险资特性契合科技创新需求 科创产业发展规律决定其对资金具有长期性、持续性和规模性需求。从技术研发到产品市场化，再 到产业成熟化，科创产业发展周期较长，需要不断投入资金开展技术更新、产品升级等活动，亟须耐心 资本支持。同时，其研发投入、设备采购、技术平台搭建等领域均需一定体量规模的资金支持。 保险资金来源于投保人在长周期内定期缴纳的保费，从流入到流出，中间留存期限较长、规模较 大，是市场上最重要的长期资本力量之一。公开数据显示，截至2024年末，我国保险资金运用余额突破 33万亿元，正处于成熟稳定的发展阶段，能够为科技创新提供长期资金支持。 支持科技创新是保险资金更好服务实体经济的必然选择。近年来，国内经济产业结构深刻变革，新 质生产力加速形成，保险资金积极参与科技创新投资，深度融入国家创新体系和科技强国、制造强国等 重大战略实施，进一步推动科技进步与产业转型，实现了服务实体经济、促进经济社会高质量发展的根 本目标。 当前，我国正处于经济结构转型升级与新一轮技术革命的交汇期，助力高水平科技自立自强是高质 量发展的必然要求，发展科技金融是促进科技创新与产业创新深度融合的必由之路。 如何精准投放金融资源，为科技创新 ...

"人工智能（AI）技术正以'指数级'速度重塑各行各业的底层运行逻辑。"近日，泰康保险集团执行 副总裁、首席投资官兼泰康资产首席执行官段国圣在接受《金融时报》记者采访时表示，中国保险资产 管理行业亟须以更开放和更主动的姿态拥抱人工智能变革，全面深化AI技术在资产管理全价值链中的 应用，以技术赋能提升运营管理效能、夯实风险管控体系、稳定长期利差水平，推动行业高质量发展。 由于投研场景的重要性强、复杂度高，投研体系是AI建设的最佳切入点。 据介绍，泰康资产借鉴国际顶级科技公司的前沿实践，在公开市场投资领域探索打造了一个覆盖多 品种、具备全技能、依托完善数字知识治理体系的自有深度研究智能体——TKDR。TKDR整合了海量 高质量的内外部投研数据和泰康资产内部积累多年的投研分析方法论，初步实现了深度赋能投研。 对比传统的投研模式，TKDR显示出了诸多优势。以一个典型的投研分析场景为例，当用户要求分 析某标的公司的投资价值时，人类研究员通常需要开展研究规划、搜集资料、处理信息、撰写报告等工 作。在这个过程中，人类面临诸多困难，包括研究目标发散、信息源多且分散、处理效率低、缺乏成熟 的知识框架和研究方法、小众高价值资料获取 ...

Core Viewpoint - China's economy is entering a new stage of high-quality development, driven by the transformation of traditional industries and the rapid cultivation of emerging industries, with technology innovation becoming a core support for national strength [1] Group 1: Technology and Financial Services - The construction of a virtuous cycle of "technology-industry-finance" is essential for fostering new productive forces and building a modern industrial system [1] - The insurance industry plays a crucial role in serving the real economy and maintaining financial stability, with a focus on optimizing capital allocation to empower enterprise innovation [2][4] - There is a pressing need to develop a financial service system that covers the entire lifecycle of technology enterprises, enhancing the adaptability and precision of financial supply [2] Group 2: Investment Strategies and Opportunities - Insurance asset management institutions are building a multi-faceted service system that includes indirect equity investment, direct equity investment, and debt financing to support the growth of technology companies [3] - The current technology financial market is showing positive trends, with significant opportunities arising from advancements in hard technology and supportive policies, such as the issuance of over 880 billion yuan in science and technology bonds [4][5] - Insurance funds are encouraged to transition from "long-term capital" to "patient capital" and then to "proactive capital" to better align with new investment paradigms [2] Group 3: Investment Management Framework - A comprehensive technology investment management system is being developed, focusing on deepening industry chain research, optimizing asset allocation, and enhancing active management capabilities [6][7] - The emphasis is on providing integrated services that combine financing and strategic support for leading hard technology enterprises, transitioning from passive investors to active value creators [7] Group 4: Long-term Commitment to Technology Finance - The company is committed to long-termism in technology finance, with investments in the sector reaching nearly 20 billion yuan by mid-2023, actively contributing to the "technology-industry-finance" cycle [8] - Focus areas include hard technology, artificial intelligence, and healthcare, with a systematic approach to equity investment in technology innovation [8][9] - The company aims to strengthen the deep integration of finance with technology and industry, acting as both a supporter of technology enterprise growth and a facilitator of industrial upgrades [9]

Core Insights - The "Golden Bull Insurance Investment Award" was announced at the "Long Money, Long Investment, Long Green" conference, highlighting outstanding insurance institutions and asset management products in the industry [1] - Huatai Asset Management has won the "Golden Bull Insurance Asset Management Company Award" and multiple product awards, showcasing its consistent performance over five years [1] Industry Overview - The insurance asset management industry is increasingly significant, with 35 companies operating in China and a growing overall management scale [2] - Huatai Asset, established in 2005, has evolved from a single insurance fund management entity to a comprehensive asset management platform, managing assets worth 946 billion yuan as of June 30, 2025 [2] Competitive Strategy - Huatai Asset leads the industry in expanding third-party business, with over 90% of its managed assets coming from third-party entrusted funds, marking it as one of the top companies in this regard [3] - The company focuses on long-term fund management and quality asset provision, emphasizing professional talent and team building to enhance its core competitiveness [4] Investment and Banking Services - Huatai Asset has a dual focus on investment and banking services, aiming to provide stable long-term returns through various business areas, including entrusted investments and pension fund management [4] - The company has been a pioneer in the non-standard debt market since 2007, consistently ranking high in registered scale for asset securitization products [5] Pension Investment Strategy - As a long-term institutional investor, Huatai Asset has developed a strong advantage in pension fund management, offering a wide range of products and strategies [7] - The company integrates ESG factors into its investment decisions, actively seeking opportunities in environmentally friendly sectors [7] Future Outlook - Huatai Asset plans to align with national strategic deployments, enhancing its core competencies and leveraging the long-term investment advantages of insurance funds to support the real economy and capital market development [8]

Core Insights - The conference focused on the challenges faced by asset management institutions in the context of a declining interest rate environment, emphasizing the need for insurance funds to optimize asset allocation while adhering to long-term investment principles [1] Group 1: Market Environment and Confidence - The current capital market environment has seen positive changes, leading to increased confidence among insurance asset management institutions [2] - Key changes include a significant rise in bond yields and a substantial increase in stock market performance despite economic slowdown [2] - The macroeconomic landscape reflects fundamental shifts, such as the rapid development of AI-driven technology industries and enhanced reform expectations during the 14th Five-Year Plan period [2] Group 2: Asset Allocation Strategies - Insurance institutions are adjusting their asset allocation strategies, with a notable increase in risk appetite [3] - The focus is on matching assets and liabilities, considering the current market environment, and adapting strategies accordingly [3] - There is a trend towards increasing equity asset allocation, with insurance funds investing over 8% in stocks in the first half of the year, a significant rise from the beginning of the year [4] Group 3: Investment Capability Enhancement - The changing investment environment necessitates improved asset identification and operational management capabilities for insurance institutions [6] - There is a consensus on the need to transition from a focus on credit to a deeper understanding of assets, particularly in managing mid-tier assets [6] - The industry is moving towards a more proactive risk management approach, utilizing quantitative tools and advanced technologies for better decision-making [6] Group 4: Long-term Investment Ecosystem - The concept of "long money, long investment" requires a more robust investment ecosystem, including long-term assessment mechanisms [7] - Policymakers are encouraged to support long-term investment goals through improved regulatory frameworks and diversified investment models [7] - The need for a standardized research system covering macro, industry, and company levels is emphasized to ensure effective investment decision-making [6][7]

Core Viewpoint - The conference highlighted the need for insurance institutions to adapt their asset allocation strategies in a low interest rate environment while maintaining a long-term investment approach to support the high-quality development of the real economy [1][3]. Group 1: Market Environment and Confidence - Insurance institutions are experiencing increased confidence due to positive changes in the capital market since September of last year, with notable improvements in market performance despite economic slowdowns [4]. - Key factors contributing to this confidence include the rapid development of technology industries driven by artificial intelligence, expectations of intensified reforms during the 14th Five-Year Plan, and the resilience of exports amid global economic uncertainties [4]. Group 2: Asset Allocation Strategies - The risk appetite of insurance institutions is rising, necessitating adjustments in asset allocation strategies to align with the current market environment [5][6]. - The allocation structure is shifting towards a more diversified approach, with an emphasis on both fixed income and equity assets, while maintaining a cautious stance on fixed income investments [7]. - Insurance funds have increased their equity investments, with over 8% of investments in stocks this year, reflecting a significant rise from the beginning of the year [7]. Group 3: Alternative Investments and Long-term Strategies - There is a growing focus on diversifying income sources through alternative investments to extend duration, smooth volatility, and enhance yield flexibility [8]. - The appeal of REITs is highlighted as they offer predictable cash flows in a low interest rate environment, making them attractive for insurance capital [8]. Group 4: Investment Capability Enhancement - The changing investment environment demands improved asset identification and operational management capabilities from insurance institutions [9]. - A shift from a credit-focused approach to a more asset-understanding capability is essential for long-term stability and risk management [9]. - The industry consensus emphasizes the importance of deepening value investment and focusing on high-quality growth sectors such as new energy, technology, and advanced manufacturing [9].

Core Viewpoint - Insurance capital institutions are increasingly active in the capital market, adopting a long-term investment perspective and focusing on major national strategies and new productivity frontiers [1][2] Group 1: Investment Scale and Strategy - China Life Asset Management has over 6.5 trillion yuan in total managed assets, with nearly 4 trillion yuan serving the real economy [1] - The company aims to be a leader in capital market reform, a long-term investor, and a contributor to market stability [1] Group 2: Long-term Investment Initiatives - The launch and expansion of the insurance capital long-term investment reform pilot is a significant reform measure in the insurance sector [2] - China Life Asset has initiated the Honghu Fund, creating a new model for stable long-term investment in stocks, with three phases already established [2] - The fund focuses on high-quality, stable dividend blue-chip stocks to reduce short-term price volatility and promote sustainable investment returns [2] Group 3: Focus on Technological Innovation - China Life Asset has been actively investing in technology innovation, establishing various investment plans to support major national strategies [3] - The company has initiated projects like the "China Life-Hu Fa No. 1 Equity Investment Plan" to explore the synergy between insurance funds and government funds [3] Group 4: Investment Methodology - The company has developed a unique investment methodology that emphasizes research-driven investment and a comprehensive research team [4][5] - The "dual-line allocation" investment methodology integrates asset-liability management and aligns with national strategic needs [5] Group 5: Digital Transformation - China Life Asset has initiated a digital transformation strategy since 2018, focusing on building the CLIMB platform to enhance investment management efficiency [7][8] - The platform utilizes advanced technologies like cloud computing and AI, achieving significant operational efficiencies and supporting daily transactions exceeding 30 billion yuan [8]

Core Viewpoint - Insurance capital institutions are increasingly active in the capital market, adopting a long-term investment perspective and focusing on major national strategies and new productivity frontiers [1][2] Group 1: Investment Scale and Strategy - China Life Asset Management has over 6.5 trillion yuan in total managed assets, with nearly 4 trillion yuan serving the real economy [1] - The company aims to be a leader in capital market reform, a long-term investor, and a contributor to market stability [1][2] Group 2: Long-term Investment Initiatives - The launch and expansion of the Honghu Fund represents a new model for long-term stable investment of insurance funds in stocks [2] - The Honghu series funds focus on high-quality, stable dividend blue-chip stocks to reduce short-term price volatility and promote sustainable investment returns [2] Group 3: Focus on Technological Innovation - China Life Asset has established several investment plans targeting technological innovation, including partnerships with government funds [3] - The company is involved in significant projects that align with national strategies, such as hydropower and clean energy investments [3] Group 4: Investment Methodology - The company has developed a unique investment methodology that emphasizes research-driven investment and a comprehensive research team [4][5] - A "dual-line allocation" investment methodology has been implemented, focusing on asset-liability management and aligning investments with national priorities [6] Group 5: Digital Transformation and Efficiency - The company initiated a digital transformation strategy in 2018, launching the CLIMB platform to enhance investment management efficiency [7] - The platform integrates advanced technologies like cloud computing and AI, achieving significant operational efficiencies and supporting daily transactions exceeding 30 billion yuan [7][8] Group 6: Industry Leadership and Collaboration - China Life Asset actively promotes industry standards and collaborates on digital transformation initiatives within the asset management sector [8] - The establishment of joint innovation laboratories aims to foster new investment management systems and innovative products [8]

Core Viewpoint - Insurance capital institutions are increasingly active in the capital market, adopting a long-term investment perspective and focusing on major national strategies and new productivity frontiers [1][2] Group 1: Investment Scale and Strategy - China Life Asset Management has over 6.5 trillion yuan in total managed assets, with nearly 4 trillion yuan serving the real economy [1] - The company aims to be a leader in capital market reform, a long-term investor, and a contributor to market stability [1][2] Group 2: Long-term Investment Initiatives - The launch and expansion of the Honghu Fund represents a new model for stable long-term investment of insurance funds in stocks [2] - The fund focuses on high-quality, stable dividend blue-chip stocks to reduce short-term price volatility and promote sustainable investment returns [2] Group 3: Focus on Technological Innovation - China Life Asset Management has established several investment plans targeting technological innovation and regional development, such as the "China Life - Shanghai Integrated Circuit Industry Investment Fund" [3] - The company is committed to supporting major national strategies and projects through significant investments in infrastructure and clean energy [3] Group 4: Investment Methodology - The company has developed a unique investment methodology that emphasizes research-driven investment and a comprehensive research team [4][5] - The "dual-line allocation" investment methodology integrates asset-liability management with national strategic needs, enhancing resource allocation efficiency [5][6] Group 5: Digital Transformation - The company initiated a digital transformation strategy in 2018, launching the CLIMB platform to enhance investment management efficiency through advanced technologies [6][7] - The platform supports over 300 billion yuan in daily transactions and has significantly improved operational efficiency through automation and AI applications [7][8] Group 6: Industry Leadership and Collaboration - China Life Asset Management actively promotes industry standards and collaborates on digital transformation initiatives, contributing to the overall advancement of the asset management sector [8]

Core Viewpoint - The meeting held on September 23 in Jinan aimed to enhance the channel for insurance funds to enter Shandong, promoting the use of insurance capital to support high-quality development in the province [1] Group 1: Meeting Overview - The meeting was co-hosted by the Provincial Financial Office and the Shandong Financial Regulatory Bureau, with participation from China Life Insurance Shandong Branch and other local financial entities [3] - Representatives from 27 insurance asset management companies attended, managing over two-thirds of the industry's total asset management scale [3] - Various provincial departments presented on topics including new productivity, technological innovation, key industries, and state-owned enterprises [3] Group 2: Project Engagement - The meeting included project roadshows and discussions, with 10 companies, including Shandong Financial Investment Group and Weichai Holding Group, presenting their projects [3] - A total of 73 quality projects in infrastructure, technological innovation, and green development were discussed with insurance institution representatives [3] Group 3: Investment Scale and Focus - By June 2025, insurance funds are expected to have a cumulative registered scale of over 580 billion yuan directed towards new infrastructure, green industries, and strategic emerging industries [4] - Insurance capital is also participating in economic construction through bond subscriptions, equity investments, and public REITs [4] Group 4: Strategic Importance - The meeting reflects the implementation of President Xi Jinping's important speech during his visit to Shandong, supporting the province's economic development [4] - It aims to deepen the cooperation between insurance asset management institutions and key industries in Shandong, injecting strong financial momentum into the province's modernization efforts [4]