2015年，中保投资通过股权投资方式支持招商局轮船境外项目，包括斯里兰卡科伦坡港、汉班托塔港、吉布提国际自由港等港口建设。从初期计划的400 亿元到如今累计合作规模的480亿元，充分彰显其作为保险行业的投资平台汇聚具有长期资本属性的保险资金的作用。 这些案例是中保投资服务实体经济、服务国家发展战略的一个缩影。贾飙表示，过去十年，中保投资在支持国家重大基础设施建设、服务城市更新、扶持 硬核科技企业发展、国企混改、辅助监管等方面积极探索，形成了具有自身特色的以"资产管理+投资"为两大核心业务的经营模式。站在新起点上，中保 投资将持续巩固提升四大核心竞争力。 一是卓越的品牌影响力。作为保险行业的投资平台，中保投资不仅拥有深厚的发展积淀，更在资产管理行业确立了广泛的市场号召力。 新华财经上海12月17日电（记者陈云富、王淑娟）2015年12月18日，中保投资有限责任公司（下称"中保投资"）在上海成立。作为"中字头"保险行业基金 ——中国保险投资基金的管理人和普通合伙人，十年砥砺前行，中保投资累计管理规模已超4500亿元，拥有丰富的"股+债+夹层"鲜明特点的丰富产品工 具箱，成为国内长期投资、耐心资本领域不容忽视的重要 ...

Core Viewpoint - Zhongbao Investment has established itself as a significant player in the long-term investment and patient capital sector in China, managing over 450 billion yuan in assets and focusing on supporting national development strategies through a new strategic plan [2][4][8]. Group 1: Company Overview - Zhongbao Investment was founded in December 2015 in Shanghai and serves as the manager and general partner of the China Insurance Investment Fund [2]. - The company has developed a diverse product toolbox characterized by "equity + debt + mezzanine" investments, emphasizing its role in the domestic long-term investment landscape [2]. Group 2: Strategic Initiatives - In December 2024, Zhongbao Investment collaborated with Xinhua Insurance and Zhonghui Life to establish the Zhijixin Fund, investing approximately 2.037 billion yuan to acquire shares in the Shanghai Integrated Circuit Industry Investment Fund, marking the largest single S fund transaction in China that year [3]. - The company raised 20 billion yuan to invest in Shanghai Real Estate Group to support urban renewal projects, benefiting nearly 60,000 residents [3]. - Zhongbao Investment has supported major infrastructure projects and technology enterprises, with cumulative cooperation scale reaching 48 billion yuan in overseas port projects [3][4]. Group 3: Competitive Advantages - The company has established four core competitive advantages: 1. Strong brand influence in the asset management industry [4]. 2. Unique integration capabilities due to its regulatory background, acting as a bridge between government and market [4]. 3. Diverse product innovation, offering customized financial solutions across various sectors [4]. 4. Agile decision-making structure that enhances responsiveness to market changes [5]. Group 4: Investment Philosophy - Zhongbao Investment emphasizes the importance of long-term, rational, and value-based investments, avoiding short-term speculation [6]. - The company is actively investing in key sectors such as integrated circuits, renewable energy, and biomedicine, supporting leading technology firms to address critical challenges [6][7]. Group 5: Future Development Strategy - The company plans to implement a new strategic framework of "One Foundation, Two Industries, Three Comprehensives, and Four Transformations" to enhance its asset management capabilities and international presence [8]. - Zhongbao Investment aims to expand its international asset allocation to meet the growing demands of Chinese enterprises going global [8].

Core Insights - The establishment of Zhongbao Investment in December 2015 marked a new beginning for insurance funds as a significant source of long-term investment in China's financial system, with a current management scale exceeding 450 billion yuan [1] - Zhongbao Investment has focused on alternative investments over the past decade and plans to expand into secondary and overseas markets to support national strategies and develop a comprehensive asset management group [1] Investment in Technology - The recent listing of domestic GPU companies, including Moer Thread, highlights the significant market opportunities in the GPU sector, which has been dominated by foreign firms [3] - Zhongbao Investment has supported multiple domestic GPU enterprises, including Moer Thread, which has incurred R&D expenses of 5.122 billion yuan from 2020 to 2024, significantly exceeding its revenue during the same period [5] - The company has been actively investing in the technology industry, supporting firms like SMIC and United Imaging through long-term holdings and strategic investments to overcome critical technological challenges [6] Financial Support for Urban Development - Zhongbao Investment has played a crucial role in urban renewal projects, contributing 20 billion yuan to Shanghai Real Estate Group to facilitate the renovation of old residential areas, leveraging its investment to mobilize an additional 80 billion yuan in loans and social capital [9] - The company has also provided 5 billion yuan in debt investment for urban village renovation projects, significantly enhancing urban quality and functionality [9] Strategic Partnerships and Fund Establishment - In December 2024, Zhongbao Investment will establish the "Zhijichip Fund" in collaboration with partners, focusing on the integrated circuit industry to utilize the long-term investment capabilities of insurance funds [8] - The company has developed a diverse toolbox of investment products, including equity and debt instruments, to ensure that long-term capital is effectively utilized [8] Commitment to National Strategy - Zhongbao Investment has engaged in significant infrastructure projects, including overseas port constructions, with a cumulative cooperation scale of 48 billion yuan, demonstrating its commitment to supporting local industry development [10] - The company aims to align its operations with national strategies by establishing large-scale, long-term fund products that serve as a stabilizing force for economic development [10] Transformation and Future Strategy - Zhongbao Investment is undergoing a transformation to become a pioneer in new finance, focusing on the principles of rational, value, and long-term investments while avoiding short-term speculation [11][12] - The company has outlined a new development strategy for 2025, emphasizing a comprehensive approach to asset management and investment, with a focus on supporting high-level technological self-reliance [14] Social Responsibility and Community Engagement - Since 2019, Zhongbao Investment has been involved in poverty alleviation efforts in Inner Mongolia, transitioning to support local economic development and ensuring sustainable growth [18] - The company emphasizes the importance of integrating social responsibility into its business model, aiming to enhance community welfare while achieving financial objectives [18]

Core Insights - Zhongbao Investment has established itself as a significant player in the insurance fund management sector, managing over 450 billion yuan and focusing on long-term investments and strategic asset management [1][3][6] Group 1: Investment Strategy - The company emphasizes alternative investments and plans to expand into secondary and overseas markets to align with national strategies [1][3] - Zhongbao Investment has supported various technology companies, including domestic GPU firms, by providing substantial funding, showcasing the synergy between insurance capital and technological innovation [2][3] - The firm has developed a diverse toolbox of investment products, including equity and debt instruments, to effectively deploy long-term capital into strategic emerging industries [3][6] Group 2: Social Responsibility and Urban Development - Zhongbao Investment has actively participated in urban renewal projects, contributing 20 billion yuan to support the renovation of old residential areas in Shanghai, which has leveraged an additional 80 billion yuan in loans and social capital [4][5] - The company has also engaged in rural revitalization efforts, ensuring sustainable economic development in local communities after completing poverty alleviation tasks [11] Group 3: Future Development and Governance - The company is set to transition under the supervision of the Shanghai State-owned Assets Supervision and Administration Commission by 2025, aiming to enhance its governance and operational efficiency [10] - Zhongbao Investment has outlined a new development strategy focusing on comprehensive asset management, risk management, and international expansion, positioning itself as a leader in the new financial landscape [8][10]

国 际 集 团 战 略 合 作 协 议 签 约 仪 式 85年6月16日 ge 2 TFFFFF MOORE c 三 IT D lu popl 8 I a r 陪伴中国"英伟达"们成长，真金白银"撬动"上海旧改……中央多次倡导壮大耐心资本，作为保险行业基 金管理平台，十年探索，中保投资有限责任公司（简称：中保投资）用创新实践书写时代答卷。 规模大、期限长、来源稳，保险资金作为现代金融体系重要的源头活水，天然具有长期投资、耐心资本 的属性，但如何能从愿投、能投到敢投、善投，2015年12月18日，中保投资在上海的成立成为一个新的 起点。 目前，中保投资累计管理规模超4500亿元，成为国内长期投资、耐心资本领域不容忽视的一支新兴力 量。"过去十年，我们以另类投资为主。"中保投资董事长贾飙表示，适应新发展要求，未来将积极布局 12月5日，成立仅5年的"国产GPU第一股"摩尔线程在科创板上市，同一日，另一家国产GPU企业沐曦股 份启动申购，当天被称为是国产GPU的高光时刻。 市场集体关注的背后，是GPU国产芯片的巨大市场机遇。在全球AI浪潮席卷背景下，GPU是支撑数字 经济的底层基石，而这一领域长期被国外企业垄断，如 ...

Core Insights - The insurance capital is increasingly favoring S funds due to their alignment with long-term investment strategies and the need for stable returns in a low-interest-rate environment [1][2] - The investment scale of S funds in China reached 33.5 billion yuan in the first half of 2025, a significant increase of 95.9% compared to 17.1 billion yuan in the same period of 2024, indicating a growing market interest [1] Group 1: Reasons for Insurance Capital's Preference for S Funds - S funds match the long duration of insurance liabilities, effectively mitigating duration mismatch risks [2][3] - They provide stable, cross-cycle returns by holding non-liquid assets, which is appealing for insurance capital seeking sustainable long-term returns [2] - S funds enhance portfolio diversification and volatility resistance, serving as an alternative asset allocation path [2][3] Group 2: Characteristics of S Funds - S funds invest in funds with clear underlying assets, avoiding the "blind pool risk" associated with traditional private equity funds, thus enhancing safety [3] - The underlying project information is relatively complete, facilitating due diligence and compliance with regulatory requirements [3] - Many existing funds are in the exit phase, providing clear cash return schedules that align with insurance capital's liability needs [3] Group 3: Selection Criteria for S Funds - Insurance capital focuses on asset quality and GP (General Partner) capabilities when selecting S funds [4] - Evaluation criteria include management capabilities, exit success rates, and post-investment management efficiency [5] - Preference is given to projects with clear exit paths, such as IPOs or acquisitions, and those with established revenue and profit [4][5] Group 4: Challenges in S Fund Investment - Valuation difficulties arise due to the diverse nature of underlying assets and information asymmetry between buyers and sellers [6][7] - Conducting thorough due diligence is complicated by the opacity of some underlying projects and potential restrictions in sensitive industries [6] - The complexity of multi-layered structures and the subjective nature of valuations pose additional challenges [6][7] Group 5: Recommendations for Market Improvement - Establishing long-term assessment mechanisms is suggested to align with the nature of S funds as mid-to-long-term equity investment tools [7] - Maintaining policy continuity and developing a robust equity share trading market are recommended to enhance the S fund investment environment [7] Group 6: Future Trends for S Funds - An increase in structured transactions is anticipated, with debt-like structures seeking high certainty and equity-like structures targeting high growth potential [8] - The rise of active management strategies is expected, as buyers with pricing and project selection capabilities will take a more proactive approach [8] - M&A exits are projected to become a significant option, shifting from the traditional reliance on IPOs, necessitating GPs to have M&A experience and resources [8]

Core Viewpoint - The company, Xinhua Insurance, is actively promoting the entry of long-term capital into the market, positioning itself as a "patient capital" representative to support the stable development of the capital market [1][2][3]. Group 1: Long-term Capital Entry - Xinhua Insurance manages over 1 trillion yuan in commercial insurance funds and enterprise pension funds, recognizing the importance of facilitating the entry of long-term capital into the market [1]. - In January 2025, Xinhua Insurance announced its acquisition of shares in Hangzhou Bank, demonstrating its commitment to being a leader in long-term capital investment [2]. - The company has also invested in China National Pharmaceutical Group and Shanghai Pharmaceuticals, enhancing its presence in the healthcare sector and supporting the stable development of the capital market [2]. Group 2: Long-term Investment Reform - In March 2025, Xinhua Insurance was approved to participate in a long-term investment reform pilot program with a scale of 60 billion yuan, reflecting recognition of its commitment to value investment [3]. - The company has established the Honghu Fund, which has invested 50 billion yuan in key industries, balancing effectiveness, safety, and liquidity [3]. Group 3: Supporting the Real Economy - Xinhua Insurance employs various methods to utilize long-term capital, including the establishment of the Zhijichin Fund to support the integrated circuit industry and investments in green bonds to promote clean energy projects [4]. - The company has invested 300 million yuan in Agricultural Bank's green bonds and 200 million yuan in Beijing Bank's micro-enterprise bonds, addressing financing challenges for small and micro enterprises [4]. Group 4: Financial Performance - Xinhua Insurance expects a net profit of 23.958 billion to 25.7 billion yuan for 2024, representing a year-on-year increase of 175% to 195% [6]. - The company reported a 29% year-on-year increase in original premium income in the first two months of 2025, exceeding 50 billion yuan [6].

「解码 LP 」系投资界旗下专注 LP 报道公众号，关注各地基金政策，捕捉 LP 最新动态，欢迎关注！ 根据公开信息统计：截至周五下午，本周（12月7日-12月13日）LP动态共29起。 LP 上海并购放大招了 1 2月1 0日，上海市人民政府办公厅发布关于印发《上海市支持上市公司并购重组行动方案 （2 0 2 5—2 0 2 7年）》（简称：《行动方案》）的通知，进一步吹响并购号角。 LP 招商资本联合发起5 0亿母基金 近日，招商资本与绍兴市上虞区国有资本投资运营有限公司（简称"上虞国投"）联合发起 设立的5 0亿元产业母基金--绍兴市上虞区金葵舜盈产业发展投资基金合伙企业（有限合伙） （简称"上虞金葵产业基金"）完成中国证券投资基金业协会登记备案工作。 上虞金葵产业基金由招商资本担任基金管理人，基金将聚力聚焦上虞区重大产业项目招引培 育和高层次科创人才创新创业两大战略目标，在坚持"政府主导、平台主战、部门协同"的 基础上，重点突出引资引智、产业培育、政策支持以及推进国企转型改革等四大功能作用， 聚焦先进材料、数智经济、生命健康、智能装备、新能源、低空经济、精准医疗、元宇宙、 这一次上海明确提出，力争到2 ...