Core Insights - Major insurance asset management companies have established a large-scale private equity fund, indicating a strong commitment to long-term investment strategies [1][2][3] Group 1: Fund Establishment - Three insurance asset management companies, including Renbao Capital, Zhongyi Asset, and Zhongcheng Capital, have jointly invested 13 billion yuan (approximately 1.3 billion USD) to establish Beijing Baoshichengyuan Equity Investment Partnership [1] - Renbao Capital is the largest contributor with a subscription amount of 10 billion yuan, accounting for 76.92% of the total investment [1] - The fund's business scope includes private equity investment, investment management, and asset management activities [1] Group 2: Company Background - Renbao Capital, a wholly-owned subsidiary of China Reinsurance Group, has a cumulative investment management scale exceeding 330 billion yuan (approximately 33 billion USD) [2] - Zhongyi Asset is the first joint venture insurance asset management company approved by the former China Insurance Regulatory Commission, with total managed assets of 378.94 billion yuan (approximately 37.89 billion USD) as of the end of 2024 [2] - Zhongcheng Capital is fully owned by Zhongcheng Trust, which is also significantly linked to China Reinsurance Group [2] Group 3: Market Context and Future Outlook - The current economic environment presents challenges for fundraising in the primary market, but insurance capital's large scale and long investment horizon position it well for long-term investments [3] - With ongoing policy support, it is anticipated that more insurance capital will participate in the equity investment market, providing stable funding for the real economy and supporting industrial upgrades and innovation [3] - To further encourage insurance capital's participation in venture investments, improvements in assessment mechanisms and accounting practices are necessary [3]

Group 1 - The core viewpoint of the articles highlights the strong performance of insurance asset management institutions in 2023, with a total operating income of 41.6 billion yuan and a net profit of 18.35 billion yuan, reflecting year-on-year growth of 14% and 18% respectively [1][2] - 34 insurance asset management institutions reported that 21 achieved year-on-year net profit growth, with 33 out of 34 institutions being profitable, totaling 18.368 billion yuan in net profit [2][3] - The performance of these institutions is closely linked to the positive trends in the insurance industry, including premium growth and investment returns from capital markets [3] Group 2 - Regulatory measures have been implemented to enhance equity investment capabilities, including an increase in the proportion of equity assets that insurance funds can hold, which is expected to further open up investment opportunities [4] - Insurance asset management companies are encouraged to adopt market-oriented incentive mechanisms and long-term assessment strategies to improve decision-making and reduce the impact of market volatility [4][5] - The focus for asset allocation should include opportunities in equity investments related to China's economic transformation, value extraction from existing low-interest assets, and alignment with national strategies [5][6]

Core Viewpoint - The "Three Investments" (Rational Investment, Value Investment, Long-term Investment) advocated by the Shanghai Stock Exchange is becoming a guiding principle for institutional investors in the context of high-quality development in the capital market [1] Group 1: Challenges of Long-term Investment - Insurance funds, as natural long-term capital, should ideally support the capital market, but their allocation to stocks and funds is only 13.2% of the total, significantly below regulatory limits [2] - Three main challenges for "Long Money Long Investment" are identified: 1. Constraints from assessment mechanisms, where annual performance targets may lead to reduced stock allocations [2] 2. Limitations from solvency requirements under the "Solvency II" framework, which increases risk capital for equity investments [2] 3. Increased uncertainty in the external environment, including global economic policy changes and geopolitical risks [2] Group 2: New Requirements for Investment Strategy - The rise of new productive forces has increased the market capitalization of technology and manufacturing in A-shares from 17% in 2007 to 36.6%, necessitating insurance funds to balance high growth opportunities with volatility risks [3] - Three core difficulties in adapting to this new requirement include: 1. Investment philosophy challenges in balancing stability with high-growth potential [3] 2. Investment management challenges due to strict risk control processes that may not meet the fast-paced needs of tech companies [3] 3. Investment research challenges requiring an upgrade of existing research systems to capture investment opportunities in technological changes [3] Group 3: Optimizing Long-term Investment Mechanisms - To address pain points and achieve "Long Money Long Investment," several strategies are proposed: 1. Optimizing long-term assessment mechanisms, with state-owned insurance companies increasing the weight of "net asset return" to at least 60% [4] 2. Considering a reduction in risk factors for equity assets under the "Solvency II" framework to lower capital requirements [4] 3. Enhancing investment capabilities to improve returns amidst a complex external environment [4] Group 4: Risk Management in Long-term Investment - Five key areas for insurance funds to focus on in risk management include: 1. Clarifying the positioning of insurance funds to ensure they serve the main business and match long-term liabilities [5][6] 2. Defining risk preferences with a focus on prudent and stable investment [6] 3. Establishing a robust investment culture emphasizing stability and seriousness [6] 4. Implementing comprehensive risk control mechanisms throughout the investment process [6] 5. Setting systematic performance metrics to guide investment teams in adhering to the "Three Investments" philosophy [6] - A three-tiered risk defense system for equity investments is established, focusing on pre-investment research, in-process management, and post-investment performance attribution [6]

Core Viewpoint - The "Three Investment" concept can enhance the efficiency of resource allocation in capital markets, directing funds towards enterprises with long-term development prospects, thereby achieving rational resource distribution [1] Group 1: Investment Strategies in Hard Technology - The importance of the hard technology sector, such as semiconductors and integrated circuits, has increased due to changes in the international competitive environment, characterized by high growth potential, high technical risks, and high market uncertainties [1][4] - Institutions are encouraged to adopt innovative approaches like PE, S funds, and mergers to create new investment pathways that are risk-controlled and adaptable to timeframes [1][5] - Value investment is defined as discovering and creating value, which goes beyond traditional metrics like market share and ROE, especially in early-stage investments [2] Group 2: Investment Examples and Trends - In 2018-2019, China's integrated circuit imports exceeded $300 billion, surpassing crude oil as the largest import commodity, highlighting the significant impact of the semiconductor industry [3] - The investment team at Zhongbao Investment has invested over 5 billion yuan in the semiconductor sector, recognizing its foundational role in supporting emerging technologies like digital economy and AI [3] Group 3: Challenges and Solutions in Hard Technology Investment - Insurance funds face challenges in investing in hard technology due to the sector's high growth potential and rapid technological iterations, which complicate the investment research system [4] - S funds are identified as suitable investment vehicles for insurance capital, offering clearer underlying assets and potentially higher annualized returns [5] - The REITs market presents significant investment potential, with only 58 listed REITs valued at 170 billion yuan, indicating a low asset securitization rate of less than 0.6% [5][6] Group 4: Future Directions and Strategies - Zhongbao Investment is expanding its REITs portfolio into advanced production assets, aiming to cultivate high-risk assets into stable cash flow generators [6] - A comprehensive investment strategy is essential for alternative investments like REITs and S funds, requiring attention to macroeconomic stability, industry research foresight, and the capabilities of decision-makers [6]

生命资产发布公告称，朱海马拟任公司董事长。公开信息显示，朱海马现任富德集团董事局秘书、副总 裁，前海富德能源总经理。曾任富德保险控股董事长办公室主任、富德生命人寿海南分公司总经理等 职。 来源：中国银行保险报 朱艳霞 近日，保险资管行业迎来新一轮人事调整。平安资管、新华资管、生命资产、民生通惠资管等公司相继 宣布高管变动，涉及董事长、总经理等职位。 民生通惠资管发布公告称，经董事会决议，并经金融监管部门核准，公司于4月6日正式任命吴志军担任 董事、董事长。这是该公司原董事长葛旋去年5月辞任后的首次核心管理层补位。吴志军2013年加入民 生人寿，历任民生人寿首席运营官、执行总裁、合规负责人、财务负责人、首席风险官、总经理等职。 值得关注的是，保险资管公司近期陆续披露2024年年报。根据34家公司披露的数据，行业整体呈现营收 利润双增态势，2024年合计营收416亿元、净利184亿元，比上年分别增长14.4%、18.1%。 相关业内人士认为，2025年，权益市场投资价值将进一步凸显，债券市场收益率下行趋势有望改善。保 险资管行业应积极应对低利率环境新动态，持续探索差异化定位，努力发展服务新质生产力的途径和手 段。 ...

近日，除华夏久盈资产因处于风险处置期，暂缓披露2024年度信息披露报告外，34家保险资管公司2024 年财报均已悉数披露。 数据显示，2024年，保险资管公司累计实现营业收入415.99亿元、净利润185.075亿元，同比分别增长 14.41%、17.4%，其中21家公司实现营业收入与净利润"双增"。 33家公司实现盈利 2024年，34家保险资管公司中，33家实现了盈利。其中，国寿资产、泰康资产、平安资管稳居净利润前 三，分别为38.57亿元、28.43亿元、24.51亿元。太平资本成为唯一亏损机构，2024年亏损0.16亿元。 分析人士指出，保险资管公司业绩普涨得益于两方面：一是资本市场回暖带动投资收益提升；二是行业 在另类投资、权益配置等领域的提前布局。 提升内控管理水平 保险资管公司作为金融市场的重要参与主体，承担着保险资金保值增值的主要职能。在资产规模扩张的 同时，保险资管行业对风险管理的重视程度空前。近期，多家保险资管公司发声，为内部控制优化与全 面风险管理建言献策。 随着金融市场不断发展，保险资管公司面临的操作风险日益复杂多样，对内部控制的要求更加严格。人 保资产表示，2024年7月实施的《银行 ...

Group 1: Investment Activities and Projects - The company completed the equity transfer of Aurora Solar, holding 80% of the project company, becoming the largest shareholder [1] - All 48 pull test drilling points and column pouring for the photovoltaic project have been completed, with pull tests finished at 100% [1] - The company is focusing on international engineering transformation and developing resource-controlled, low-risk concession projects [2] Group 2: Future Investment Directions - The company aims to seek investment opportunities in renewable energy sectors abroad, aligning with national carbon peak and carbon neutrality goals [2] - Plans to extend and integrate the industrial chain through overseas investments based on existing business segments [2] Group 3: Financial Performance and Shareholder Returns - The gross profit margin for 2024 is expected to improve due to strict project quality control and termination of low-margin trade businesses [2] - The cash dividend for 2024 is set at 1.49 yuan per 10 shares, totaling approximately 158.45 million yuan, a 72.55% increase from the previous year [2] - The company has maintained a consistent cash dividend for 17 consecutive years, emphasizing long-term shareholder returns [2] Group 4: Confidentiality and Compliance - No undisclosed significant information leakage occurred during the investor relations activity [3]

每经记者｜袁园 每经编辑｜张益铭 随着5月的到来，保险资管公司2024年的业绩逐步浮出水面。 目前，除华夏久盈资产暂缓披露外，其余34家保险资管机构（含1家养老险公司）均已披露2024年年报。2024年，这34家保险资管机构合计实现营业收入416 亿元，同比增长14.4%；实现净利润184亿元，同比增长18.08%。 具体到机构方面，各家保险资管机构的业绩分化明显，就净利润来看，有的机构净利润同比上涨近九成，而有的机构净利润则同比下滑超八成。为何保险资 管机构的业绩分化会如此明显？业内人士在接受《每日经济新闻》记者微信采访时表示，保险资管机构跟公募基金一样，盈利主要靠管理费，这与其服务能 力和核心投资能力息息相关。 34家保险资管公司合计实现净利润184亿元 2024年，34家保险资管机构合计实现净利润184亿元，同比增长18.08%。具体来看，国寿资产、泰康资产、平安资产净利润水平位居市场前三，均超20亿 元。其中，国寿资产实现净利润38.57亿元，同比增长34.1%；泰康资产实现净利润28.43亿元，同比增长36.68%；平安资产实现净利润24.51亿元，同比下滑 9.36%。 紧随其后的是国寿投资、太平 ...

又到了一年一度的保险资管机构"交卷"时刻。 目前，除华夏久盈资产暂缓披露外，其余34家保险资管机构（含一家养老险公司）均已披露2024年年报。2024年， 这34家保险资管机构合计实现营业收入416亿元，同比增长14.4%；净利润合计184亿元，同比增长18.1%。其中，33 家盈利，1家亏损。 截至2024年末，三大保险资管公司合计管理规模超16万亿元，管理规模万亿元以上的至少有8家，万亿和"准万亿"机 构或达10家。 营收盈利冠军不变 其后，2024年保险资管公司的营收和净利的二、三、四位则均较上一年有所变化。 2024年营收和盈利排名第二位的均为泰康资产。泰康资产2024年营收为62.82亿元，同比增长23.1%，排名第二与 2023年一致；2024年净利润28.43亿元，同比增长36.6%，排名从2023年的第三提升一位，至行业第二位。 2024年，平安资管的营收、净利润分别为40.45亿元、24.51亿元，同比均有一定下滑，两项指标排名也均下降一位。 其中，营收排名从2023年的行业第三降至第四，净利润从2023年的第二降至第三。 营收排名第三的是另类保险资管公司国寿投资。该公司2024年营收为42 ...

回顾开始披露年报以来，保险资管公司历年的营收和盈利冠军之位曾多次变化。 2018年、2019年，平安资管为盈利第一；2020年、2021年，泰康资产连续两年为营收和盈利双指标第一；2022年平安资管重回盈利第一；2023年国寿资产升至营收 和盈利的第一。 2024年，营收和净利润居于首位的仍是国寿资产。该公司在2023年行业排名第一的基础上实现较快增长：2024年实现营业收入67.03亿元，同比增长27.5%；净利润 38.57亿元，同比增长34.1%。 又到了一年一度的保险资管机构"交卷"时刻。 其后，2024年保险资管公司的营收和净利的二、三、四位则均较上一年有所变化。 目前，除华夏久盈资产暂缓披露外，其余34家保险资管机构（含一家养老险公司）均已披露2024年年报。2024年，这34家保险资管机构合计实现营业收入416亿 元，同比增长14.4%；净利润合计184亿元，同比增长18.1%。其中，33家盈利，1家亏损。 截至2024年末，三大保险资管公司合计管理规模超16万亿元，管理规模万亿元以上的至少有8家，万亿和"准万亿"机构或达10家。 营收盈利冠军不变 | 保险资管机构 | 2024营收 | 同比 ...