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]

新华保险当好"耐心资本"表率 积极落实中长期资金 入市 创新方式做浇灌实体经济沃土的动力源 作为资本市场的"稳定器"和"压舱石"，中长期资金是维护资本市场高质量发展的重要力量。近日， 中共中央办公厅、国务院办公厅印发《提振消费专项行动方案》，明确要加快打通商业保险资金、企 (职)业年金基金等中长期资金入市堵点。 作为国有控股的大型金融机构，新华保险（601336）管理商业保险资金、企业职业年金等超万亿 元，是中长期资金的持有代表。公司从政治和全局高度深刻认识落实推动中长期资金入市工作的重要意 义，用一系列实际行动做好表率，坚定履行"耐心资本"责任，积极支持资本市场发展。 前瞻布局做中长期资金入市的先行者 2025年1月，新华保险积极响应国家六部委《关于推动中长期资金入市工作的实施方案》要求，宣 布举牌杭州银行（600926），切实发挥国有金融企业领头雁作用，坚决当好长期资本主力军。 公司表示，看好中国银行业以及杭州银行的长期发展前景。投资杭州银行，新华保险可以通过配置 红利资产优化资产配置，增加长期股权投资底仓资产，促进银保业务协同，增强公司在金融服务领域的 竞争力和抗风险能力，进一步提升金融机构服务实体经济 ...

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