Core Viewpoint - The insurance asset management industry has a crucial responsibility to support national strategies and technological innovation, which is also essential for its own high-quality development [2] Group 1: Support for Technological Innovation - Insurance asset management is evolving to provide a multi-dimensional investment toolbox and industrial ecosystem to support the "募投管退" cycle of technology enterprises [2] - Insurance funds are characterized as "patient capital" and "long-term capital," making them well-suited to support the long cycles, high investments, and high risks associated with technological innovation [3] - The industry offers comprehensive investment solutions, covering everything from debt to equity and from primary to secondary markets [3] - Insurance funds are increasingly becoming a cornerstone in the equity market, with investments spanning advanced manufacturing, artificial intelligence, semiconductors, new energy, biomedicine, and high-end equipment [4] Group 2: Balancing Risk and Innovation - The insurance asset management sector must master the "art of balance" between supporting innovation and ensuring capital safety [5] - A scientific asset allocation framework and a rigorous risk management system are essential for maintaining this balance [5] - The industry employs a "core + satellite" strategy for asset allocation to ensure overall portfolio stability [5] Group 3: Value-Added Services - Investment is viewed as the beginning of a service process, where insurance institutions provide strategic consulting, market connections, and follow-up financing to enhance the growth of invested companies [6] - This approach not only aids in the growth of enterprises but also improves the safety and return rates of investments [6] Group 4: Future Directions and Challenges - The strategic position of the insurance asset management industry in supporting technological innovation is expected to become more prominent [7] - The industry faces challenges such as the need for deeper professional capabilities, more flexible market mechanisms, and diversified exit channels for investments [7] - Solutions include restructuring organizational frameworks, enhancing research capabilities, embracing technology, and advocating for optimized top-level design [8][9]

Core Viewpoint - The insurance asset management industry has a responsibility to support national strategies and technological innovation, which is also essential for its own high-quality development [1] Group 1: Support for Technological Innovation - Insurance capital is recognized as "patient capital" and "long-term capital," becoming an indispensable force in supporting technological innovation [2] - The core advantages of insurance asset management include unique funding attributes, comprehensive investment tools, and significant potential for industrial collaboration [2][3] - Insurance funds have established a combination of direct and indirect investments to cover the entire lifecycle of technology enterprises, from seed to maturity [3] Group 2: Balancing Risk and Innovation - The industry must master the "art of balance" between supporting innovation and ensuring capital safety, which is reflected in a scientific asset allocation framework and a rigorous risk management system [4] - A "core + satellite" strategy is commonly adopted to ensure overall portfolio stability, alongside a comprehensive risk management system that spans the entire investment process [4][5] Group 3: Strategic Position and Future Directions - The strategic position of the insurance asset management industry in supporting technological innovation is expected to become more prominent [6] - Current challenges include the need for deeper professional capabilities, more flexible market mechanisms, and diversified exit channels for investments [6][7] - Proposed reforms include restructuring organizational frameworks, enhancing research capabilities, embracing technology, and advocating for optimized top-level design [7]

Core Viewpoint - The article emphasizes the role of China Life Asset Management Co., Ltd. in supporting technological innovation through innovative investment strategies, particularly the S Fund shares, to address the challenges faced by insurance capital in the tech sector [2][3]. Policy and Industry Resonance - The insurance capital's focus on technological innovation aligns with national policies, such as the "New Quality Productive Forces" concept and the "Creative Investment Seventeen Articles," which encourage long-term investment from insurance funds to support technological innovation and entrepreneurship [3][4]. - The implementation of the "High-Quality Development Plan for Technology Finance" encourages insurance institutions to diversify their investment tools to support venture capital [3]. Innovative Investment Strategies - China Life Asset has developed innovative investment strategies, such as S Fund shares, to navigate the inherent risks of technological innovation while adhering to the prudent investment principles of insurance funds [4][5]. - The total scale of private equity and venture capital funds in China has reached 14 trillion yuan, providing various stages of funding support for entrepreneurial enterprises [5]. Positive Outcomes from S Fund Shares - The S Fund shares have alleviated the "dam" problem in the equity investment market, providing differentiated capital to support the construction of a multi-tiered capital market and enabling tech companies to focus on innovation [6]. - The strategy balances the cautious use of insurance funds with the risks of technological innovation, creating new growth opportunities for long-term capital allocation [6]. - A new model of government-enterprise cooperation has been established, facilitating a positive investment interaction between government support and market-driven capital [6]. Gradual Progress in Technology Finance - Over the past three years, China Life Asset has gradually improved its technology finance strategies, achieving incremental advancements each year [8][9]. - The establishment of the "China Life - Electronic Mixed Reform No. 1 Equity Investment Plan" in 2022 raised 1.99 billion yuan to support critical technology sectors, particularly in the information security field [9]. - In November 2023, the "China Life - Shanghai No. 1 Equity Investment Plan" was launched with an investment scale of approximately 11.8 billion yuan, focusing on the semiconductor industry and addressing early-stage risks and valuation issues [10]. Focus on Venture Capital - China Life Asset has made strides in the venture capital sector, launching a 5 billion yuan "China Life - Beijing Science and Technology Innovation Equity Investment Plan" to invest in the Beijing Science and Technology Innovation Fund, which focuses on hard technology investments [11]. - This initiative aims to bridge the gap between insurance capital and venture capital, exploring feasible paths for insurance funds to support the development of new quality productive forces [11].

Core Viewpoint - China Life Asset Management Co., Ltd. (referred to as "Guoshou Asset") has been actively supporting technological innovation through innovative investment strategies, particularly via Secondary Funds, addressing the challenges of investing insurance capital in high-risk technology sectors [1][3]. Group 1: Policy and Industry Resonance - The focus on technological innovation aligns with national policies, emphasizing the importance of insurance capital in supporting new productive forces as outlined in recent government documents [2][3]. - The "New Quality Productive Forces" concept was introduced in September 2023 and is prioritized in the 2024 government work report, highlighting the role of insurance funds in fostering long-term investments in technology and entrepreneurship [2][3]. Group 2: Innovative Investment Strategies - Guoshou Asset has developed innovative investment strategies, such as S Shares, to address the structural contradictions between cautious insurance fund management and the inherent risks of technological innovation [3][4]. - The total scale of private equity and venture capital funds in China has reached 14 trillion yuan, providing various stages of funding support for entrepreneurial enterprises, despite challenges in fundraising and exit strategies [3][4]. Group 3: Long-term Capital Support - The implementation of S Shares has alleviated the "dam" issue in the equity investment market, providing differentiated capital to support technology innovation and creating a stable financial environment for industry development [4]. - Guoshou Asset's approach balances the cautious use of insurance funds with the risks associated with technological innovation, identifying new growth areas for long-term capital allocation [4]. Group 4: Progress in Technological Finance - Over the past three years, Guoshou Asset has gradually improved its strategies in technological finance, achieving incremental progress each year [5]. - In 2022, Guoshou Asset established the "China Life - Electronic Mixed Reform No. 1 Equity Investment Plan," raising 1.99 billion yuan to support critical technology sectors, particularly in the information technology field [6]. - In November 2023, Guoshou Asset initiated the "China Life - Shanghai Development No. 1 Equity Investment Plan," with an investment scale of approximately 11.8 billion yuan, focusing on the semiconductor industry and addressing early-stage risks and later valuation issues [7]. Group 5: Focus on Entrepreneurship - Guoshou Asset has made strides in the venture capital sector, launching a 5 billion yuan "China Life - Beijing Science and Technology Innovation Equity Investment Plan" in December 2024, targeting hard technology investments [8]. - This fund is the first government-backed mother fund focused on hard technology, demonstrating Guoshou Asset's commitment to bridging insurance capital with venture investments and supporting the development of new productive forces [8].

Core Insights - The insurance asset management sector is increasingly focusing on asset-backed securities (ABS) to seek stable long-term returns in a low-interest-rate environment, with a reported growth of over 25% year-on-year in the first three quarters of 2025 [1][2][6] Group 1: Market Growth and Trends - In the first three quarters of this year, 15 insurance asset management institutions registered 66 asset-backed plans, totaling 274.58 billion yuan, marking a 25.1% increase compared to the same period last year [2] - The "insurance version ABS" is characterized by its focus on infrastructure projects, providing stable cash flows that align with the long-term liabilities of insurance funds, making it a significant investment choice in the current market [2][6] - Among the active insurance asset management institutions, 10 have surpassed the 10 billion yuan registration threshold, indicating a strong industry commitment to this asset class [2] Group 2: Demand for Exchange ABS Qualifications - There is a growing desire among insurance asset management institutions to obtain qualifications for managing exchange ABS, which are seen as more liquid and diverse compared to non-standard ABS [4][5] - The push for exchange ABS qualifications began in October 2023, when regulatory bodies expanded the scope to include insurance asset management companies, with five major firms being the first to receive approval [5] - However, the expansion of trial qualifications has stalled, with regulatory caution making it difficult for many institutions to gain access to this lucrative market [5] Group 3: Dual Strategy for Market Challenges - Insurance funds are adopting a dual strategy to navigate current market challenges, focusing on both the "insurance version ABS" market and seeking exchange ABS management qualifications [6] - This strategy reflects the necessity for insurance funds to adapt to changing macroeconomic conditions and the declining attractiveness of traditional fixed-income assets, with ABS products filling the investment gap [6]

Core Insights - Insurance asset management companies are increasingly focusing on asset-backed securities (ABS), with a notable growth of over 25% in registration scale during the first three quarters of 2023 [1][4] - The first batch of five insurance asset management companies received pilot qualifications for ABS and REITs in October 2023, but no new qualifications have been granted since then [1][2] - The insurance version of ABS, which is less liquid than exchange-listed ABS, is gaining traction due to its alignment with the long-term investment needs of insurance funds [3][4] Group 1 - In the first three quarters of 2023, 15 insurance asset management institutions registered 66 asset-backed plans, totaling 274.578 billion yuan, representing a year-on-year increase of 25.1% [1][4] - The most registered asset-backed plans were from Minsheng Tonghui Asset Management Co., Ltd., with 12 plans, while Everbright Yongming Asset Management Co., Ltd. had the largest registration scale at 60.55 billion yuan [4] - Ten out of the 15 insurance asset management institutions registered asset-backed plans with a scale exceeding 10 billion yuan this year [4] Group 2 - The demand for stable cash flow assets suitable for long-term investment has led insurance funds to show increased interest in ABS since the pilot program began [2][4] - The regulatory environment remains cautious, with insurance funds facing challenges in obtaining exchange ABS qualifications, as the primary players in this market are still brokerage firms [2][3]

Core Viewpoint - The insurance asset management sector is actively seeking to obtain trading platform ABS qualifications, but regulatory approval remains cautious and limited since the initial pilot program began in October 2023 [1][2]. Group 1: ABS Market Overview - As of the first three quarters of 2023, 15 insurance asset management institutions have registered 66 asset-backed plans, with a total registration scale of 274.578 billion yuan, reflecting a year-on-year growth of 25.1% [1][4]. - The primary role of insurance capital in the ABS market is to manage and issue asset-backed plans, often through a trustee model [1][3]. Group 2: Regulatory Environment - The China Securities Regulatory Commission and the National Financial Regulatory Administration have expanded the management scope of trading platform ABS to include insurance asset management companies, with five firms initially granted pilot qualifications [2]. - Despite the initial approvals, no new insurance capital has been granted trading platform ABS issuer and manager qualifications since the pilot program began, indicating a cautious regulatory stance [2]. Group 3: Investment Trends - Insurance capital is increasingly favoring asset-backed plans due to their stable cash flows and alignment with long-term investment needs, leading to a significant increase in ABS activity this year [3][4]. - The "insurance version ABS" operates in a non-standard business model, focusing on infrastructure and other projects, which helps meet the diversified allocation needs of insurance funds [3].

Core Insights - The low interest rate environment is a fundamental challenge for the Chinese insurance industry, necessitating a strategic transformation in asset allocation to address pressures from interest margin losses, solvency, and liquidity [1][2][3] Group 1: Macro and Industry Changes - The global economic landscape is shifting, with the share of the US and European economies in global GDP decreasing from 62% in 2001 to 50% in 2023, while Asia's share increased from 27% to 36% [6] - The trend of de-globalization is accelerating, particularly with the US leading efforts to decouple from China, which has created significant market volatility and challenges for the industry [6] - Sustainable development has become a global consensus, with China excelling in ESG (Environmental, Social, and Governance) initiatives, leading to a positive correlation between high ESG ratings and market pricing [7] Group 2: Domestic Economic Transition - China's economic growth engine is transitioning from investment-driven to sectors like renewable energy, electric vehicles, and high-tech manufacturing, which are rapidly developing [8] - R&D expenditure in China has increased from 1 trillion yuan in 2012 to over 3.6 trillion yuan in 2024, positioning the country as a major competitor in technology [8] - The domestic low interest rate cycle is ongoing, with rates around 1.5%-1.6% nearing their lower bound, reflecting market pessimism about economic prospects [9] Group 3: Investment Opportunities in Technology - Technology sectors such as renewable energy, AI, and biotechnology are emerging as new economic growth drivers, with direct competition between China and the US [10] - The capital market in China is shifting towards a technology-driven model, with significant growth in the market capitalization of tech companies [10] Group 4: Challenges in Insurance Asset Management - The insurance industry faces significant challenges, including interest margin losses and asset-liability matching pressures, with investment yields declining by 30-50 basis points annually [11][12] - The implementation of new accounting standards has increased the volatility of investment returns, necessitating a focus on stable performance in asset allocation [12] Group 5: Strategic Transformation in Asset Allocation - The insurance asset allocation strategy is shifting from traditional categories to a more diversified and refined approach, emphasizing duration gap management and innovative non-standard assets [13][14] - To mitigate equity asset volatility, the industry is adopting a multi-faceted strategy that includes optimizing accounting matches and balancing investment styles [15] - There is a significant push towards long-term investments in high-quality technology companies, with an emphasis on enhancing research capabilities in the tech sector [16]

Core Insights - The insurance ABS market is experiencing growth, with 11 insurance asset management institutions registering a total of 28 ABS products in Q3, an increase of 9 products compared to Q2, amounting to a total scale of 944.82 billion yuan [1][2] Group 1: Registration Activity - July was the most active month for registrations, with 12 products registered, totaling 417.81 billion yuan, dominating both in number and scale [1] - Registration activity significantly slowed in August and September, with numbers dropping to 5 and 11 products, and scales of 143.07 billion yuan and 383.94 billion yuan, respectively [1] Group 2: Active Institutions - Minsheng Tonghui Asset Management Company was the most active, registering 6 products, leading in quantity among other institutions [1] - Other active institutions included Renmin Capital, Century Insurance Asset Management, ICBC-AXA Asset Management, China Life Investment, and Everbright Yongming, each registering 3 products [1] Group 3: Product Scale - In Q3, Minsheng Tonghui registered the largest product scale at 184.81 billion yuan, followed by China Life Investment and Taikang Asset Management, each with 110 billion yuan [1][2] - The largest single product registered in Q3 was 80 billion yuan, with four major plans including Everbright Yongming and Renmin Capital [2] Group 4: Market Trends - The registration scale of insurance asset management institutions has maintained over 50% year-on-year growth from 2020 to 2023, although a decline is expected in 2024 [3] - The cash flow stability, long duration, and relatively lower risk of asset-backed plans align with the investment needs of insurance capital, making them attractive to some institutions [3]

Core Viewpoint - The article emphasizes the importance of insurance asset management in supporting the development of a high-level technology financial system, highlighting the role of insurance funds as "patient capital" in fostering technological innovation and economic transformation [3][4]. Group 1: Characteristics of Technology Innovation Financing - The financing needs of the technology innovation industry exhibit four distinct characteristics: strong demand for diversified financing channels, long-term and cyclical nature, inherent risks and uncertainties, and high efficiency requirements for financing [4]. - Insurance funds are characterized by large scale, cross-cycle stability, and consistent sources, making them well-suited to support the construction of a multi-layered and high-level technology financial system [4]. Group 2: Investment Capabilities of Insurance Asset Management - Insurance asset management institutions have become one of the most diversified financial institutions in terms of investment scope, leveraging strong asset allocation capabilities to support key areas of the technology innovation industry [4]. - The flexibility in product creation allows insurance asset management to meet the broad and lifecycle financing needs of technology innovation entities through various investment forms, including secondary market instruments and direct investments [5]. - Insurance asset management maintains a robust risk management capability, adhering to prudent operational principles through multiple market cycles [4][6]. Group 3: Challenges in Technology Innovation Investment - There are challenges in aligning insurance funds with technology innovation investments, including risk mismatch due to the non-linear value creation paths of technology projects, which may not align with the safety and stability focus of insurance funds [6]. - A capability gap exists as investment personnel often come from traditional financial backgrounds, lacking deep industry understanding necessary for specialized technology sectors [6]. - Capital constraints are imposed by regulatory frameworks, increasing the pressure on insurance companies' solvency ratios when engaging in equity investments [6]. Group 4: Innovative Investment Models - The company is actively exploring innovative investment models, such as convertible bonds and equity investments, to engage in significant technology projects throughout their lifecycle [7]. - Collaborative investment models with leading industry capital are being developed to enhance post-investment capabilities and support the growth of specialized small and medium-sized enterprises [7]. Group 5: Growth in Technology Financial Investment - The scale of technology financial investments by the company has rapidly increased, with a nearly 30% year-on-year growth as of June 2025, focusing on high-tech sectors like artificial intelligence and biomedicine [8]. - The company has launched various technology financial products, including a thematic asset management product targeting technology innovation industries, and has invested in key technology projects related to critical core technologies [8].