近日，中国人寿寿险公司发布公告称，计划出资近125亿元参与两项投资计划，分别投向养老产业与长 三角地区科创产业。这一举措并非个例，其背后折射出险资加速布局股权投资、向多元化配置转型的趋 势。在利率下行与会计准则切换的背景下，多家头部险企持续发挥长期资本优势，将资金投向养老、科 创等作为未来增长动力所在的新兴产业，展现出行业主动寻求收益与风险平衡的清晰配置逻辑与共同趋 势。 从中国人寿寿险公司的另一则公告来看，该公司拟出资40亿元，参与设立"汇智长三角(上海)私募基金 合伙企业(有限合伙)"，合伙企业全体合伙人认缴出资总额50.515亿元。合伙企业将以人工智能引导科技 创新、产业升级为主线，与上海市和浦东新区市区两级开展合作，以参股型私募股权投资方式，重点投 向人工智能技术和相关应用，以及生物医药等科技创新产业。 股权投资多元化探索 中国人寿寿险公司在养老与科创领域的双线布局，是当前险资加速探索多元化股权投资的一个缩影。险 资的投资焦点已从传统领域，广泛延伸至科技创新、医疗健康、绿色能源等代表新质生产力的赛道。 多家头部险企已展开实质性行动。例如，2025年6月，中国太保正式发布设立太保战新并购基金与私募 证券 ...

根据公告，中国人寿寿险公司拟出资约84.92亿元，与关联方共同设立"北京国寿养老产业股权投资基金 二期（有限合伙）"，合伙企业全体合伙人认缴出资总额85亿元，存续期长达15年。合伙企业将专注于 养老产业领域投资，围绕存量养老不动产项目并购以及新增养老不动产项目拓展两条主线，持续赋能国 寿康养生态圈的构建；同时通过对养老不动产项目的投资，来实现持续的资产管理和经营管理，获取运 营收入和资产增值收益。 聚焦养老领域，中国人寿集团早已选择了一条体系化的发展道路。目前，中国人寿集团已多业态布局全 国17个城市、20个养老养生项目。国寿健投公司是集团旗下专业化健康养老投资和养老运营子公司，已 设立管理总规模500亿元的国寿大健康基金，设立总规模200亿元的国寿大养老基金。 从中国人寿寿险公司的另一则公告来看，该公司拟出资40亿元，参与设立"汇智长三角（上海）私募基 金合伙企业（有限合伙）"，合伙企业全体合伙人认缴出资总额50.515亿元。合伙企业将以人工智能引 导科技创新、产业升级为主线，与上海市和浦东新区市区两级开展合作，以参股型私募股权投资方式， 重点投向人工智能技术和相关应用，以及生物医药等科技创新产业。 股权投 ...

从中国人寿寿险公司的另一则公告来看，该公司拟出资40亿元，参与设立"汇智长三角(上海)私募基金 合伙企业(有限合伙)"，合伙企业全体合伙人认缴出资总额50.515亿元。合伙企业将以人工智能引导科技 创新、产业升级为主线，与上海市和浦东新区市区两级开展合作，以参股型私募股权投资方式，重点投 向人工智能技术和相关应用，以及生物医药等科技创新产业（300832）。 ● 本报记者吴杨 近日，中国人寿（601628）寿险公司发布公告称，计划出资近125亿元参与两项投资计划，分别投向养 老产业与长三角地区科创产业。这一举措并非个例，其背后折射出险资加速布局股权投资、向多元化配 置转型的趋势。在利率下行与会计准则切换的背景下，多家头部险企持续发挥长期资本优势，将资金投 向养老、科创等作为未来增长动力所在的新兴产业，展现出行业主动寻求收益与风险平衡的清晰配置逻 辑与共同趋势。 双线落子 中国人寿寿险公司的两笔投资，一笔直指养老产业，另一笔瞄准长三角地区科创产业，它们规模巨大， 而且在战略方向上具有鲜明的时代特征。 根据公告，中国人寿寿险公司拟出资约84.92亿元，与关联方共同设立"北京国寿养老产业股权投资基金 二期(有限合伙 ...

Core Viewpoint - The article highlights the increasing involvement of insurance capital in supporting technological innovation investments, particularly through the establishment of large-scale funds by major players in the insurance industry [4][12]. Group 1: Fund Establishment and Scale - China People's Insurance Group's subsidiary, Renbao Capital, has partnered with China-Italy Asset Management to establish a new fund with a scale of 13 billion RMB (approximately 1.3 billion USD) [4][6]. - The new fund, named "Beijing Baoshichengyuan Equity Investment Partnership (Limited Partnership)," has a total scale of 130.01 billion RMB, with Renbao Capital contributing 10 billion RMB and China-Italy Asset Management contributing 3 billion RMB [6][8]. Group 2: Insurance Capital's Investment Strategy - The recent regulatory changes by the National Financial Supervision Administration encourage insurance funds to increase their investments in strategic emerging industries, indicating a long-term commitment to supporting technological innovation [4][11]. - Insurance capital has been actively involved in direct investments, with notable investments in companies like Ant Group, Changxin Technology, and various biomedical projects [7][12]. Group 3: Historical Context and Regulatory Support - The article outlines the evolution of insurance capital's involvement in equity investments, starting from regulatory relaxations in 2010 that allowed insurance companies to directly engage in private equity investments [10]. - Recent documents from the National Financial Supervision Administration emphasize the role of insurance funds in supporting national technological innovation and industrial upgrades, reflecting a growing trend in the industry [11][12]. Group 4: Other Major Players - Other significant players in the insurance sector, such as China Insurance and Ping An Life, have also established large investment funds, indicating a broader trend of insurance capital entering the primary market [12]. - For instance, China Insurance set up a fund with a contribution of 20 billion RMB, while Ping An Life established a 10 billion RMB fund aimed at infrastructure projects [12].

Core Viewpoint - Insurance capital is actively investing in the technology innovation sector through equity funds, exemplified by the establishment of the Shanghai Technology Innovation Phase III Fund, which aims to support strategic emerging industries and high-tech sectors [1][2][5]. Group 1: Fund Establishment and Investment Details - China Pacific Insurance (CPIC) has committed to contribute 800 million yuan to the Shanghai Technology Innovation Phase III Fund, which has a total planned contribution of 8 billion yuan [3][5]. - The fund's total subscription amount is set at 8 billion yuan, with eight companies collectively pledging 3.201 billion yuan so far, all in cash [5]. - The fund focuses on strategic emerging industries such as new-generation information technology, biomedicine, advanced manufacturing, and environmental new energy [5][6]. Group 2: Fund Duration and Profit Distribution - The fund has a lifespan of eight years, consisting of a four-year investment period and a four-year exit period, with the possibility of extension [5]. - Investment returns will be distributed among partners based on their participation ratio in the projects [5]. Group 3: Broader Investment Trends in the Insurance Sector - CPIC has previously participated in the Shanghai Technology Innovation Phase II Fund in 2021, holding a 25% investment share, with a reported investment balance of 1.454 billion yuan by the end of 2024 [8]. - The insurance sector is increasingly exploring equity investments, particularly in areas closely related to its core business, such as health and wellness, as well as in sectors supported by national strategies like new energy and technology manufacturing [9][10]. Group 4: Regulatory Environment and Future Outlook - The Financial Regulatory Authority has expanded the scope of major equity investments by insurance funds to include technology and big data industries, encouraging greater investment in strategic emerging industries [11][12]. - The authority aims to enhance the management of equity investments and ensure that insurance institutions fulfill their responsibilities effectively [13][14].