At the China Wealth Management 50 Forum 2025 Annual Meeting held in Beijing on December 27, Yin Chunping, General Manager of CPIC Assets, participated in a roundtable discussion titled "The Low-Interest Rate Challenge: Market Value Restructuring and Institutional Countermeasures."

Yin Chunping stated that the low-interest-rate environment poses a particularly direct challenge to insurance asset management. On one hand, a large volume of existing high-yield fixed-income assets is maturing. On the other hand, the adjustment of liability-side costs lags behind the decline in asset-side returns, causing insurance companies to face the risk of narrowing interest spreads or even interest deficits. Third-party asset management businesses also encounter similar challenges due to client demands for low volatility and stable returns.

Yin Chunping emphasized that addressing the low-interest-rate challenge cannot rely solely on efforts in a single area; it requires synergistic optimization and systemic restructuring of both assets and liabilities to enhance overall risk resilience. First, further strengthen the linkage between assets and liabilities. This involves joint participation from both liability and asset sides in Strategic Asset Allocation (SAA) to achieve better matching of liability duration and costs with assets, thereby reducing mismatch risks. Secondly, steadily advance asset diversification at the SAA level by deploying into areas such as long-term equity investments, overseas assets, gold, and alternative assets, which helps overcome development bottlenecks in guaranteed-return insurance businesses and increases revenue sources. Thirdly, promote insurance product innovation in coordination with the liability side, shifting from fixed-income mechanisms to floating-income mechanisms to reduce rigid liability costs.

Secondly, continuously optimize the investment management system. Leveraging the advantages of group operations, optimize the principal-agent relationship under market principles and improve the long-term entrustment management system. Establish an asset collaboration and sharing mechanism based on an investment research culture. Construct a cross-cycle asset allocation system aimed at asset-liability management, a strategy-driven asset management system, and deep investment research capabilities centered around industrial chain research groups, thereby comprehensively enhancing investment management efficiency.

Furthermore, empower with technology and persistently advance the construction of systematic and intelligent investment research platforms. Relying on the group's "AI+" strategy, CPIC Assets has built and continuously iterated its investment decision-making system, achieving systematic and digital management of key business processes such as asset allocation, strategy construction, and performance attribution, significantly boosting investment research efficiency. The introduction of an OKR process system strengthens communication and coordination between asset and liability sides, as well as among the company's front, middle, and back offices, enhancing cross-departmental collaboration.

Regarding specific investment strategies, Yin Chunping proposed actively exploring new stable return sources through strategic innovation and diversification from a cross-cycle asset allocation perspective. For fixed-income assets, balance foundational allocation with exploring innovative varieties. First, adhere to the "ballast" role of fixed-income assets, conducting fine-grained management under a cross-cycle framework that considers medium-to-long-term interest rate trends and macro policy directions, dynamically adjusting tactical positions, and actively managing the asset-liability duration gap. Second, expand into new fixed-income investment directions by embedding ESG factors into product design, screening green bonds to support the "dual carbon" strategy, and building an ESG risk early-warning system. Third, increase allocation to asset securitization products, raising the proportion of allocations to public REITs and ABS. Fourth, deepen the research and application of interest rate derivatives and credit derivatives, using hedging to filter out volatility risks within compliance boundaries. Fifth, explore investment paths for overseas fixed-income assets, utilizing QDII bond funds and the Southbound Bond Connect scheme to allocate to fixed-income varieties in the Hong Kong market; the first phase of Southbound Connect is ready and can be implemented once launched.

For equity assets, increase the allocation ratio and adopt a "core + satellite" strategy. In a low-interest-rate environment, the relative valuation of equity assets remains attractive, but profit-taking will become more difficult in 2026, requiring a balance between returns and volatility. CPIC Assets will, based on the long-duration characteristics of insurance funds, allocate to scarce resources and industrial directions that serve national strategies from a cross-cycle perspective. The "core + satellite" strategy will be employed, with the dividend value strategy cultivated over more than a decade as the core, while satellite strategies focus on industrial chains and areas related to new quality productive forces. Simultaneously, leveraging the license advantages for creating ABS and REITs, efforts will be intensified to issue and create related products, which not only expands business scale but also adds new varieties for insurance fund allocation, exercising the capability for long-term service to the real economy and long-duration asset operation.