Long-termism paints a picture of "quality" and "wisdom" — The investment achievements and future strategy of Ruizhong Insurance

Since 2024, insurance funds have been undergoing a profound paradigm shift in their investments. The prolonged deepening of the low-interest-rate environment, the scarcity of high-quality assets, and the strengthening of rigid cost constraints on the liability side have driven insurance companies’ equity investment strategies to shift from “position-based games” to “winning through structure.” The acceleration of implementation under long-cycle performance evaluation has made the role positioning of “patient capital” increasingly clear.

In this wave of industry transformation, 瑞众保险 (Rizun Insurance) has taken on the posture of “long-termists,” finding a steady balance among serving national strategies, empowering the real economy, and optimizing asset allocation. Through its investment track record over the past two years, the mission commitment and professional strength of a state-owned financial enterprise are clearly evident.

**　　Anchor in the long term, and leave nothing out—down to the finest detail**

“Leaving nothing out—down to the finest detail” — this ancient saying has been repeatedly cited by 瑞众保险 and has also become the best annotation of its investment philosophy. In Rizun’s view, for an institution to go steady and far, it must look far into the distance with a broad perspective and a sense of the bigger picture, while also translating that into fine implementation—accumulating incrementally until it becomes significant.

This philosophy is directly translated into the company’s “pyramid-shaped” asset allocation framework. The base of the pyramid is dominated by long-duration debt instruments and traditional credit assets, strengthening the portfolio’s foundation for returns; the middle of the pyramid allocates to real-economy projects with stable cash flows such as infrastructure, new energy, and high-end manufacturing, delivering a dual enhancement of economic and social value; the top of the pyramid focuses on growth-oriented equities and private equity aligned with regulatory guidance, opening up long-term return space through diversified investments. With the three-tier structure progressing step by step, it both builds a solid safety margin and leaves room for growth upside.

Behind this system is a highly specialized investment research and operations team. In Rizun Insurance’s investment management team, 90% hold master’s degrees or above; the average length of service exceeds 10 years; most members come from leading domestic and international asset management institutions, with deep professional foundations and extensive hands-on experience. The company has built a full-time, multi-function investment operations and management system covering asset clearing, valuation accounting, account management, and data support, and has deeply embedded an AI intelligent investment research platform and big-data analysis tools into its decision-making process.

What is even more worth attention is the investment culture that Rizun has cultivated: “self-driven, transparent, flat, and compliant.” “Self-driven” makes every role a value discoverer; “transparent” turns individual insight into organizational consensus; “flat” ensures professional judgment takes priority over rank authority; and “compliance” provides long-term development safety rails through three lines of defense. This cultural framework plays a key role in the implementation of long-cycle performance evaluation policies.

Relevant officials from Rizun Insurance said: “The company actively responds to regulatory policy requirements, and in light of its own business characteristics and risk preferences, steadily optimizes its internal performance evaluation system, strengthens the long-term value orientation, and reduces the impact of short-term fluctuations on business decision-making.” It is precisely this cultural soil that nurtures Rizun’s investment style that is steady yet not lacking in ambition.

**　　Place your bets with precision, and focus on serving the real economy**

Looking back at 2024 to 2025, Rizun Insurance’s investment map unfolded with a clear logic.

In 2024, Rizun Insurance served national strategies by investing RMB 206.0 billion, investing RMB 148.0 billion in local government bonds, with major allocations to major strategic areas such as infrastructure, municipal industrial parks, ecological protection, and shantytown redevelopment; ESG investments of RMB 50.0 billion, covering green sectors such as power equipment, public utilities, and environmental protection; technology and finance investments of RMB 45.0 billion, focusing on key areas such as electronics, communications, computers, and media.

In 2025, Rizun seized the opportunity of “the first year of reforms for high-quality development,” and its investment momentum was further released. Over the full year, it supported the development of the real economy with investments exceeding RMB 930.0 billion, boosting investments in infrastructure construction and people’s livelihood projects to over RMB 515.0 billion, and technology and finance investments to over RMB 90.0 billion. More notably, the company, around the “five major initiatives”—technology and finance, green finance, inclusive finance, pension finance, and digital finance—cumulatively invested nearly RMB 220.0 billion, among which green finance investment exceeded RMB 310k, followed closely by technology and finance.

Beyond the data, a series of benchmark projects outline Rizun’s investment path of “precision drip irrigation.”

In the medical care and elder care health sector, Rizun Insurance, as the lead investor, invested in the first GSP-certified pharmaceutical warehousing Pre-REIT fund in the market—Wuhu Tonggao No.1 Equity Investment Fund. This fund holds three GSP-certified pharmaceutical warehousing locations in Shanghai, Hangzhou, and Chongqing, with a total area of 310k square meters, enabling standardized and intelligent upgrades to the pharmaceutical distribution infrastructure through long-term insurance capital.

In the green finance sector, Rizun precisely directed capital to the construction of clean energy systems and low-carbon urban transportation by investing in State Power Investment Corporation’s clean energy projects and issuing asset management products for a Jinan rail transit green credit plan, thereby practicing the ESG理念 and the “dual carbon” strategy.

In the technology and finance sector, Rizun has explored a “PSD” strategy tailored to the characteristics of insurance capital—Primary fund (Primary) to diversify early-stage risks, S tranche investment (Secondary) to shorten the recovery cycle, and Direct investment (Direct) to capture the growth dividends in the mid-to-late stages. By investing in multiple high-quality funds, including Xiamen C&D Jianfa Hengwen Phase III fund, Lianrong Phase II primary fund, and CICC’s continuation of the Yuanheng S primary fund, among others, Rizun indirectly invested in a number of hard-tech enterprises such as UTree Technology, Shanghai Micro Electronics, Darker Side of the Moon, and CX Storage, building an investment matrix covering semiconductors, innovative drugs, artificial intelligence, and advanced manufacturing. In 2025, the company completed the registration for the Wanxin Industrial Equity Investment Plan of RMB 10.0 billion, with the first tranche of RMB 2.0 billion allocated to the Hefei new-type display industry,陪伴 regional technological upgrading with “patient capital.”

In inclusive livelihood areas, Rizun participated in projects for the redevelopment of old urban areas in Shanghai through an equity investment plan, serving the goal of “housing with adequate availability”; it also invested in the China Resources Land Pre-REIT fund, providing tangible space carriers for a better life through high-quality shopping centers.

Worth noting is that Rizun’s equity investment strategies have become increasingly refined. Facing expectations that the market will shift toward profit-driven drivers in 2026, the company maintains the “chest anchor” position of high-dividend assets while flexibly adjusting the weights of growth tracks, capturing structural opportunities under the premise that risks are controllable. This capability for dynamic calibration is a direct reflection of the maturity of its investment research and decision-making system.

**　　Advance with quality and write the future amid trends**

Looking ahead to 2026, the key terms for insurance funds’ equity investments have shifted from “position-based games” to “structural optimization.” Profit-driven motivations have replaced valuation-driven motivations, and seeking “structural alpha” has become the core proposition.

Rizun Insurance already has a clear forecast in this regard. The company has sorted out six major investment themes: in the artificial intelligence sector, covering consumer electronics, intelligent driving, robots, and software applications; in the “anti-overcrowding” policy theme, focusing on capacity-optimization industries such as photovoltaics, lithium batteries, and steel, as well as chemicals and breeding; in the high value-added export theme, allocating to advantageous industries with global competitiveness such as white goods, construction machinery, commercial buses, and power grid equipment; in the pro-cyclical domestic demand theme, involving areas closely tied to economic vitality such as liquor, food and beverage, real-estate chain businesses, and non-bank brokerages; in the energy and bulk commodities theme, focusing on globally priced resources such as non-ferrous metals; and in the trend of RMB appreciation theme, capturing FX gain opportunities in industries such as airports and airlines and papermaking.

For dynamic adjustments of equity positions, the division of labor between the allocation desk and the trading desk is also clearer. The allocation desk anchors on mature companies with abundant cash flow and stable dividends, using dividend yield and earnings visibility as its benchmarks; the trading desk focuses on sub-sectors with ample room for growth and high sector momentum, capturing tactical opportunities across valuation fluctuations and industrial trend cycles. Under the orientation of long-cycle performance evaluation, investment strategies emphasize “long-term value and steady, balanced outcomes” even more.

The “Fourteenth Five-Year Plan” advisory recommendations place “accelerating the building of a strong financial country” at the core of high-quality development, and assign the technology and finance, green finance, inclusive finance, pension finance, and digital finance initiatives more important strategic missions. As a state-owned financial enterprise, Rizun Insurance is embedding its investment capabilities deeply into this grand narrative.

From 2024 to 2026, from the strategic framework of “leaving nothing out—down to the finest detail” to the tactical implementation of “leaving nothing out,” Rizun Insurance completed a systematic upgrade of its investment system in three years. It did not chase short-term market fads; instead, at the intersection of national strategies and industry trends, it anchored with long-termism and had value investing as its soul—turning insurance capital into enduring momentum to serve the real economy and safeguard people’s livelihood.

Perhaps this is the new interpretation of “quality applied broadly and nothing left out to the finest detail” in Rizun’s era—using financial writing to answer for high-quality development, and using its investment footprint to measure the boundaries of its responsibility as a “servant of the nation’s great causes.”

(Editor: Jiao Yue ）

	 【Disclaimer】【Advertisement】This article only represents the author’s personal views and is not related to Hexun. The Hexun website remains neutral regarding the statements, views, and judgments in the article, and provides no express or implied guarantees regarding the accuracy, reliability, or completeness of the content included. Readers are requested to use it only as reference and bear full responsibility themselves. Email: news_center@staff.hexun.com

Report