Modal Kesabaran Mengaitkan Teknologi Keras, Dana Pensiun Memperkuat Tiket Masuk ke Garis Depan Inovasi Teknologi

Reporter: Xue Jin

“Fifteen Five” Plan Outline proposes accelerating high-level technological independence and self-reliance, leading the development of new quality productivity. As one of the representatives of medium- and long-term funds, insurance funds actively play the role of serving the real economy, acting as precise drip irrigation for national strategies, resonating with the transformation of old and new kinetic energy, and providing long-term, stable funding support for frontier areas of technological innovation and key fields of new quality productivity.

Many insurance institutions have stated that they have already deployed in key areas such as advanced manufacturing, high-end equipment, semiconductors, biomedicine, new generation information technology, new energy and new materials, artificial intelligence, etc.; they have built diverse models including stocks, bonds, funds, and alternative investments to serve the full lifecycle financing needs of sci-tech innovation entities. They do not pursue short-term arbitrage but accompany sci-tech innovation entities from “laboratories” to end-users, from “seed stage” to towering trees.

Accelerating Investment in Hard Technology

In recent months, the capital market has successively seen several highly关注的“明星股” such as GPU chip company Moore Thread, Muxi Co., Ltd., and general artificial intelligence technology company MiniMax, all backed by insurance funds. For example, MiniMax, listed on the main board of HKEX in January this year, has shareholders including China Life’s professional alternative investment platform Guoshou Investment.

“Guoshou Investment’s subsidiary, Guoshou Capital, is the first state-owned investor in MiniMax. The Guoshou Sci-Tech Fund and Guoshou Dual-Carbon Fund managed by it participated in two rounds of financing in February 2024 and December 2024, respectively. Guoshou Capital’s core strategy is long-term companionship and full-chain empowerment, actively leveraging capital to enable industry synergy, helping MiniMax move from technological R&D to scale and commercialization,” said a relevant person in charge of Guoshou Investment.

“Recently, Guoshou Dual-Carbon Fund also led the Series C financing of Fao Yiwei (Suzhou) Robot System Co., Ltd. This company is the only domestic full-stack self-developed and self-produced core manufacturer in the collaborative robot field, and was rated as a national specialized and innovative ‘Little Giant’ enterprise in 2025. This is an important layout of the fund in the robotics track, embodying the vivid practice of insurance funds serving the national科技创新战略, and an important exploration of patiently accompanying Chinese robot companies to the global stage,” the person in charge said.

Not only in the primary market, but insurance funds also maintain high activity in the secondary public markets for科技领域 investments. According to recent periodic reports of listed companies, insurance companies and their fund accounts frequently appear among the top ten shareholders of科技创新企业. Besides equity investments, insurance funds, as major bond purchasers, are also intensively subscribing to sci-tech innovation bonds.

A relevant person in charge of New China Insurance told China Securities Journal: “By 2025, our investment balance in硬科技领域 such as semiconductors, artificial intelligence, and biomedicine will reach about 140 billion yuan, with an annual growth rate of over 27%. We participated in the first batch of科创债ETF investments to support the development of the ‘科创板’ in the bond market. In response to the policy call of ‘early investment, small investment, long-term investment, and硬科技,’ we are investing in national创业投资引导基金京津冀基金项目 and others. We support new infrastructure construction, incubate科技型独角兽企业, and promote the development of new quality productivity.”

Diverse Ways to Enter

Several insurance机构人士表示，保险资金可投资的领域广阔，可以通过股权、债权、私募基金和公开市场等方式，或结合股债、夹层投资、资产证券化等工具，将耐心资本注入科技创新的前沿领域。

“Fixed income investments actively seek high-quality债券投资机会 in leading科技企业, equity investments strengthen support for科技创新企业 and related主题策略研发, and alternative investments focus on high-quality projects aligned with科技自立自强导向,” said a relevant person in charge of Guoshou Assets. The company has successfully explored a relay investment model between insurance funds and government funds, supporting the development of the integrated circuit industry in Shanghai and investing in Beijing科技创新基金.

A relevant person in charge of Xinhua Assets stated that, taking equity investment as an example, insurance funds have formed an organic combination of direct and indirect investments. On one hand, they inject valuable capital into high-quality科技企业 in growth or maturity stages, with leading technology and broad market prospects; on the other hand, as limited partners (LPs), they participate extensively in top venture capital (VC) and private equity (PE) funds, leveraging professional investment institutions’ market insight and industry resources to precisely “滴灌” small and beautiful “硬科技” enterprises in seed or startup stages.

“We utilize our private equity platform Huatai Baoli to fully leverage the advantage of patient capital, focusing on high-end manufacturing, intelligent vehicles, advanced packaging, key materials, and other tracks in 2025,” said a relevant person in charge of Huatai Assets.

A relevant person in charge of China Re Assets stated that in the sci-tech innovation field, the company has built and continuously improved a特色模式 of “PE + direct investment,” mobilizing more social capital to accompany and support科技型企业 through growth cycles. Since 2021, the company has added over 20 sci-tech innovation equity investment projects, covering more than 230 specialized and innovative enterprises; by 2025, through S-share investment, it will increase support for healthcare and科技创新类股权基金, enriching investment paths and tools for科技创新.

Better发挥耐心资本作用

Industry insiders told China Securities Journal that along the new投研地图,完善投研体系、提升投研能力，才能更快到达成功投资科创的前沿阵地。同时，进一步完善相关投资生态，可以使这一过程更加顺畅。

“要持续锤炼在前沿硬核科技领域的投研能力和早期项目的甄别能力,” said a relevant person in charge of Xinhua Assets. They believe that insurance funds need to strengthen research on strategic emerging industries and未来产业, establish跨行业、穿透式的产业链研究体系, not only understanding financial statements but also technical routes and产业格局, truly forming a market-leading认知优势, and building a“双轮驱动”能力 of产业研究+科技洞察.

A relevant person in charge of Huatai Assets stated that supporting科技创新 by insurance funds is not merely a matter of资金供给, but requires building an investment生态体系 that matches the characteristics of科技创新. For example, insurance funds can尝试改变传统的“风险-收益”匹配框架, further establishing客观、有效的未来价值评估模式; enhancing the discovery of innovative technologies and key core technologies, and improving the assessment of企业发展可持续性及潜力.

Regarding investment生态问题, Peking University Bo Ya Distinguished Professor Tian Xuan suggested that currently, insurance funds investing in emerging and未来产业 still face core pain points such as期限错配、风险错配、机制错配. He recommends完善科技资产估值体系,加快专利、数据等无形资产的定价与抵质押机制建设. Fully implementing long-cycle assessment and fault-tolerant mechanisms, implementing differentiated监管与评价 for state-owned insurance companies’科技投资, establishing多层次风险分担机制, smoothing exit channels, deepening reforms in资本市场 mergers and acquisitions,股权流转, etc., to provide stable exit expectations for long-term investments. Maintaining policy continuity and stability through制度化安排, to encourage insurance funds to dare to invest, be able to invest, and willing to invest in emerging and未来产业.