高水平科技自立自强是发展新质生产力的必由之路。作为保险资管机构，该如何助力高水平科技金融体 系建设？ 人保资产表示，坚决履行金融央企政治责任，深刻认识和坚定践行金融工作的政治性、人民性，立足耐 心资本功能作用的发挥，积极做好科技金融大文章，努力为高水平科技自立自强贡献人保力量。 险资有支持科技创新 的禀赋能力 人保资产表示，科创产业的发展规律决定了其资金需求具有四大鲜明特点：一是融资渠道多元化需求 强；二是长期性与周期性突出；三是具有一定风险与不确定性；四是融资效率要求高。这些特性显著揭 示了科创产业对金融支持的强烈依赖。 保险资金具有规模大、跨周期、来源稳定的属性特征，是天然的"耐心资本"。人保资产分析，保险资金 在精准助力复合型、多层次、高水平科技金融体系建设方面可以发挥重要作用。 一是投资渠道多元。保险资管机构已成为投资范围最为丰富的金融机构之一，依托较强的大类资产配置 能力，可以将资金运用到科创产业重点领域，支持传统产业改造升级、新兴产业培育壮大、未来产业前 瞻布局，助力经济结构转型。 三是资本约束。"偿二代"二期对保险公司参与未上市股权投资基础风险因子赋值为0.41，对无法穿透的 股权投资计划、股权 ...

Group 1 - Over 70% of A-share companies that have disclosed Q3 reports reported profit growth, with 254 out of 360 companies showing a year-on-year increase in net profit, particularly in the electronics, basic chemicals, automotive, power equipment, and machinery sectors [1] - 843 A-share companies announced a total of 6620.26 billion yuan in mid-term dividends, with 595 already implemented and 255 pending [1] - The storage chip market is experiencing a "super cycle," driven by AI and increasing demand for data storage, with price increases expected to continue until 2026 [2] Group 2 - The price of lithium hexafluorophosphate has surged by 44% since September 15, driven by strong demand recovery and supply constraints, while the utilization rate of lithium iron phosphate production has reached 73.46% [3] - Goldman Sachs predicts a slow bull market in the Chinese stock market, with key indices expected to rise by about 30% by the end of 2027, driven by profit growth and revaluation potential [4] - The insurance asset management sector has seen 92.7% of products achieve positive returns this year, with equity products averaging a return of 28% [2] Group 3 - Leju Robotics completed a Pre-IPO financing round of 1.5 billion yuan, with plans for an IPO underway [9] - Wens Foodstuff Group reported a 65.02% year-on-year decline in net profit for Q3, with total revenue down by 9.76% [10] - Poly Developments reported a 75.31% year-on-year decline in net profit for the first three quarters, despite a 30.65% increase in Q3 revenue [10]

Group 1: Brokerage Firms' Mid-term Dividends - A new round of mid-term dividends is being distributed by brokerage firms, with 29 firms planning to distribute over 18 billion yuan [1] - Among these, CITIC Securities leads with a proposed dividend of 4.298 billion yuan, followed by Guotai Junan with 2.627 billion yuan [1] - The concentrated distribution of dividends reflects the industry's profitability resilience and may enhance investor return expectations, potentially boosting brokerage valuations [1] Group 2: Jindong Co., Ltd. Block Trade - Jindong Co., Ltd. executed a block trade of 3.89 million shares on October 21, with a transaction value of 52.0093 million yuan, at a discount of 2.98% compared to the closing price [2] - The transaction involved an institutional buyer, indicating a divergence in valuation perceptions among investors [2] - The cumulative block trade volume over the past three months reached 442 million yuan, suggesting increased shareholder selling intentions, which may exert short-term pressure on the stock price [2] Group 3: Fund Risk Level Adjustments - Multiple financial institutions have recently adjusted the risk levels of their fund products, with a significant number of funds experiencing upward adjustments [3] - The adjustments are primarily driven by increased volatility, greater maximum drawdown deviations, and declining fund sizes, particularly affecting bond funds [3] - This trend indicates a tightening of risk management in the industry, which may lead to a reevaluation of asset allocations by investors [3] Group 4: Insurance Asset Management Products Performance - Over 92% of insurance asset management products have achieved positive returns this year, with equity products showing an average return rate of 28% [4] - The focus of insurance funds is shifting towards long-term investments and increased research on listed companies, particularly in the tech sector [4] - The diversification of income sources through alternative investments is becoming a key strategy for insurance funds to enhance yield and stabilize net value fluctuations [4][5]

Group 1: Fund Industry Adjustments - The fund industry is experiencing concentrated adjustments in product risk levels, with many funds seeing their risk ratings increased since October 15 [1] - Notably, 15 out of 17 asset management products sold by CITIC Bank had their risk levels raised, alongside similar adjustments by other public fund institutions [1] - Key factors for the risk level increases include rising volatility, increased maximum drawdown multiples, and declining fund sizes, particularly affecting bond funds [1] Group 2: Insurance Asset Management Performance - As of October, 92.7% of insurance asset management products reported positive returns this year, with equity products averaging a return of 28% [1] - Insurance institutions are increasingly focusing on long-term investments and diversifying their revenue sources through alternative investments [1] Group 3: Agricultural Bank Stock Performance - Agricultural Bank's stock has seen a 13-day consecutive rise, reaching a new high, with a closing price of 7.88 yuan per share [3] - The bank's market-to-book ratio has surpassed 1, indicating a positive valuation recovery for state-owned banks [3] - High dividend yields and stable performance are attracting significant capital inflows into bank stocks [3] Group 4: Lithium Market Dynamics - The price of lithium hexafluorophosphate has surged by 44% since September 15, driven by strong demand recovery and supply constraints [3] - The utilization rate of lithium iron phosphate production has reached 73.46%, indicating a thriving market environment [3] Group 5: Storage Chip Market Trends - The storage chip market is entering a "super cycle" driven by AI, with significant demand for data center storage and smart devices [4] - Analysts predict that the price increase for AI server storage products may continue until 2026, benefiting domestic storage companies [4] Group 6: Third Quarter Earnings Reports - Over 70% of the 360 listed companies that have disclosed their third-quarter earnings reported profit growth compared to the previous year [5][6] - The electronics sector has the highest number of companies reporting growth, driven by advancements in AI technology and expanding application scenarios [6] Group 7: Commercial Aerospace Industry Growth - The commercial aerospace industry in China is experiencing unprecedented growth, transitioning towards scale, marketization, and capitalization [7] - Several leading companies are initiating listing guidance, indicating strong interest from the capital market [7] Group 8: E-commerce and Logistics Developments - The "Double 11" shopping festival has begun, with e-commerce platforms launching promotional strategies to boost consumer engagement [8] - Major logistics companies are enhancing their operations through smart upgrades to meet the anticipated surge in demand [8] Group 9: Smart Glasses Market Forecast - The global smart glasses market is projected to reach 4.065 million units shipped by mid-2025, with a 64.2% year-on-year growth [9] - China's market share is expected to grow significantly, with a compound annual growth rate of 55.6% from 2024 to 2029 [9]

Core Viewpoint - The establishment of the China Nuclear Power Equity Investment Fund by China Life Asset Management and China National Nuclear Corporation aims to support the construction of key nuclear power projects, highlighting the role of insurance capital in financing technological innovation and strategic emerging industries [1][4]. Group 1: Insurance Capital Characteristics - Insurance capital, particularly life insurance funds, is well-suited for supporting technology innovation due to its long liability duration and stable return expectations, aligning with the long-term capital needs of tech projects [2][4]. - As of the end of 2024, the average liability duration of Chinese insurance funds is 13.19 years, closely matching the average 12-year R&D cycle of technology companies [2]. Group 2: Investment Initiatives - China Life Asset Management initiated the "China Life - Hu Fa No. 1 Equity Investment Plan" with an investment scale of approximately 11.8 billion yuan, focusing on key enterprises in the integrated circuit sector [3]. - Various insurance asset management institutions are actively investing in technology sectors, with significant holdings in technology-themed bonds and stocks, demonstrating a commitment to supporting innovation [7]. Group 3: Regulatory Support - Recent regulatory policies have encouraged insurance funds to invest in technology innovation, including the adjustment of equity asset allocation ratios and the establishment of private equity funds [4][10]. - The implementation of the "High-Quality Development Implementation Plan for Technology Finance" aims to enhance the role of insurance companies in supporting tech enterprises [4]. Group 4: Diverse Investment Strategies - Insurance asset management companies are diversifying their investment strategies by combining direct and indirect investments, thus providing essential capital to both mature and early-stage tech companies [5][6]. - The collaboration with venture capital and private equity funds allows insurance capital to effectively support early-stage "hard tech" enterprises [6]. Group 5: Risk and Return Management - Balancing the high safety requirements of insurance capital with the inherent risks of technology innovation remains a challenge, necessitating enhanced research capabilities and diversified investment strategies [8][9]. - Systematic risk management frameworks are being developed to ensure compliance and successful project execution, addressing the need for robust exit strategies [9]. Group 6: Future Outlook - The role of insurance capital as patient capital is expected to grow, with recommendations for improving valuation systems, exit channels, and risk management to foster a supportive ecosystem for technology innovation [10].

Group 1 - Insurance capital is accelerating its layout in the equity market under policy guidance, with a total of over 4700 company visits since the second half of 2025 [1][2] - Leading asset management and pension insurance companies are the main players in this trend, with Taikang Asset Management conducting over 280 visits, followed by Dajia Asset Management and Huatai Asset Management [1][2] - The technology and pharmaceutical sectors are the primary focus areas, with companies like Maiwei Biotech and Borui Pharmaceutical receiving multiple visits [1][4] Group 2 - The research activity is widespread across various A-share sectors, with over 70% of visits concentrated in Shenzhen Main Board, ChiNext, and STAR Market [2] - Some stocks have shown strong market performance post-insurance visits, with companies like Zhongji Xuchuang and Taotao Automotive doubling their stock prices [2] - Pension insurance companies are also actively participating, with Ping An Pension leading with 171 visits, focusing on both large-cap and small-cap companies [3][4] Group 3 - The dual focus on technology and pharmaceuticals reflects a strategic adjustment in asset allocation due to the low interest rate environment, aiming to build a balanced investment portfolio [3][5] - The pharmaceutical sector, particularly innovative drugs, is attractive for insurance funds due to its long-term investment nature, aligning with the stable characteristics of insurance capital [5] - The hard technology sector is experiencing multiple breakthroughs, with companies like Jing Sheng Machinery and Huichuan Technology being frequently visited [5][6] Group 4 - Traditional sectors, particularly bank stocks, remain a key focus for insurance capital, with a clear "growth in technology + high dividend" strategy [6] - Regional banks are gaining attention, with Jiangsu Bank receiving 17 visits, indicating a shift from the previous preference for state-owned banks [6]

发力科技金融是保险资金的时代使命 当前，我国经济步入高质量发展新阶段，传统产业升级与新兴产业培育双轮驱动格局构建加快。从半导 体自主可控持续突破、DeepSeek大模型等人工智能成果密集涌现，到创新药出海步伐提速、"新三样"出 口逆势增长，科技创新正成为综合国力跃升的核心支点。 李巍认为，构建"科技-产业-金融"的良性循环，提升金融服务科技创新能力与效率，是培育壮大新质生 产力、建设现代化产业体系的核心路径。科技金融作为重构"制度-资本-技术"关系的关键加速器，其战 略地位日益凸显。 要激活创新生态离不开科技金融的精准灌溉。李巍认为，科技金融的核心价值关键在于双重赋能：一方 面，通过资金融通、风险分散等市场化机制，优化资本配置以精准赋能企业创新，这在创新成本高、风 险大的技术密集型产业中尤为重要；另一方面，借力金融创新拓宽资本市场服务半径，全面激发市场主 体创新活力，推动新兴产业加速发展壮大。 科技创新关乎中国式现代化建设全局。近年来，一系列政策文件相继出台，更加明确了保险资金支持科 技创新的职责使命与实施路径。 近日，中再资产党委书记、董事长李巍表示，保险资金亟须实现从"长期资本"到"耐心资本"再到"有为 ...

科技创新关乎中国式现代化建设全局。近年来，一系列政策文件相继出台，更加明确了保险资金支持科 技创新的职责使命与实施路径。 近日，中再资产党委书记、董事长李巍表示，保险资金亟须实现从"长期资本"到"耐心资本"再到"有为 资本"的能级跃升，主动适配投融资新范式。这意味着，保险资金不仅要做时间的朋友，更要成为产业 趋势与企业生命周期的"坚定陪跑者"，在科技创新全周期中展现新作为。 发力科技金融是保险资金的时代使命 当前，我国经济步入高质量发展新阶段，传统产业升级与新兴产业培育双轮驱动格局构建加快。从半导 体自主可控持续突破、DeepSeek大模型等人工智能成果密集涌现，到创新药出海步伐提速、"新三样"出 口逆势增长，科技创新正成为综合国力跃升的核心支点。 李巍认为，构建"科技-产业-金融"的良性循环，提升金融服务科技创新能力与效率，是培育壮大新质生 产力、建设现代化产业体系的核心路径。科技金融作为重构"制度-资本-技术"关系的关键加速器，其战 略地位日益凸显。 要激活创新生态离不开科技金融的精准灌溉。李巍认为，科技金融的核心价值关键在于双重赋能：一方 面，通过资金融通、风险分散等市场化机制，优化资本配置以精准赋能企 ...

Core Viewpoint - The insurance asset management industry is facing intensified regulatory scrutiny, with multiple companies penalized for non-compliance regarding the use of insurance funds [1][4][5]. Regulatory Actions - The National Financial Supervision Administration has issued penalties to Taiping Asset Management and Zhongcai Asset Management for failing to use insurance company funds as required, with fines of 70 million yuan and 3 million yuan respectively [2][3]. - Zhongcai Asset Management's penalties included warnings and fines totaling 230,000 yuan for responsible individuals [2]. - Taiping Asset Management has previously faced penalties totaling 6.78 million yuan for various compliance issues earlier in the year [3]. Industry Response - Both Taiping and Zhongcai Asset Management have acknowledged the violations occurred before 2020 and have stated that they have completed rectifications and established long-term compliance mechanisms [2][3]. - The industry is recognizing the need for stricter adherence to regulations and improved risk management practices [5]. Regulatory Framework - The regulatory body is implementing a more stringent risk control system, including the release of the "Interim Measures for Risk Classification of Insurance Assets" to enhance risk management and asset quality [6]. - New guidelines have been established to improve internal controls over insurance fund utilization, detailing processes for project selection, approval, and post-investment management [6]. Industry Trends - The insurance asset management sector has seen a total of 5 institutions and 47 individuals penalized this year, with fines exceeding 15 million yuan, indicating a trend towards stricter regulatory enforcement [4]. - Industry insiders emphasize the importance of compliance and risk awareness in investment operations, advocating for a more standardized and professional approach to managing insurance funds [5].

Core Insights - The performance of combination insurance asset management products has been strong in the first three quarters of 2025, with 94.3% of the 1469 products reporting positive annualized returns [1][2] Group 1: Performance Overview - A total of 1469 combination insurance asset management products have disclosed their returns, with an average return of 12.63% and a median return of 3.93% [2] - The highest-performing product, managed by Dajia Asset Management, achieved a return of 164.85%, while the lowest, managed by Hu'an Financial Asset Management, reported a return of -30.52% [2] - Among 1005 fixed-income products, 92.8% reported positive returns, with an average return of 3.60% and a median of 2.54% [2][3] Group 2: Equity and Mixed Products - Of the 264 equity products, 98.1% achieved positive returns, with an average return of 37.92% and a median of 33.85% [3] - For 200 mixed products, 96.5% reported positive returns, with an average return of 24.68% and a median of 21.37% [3] - The strong performance of equity products is attributed to the significant rise in the A-share market, with major indices increasing by over 15% [3] Group 3: Focus on Technology Sector - The technology sector remains a key focus for insurance capital, with over 14,000 A-share companies surveyed by insurance institutions, particularly in electronic components and medical devices [4] - The emphasis on technology is due to its high growth potential and innovation capabilities, as well as its role in driving industrial upgrades [4] - Investing in technology aligns with national development strategies and offers substantial market demand and growth opportunities [4] Group 4: Investment Strategies - With favorable market policies and recovering capital market confidence, insurance capital is increasingly allocating to equity assets and adopting high-dividend strategies [5] - To mitigate short-term market volatility, insurance capital should maintain a prudent investment style and focus on long-term asset-liability matching [5] - Enhancing investment research and value discovery capabilities is essential for achieving higher returns [5]