保险资金股权投资新机遇

New Opportunities for Equity Investment of Insurance Funds

股权投资是保险资金运用的重要方式,对于保险资金提升长期收益水平、控制组合波动风险发挥重要作用。本文探讨了新形势下保险资金运用环境的变化,提出保险资金开展股权投资的四大机遇,并对保险资金开展股权投资提出若干建议。本文认为,在经济转向高质量发展、实现碳中和成为中长期主题、长期低利率环境可能延续、我国迎来股权融资时代的背景下,保险资金股权投资的重要性日益凸显。保险资金股权投资新机遇在于具有巨大发展空间和较高确定性的中长期赛道,包括消费升级时代下的消费产业、长寿时代下的大健康产业、科技自主背景下的科技产业、碳中和背景下的新能源产业。本文认为,保险机构开展股权投资,应构建多元化、分散化的权益投资组合;以洞见驱动投资,在细分领域做专业的事;探索一级、二级市场联动的投资模式;构建"募投管退"全流程的股权投资能力。

Equity investment is an important way of insurance fund investment, which plays an important role in improving long-term return while maintaining a suitable level of portfolio volatility risk.This paper discussed related changes in the environment of insurance funds utilization under the new situation, put forward four opportunities for insurance fund equity investment, and offered several suggestions regarding equity investment of insurance funds.It is deemed that the importance of equity investment for insurers is increasingly prominent under the background that China′s economy is moving toward high-quality development, achieving carbon neutrality becomes a long-term theme, low interest-rate environment may continue, and China has enter the era of equity financing.The new opportunities for equity investment of insurance funds lie in the medium and long-term track with considerable growth potential and relatively high certainty, including the consumption industry in the era of consumption upgrading, the pan-health industry in the era of longevity, the science and technology industry against the background of science and technology independence, and the new energy industry against the background of carbon neutrality.It is suggested that insurance institutions should construct a fully diversified equity portfolio, carry out equity investment in segmentation with profound insight, explore the investment mode of linkage of primary and secondary markets, and build the equity investment capability along the whole process of "fund raising, investing, managing and exit".