专题 指导单位:上海市国资委党委、上海市国 主办单位: 科 A & 社 中国 大保: 0000 家战略,践行保险为。 作为金融体系中的"长 期资本"与"耐心资本",中 国大保始终以会融活水精 准测灌实做经济主战场,以 助力上海"五个中心"建设 筑牢真质量发展基石。 保险资金天生具备用 限长,规模大,稳定性强的 优势,是支持科技创新与产 业升级的重要引擎,今年 中国太保重磅发布总规格 500亿元的太保战新并购基 金与私爵正券投资基金,积 极服务"金融资国"战略和 上海"五个中心"建设,稳步 推进保险资金中长期股票 投资试点翘站,全面提升会 融服务能级。 其中,太保战新井圆基 金日标规模 300亿元, 直표 100亿元已启动运作, 累焦 氟成电路、人工智能、生物 医药等上海优势产业,深度 化产业体系建设网 > 对接国资国 企改革与现代 业整合资源、支持上市公司求职员 业整合资源、支持上市公司求职员宣讲 购,打造以"长期资本 + 카窍服合 + 贺 协同"为特色的上海国资创新转型生态。 同步推出的太保致远1号私募证券 投资基金,目标规模200亿元,积极响应 国家扩大保险机构设立私募运券投资基 金试点的号召,践行长期主 ...

2025年是金融服务实体经济提质增效的关键一年。作为资本市场重要的长期资金，保险资金凭借规模庞 大、期限长久、稳定性强的核心特质，在政策引导与市场驱动的双重作用下，精准对接国家战略需求， 在科技创新、民生保障、绿色转型等关键领域多点发力。 从权益市场长期布局到重大项目精准滴灌，从机制创新到实践深化，保险资金以稳健的投资节奏和深厚 的价值坚守，为经济高质量发展注入持久动能。 政策持续"松绑"险资入市节奏进一步加快 2025年，在政策持续"松绑"的强力赋能下，保险资金入市节奏不断加快、投资规模显著扩大、布局方式 愈发多元，以"长钱长投"理念精准赋能实体经济关键领域，为资本市场注入稳定增量资金，彰显了长期 资本的核心价值，成为金融服务实体经济的关键力量。 金融监管总局最新数据显示，截至2025年三季度末，人身险和财产险公司权益类投资规模达到5.59万亿 元，相较年初增加1.49万亿元，大涨36.18%。其中，股票投资规模为3.62万亿元，较年初增加1.19万亿 元；证券投资基金规模为1.97万亿元，较年初增加0.3万亿元，充分彰显了今年保险资金在资本市场的活 跃度。 投资规模提升的背后，离不开政策"组合拳"的系统性 ...

今年以来，险资往私募股权基金里砸了超千亿——执中数据显示，截至12月19日（周五），保险机构作为有限合伙人（LP）向私募股权基金出资合计 1097.56亿元，较去年同期增长55.85%。很多股民可能好奇：险资不是出了名的"稳字当头"吗？怎么突然对私募股权这么热情？其实这背后的逻辑，和我们 在牛市里遇到的困惑一模一样——明明行情在涨，可一遇到调整就慌，要么不敢进错过机会，要么冲进去被套牢。今天咱们就从险资的选择说起，聊聊投资 里最该搞明白的事：怎么判断"钱"到底在不在认真做事。等下咱们再绕回这个新闻的结论，你会发现，险资的聪明，其实是帮我们想通了自己的投资难 题。。 我有个朋友，去年牛市里就犯了这毛病：3月买了只科技股，涨了20%，后来调整了10天，股价从25块跌到22块，他怕继续跌，赶紧卖了，结果卖完没几 天，股票又涨回35块；到了10月，另一只股调整了半个月，他觉得"这次肯定是机会"，冲进去，结果套了20%。后来他跟我说："以前是凭感觉赌，现在才 明白，我根本不知道'机构到底在不在'。" 你看，这就是咱们和险资的区别：险资有"标准"，我们凭"感觉"。而险资的标准，其实就是帮我们解决困惑的钥匙——找"积极参与 ...

2025年是金融服务实体经济提质增效的关键一年。作为资本市场重要的长期资金，保险资金凭借规 模庞大、期限长久、稳定性强的核心特质，在政策引导与市场驱动的双重作用下，精准对接国家战略需 求，在科技创新、民生保障、绿色转型等关键领域多点发力。 从权益市场长期布局到重大项目精准滴灌，从机制创新到实践深化，保险资金以稳健的投资节奏和 深厚的价值坚守，为经济高质量发展注入持久动能。 政策持续"松绑"险资入市节奏进一步加快 2025年，在政策持续"松绑"的强力赋能下，保险资金入市节奏不断加快、投资规模显著扩大、布局 方式愈发多元，以"长钱长投"理念精准赋能实体经济关键领域，为资本市场注入稳定增量资金，彰显了 长期资本的核心价值，成为金融服务实体经济的关键力量。 金融监管总局最新数据显示，截至2025年三季度末，人身险和财产险公司权益类投资规模达到5.59 万亿元，相较年初增加1.49万亿元，大涨36.18%。其中，股票投资规模为3.62万亿元，较年初增加1.19 万亿元；证券投资基金规模为1.97万亿元，较年初增加0.3万亿元，充分彰显了今年保险资金在资本市场 的活跃度。 投资规模提升的背后，离不开政策"组合拳"的系统性 ...

Core Insights - Shanghai has established new industrial mother funds and S funds, with a focus on enhancing the private equity market's liquidity and providing exit channels for investors [2][4] - The city is actively promoting venture capital and private equity (VC/PE) investments, with significant government support and a growing number of funds being established [9][10] Group 1: New Fund Establishments - The Shanghai Qingpu Industrial Development Fund and S Fund were launched to inject financial resources into the region's new productive forces [2] - The Minhang District has created a comprehensive fund matrix with a total investment of 100 billion, aiming to leverage social capital and achieve a "100 billion fund, 1 trillion scale" ecosystem [2] - The establishment of the Jing'an Capital Investment Operation Company with a registered capital of 12 billion aims to integrate state-owned fund operations and focus on strategic emerging industries [3] Group 2: Policy Support and Framework - Shanghai's government has introduced measures to optimize the equity investment industry, including the establishment of equity investment clusters with a minimum of 10 billion in district-level guiding funds [3][4] - The city has implemented a series of supportive policies for the equity investment sector, including facilitating the establishment of CVC funds and promoting the development of secondary market funds [3][10] Group 3: Fund Performance and Strategy - The Shanghai Future Industry Fund has been active in investing in multiple sub-funds across cutting-edge fields, completing decisions for 18 sub-funds in five months [5][6] - The fund focuses on "early and small" investments in hard technology, targeting six future industries, including health, information, energy, space, materials, and manufacturing [5][6] Group 4: Market Dynamics and Trends - The establishment of large-scale funds and the active participation of government in the VC/PE space have made Shanghai a focal point for investment institutions [9][10] - The city has seen a surge in the establishment of significant funds, including a 500 billion industrial transformation fund and a 100 billion state-owned enterprise merger fund [8][9]

Core Viewpoint - Insurance capital continues to show enthusiasm for equity market allocation, with a total of 30 instances of capital raising this year, including 6 in A-shares and 25 in H-shares, primarily in banking and insurance sectors, as well as utilities, energy, biomedicine, and technology [1] Group 1: Investment Strategy - China Pacific Insurance adheres to a "value investment, long-term investment, stable investment, and responsible investment" philosophy, implementing a refined "barbell" asset allocation strategy that increases long-term interest rate bonds while also adding equity and alternative investments to enhance long-term returns [2][3] - The company has actively increased its equity holdings during market downturns, such as the low market phase before September 24, 2024, and the significant drop on April 7 this year, thereby acting as a stabilizer in the stock market [2] - The establishment of the Taibao Zhanxin M&A Fund with a target size of 30 billion yuan and the Taibao Zhiyuan Private Securities Investment Fund with a target size of 20 billion yuan supports the company's long-term investment strategy [2] Group 2: Asset Allocation Logic - The company has developed a strategic asset allocation methodology centered on solvency and risk appetite, balancing short-term profit fluctuations with long-term net value growth [3] - In equity investments, the focus is on a dividend value strategy, optimizing the structure of equity investment portfolios while exploring innovative high-quality assets in fixed income, such as ABS and public REITs [3][6] - The company is expanding its investment varieties and channels, including gold investments and swap facilities, to enhance the efficiency and quality of insurance capital utilization [3] Group 3: Market Outlook and Challenges - The company views the Chinese equity market positively, citing better intrinsic returns from equity assets compared to fixed income, with the dividend yield of the CSI 300 index at 2.8% and the Hang Seng index at 3.2% [6] - The ongoing low interest rate environment presents challenges, with a predicted downward trend in mid- to long-term interest rates, leading to difficulties in obtaining stable returns due to a shortage of quality assets [11][12] - The company recognizes multiple strategic opportunities, including participation in emerging industries like new energy and AI, and aims to leverage its large-scale, long-term capital to optimize asset allocation [12]

Core Viewpoint - Insurance capital continues to show enthusiasm for equity market allocation, with a total of 30 instances of capital raising this year, including 6 in A-shares and 25 in H-shares, primarily in banking and insurance sectors, as well as utilities, energy, biomedicine, and technology [1][4] Group 1: Investment Strategy - China Pacific Insurance adheres to a "value investment, long-term investment, prudent investment, and responsible investment" philosophy, implementing a refined "barbell" asset allocation strategy that balances long-term government bonds and equity investments [4][5] - The company has increased its allocation to long-term government bonds, leading the industry in this regard, while also expanding its equity and alternative investments to enhance long-term returns [4][5] - The establishment of the Taibao Zhanxin M&A Fund with a target size of 30 billion yuan and the Taibao Zhiyuan Private Securities Investment Fund with a target size of 20 billion yuan supports the company's long-term investment strategy [4][5] Group 2: Market Analysis - The company views the current equity market positively, noting that equity assets have the best allocation value among major asset classes, with a dividend yield of 2.8% for the CSI 300 Index and 3.2% for the Hang Seng Index [7][8] - The company emphasizes a cross-cycle asset allocation system and a strategy-driven management system, focusing on sustainable dividend income and long-term value growth [8][9] Group 3: Alternative Investments - In the current low-interest-rate environment, alternative assets are seen as a key direction for insurance capital, providing risk diversification in asset allocation [12] - The company is actively involved in equity investments, particularly in the context of policy-driven opportunities in the M&A market, and is focusing on real estate investments through funds targeting logistics, data centers, and renewable energy infrastructure [12][13] Group 4: Challenges and Opportunities - The insurance capital allocation environment is complex due to global political and economic changes, domestic real estate market adjustments, and investment slowdown [14][15] - Despite challenges, the company identifies strategic opportunities in emerging industries such as renewable energy and AI, leveraging its long-term capital advantages for investment [15]

Core Viewpoint - Shanghai is actively enhancing its venture capital and private equity landscape, particularly through the establishment of large-scale mother funds and supportive policies aimed at fostering innovation and investment in key industries such as integrated circuits, biomedicine, and artificial intelligence [2][3][4]. Group 1: Mother Fund Developments - Shanghai's third batch of sub-fund selection for its trillion-yuan mother fund has commenced, focusing on integrated circuits, biomedicine, and artificial intelligence [2]. - Since September 2022, Shanghai Guotou Xiandiao has quickly decided on 36 projects with a total investment of 25.955 billion yuan, attracting over 100 billion yuan in social capital [2]. - The establishment of several significant funds has been noted, including the Shanghai Artificial Intelligence CVC Fund with an initial scale of 3 billion yuan and the Pudong Artificial Intelligence Seed Fund totaling 2 billion yuan [2][3]. Group 2: Mergers and Acquisitions Focus - The Taibao Zhanxin M&A Private Fund aims for a target scale of 300 billion yuan, with an initial scale of 100 billion yuan, focusing on state-owned enterprise reform and modern industrial system construction [3]. - The Shanghai government has introduced an action plan to accelerate mergers and acquisitions, including the establishment of 100 billion yuan funds for integrated circuits and biomedicine [3][4]. Group 3: Policy Support and Ecosystem - The Shanghai government has implemented measures to enhance the investment environment, including the establishment of a 500 billion yuan industry transformation upgrade fund and a 1 trillion yuan mother fund [5][6]. - The city is also focusing on creating equity investment clusters, with each district required to establish a government-guided fund of no less than 10 billion yuan [8][9]. Group 4: Long-term Investment Strategies - Shanghai is exploring long-term mother fund structures, extending the duration of existing funds to foster "patient capital" [6]. - The Shanghai Future Industry Fund, with a total scale of 10 billion yuan, aims to invest in cutting-edge fields such as brain science and synthetic biology, demonstrating a commitment to long-term investment strategies [5][6]. Group 5: Future Outlook - The ongoing policy support and the establishment of large-scale funds are expected to maintain Shanghai's leading position in the mother fund industry and attract more private equity funds [10]. - The Shanghai government is committed to optimizing the entire investment process, enhancing the appeal of the city for investment institutions [10].

Core Viewpoint - The article highlights a recent surge in insurance capital investments in the equity investment market, driven by supportive policies and emerging industry opportunities, marking a significant shift in market dynamics [4][10]. Group 1: Recent Developments in Insurance Capital - On August 1, 2025, a notable influx of insurance capital was observed, with the establishment of the "Anhui Insurance Fund" amounting to 10 billion, where insurance capital accounted for 80% of the total [3][8]. - Concurrently, the "Hebei Chengda Airport Equity Investment Fund" was launched with a scale of 5 billion, led by China Life Insurance, which contributed 2.2 billion [3][9]. - The first S Fund in Henan successfully attracted 2.45 million from three insurance institutions, marking a significant breakthrough in the province's strategy to attract insurance capital [3][9]. Group 2: Market Trends and Insights - The insurance capital sector has shown a notable increase in activity, with a 16% month-on-month rise in financial institution LP investment activity in June, with insurance capital contributing over 50% [12]. - Major insurance companies, including China Life and Ping An Life, dominate the investment landscape, accounting for over 70% of total insurance capital contributions [12][13]. - The trend indicates a growing interest in strategic emerging industries, with the top five sectors for investment being information technology, healthcare, electronic information, manufacturing, and business services [13]. Group 3: Policy and Regulatory Environment - Recent policy adjustments, such as the increase in the upper limit for equity asset allocation and the relaxation of investment concentration ratios for venture capital funds, are expected to enhance insurance capital's participation in the primary equity market [14]. - The ongoing regulatory improvements and market confidence are anticipated to further boost insurance capital's investment interest in the future [14][16]. Group 4: Future Outlook - The equity market in 2025 is undergoing a structural transformation driven by supportive policies and technological advancements, with sectors like AI and robotics becoming focal points for investment [16]. - The article emphasizes the need for stable, long-term capital sources to sustain market recovery and vitality, suggesting that insurance capital will play a crucial role in this process [16].

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]