Core Viewpoint - The scale of asset-backed securities (ABS) registered by insurance asset management institutions reached 133.6 billion yuan in the first five months of this year, marking a year-on-year growth of 58.88%, the highest in recent years [1] Group 1: Market Trends - Insurance capital is accelerating its layout in strategic industries such as green energy and technology leasing through ABS, driven by a low interest rate environment and "asset scarcity" [1][4] - In May alone, two companies, Everbright Yongming and Dajia Asset, registered a total of 16 billion yuan in ABS products, reflecting the overall high growth trend for the year [3] - A total of 14 insurance asset management companies registered 31 ABS products in the first five months, with most scales in the tens of billions, covering underlying assets such as leasing claims and infrastructure revenue rights [3] Group 2: Investment Strategies - The strategy for insurance capital's ABS layout is shifting from single varieties to a diversified combination of "ABS + REITs + bonds," aiming to balance cash flow stability and asset appreciation potential [3] - Leading institutions like PICC Asset are focusing on holding-type real estate ABS and projects from "new productivity" leading enterprises to support industrial upgrades and major national projects [3] Group 3: Challenges and Opportunities - Despite significant market expansion, the industry faces challenges such as the lack of a unified valuation standard and credit risk management [3] - The acceleration of overseas asset securitization by Chinese enterprises may present new opportunities for insurance capital's global allocation [3] - With the enhancement of green finance policies and the construction of the third pillar of the pension system, ABS is expected to unleash greater potential in areas like green transformation and inclusive consumption [4]
险资ABS前5月登记规模破1300亿 多资产组合与跨境配置成趋势
Huan Qiu Wang·2025-06-03 07:08