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南京市(浦口区、鼓楼区、高淳区、玄武区、栖霞区、雨花台区、溧水区、六合区、江宁区、建邺区、秦淮区)

  第二批长期股票投资试点取得新进展,泰康资产管理有限责任公司(以下简称“泰康资产”)发起设立全资私募基金管理子公司泰康稳行私募基金管理有限公司(暂定名,以下简称“泰康稳行”)的申请已获得国家金融监督管理总局批准。

  泰康稳行首期将向泰康人寿保险有限责任公司(以下简称“泰康人寿”)定向发行120亿元的契约型私募基金,重点布局境内市场和香港市场的优质上市公司。

  据统计,自2023年试点启动以来,先后有8家保险公司获批开展保险资金长期投资改革试点,批复总金额1620亿元。

  4月16日,泰康资产表示,泰康资产关于发起设立全资私募基金管理子公司泰康稳行的申请已获得国家金融监督管理总局批准。

  据悉,泰康稳行将作为基金管理人向泰康人寿保险有限责任公司定向发行契约型私募证券投资基金,泰康人寿作为单一持有人,首期投资规模预计为120亿元。

  该基金作为长期投资试点基金,将以基本面分析为出发点,精选境内市场和香港市场的优质上市公司,在科学严格管理风险的前提下,追求基金资产的中长期稳健增值。

  泰康资产相关负责人表示,公司将继续秉承保险资金长期、安全、稳健的基因,坚持责任投资、价值投资,致力于打造专注长期资金管理的综合性的一流资产管理机构,发挥保险资金“稳定器”和“压舱石”作用,促进行业高质量发展。

  保险资金长期投资改革试点是指由保险公司出资设立私募证券基金,主要投向二级市场股票,并长期持有。

  泰康资产相关负责人表示,设立泰康稳行管理该试点基金,旨在响应保险资金长期投资改革试点,进一步增加符合保险资金投资策略的长期投资资产,优化新会计准则下保险资金资产负债匹配,提高资金使用效率。作为保险资金长期投资改革的试点项目,试点基金将充分发挥长期资金、耐心资本作用,助力资本市场平稳运行。

  中信建投证券研报指出,通过参与长期股票投资试点设立私募基金将有利于保险公司更好地发挥其长线机构投资者的优势并拓展保险资金参与资本市场的广度和深度,从而实现保险资金与资本市场的良性互动。

  据了解,保险资金长期股票投资试点始于2023年,目前已有8家保险公司获批开展保险资金长期投资改革试点,批复总金额1620亿元。

  2023年10月,国家金融监管总局批复同意中国人寿和新华保险通过募集保险资金试点发起设立证券投资基金鸿鹄志远(上海)私募证券投资基金有限公司(下称“鸿鹄基金”),投资股市并长期持有,规模500亿元,两家公司各出资250亿元。

  2024年2月29日,鸿鹄基金宣告成立,成为首家险资系私募证券投资基金,并于当年3月4日正式启动投资。

  据悉,鸿鹄基金的投资范畴包括上市公司股票,货币市场基金、银行存款、国债逆回购等。

  在股票投资方面,中国人寿集团旗下资产公司相关负责人介绍,鸿鹄基金投资的方向主要是包括公司治理良好、经营业绩优良,同时也注重股东回报的这样一些大型蓝筹股。具体的产业包括金融、能源化工、公用基础设施以及消费,还包括新能源转型、新质生产力发展领域,能够助力国家产业发展、助力国家经济转型。

  截至2025年3月初,鸿鹄基金已成功投资落地500亿元,实现风险低于基准、收益高于基准的良好业绩表现。

  中国人寿表示,作为长期投资改革试点,鸿鹄基金按照市场化、法治化和“长钱长投”原则,积极探索“耐心资本”投资规律。目前,已积累了相关经验,比如选择竞争优势明显、治理结构优良、具有良好商业盈利模式的上市公司,买入并长期持有。在股票市场低迷、市场信心不足、上市公司股价被错杀而大幅下跌时,坚定买入;建立与长期投资相适应的投资考核评价体系。将考核期限拉长,例如从1年延长到3年,考核指标也进行相应调整,聚焦总投资收益率,兼顾综合投资收益率。

  近年来,监管层积极推动险资入市,一系列政策的出台为保险资金进入资本市场创造了更为宽松和有利的环境。

  去年9月,国家金融监管总局局长李云泽在国新办发布会上表示,继首批试点中国人寿和新华保险之后,金融监管总局将扩大保险资金长期投资改革试点,支持符合条件的其他保险机构设立私募证券投资基金,进一步加大对资本市场的投资力度。

  随后中央金融办和证监会联合印发《关于推动中长期资金入市的指导意见》,明确了推动各类中长期资金入市、构建“长钱长投”制度环境的重点工作安排。

  今年1月,六部门联合印发《关于推动中长期资金入市工作的实施方案》提到,提升商业保险资金A股投资比例与稳定性。在现有基础上,引导大型国有保险公司增加A股(含权益类基金)投资规模和实际比例。对国有保险公司经营绩效全面实行三年以上的长周期考核,净资产收益率当年度考核权重不高于30%,三年到五年周期指标权重不低于60%。抓紧推动第二批保险资金长期股票投资试点落地,后续逐步扩大参与机构范围与资金规模。

  紧接着,第二批保险资金长期股票投资试点传出消息。

  2025年1月23日,国家金融监管总局副局长肖远企在国新办新闻发布会上表示,第二批保险资金长期股票投资试点规模拟定1000亿元。

  当月,国家金融监管总局批复开展第二批保险资金长期股票投资试点,规模为520亿元,太保寿险、泰康人寿、阳光人寿及相关保险资产管理公司获准以契约制基金方式参与试点。

  3月4日,国家金融监管总局再批600亿元保险资金长期股票投资试点,人保寿险、中国人寿、太平人寿、新华人寿、平安人寿获准参与。

  第二批试点批复规模达1120亿元,高于监管部门最初拟定的1000亿元。

  “对比险资直接投资股票,通过设立基金投资能够降低权益配置的业绩波动影响。”华创证券金融业研究主管、首席分析师徐康表示,监管持续号召中长期资金入市,政策多重助力,包括引导中长期考核、“偿二二”过渡期延长以及提出力争大型国有保险公司将新增保费的30%投资于A股等。但实际落地层面,险资配置行为受到负债端资金属性、偿付能力、新准则下会计波动等多方面约束。

  徐康进一步分析,在长期投资改革试点模式下,险资发起设立的基金以长期股权投资的形式计入资产负债表,通过持股比例乘以基金公司当期损益的方式进入险企利润表,一定程度上减缓了权益资产公允价值波动对报表的直接影响。

  在市场层面,徐康表示,长期投资改革试点带来明确增量资金,以及引导长周期考核、号召大型国有保险公司力争将新增保费30%投资于A股等系列政策,监管持续推动中长期资金入市,有望为资本市场提供“压舱石”和“稳定器”。

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