哪些险资机构在港股IPO市场中最积极？又将资金投向了哪些方向？ 这并非保险机构首次作为基石投资者参与港股IPO，北京商报记者根据Choice数据梳理发现，此前已有7 家险资机构以基石投资者身份参与7家公司港股IPO配售，认购金额合计约34.4亿港元，去年全年不足10 亿港元，已经达到了去年全年的3倍多。 所谓基石投资者，是在企业港股IPO时签约认购股份的长期机构投资者，一般会有一定股票限售期。在 苏商银行特约研究员付一夫看来，当前保险资金积极参与港股IPO基石投资主要有三方面原因。首先， 保险资金规模庞大，需要寻找收益稳定的投资标的，港股市场汇聚了大量新经济企业，为险资提供了更 多选择。其次，港股市场经过调整后整体估值处于相对低位，特别是科技、消费等板块具备长期投资价 值。最后，政策层面鼓励中长期资金入市，为险资境外投资创造了良好环境。 此前，中国保险资产管理业协会向业内下发的《2024年保险资金境外投资及港股通投资情况调研结果》 也提到，中国香港市场投资余额占保险机构境外投资余额的51%，是险资机构进行股票和债券境外投资 的首选市场。 险资大举进军IPO市场的背后，同样离不开监管政策的指引。今年7月，财政部 ...

Core Insights - The Hong Kong IPO market has seen significant activity this year, with insurance capital becoming a notable force as cornerstone investors in new listings [1][3] - Taikang Life has participated in the IPO of Cambridge Technology, marking a trend where insurance institutions are increasingly involved in Hong Kong IPOs [1][3] Group 1: Investment Trends - Insurance institutions have collectively invested over 34.4 billion HKD in seven Hong Kong IPOs this year, a substantial increase compared to less than 10 billion HKD for the entire previous year [3][5] - The participation of insurance funds as cornerstone investors is driven by the need for stable returns, the relatively low valuations in the Hong Kong market, and supportive policies encouraging long-term investments [3][4] Group 2: Sector Preferences - Insurance capital shows a preference for sectors such as technology, consumer goods, and new energy, including industries like automotive, home appliances, semiconductors, and energy storage [5] - The focus on these sectors aligns with the growth potential and national industrial development directions, indicating a strategic approach to asset allocation [5] Group 3: Regulatory Environment - Recent regulatory policies have encouraged insurance funds to adopt a long-term investment strategy, extending assessment periods to promote stability in investment practices [4]