insurance capital, particularly in energy, electricity, transportation, and environmental sectors, which align well with the stable and long-term investment needs of insurance capital [5]. - Clean energy projects are a significant part of the investment portfolio, with insurance capital participating in various stages of the clean energy industry chain, supporting national carbon neutrality goals while providing stable long-term returns [5]. - Urban infrastructure upgrades present vast investment opportunities, as the demand for urban infrastructure renewal continues to grow with urbanization, allowing insurance capital to support city development through various projects [5]. Group 4: Emerging Investment Opportunities - Investment opportunities in the livelihood service sector, such as elderly care, healthcare, and education, are increasingly attracting insurance capital, as these areas can generate stable cash flows and create synergistic effects with the main business of insurance [5].