Core Viewpoint - The insurance asset management industry is experiencing a significant contraction in debt investment plans, with a shift towards equity investments and asset securitization as new growth areas to address the "asset shortage" and seek higher yields [1][2][4]. Group 1: Debt Investment Plans - The registration scale of debt investment plans, also known as "guaranteed debt plans," has been declining for several years, peaking at over 960 billion in 2021 and dropping to 212.16 billion in the first half of 2025, a year-on-year decrease of 24.50% [2][3]. - The yield on debt investment plans has decreased to a range of 2%-3%, influenced by reduced financing demand and continuously declining interest rates [2][3]. - The decline in the number and scale of debt investment plans is attributed to the current economic structural transformation, reduced financing demand, and lower interest rates, making bank loans more attractive compared to debt investment plans [2][3]. Group 2: Shift to Equity and Asset Securitization - In response to the contraction in debt investment, insurance asset management companies are actively expanding their equity investment and asset securitization businesses, with significant growth in private equity funds and equity investment plans [4][5]. - In the first half of 2025, the number of registered private equity funds increased by 1 to 3, with a scale of 25.004 billion, a year-on-year growth of 524.94%, while equity investment plans increased by 6 to 11, with a scale of 26.787 billion, a year-on-year growth of 188.03% [4][5]. - Asset-backed plans and Real Estate Investment Trusts (REITs) are also key focus areas, with asset-backed plan registration reaching 180.096 billion, a year-on-year increase of 46.15% [5]. Group 3: Capacity Building and Future Outlook - Industry experts believe that the proportion of debt investment plans will continue to decline, while equity investment and asset securitization will see rapid development, necessitating improvements in research and investment capabilities within insurance asset management firms [6]. - The recent approval of five insurance asset management companies to pilot ABS and REITs business indicates a growing focus on asset securitization products that align with the characteristics of insurance capital [6]. - Challenges such as a scarcity of quality projects, inefficient exit mechanisms, and the need for enhanced cross-industry research and risk control capabilities are highlighted, with suggestions for regulatory optimization to encourage insurance capital participation in equity investments [6].

Core Viewpoint - The insurance asset management industry is experiencing a significant decline in the registration scale of debt investment plans, with a year-on-year decrease of over 20% expected by mid-2025, leading to a shift towards equity investments and asset securitization as new growth areas [1][2][3] Group 1: Debt Investment Plans - The registration scale of debt investment plans peaked in 2021 at over 960 billion, but has been continuously shrinking since then, with a scale of 212.16 billion and 137 plans registered in the first half of 2025, representing a year-on-year decline of 24.50% and 23.03% respectively [1][2] - The yield of debt investment plans has decreased to a range of 2%-3%, influenced by reduced financing demand and declining interest rates [1][2] - The decline in debt investment plans is attributed to the economic structural transformation, reduced demand for financing, and the higher costs compared to bank loans [2][3] Group 2: Shift to Alternative Investments - As debt investment plans contract, insurance asset management companies are rapidly expanding their equity investment and asset securitization businesses, with equity investment plans and private funds seeing significant growth [3][4] - In the first half of 2025, 11 equity investment plans were registered, an increase of 6 plans year-on-year, with a total scale of 26.79 billion, reflecting a growth of 188.03% [3][4] - The asset-backed securities (ABS) and Real Estate Investment Trusts (REITs) sectors are also being prioritized, with the registration scale of asset-backed plans reaching 180.10 billion, a year-on-year increase of 46.15% [4][5] Group 3: Challenges and Recommendations - The insurance asset management industry faces challenges in equity investment due to a scarcity of quality projects, inefficient exit mechanisms, and the need for improved research and risk control capabilities [6][7] - Industry experts suggest that regulatory adjustments are needed to optimize investment ratios and simplify approval processes, while companies should enhance their research teams and establish long-term assessment mechanisms [7] - The need for insurance asset management companies to strengthen their capabilities is emphasized, particularly in the context of the ongoing economic transformation and the challenges of an "asset shortage" [6][7]