保险资产管理业创新型产品1季度观察与展望：化债背景下全年趋势难扭转，绿金与ABS或成新机遇？

Investment Rating - The report indicates a contraction trend in the innovative products of the insurance asset management industry for the first three quarters of 2024, with a focus on debt investment plans as the main product type [1][2][39]. Core Insights - The innovative products in the insurance asset management industry are experiencing a decline in both registration numbers and scale, with debt investment plans accounting for over 78% of the total, although this represents a year-on-year decrease [2][39]. - The introduction of a "10 trillion" debt resolution initiative aims to alleviate the debt pressure on local government financing vehicles, although the actual implementation and differentiation in local government transformations need to be monitored [1][39]. - The central bank's signals to stabilize the real estate market may help improve market sentiment, but the fundamental performance of real estate companies has not shown significant improvement [1][39]. - The government encourages agricultural enterprises to issue financing tools and supports the regular issuance of infrastructure REITs, indicating potential investment opportunities in these areas for insurance funds [1][39]. Summary by Sections Product Operation Analysis - In the first nine months of 2024, the number and scale of innovative products in the insurance asset management industry continued to shrink, with debt investment plans remaining the primary product type, accounting for 78.06% of the total [2][3][39]. - The registration of debt investment plans has seen a decline in both quantity and scale, with a total of 249 plans registered in 2024, down 16.44% year-on-year [7][39]. Institutional Operation Analysis - Allianz Asset Management led in the registration of debt investment plans, while Minsheng Tonghui Asset Management ranked first in the number of asset-backed plan registrations [23][39]. - The registration scale of equity investment plans showed a significant concentration, with China Life Asset Management accounting for over 90% of the industry’s equity investment plan scale [23][39]. Industry Policy Review - The report highlights the ongoing adjustments to the "package debt resolution policy," which includes a new debt limit of 10 trillion yuan to replace existing hidden debts of local governments [29][39]. - The central bank's recent policies aim to stabilize the real estate market and improve expectations, which may have a positive impact on market conditions [32][39]. Observations and Outlook - The overall trend for innovative products in the insurance asset management industry is expected to continue contracting, but these products remain crucial for investment and financing [37][39]. - There is potential for insurance asset management to invest in agricultural enterprises, REITs, and green investment projects, aligning with government policies [37][39].