中长期资金是维护资本市场平稳健康运行的"压舱石""稳定器"。夯实资本市场健康发展根基、提升金融 服务实体经济质效，离不开耐心资本"长钱长投"的定力与智慧。 中国人寿集团党委书记、董事长蔡希良指出，保险资金规模大、周期长、来源稳定，是典型的"长期资 本""耐心资本"，对于优化融资结构具有重要作用。 从中国人寿2026年工作会议披露的数据来看，集团合并总资产8.56万亿元，管理资产规模17.5万亿元， 中国人寿正充分发挥险资优势，不断优化投资策略和布局，在支持资本市场发展、服务新质生产力、助 力国家重大战略落地、增进民生福祉的进程中，以自身所"长"给出了关于"长期主义"的国寿诠释。 长，是险资入市的"长风破浪" 近年来，从新"国九条"确立"长钱长投"的顶层设计，到推动中长期资金入市工作实施方案的出台，从财 政部进一步加强国有商业保险公司长周期考核，再到金融监管总局调整保险公司相关业务风险因子等政 策红利的持续释放……国家"引长钱、促长投"，鼓励长期资金、耐心资本发展的政策正从蓝图规划加速 迈向纵深落地。 在此背景下，中国人寿以险资特有的长期属性与规模优势，率先响应、快步前行，展现出引领行业 的"长驱"之势。202 ...

Core Viewpoint - Long-term capital is essential for maintaining the stability and health of the capital market, with insurance funds playing a crucial role in optimizing financing structures and supporting economic development [1][2]. Group 1: Long-term Capital and Investment Strategies - China Life Group has total assets of 8.56 trillion yuan and manages assets worth 17.5 trillion yuan, emphasizing its role as a "long-term capital" provider [1]. - The company has significantly increased its net equity investment in the domestic market, exceeding 200 billion yuan in 2025, demonstrating confidence in the long-term prospects of the Chinese economy [2]. - The establishment of the Honghu Fund, the first private equity fund led by insurance capital, aims to enhance the stability of the capital market by focusing on long-term investments in quality listed companies [2][3]. Group 2: Support for New Productive Forces - China Life is actively investing in technology companies, supporting their growth from inception to maturity, thereby fostering new productive forces [4]. - The company has invested in key sectors such as semiconductors, artificial intelligence, and advanced manufacturing, with a total commitment of approximately 50 billion yuan for the Guoshou Science and Technology Fund [5]. - China Life's investment strategy includes a comprehensive equity investment logic system that aligns with national strategies and macroeconomic trends [5]. Group 3: Innovative Investment Models - The company has launched various investment plans, such as the "China Life-Hu Fa No. 1" and "Beijing Science and Technology" plans, to support the semiconductor industry and expand its investment reach [7][8]. - These initiatives aim to create a sustainable investment ecosystem that emphasizes long-term, small-scale investments in hard technology [5][6]. Group 4: Enhancing Public Welfare - China Life is committed to improving public welfare through investments in healthcare, education, and rural revitalization, with a focus on long-term benefits for society [9][10]. - The establishment of a 20 billion yuan elderly care fund and a 10 billion yuan silver industry fund reflects the company's dedication to addressing the needs of an aging population [10]. - The company has also provided significant financial support to small and micro enterprises, with loans exceeding 210 billion yuan, contributing to economic growth [10][11]. Group 5: Long-term Vision and Strategy - China Life's approach to "long" encompasses not just timeframes but also a commitment to sustainable development and alignment with national goals [12]. - The company aims to integrate its financial services with the needs of the real economy, ensuring that its investments contribute to long-term growth and stability [12].

险资在一级市场频频出手。 近日，中国人寿保险股份有限公司（601628.SH）公告显示，拟投资设立一只养老产业基金、一只科创 基金，认缴出资额合计约125亿元。 其中，中国人寿拟出资84.915亿元与关联方成立北京国寿养老产业股权投资基金二期（有限合伙）（以 下简称"国寿养老基金二期"），专注于养老产业领域投资；联合多方发起设立汇智长三角（上海）私募 基金合伙企业（有限合伙）（以下简称"汇智长三角基金"），认缴金额40亿元，重点投向人工智能、集 成电路和生物医药三大领域中的科技创新企业。 近年来，中国人寿正在加大力度发掘符合政策导向和未来产业方向的科技创新、战略性新兴产业投资机 会，已投资多家具有高精尖技术的明星公司。 对于此次大手笔布局，中国人寿相关负责人对《中国经营报》记者表示，一切以公司公告为准。 重点布局养老产业上下游 据公告，中国人寿拟与关联方国寿启远（北京）养老产业投资管理有限公司（以下简称"国寿启远"）于 2026年9月30日前订立合伙协议，成立国寿养老基金二期，合计认缴出资总额为85亿元，其中，中国人 寿认缴出资额为84.915亿元，国寿启远认缴出资额为850万元。国寿股权投资有限公司（"国寿 ...

Core Insights - The concept of "patient capital" is emerging as a key theme in China's financial landscape, emphasizing long-term investments that prioritize sustainable growth over short-term gains [2][3] - Insurance capital is positioned as a central player in this "patient capital" movement, with significant resources and a focus on supporting the real economy and technological innovation [1][2] Policy Support for Long-term Investment - The China Securities Regulatory Commission is advocating for a more attractive environment for long-term investments, aiming to create conditions that encourage medium to long-term capital to enter and thrive in the market [2][3] - A series of regulatory measures have been implemented to enhance the investment environment for insurance funds, including adjustments to asset allocation ratios and risk factor settings [3][4] Growth in Insurance Capital Investment - As of Q3 2023, the total investment balance of insurance companies reached 37.46 trillion yuan, a year-on-year increase of 16.5%, with stock investments accounting for 3.6 trillion yuan [5][6] - The number of times insurance capital has made significant equity purchases reached 39 in 2023, the highest since 2016, indicating a growing trend towards long-term value investments [5][6] Focus on Hard Technology - Insurance capital is increasingly investing in hard technology sectors, with a diversified approach that includes direct and indirect investments in advanced manufacturing, AI, semiconductors, and biotechnology [7][8] - By mid-2025, insurance capital's direct equity investments in technology sectors reached 425.93 billion yuan, reflecting a commitment to supporting innovation and strategic emerging industries [7][9] Challenges and Upgrades in Investment Practices - The insurance sector faces challenges such as macroeconomic fluctuations and increased uncertainty in technology investments, necessitating enhanced professional capabilities and risk management [10][11] - There is a need for insurance companies to evolve from being mere investors to becoming knowledgeable partners in the investment process, focusing on professional development and comprehensive risk management [12][11]

Core Viewpoint - The concept of "patient capital" is emerging as a key driver for financial empowerment in China's economy, particularly through the insurance sector, which is increasingly integrating long-term investment strategies with innovation [1][4]. Group 1: Policy Support for Long-term Investment - The China Securities Regulatory Commission emphasizes the need for a more attractive environment for long-term investments, aiming to create conditions where long-term funds are willing to enter and thrive in the market [4]. - A series of policies have been implemented to facilitate insurance capital's entry into the market, including adjustments to investment limits and risk factor settings for equity assets [5][6]. - These policies are designed to enhance the flexibility and profitability of insurance institutions' asset management, thereby fostering a culture of long-term investment [5][6]. Group 2: Growth in Insurance Capital Market Participation - As of the third quarter, the total balance of insurance funds reached 37.46 trillion yuan, a year-on-year increase of 16.5%, with stock investments accounting for 3.6 trillion yuan [6]. - The number of times insurance capital has made significant investments (or "took stakes") in companies reached 39 in the current year, the highest since 2016, indicating a shift towards more mature long-term value investment strategies [6][7]. - Insurance capital is diversifying its investment methods beyond direct stock purchases, including long-term investment reform trials that have approved a total of 222 billion yuan [6][7]. Group 3: Focus on Hard Technology Investments - Insurance capital is increasingly investing in hard technology sectors, demonstrating a commitment to long-term partnerships with innovative companies [8][9]. - By mid-2025, insurance capital's direct equity investments in technology sectors reached 42.59 billion yuan, with significant growth in investments in internet-related services [8][9]. - Major insurance companies are establishing specialized funds focused on technology innovation, indicating a strategic shift towards supporting advanced manufacturing and other high-tech industries [9][10]. Group 4: Challenges and Upgrades in Investment Practices - The insurance sector faces challenges such as macroeconomic fluctuations and increased uncertainty in technology investments, necessitating enhanced professional capabilities and risk management [11][12]. - There is a need for insurance companies to evolve from being passive investors to proactive value creators, which involves building specialized operational capabilities and comprehensive risk management frameworks [12][13]. - The transition from "long money" to "long wisdom" reflects a comprehensive upgrade in the professional capabilities and overall quality of insurance capital [13].

Group 1 - The year 2025 is identified as a critical year for enhancing the quality and efficiency of financial services to the real economy, with insurance funds playing a significant role due to their large scale, long duration, and strong stability [1] - Insurance funds are increasingly aligning with national strategic needs, focusing on key areas such as technological innovation, social welfare, and green transformation, thereby injecting lasting momentum into high-quality economic development [1][10] - By the end of Q3 2025, the equity investment scale of life and property insurance companies reached 5.59 trillion yuan, an increase of 1.49 trillion yuan or 36.18% from the beginning of the year, highlighting the active role of insurance funds in the capital market [2][3] Group 2 - A series of supportive policies have been implemented to facilitate the entry of insurance funds into the market, including measures to remove barriers and enhance investment channels [3] - The regulatory authorities have raised the investment ratio limit for equity assets, allowing insurance funds to expand their allocation in the equity market [3] - Insurance funds have been actively participating in long-term investment reforms, with a total approved funding scale of 222 billion yuan for pilot projects aimed at supporting the real economy and technological innovation [3] Group 3 - Insurance funds have been particularly active in equity stakes, with 37 instances recorded this year, involving 14 insurance companies, primarily in sectors like renewable energy and high-end manufacturing [4] - The diversification of investment methods includes increased allocations to public REITs, various industry funds, and long-term equity investment funds, enhancing the stability of the capital market and supporting the real economy [4] Group 4 - Insurance funds are increasingly directed towards technological innovation, with significant investments in the entire chain of technology development, providing stable financial support for key technological breakthroughs and emerging industries [6][7] - By the end of 2024, the insurance industry had invested 680 billion yuan in strategic emerging industries, reflecting a 17% year-on-year increase, and supported self-reliance in technology with 880 billion yuan, a 107% increase [7] Group 5 - In the realm of social welfare, insurance funds are focusing on addressing urgent public needs, particularly in the elderly care sector, by investing in high-quality elderly care projects across multiple cities [8][9] - Major insurance companies are actively developing integrated elderly care communities, combining living, medical, rehabilitation, and entertainment services to enhance the quality of life for the elderly [8] Group 6 - Insurance funds are also involved in green transformation and energy security projects, demonstrating their commitment to long-term capital investment in key sectors [10]

Core Insights - 2025 is identified as a crucial year for enhancing the quality and efficiency of financial services to the real economy, with insurance funds playing a significant role in aligning with national strategic needs in key areas such as technological innovation, social welfare, and green transformation [1] Group 1: Insurance Fund Investment Trends - The pace of insurance capital entering the market is accelerating, with significant expansion in investment scale and diversification in investment methods, driven by ongoing policy relaxation [2][3] - As of the end of Q3 2025, the equity investment scale of life and property insurance companies reached 5.59 trillion yuan, an increase of 1.49 trillion yuan or 36.18% since the beginning of the year [2] - Insurance funds are increasingly active in the capital market, with stock investments reaching 3.62 trillion yuan, up by 1.19 trillion yuan, and securities investment funds totaling 1.97 trillion yuan, an increase of 0.3 trillion yuan [2] Group 2: Policy Support and Regulatory Changes - A series of supportive policies have been implemented to facilitate the entry of insurance capital into the market, including adjustments to investment ratios and risk factors, which have collectively removed barriers for long-term capital [3][4] - The Financial Regulatory Bureau has approved multiple pilot programs for long-term investment reforms, with a total approved fund scale of 222 billion yuan, aimed at supporting the real economy and technological innovation [4] Group 3: Focus on Technological Innovation - Insurance funds are increasingly directed towards technological innovation, with policies encouraging participation in venture capital and equity investments in key technology sectors [5][6] - By the end of 2024, the insurance industry invested 680 billion yuan in strategic emerging industries, a year-on-year increase of 17%, and supported self-reliance in technology with 880 billion yuan, a 107% increase [8] Group 4: Enhancing Social Welfare - Insurance funds are focusing on addressing urgent social welfare issues, particularly in the areas of elderly care and healthcare, by investing in high-quality elderly care projects and supporting the development of professional elderly care institutions [9][10] - Major insurance companies are actively investing in elderly care communities across multiple cities, with significant projects launched by companies like China Life and Taikang [9]