险资服务实体经济“变奏”：债权计划收缩，股权与证券化业务激增

Core Insights - The insurance asset management sector is undergoing a significant shift in focus, with a notable decline in bond investment plans and a substantial increase in equity investment plans, private equity funds, and asset securitization, reflecting a profound transformation in how insurance capital serves the real economy [1][3][4] Group 1: Bond Investment Plans - Bond investment plans, previously a mainstay for insurance asset management, have seen a continuous decline in new business volume since 2022, with 137 new plans registered in the first half of this year, totaling 212.2 billion yuan, representing a year-on-year decrease of 23% and 24.5% respectively [3] - The main reasons for the decline in bond plans include reduced demand for infrastructure and bond financing, loss of financing cost advantages, and declining yields, with average yields for newly registered bond plans dropping to "3%+" and high-quality asset project yields even falling to "2%+" [3] Group 2: Asset Securitization and Equity Investment - The insurance asset management sector is accelerating its transition towards asset securitization, with asset-backed plans rapidly developing since the registration reform in 2021, maintaining high registration numbers and scales in the first half of this year [3] - Equity investment has emerged as a new growth point, with the number and scale of equity investment plans registered in the first half of the year increasing by 120% and 188% year-on-year, respectively, while the scale of registered private equity funds surged by 524.9% [3] - Major institutions like China Life Asset Management view equity investment as a crucial asset allocation direction for the future, anticipating that equity investment will become a core competitive advantage for insurance asset management [3] Group 3: Future Outlook - The adjustment in the focus of insurance asset management is seen as a response to the national call for new and old kinetic energy conversion, as well as a necessary choice for insurance capital to adapt to trends and enhance its development momentum [4] - The future direction for insurance asset management will continue to focus on equity investment and revitalizing existing assets, aiming to provide more diverse and efficient financial services to the real economy [4]