险资另类投资结构生变：债权计划收缩 股权与资产证券化业务扩容

Core Viewpoint - The insurance asset management industry is experiencing a significant decline in the registration scale of debt investment plans, with a year-on-year decrease of over 20% expected by mid-2025, leading to a shift towards equity investments and asset securitization as new growth areas [1][2][3] Group 1: Debt Investment Plans - The registration scale of debt investment plans peaked in 2021 at over 960 billion, but has been continuously shrinking since then, with a scale of 212.16 billion and 137 plans registered in the first half of 2025, representing a year-on-year decline of 24.50% and 23.03% respectively [1][2] - The yield of debt investment plans has decreased to a range of 2%-3%, influenced by reduced financing demand and declining interest rates [1][2] - The decline in debt investment plans is attributed to the economic structural transformation, reduced demand for financing, and the higher costs compared to bank loans [2][3] Group 2: Shift to Alternative Investments - As debt investment plans contract, insurance asset management companies are rapidly expanding their equity investment and asset securitization businesses, with equity investment plans and private funds seeing significant growth [3][4] - In the first half of 2025, 11 equity investment plans were registered, an increase of 6 plans year-on-year, with a total scale of 26.79 billion, reflecting a growth of 188.03% [3][4] - The asset-backed securities (ABS) and Real Estate Investment Trusts (REITs) sectors are also being prioritized, with the registration scale of asset-backed plans reaching 180.10 billion, a year-on-year increase of 46.15% [4][5] Group 3: Challenges and Recommendations - The insurance asset management industry faces challenges in equity investment due to a scarcity of quality projects, inefficient exit mechanisms, and the need for improved research and risk control capabilities [6][7] - Industry experts suggest that regulatory adjustments are needed to optimize investment ratios and simplify approval processes, while companies should enhance their research teams and establish long-term assessment mechanisms [7] - The need for insurance asset management companies to strengthen their capabilities is emphasized, particularly in the context of the ongoing economic transformation and the challenges of an "asset shortage" [6][7]