He Zhujun: Give full play to the advantages of insurance funds to help the high -quality development of strategic emerging industries

Adhering to the concept of prudent and stable, insurance funds have better ability in terms of interest rate risks and credit risk control.

China in 2021, in a new pulse of the old casting, the national strength is unprecedentedly high. At the same time, 8.1%of economic growth has been achieved under the severe situation of world economic growth, increasing international economic and trade frictions, and the severe situation of the epidemic, and the Chinese economy still plays the role of the "leaders" of the world economic recovery.

From August 17-18, 2022, the 2022 (eighth) China Industrial Investment Summit co-organized by Rongzhong Media and co-organized by China, Rongzhong Finance, and Rongzhong Mother Fund Research Institute was grandly held.

The summit focuses on industrial investment, chip semiconductors, integrated circuits, corporate services, specialized new, biomedicine, high -end manufacturing, new consumption, medical great health and other fields. The summit will bring together many venture capital institutions, industrial capital, and governments to jointly analyze the depth of the industry and explore the trend of industrial investment. Stability of progress, keeping positive innovation, and proposing the reform and development of China's industries.

He Zhujun, a member of the Party Committee and Vice President of the China Insurance Asset Management Association, published a keynote speech entitled "Giving full play to the advantages of insurance funds and helping the high -quality development of strategic emerging industries".

He Zhujun pointed out that the insurance capital investment industry is necessary. Now it is also the time window. There is a lot of space, but there are some shortcomings to make up. Insufficient investment in emerging industrial projects, and the investment capacity of insurance funds should be further improved.

He Zhujun put forward four suggestions to clarify the strategic direction of insurance funds to support the national strategy and the real economy, give full play to the advantages of long -term funds, promote the integration of the industry, and strengthen its own capacity building, including the investment capabilities of equity, equity and other equity, derivatives of derivatives Investment capabilities, industrial value discovery and target recognition capabilities, fintech capabilities, etc., strengthen self -discipline, those who are heartbroken in the country, and self -discipline in service.

The content is the wonderful content of He Zhujun's on -site speech.

He Zhujun: Just after listening to Dean Li Daokui's speech, his thinking was wide. For the direction of industrial development in the next 5 years, the outlined led to point you some paths and ways of thinking, and there are good methodology. Every time I listened to Dean Li's speech, I was deeply inspired. I was engaged in the use of insurance funds, so I returned to the industry field to talk about the relationship between insurance funds and industrial investment. Essence

Insurance funds are important sources of funds and institutional investors in the financial market and capital market. If the insurance funds are characterized by characteristics, they still have the surname "insurance". Insurance funds come from the responsibility of the insurance policy and the premiums paid. Therefore, we talk about insurance funds for long -term funds and patience capital. The so -called "patience", because many people here also buy insurance policies, especially the life insurance policy, and pay for the pension after retirement, may be up to decades and life. Therefore The patience, considering the liability side of the liability side, is a feature of insurance funds. Therefore, insurance funds always adhere to the basic values ​​and considerations of "stability", "long", and "controllable risks" in investment. In this process, insurance funds are actively deepened into the forefront and strategic field of serving the real economy development of the real economy in the main line of supply -side reforms and building a "dual -cycle" system.

The insurance investment industry is necessary, large space, and need to make up for shortcomings

Today, I will discuss with you how to achieve better integration of financial capital capital and industrial entities, and do each other, and benefit and win -win. This is very meaningful. Today I briefly explain three views on the relationship between insurance funds and industrial investment, and I will tell some opinions for your reference.

These three views: In -depth insurance funds to participate in industrial investment, the first is necessary, and it is really necessary. Now it is also at the time window. Second, there is space and great space. Third, the potential needs to be tapped, and there are some shortcomings to make up. On this basis, a few more opinions.

Let's talk about the problem of necessity. There are always money to invest in money, so why should you consider the direction of industrial investment more? Just now Dean Li said that the development of the industry in the next 5-10 years is the core element that supports the economy. From the perspective of insurance funds, there are several dimensions. From the characteristics of funds, just now talk about a long problem. Insurance funds, especially life insurance funds, have average liabilities for 13-14 years. Insurance funds like to buy long-term national debt. This is the case in the world. However, China's big problem is that the supply of long -term bonds is insufficient, so there is often a long -term gap, and such operations need to be balanced and invested. For insurance funds, it is still important for long -term configuration.

In the debt investment plan registered by the China Insurance Asset Management Association, a large amount of money is invested in major infrastructure and infrastructure projects, and the average investment period is also more than 6 years. Simply compare it. For example, everyone goes to buy some financial management. For a short year of financial management, it will generally not be more than three years. The biggest difference from insurance funds is the length of money. From the perspective of length, insurance funds and industrial investment are inherently inherent. Investment investment is also the responsibility of insurance funds. On the other hand, the insurance capital investment industry, obtaining the expected source of revenue in the future, also depends on the industry itself itself Value creation.

From the perspective of the top -level planning, for insurance funds, in the process of financial supply -side reform in recent years, the requirements of the State Council and the CBRC's requirements for insurance funds are reflected in several aspects:

The first is to give full play to the long -term advantages of insurance funds. It can be more concentrated into major infrastructure, major projects, major strategic emerging industries, and increase support.

The second is to require insurance companies to truly establish a long -term investment concept. The so -called "long" of insurance funds is universal. Not all insurance companies will be "long" in all investment areas, but in general, we must establish long -term investment concepts, adhere to professional investment and value investment, and become to become a professional investment and value investment. The backbone of the stable development of the capital market. This is an important positioning for insurance funds. Insurance funds are also trying to become a "stabilizer" in the capital market. In Europe and the United States, especially the United States, pensions are important cornerstone investors in the capital market.

As President Li said, in the next 5-110 years, on the one hand, the major industrial development, and on the other hand, in the financial market, it will also be the big development of long-term funds such as pensions and wealth management. Lay the foundation for creating a stronger capital market. At the same time, it is also required to increase the ratio of equity investment in insurance funds, including exploring and promoting long -term assessment. In fact, this is also a difficult thing for investors. Because an investment manager may assess one year once a year, a boss expires in three years and five years, we are now studying and promoting how to evaluate the five -year, ten, and 20 -year long -term investment.

Financial reform is a great dimension. From the perspective of improving and optimizing the financing structure of our national financial market, it is also necessary to use the advantages of long -term capital funds for insurance funds. The Securities and Futures Commission is also taking measures to promote the active investment in the capital market of insurance funds. We also study and launch an index suitable for insurance funds with exchanges, including the green investment mentioned by Dean Li just now. The ESG Index, etc. This has become a mature product that can be expected and certain in Europe and the United States. In my country's capital market, such index products will be launched one after another, which is convenient for insurance funds and public funds to participate.

The CBRC has adopted a lot of measures to enrich the channels for insurance funds to participate in the capital market investment. The most important thing is that from the perspective of the industry's needs, the insurance funds in the past are still based on solid -income assets, and the same is true from the world, because large quantitative solidarity assets can hedge the period, income, cost, and flow of liability funds. Sex can fit and match. Therefore, the cornerstone of insurance funds is still "solidarity".

However, when low interest rates continue, debt assets, debt, bonds, and yields have declined, which has caused trouble for the smooth and rigid cost of insurance. The characteristics of relatively rigidity are to find industrial standards. I have been doing these years, and in the past, more local urban investment, infrastructure, protection projects, and real estate. At present, this method has changed. Just now Dean Li has spoken the logic very well, you must find a new track, and the track that the insurance funds are looking for are not only a long enough problem, but also wide enough. Letting large amounts of funds in is a real issue for insurance funds. It can be seen through analysis that at this time, it is time to promote and discuss the insurance capital investment industry.

The second point of view is that the space investment industry is very large. Let's take a look at the configuration chart of insurance funds. Through insurance funds to support the main product and investment methods of the development of the real economy, three basic conclusions can be drawn.

The first type of insurance funds transformed into bank loans through bank deposits, which is an indirect financing for the real economy. Insurance funds are actually an important source of funds for banks and long -term loans for banks.

The second type of bonds is even more important. At the end of 2021, the investment balance of insurance funds to bonds exceeded 9 trillion yuan, and this amount continued to rise. The balance of investing stocks and public funds also reached nearly 3 trillion yuan, and the total of the two exceeded 51.61%of the balance of insurance funds. Debt is the cornerstone allocation, and stocks and funds are an important source of excess returns. Therefore, with the fluctuations in the capital market, the income of insurance funds will also fluctuate, but the insurance funds are different from the public fund. In the combination, the ratio of the configuration of the stock and the fund is still controlled. Therefore, the acquisition of income may not be too high, and the retracement will not be too large, which is a feature of insurance funds. Therefore, insurance funds may have been equipped with more mature industrial stocks in the past, and companies with abundant cash flow. How to invest in emerging industries in the future is also a big problem.

The third category, asset management products, various financial products, debt plans, equity plans, trusts, private equity, etc., the amount is not small. It accounts for 37%of the balance of insurance funds. Projects, infrastructure, and real estate, due to the large drops of real estate, are now directly invested in the real economy, including equity. Compared with the global insurance industry, especially the European and American insurance industry, our proportion of investing in alternative investment is relatively high. This may also be related to us as a background of a fast -growing economy. More. Therefore, insurance funds will be equipped with more asset management products.

I briefly introduce the basic situation of the use of funds. Below, introduce the space investment industry from several dimensions.

The first is the investment channels and the investment channels that serve the real economy are constantly expanding. Last year, the total assets of the insurance industry reached nearly 25 trillion yuan, and the balance of insurance funds reached nearly 24 trillion yuan. What was the concept? This year's public fundraising funds should reach more than 33 trillion. After compression and adjustment of the trust, the trust is about 20 trillion yuan. These three categories add up to about 70 trillion or more. In the next 5 years, the three types of funds may exceed 1 million trillion. Then in the next five years, we are both industrial investment and wealth management countries, and the total amount will be close to the United States. In terms of investment methods, insurance funds include both the bonds of the public market, as well as alternative investment in debt, equity, and private equity, as well as innovative forms such as bond bonds, expansion, and asset securitization. Covering wide and different insurance asset management product systems.

Second, the professionalization of insurance asset management has continued to improve. Last year, the top 500 list of global asset management institutions, 7 insurance asset management institutions in China were on the list, and five largest domestic asset management companies accounted for three seats. Essence According to the current growth rate, Guoshou is expected to reach the scale of trustee management of the world's top asset management institutions. Ping An assets are 4.14 trillion, ranking second in scale, and Taikang's assets ranked fifth, indicating that we have become a relatively large all -round asset institution.

Third, the fund application system is continuously optimized to achieve value improvement. Insurance funds have formed a comprehensive application system such as self -funded investment+commission entrusted management+financial product investment. In the face of the current lack of targets for long -term asset allocation, the challenges of long money and shortcomings, insurance funds actively broaden alternative investment and equity investment, including equity investment, including Industrial investment, creating a cyclical steady investment capabilities, providing stable financial support for entities and industries.

The more representative is the debt investment plan. As of the end of July, the creditor plan has been registered with 2,647 in the China Insurance Asset Management Industry Association, and the number of registered funds has reached 5.87 trillion yuan. These funds have participated in a large number of influential projects such as the Beijing -Shanghai high -speed rail, the South -to -North Water, and the western gas and eastward. It should be said that guiding long -term funds to participate in major national project construction and serving national strategy to play an increasingly obvious role.

The fourth is to continuously increase innovation and support the development of strategic industries. Insurance funds are actively invested to include financial industries, major infrastructure, new urbanization construction, and energy environmental protection. More importantly, these years have gradually extended to emerging technologies such as medical and health, intelligent manufacturing, mobile communications, semiconductor, and integrated circuits. According to statistics, the registered scale of product registration in the field of green industry development through debt investment plans, equity investment plans, private equity, and insurance funds has exceeded 1.06 trillion yuan. It should be said that it is booming. In the process of serving entities and industrial development, insurance asset management companies have also moved from the insurance industry to the industry. The past positioning mainly served the capital application platform of insurance companies and insurance industries. Diverse, extensive configuration, and team professional and excellent all -around asset management institutions.

Nearly 30%of the current scale of 2.4 trillion trusted management is non -insurance funds, or other forms of funds outside the industry. On the one hand, insurance funds to find money outside the industry, on the other hand, have become more diverse, gradually becoming an important institutional investor in the big asset management market.

Objectively speaking, the current investment potential of insurance funds to support industrial investment remains to be tapped, especially in these three aspects, there are still shortcomings to be improved.

On the one hand, the integration of funds and industries is insufficient. Due to the insufficient interaction between supply and demand, the promotion of insurance funds to the ground and the direct injection of the real economy industry will occur in the process of the real economy industry. Large amounts of funds are not easy to find investment projects that match long -term investment demand. The problem of excessive volume or premature stage, how the insurance funds are involved, there is no completely breaking problem. Through the Industrial Investment Summit, these propositions also put forward these propositions. Everyone can study together to help the direct nature of the assets and the needs of the asset -side and the capital side, and open up the last mile of insurance funds to serve the real economy.

The second is the problem. Insurance funds traditionally focus on financial enterprises such as stable asset yields, low valuations, high scores, and major infrastructure, which can stabilize cash flow, the income is relatively certain, meet the needs of absolute income of insurance funds, heavy assets and traditional industries There are more layouts. However, it is not enough for the reserve of these equity investment projects of "specialized in specialty". The configuration of the new economy, new technology, and emerging technology is not enough, and it is not enough to integrate with cutting -edge industries.

The third is investment capacity. Insurance companies also have room for improvement in equity investment, stock investment, value discovery, and industrial cycle.

Finally, four suggestions are briefly promoted to promote the high -quality integration and development of insurance funds and industrial investment, and talk about the four aspects of strategy, integration, ability, and self -discipline.

First of all, the strategy determines the direction of the insurance fund allocation. Where does money go? Where excess returns come from, and where the long -term stable income comes from. In this process, the risk and income balance depends on the strategy. The most important thing is to have a strategic direction, so I was particularly happy to hear Dean Li's speech today. He said not only insurance funds, but to invest in all large amounts of funds to invest in cognitive issues. We insist on liberalizing the front end, controlling the back end, innovating the support system, and supporting market players into the needs of the national strategy and the real economy. My friends and I agreed that the next step to organize investment managers to take a look at the emerging industry field. If you sit on the spot, you will not be able to understand the basic logic at the scene before you can make a determination to make an investment. This is a strategic guidance issue. Second, give full play to long -term capital advantages and promote industrial integration. There are three issues. One is cognition. The investment must be farther and more transparent. It will increase the study of the development trend of emerging industries and scientific and technological innovation, enhance cognitive ability, and enhance value discovery capabilities. I believe that investment managers and investment experts in the part of the seat can talk more in order to have a deeper understanding of emerging industries and strategic forefronts in all aspects. Essence In addition, unblocking channels, promoting regional cooperation, government -enterprise cooperation, and industrial docking, this work is similar to the work of Rongzhong Group. The main thing is to promote the interaction and exchanges of funds and industries, and reduce the cost of integration. The third is to optimize product supply. Especially in emerging fields such as equity mergers and acquisitions, private equity funds, debt -to -equity swaps, in -depth integration of funds, products, and industries, for insurance funds, it is conducive to further hedging the risk of downside interest rates, finding new growth points, and consolidating the stability of profitability. It is expected to improve the quality and efficiency of the real economy.

Third, strengthen capacity building. Insurance funds have formed investment characteristics and comparative advantages in the past long -term investment. For example, large -scale asset allocation capabilities, from a practical point of view, the main income of insurance funds actually comes from large categories. For the company's senior management and team, it is not easy for how many shares, how much debt, and how many debts, and how many debts, and how many non -standards and alternatives of the company, which means that it is not easy to solve this problem. A understanding that is roughly separated from, otherwise there will be problems with the configuration of large categories. Through such long -term practice, insurance funds have a certain smooth cycle experience.

In addition, asset -liability matching management capabilities involve the relationship between insurance policies, insurance premiums and insurance funds, insurance funds must be able to meet the liabilities of the liabilities on time and to pay the insurance liability on time, which must be responsible. Therefore, insurance funds must always receive absolute returns. However, this absolute income cannot be understood one -sidedly, and the absolute income is achieved in general. The local link can fluctuate. In the combination Industrial capital is feasible. As long as the period and perspective are put in the long run, this account can still be counted.

Adhering to the concept of prudent and stable, insurance funds have better ability in terms of interest rate risks and credit risk control. However, insurance funds need to be further improved in stock, equity and other equity investment capabilities, derivatives' investment capabilities, industrial value discovery and target recognition capabilities, and financial technology levels. This is the work that needs to be done next.

From the perspective of self -discipline, the functional positioning of the service supervision and service industry of the China Insurance Asset Management Industry Association is involved in the next step.

The first is to give full play to the role of the bridge between supervision and the market, and guide market players to actively implement national strategic and regulatory policies. How to serve the real economy and national strategy is an important task given us by the CBRC. The second is to carry out self -discipline in service and carry out solid work, such as product registration, standard construction, talent training, innovation research, data governance, risk monitoring and other basic work, and strengthen the construction of the industry's public platform and factor platform. I hope the association Can become a home of industrial innovators and members of industrial capital, and serve everyone. The third is to continue to expand in -depth cooperation with government platforms and industrial entities such as finance, state -owned assets, and Development and Reform Commission. We have established a fixed investment and financing docking mechanism with more than 20 provincial and municipal financial bureaus, the Development and Reform Commission, and the SASAC. The effectiveness.

The above is a few views based on some of the situation introduced today's theme. No place, please criticize and correct it, thank you!

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