在监管政策持续引导与利率下行的双重驱动下，保险资金正通过私募基金加速涌入资本市场。 《中国经营报》记者查询中国证券投资基金业协会官网获悉，国丰兴华鸿鹄志远三期私募证券投资基金 1号（以下简称"鸿鹄基金三期1号"）、国丰兴华鸿鹄志远三期私募证券投资基金2号（以下简称"鸿鹄基 金三期2号"），均已于7月7日成立，7月8日在中国基金业协会备案。 根据7月4日新华保险公告，鸿鹄基金三期1号规模为225亿元，新华保险出资112.5亿元认购私募基金份 额，中国人寿亦出资112.5亿元认购该基金份额。 自2023年年底，保险资金开启长期投资改革试点以来，现已有三批试点获批：第一批试点规模500亿 元、第二批1120亿元，第三批600亿元，共计2220亿元。目前第一批试点资金已经全部进入股市，第 二、三批正陆续落地。 险资巨头成立私募基金 公开资料显示，最新成立的鸿鹄基金三期1号、鸿鹄基金三期2号，均为第三批保险资金长期投资试点基 金。基金管理人为国丰兴华（北京）私募基金管理有限公司，由新华资产管理股份有限公司和中国人寿 资产管理有限公司各持股50%。 2025年以来，中国人寿（601628.SH）、中国平安（601318. ...

近日，2只险资系私募证券投资基金成立。随之进入运作状态的险资系私募证券投资基金增至5只。 这5只基金包括国丰兴华管理的鸿鹄基金系列一期、二期、三期1号、三期2号，以及泰康稳行一期基金。 鸿鹄基金三期2只基金成立 据券商中国记者查询备案信息，国丰兴华鸿鹄志远三期私募证券投资基金1号（简称"鸿鹄基金三期1号"）、 国丰兴华鸿鹄志远三期私募证券投资基金2号（简称"鸿鹄基金三期2号"），均于7月7日成立，7月8日在基金 业协会备案。 鸿鹄基金三期1号、2号，均为第三批保险资金长期投资试点基金。这两只基金的管理人均为国丰兴华（北 京）私募基金管理有限公司（简称"国丰兴华"），后者由国寿资产和新华资产联合设立。 两只新基金中，鸿鹄基金三期1号情况曾由新华保险披露过。7月4日晚，新华保险公告，鸿鹄基金三期1号成 立规模为225亿元，新华保险出资112.5亿元认购私募基金份额。据悉，另由中国人寿出资112.5亿元认购份 额。 鸿鹄基金三期2号目前尚无更多信息。据券商中国记者此前了解，鸿鹄基金三期获批试点金额一共为400亿 元，除中国人寿和新华保险认购外，还有多家中小险企意向认购。 据新华保险6月中旬公告，鸿鹄基金三期1号目的 ...

近日，2只险资系私募证券投资基金成立。随之进入运作状态的险资系私募证券投资基金增至5只。 这5只基金包括国丰兴华管理的鸿鹄基金系列一期、二期、三期1号、三期2号，以及泰康稳行一期基金。 鸿鹄基金三期2只基金成立 据券商中国记者查询备案信息，国丰兴华鸿鹄志远三期私募证券投资基金1号（简称"鸿鹄基金三期1号"）、国 丰兴华鸿鹄志远三期私募证券投资基金2号（简称"鸿鹄基金三期2号"），均于7月7日成立，7月8日在基金业协 会备案。 鸿鹄基金三期1号、2号，均为第三批保险资金长期投资试点基金。这两只基金的管理人均为国丰兴华（北京） 私募基金管理有限公司（简称"国丰兴华"），后者由国寿资产和新华资产联合设立。 截至目前，已有5家险资系私募证券基金管理公司获批。 除国寿资产、新华资产联合设立的国丰兴华以及泰康 资产设立的泰康稳行外，还包括太保资产出资设立的太保致远（上海）私募基金管理有限公司，平安资管出资 设立的恒毅持盈（深圳）私募基金管理有限公司，阳光资产出资设立的阳光恒益私募基金管理有限公司。其 中，后3家险资系私募基金管理人也将陆续发行私募基金。 保险资管公司下设私募证券基金管理公司，向保险公司发行私募证券投资基金 ...

资料显示，鸿鹄基金的管理人国丰兴华成立于2023年，注册资本为1000万元。它由新华保险控股子公司 新华资产管理股份有限公司与中国人寿资产管理公司共同出资设立，双方各持有国丰兴华50%的股权。 7月4日，新华保险发布公告称，公司与基金管理人国丰兴华及基金托管人广发银行北京分行签署基金合 同，国丰兴华将发起设立国丰兴华鸿鹄志远三期私募证券投资基金1号，基金成立规模为225亿元，新华 保险出资112.5亿元认购该私募基金份额。 鸿鹄基金三期1号为权益类私募证券投资基金，其投资范围聚焦于中证A500指数成份股中符合条件的大 型上市公司A+H股。在标的公司的选择上，要求标的公司必须具备公司治理良好、经营运作稳健、股 息相对稳定以及股票流动性相对较好等特点。 国丰兴华管理的鸿鹄基金是保险资金长期投资改革首批试点之一，成立于2024年2月29日，并于当年3月 4日启动投资。截至目前，该基金共获批三期，总规模超千亿元。 鸿鹄基金三期获批金额为400亿元，除了新华保险、中国人寿，还会有多家中小险企参与进来。此次成 立的鸿鹄基金三期1号便是鸿鹄基金三期的一部分。 回顾保险资金长期股票投资试点的发展历程，首批试点于2023年10 ...

Group 1 - The company, Xinhua Life Insurance Co., Ltd., has approved an investment in a private fund initiated by Guofeng Xinghua (Beijing) Private Fund Management Co., Ltd. [1] - The fund, named Guofeng Xinghua Honghu Zhiyuan Phase III Private Securities Investment Fund No. 1, has a total scale of 22.5 billion RMB, with the company committing to invest 11.25 billion RMB [1] - The investment decision was made during the 34th meeting of the company's 8th Board of Directors [1] Group 2 - The fund's establishment is subject to regulatory procedures, including fund registration, which introduces a degree of uncertainty regarding the implementation timeline [2] - Other major terms of the fund contract have not undergone significant changes compared to the previously disclosed announcement [2]

Core Insights - The insurance industry in China is experiencing significant growth, with total assets reaching 37.8 trillion yuan by the end of Q1 2025, an increase of 1.9 trillion yuan or 5.4% from the beginning of the year [1] Investment Strategies - Insurance funds are diversifying their investment channels, including bonds, stocks, mutual funds, and infrastructure projects, with a focus on supporting social welfare initiatives [2] - China Life Asset Management has invested over 240 billion yuan in social welfare projects, marking a 160% increase from the initial phase of the 14th Five-Year Plan [2] Project Highlights - China Life Asset Management's investment in the Qinghai Yellow River Company, a major power generation firm, includes a 90 billion yuan equity investment, supporting renewable energy initiatives [3] - The "photovoltaic + ecological" model implemented in Qinghai has led to an 80% increase in vegetation coverage and a reduction of 100 square kilometers of desertified land [3] Investment Management Mechanisms - China Life Asset Management has established a comprehensive investment management framework, utilizing a dual-line allocation strategy and a multi-dimensional evaluation model to enhance project selection [4] - The company is increasing financing support for key infrastructure projects in water conservancy, transportation, and logistics [4] Regulatory Environment - Recent government policies encourage insurance funds to engage in long-term investments, allowing for greater flexibility in investment strategies [5] - In October 2023, regulatory approval was granted for China Life and Xinhua Insurance to establish a 500 billion yuan securities investment fund [5] Private Fund Initiatives - Xinhua Insurance and China Life are jointly investing 200 billion yuan in a private fund, with further commitments to additional funds totaling 225 billion yuan [6][7] - The focus of these funds is on long-term investments in stable, high-dividend blue-chip companies [7] Foreign Investment Trends - The entry of foreign asset management firms, such as Allianz, is reshaping the landscape, emphasizing the need for diversified investment strategies to balance risk and return [8] - AIA Insurance is establishing its asset management company to enhance investment efficiency and support long-term development in the Chinese market [9] Regulatory Changes for Foreign Investment - Recent regulatory revisions have removed restrictions on foreign ownership in insurance asset management, facilitating greater foreign participation in the market [10] - The challenges faced by long-term capital management include declining investment returns and the need for improved asset allocation capabilities [10]

Group 1 - The establishment of the Hangzhou Overseas Students Association Financial Investment Working Committee aims to leverage the unique advantages and global perspectives of overseas returnees in technology, industry, and finance, facilitating the key processes of project implementation, growth, and financing [1][3] - The committee is expected to respond to the 2025 new financial policy direction by identifying potential technology innovation projects and playing a crucial role in early, small, long-term, and hard technology investments [3] - The committee plans to enhance collaboration with various sectors, including fund towns and government departments, to create a cooperative development environment and establish a long-term incubation mechanism for overseas returnee technology projects [3] Group 2 - The inaugural event included a salon where experts and scholars from technology enterprises, investment institutions, and the financial industry discussed themes such as the Chinese innovative pharmaceutical industry from an investor's perspective and the commercialization of AI investments [3]

证券时报记者邓雄鹰刘敬元 保险资金长期投资改革试点迎来新力量。 据介绍，鸿鹄基金三期将投资并长期持有公司治理良好、经营运作稳健、股息相对稳定、股票流动性相 对较好，且具备良好回报的大盘蓝筹公司股票。 "搭便车" 中小险企参与试点新模式 据证券时报记者多方采访了解，第三批保险资金长期投资试点机构正陆续获批。与前两批试点多为大型 险企不同，第三批试点参与机构将新增多家中小保险公司。参与试点的险资机构在数量和类型上实现新 突破的同时，在参与模式上也有所创新。 第三批试点 新增多家中小险企 5月7日，金融监管总局局长李云泽在国新办新闻发布会上表示，金融监管总局将进一步扩大保险资金长 期投资的试点范围，近期拟批复600亿元，为市场注入更多的增量资金。这也宣告保险资金长期投资改 革开启第三批试点。 据悉，第三批保险资金长期投资试点机构正在陆续获批。其中，中邮保险及中邮保险资管获批参与试 点，规模100亿元。 此外，第三批试点参与机构还将新增多家中小保险公司。如中汇人寿，以及农银人寿、交银人寿等银行 系险企。这些中小机构的资产体量均在千亿元以上。 国寿资产此前表示，联合相关机构共同发起设立鸿鹄志远（上海）私募投资基金有限公 ...

Core Viewpoint - The establishment of new private fund managers, particularly insurance-related private equity and securities investment funds, indicates a growing trend of long-term capital entering the market, contributing to the steady growth of private fund scale in China [1][2][5]. Group 1: New Private Fund Managers - Three new private fund managers were registered last week, including two private equity and venture capital managers and one private securities investment manager [1]. - The newly registered private securities investment manager, Taibao Zhiyuan (Shanghai) Private Fund Management Co., Ltd., was established on May 21, 2025, and completed its registration within about one month [2]. - Taibao Zhiyuan aims for a target scale of 20 billion yuan for its first private securities investment fund, responding to national calls for expanding insurance institutions' private fund establishment [2]. Group 2: Insurance-Related Private Funds - Insurance-related private funds have been increasingly active this year, with significant long-term capital entering the market [3]. - Xinhua Insurance plans to invest up to 15 billion yuan in a private fund initiated by Guofeng Xinghua, with a total fund size of 22.5 billion yuan [3]. - The fund will focus on large listed companies that meet specific governance and operational criteria, aiming for stable dividend returns through a long-term investment approach [3]. Group 3: Private Fund Scale Growth - As of the end of May 2025, the total scale of private funds in China reached 20.27 trillion yuan, with 19,832 registered private fund managers [5]. - The number of private securities investment funds stood at 83,829, with a total scale of 5.54 trillion yuan [6]. - In May 2025, 1,219 new private funds were registered, with a total new scale of 607.26 billion yuan [6].

Group 1 - The second batch of insurance fund long-term investment pilot projects has officially commenced, with Taikang Asset being the first institution to announce its investment [1] - Taikang Stable Growth Fund, established by Taikang Asset, has a total approved amount of 12 billion yuan for long-term investments, aimed at optimizing asset-liability matching and enhancing capital market stability [2][3] - The investment strategy focuses on three main areas: high-dividend assets, industrial upgrade dividends, and counter-cyclical investment, promoting a long-term value investment approach [3] Group 2 - The total amount for the second and third batches of pilot projects has reached 222 billion yuan, with multiple insurance companies actively participating [4] - The long-term investment pilot is expected to alleviate profit volatility for insurance companies and enhance equity investments, contributing to a stable interaction between insurance funds and capital markets [4]