Core Viewpoint - The article emphasizes the importance of insurance asset management in supporting the development of a high-level technology financial system, highlighting the role of insurance funds as "patient capital" in fostering technological innovation and economic transformation [3][4]. Group 1: Characteristics of Technology Innovation Financing - The financing needs of the technology innovation industry exhibit four distinct characteristics: strong demand for diversified financing channels, long-term and cyclical nature, inherent risks and uncertainties, and high efficiency requirements for financing [4]. - Insurance funds are characterized by large scale, cross-cycle stability, and consistent sources, making them well-suited to support the construction of a multi-layered and high-level technology financial system [4]. Group 2: Investment Capabilities of Insurance Asset Management - Insurance asset management institutions have become one of the most diversified financial institutions in terms of investment scope, leveraging strong asset allocation capabilities to support key areas of the technology innovation industry [4]. - The flexibility in product creation allows insurance asset management to meet the broad and lifecycle financing needs of technology innovation entities through various investment forms, including secondary market instruments and direct investments [5]. - Insurance asset management maintains a robust risk management capability, adhering to prudent operational principles through multiple market cycles [4][6]. Group 3: Challenges in Technology Innovation Investment - There are challenges in aligning insurance funds with technology innovation investments, including risk mismatch due to the non-linear value creation paths of technology projects, which may not align with the safety and stability focus of insurance funds [6]. - A capability gap exists as investment personnel often come from traditional financial backgrounds, lacking deep industry understanding necessary for specialized technology sectors [6]. - Capital constraints are imposed by regulatory frameworks, increasing the pressure on insurance companies' solvency ratios when engaging in equity investments [6]. Group 4: Innovative Investment Models - The company is actively exploring innovative investment models, such as convertible bonds and equity investments, to engage in significant technology projects throughout their lifecycle [7]. - Collaborative investment models with leading industry capital are being developed to enhance post-investment capabilities and support the growth of specialized small and medium-sized enterprises [7]. Group 5: Growth in Technology Financial Investment - The scale of technology financial investments by the company has rapidly increased, with a nearly 30% year-on-year growth as of June 2025, focusing on high-tech sectors like artificial intelligence and biomedicine [8]. - The company has launched various technology financial products, including a thematic asset management product targeting technology innovation industries, and has invested in key technology projects related to critical core technologies [8].

高水平科技自立自强是发展新质生产力的必由之路。作为保险资管机构，该如何助力高水平科技金融体 系建设？ 人保资产表示，坚决履行金融央企政治责任，深刻认识和坚定践行金融工作的政治性、人民性，立足耐 心资本功能作用的发挥，积极做好科技金融大文章，努力为高水平科技自立自强贡献人保力量。 险资有支持科技创新 的禀赋能力 人保资产表示，科创产业的发展规律决定了其资金需求具有四大鲜明特点：一是融资渠道多元化需求 强；二是长期性与周期性突出；三是具有一定风险与不确定性；四是融资效率要求高。这些特性显著揭 示了科创产业对金融支持的强烈依赖。 保险资金具有规模大、跨周期、来源稳定的属性特征，是天然的"耐心资本"。人保资产分析，保险资金 在精准助力复合型、多层次、高水平科技金融体系建设方面可以发挥重要作用。 一是投资渠道多元。保险资管机构已成为投资范围最为丰富的金融机构之一，依托较强的大类资产配置 能力，可以将资金运用到科创产业重点领域，支持传统产业改造升级、新兴产业培育壮大、未来产业前 瞻布局，助力经济结构转型。 三是资本约束。"偿二代"二期对保险公司参与未上市股权投资基础风险因子赋值为0.41，对无法穿透的 股权投资计划、股权 ...