本报记者 杨笑寒 近日，中保保险资产登记交易系统有限公司（以下简称"中保登"）披露了人保资本保险资产管理有限公司、百年保险资产 管理有限责任公司、工银安盛资产管理有限公司等保险资管机构登记的4只资产支持计划情况，合计登记规模达130亿元。资产 支持计划也被业内称为"保险版ABS"。 今年以来，保险资管机构登记资产支持计划规模持续高速增长。据《证券日报》记者统计，今年前7个月，中保登共登记 资产支持计划50只，登记规模合计2218.77亿元，同比增长50.4%。 受访专家表示，在利率中枢持续下行的背景下，资产支持计划基础资产范围广、产品结构灵活、还款现金流明确、与股债 相关性较低，因此受到险资青睐。 7月份产品登记规模大增 资产支持计划业务是指保险资管机构等专业管理机构作为受托人设立支持计划，以基础资产产生的现金流为偿付支持，面 向保险机构等合格投资者发行受益凭证的业务活动。 广东凯利资本管理有限公司总裁张令佳对《证券日报》记者表示，资产支持计划所登记的资产能够带来长期稳定现金流， 这些资产往往具有非周期性特点（如公共服务），与股债相关性低，在利率下降时期可为险资提供缓冲。 在政策面上，今年4月份，国家金融监督 ...

截至目前，除华夏久盈资产管理有限责任公司暂缓披露去年年度报告外，其余34家保险资管机构（包含 一家养老险公司）均已披露去年年报。数据显示，34家保险资管机构去年合计实现营业收入416.00亿 元，同比增长14%；合计实现净利润183.52亿元，同比增长18%。 受访专家表示，保险资管机构去年整体业绩表现突出，与权益市场表现较好、多项新型业务拓展业务增 长点、保险行业资金增长等因素相关。 21家净利润同比增长 今年以来，监管部门多措并举，拓宽险资入市空间，引导险资加强权益投资。 净利润方面，34家保险资管机构中，有33家实现盈利，盈利额总计183.68亿元；1家亏损0.16亿元。具体 来看，国寿资产、泰康资产、平安资管和国寿投资净利润均超过10亿元，其中，国寿资产实现净利润 38.57亿元，位列第一名。 从趋势来看，21家保险资管机构实现净利润同比正增长，1家保险资管机构扭亏为盈，1家保险资管机构 亏损扩大，11家保险资管机构净利润同比下降。 普华永道管理咨询（上海）有限公司中国金融行业管理咨询合伙人周瑾补充说，绝大部分保险资管机构 的业绩都和其股东的保险业务表现呈现出高度的正相关性。2024年，保险行业的保费 ...

近日，两家保险资产管理公司的总经理人事变动迎来新进展。其中，中邮保险资产管理有限公司总经理张 戬的任职资格已获核准通过；朱健则拟任光大永明资产管理股份有限公司总经理一职。 张戬获批出任中邮资管总经理 其中，中邮保险资产管理有限公司（简称"中邮资管"）官网近日公告，根据公司第一届董事会第五次会议决 议，经北京金融监管局任职资格核准通过，公司于7月31日正式聘任张戬为公司总经理。 履历显示，张戬为经济学博士研究生，此前任中邮资管临时负责人、副总经理。此前，他曾任中邮人寿保险股 份有限公司（简称"中邮保险"）资产管理中心创新投资部负责人、权益投资部负责人，中国人寿资产管理有限 公司资产配置部业务董事，中银国际证券研究部主管助理等职务。 据官网披露，朱健已任光大永明资产党委书记，他目前的职务包括执行董事、临时负责人、临时首席合规官。 根据公开信息，朱健于2018年获批出任光大永明资产副总经理，此前他曾任职于光大证券、安信证券。 据了解，此番去职光大永明资产总经理的程锐，已赴光大永明资产母公司光大永明人寿体系任职。 光大永明资产于2012年4月在北京开业，是原中国保监会核准的第12家保险资产管理公司，注册资本为5亿元， ...

1. Report Industry Investment Rating - The report does not provide a specific industry investment rating. 2. Core Viewpoints of the Report - China's pension system is undergoing profound changes due to the acceleration of population aging. The enterprise annuity, as an important part of the second - pillar pension, has significant development potential. In the future, through measures such as expanding coverage, optimizing equity allocation, and integrating the three - pillar pension system, it is expected to enhance the retirement income replacement rate of employees in small and medium - sized enterprises and become a key support in addressing the challenges of aging [1]. - The enterprise annuity is transitioning from "short - term investment of long - term funds" to "long - term investment of long - term funds". With the implementation of the "automatic enrollment + voluntary withdrawal" mechanism, the establishment of a long - term assessment mechanism, and the integration of the three - pillar pension system, the enterprise annuity's role in the pension system will be further strengthened [1]. 3. Summary by Relevant Catalogs 3.1 Historical Evolution - **Non - marketization to Marketization**: From 1991 - 2004, it was the non - marketization operation stage, including the exploration period (1991 - 2000) and the pilot transformation period (2000 - 2004). After 2004, it entered the market operation stage, with the rapid development period from 2007 - 2016 and the mature deepening period from 2017 to the present. During this process, policy dividends continuously promoted scale expansion, but there were also deep - seated contradictions such as system design and investment performance fluctuations [8][9][10]. - **Enterprise Annuity Management Institutions**: The market shows characteristics of high concentration and professional division of labor. There are four types of management institutions, with different numbers and types of institutions in each category. The insurance - based institutions dominate the trustee market, and the public - offering fund companies play an important role in the investment management field [16]. - **Enterprise Annuity Plans and Pension Products**: There are single plans and collective plans. Single plans are suitable for large enterprises, while collective plans have advantages such as high efficiency and low cost. Pension products have gradually expanded their investment scope over the years [39][41][44]. 3.2 Current Situation of Enterprise Annuity - **Coverage and Regional Characteristics**: The number of participating employees in enterprise annuities is increasing, but the coverage rate has not improved significantly. The participation rate is far lower than that of OECD countries. In terms of regional distribution, central enterprises and economically developed regions dominate [45][50]. - **Investment Performance**: The overall performance of enterprise annuities has been growing steadily in the long - term. In the past three years (2022Q1 - 2025Q1), the cumulative return reached 7.46%. Asset allocation is significantly differentiated, with fixed - income products performing better in the past three years. The performance also varies between different plans and investment managers [55][65][71]. - **Different Investment Managers**: The market shows a trend of strengthening the leading position of top - tier institutions. The assessment mechanism is shifting towards long - term orientation. Different types of institutions have different investment capabilities in equity and fixed - income products [71][72]. - **Annuity Pension Products**: As of 2025Q1, there are 649 registered pension products and 573 actually operating products. The top three in terms of the number of actually operating products are common stock - type, hybrid, and common fixed - income products [75]. 3.3 Future Development of Enterprise Annuity - **Coverage Expansion**: The "automatic enrollment + voluntary withdrawal" mechanism may be promoted to reduce the participation threshold for small and medium - sized enterprises and expand the coverage [1][82]. - **Head - Concentration of Institutions**: The "Matthew effect" in the trustee and investment management markets may intensify, with insurance - based institutions continuing to dominate, and the proportion of large state - owned banks may increase [82]. - **Structural Adjustment of Investment Management**: There may be a two - way evolution in the investment management of single and collective plans. The long - term assessment mechanism may be implemented soon, and the equity allocation ratio may increase [83].

在主旨演讲环节，来自基金公司、保险资管、券商等机构的专业人士，围绕资产筛选、资产承做、投资 估值等环节，探讨挖掘公募REITs生态发展价值。 近日，由证券时报社主办的"变革与突围.中国基金业高质量发展系列沙龙"之"掘金公募REITs大时代.生 态共建与价值共生"在北京成功举行。 ...

8月1日，国家金融监督管理总局背景监管局发布任职批复公告，核准张戬中邮保险资产管理有限公司（以下简称"中邮保险 资产"）总经理的任职资格。这也是公司成立以来首任总经理，而这距离其去年7月获批担任公司副总经理仅约一年，晋升 速度颇为快速。 张戬副总转正仅历时一年，前任阴秀生意外离任 履历显示，张戬，经济学博士研究生。此前担任中邮保险资管临时负责人、副总经理，分管组合管理部、固定收益投资 部、权益投资部、战略研究部、董事会办公室、总经理办公室工作。其曾任中邮人寿资产管理中心创新投资部负责人、权 益投资部负责人，中国人寿资管资产配置部业务董事，中银国际证券研究部主管助理等职务。 图中人物系 张戬 值得注意的是，其前任总经理临时负责人阴秀生，履职不足一年即告离任。其生于1965年6月，经济学硕士，履历显赫。在 加入中邮体系前，曾历任中再资管、国泰君安证券、安信证券副总裁等职。进入中邮后，他身兼中邮人寿党委委员、首席 投资官及董事会秘书数职，并出任中邮保险资管党委副书记、总经理临时负责人。然而，2024年4月，其先行卸任中邮人寿 全部职务，同年9月2日，中邮人寿股东会决议生效，其保险资管总经理临时负责人职务同步终止。此 ...

北京商报讯（记者 李秀梅）8月1日，北京金融监管局发布关于张戬中邮保险资产管理有限公司（以下简称"中邮保险资"）总经理任职资格的批复表示，核 准张戬中邮保险资管总经理的任职资格。中邮保险资管应督促上述核准任职资格人员持续学习和掌握经济金融相关法律法规，牢固树立风险合规意识，熟悉 任职岗位职责，忠实勤勉履职。 图片来源：北京金融监管局 ...

Core Insights - The company held a management meeting for the first half of 2025 on July 28, highlighting significant achievements in its operations [1] - As of the end of June, the company has a cumulative signed scale exceeding 1 trillion yuan and managed assets exceeding 620 billion yuan, ranking first among alternative insurance asset management companies [1] - In the first half of the year, the company added over 50 billion yuan in new allocations, with third-party business managed scale exceeding 150 billion yuan [1] - All key tasks outlined in the 14th Five-Year Plan have been completed, with five indicators exceeding expectations ahead of schedule [1]

Core Viewpoint - The insurance asset management companies are shifting their focus towards equity investments and asset securitization, reflecting a change in how insurance funds serve the real economy [1][5]. Debt Investment Plans - In the first half of the year, insurance asset management institutions registered 137 debt investment plans with a total scale of 212.2 billion, marking a year-on-year decrease of 23% and 24.5% respectively [2]. - This decline in debt plans has been ongoing for four consecutive years, with the peak in 2021 seeing over 960 billion registered [2]. - The average yield of newly registered debt plans has dropped to just above 3%, with quality assets yielding less than 2% [3]. Shift to Asset Securitization - Insurance asset management companies are increasingly focusing on asset securitization to revitalize existing infrastructure projects [4]. - The asset-backed plans have seen significant growth, with the scale reaching nearly 460 billion in 2023, up from 300 billion in 2022 [5]. Growth in Equity Investment - In contrast to the decline in debt plans, equity investment business has experienced rapid growth, with 11 new equity investment plans registered, a 120% increase year-on-year [7]. - The total scale of equity investment plans reached approximately 26.8 billion, reflecting a 188% increase [7]. - The insurance private equity funds also saw substantial growth, with three new funds registered, totaling around 25 billion, marking increases of 50% and 524.9% respectively [8]. Investment Focus and Strategy - The new equity plans and private equity funds are increasingly directed towards projects in new economic sectors, such as green infrastructure and data centers [9]. - The insurance asset management sector is recognizing the need to adapt to the changing economic landscape, with a focus on equity investments becoming a core competitive advantage [9].

Core Viewpoint - The insurance asset management industry is experiencing a shift in focus from traditional debt investment plans to alternative investments such as equity investment plans and private equity funds, reflecting a need to adapt to changing market demands and support the real economy [1][2][6]. Debt Investment Plans - In the first half of 2025, insurance asset management institutions registered 137 debt investment plans, a decrease of 23% year-on-year, with a total scale of 212.2 billion yuan, down 24.5% [2]. - This marks the fourth consecutive year of decline in new business volume for debt plans since 2022, with the peak registration in 2021 reaching over 960 billion yuan [2]. - The average yield for newly registered debt plans has fallen to above 3%, with quality assets yielding less than 2% [3]. Shift to Asset Securitization - Insurance asset management companies are increasingly focusing on asset securitization to revitalize existing infrastructure projects, with funds being directed towards green and new economy projects [4][5]. - The asset-backed plans have seen rapid growth since the transition to a registration system in September 2021, with the scale reaching nearly 460 billion yuan in 2023 [5]. Growth in Equity Investment - In contrast to the decline in debt plans, equity investment business has seen significant growth, with 11 new equity investment plans registered, a 120% increase year-on-year, and a total scale of approximately 26.8 billion yuan, up 188% [6]. - The number of private equity funds registered has also increased, with three funds totaling around 25 billion yuan, reflecting a growth of 50% and 524.9% respectively [6][7]. Strategic Focus on Quality Assets - The insurance asset management sector is prioritizing equity investments as a core competitive advantage, with a focus on identifying quality assets and designing appropriate transaction structures [8]. - The transition from a liability-driven to an equity-driven investment model necessitates adapting investment strategies to meet new economic demands [8].