机构行为专题一：机构投资债基监管框架全梳理-20251105

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - China's regulatory system for financial institutions' investment in funds has evolved from initial shadow banking rectification to unified penetration supervision. The current regulatory logic for funds as an important vehicle for institutional investment SPVs is "penetration supervision, risk provisioning, de - nesting, and de - arbitrage" [3]. - Different financial institutions have different motivations and strategies for investing in bond funds. Banks focus on capital conservation and liquidity management, bank wealth management aims at asset allocation and liquidity management, and insurance funds seek to optimize income structure, match assets and liabilities, improve tax efficiency, and supplement investment research [4]. - The regulatory framework and reforms influence institutional investment and bond fund design. Institutions generally prefer bond funds with transparent underlying assets, high liquidity, and low leverage. Customized special accounts and "customized bond funds" are becoming mainstream, and index bond funds have the potential to become the mainstream of allocation [5]. 3. Summary According to the Directory 3.1 Historical Review: From Separate and Fragmented to Unified Penetration - 2008 - 2012: Shadow banking issues emerged. The CBRC issued relevant documents to require the return of silver - trust cooperation assets to the balance sheet and prohibited certain bank wealth management product investments. The CSRC included private funds in the regulatory framework and made requirements for collective asset management plans [11]. - 2013 - 2016: With the prevalence of non - standard assets and bond leverage, the CBRC set concentration regulatory indicators for non - standard asset investment in wealth management, and the central bank and other regulatory authorities unified the definition and supervision scope of inter - bank business, requiring penetration of underlying assets and capital provisioning [12]. - 2017 - 2021: The implementation of the "Asset Management New Regulations" marked the entry of the large asset management industry into the era of unified penetration supervision, establishing unified regulatory standards and risk measurement frameworks. During the transition and improvement period from 2019 - 2021, the focus was on supporting detailed rules and stock rectification [14]. - 2022 - 2025: The regulatory legal system was finalized, and a new asset management ecosystem was initially established. A general regulatory framework for funds as institutional investment SPVs was built [17]. 3.2 Regulatory Framework: Systemic Review of Various Financial Institutions' Investment in Bond Funds - Bank Self - Operation: The core logic for banks to allocate bond funds is the tax - exemption effect and liquidity management advantages. The "Capital New Regulations" require banks to penetrate and identify underlying assets and calculate capital according to different methods. Banks generally prefer bond funds with transparent underlying assets, low leverage, and few nesting levels. Different types of bond funds have different allocation logics for banks [19]. - Bank Wealth Management: After the implementation of the asset management new regulations, the proportion of bank wealth management funds allocated to public funds has increased. The motivations for investment include asset allocation, liquidity management, and supplementing investment research capabilities. There are regulatory requirements for investment scope, penetration, risk isolation, concentration, and leverage [28]. - Insurance Funds: The reasons for insurance funds to invest in bond funds include optimizing income structure, matching assets and liabilities, improving tax efficiency, and supplementing investment research. Insurance funds need to comply with multiple regulatory requirements, including penetration supervision, investment management ability requirements, proportion supervision, and concentration management. Bond funds are mainly used as strategic supplementary assets [35]. 3.3 Development Trends: Bond Fund Product Design from the Perspective of the Regulatory Framework - Bond Fund Product Design: There are trends of transparency, customization, and passivation. Products with transparent underlying assets are more popular, customized special accounts and "customized bond funds" may become the mainstream of institutional cooperation, and passive index investment presents new opportunities [46]. - Impact of Regulatory Changes on Institutional Fund Allocation Willingness: Fee reforms limit the short - term trading space of bond funds and strengthen the long - term investment orientation of institutions. Tax policy adjustments make bond funds relatively more attractive in the short term, but in the medium term, institutions may shift from "investing through funds" to "self - management" [49].