Core Insights - The insurance asset management industry is transitioning from a "product-oriented" approach to a "customer-oriented" model, as highlighted by Yang Jun, Chairman of Century Insurance Asset Management, through the "Four Steps of Investment Advisory Services" [1][2] Group 1: Investment Advisory Service Framework - The "Four Steps" framework includes: life planning, financial planning, asset allocation, and product selection, all of which are essential for effective investment advisory [2][4] - The core value proposition of investment advisory is account asset allocation guided by the client's life goals [4][5] Group 2: Industry Challenges and Solutions - Current pain points in the wealth management industry include insufficient client satisfaction, unclear relationships between wealth and life, human emotional weaknesses, and lack of professional knowledge [4][5] - The involvement of buy-side investment advisors can address these issues by optimizing client investment behavior and enhancing the overall investment experience [4] Group 3: Detailed Breakdown of the Four Steps - The first step, life planning, focuses on helping clients define their life goals and clarify their true aspirations [5] - The second step involves financial planning, translating life goals into clear financial figures and determining the necessary funds and cash flow [5] - The third step is asset allocation, which designs a structure based on financial goals aimed at achieving stable returns rather than chasing market peaks [5] - The final step is product selection, which aligns quality products with the asset allocation plan, ensuring a clear and reassuring investment process for clients [5] Group 4: The Role of AI in Investment Advisory - While AI can effectively handle the latter three steps of the advisory process, the first step of life planning requires human involvement to establish deep trust and facilitate meaningful dialogue [5]

Core Insights - The insurance asset management industry in China has shown significant growth, with total assets under management reaching 33.3 trillion yuan by the end of 2024, marking a year-on-year increase of 10.6% [1] - The overall income of 34 insurance asset management companies amounted to 31.83 billion yuan in 2024, reflecting a growth rate of 7.31% [1][6] Group 1: Asset Management Overview - As of the end of 2024, the insurance asset management industry maintained a diversified structure, with internal insurance funds amounting to 23.5 trillion yuan, accounting for 70.56% of total managed assets [2] - The management of third-party insurance funds has seen a decline in proportion over the past two years, while the management of pension funds has increased [2] - The growth rate of internal insurance funds was 15.4%, while third-party insurance funds experienced a decline of 1.5% [2] Group 2: Investment Allocation - The total investment assets of insurance asset management companies reached 32.68 trillion yuan in 2024, representing a year-on-year growth of 25% [4] - The allocation structure included 15.18 trillion yuan in bonds (46%), 6.66 trillion yuan in financial products (20%), and 2.17 trillion yuan in stocks (7%) [4] - Stock investments saw a growth rate of 36%, indicating a strong shift towards equities [4] Group 3: Performance and Revenue - In 2024, 21 institutions reported a comprehensive return rate exceeding 5%, with 10 institutions surpassing 8% [6] - The total revenue for the industry reached 31.83 billion yuan, with a compound annual growth rate (CAGR) of 8.48% from 2016 to 2024 [6][7] - The revenue from specialized account business grew by 19.21%, while the income from bond investment plans decreased by 16.82% [7] Group 4: Workforce and Growth - The number of employees in the insurance asset management sector increased to 7,631, reflecting a growth rate of 1.76% compared to the previous year [7]

Core Viewpoint - The wealth management industry is currently facing challenges related to clients' sense of fulfillment, which can be addressed through a structured advisory service that aligns with clients' life goals [2][3]. Group 1: Wealth Management Challenges - The main pain points in the wealth management industry include insufficient client satisfaction, unclear relationships between wealth and life goals, and difficulties in overcoming human weaknesses such as greed and fear [2]. - The lack of professional knowledge and investment discipline among clients further exacerbates these issues [2]. Group 2: Advisory Service Framework - The advisory service can be divided into four essential components: life planning, financial planning, asset allocation, and product selection, all of which are interdependent [2][3]. - The first step, life planning, involves helping clients define their life goals and clarify their true aspirations [3]. - Financial planning translates these life goals into specific financial figures, determining the necessary funds and cash flow required to achieve them [3]. - Asset allocation is then designed based on financial goals, focusing on stability and reliability to achieve calculated returns rather than chasing market peaks [3]. - Finally, product selection is based on the asset allocation strategy, ensuring that clients feel more secure and clear about their investments [3]. Group 3: Role of AI in Wealth Management - While AI can effectively handle the latter parts of the advisory process, the first step of life planning requires human involvement to build deep trust with clients [3]. - The value of discussing life planning emerges from the dialogue and interaction between the advisor and the client, highlighting the importance of human connection in the advisory process [3].

李云泽强调，银行保险资管机构要深入贯彻落实党的二十届四中全会精神，践行金融工作的政治性、人 民性，紧扣"十五五"时期的战略任务和重大举措，抓紧布局、科学谋划，深入做好金融"五篇大文章"。 要坚持人民至上，着力构建财富管理新格局，深化改革创新，不断激发行业发展"新动能"。要筑牢安全 防线，切实构筑稳健发展的"防火墙"，以行业高质量发展助力金融强国建设，为服务中国式现代化贡献 更大力量。 李云泽要求，协会要切实增强政治意识、大局意识、责任意识，持续加强规范管理，进一步发挥服务会 员、辅助监管作用。要全面加强党的建设，优化治理结构，强化自律管理，维护市场信誉，助力行业发 展行稳致远。 民政部社会组织管理局负责同志出席会议。驻金融监管总局纪检监察组办公室、金融监管总局相关司 局、中国银行保险资产管理业协会有关负责同志，银行理财公司、保险资产管理公司、保险公司以及与 银行保险资产管理业相关的机构等会员单位代表参加会议。 来源：国家金融监督管理总局 李云泽出席中国银行保险资产管理业协会更名暨第四届会员代表大会并讲话 11月26日，中国银行保险资产管理业协会更名暨第四届会员代表大会在北京举行。金融监管总局党委书 记、局长李 ...

李云泽强调，银行保险资管机构要深入贯彻落实党的二十届四中全会精神，践行金融工作的政治性、人 民性，紧扣"十五五"时期的战略任务和重大举措，抓紧布局、科学谋划，深入做好金融"五篇大文章"。 要坚持人民至上，着力构建财富管理新格局，深化改革创新，不断激发行业发展"新动能"。要筑牢安全 防线，切实构筑稳健发展的"防火墙"，以行业高质量发展助力金融强国建设，为服务中国式现代化贡献 更大力量。 李云泽要求，协会要切实增强政治意识、大局意识、责任意识，持续加强规范管理，进一步发挥服务会 员、辅助监管作用。要全面加强党的建设，优化治理结构，强化自律管理，维护市场信誉，助力行业发 展行稳致远。 来源：上海证券报·中国证券网 上证报中国证券网讯（记者 韩宋辉）在11月26日的中国银行保险资产管理业协会更名暨第四届会员代 表大会上，金融监管总局局长李云泽表示，中国保险资产管理业协会更名为中国银行保险资产管理业协 会，将银行理财公司纳入自律管理和服务范围，是健全理财行业自律管理体系的重大举措，也是促进两 类资管机构协同发展的重要支撑，标志着我国银行保险资管行业自律管理进入了新阶段。 ...

Core Points - The China Insurance Asset Management Association has been renamed to include "Bank," indicating the full inclusion of bank wealth management companies [1][2][6] - The association now has 30 bank wealth management companies as members, with only two companies yet to join [1][6] - The new name reflects the establishment of a self-regulatory organization for the bank wealth management industry [1][4] Group 1: Association Changes - The association's name change signifies a major shift in its future development direction [2] - The association is a national, industry-specific, non-profit organization that operates under the guidance of the National Financial Supervision Administration and the Ministry of Civil Affairs [4] - A member meeting was held in August where the name change proposal was approved [6] Group 2: Membership and Training - As of now, 30 out of 32 bank wealth management companies have joined the association [6] - The association has conducted training sessions for bank wealth management companies, enhancing their operational capabilities [6] Group 3: Wealth Management Market Overview - The total scale of bank wealth management products has exceeded 32 trillion yuan, with wealth management companies generating 150.9 billion yuan in returns for investors [7][9] - As of the third quarter, the number of wealth management products in the market reached 43,900, with a year-on-year increase of 10.01% [7] - The proportion of wealth management products managed by wealth management companies is 91.13%, with a significant year-on-year growth of 15.26% [7] Group 4: Insurance Asset Management Industry - The insurance asset management industry has 34 companies managing a total of 33.3 trillion yuan, reflecting a year-on-year growth of 10.6% [10][12] - The majority of managed assets are from insurance funds, accounting for 70.56% of the total [12] - The revenue of these companies reached 31.83 billion yuan, with a year-on-year growth rate of 7.31% [12]

Core Viewpoint - The China Banking and Insurance Asset Management Association has been renamed and is now including bank wealth management companies in its self-regulatory management and service scope, marking a significant step in the self-regulatory management system of the wealth management industry and supporting the collaborative development of two types of asset management institutions [1] Group 1 - The renaming of the association signifies a new phase in self-regulatory management for the banking and insurance asset management industry in China [1] - The inclusion of bank wealth management companies is a major initiative aimed at enhancing the self-regulatory management framework [1] - This move is expected to promote the collaborative development of banking and insurance asset management institutions [1]

Group 1 - The "11th Asset Management Summit and Trustworthy Financial Institutions Ceremony" was successfully held in Beijing, focusing on the theme "Asset Management Towards Excellence: Smartly Initiating a New Journey" [1] - The event gathered over a hundred guests, including representatives from financial regulatory bodies, leaders of top asset management institutions, academic authorities, and industry experts, to analyze the transformation paths of the asset management industry under global economic changes [1] - China’s asset management industry is entering a critical phase of high-quality development, with a shift in competition logic from scale expansion to quality enhancement, emphasizing compliance, product innovation, and ecological collaboration as key competitive indicators [1] Group 2 - CITIC Prudential Asset Management has maintained strong operational performance since its establishment, with total assets under management nearing 370 billion as of the end of Q3 2025, serving a diverse client base including insurance institutions, banks, and high-net-worth clients [2] - The company is actively exploring new avenues in the green finance sector, leveraging its unique advantages to focus on environmental protection, renewable energy, and energy-saving industries, providing stable and long-term financing support for green projects [2] - In the digital finance sector, the company is applying AI models to investment decision-making and has initiated the construction of four major platforms to enhance investment returns [2] Group 3 - The "Trustworthy Financial Institutions" selection process was conducted by a professional review panel, evaluating institutions based on compliance, core asset management capabilities, financial technology innovation, green finance practices, and social responsibility [3] - The evaluation involved multiple rounds of data verification, field research, and cross-validation to identify exemplary cases that contribute to the real economy and align with national strategies [3] - Moving forward, CITIC Prudential Asset Management will continue to focus on innovation and core business areas while strengthening its compliance and risk control systems to support national strategies and achieve sustainable growth [3]

Core Insights - The report highlights the growth and performance of the insurance asset management industry in China, showcasing key data and trends from 201 companies and 34 asset management firms [1] Group 1: Industry Overview - As of the end of 2024, the total assets under management by 34 insurance asset management companies reached 33.3 trillion yuan, marking a year-on-year increase of 10.6% [2] - The report indicates that the investment return rates for the industry have significantly improved, with 21 institutions achieving a comprehensive return rate exceeding 5% [3] Group 2: Asset Management Breakdown - The total investment asset scale of insurance asset management companies reached 32.68 trillion yuan by the end of 2024, reflecting a year-on-year growth of 25% [3] - The asset allocation structure shows that bonds account for 46% (15.18 trillion yuan), financial products for 20% (6.66 trillion yuan), bank deposits for 14% (4.46 trillion yuan), stocks for 7% (2.17 trillion yuan), public funds for 4% (1.27 trillion yuan), and equity investments for 1% (429.9 billion yuan) [3] Group 3: Revenue and Growth - The total revenue of the 34 institutions reached 318.3 billion yuan in 2024, an increase of 21.68 billion yuan, with a growth rate of 7.31% [4] - The revenue from dedicated account business grew by 19.21% to 182.14 billion yuan, while the revenue from combination products increased by only 1.36% to 71.16 billion yuan [4] Group 4: Talent and Employment - The number of employees in the insurance asset management industry increased to 7,631 by the end of 2024, reflecting a growth rate of 1.76% [5]

中国证券报记者近日发现，中国保险资产管理业协会官方微信公众号已正式更名为中国银行保险资产管 理业协会。早在今年8月，就有相关人士透露，协会已召集会员审议通过更名议案，10月完成工商信息 变更，目前协会网站尚未完成更名。 与此相应，银行理财公司融入统一行业自律体系也进入尾声。在全国32家银行理财公司中，已有30家成 为协会会员。在银行理财市场规模突破32万亿元的背景下，此次更名标志着资管行业将在统一的自律框 架下协同发展，有助于消除行业壁垒、规范信息披露并保护投资者权益。 官微更名落地 协会官微简介显示，中国银行保险资产管理业协会是由银行理财及保险资产管理行业自愿结成的全国 性、行业性、非营利性社会组织，接受国家金融监督管理总局和民政部的业务指导和监督管理，认真履 行自律、维权、协调、服务职能，发挥服务会员、辅助监管的作用，推动行业高质量发展。 此次更名并不突然。8月，某保险资管公司人士就曾透露，协会已召开会员审议表决会敲定更名事宜。 天眼查信息显示，10月协会完成工商信息变更，从法律层面完成主体身份更新。而近期协会官微名称切 换，或标志着更名工作步入收尾阶段。 会员扩容速度印证了行业对此次整合的积极响应。协会 ...