（编辑 张明富） 本报讯 （记者冷翠华）记者从1月30日召开的中国人寿资产管理有限公司（以下简称"国寿资产"）2026年工作会议上了解 到，截至2026年1月末，该公司合并管理资产总规模突破7万亿元。 会议指出，2025年国寿资产坚决贯彻落实党中央决策部署，坚定落实中国人寿集团"333战略"，经营发展取得丰硕成果。 截至去年底，该公司合并管理资产总规模6.93万亿元，其中合并管理第三方业务规模超9500亿元，IPE全球资管机构排名历史性 跃升至第29位，行业头雁地位和全球影响力进一步彰显，实现"十四五"圆满收官。 成绩的背后，国寿资产重点抓好了六个方面的工作。一是深入推进自我革命，党建引领不断强化。学习教育扎实开展，党 的建设全面加强，高标准统筹推进各项整改。二是积极融入发展大局，服务实体经济质效显著提升。坚决落实中长期资金入市 部署，鸿鹄基金千亿投资配置落地，深入做好科技金融和绿色金融"大文章"，服务实体经济投资规模达4.3万亿元。三是全面升 级投资管理，核心业绩创十年来最佳。全面达成委托方各账户收益目标，第三方业务逆势增长，国际化业务持续扩容。四是全 面深化改革纵深推进，发展动能活力有效增强。战略引领筑牢 ...

2月2日，中国证券报记者从中国人寿资产公司获悉，1月30日，该公司在京召开2026年工作会议。会议 透露，国寿资产经营发展取得丰硕成果。截至2025年末，该公司合并管理资产总规模6.93万亿元，其中 合并管理第三方业务规模超9500亿元。截至2026年1月末，合并管理资产总规模进一步突破7万亿元。 此外，国寿资产全面升级投资管理，核心业绩创十年来最佳。2025年，国寿资产全面达成委托方各账户 收益目标，第三方业务逆势增长，国际化业务持续扩容。 2025年，国寿资产积极融入发展大局，服务实体经济质效显著提升。坚决落实中长期资金入市部署，鸿 鹄基金千亿投资配置落地；深入做好科技金融和绿色金融"大文章"，服务实体经济投资规模达4.3万亿 元。 在规模增长的同时，国寿资产持续加大对实体经济的支持力度。2025年末，服务实体经济投资规模占总 规模比例超过76%。 ...

中长期资金是维护资本市场平稳健康运行的"压舱石""稳定器"。夯实资本市场健康发展根基、提升金融 服务实体经济质效，离不开耐心资本"长钱长投"的定力与智慧。 中国人寿集团党委书记、董事长蔡希良指出，保险资金规模大、周期长、来源稳定，是典型的"长期资 本""耐心资本"，对于优化融资结构具有重要作用。 从中国人寿2026年工作会议披露的数据来看，集团合并总资产8.56万亿元，管理资产规模17.5万亿元， 中国人寿正充分发挥险资优势，不断优化投资策略和布局，在支持资本市场发展、服务新质生产力、助 力国家重大战略落地、增进民生福祉的进程中，以自身所"长"给出了关于"长期主义"的国寿诠释。 长，是险资入市的"长风破浪" 近年来，从新"国九条"确立"长钱长投"的顶层设计，到推动中长期资金入市工作实施方案的出台，从财 政部进一步加强国有商业保险公司长周期考核，再到金融监管总局调整保险公司相关业务风险因子等政 策红利的持续释放……国家"引长钱、促长投"，鼓励长期资金、耐心资本发展的政策正从蓝图规划加速 迈向纵深落地。 在此背景下，中国人寿以险资特有的长期属性与规模优势，率先响应、快步前行，展现出引领行业 的"长驱"之势。202 ...

Core Viewpoint - Long-term capital is essential for maintaining the stability and health of the capital market, with insurance funds playing a crucial role in optimizing financing structures and supporting economic development [1][2]. Group 1: Long-term Capital and Investment Strategies - China Life Group has total assets of 8.56 trillion yuan and manages assets worth 17.5 trillion yuan, emphasizing its role as a "long-term capital" provider [1]. - The company has significantly increased its net equity investment in the domestic market, exceeding 200 billion yuan in 2025, demonstrating confidence in the long-term prospects of the Chinese economy [2]. - The establishment of the Honghu Fund, the first private equity fund led by insurance capital, aims to enhance the stability of the capital market by focusing on long-term investments in quality listed companies [2][3]. Group 2: Support for New Productive Forces - China Life is actively investing in technology companies, supporting their growth from inception to maturity, thereby fostering new productive forces [4]. - The company has invested in key sectors such as semiconductors, artificial intelligence, and advanced manufacturing, with a total commitment of approximately 50 billion yuan for the Guoshou Science and Technology Fund [5]. - China Life's investment strategy includes a comprehensive equity investment logic system that aligns with national strategies and macroeconomic trends [5]. Group 3: Innovative Investment Models - The company has launched various investment plans, such as the "China Life-Hu Fa No. 1" and "Beijing Science and Technology" plans, to support the semiconductor industry and expand its investment reach [7][8]. - These initiatives aim to create a sustainable investment ecosystem that emphasizes long-term, small-scale investments in hard technology [5][6]. Group 4: Enhancing Public Welfare - China Life is committed to improving public welfare through investments in healthcare, education, and rural revitalization, with a focus on long-term benefits for society [9][10]. - The establishment of a 20 billion yuan elderly care fund and a 10 billion yuan silver industry fund reflects the company's dedication to addressing the needs of an aging population [10]. - The company has also provided significant financial support to small and micro enterprises, with loans exceeding 210 billion yuan, contributing to economic growth [10][11]. Group 5: Long-term Vision and Strategy - China Life's approach to "long" encompasses not just timeframes but also a commitment to sustainable development and alignment with national goals [12]. - The company aims to integrate its financial services with the needs of the real economy, ensuring that its investments contribute to long-term growth and stability [12].

中证报中证网讯（记者 程竹 薛瑾）作为市场上最大的机构投资者之一和中央金融企业的一级子公司， 截至目前，国寿资产服务实体经济规模已超4万亿元，这不仅是金融央企"头雁"引领作用的率先垂范， 更是国寿资产对国家战略的深度解码与精准落地的坚实足迹。根植于不断完善的"双线配置"投资方法 论，国寿资产构建了全方位、多元化的投资图谱，精准适配不同领域实体经济的融资需求，为国民经济 肌体注入强劲的金融血液。 探寻经济发展主航道 着力在国家经济发展主航道上做投资，已经成为国寿资产投资的"主基调"和"主线任务"。近年来，该公 司围绕三"重"在主航道上行稳致远：一是推进重大战略投资布局，聚焦科技自立自强、"双碳"、共同富 裕、乡村振兴、积极应对人口老龄化等重大战略部署，扎实做好"五篇大文章"。二是推进重点区域投资 布局，以京津冀、长三角、粤港澳大湾区为重点，持续完善多点推进的投资布局，全面加强对东北和中 西部地区的投资力度，深度支持区域协调发展。三是推进重点领域投资布局，助力经济稳增长、实体企 业提质增效和高水平对外开放，全力支撑高质量发展。 更具体来看，国寿资产依托金融"五篇大文章"，将服务国家战略深度融入投资管理实践，着墨浓 ...

Group 1 - The core viewpoint of the news is that the recent establishment of the Honghu Fund Series by Guofeng Xinghua indicates an increase in long-term investment funds from insurance capital in China [1] - The Honghu Fund Series has now expanded to five funds, with the recent addition being the Honghu Fund Phase 3 No. 3, contributing to a total of 11 private equity securities investment funds in operation [1] - The investment strategy for these funds will primarily focus on A-shares, targeting high-quality listed companies that align with policy directions and the investment needs of insurance capital [1]

Core Viewpoint - China Life Insurance Company has demonstrated significant growth in net profit and investment assets, reflecting its commitment to national development strategies and robust investment management practices [2][3]. Financial Performance - In the first three quarters of 2025, China Life achieved a net profit attributable to shareholders of over 167.8 billion yuan, a 60.5% increase year-on-year [2]. - Shareholder equity reached 625.83 billion yuan, up 22.8% from the previous year [2]. - Investment assets doubled from 3574.9 billion yuan at the end of 2019 to 7282.9 billion yuan by the end of Q3 2025 [3]. Investment Strategy - The company adheres to a long-term, value-oriented, and stable investment philosophy, focusing on asset-liability matching principles [3]. - Total investment income for the first three quarters of 2025 was 368.55 billion yuan, an increase of 107.13 billion yuan (over 40%) compared to the same period in 2024 [3]. - The total investment return rate was 6.42%, up 104 basis points year-on-year [3]. Innovative Investment Models - In 2024, China Life launched the Honghu Fund, a 50 billion yuan private equity fund aimed at long-term capital investment [4]. - The company became a pioneer in insurance capital investment in gold, completing its first gold inquiry transaction in March 2025 [5]. - China Life also initiated the first data center asset-backed securities (ABS) in the market, enhancing the investment landscape for insurance funds [5]. Support for the Real Economy - China Life has invested 11.8 billion yuan in the "China Life-Hu Fa No. 1 Equity Investment Plan" to support state-owned enterprises in Shanghai [6]. - The company has strategically invested in green energy projects, becoming a major investor in companies like China Nuclear Power and Huadian New Energy [7]. - Investments in regional development projects, such as the 17 billion yuan investment in Yunnan's state-owned enterprises, demonstrate the company's commitment to local economic growth [8]. Focus on Emerging Industries - China Life has established a 4 billion yuan technology innovation fund targeting sectors like semiconductors and healthcare [9][10]. - The company has increased its equity market presence, adding over 150 billion yuan in public market equity by mid-2025 [10]. Future Outlook - As the "14th Five-Year Plan" progresses, China Life aims to leverage its long-term capital advantages to enhance its operational capabilities and contribute to China's modernization efforts [11].

Core Viewpoint - On December 24, 2023, Xinhua Insurance completed a board restructuring, electing Yang Yucheng as the new chairman, and announced plans to issue up to RMB 100 billion in perpetual bonds to enhance capital strength and solvency [2][4][13]. Group 1: Leadership Changes - Yang Yucheng has been appointed as the chairman of Xinhua Insurance, effective from December 2023, and will also serve as the head of the Strategic and ESG Committee and a member of the Investment and Asset Liability Management Committee [2][4]. - Yang Yucheng has a diverse background in finance and investment, having held various leadership roles in securities and insurance companies prior to joining Xinhua Insurance [7][9]. Group 2: Financial Performance - Xinhua Insurance reported a significant increase in net profit for 2024, reaching RMB 26.229 billion, a year-on-year growth of 201.1%, with total assets exceeding RMB 1.69 trillion, up 20.6% [10]. - The company achieved a total insurance premium income of RMB 170.511 billion, marking a 2.8% increase, while core operating indicators reached historical highs [10]. - Investment performance was strong, with a comprehensive investment return rate of 8.5% and a net investment return rate of 3.2% for 2024 [10][12]. Group 3: Capital Management - Xinhua Insurance plans to issue up to RMB 100 billion in perpetual bonds to strengthen its capital base and improve solvency ratios, addressing a decline in its core solvency ratio from 170.72% to 154.27% [13][14]. - The issuance of perpetual bonds is part of a broader trend among insurance companies to enhance capital amid declining solvency ratios [14]. Group 4: Strategic Initiatives - The company is initiating a "15th Five-Year" plan focusing on customer-centric reforms and enhancing its investment capabilities, aiming to become a leading insurance service group in China [15]. - Key business priorities include optimizing sales systems, providing diversified services, and advancing digital transformation in customer service and sales [15].

证券日报网讯12月24日，中国人寿（601628）在互动平台回答投资者提问时表示，鸿鹄基金为公司与新 华人寿共同设立的私募证券基金，基金选择优质上市公司股票进行投资并长期持有，是保险资金践行长 期投资、实现保值增值的举措之一。 ...

对偿付能力的占用一直是险资在进行权益投资时的一大重要考量因素，也在一定程度上掣肘了险资的权 益投资步伐。 险资权益投资部分的偿付能力风险因子下降10%的政策落地。 12月5日，国家金融监管总局发布《关于调整保险公司相关业务风险因子的通知》（下称《通知》）， 将保险公司持仓时间超过三年的沪深300指数成分股、中证红利低波动100指数成分股的风险因子从0.3 下调至0.27；保险公司持仓时间超过两年的科创板上市普通股的风险因子从0.4下调至0.36，降幅均为 10%。 早在5月7月的国新办发布会上，国家金融监管总局局长李云泽就已预告下一步"将股票投资的风险因子 进一步调降10%，鼓励保险公司加大入市力度"，此次《通知》正是该政策的落地。 "《通知》优化降低权益因子，有助于提升险资权益配置意愿。若释放最低资本全部增配沪深300股票， 对应资金为1086亿元。"中泰证券非银金融行业首席分析师葛玉翔回复第一财经称。 如何计算加权平均持仓时间？金融监管总局相关负责人表示，以投资科创板上市普通股为例，保险公司 季度末持仓的科创板股票按照先进先出原则，采用加权平均的方式计算其过去四年持仓时间（超过四年 的按照四年计算），持仓 ...