保险资产管理业创新型产品1季度观察与展望：全年持续收缩，保债计划与ABS一降一增，2025年或将持续布局绿金及ABS

Investment Rating - The report indicates a continuous contraction in the insurance asset management industry for innovative products in 2024, with a focus on green finance and asset-backed securities (ABS) for potential growth in 2025 [4][6][44] Core Insights - The registration scale of innovative products in the insurance asset management industry continues to shrink, with a notable decline in all product types except for asset-backed plans, which have seen an increase [6][7][44] - The debt investment plans remain the primary product type, accounting for over 75% of the total, although their registration numbers have decreased [7][10] - The report highlights a shift in investment focus towards the eastern regions of China, particularly Zhejiang, with transportation being the leading sector for investment [9][12][15] - The government is encouraging the regular issuance of infrastructure REITs, which presents an opportunity for insurance asset management to invest in this sector to align with their risk-return requirements [6][44] Summary by Sections Product Operation Analysis - In 2024, the number and scale of innovative products in the insurance asset management industry continue to decline, with a total of 498 products registered, a decrease of 77 from the previous year, and a total scale of 11,072.23 billion yuan, down 15.80% year-on-year [7][10] - Debt investment plans account for 75.30% of the total number of products, while asset-backed plans have increased to 20.48% [7][10] - The report notes a significant concentration of investment in the eastern region, with Zhejiang leading at 19.42% of the total investment [12][15] Institutional Operation Analysis - In 2024, Allianz Asset Management leads in the number of registered debt investment plans, while Huatai Asset Management maintains the largest scale [30][32] - The report indicates that the top institutions dominate the market, with a few firms capturing a significant share of the total registration scale [30][32] Industry Policy Review - The government plans to replace 10 trillion yuan of local government hidden debt, which is expected to alleviate repayment pressures and stimulate investment in infrastructure projects [36][39] - The report emphasizes the importance of adhering to new regulations regarding public-private partnerships (PPP) and the need for careful project evaluation to avoid increasing hidden debts [36][38] Observations and Outlook - The insurance asset management industry is expected to face continued pressure in 2024, but innovative products will remain a crucial financing tool [42][44] - The report anticipates that while the overall trend may continue to contract, there will be opportunities in green finance and infrastructure investments, particularly in the context of ongoing government support for REITs [42][44]