会上，省地方金融管理局、省国资委作宣传推介，多家企业和参会机构作融资路演和经验分享，辽 沈资产盘活和沈阳集成电路并购险资基金项目、沈阳文旅商综合项目及沈阳基础设施保债项目现场签 约。下一步，辽宁将在机制建设上再深化，推动与保险资管机构建立常态化、制度化合作机制；在项目 质量上再提升，持续挖掘、培育、储备更多优质项目；在支持保障上再优化，动态完善险资引入激励政 策；在服务模式上再升级，为每一个险资落地项目提供全周期服务。 国家金融监督管理总局资管机构监管司、中国保险资产管理业协会负责人，国内23家知名保险资管 机构负责人，以及省内重点企业代表和智库专家等100余人参会。 9月17日，辽宁省险资引入发展大会在沈阳举办。大会以"引险资活水 促辽宁振兴"为主题，旨在促 进保险资金与辽宁产业发展深度对接，为打好打赢三年行动决胜之年决胜之战注入更多金融动能。省委 常委、副省长王健出席会议并致辞。 近年来，辽宁坚持在市场化法治化轨道上推进金融创新发展，为包括保险资金在内的不同类型资本 在辽投资展业创造条件、畅通渠道。辽宁金融生态持续优化，政策力度有效增强，金融供给不断丰富， 合作平台加速完善，金融服务实体经济质效不断提升。 ...

Core Viewpoint - The insurance asset management industry is entering a phase of "strict regulatory normalization," with increased transparency and regularity in enforcement actions [1][3]. Regulatory Actions - Recent penalties have been imposed on several insurance asset management companies, including China Merchants Insurance Asset Management Co. and Pacific Asset Management Co., totaling 1.259 million yuan in fines this year [2][3]. - Specific violations include non-compliance in investment operations related to trust plans and debt investment plans, with multiple responsible individuals also facing penalties [2][5]. Industry Trends - The insurance asset management sector has seen a significant increase in regulatory penalties, with 42 individuals penalized across four institutions this year alone [3]. - The shift from a "principle-oriented" to a "rule-oriented" regulatory approach indicates a tightening of oversight, reflecting a need for the industry to transition from rapid expansion to standardized development [3][6]. Areas of Concern - Violations are primarily concentrated in alternative investment areas such as debt investment plans and trust plans, which are characterized by their complexity and lack of transparency [5][6]. - The industry's pressure to deliver stable returns in a low-interest environment has led to a misalignment between risk appetite and compliance requirements [6]. Governance Issues - There is a notable correlation between the violations of insurance asset management companies and their parent insurance companies, often due to governance structure flaws and lack of independent decision-making [7][8]. - The dependence on parent companies for business and funding can lead to compromised compliance and risk management practices [8][9]. Recommendations for Future Regulation - Future regulatory focus should not only address operational violations but also strengthen governance structures to prevent parent company interference in asset management decisions [9].

9月18日，平安信托有限责任公司发布公告称，经公司2025年第二次临时股东会及第八届董事会第五次会议审议通过，并经国家金融监督管理总局深圳监管 局核准，王欣先生接替方蔚豪先生出任公司董事长。 平安信托董事会对方蔚豪先生为公司发展作出的贡献表示感谢。后续，公司将按照相关规定办理工商变更登记手续。 王欣拥有北京大学硕士学位，是高级经济师，职业履历横跨商业银行与保险资管两大领域。 1996年，王欣加入平安银行（原深圳发展银行）后，从总行营业部、发展研究部等岗位起步，逐步成长为实战型管理者——在平安银行北京分行任行长助理 兼风险总监期间，首创供应链金融"商商银"模式，有效规避联保互保等高风险授信业务，推动分行信贷资产质量长期保持行业优秀水平；此后调任郑州分行 行长助理兼风险总监、济南分行党委书记兼行长，始终以"风险前置"理念推动业务结构优化。 年报显示，2024年公司受理自然人新增投诉共86件，其中涉诉产品业务类型超八成集中在房地产类信托，占年度总投诉量的88%；从投诉溯源来看，因产品 延期不满引发的投诉达75件，占比87%。 值得关注的是，早在2022年，平安信托已停止地产项目以及面向个人投资者的融资类信托业务新增 ...

Core Viewpoint - The conference in Liaoning aims to promote the deep integration of insurance funds with the province's industrial development, injecting more financial momentum into the revitalization efforts of Liaoning [1]. Group 1: Financial Innovation and Ecosystem - Liaoning has been advancing financial innovation in a market-oriented and legal framework, creating favorable conditions for various types of capital, including insurance funds, to invest and operate in the province [1]. - The financial ecosystem in Liaoning is continuously improving, with enhanced policy measures, diversified financial supply, and accelerated development of cooperation platforms [1]. Group 2: Project Development and Collaboration - The conference featured promotional presentations from the Liaoning Provincial Financial Management Bureau and the State-owned Assets Supervision and Administration Commission, along with financing roadshows and experience sharing from various enterprises and participating institutions [1]. - Several projects were signed on-site, including the revitalization of Liao-Shen assets, a merger and acquisition insurance fund project in the integrated circuit sector, a cultural tourism and commerce project, and an infrastructure debt guarantee project in Shenyang [1]. Group 3: Future Initiatives - Liaoning plans to deepen mechanism construction by establishing a normalized and institutionalized cooperation mechanism with insurance asset management institutions [1]. - The province aims to enhance project quality by continuously exploring, cultivating, and reserving more high-quality projects [1]. - There will be an optimization of support and guarantee measures, dynamically improving incentive policies for introducing insurance funds [1]. - Upgrading service models to provide full lifecycle services for each insurance fund project is also a priority [1].

整体而言，与2024年上半年相比，今年同期5家保险资管机构合计实现的营业收入与净利润均呈现双增长态势。"从短期来看，若资本市场保持稳定，且第三 方业务拓展顺利，增长态势有望延续。但需关注利率下行对固收收益的潜在压力。站在长期角度，需要依赖产品创新能力（如ESG策略、另类投资）与投研 体系深化，若无法持续满足市场化资金收益要求，增长可能放缓。"王鹏接受环球网记者采访时称。 第三方业务占比提升，挑战与机遇并存 【环球网财经报道 记者 冯超男】根据中国保险行业协会官网消息，目前，中国人保资产管理有限公司（下称"人保资产"）、泰康资产管理有限责任公司 （下称"泰康资产"）、中国人寿资产管理有限公司（下称"国寿资产"）、中意资产管理有限责任公司（下称"中意资产"）、安联保险资产管理有限公司（下 称"安联资管"）公布2025年半年度信息披露报告。 进一步来讲，今年上半年，5家保险资管机构实现营业收入总计达77.88亿元，较上年同期增长14.78%，并均已盈利，总计达38.84亿元，同比增长30.7%。 对于此，北京社科院副研究员王鹏表示，增长背后驱动力主要有三点：一是行业红利释放：保险行业保费收入稳步增长，叠加资本市场回 ...

Core Viewpoint - The market is experiencing an innovation-driven bull market, with sectors such as AI, innovative pharmaceuticals, and new consumption witnessing significant growth in "Chinese-style innovation" [1][6]. Group 1: Investment Strategy - The investment strategy is based on a three-dimensional model combining macroeconomic cycle assessment, industry rotation allocation, and in-depth stock analysis [1][4]. - The approach emphasizes a dynamic balance in asset allocation, avoiding extreme positions typical of either growth or value investing [4][5]. - The investment framework is characterized by a focus on economic cycles and industry trends, selecting 3 to 5 high-prospect industries for targeted investment each year [4][6]. Group 2: Performance Metrics - The net value growth rate of the fund managed by the company reached 19.18% in the past six months and 18.70% over the past year [3]. - The fund's performance ranked in the top 5% of its peers over the past two years, indicating strong relative performance [3]. Group 3: Market Adaptation - The company adjusts its stock positions flexibly, reducing equity exposure from 91% in Q2 2023 to 67% by the end of Q4 2023, effectively managing drawdowns during uncertain market conditions [6]. - In 2024, the company increased stock positions again, successfully capturing market opportunities [6]. Group 4: Key Investment Themes - The company identifies three key investment themes with contemporary relevance: AI, innovative pharmaceuticals, and new consumption, which are seen as driving forces of the current market [5][6]. - The innovative pharmaceutical sector is highlighted as undergoing significant transformation, approaching the standards of developed countries [6].

本报记者 杨笑寒 据《证券日报》记者梳理，截至9月12日，已有5家保险资管机构披露了半年报。今年上半年，5家保险 资管机构合计实现营业收入77.88亿元，同比增长14.8%，合计实现净利润38.85亿元，同比增长30.7%。 受访专家表示，保险资管机构实现营收和净利同比双增，主要受投资收益提升、保险行业与资金持续发 展、监管引导拓宽投资渠道等因素推动。 外资持续加码布局 随着我国保险资管行业日益成熟，我国保险资管机构队伍持续壮大，外资也持续加码布局。 近日，保德信保险资产管理有限公司（以下简称"保德信资管"）获国家金融监督管理总局的开业批复。 另外，今年已有两家外资保险资管机构获批筹建。6月份，国家金融监督管理总局发布行政批复，同意 荷兰全球人寿保险集团筹建荷全保险资产管理有限公司，以及友邦人寿保险有限公司（以下简称"友邦 人寿"）筹建友邦保险资产管理有限公司（以下简称"友邦保险资管"）。 盘古智库（北京）信息咨询有限公司高级研究员江瀚对《证券日报》记者表示，多家外资参与的保险资 管机构今年获批筹建，体现了外资对我国保险市场巨大潜力和长期发展前景的看好。同时，我国保险市 场的开放程度和监管环境的持续优化，也为 ...

Core Viewpoint - The establishment of Prudential Asset Management Company marks a significant step in the deepening of foreign investment in China's financial sector, reflecting long-term confidence from foreign institutions in the Chinese market [1][2]. Group 1: Company Overview - Prudential Asset Management Company is the first wholly foreign-owned insurance asset management company in China, approved by the National Financial Regulatory Administration [1]. - The company is registered in Beijing with a registered capital of 20 million USD, initiated by Prudential Financial Group's wholly-owned subsidiary, Prudential Insurance Company of America [1]. - Prudential Financial Group has over 150 years of history and operates in more than 50 countries, providing services such as life insurance, annuities, mutual funds, investment management, and retirement planning [1]. Group 2: Business Focus and Strategy - Prudential Asset Management will focus on expanding asset management and investment consulting services, aiming to establish a long-term advantage in absolute return strategies [2]. - The company plans to enhance its asset allocation capabilities across all asset classes and pursue sustainable excess returns [2]. - It will leverage Prudential Group's global resources and research teams to offer cross-border investment services to Chinese investors and assist international investors in participating in the Chinese capital market [2]. Group 3: Market Context - Prudential Asset Management is the second wholly foreign-owned insurance asset management company in China, following Allianz Insurance Asset Management [2]. - The total number of domestic insurance asset management companies has now increased to 35 with the opening of Prudential Asset Management [2]. - The pace of foreign institutions entering the Chinese insurance asset management market has accelerated, with recent approvals for other foreign companies such as Aegon and AIA [2].

Group 1 - The total amount of projects included in the "Two Zones" construction in Xicheng District over the past five years reached 768.229 billion yuan, with 945 projects in total [1] - In the financial sector, 208 projects were included, amounting to 620.963 billion yuan, which accounts for 80.83% of the total project amount in the district [1] - Notable projects include the establishment of the Beijing Stock Exchange and the Beijing Financial Court, enhancing the core area of the national financial management center [1] Group 2 - By 2024, the added value of the digital economy in Xicheng District is expected to exceed 240 billion yuan, with over 2,600 enterprises in the core digital economy industry [2] - There are 718 large-scale data enterprises in the district, with revenues surpassing 200 billion yuan [2]

Group 1 - On September 10, the State Council approved the establishment of the Huangyan Island National Nature Reserve [2] - The Ministry of Industry and Information Technology and five other departments announced a three-month special rectification action in the automotive industry to address online chaos [2] - The State Administration for Market Regulation released national standards for individual business credit evaluation to facilitate credit financing for individual businesses [2] Group 2 - The Financial Regulatory Administration held a meeting to reinforce the implementation of the Central Eight Regulations and promote a culture of compliance within the financial system [3] - The Financial Regulatory Administration, the People's Bank of China, and the China Securities Regulatory Commission will jointly conduct a financial education campaign from September 15 to 21, 2025 [3] - On September 10, new futures and options for various commodities were launched on the Shanghai Futures Exchange, increasing the total number of domestic commodity futures options to 136 [3] Group 3 - Prudential Insurance Asset Management Company received approval from the Financial Regulatory Administration to commence operations, marking a significant step in the opening of China's insurance asset management industry to foreign investment [4]