Core Viewpoint - Insurance capital continues to show enthusiasm for equity market allocation, with a total of 30 instances of capital injection this year, including 6 in A-shares and 25 in H-shares, primarily in banking and insurance sectors, as well as utilities, energy, biomedicine, and technology [1][2]. Group 1: Investment Strategy - China Pacific Insurance adheres to a "value investment, long-term investment, prudent investment, and responsible investment" philosophy, implementing a refined "dumbbell" asset allocation strategy that emphasizes long-term interest rate bonds while actively increasing equity positions during market downturns [2][3]. - The company has established a strategic asset allocation methodology centered on solvency and risk preference, balancing short-term profit fluctuations with long-term net value growth [3][4]. - The core investment strategy for equity assets focuses on dividend value, targeting companies with high dividend distribution capabilities and stable growth prospects [4][5]. Group 2: Market Outlook and Opportunities - The insurance sector views the Chinese equity market positively, noting that equity assets offer the best allocation value among major asset classes, with a current dividend yield of 2.8% for the CSI 300 index compared to a 1.7% yield for 10-year government bonds [4][5]. - The company identifies three strategic opportunities: participation in emerging industries supported by national policies, international development opportunities through global asset allocation, and investment quality enhancement driven by AI and financial technology [6]. Group 3: Alternative Investments - In the current low-interest-rate environment, alternative assets are seen as crucial for diversifying investment portfolios, with a focus on sectors such as logistics, data centers, and renewable energy infrastructure [5][6]. - The company is also exploring real estate investments through funds, emphasizing logistics and commercial properties as key areas of focus [5]. Group 4: Challenges and Market Conditions - The global political and economic landscape is undergoing significant changes, impacting resource allocation and trade flows, which presents both challenges and opportunities for insurance capital [5][6]. - The company anticipates a downward trend in medium to long-term interest rates, which may lead to an "asset shortage" issue, complicating the pursuit of stable returns [5].