近年活跃的并购基金领域中，险资投资案例正在增多。 所谓并购基金，指的是投资方向以并购为主的私募股权基金。在此之前，已有数家险资机构开始尝试介入并购 基金。 2025年5月，中国太保设立太保战新并购私募基金，目标规模300亿元，首期规模100亿元。该基金执行事务合 伙人为太保私募基金管理有限公司（简称"太保资本"），将聚焦上海国资国企改革和现代化产业体系建设的重 点领域，推动上海战新产业加快发展和重点产业强链补链，打造以"长期资本＋并购整合＋资源协同"为特色的 上海国资创新转型生态。 从目前看，我国并购基金出资人（LP）以国资、产业资本为主，险资投资规模仍较小，策略也有待观察。业 内预计，未来并购基金这类资产，对于险资这样的长线资本会变得更加重要。 数家险资涉足并购基金 近日，国寿资产发起设立"中国人寿-海纳申创股权投资计划"，规模约5亿元，投资上海芯合创一号私募投资基 金（下称"芯合创一号基金"）。芯合创一号基金为上海国资并购基金矩阵的组成部分，围绕集成电路产业中 EDA软件（电子设计自动化）这一"卡脖子"关键环节，顺应产业整合发展趋势与资本市场导向，为EDA领域的 产业协同与未来整合落地奠定基础。 这是国寿 ...

在持续活跃的并购基金领域，险资投资的案例正在增多。最新一例，是国寿资产投资上海芯合创一号私 募投资基金。 从目前看，我国并购基金出资人(LP)以国资、产业资本为主，险资投资规模仍较小，策略也有待观察。 不过，业内人士预计，对于险资这样的长线资本而言，并购基金这类资产未来会变得更加重要。 并购市场催生新机遇 一位市场化私募股权基金人士向证券时报记者表示，近年并购市场是股权投资相对活跃的领域，特别是 2024年证监会"并购六条"发布，进一步将并购市场催热。在政策支持与市场需求驱动下，国内并购市场 的热度持续提升。 《2025中国并购基金研究报告》(下称《报告》)显示，当前中国股权投资市场正经历一场深刻的结构性 调整。在过去的"橄榄球型"结构下，资本大量集中于成长期项目的模式已难以适应新的市场环境。因 此，资本急需向价值链两端分流，一端是企业更早期的创业投资，另一端则是产业整合的并购投资。考 虑到早期项目整体的资本吸纳能力有限，以并购投资为核心的产业整合，将成为未来股权投资行业发展 的重中之重。 数家险资机构踏足并购基金 近日，国寿资产发起设立"中国人寿（601628）-海纳申创股权投资计划"，规模约5亿元，用于投 ...

截至2025年12月25日 13:41，中证800证券保险指数(399966)强势上涨1.09%，成分股中国平安(601318)上 涨2.81%，中国太保(601601)上涨2.55%，财通证券(601108)上涨2.36%，中国人保(601319)，华安证券 (600909)等个股跟涨。保险证券ETF(515630)上涨1.17%， 冲击3连涨。最新价报1.47元。 3、权益市场增厚净利润：25年至今保险公司权益收益在20%-30%，且随着中长期试点和明年全行业的 oci切换， 预计继续利好险资收益； 4、当前大部分上市公司pev估值为0.5-0.7倍，处于历史40-50%估值区间。 保险证券ETF紧密跟踪中证800证券保险指数，中证800证券保险指数是在中证800指数的基础上，选择 证券保险行业内对应的证券作为指数样本，为投资者提供更多样化的投资标的。 数据显示，截至2025年11月28日，中证800证券保险指数(399966)前十大权重股分别为中国平安 (601318)、东方财富(300059)、中信证券(600030)、国泰海通(601211)、中国太保(601601)、华泰证券 (601688)、中 ...

12月18日晚间，中国人寿（601628）发布一则关联交易进展公告。 公告披露，中国人寿拟在2025年12月31日前，与其控股股东下属的国寿置业投资管理有限公司签署补充协议，向国寿启航壹期（天津）股权投资基金合伙企 业（有限合伙）（下称"启航基金"）追加认缴出资人民币50亿元。增资完成后，启航基金的认缴总额将从139亿元扩容至189亿元。 作为保险资金长久期属性与不动产核心资产深度匹配的典型案例，在这一笔50亿元的新增认缴中，预计将有不超过33亿元精准注入位于北京朝阳区的旗舰级 商业地标——颐堤港二期，以确保这一巨型综合体的平稳收官；而剩余的不低于17亿元，也预计将会投向市场化租赁住房等具备长效收益的"新赛道"。 颐堤港二期：在阵痛中重生的"城市绿洲" 提及北京东北部的商业版图，颐堤港是一个无法绕过的名字。自2012年一期开业以来，这座由太古地产与远洋集团联手打造的商业中心，已成为酒仙桥及将 台地区的消费心脏。 然而，颐堤港二期的诞生与推进，却恰逢中国房地产行业最为剧烈的洗牌期，其命运的起伏，正是开发商、险资与合作方在市场低谷中博弈与共生的缩影。 颐堤港二期项目的宏大构想始于2020年12月。彼时，远洋集团与 ...

Core Viewpoint - The recent adjustment by the Financial Regulatory Bureau to the risk factors for insurance companies' stock investments is seen as a positive signal for the capital market, encouraging long-term capital inflow and boosting market confidence [1][3]. Summary by Sections Risk Factor Adjustments - The risk factor for stocks in the CSI 300 index and the CSI Dividend Low Volatility 100 index held for over three years has been reduced from 0.3 to 0.27 [2]. - The risk factor for ordinary shares listed on the Sci-Tech Innovation Board held for over two years has been lowered from 0.4 to 0.36 [2]. - The premium risk factor for export credit insurance and overseas investment insurance has been decreased from 0.467 to 0.42, and the reserve risk factor from 0.605 to 0.545 [2]. Impact on Capital Allocation - The adjustment is expected to release approximately 1,086 billion yuan in incremental funds, enhancing the capacity for insurance companies to invest in blue-chip stocks and Sci-Tech Innovation Board stocks [3][5]. - The reduction in risk factors will lower the capital required for insurance companies to invest in these assets, thereby increasing their investment flexibility and encouraging long-term value investments [4]. Encouragement of Long-term Investment - The regulatory changes aim to guide insurance capital to participate more actively in the equity market, particularly in technology innovation sectors, which will enhance market liquidity and support stable capital market development [7]. - Specific investment directions include high-dividend assets, technology sectors aligned with national strategic investments, and broader index and industry ETF investments [7]. Policy Continuity - This adjustment is part of a series of measures aimed at promoting long-term investments by insurance funds, reinforcing their role as a stabilizing force in the capital market [8].

昨天的成交量大幅下行至1.61万亿。因为临近年末，下周三美联储的议息会议非常有可能讨论利率问 题，甚至可能会降息，降息的概率在增加。那么，我们是否渐渐步入了2026年展望和研究的阶段呢？我 认为有以下几点需要考虑： 第二，一般人都担心年终结算的压力。但11月24日市场跌至3816点后，年终结算压力就有可能得到部分 释放。 第三，我们要未雨绸缪，展望明年2026年，养老金应该是一个重要的研究方向，险资以及今年公募和私 募基金的赚钱效应，新发基金的动向也值得我们高度重视和研究。但也不排除从4034点以来，包括大股 东的减持、融资等行为，可能会使供应量逐渐增加。这种互相的拉锯会使从3800点到4034点的消化时间 可能会延长，我们不要太过焦急。 从时间维度看，我们在3000点附近反复夯实了17年，而在4000点附近也需要一些时间来消化。从筹码消 化的维度看，目前的换手率是130%。我们要争取更多的换手。 更为重要的是，4000点的水平比3000点高了1000点，比2689点高了大约1300点。这种股价结构的变化给 2026年股票市场带来了新的挑战，即起点位置比2025年高了许多，投资难度和挑战也相应增加。这更加 突 ...

Summary of Key Points from Conference Call Records Industry Overview - The insurance fund utilization balance reached 37.46 trillion, with investments primarily in deposits, bonds, stocks, funds, and long-term equity investments. The proportion of non-standard investments has significantly decreased and is expected to continue declining [1][2] Core Insights and Arguments - In Q3, bond investments increased by 310 billion, but the growth rate slowed compared to the 1.94 trillion increase in the first half of the year, influenced by the switch in new financial instrument regulations and a reduction in deposit rates [1][3] - The balance of bank deposits has decreased, currently estimated at about 8% of total investments, with an absolute balance close to 2 trillion [1][4] - Stock investments increased by over 550 billion, primarily due to an 18% rise in the CSI 300 index, rather than active increases in stock holdings. Long-term equity investments rose by 919 billion, reflecting a slowdown in investment momentum after the stock market rally [1][5] - Bank wealth management has seen a seasonal growth exceeding 1.5 trillion in October, with an expected annual increase of over 3 trillion, although it faces performance pressure [1][6] - Insurance companies prefer higher-yield local government bonds, but their yields are closely related to government bonds. A reduction in insurance preset rates may temporarily affect premiums, but long-term clients are expected to accept lower rates, improving premium income [1][9] Additional Important Insights - The punitive redemption fee rule has not yet been implemented, leading to a decline in the scale of actively managed pure bond funds by 743.3 billion in Q3, affecting market sentiment. If the rule is implemented, it could restore market confidence [1][11] - The Chinese economy faces downward pressure, with factors such as a real estate crisis, negative investment growth, increased export pressure, and weak domestic demand contributing to a decline in consumption growth. The central bank is expected to lower interest rates to address these challenges [1][10] - Predictions indicate that the yield on 10-year government bonds may gradually decline to 1.5% by the end of 2026, with policy rate adjustments expected in mid-December or early January [1][12]

Core Viewpoint - The latest data from the National Financial Regulatory Administration reveals that the total investment balance of insurance companies has exceeded 37 trillion yuan, reaching 37.46 trillion yuan, a growth of 12.6% compared to the beginning of the year [1][4]. Investment Allocation - As of the end of Q3, the investment balance of life insurance companies is 33.73 trillion yuan, while property insurance companies hold 2.39 trillion yuan [1]. - The combined investment in stocks and securities investment funds by life and property insurance companies reached 5.59 trillion yuan, an increase of 1.49 trillion yuan from the beginning of the year, representing a growth rate of 36.2% [6]. - The proportion of stocks and securities investment funds in the total investment balance rose from 12.3% at the beginning of the year to 14.9% [6]. Stock Investment Trends - By the end of Q3, the investment in stocks by life and property insurance companies amounted to 3.62 trillion yuan, up 1.19 trillion yuan from 2.43 trillion yuan at the beginning of the year, marking a nearly 50% increase [7]. - Life insurance companies' stock investment accounted for 10.12%, while property insurance companies' stock investment reached 8.74% [7]. - There have been 24 instances of insurance capital acquiring stakes in listed companies this year, matching the total number of acquisitions from the previous four years combined [7]. Bond Investment Dynamics - The total investment in bonds by life and property insurance companies reached 18.18 trillion yuan, an increase of 2.25 trillion yuan from 15.92 trillion yuan at the beginning of the year, with a growth rate of 14.1% [10]. - The proportion of bonds in the total investment balance slightly decreased to 48.5% from 49.3% at the end of Q2 [11]. - Life insurance companies' bond investments amounted to 17.21 trillion yuan, while property insurance companies held 969.9 billion yuan in bonds [11]. Future Outlook - Analysts expect that the investment balance of insurance funds will continue to grow at a double-digit rate throughout the year, driven by the rapid increase in premium income [4]. - The stability of long-term interest rates is anticipated to ease the pressure on the yield of fixed-income investments for insurance companies [12].

【环球网财经综合报道】作为资本市场中典型的长线资金和重要的投资风向标，保险资金在2025年前三季度展现出强劲的入 市势头。根据金融监管总局最新数据，截至三季度末，险资持有的股票账面余额较去年末激增1.19万亿元，增幅近五成，达 到3.62万亿元。若将证券投资基金纳入统计，其核心权益资产规模已近5.6万亿元，较年初增长约1.5万亿元，彰显了险资在 当前市场环境下的积极配置策略。 这一波加仓，主要由第三季度的强劲表现驱动。数据显示，仅第三季度单季，险资持有的核心权益资产规模就增加了8640亿 元，其中股票贡献了5524亿元的增量。东吴证券分析团队指出，这主要得益于第三季度股市的走强，除了新增资金外，股价 上涨和基金净值提升也带来了显著的市值增长。这一趋势在上市险企的三季报中得到印证，多家险企明确表示增持了权益资 产，而权益类投资也成了推动其利润创下历史新高的核心力量。 上述保险资管人士表示，保险资金在权益配置中，一方面优选股东回报与稳定盈利兼具的高股息标的作为组合的"压舱石"， 以填补低利率环境下的净投资收益缺口；另一方面则精选新兴产业领域的优质成长公司，以寻求超额收益。今年三季度成长 股的良好表现，正是险企投资 ...

Core Insights - The investment balance of life insurance companies in stocks and securities investment funds reached a record high, with a total of 5.59 trillion yuan, accounting for 14.92% of the total investment balance of insurance companies as of the end of Q3 2023, marking a significant increase since the data was first disclosed in 2022 [3][5][4] Investment Trends - The proportion of investments in stocks and securities investment funds by insurance companies has surpassed the 14% mark for the first time, indicating a strategic shift towards equity investments [4][5] - As of Q3 2023, the total investment balance of insurance companies exceeded 37 trillion yuan, reflecting a year-on-year growth of 16.5% [4][5] Performance Metrics - The investment balance in stocks and securities investment funds increased by over 800 billion yuan in Q3 2023 alone, with life insurance companies holding approximately 5.19 trillion yuan, representing 15.38% of their total investment balance, an increase of 2.04 percentage points from the previous quarter [5][6] - Property insurance companies had an investment balance of 405 billion yuan in stocks and securities investment funds, with a proportion of 16.97%, up by 0.81 percentage points from the previous quarter [5] Market Activity - Insurance companies have engaged in a "buying spree" in equity investments, with a record 31 instances of significant share purchases in 2023, surpassing previous highs [6] - The performance of insurance companies has improved significantly, with many reporting record profits for the first three quarters of 2023, driven by favorable capital market conditions [6] Asset Allocation - The investment balance in bonds remains the largest among various investment types, totaling 18.18 trillion yuan, but the proportion has slightly decreased to 48.52% as of Q3 2023 [7] - Life insurance companies held 17.21 trillion yuan in bonds, with a proportion of 51.02%, while property insurance companies had 969.9 billion yuan, with a proportion of 40.62% [7] Bank Deposits - The proportion of investments in bank deposits by life and property insurance companies continued to decline, standing at 7.37% and 15.67%, respectively, as of Q3 2023 [8]