2025年“保险版ABS”登记规模达3625.14亿元

Core Insights - The registration data for insurance asset management asset-backed plans in 2025 shows a total of 96 products registered by 15 institutions, with a total scale of 362.514 billion yuan, representing a 13% year-on-year decline [1] - The decline in registration scale is attributed to three main factors: the interest rate environment, a market recovery phase with fewer stable cash flow projects, and a shift towards smaller, diversified assets like consumer finance and microloans [2][3] Group 1 - In 2025, the largest registered asset-backed plan scale was from Everbright Yongming Asset Management Co., Ltd., totaling 70.55 billion yuan, while Minsheng Tonghui Asset Management Co., Ltd. registered the highest number of plans at 15 [1] - The asset-backed plan business has entered a stable development phase, with a 8.9% year-on-year decline in registration scale in 2024, and further reductions in 2025 across registration numbers, participating institutions, and scale [1][2] Group 2 - The types of underlying assets for insurance asset management asset-backed plans have shifted from financing lease assets to consumer finance, microloans, and supply chain assets, indicating a diversification trend [2][3] - In the first three quarters of 2025, the registration scale of microloans accounted for the largest share, increasing from 67.86% in the same period of 2024 to 82.98% [3] - The future outlook suggests moderate growth in asset-backed plan scales due to market and interest rate influences, with a long-term expectation of more standardized financial products being traded on exchanges and a decline in management fees [3][4] Group 3 - The asset-backed plan business is expected to progress steadily under regulation, with underlying asset types aligning more closely with national strategies, expanding into green finance, technological innovation, inclusive finance, and new consumption sectors [4] - Insurance asset management institutions are anticipated to enhance the application of financial technology in asset selection and risk control, while exploring synergies with REITs to improve product liquidity and market appeal [4]