近10年来,伴随着投资市场和保险市场双重周期波动的考验,中国保险资产管理行业始终在探索适应自身发展的理念和机制。在资产管理行业,资金特性决定了收益目标的形式。多数公募基金不承诺最低收益率,委托人自担风险、用“脚”投票,所以通常采用指数收益率、同业排名等“相对收益”投资基准。而保险产品隐含最低收益率保障,具有确定的资金成本,因此,需要以一个确定的正收益率为投资基准,并树立“绝对收益”理念指导投资过程。“绝对收益”投资理念是指无论市场环境如何,始终以获得长期、稳定的正收益为投资目标。然而,在特殊的历史条件下,中 In the past 10 years, along with the double periodic fluctuations in the investment market and insurance market, China’s insurance asset management industry has always been exploring the concepts and mechanisms that suit its own development. In the asset management industry, the financial characteristics determine the form of revenue objectives. Most public funds do not commit to the lowest rate of return, the principal at their own risk, with “” foot vote, it is usually the index rate of return, peer rankings such as “relative return ” investment benchmark. The insurance products imply the lowest guaranteed rate of return and have a fixed cost of capital. Therefore, a positive yield must be set as the investment benchmark and the “absolute return” concept should be used to guide the investment process. “Absolute return ” investment philosophy refers to no matter how the market environment, has always been to obtain long-term, stable positive returns for the investment objective. However, under special historical conditions, China