Core Insights - The article highlights the significant growth of insurance asset-backed securities (ABS) in China, with a total registration scale of 130 billion yuan for four new asset-backed plans, contributing to a total of over 2000 billion yuan for the year, marking a substantial increase compared to the same period last year [1][2]. Group 1: Growth of Insurance ABS - The number of asset-backed plans registered by Zhongbao Dengdeng has reached 50 this year, with a cumulative scale exceeding 2000 billion yuan, indicating a notable year-on-year increase [1][2]. - Insurance ABS, characterized by its flexible structure and clear cash flow, has become an important tool for asset allocation among insurance and bank wealth management funds in a low-interest-rate environment [1][2]. Group 2: Types of Underlying Assets - The types of underlying assets for ABS have diversified, including consumer finance, micro-loans, supply chain assets, financing leases, fund shares, and restructured debts, reflecting a trend towards innovation in asset types [3]. - The growth of asset-backed plans is driven by regulatory reforms and market changes, with a focus on revitalizing existing assets and aligning with the risk preferences of insurance and wealth management funds [3]. Group 3: Future Development Trends - Future developments in insurance ABS are expected to expand into new areas such as carbon credit rights, data assets, and the silver economy, while also deepening involvement in green finance and rural revitalization [4]. Group 4: Exchange-Traded ABS - The recent guidance from the China Securities Regulatory Commission supports insurance asset management institutions in participating in ABS and REITs, with five institutions being the first to pilot these initiatives [5]. - By the end of 2024, these pilot insurance asset management institutions successfully issued their first ABS on the exchange, covering various asset types such as financing leases and receivables [6].

Core Insights - The recent registration of four asset-backed plans by China Insurance Asset Registration and Custody Corporation (中保登) indicates a total scale of 13 billion yuan, contributing to a significant year-on-year growth in the asset-backed securities (ABS) market for insurance asset management institutions [1][2] - The growth of insurance ABS is attributed to its flexible structure, clear cash flow, and the increasing variety of underlying assets, making it an important tool for investment by insurance and bank wealth management funds in a low-interest-rate environment [1][2] Group 1: Growth of Insurance ABS - A total of 50 asset-backed plans have been registered this year, with a cumulative scale exceeding 200 billion yuan, marking a substantial increase compared to the same period last year [2] - The majority of funds for insurance ABS subscriptions come from within the insurance industry, with some interest from wealth management funds [2][3] Group 2: Diversification of Underlying Assets - The types of underlying assets for ABS have diversified, including consumer finance, micro-loans, supply chain assets, financing leases, fund shares, and restructured debts [3] - New asset types and business models are emerging, with products covering leasing debts, infrastructure revenue rights, consumer finance debts, supply chain receivables, commercial real estate mortgages, and small loans [3] Group 3: Development of Exchange-Traded ABS - The China Securities Regulatory Commission has guided stock exchanges to support insurance asset management institutions in conducting ABS and REITs business, with five institutions being the first to pilot this initiative [4] - These institutions have successfully issued their first ABS on the exchange, covering various underlying asset types such as financing leases, receivables, and policy pledge loans [4]

"保险资管机构应积极拥抱财富管理市场，在培育高净值户、扩展资金来源和销售渠道，丰富产品 类别，开发工具类产品，并提供相应资产配置咨询服务等方面，发挥自身优势，赢得市场。"近期，国 寿资产有关团队在《中国保险资产管理》上发布的《新时代加快发展保险资管产品的思考与建议》文章 中称。 同时，上述文章还呼吁让所有资管机构在同一起跑线上公平竞争，在税收待遇、打新政策等方面与 公募基金保持一致，并期望相关监管部门放开年金、社保基金对保险组合类资管产品的投资。 组合类保险资管大发展 在此背景下，组合类保险资管产品应从多方面进行应对，积极拥抱财富管理市场。首先，保险资管 有望通过养老金及高净值客户进一步拓宽资金来源；其次，保险资管产品代销正处起步阶段，合作模式 和能力建设仍需持续深耕。 加快行业发展几个建议 上述文章还分析，保险资管行业也面临一些问题。比如，部分保险资管产品存在税负优惠不同的问 题，降低产品对投资者的吸引力；保险资管产品股票打新被认定为B类投资者，配售比例低于基金及基 本养老金和社会保障基金等。2023年，保险业IFRS9的实施将给保险资管机构带来诸多挑战。 对此，该文也提出了一些政策期待。2018年，资管新 ...

《保险资产管理公司管理规定》将于9月1日起施行，目前已进入倒计时。业内人士认为，保险资管 机构正加速向市场化、专业化方向发展，大力发展组合类保险资管产品。数据显示，组合类保险资管产 品规模已从2019年末的1.35万亿元增至2021年末的超3万亿元。 组合类保险资管产品助推市场化 Wind数据显示，截至8月11日，公开披露净值情况的组合类保险资管产品有810余只，固定收益类 产品占据大头。具体来看，固收类528只，权益类148只，混合类132只，商品及金融衍生品类暂无，其 他类别4只。 从今年以来的年化回报率来看（包括今年成立的新产品），固收类最高回报率为17.95%，回报中 位数为2.09%；权益类最高回报率为18.23%，回报中位数为-19.46%；混合类最高回报率为41.63%，回 报中位数为-9.07%。 从三年中长期业绩来看，Wind数据显示，固收类保险资管产品方面，混合型债券二级类保险资管 产品近三年收益率中位数为21.13%，领先固收其他类型产品。中长期纯债型保险资管产品三年收益率 中位数为14.72%，同期公募中长期纯债型基金回报率中位数为10.96%。短期纯债型保险资管产品三年 收益率中位数 ...

数据显示，2019年，中保登上线资产支持计划注册系统。2019年至2022年，在中保登注册/登记的保险 资产支持计划数量分别为8只、24只、37只、65只，注册/登记规模分别为115亿元、713亿元、1562亿 元、3045亿元。 从需求层面看，光大永明资产表示，目前流动性较为充裕，包括银行资金特别是理财资金在内的资金方 对资产的需求较大。同时，行业普遍认为，以底层资产分散作为重要特征的ABS在风险收益的匹配上更 具性价比，且作为非标产品，险资版ABS与标品ABS相比，具有一定的收益率溢价。 人保资本保险资产管理有限公司（简称"人保资本"）党委书记、总裁万谊青近日在署名文章中提到，宏 观环境为险资版ABS业务发展提供了广阔空间。例如，稳经济专项政策在充实资产供给的同时，亦刺激 盘活存量资产的需求，市场对优质资产的需求强劲。同时，我国在基础设施等领域积累了大量优质存量 资产，亟待通过资产证券化的方式进行盘活，形成存量资产和新增投资的良性循环。 业内人士认为，当前，优质资产较为稀缺，险资版ABS市场具有增长快、空间大的特点，在供需双方的 共同推动下，市场规模还将持续快速增长。 11月30日，中保保险资产登记交易系 ...

Core Viewpoint - The yield of debt investment plans has significantly declined in recent years, with new products averaging expected yields of "3%+" and high-quality asset projects dropping below 3% [2][3]. Summary by Sections Yield Trends - The average yield of newly registered debt investment plans has fallen to a range of 3.6% to 3.9% this year, with yields above 4% becoming rare [3][4]. - Historical data shows a clear downward trend in yields over the past decade, with infrastructure debt plans averaging 6.61% in 2015 and real estate debt plans at 7.25% [4][5]. Market Dynamics - The decline in yields is attributed to reduced financing demand from traditional sectors like real estate and infrastructure, which are currently in an adjustment phase [6]. - The competition among financing methods, including trust plans and bank loans, has intensified, making it challenging for debt investment plans to maintain competitive yields [7][8]. New Investment Opportunities - There is a slight yield advantage for debt plans targeting new infrastructure projects, with yields approximately 40 basis points higher than traditional sectors [6]. - The focus is shifting towards new economic sectors, such as 5G, IoT, and data centers, which are seen as potential growth areas for long-term investment [6]. Perpetual Debt Plans - Perpetual debt plans are gaining traction due to their favorable characteristics for both issuers and investors, offering a more "friendly" financing method for asset-liability ratios [7][8]. - Several perpetual debt plans have been registered recently, indicating a growing interest in this financing structure [7].

Core Viewpoint - The insurance asset management sector is experiencing significant growth in asset-backed securities (ABS) registration, driven by favorable market conditions and regulatory support [1][2][3]. Group 1: Asset-Backed Securities Growth - Zhongbao Insurance Asset Registration and Trading System Co., Ltd. reported that four asset-backed plans registered by insurance asset management institutions totaled 13 billion yuan [1]. - In the first seven months of this year, 50 asset-backed plans were registered, with a total scale of 221.877 billion yuan, marking a year-on-year increase of 50.4% [1][2]. - In July alone, 12 asset-backed plans were registered, up from 6 in the same month last year, with a total registration scale of 41.781 billion yuan, reflecting a year-on-year growth of 71.7% [2]. Group 2: Market Drivers - The growth in asset-backed plans is attributed to their risk characteristics aligning with insurance capital preferences and the ongoing decline in interest rates, prompting insurers to seek quality assets [2][4]. - The flexibility of product structure, clear repayment cash flows, and low correlation with equities and bonds make asset-backed plans attractive to insurers [2][3]. Group 3: Regulatory Support and Innovation - In April, the National Financial Supervision Administration and other departments issued a plan to support banks and insurance institutions in increasing investments in technology-driven bonds and asset-backed plans [3]. - Asset-backed plans are expanding into new segments, including steam charging rights, data asset charging rights, and new energy electricity revenue rights, indicating ongoing product innovation [3]. Group 4: Future Outlook - The insurance sector is expected to continue increasing the scale of registered asset-backed plans, with a broader variety of underlying assets [5]. - As investment scales grow, insurers will enhance their asset judgment capabilities and accumulate more experience in risk management and disposal related to asset-backed plans [5].

Core Viewpoint - The progress of asset-backed plan business by insurance asset management institutions is accelerating, with a significant increase in the number and scale of registered plans in 2023 compared to the previous year [1][2]. Group 1: Asset-Backed Plans Overview - As of April 17, 2023, 10 insurance asset management institutions have registered 19 asset-backed plans with a total scale of 769.41 billion yuan, representing a 57% year-on-year increase [1][2]. - Asset-backed plans are financial products where insurance asset management institutions act as custodians, raising funds from investors to invest in low liquidity but predictable cash flow underlying assets, often referred to as "insurance version ABS" [2]. Group 2: Advantages for Insurance Asset Management Institutions - Insurance asset management institutions have a dual role: they allocate assets on behalf of insurance funds and also act as investment banks to package assets, allowing them to access new investable assets beyond traditional debt and equity products [3]. - The fixed income characteristics and diversified cash flow sources of asset-backed plans align with the risk preferences of insurance funds, providing new investment avenues amid an "asset shortage" environment [3]. Group 3: Diversification of Underlying Assets - The underlying asset categories for asset-backed plans have expanded to include green assets, small consumer loans, and financing leases, driven by the need for liquidity and the demand to revitalize existing assets [4]. - Insurance companies can achieve better asset-liability matching and risk diversification through the multi-allocation of asset-backed plans, optimizing investment returns and cash flow [4]. Group 4: Support for Real Economy - Asset-backed plans offer channels for insurance funds to strengthen the construction of technology financial product systems and support the development of the real economy [5]. - The emergence of asset securitization products signifies a mature financial system, providing enterprises with financing channels beyond equity and debt, particularly beneficial for managing risks associated with extended accounts receivable cycles [5]. Group 5: Future Outlook - The asset-backed plan business is expected to continue growing, with a trend towards diversification in the types of underlying assets and an increase in the number and scale of plans [6].

Core Insights - The overall performance of insurance asset management institutions in 2023 was strong, with a total revenue of 41.6 billion yuan, representing a 14% year-on-year increase, and a net profit of 18.35 billion yuan, up 18% year-on-year [1][2] Group 1: Financial Performance - 34 insurance asset management institutions reported a total revenue of 41.6 billion yuan and a net profit of 18.35 billion yuan for the year [1] - China Life Asset Management Company led in revenue with 6.703 billion yuan, followed by Taikang Asset Management at 6.282 billion yuan, and Ping An Asset Management at 4.045 billion yuan [2] - 21 institutions reported a year-on-year increase in net profit, with 33 out of 34 institutions being profitable [2] Group 2: Market Trends and Factors - The performance of insurance asset management institutions is closely linked to the performance of their parent insurance businesses, benefiting from a favorable insurance premium growth trend and strong investment returns [3] - Regulatory measures have been implemented to expand the investment space for insurance funds, including increasing the equity asset ratio and optimizing investment risk factors [4] Group 3: Strategic Focus - Insurance asset management institutions are encouraged to enhance their equity investment capabilities, with a focus on market-driven incentive mechanisms and long-term assessment frameworks [4] - There is a need to adapt asset allocation strategies to align with China's economic transformation, emphasizing equity investment opportunities and managing asset volatility [5]

Core Viewpoint - The successful issuance of the "Taikang Asset - Caitong - Yuanjing New Energy Holding Real Estate Asset Support Special Plan (Carbon Neutral)" marks a significant step in the securitization of wind power assets and provides a useful reference for insurance asset management companies to expand their ABS business on the exchange [1] Group 1: Asset Securitization Development - The issuance of the asset-backed securities (ABS) plan is the first of its kind using onshore wind farms as underlying assets, indicating a key advancement in the wind power asset securitization market [1] - As of June 20, 2023, insurance asset management companies have registered 37 asset support plans this year, with a total scale of 1700.96 billion, representing a year-on-year increase of 16.61% [1] - Since the launch of the insurance exchange ABS project in 2023, insurance asset management companies have issued a total of 11 projects, amounting to 165.85 billion [1] Group 2: Trends in Asset Support Plans - Asset support plans have become more common, providing insurance funds with new investment assets beyond traditional debt and equity products, aligning with their risk preferences [2] - The transition from a registration system to a filing system for asset support plans in September 2021 has led to rapid growth, with the scale surpassing 1000 billion in 2021, over 3000 billion in 2022, and reaching 4600 billion in 2023 [2] - The trading exchange ABS business began pilot testing in October 2023, with five insurance asset management companies approved to conduct ABS and REITs business [2] Group 3: Future Outlook and Policy Support - Insurance asset management companies are expected to actively participate in the ABS and REITs business, enhancing their ability to create more financial products and better serve the real economy [3] - The implementation of the "High-Quality Development Plan for Financial Technology in Banking and Insurance" supports increased investment in technology-related bonds and asset support plans by insurance institutions [3] - The positive outlook for the ABS business is reinforced by policy support, which is anticipated to invigorate the capital market and enhance the service channels for insurance funds in the real economy [4]