图为国能（西藏）多布水电站。 图为"从资本市场看地方高质量发展"大型融媒报道采访组走进西藏矿业。 图为高争民爆。 图为西藏证监局。 本组图片摄影：证券时报记者 宋春雨 图为航拍国能（西藏）尼洋河水电站。 图为航拍甘露藏药。 图为高争民爆。 图为国能（西藏）尼洋河水电站。 ...

Core Viewpoint - China Life Insurance is committed to the "333 strategy" and aims to enhance its role in supporting the economy and improving people's livelihoods through long-term investments in infrastructure and green finance [1][3]. Group 1: Investment Activities - The event held in Qinghai from June 18 to 20 was part of the "One China Life, One Life Protection" series, focusing on how insurance funds can better support the development of the real economy [3][4]. - China Life has invested a total of 170 billion yuan in the Qinghai Yellow River Company, with 80 billion yuan in 2017 and 90 billion yuan in 2019, to support various infrastructure projects [12][70]. - As of June 2025, China Life Asset Management Company manages over 6.5 trillion yuan in assets, with more than 4 trillion yuan directly supporting the real economy [12][78]. Group 2: Impact on Local Economy and Environment - The Dragon Yuxia Hydropower Station, known as the "First Dam of the Yellow River," generates an average of 6 billion kWh annually and significantly reduces flood risks for downstream areas [10][17]. - The irrigation guarantee rate for downstream areas has increased from 56% to 80% due to the regulation provided by the Dragon Yuxia Reservoir, benefiting food supply across nine provinces [11][66]. - The Qinghai Yellow River Company has developed a "photovoltaic + ecological" model, transforming barren land into productive grazing areas, which has improved local livelihoods [44][91]. Group 3: Regulatory and Strategic Framework - The State Council's guidelines emphasize enhancing the insurance industry's service quality to the real economy, focusing on major national strategies and key areas [12][18]. - China Life is actively involved in various sectors, including renewable energy, infrastructure, and social welfare, aligning its investments with national development goals [54][60]. - The company has established a comprehensive investment mechanism to ensure that insurance funds are directed towards social welfare projects, aiming for both social and economic benefits [55][78].

Group 1 - The insurance capital plays a significant role in supporting public infrastructure projects, particularly in clean energy initiatives in Qinghai Province [1][2] - Qinghai Huanghe Company, a subsidiary of State Power Investment Corporation, has a total installed capacity of 28.93 million kilowatts, with 95.44% coming from clean energy sources [3][4] - The company has received substantial investment from insurance capital, including a leading investment of 9 billion yuan from China Life, which has enhanced its operational vitality and supported large-scale energy projects [5][6] Group 2 - Insurance capital is increasingly directed towards social welfare projects, with China Life Asset Management's investments in social infrastructure exceeding 240 billion yuan, reflecting a 160% increase since the beginning of the 14th Five-Year Plan [6] - The focus of insurance capital on infrastructure investments has been stable and long-term, meeting the cost requirements of liabilities while addressing public needs [7] - The shift from a liability-driven to an equity-driven investment model necessitates a greater emphasis on equity investments, which are seen as essential for achieving growth and long-term returns [9][10] Group 3 - Research and analysis are critical for successful equity investments, requiring a comprehensive understanding of macroeconomic cycles, key industries, and evolving financing needs of partners [10]

Core Viewpoint - The transformation of arid land into productive ecosystems through the investment of insurance funds in renewable energy projects exemplifies the synergy between ecological protection, social improvement, and regional development [1][4]. Group 1: Investment in Renewable Energy - Insurance capital is actively supporting the construction of hydropower, photovoltaic, and wind power projects, which is crucial for high-quality economic development [1][7]. - China Life Insurance invested 8 billion yuan in 2017 and 9 billion yuan in 2019 to support the development of Qinghai Huanghe Company, demonstrating a long-term commitment to renewable energy [3][6]. Group 2: Ecological and Economic Benefits - The Qinghai Republican Photovoltaic Industrial Park has transformed a previously barren desert into a thriving ecosystem, showcasing the "photovoltaic oasis" effect that reduces soil evaporation and enhances local climate conditions [3][4]. - The innovative model of "photovoltaic industry + ecological protection + ecological agriculture" creates a circular economy, achieving both economic and social benefits [4][8]. Group 3: Financial Strategies and Impact - Insurance funds have a long duration and stable sources, making them well-suited for financing long-term projects like hydropower, which have a return cycle of 20 to 30 years [6][8]. - As of the first quarter of this year, China Life's asset management has over 6.3 trillion yuan in assets, with nearly 4 trillion yuan directed towards the real economy, highlighting the industry's focus on social welfare [7][8]. Group 4: Methodologies in Investment - The insurance industry has developed three core methodologies: "long money long investment" for asset-liability matching, "value symbiosis" for sharing growth benefits while promoting ecological restoration, and "strategic synergy" to enhance resource allocation efficiency [8].

Core Viewpoint - The acceleration of major infrastructure projects across various regions in China is expected to positively impact economic growth in the second quarter, supported by increased funding and investment from state-owned enterprises [1][2][3]. Group 1: Infrastructure Investment - The National Energy Group has completed an investment of 35.95 billion yuan in the first quarter, with a 5.3% year-on-year increase in wind power investment [1]. - Major projects in Guangdong, such as the Bai'e Tan project and housing projects, are progressing rapidly, with a planned investment of 1 trillion yuan for 1,500 key projects by 2025 [2]. - In Anhui, over 1,300 major projects have been launched this year, with a total investment exceeding 800 billion yuan, more than half of which are in emerging industries [3]. Group 2: Funding and Policy Support - The issuance of long-term special bonds, with a planned 1.3 trillion yuan for this year, is aimed at supporting "two heavy" projects, contributing to the acceleration of infrastructure investment [3][4]. - The National Bureau of Statistics reported a 5.8% year-on-year increase in infrastructure investment in the first quarter, contributing 1.3 percentage points to overall investment growth [4]. - Experts emphasize the importance of optimizing spending structures and increasing expenditure intensity to enhance the effectiveness of funding and stimulate further social investment [4].