证券时报记者 刘敬元 保险资管三类业务——债权投资计划、股权投资计划、保险私募股权基金，2025年登记信息出炉。 证券时报记者近日独家获悉的官方数据显示，2025年，保险资管机构共登记债权投资计划、股权投资计划和保险 私募股权基金314只，登记规模5104.43亿元，数量、规模分别同比减少20.71%、26.08%。 其中，债权投资计划登记数量和规模连续4年减少，股权投资计划和保险私募股权基金则增减不一。 债权计划登记量4年连跌 在投资收益率方面，近年债权计划整体收益率不断下行，2025年也延续了下行趋势。2024年，新登记债权计划投 资收益率尚高于4%，2025年则下行了几十个基点（BP）。据业内人士反馈，资质较好的项目投资收益率已进入"2 字头"时代。 股权业务处发力探索期 与债权计划这类固定收益的另类业务相比，保险资管的股权投资计划和私募股权基金业务还处于发力探索阶段。 从近几年情况看，每年登记的股权投资产品数量和规模有较为明显的增减波动，而非单边的趋势性变化。 数据显示，2025年保险资管机构登记债权投资计划共计285只，同比减少24%；登记规模4419.05亿元，同比减少 28.46%。这是债权投资 ...

Core Viewpoint - The analysis indicates that while the growth of M1 and M2 in July exceeded market expectations, the new loans and social financing fell short, reflecting a complex interplay of factors including changes in financing structure, seasonal influences, bond issuance disruptions, and shifts in household investment behavior [1] Group 1: Monetary Supply - M2 and M1 growth rates surpassed market expectations, suggesting a potential acceleration of household investments into the stock market [1] - The increase in M1 is partly attributed to households redeeming wealth management products, which leads to a shift of funds from off-balance sheet to on-balance sheet deposits [1] Group 2: Financing Structure - The lower-than-expected new loans and social financing indicate a changing financing structure influenced by various factors [1] - The transition of household deposits into stock market investments results in a transformation of M1 deposits into non-bank deposits within M2 [1]