证券研究报告 | 深度研究 | ESG 及绿色金融 长线资金 ESG 投资经验启示：保险资管篇 ——委外投资、组合脱碳与绿金实践 核心观点 保险资金开展 ESG 及绿色投资主要呈现两大优势与特点：长期性和战略性，并在此基 础上延伸出作为大型资产所有者对市场其他参与主体的影响力。保险资金委外投资中 的 ESG 整合对市场培育起到关键作用。大型资产所有者投资组合脱碳可考虑两类目 标：碳排放强度目标允许业务增长带来的排放增量，而碳排放绝对值目标要求无论业 务规模如何变化都必须实现既定的总量减排。 ❑ 保险资金 ESG 及绿色投资特点与优势：长期性、战略性和市场塑造性。 保险资金开展 ESG 及绿色投资主要呈现两大优势与特点：长期性和战略性，并 在此基础上延伸出作为大型资产所有者对市场其他参与主体的影响力。长期性由 保险机构的业务属性决定。保险资金具有来源稳定、规模较大、偿付周期长的特 点，是典型的"长线资金"，也是资本市场平稳有序健康发展的重要力量。战略 性由我国经济社会高质量发展和绿色低碳转型的现实要求决定。同时，保险资金 作为大型资产所有者，具有对被投公司和委外资金开展 ESG 及绿色金融实践的 "市场塑造性" ...

Global Market Overview - The Federal Reserve's monetary policy adjustments have been a core variable affecting global markets, with a pause in tightening announced in Q1 2025 after three rate hikes in 2024, leading to significant capital flow restructuring [3] - Emerging markets attracted over $80 billion in foreign capital inflows in the first four months of the year, a 65% increase compared to the same period last year, with Southeast Asian and Latin American markets being the focal points [3] - In contrast, developed economies in Europe and the US are still in an adjustment phase, with the Eurozone facing energy price volatility and weak manufacturing recovery, resulting in a 3.2% decline in the Euro against the Dollar [3] China Economic Performance - China's economy demonstrated strong resilience with a Q1 GDP growth of 5.2%, driven by high-end manufacturing and the digital economy [4] - The production of new energy vehicles increased by 35%, industrial robots by 28%, and the core AI industry scale surpassed 5 trillion yuan, indicating a shift towards an innovation-driven model [4] - The A-share market exhibited structural characteristics, with the Sci-Tech Innovation Board rising by 12.6% this year, outperforming the broader market, particularly in strategic emerging industries like semiconductors and biomedicine [4] Investment Strategies - Investors are encouraged to establish a diversified asset allocation framework in response to the complex market environment [5] - The commodity market is undergoing structural changes, with rising demand for lithium and cobalt due to the increasing share of renewable energy, and global battery demand expected to exceed 2 TWh in 2025 [5] - Green bonds are emerging as a growth point, with global issuance expected to surpass $500 billion this year, and China accounting for 25% of this market [5] - Three main investment themes are suggested: globally competitive high-end manufacturing firms, service companies benefiting from consumption upgrades, and tech companies positioned to capitalize on the digital economy [5] Conclusion on Global Financial Landscape - The global financial landscape is undergoing profound changes, presenting both challenges and opportunities for investors [6] - A scientific investment framework and a long-term perspective are essential for navigating the complexities of the financial waves in this uncertain era [6]