Group 1 - The core viewpoint of the article highlights the increasing clarity of long-term investment paths by insurance capital-based private equity funds as they disclose their holdings following the release of listed companies' semi-annual reports [1][2] - Major energy and infrastructure companies such as China Petroleum, China Shenhua, and Daqin Railway have attracted significant investments from these funds, indicating a clear focus on long-term and value investment strategies [1][2] - As of now, there are seven insurance capital-based private equity funds with a total pilot amount of 222 billion yuan [1][6] Group 2 - The report reveals that the Guofeng Xinghua Honghu Zhiyuan Phase II private equity fund has become the sixth largest circulating shareholder of China Petroleum, holding over 217 million shares valued at approximately 1.857 billion yuan as of the end of Q2 [2] - The same fund has also entered the top ten shareholders of China Shenhua, holding over 52 million shares valued at around 2.116 billion yuan [2] - The Honghu Zhiyuan Phase III private equity fund has emerged as the eighth largest shareholder of Sinopec, holding 305 million shares valued at over 1.7 billion yuan, and as the fourth largest shareholder of Daqin Railway, holding 298 million shares valued at over 1.9 billion yuan [2] Group 3 - Recently, another insurance capital-based private equity fund, Hengyi Holding (Shenzhen) Private Fund Management Co., Ltd., has completed its registration with a first-phase fund size of 30 billion yuan, focusing on long-term and value investments [4][5] - The insurance capital long-term investment reform pilot has seen three batches approved, with a total pilot amount of 222 billion yuan [6]

由保险公司出资设立私募证券投资基金，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。 今年以来，第二、第三批试点加速推进。其中，第二批试点总规模1120亿元，第三批试点总规模600亿 元，加上2023年获批的首批试点500亿元规模，三批试点总规模合计达2220亿元，已经确定获批参与的 机构主要包括中国人寿、新华保险、太保寿险、泰康人寿、阳光人寿、人保寿险、太平人寿、平安人 寿、中邮保险及相关保险资管公司等。 智通财经记者 | 龙力 近日，太平资产、人保资产陆续获批设立私募证券投资基金管理公司，险资系证券私募公司已经增至7 家。 优美利投资总经理贺金龙对智通财经表示，三批试点累计2220亿元资金入市，叠加未来潜在增量，将显 著改善A股"短钱快进快出"特征，参考中证红利指数近两年跑赢沪深300指数15个百分点，险资偏好推 动市场向低波动、高分红风格倾斜，加速价值重估。同时，险资作为"耐心资本"，其长期持仓可平滑短 期波动。通过举牌和定向投资，还将推动资金向科技创新、绿色经济、消费复苏等领域倾斜，助力经济 转型。 2023年10月，中国人寿（601628.SH）和新华保险（601336. ...

Group 1 - China Taiping's subsidiary, Taiping Asset, has received approval from the National Financial Regulatory Administration to establish Taiping (Shenzhen) Private Securities Investment Fund Management Co., Ltd. [1] - The long-term investment reform pilot for insurance funds aims to guide insurance companies to invest in private securities funds, primarily targeting the secondary market for stocks and holding them long-term [3]. - The first batch of pilot programs was approved in October 2023, with China Life and Xinhua Insurance each contributing 25 billion yuan to establish a company fund with a total scale of 50 billion yuan [3]. Group 2 - The second batch of approved pilot insurance companies includes eight firms with a total scale of 112 billion yuan, while the third batch has a total scale of 60 billion yuan [3]. - Taiping Life was approved to conduct pilot programs in March of this year as one of the second batch of insurance funds for long-term stock investments [3]. - Currently, six insurance-related private securities fund management companies have been approved, and six private securities investment funds have entered the operational phase [3].

Core Insights - The approval of Taiping Private Securities Fund marks a significant step in the long-term investment pilot program for insurance funds in China [1][2][3] - The pilot program aims to allow insurance companies to establish private securities funds primarily targeting the secondary market for stocks, with a focus on long-term holdings [2][3] - As of now, a total of six insurance-related private securities investment funds have been approved and are operational [4][6] Group 1: Approval and Establishment - Taiping Asset has received approval from the National Financial Regulatory Administration to establish Taiping (Shenzhen) Private Securities Investment Fund Management Co., marking it as one of the pilot cases for long-term investment by insurance funds [1][2] - The long-term investment pilot program has seen three batches of approvals, with the first batch in October 2023 involving China Life and Xinhua Insurance, each contributing 25 billion yuan to establish a 50 billion yuan fund [2][4] Group 2: Fund Operations and Management - Currently, there are six operational insurance-related private securities investment funds, including those managed by Guofeng Xinghua, Taikang, and Taibao [4][6] - The first pilot fund, Honghu Zhi Yuan, managed by Guofeng Xinghua, began investing in March 2024 with a total scale of 50 billion yuan fully deployed [4][6] - The second phase of the Honghu fund series was established in May 2024 with a total scale of 20 billion yuan, equally subscribed by Xinhua Insurance and China Life [5][6] Group 3: Strategic Goals and Market Impact - Taiping Asset aims to enhance the investment of long-term capital in the capital market, responding to the long-term investment reform pilot [3][4] - The initiative is expected to improve the asset-liability matching of insurance funds under new accounting standards and increase the efficiency of fund utilization [6]

Core Viewpoint - The article discusses the recent approval of Taiping Asset's establishment of a private equity securities investment fund management company, marking a significant step in the long-term investment pilot program for insurance funds in China [2][4]. Group 1: Approval and Establishment - Taiping Asset, a subsidiary of China Taiping, has received approval from the National Financial Regulatory Administration to establish Taiping (Shenzhen) Private Securities Investment Fund Management Co., Ltd. [2][3] - This approval adds to the growing number of insurance-related private equity securities fund companies, with a total of six now approved [2][7]. Group 2: Long-term Investment Pilot Program - The long-term investment pilot program for insurance funds allows insurance companies to establish private equity securities funds primarily targeting the secondary market for stocks, with a focus on long-term holding [4]. - The pilot program has seen three batches of approvals, with the first batch in October 2023 involving China Life and Xinhua Insurance, each contributing 25 billion yuan to a total fund size of 50 billion yuan [4]. - The second batch included eight insurance companies with a total scale of 112 billion yuan, while the third batch amounted to 60 billion yuan [4]. Group 3: Impact on Capital Markets - The establishment of Taiping's private equity securities fund is expected to enhance the investment capacity of long-term funds in the capital market, with Taiping Asset managing over 1.5 trillion yuan in assets by the end of 2024 [5]. - The initiative aims to align with national strategies and support the real economy, reinforcing the role of insurance funds as stabilizers in the market [5]. Group 4: Current Fund Operations - Currently, six insurance-related private equity securities investment funds are operational, including various funds managed by Guofeng Xinghua, Taikang, and Taibao [8][9]. - The first pilot fund, managed by Guofeng Xinghua, began investing in March 2024, with a total scale of 50 billion yuan fully deployed by March of the same year [8]. - The ongoing pilot program is designed to optimize the asset-liability matching of insurance funds under new accounting standards, thereby improving capital efficiency [9].