险资ABS布局提速，前三季度登记规模激增25%

Core Insights - The insurance asset management sector is increasingly focusing on asset-backed securities (ABS) to seek stable long-term returns in a low-interest-rate environment, with a reported growth of over 25% year-on-year in the first three quarters of 2025 [1][2][6] Group 1: Market Growth and Trends - In the first three quarters of this year, 15 insurance asset management institutions registered 66 asset-backed plans, totaling 274.58 billion yuan, marking a 25.1% increase compared to the same period last year [2] - The "insurance version ABS" is characterized by its focus on infrastructure projects, providing stable cash flows that align with the long-term liabilities of insurance funds, making it a significant investment choice in the current market [2][6] - Among the active insurance asset management institutions, 10 have surpassed the 10 billion yuan registration threshold, indicating a strong industry commitment to this asset class [2] Group 2: Demand for Exchange ABS Qualifications - There is a growing desire among insurance asset management institutions to obtain qualifications for managing exchange ABS, which are seen as more liquid and diverse compared to non-standard ABS [4][5] - The push for exchange ABS qualifications began in October 2023, when regulatory bodies expanded the scope to include insurance asset management companies, with five major firms being the first to receive approval [5] - However, the expansion of trial qualifications has stalled, with regulatory caution making it difficult for many institutions to gain access to this lucrative market [5] Group 3: Dual Strategy for Market Challenges - Insurance funds are adopting a dual strategy to navigate current market challenges, focusing on both the "insurance version ABS" market and seeking exchange ABS management qualifications [6] - This strategy reflects the necessity for insurance funds to adapt to changing macroeconomic conditions and the declining attractiveness of traditional fixed-income assets, with ABS products filling the investment gap [6]