Core Viewpoint - The recent approval of the Yangguang Heyuan Fund marks the entry of new capital into the long-term investment pilot program for insurance funds in China, with a total of 10 funds now operational [1][3]. Group 1: Fund Details - The Yangguang Heyuan Fund is the 10th insurance-related private equity fund to begin operations, managed by Yangguang Hengyi (Qingdao) Private Fund Management Co., Ltd., a subsidiary of Yangguang Insurance [1][3]. - The fund was established on November 21, 2025, with a total investment target of 20 billion yuan, fully funded by Yangguang Life Insurance [3][4]. - The fund's investment scope includes equity assets such as stocks from the CSI 300 Index, Hong Kong Stock Connect Index, related ETFs, and index funds, aiming for long-term capital preservation and appreciation [3][4]. Group 2: Pilot Program Overview - The long-term investment pilot program for insurance funds has seen three batches approved, totaling 222 billion yuan, with participation from major insurance companies including China Life, New China Life, and others [4][5]. - A total of 7 insurance-related private fund management companies have been established, with 10 private equity funds now operational [4][5]. - The pilot program has received supportive policies regarding accounting measurement and solvency, enhancing the willingness of insurance companies to invest in equity assets [5].

Core Viewpoint - The article discusses the recent developments in the long-term investment pilot program for insurance funds in China, highlighting the establishment of new private equity funds and the participation of various insurance companies in this initiative [1][4]. Group 1: New Fund Establishments - The "Sunshine and Far Fund" has been officially registered and is now operational, marking it as the 10th insurance-related private equity fund to begin investment activities [2]. - The fund was established on November 21, 2025, and is managed by Sunshine Hengyi (Qingdao) Private Fund Management Co., Ltd., which is a subsidiary of Sunshine Insurance [2][4]. - Sunshine Life intends to invest 20 billion yuan in the fund, representing 100% of the fund's issuance [4]. Group 2: Investment Scope and Strategy - The Sunshine and Far Fund focuses on equity assets, including stocks from the CSI 300 Index, Hong Kong Stock Connect Index, related ETFs, and index funds, aiming for long-term capital preservation and appreciation [4]. - The fund has a duration of 10 years, with provisions for extension or early termination as per the fund contract [4]. Group 3: Pilot Program Overview - The long-term investment pilot program for insurance funds has seen a total of 222 billion yuan approved across three batches, with participation from major insurance companies such as China Life, New China Life, and others [5]. - Seven insurance-related private equity fund management companies have been established, with a total of 10 private equity funds now in operation [5]. - The pilot program has received supportive policies related to accounting measurement and solvency, which help mitigate profit volatility for insurance companies investing in equity assets [7].