Core Viewpoint - The recent approval of the Yangguang Heyuan Fund marks the entry of new capital into the long-term investment pilot program for insurance funds in China, with a total of 10 funds now operational [1][3]. Group 1: Fund Details - The Yangguang Heyuan Fund is the 10th insurance-related private equity fund to begin operations, managed by Yangguang Hengyi (Qingdao) Private Fund Management Co., Ltd., a subsidiary of Yangguang Insurance [1][3]. - The fund was established on November 21, 2025, with a total investment target of 20 billion yuan, fully funded by Yangguang Life Insurance [3][4]. - The fund's investment scope includes equity assets such as stocks from the CSI 300 Index, Hong Kong Stock Connect Index, related ETFs, and index funds, aiming for long-term capital preservation and appreciation [3][4]. Group 2: Pilot Program Overview - The long-term investment pilot program for insurance funds has seen three batches approved, totaling 222 billion yuan, with participation from major insurance companies including China Life, New China Life, and others [4][5]. - A total of 7 insurance-related private fund management companies have been established, with 10 private equity funds now operational [4][5]. - The pilot program has received supportive policies regarding accounting measurement and solvency, enhancing the willingness of insurance companies to invest in equity assets [5].

Core Viewpoint - The article discusses the recent developments in the long-term investment pilot program for insurance funds in China, highlighting the establishment of new private equity funds and the participation of various insurance companies in this initiative [1][4]. Group 1: New Fund Establishments - The "Sunshine and Far Fund" has been officially registered and is now operational, marking it as the 10th insurance-related private equity fund to begin investment activities [2]. - The fund was established on November 21, 2025, and is managed by Sunshine Hengyi (Qingdao) Private Fund Management Co., Ltd., which is a subsidiary of Sunshine Insurance [2][4]. - Sunshine Life intends to invest 20 billion yuan in the fund, representing 100% of the fund's issuance [4]. Group 2: Investment Scope and Strategy - The Sunshine and Far Fund focuses on equity assets, including stocks from the CSI 300 Index, Hong Kong Stock Connect Index, related ETFs, and index funds, aiming for long-term capital preservation and appreciation [4]. - The fund has a duration of 10 years, with provisions for extension or early termination as per the fund contract [4]. Group 3: Pilot Program Overview - The long-term investment pilot program for insurance funds has seen a total of 222 billion yuan approved across three batches, with participation from major insurance companies such as China Life, New China Life, and others [5]. - Seven insurance-related private equity fund management companies have been established, with a total of 10 private equity funds now in operation [5]. - The pilot program has received supportive policies related to accounting measurement and solvency, which help mitigate profit volatility for insurance companies investing in equity assets [7].

Core Insights - The second batch of long-term investment pilot programs for insurance funds has made substantial progress, with 7 insurance-related private equity fund managers established and registered, and 9 private funds entering the operational phase [1][2] - Sunshine Hengyi (Qingdao) Private Fund Management Co., Ltd. has registered as the 7th insurance-related private fund manager, with a registered capital of 10 million yuan, established by Sunshine Insurance Group [1] - Sunshine Insurance Group has received approval to participate in the long-term investment pilot with a scale of 20 billion yuan, focusing on long-term stock investments [1][3] Investment Fund Developments - The long-term investment pilot program has seen a total of 222 billion yuan approved across three batches, involving major institutions such as China Life, New China Life, and several other insurance companies [2] - Nine insurance-related private equity funds are currently operational, including various funds managed by Guofeng Xinghua and Taikang Life [2] Fund Management and Strategy - The Taiping Zhuoyuan No. 1 Fund and Renbao Qiyuan Huizhong No. 1 Fund were established in mid-October and have entered the operational phase [3] - China Insurance has announced the establishment of a private fund management company, with an initial investment scale of 10 billion yuan for its long-term stock investment pilot fund [3] - The pilot program is supported by accounting measurement and solvency policies, which help reduce profit volatility under new accounting standards, thereby enhancing the willingness of insurance funds to allocate equity assets [3]