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].