Core Insights - The non-standard investment environment for insurance funds is facing significant challenges, with declining yields and a scarcity of quality assets, marking a departure from the previous high-yield era [1][5] Group 1: Investment Environment - The yield on most bond projects has dropped to around 2.5%, with some even falling below this threshold, leading to caution among investors regarding projects with yields above 3% due to concerns over credit quality and funding purposes [1][2] - The overall yield of debt investment plans is expected to continue declining due to complex external economic conditions and insufficient domestic demand, increasing asset allocation pressures for companies [2][5] Group 2: Market Dynamics - The non-standard project market is experiencing a "dual weakness" in supply and demand, with both registered and actual establishment scales showing significant contraction [3] - Data from the China Banking and Insurance Asset Management Association indicates a 26.83% year-on-year decrease in the number of registered debt and equity investment plans, and a 52.08% decrease in registered scale as of April 2023 [3] Group 3: Corporate Financing Trends - There is a noticeable reduction in effective financing demand from quality enterprises, with some companies opting not to pursue additional financing despite having high credit ratings [4] Group 4: Strategic Adjustments - Insurance institutions need to balance innovation and risk management in response to the changing market environment, moving away from the previous "easy win" phase characterized by abundant quality projects and high yields [6] - Companies are encouraged to adapt their investment strategies by shifting focus from debt to equity investments, enhancing asset evaluation capabilities, and exploring long-duration quality assets to achieve reasonable returns [7]