中经记者 樊红敏 北京报道 11月21日，中国保险资产管理业协会（以下简称"保险资管协会"）通过官方平台发布《中国保险资产管 理业发展报告（2025）》（以下简称"《保险资管报告（2025）》"）内容摘要。 《保险资管报告（2025）》显示，截至2024年年末，34家保险资产管理公司管理资金规模合计33.30万 亿元，同比增长10.60%。 保险资产管理产品方面，截至2024年年末，行业保险资产管理产品存续余额8.07万亿元，较上年年末减 少4613亿元，增长率为-5.41%，近五年来首次为负，近五年复合增长率为21.47%。 据了解，为全面客观记录保险资产管理行业历年发展情况，在国家金融监督管理总局相关部门的指导 下，保险资管协会已连续第九年组织编写《中国保险资产管理业发展报告》，并于近日出版发行《保险 资管报告（2025）》。 （编辑：李晖 审核：何莎莎 校对：颜京宁） 营收方面，2024年，34家机构实现收入（包括管理费收入及投资顾问收入）合计318.30亿元，同比增加 21.68亿元，增速7.31%。其中，有同比数据的33家公司收入增速为6.75%。 ...

据民生通惠资产管理有限公司官网介绍，该公司成立于2012年11月15日，是由民生人寿保险股份有限公 司出资设立，经原保监会批准成立的第14家保险资产管理公司，注册资本1亿元。目前，该公司的唯一 股东为民生人寿，实际控制人为鲁伟鼎。 民生人寿旗下保险资管公司被罚。 责任编辑：李琳琳 具体而言，金融监管总局对民生通惠资产管理有限公司罚款390万元；对宋云、鲁智钢、赵方莹、莫燕 霞、薛立军警告并罚款共计29万元。 在上述几人中，公开信息显示，鲁智钢曾任直接投资部部门总经理，薛立军曾任投资与组合管理部总经 理。2024年7月，曾任职于长江养老的何了乙接替薛立军任投资与组合管理部总经理。 近日，国家金融监督管理总局披露的罚单显示，民生通惠资产管理有限公司及相关责任人员因未按照规 定运用保险公司资金被罚。 ...

Core Insights - Insurance capital remains active in the market, conducting 348 company surveys in November, with over 126 stocks receiving attention, despite a year-on-year decline in total survey frequency [1][3] - The focus of insurance capital is on high-dividend stocks and sectors aligned with national strategic goals, such as new productive forces, high-end manufacturing, and biomedicine, with companies like BeiGene, Inovance Technology, and Luxshare Precision being particularly favored [1][3] Group 1: Survey Trends - Leading insurance asset management companies are the main players in conducting surveys, with Taikang Asset leading with 21 surveys, followed by Sunshine Asset, Taiping Asset, and others, each exceeding 10 surveys [1] - The Shenzhen Main Board and ChiNext are the primary targets for insurance capital, especially in technology growth sectors like integrated circuits and electronic components [1][3] Group 2: Investment Strategy - Insurance capital is adopting a dual strategy of "stable base + growth elasticity," focusing on high-dividend stocks while enhancing research in new productive forces [3][4] - The emphasis on high ROE and high-dividend companies aligns with the new accounting standards and long-term performance assessments, making them attractive to insurance capital [4] Group 3: Key Companies - BeiGene, Inovance Technology, and Luxshare Precision are highlighted as top targets for insurance capital, each receiving interest from over 20 insurance firms due to their strong competitive advantages and growth potential [3] - Other notable companies in the renewable energy and communication equipment sectors, such as Trina Solar and Dekor, have also attracted attention from more than 10 insurance firms [3]

Core Viewpoint - Hongkou District is positioning itself as a "new benchmark for urban development in the new era," focusing on high-quality development, high-level reform and opening up, high-quality living, and efficient governance, leading to significant economic breakthroughs and enhanced core competitiveness [1] Group 1: Economic Development - The development strategy in Hongkou emphasizes "point breakthroughs" to drive "overall enhancement," with the North Bund development leading to a comprehensive growth model [2] - During the 14th Five-Year Plan, the GDP of Hongkou increased from 100 billion to 150 billion, while the district's general public budget revenue rose from 10 billion to 20 billion, and fixed asset investment expanded from 20 billion to 30 billion [2] Group 2: Industrial Upgrade - Hongkou's industrial upgrade focuses on integrating technological and industrial innovation, creating a modern industrial system characterized by high-end pillar industries, emerging industry clusters, and branded specialty industries [4] - The high-end shipping and financial sectors contribute over 40% to the district's economy, with significant developments including the establishment of the International Shipping Association and the first foreign-funded financial technology company [4] Group 3: Cultural and Tourism Development - Hongkou is enhancing its cultural tourism brand by creating engaging experiences for domestic and international visitors, exemplified by events like the International Coffee Culture Festival and the North Bund Music Carnival [5] - The district is also promoting its historical and cultural resources through initiatives like the "CityWalk" digital guide, connecting various cultural heritage sites [7] Group 4: Social Welfare and Quality of Life - The development in Hongkou prioritizes improving the quality of life for residents, focusing on comprehensive services for all age groups and enhancing living standards [8] - The district has established 34 new elderly care service stations and 37 senior meal service locations, increasing the number of elderly care facilities by 38% since the end of the 13th Five-Year Plan [8] Group 5: Future Outlook - Hongkou aims to continue its transformation from an "old district" to a "new benchmark," contributing to Shanghai's development as a modern socialist international metropolis with global influence [9]

（原标题：华安资产总裁周嘉伟：以保险资管之力，做科技创新的"耐心资本"） 周嘉伟向记者透露，华安资产在金融科技领域的一系列标志性项目，正是依托系统化的服务体系，投资 成果也实现了支持科技创新和稳健收益的双赢。 华安资产总裁周嘉伟接受券商中国记者专访时表示，华安资产内部搭建了一套覆盖组织架构、研究体 系、投资路径的服务体系，用资金活水为科技创新企业全生命周期发展注入动能。 搭建科技金融服务体系 据了解，华安资产所搭建这套覆盖组织架构、研究体系、投资路径的立体化服务框架，让保险资金精准 对接科技企业需求。 在组织架构上，华安资产投行事业部整合原有分部，以国家"五篇大文章"战略为指引，结合团队专业禀 赋，明确将科技与高端制造、新能源等领域列为重点开拓方向，通过资源集中化配置，确保科技金融业 务的专业化推进。 研究体系层面，聚焦科技相关指数动态，通过行业配置分析深挖科技板块量价关系与趋势，辅以偏离度 策略、隐含波动率等模型工具提升决策精度，为筛选优质科技标的提供专业支撑。 投资路径上，华安资产重点投向科技型企业（包括高新技术企业、"专精特新"中小企业等）及科技相关 产业（如高技术制造业、战略性新兴产业、知识产权密集型 ...

Core Insights - The article highlights the significant economic and developmental progress in Hongkou District, Shanghai, under the "14th Five-Year Plan," with a focus on high-quality development and urban transformation [1][6]. Economic Performance - The district's GDP has increased from 100 billion to 150 billion, with an average annual growth rate of 4.8% [1]. - The general public budget revenue has surpassed 20 billion, growing at an average annual rate of 15.0% [1]. - Fixed asset investment has expanded from 20 billion to 30 billion, with an average annual growth rate of 7.8% [1]. Urban Development - The North Bund development has been a key driver, with over 70 urban renewal projects completed, representing 20% of the total [4]. - A new landmark, 480 meters tall, is under construction, expected to exceed 100 meters by the end of the year [3]. - The district is actively creating a national-level tourism resort along the 3.4-kilometer waterfront [3]. Investment and Innovation - The area has seen a fourfold increase in foreign investment countries, with 112 headquarters established, a fivefold increase [4]. - The shipping and finance sectors contribute over 40% to the regional economy, with significant foreign projects launched [4]. - The district has established innovation hubs, including the "Tian Gong Kai Wu Incubation Center" and "Beike Biotechnology Industrial Park," attracting over 240 specialized enterprises [4]. Social and Cultural Development - The district has completed significant housing renovations, enhancing living conditions for residents [5]. - Cultural events and activities have increased, with over 3,000 performances held annually [5]. - Public service investments account for 45.3% of the district's fiscal expenditure, improving community services [5]. Governance and Community Engagement - A new conflict resolution mechanism has been implemented, achieving a 98.9% on-site resolution rate [6]. - The district is focusing on enhancing community safety and satisfaction through innovative governance strategies [6]. - Future plans aim to position Hongkou as a model for urban development and modernization by 2035 [6].

Core Viewpoint - Insurance asset management is becoming a crucial "patient capital" for supporting technological innovation, leveraging its long-term funding characteristics to meet the financing needs of tech enterprises [3][5]. Group 1: Characteristics of Insurance Asset Management - Insurance funds, with a total utilization balance of approximately 33 trillion yuan and an average liability duration of 13.19 years, align well with the average 12-year R&D cycle of tech companies [5]. - The long-term investment nature of insurance asset management allows it to withstand short-term market fluctuations and support tech companies through their development phases, particularly in high-investment sectors like semiconductors, AI, and biomedicine [5][6]. Group 2: Investment Strategies - Insurance asset management is constructing a diversified investment system that includes equity investments, debt plans, and REITs to meet the full lifecycle funding needs of tech enterprises [7]. - Equity investment is identified as a core strategy, with a focus on private equity funds and direct investments in strategic emerging industries such as chips and AI [7]. - Fixed-income tools like tech bonds and REITs are also highlighted for their potential to provide stable returns and support the financing of tech enterprises [8]. Group 3: Risk Management - The company employs a proactive management strategy that incorporates both financial and non-financial risk assessment metrics, including patent value and R&D investment [10]. - A multi-layered risk diversification strategy is implemented, focusing on various sectors and regions to mitigate risks associated with specific industries [10]. - Collaboration with local governments and venture capital funds is emphasized to create a multi-tiered financial service ecosystem that supports tech enterprises [10]. Group 4: Future Outlook - The potential for insurance asset management to further enhance its role in supporting hard technology breakthroughs and new productive forces is anticipated as investment tools continue to evolve [6]. - The growth of Allianz Asset Management's assets under management from approximately 28 billion yuan to over 300 billion yuan within four years indicates a steady increase in tech-related investments [10].

Core Viewpoint - The article emphasizes the importance of insurance asset management companies, like Jianxin Insurance Asset Management, in supporting the development of technology finance and innovation in China, aligning with the national strategy of becoming a technology powerhouse [2][5]. Investment Strategies - Jianxin Insurance Asset Management is focusing on emerging fields such as artificial intelligence, robotics, intelligent driving, large models, and biomedicine, increasing its investment scale in these areas [2][3]. - The company employs a top-down asset allocation strategy for equity investments, aiming to increase the proportion of investments in technology innovation companies while ensuring return rates and asset volatility constraints [3][4]. - From the second half of 2024, the company plans to intensify research in AI technology, new energy technologies, and innovative pharmaceuticals, including overseas computing power construction and domestic semiconductor independence [3][4]. Investment Scale - As of July 2025, Jianxin Insurance Asset Management's total investment in technology innovation amounts to 22.9 billion, with 6.204 billion in technology innovation stocks, 6.171 billion in technology innovation bonds, and 5.145 billion in technology equity investment funds [4]. Risk Management - The company recognizes the challenges of balancing risk and return in technology innovation investments, which are characterized by rapid technological changes and significant asset price volatility [6][8]. - Four key measures are implemented to manage risks: enhancing research capabilities, optimizing investment strategies to diversify across various technology sectors, focusing on safety margins during investment, and improving post-investment management [7][8]. Challenges and Solutions - Challenges include the high barriers to researching and investing in technology innovation companies, significant stock price volatility, and the long investment cycles associated with equity investments [8][9]. - Solutions involve leveraging the parent company's resources for comprehensive research and enhancing the evaluation system for equity investments to align with long-term investment logic [9].

Core Viewpoint - The article emphasizes the importance of insurance asset management in supporting technological innovation and economic transformation in China, highlighting the need for long-term capital to meet the funding requirements of the tech industry [1][2]. Group 1: Characteristics of Insurance Funds - Insurance funds are characterized by their large scale and long duration, making them well-suited to meet the long-term, continuous, and substantial funding needs of the tech industry [2]. - As of the second quarter of 2025, the total investment balance of insurance companies in China exceeded 36 trillion yuan, underscoring their role as a stabilizing force in the capital market [2]. Group 2: Investment Strategies for Innovation - The insurance industry is increasing its investment in technological innovation through various financial instruments such as bonds, equity, debt plans, and industry funds [3][4]. - Taiping Asset Management is focusing on building a research and investment system that aligns with the requirements of the tech sector, enhancing its ability to evaluate and price tech companies [3]. Group 3: Financial Ecosystem for Technology - The article discusses the need for a comprehensive investment support system that matches the development characteristics of tech companies, including early-stage funding through venture capital and later-stage support via strategic investments [5][6]. - It highlights the importance of balancing short-term pressures with long-term value creation, necessitating a robust risk management framework tailored to the unique characteristics of tech investments [6].

Core Viewpoint - The article emphasizes the importance of insurance asset management in supporting technological innovation and economic transformation, highlighting the need for financial institutions to provide long-term capital to foster innovation and industrial upgrades [2][4]. Group 1: Characteristics of Insurance Funds - Insurance funds are characterized by their large scale, long duration, and stable cash flow, making them well-suited to meet the long-term, continuous, and substantial funding needs of the technology innovation sector [3]. - As of the second quarter of 2025, the total investment balance of insurance companies in China exceeded 36 trillion yuan, underscoring their role as a significant source of long-term capital in the market [3]. Group 2: Support for Technological Innovation - Supporting technological innovation is seen as a necessary choice for insurance funds to better serve the real economy, aligning with national strategies for innovation and industrial transformation [4]. - The active participation of insurance funds in technology innovation investments can enhance their integration into the national innovation system and contribute to high-quality economic development [4]. Group 3: Investment Strategies and Approaches - The insurance industry has been increasing its investment in technology innovation through various financial instruments such as bonds, equity, debt plans, and industrial funds [5]. - Taiping Asset Management is focusing on building a research and investment system that aligns with the requirements of technology innovation, enhancing valuation and pricing capabilities for tech companies [5]. - The company aims to include high-quality tech assets in its investment portfolio, emphasizing the importance of aligning investments with national strategic areas [5]. Group 4: Building a New Ecosystem for Financial Technology - The article discusses the need for insurance funds to create a comprehensive investment support system that matches the development characteristics of technology enterprises [6]. - It highlights the importance of identifying strategic emerging industries and traditional industries undergoing digital transformation to attract more social capital [6]. Group 5: Risk Management and Sustainability - Safety remains a top priority in the utilization of insurance funds, necessitating the establishment of a robust risk management system that includes long-term analysis and real-time monitoring [8]. - The article concludes with a commitment from Taiping Asset Management to align with national strategies and effectively utilize insurance funds to support technological innovation [8].