险资ABS规模增长显著盘活存量基础资产加速

Core Insights - The recent registration of four asset-backed plans by China Insurance Asset Registration and Custody Corporation (中保登) indicates a total scale of 13 billion yuan, contributing to a significant year-on-year growth in the asset-backed securities (ABS) market for insurance asset management institutions [1][2] - The growth of insurance ABS is attributed to its flexible structure, clear cash flow, and the increasing variety of underlying assets, making it an important tool for investment by insurance and bank wealth management funds in a low-interest-rate environment [1][2] Group 1: Growth of Insurance ABS - A total of 50 asset-backed plans have been registered this year, with a cumulative scale exceeding 200 billion yuan, marking a substantial increase compared to the same period last year [2] - The majority of funds for insurance ABS subscriptions come from within the insurance industry, with some interest from wealth management funds [2][3] Group 2: Diversification of Underlying Assets - The types of underlying assets for ABS have diversified, including consumer finance, micro-loans, supply chain assets, financing leases, fund shares, and restructured debts [3] - New asset types and business models are emerging, with products covering leasing debts, infrastructure revenue rights, consumer finance debts, supply chain receivables, commercial real estate mortgages, and small loans [3] Group 3: Development of Exchange-Traded ABS - The China Securities Regulatory Commission has guided stock exchanges to support insurance asset management institutions in conducting ABS and REITs business, with five institutions being the first to pilot this initiative [4] - These institutions have successfully issued their first ABS on the exchange, covering various underlying asset types such as financing leases, receivables, and policy pledge loans [4]