On June 19th, at the 2025 Lujiazui Forum "Plenary Session Five: Financial Support for the Development of New Productive Forces," Cai Xiliang, Chairman of China Life Insurance Company, stated that insurance funds have the characteristics of long-term capital and patient capital, which match well with the long innovation cycles and high investment requirements of technology. However, insurance funds are the retirement and life-saving money of the public, which requires a high level of safety in fund utilization. The early-stage risks and uncertainties of technology companies create natural barriers for insurance funds to invest early and in small amounts. To address this challenge, China Life is actively exploring innovative S fund incentive investment models to achieve breakthroughs in early and small investments. It was revealed that China Life Group invested 11.8 billion yuan in 2023 to acquire shares in the Shanghai Integrated Circuit Industry Fund through S shares, completing the industry's first S fund investment and successfully exploring a relay investment model between insurance funds and government industrial guidance funds. Cai Xiliang stated that this model features government industrial guidance funds incubating technology companies in key areas, while insurance funds actively enter at a relatively mature stage, helping government funds to optimize their utilization and enhancing the effectiveness of government funding, while also meeting the principle of prudent investment for insurance funds. This achieves a relay investment from 0 to 1 for government guidance and support for industries, and from 1 to 100 for market-oriented funds. "In 2024, we will again invest 5 billion yuan in the Beijing Science and Technology Innovation Fund through S shares," said Cai Xiliang. "In the future, we will summarize our experiences and promote the model."