保险资管“ABS”前5月登记规模大幅增长，赛道深耕靠什么？

Core Insights - The insurance asset management sector has seen a significant increase in the registration of asset-backed securities (ABS), with a scale surpassing 130 billion yuan in the first five months of the year, marking a nearly 60% year-on-year growth [1][5][6] - The shift towards ABS is driven by the low interest rate environment, which has made traditional fixed-income assets less attractive, prompting insurers to seek higher yields through diversified asset classes [6][9] - The growth in ABS registration is indicative of a broader trend where insurance funds are transitioning from traditional investments to more structured asset allocations, including green energy and technology leasing [6][8] Registration Growth - Two insurance asset management companies recently registered new ABS plans, contributing to a total of 31 plans registered this year, with a combined scale of approximately 133.6 billion yuan, reflecting a 58.88% increase compared to the same period last year [3][4][5] - The ABS market is characterized by a variety of underlying assets, which enhances its appeal to insurers looking to optimize returns in a challenging interest rate environment [6][9] Investment Strategy Evolution - Insurance funds are diversifying their investment strategies, moving from single asset types to a combination of ABS, REITs, and bonds, which allows for better cash flow stability and asset appreciation potential [8][9] - The focus on green assets and small consumer debt in ABS plans indicates a strategic alignment with national priorities for economic transformation and sustainable development [9][10] Future Outlook - Industry experts predict continued growth in the ABS market, with insurance asset management companies expected to expand their investment scope significantly [9][10] - The development of standardized valuation models for emerging assets like green energy and technology leasing is essential for enhancing market transparency and attracting more investment [1][6]