保险资产管理业创新型产品1季度观察与展望：2024年上半年业务持续收缩，化债政策持续加码，绿色投资、城投转型项目有望增长

Investment Rating - The report indicates a downward trend in the registration quantity and scale of innovative products in the insurance asset management industry for the first half of 2024, primarily driven by multiple factors including slow economic recovery and strict debt management policies [1][2][4]. Core Insights - The innovative products in the insurance asset management sector are experiencing a contraction in both registration numbers and scale, with debt investment plans remaining the dominant product type, accounting for over 80% of the total [2][4]. - The report highlights a significant concentration of investment in the Zhejiang region, with a notable increase in the number and scale of projects in the transportation sector, while the share of commercial real estate has rapidly declined [2][5]. - The government is actively promoting the development of green financial instruments and supporting projects related to green transformation, which is expected to create investment opportunities in green finance and urban investment transformation projects in the second half of 2024 [1][2][22]. Summary by Sections Product Operation Analysis - In the first half of 2024, the number of registered innovative products in the insurance asset management industry decreased to 220, down 17 from the previous year, with a total scale of 4,205.22 billion yuan, a decrease of 8.46% year-on-year [2][4]. - Debt investment plans continue to dominate, accounting for 80.91% of the total number of products, while asset-backed plans and equity investment plans represent 15.91% and 2.27%, respectively [2][4]. - The report notes a slight increase in the registration scale of debt investment plans, which reached 2,809.94 billion yuan in the first half of 2024, despite a decrease in the number of registered plans [4][5]. Institutional Operation Analysis - The report identifies that mid-sized asset management institutions are accelerating their business layouts, with Allianz Asset Management leading in the number of registered debt investment plans [12][13]. - In 2023, a total of 31 institutions registered 444 debt investment plans, with significant contributions from major players like Allianz Asset Management and Huatai Asset Management [12][13]. Industry Policy Review - The report outlines the government's ongoing efforts to manage and mitigate local debt risks, emphasizing the importance of strict debt management policies and the establishment of support mechanisms such as stable funds and syndicate loans [17][18][23]. - Recent regulatory changes have expanded the scope of debt management policies, allowing for the restructuring of certain types of debts and promoting the issuance of asset-backed securities and REITs [17][20][22]. Observations and Outlook - The report anticipates that the insurance asset management industry will continue to seek new growth points through innovative products, with a focus on green finance and urban investment transformation projects in the latter half of 2024 [22][23]. - The trend of declining registration numbers and scales for insurance private equity funds and equity investment plans is expected to persist throughout 2024 due to ongoing economic challenges [11][22].