保险资金长期投资改革试点迎新进展。 8月12日，《国际金融报》记者获悉，中国太平旗下子公司太平资产近日获金融监管总局批复，同意其 投资设立太平（深圳）私募证券投资基金管理有限公司（下称"太平私募证券基金"）。 太平资产相关负责人表示，设立该私募证券投资基金公司，旨在积极响应保险资金长期投资改革试点， 下一步将严格规范基金运作管理，建立健全长周期考核机制和符合保险资金特性的投资策略，充分发挥 保险资金长期资本、耐心资本作用，进一步加大中长期资金对于资本市场的投资力度，坚定服务国家战 略、服务实体经济，更好发挥保险资金"稳定器"和"压舱石"作用。 "长钱"入市实现双赢 与此同时，投入运作的保险系私募证券投资基金已增至6只。其中，有4只产品由国丰兴华管理。 至此，已有6家保险系私募证券基金管理公司获批。在分析人士看来，通过参与长期投资改革试点设立 私募基金，将有利于保险公司更好地发挥其长线机构投资者的优势，并拓展保险资金参与资本市场的广 度和深度，从而实现保险资金与资本市场的良性互动。 又一险资巨头入场 由保险公司出资设立私募证券基金，主要投向二级市场股票并长期持有，是保险资金长期投资改革试点 的具体落地形式。 首 ...

Core Viewpoint - The recent approval of insurance-funded private equity funds marks a significant advancement in China's long-term investment reform pilot, enhancing the role of insurance capital in the capital market [1][2][3] Group 1: Insurance Fund Private Equity Developments - China Pacific Insurance's subsidiary, Taiping Asset, has received approval to establish Taiping (Shenzhen) Private Securities Investment Fund Management Co., indicating a growing trend of insurance companies entering the private equity space [1][3] - A total of six insurance-related private equity fund management companies have been approved, including Guo Feng Xing Hua and Tai Kang Stable Walk, among others [3] - The first batch of pilot programs was approved in October 2023, with China Life and Xinhua Life each contributing 25 billion yuan to establish Honghu Zhiyuan (Shanghai) Private Securities Investment Fund Co. [2] Group 2: Fund Performance and Strategy - The Honghu Fund I, launched in March 2024, has successfully invested 50 billion yuan, achieving returns above the benchmark with lower risk [4] - The second phase of the Honghu Fund, with a total scale of 20 billion yuan, focuses on large listed companies in the A+H share market [4] - The Tai Kang Stable Walk Fund, which began operations in June 2023, aims for long-term stable growth through fundamental analysis of quality companies in domestic and Hong Kong markets [5] Group 3: Market Impact and Future Outlook - The introduction of long-term insurance capital is expected to enhance market stability and direct investments towards technology innovation and advanced manufacturing [5][6] - Insurance funds entering the market will increase the allocation of equity assets, helping to mitigate the pressure from low interest rates and aligning with the long-term liabilities of life insurance policies [6]

Core Viewpoint - The insurance giant Xinhua Insurance plans to invest up to 15 billion yuan in a private equity fund initiated by Guofeng Xinghua, responding to national policies promoting long-term capital market investments [1][2]. Group 1: Fund Details - The private equity fund, tentatively named Guofeng Xinghua Honghu Zhi Yuan Phase III, has a total size of 22.5 billion yuan, with Xinhua Insurance and China Life each committing 11.25 billion yuan [2]. - The fund's investment focus will be on large listed companies that are part of the CSI A500 index, specifically A+H shares that meet certain criteria [2][3]. - The fund aims to adopt a long-term investment strategy, emphasizing low-frequency trading and stable dividend income [2]. Group 2: Industry Trends - Multiple insurance companies are increasingly participating in long-term investment trials, with Xinhua Insurance and China Life being among the first institutions to engage in these initiatives [3]. - The total approved amount for the third batch of long-term investment trials is 40 billion yuan, with various insurance firms, including smaller ones, also participating [3]. - The acceleration of insurance capital entering the market is expected to enhance the supply structure of capital in the market, providing long-term incremental funds [4][5]. Group 3: Regulatory and Financial Implications - The trial funds primarily target the secondary stock market for long-term holding, which is beneficial for expanding "patient capital" in the capital market [4]. - The trial framework may help insurance companies mitigate the impact of equity market fluctuations on their profit statements and improve capital adequacy [5]. - The long-term stock investment trials are anticipated to increase the allocation of equity assets, addressing the mismatch between asset and liability durations for life insurance policies [5].

【环球网财经综合报道】中国证券投资基金业协会官网信息显示，太保致远1号私募证券投资基金于近日成立并投 入运行，至此我国保险系私募证券投资基金增至6只，分别由3家保险系私募基金公司管理。 鸿鹄志远二期私募证券投资基金成立于今年5月27日，总规模200亿元，新华保险和中国人寿各出资100亿元认购； 国丰兴华鸿鹄志远三期私募证券投资基金1号和国丰兴华鸿鹄志远三期私募证券投资基金2号都成立于今年7月7 日。前者规模为225亿元，由新华保险和中国人寿各出资112.5亿元认购；后者目前尚未公开更多详细信息，据业 内人士介绍，该基金的认购方除了大型险企，还有多家中小险企。 此外，泰康稳行一期私募证券投资基金于6月18日成立，6月27日开始投资，基金管理人为泰康资产设立的泰康稳 行（武汉）私募基金管理有限公司。（南木） 由保险公司出资设立的私募证券投资基金，主要投向并长期持有二级市场股票，是保险资金长期投资改革试点的 具体落地形式。以太保致远1号私募为例，该基金于7月23日成立，7月28日完成备案，基金管理人为太保资产出资 设立的太保致远（上海）私募基金管理有限公司，目标规模达200亿元。 而在太保致远1号私募之前，已有5只 ...

Core Insights - Xinhua Insurance has signed a fund contract with Guofeng Xinghua and Guangfa Bank to establish the Guofeng Xinghua Honghu Zhi Yuan Phase III Private Securities Investment Fund No. 1, with a total fund size of 22.5 billion yuan, in which Xinhua Insurance will invest 11.25 billion yuan [1] - The Honghu Fund Phase III No. 1 focuses on large listed companies that are constituents of the CSI A500 index, emphasizing good corporate governance, stable operations, consistent dividends, and good stock liquidity [1] - The management company, Guofeng Xinghua, was established in 2023 with a registered capital of 10 million yuan, jointly funded by Xinhua Asset Management and China Life Asset Management, each holding 50% equity [1] Fund Development - The Honghu Fund has been approved for three phases, with a total scale exceeding 100 billion yuan, including Phase I with a size of 50 billion yuan and Phase II with 20 billion yuan [1][2] - The third phase of the Honghu Fund has a total approved amount of 40 billion yuan, with participation from multiple small and medium-sized insurance companies alongside Xinhua Insurance and China Life [2] - The total amount for the insurance capital long-term investment reform pilot program will increase to 222 billion yuan after the approval of the third phase [2]

Group 1 - The company, Xinhua Life Insurance Co., Ltd., has approved an investment in a private fund initiated by Guofeng Xinghua (Beijing) Private Fund Management Co., Ltd. [1] - The fund, named Guofeng Xinghua Honghu Zhiyuan Phase III Private Securities Investment Fund No. 1, has a total scale of 22.5 billion RMB, with the company committing to invest 11.25 billion RMB [1] - The investment decision was made during the 34th meeting of the company's 8th Board of Directors [1] Group 2 - The fund's establishment is subject to regulatory procedures, including fund registration, which introduces a degree of uncertainty regarding the implementation timeline [2] - Other major terms of the fund contract have not undergone significant changes compared to the previously disclosed announcement [2]

Core Insights - The insurance industry in China is experiencing significant growth, with total assets reaching 37.8 trillion yuan by the end of Q1 2025, an increase of 1.9 trillion yuan or 5.4% from the beginning of the year [1] Investment Strategies - Insurance funds are diversifying their investment channels, including bonds, stocks, mutual funds, and infrastructure projects, with a focus on supporting social welfare initiatives [2] - China Life Asset Management has invested over 240 billion yuan in social welfare projects, marking a 160% increase from the initial phase of the 14th Five-Year Plan [2] Project Highlights - China Life Asset Management's investment in the Qinghai Yellow River Company, a major power generation firm, includes a 90 billion yuan equity investment, supporting renewable energy initiatives [3] - The "photovoltaic + ecological" model implemented in Qinghai has led to an 80% increase in vegetation coverage and a reduction of 100 square kilometers of desertified land [3] Investment Management Mechanisms - China Life Asset Management has established a comprehensive investment management framework, utilizing a dual-line allocation strategy and a multi-dimensional evaluation model to enhance project selection [4] - The company is increasing financing support for key infrastructure projects in water conservancy, transportation, and logistics [4] Regulatory Environment - Recent government policies encourage insurance funds to engage in long-term investments, allowing for greater flexibility in investment strategies [5] - In October 2023, regulatory approval was granted for China Life and Xinhua Insurance to establish a 500 billion yuan securities investment fund [5] Private Fund Initiatives - Xinhua Insurance and China Life are jointly investing 200 billion yuan in a private fund, with further commitments to additional funds totaling 225 billion yuan [6][7] - The focus of these funds is on long-term investments in stable, high-dividend blue-chip companies [7] Foreign Investment Trends - The entry of foreign asset management firms, such as Allianz, is reshaping the landscape, emphasizing the need for diversified investment strategies to balance risk and return [8] - AIA Insurance is establishing its asset management company to enhance investment efficiency and support long-term development in the Chinese market [9] Regulatory Changes for Foreign Investment - Recent regulatory revisions have removed restrictions on foreign ownership in insurance asset management, facilitating greater foreign participation in the market [10] - The challenges faced by long-term capital management include declining investment returns and the need for improved asset allocation capabilities [10]

Core Viewpoint - The establishment of new private fund managers, particularly insurance-related private equity and securities investment funds, indicates a growing trend of long-term capital entering the market, contributing to the steady growth of private fund scale in China [1][2][5]. Group 1: New Private Fund Managers - Three new private fund managers were registered last week, including two private equity and venture capital managers and one private securities investment manager [1]. - The newly registered private securities investment manager, Taibao Zhiyuan (Shanghai) Private Fund Management Co., Ltd., was established on May 21, 2025, and completed its registration within about one month [2]. - Taibao Zhiyuan aims for a target scale of 20 billion yuan for its first private securities investment fund, responding to national calls for expanding insurance institutions' private fund establishment [2]. Group 2: Insurance-Related Private Funds - Insurance-related private funds have been increasingly active this year, with significant long-term capital entering the market [3]. - Xinhua Insurance plans to invest up to 15 billion yuan in a private fund initiated by Guofeng Xinghua, with a total fund size of 22.5 billion yuan [3]. - The fund will focus on large listed companies that meet specific governance and operational criteria, aiming for stable dividend returns through a long-term investment approach [3]. Group 3: Private Fund Scale Growth - As of the end of May 2025, the total scale of private funds in China reached 20.27 trillion yuan, with 19,832 registered private fund managers [5]. - The number of private securities investment funds stood at 83,829, with a total scale of 5.54 trillion yuan [6]. - In May 2025, 1,219 new private funds were registered, with a total new scale of 607.26 billion yuan [6].

Group 1: ETF Market Developments - The largest ETF in the market, Huatai-PB CSI 300 ETF, announced a cash dividend exceeding 8 billion yuan, setting a record for the largest single dividend in ETF history [2] - Public fund dividends have surged this year, with total dividends exceeding 95 billion yuan, a year-on-year increase of over 50%, and index funds contributing over 20 billion yuan [2] - The bond ETF market has reached a significant milestone, surpassing 300 billion yuan in total scale, with nearly 10 bond ETFs exceeding 10 billion yuan [6] Group 2: Innovation Drug Sector - The innovation drug sector in Hong Kong has seen a remarkable increase, with some stocks rising over 60% this year, leading to record trading volumes and turnover rates exceeding 100% [2][3] - A major Chinese biopharmaceutical company is in discussions with several multinational pharmaceutical companies for significant licensing deals, indicating strong growth potential in the sector [6] Group 3: Public REITs and Fund Performance - Public REITs have experienced a "one-day sell-out" phenomenon, indicating strong investor interest and demand [10][11] - The first "doubling fund" of the year has emerged, driven by the strong performance of innovation drug sector funds, with some funds reporting over 100% returns [7] Group 4: Regulatory Actions - The Shandong Securities Regulatory Bureau has taken administrative measures against Lide Capital Management, indicating ongoing regulatory scrutiny in the financial sector [8]

Core Viewpoint - The recent progress in the long-term investment reform pilot for insurance funds in China is marked by the joint investment of 225 billion yuan by New China Life Insurance and China Life Insurance in the Honghu Zhiyuan Phase III private equity fund, indicating a significant influx of long-term investment funds into the capital market [1][2][3]. Group 1: Investment Details - New China Life Insurance and China Life Insurance each plan to invest 11.25 billion yuan in the Honghu Zhiyuan Phase III fund, which has a total investment of 225 billion yuan [1][2]. - The Honghu Zhiyuan Phase III fund has a duration of 10 years, with the possibility of extension based on contractual agreements [2]. - This investment marks the third collaboration between New China Life and China Life in private equity funds, following previous investments in Honghu Zhiyuan Phase I and II [3]. Group 2: Reform Pilot Expansion - Since the pilot program began in 2023, the scale of long-term investment reform for insurance funds has been expanding, with a total approved scale expected to reach 222 billion yuan upon the completion of the third batch of 600 billion yuan [1]. - The pilot program allows insurance companies to establish private equity funds primarily targeting the secondary market for stocks, promoting a long-term holding strategy [4]. Group 3: Fund Structure and Taxation - The structure of private equity funds is diversifying, with the first fund being a company-type fund and subsequent funds being contract-type funds, which are easier to manage and do not require corporate governance mechanisms [4][5]. - Contract-type funds avoid double taxation issues that company-type funds face, as the tax burden is borne by the fund's shareholders rather than the fund itself [5][6]. Group 4: Market Impact and Future Outlook - The long-term investment reform pilot is expected to help insurance institutions optimize asset allocation, increase equity investment ratios, and act as a stabilizing force in the capital market [6]. - The establishment of private equity funds by insurance institutions is anticipated to enhance their participation in the capital market, potentially leading to a larger scale of funds and institutions involved in the pilot program in the future [6].