Group 1: Macro and Strategy - The macroeconomic data for May 2025 is expected to show stable growth momentum, with CPI forecasted at -0.4% and PPI at -3.2% [11] - The fixed income market remains active, with super long bonds experiencing a slight increase in trading volume despite trade war uncertainties [9][10] - The A-share market shows a slight decline in core broad-based valuations, with large-cap stocks experiencing a drop while small-cap stocks see some expansion [12][13] Group 2: Industry and Company Insights - The AI infrastructure sector is witnessing significant capital expenditure growth, with major companies like Alibaba planning to invest 380 billion over three years [18] - The home appliance sector is performing well ahead of the 618 shopping festival, with air conditioner production expected to increase by 29% year-on-year in June [32][34] - The education sector is experiencing a notable divergence in stock performance, with companies like China Oriental Education seeing a 139% increase, driven by strong demand in high school education [28][29] Group 3: Investment Recommendations - Investment focus should be on companies within the AI infrastructure supply chain, particularly in core segments like gas turbines and cooling systems [20][22] - In the home appliance sector, recommended stocks include Gree Electric, Midea Group, and Haier Smart Home, which are expected to benefit from the upcoming sales surge [35] - The education sector's recovery is expected to continue, with a focus on companies that have adapted well to regulatory changes and market demands [31]

Core Viewpoint - The scale of asset-backed securities (ABS) registered by insurance asset management institutions reached 133.6 billion yuan in the first five months of this year, marking a year-on-year growth of 58.88%, the highest in recent years [1] Group 1: Market Trends - Insurance capital is accelerating its layout in strategic industries such as green energy and technology leasing through ABS, driven by a low interest rate environment and "asset scarcity" [1][4] - In May alone, two companies, Everbright Yongming and Dajia Asset, registered a total of 16 billion yuan in ABS products, reflecting the overall high growth trend for the year [3] - A total of 14 insurance asset management companies registered 31 ABS products in the first five months, with most scales in the tens of billions, covering underlying assets such as leasing claims and infrastructure revenue rights [3] Group 2: Investment Strategies - The strategy for insurance capital's ABS layout is shifting from single varieties to a diversified combination of "ABS + REITs + bonds," aiming to balance cash flow stability and asset appreciation potential [3] - Leading institutions like PICC Asset are focusing on holding-type real estate ABS and projects from "new productivity" leading enterprises to support industrial upgrades and major national projects [3] Group 3: Challenges and Opportunities - Despite significant market expansion, the industry faces challenges such as the lack of a unified valuation standard and credit risk management [3] - The acceleration of overseas asset securitization by Chinese enterprises may present new opportunities for insurance capital's global allocation [3] - With the enhancement of green finance policies and the construction of the third pillar of the pension system, ABS is expected to unleash greater potential in areas like green transformation and inclusive consumption [4]

Core Viewpoint - The article discusses the evolving landscape of the asset management industry, particularly focusing on insurance asset management institutions and their increasing need for equity asset allocation in response to declining fixed income yields and regulatory changes aimed at promoting long-term investments [3][4][7]. Group 1: Insurance Asset Management Landscape - Regulatory bodies are promoting long-term investments, leading to a more favorable market environment for A-shares [3]. - The insurance asset management sector is facing a complex investment environment, with a pressing need to enhance equity asset allocation to improve client returns [3][4]. - The average yield on insurance funds has declined to 2.24% in 2023, remaining below 5% for three consecutive years, indicating challenges in generating returns [4][6]. Group 2: Investment Strategies for Equity Assets - New accounting standards allow for a certain percentage of OCI to be allocated to the market, providing opportunities for long-term funds [7]. - Long-term stock investment trials using equity method accounting can smooth out stock price fluctuations, presenting new opportunities for insurance funds [8]. - The trial offers three policy advantages, including the ability to account for private fund profits and dividends, which can alleviate the impact of direct investments on financial statements [8]. Group 3: Enhancing Investment Capabilities - Insurance funds must refine their investment techniques to effectively manage long-term capital [9]. - Dynamic adjustments during the holding period are essential for achieving stable returns, as long-term holding is a strategy rather than an end goal [9]. - The probability of achieving positive returns over various holding periods (3, 5, and 10 years) is 60%, 75%, and 90%, respectively, indicating the importance of strategic timing [9]. Group 4: Company Profile - Huatai Asset Management - Huatai Asset Management has focused on third-party asset management since its establishment in 2005, aiming to be an excellent manager of long-term funds and a provider of high-quality assets [12]. - The company has maintained a strong performance in enterprise annuity management, with a cumulative return rate of 87.61% over the past decade [13]. - In the bond investment sector, Huatai ranks first in the industry with a market share of 12%, emphasizing green development initiatives [14]. - The company has a strong focus on equity investments in high-growth technology sectors, supporting the development of innovative enterprises [15].

Core Insights - The insurance asset management industry has shown a strong performance in 2023, with 88% of the 1388 reported combination insurance asset management products achieving positive annualized returns as of May 25 [1][3]. Group 1: Performance of Insurance Asset Management Products - Among the 960 fixed-income products, 900 achieved positive returns, representing over 90%, with an average return of 2.76% and a median of 2.34% [3]. - In the equity products category, 240 products reported returns, with 180 showing positive returns and an overall average return of 7.42% and a median of 5.57% [3]. - Mixed products also performed well, with 188 products reporting returns, 143 of which were positive, yielding an average return of 5.21% and a median of 3.38% [3]. Group 2: Third-Party Fund Management - Combination insurance asset management products are crucial for attracting third-party funds, including those from banks and other financial institutions [4]. - The proportion of third-party funds in combination insurance asset management products has been increasing, with a total balance of 6.39 trillion yuan by the end of 2023, accounting for 75% of the total balance of insurance asset management products [4]. - The growth of third-party funds is expected to continue, driven by the need for insurance asset management institutions to diversify their funding sources [5]. Group 3: Future Outlook - The insurance asset management industry must adapt to a low-interest-rate environment and explore differentiated development strategies [6]. - Institutions are encouraged to enhance product innovation and customer service capabilities to improve brand influence and market competitiveness [6]. - There is a focus on developing long-term capital pathways to enhance fund allocation efficiency and enable investors to benefit from new productivity developments [6].

Core Viewpoint - The Financial Regulatory Bureau is drafting a management method for information disclosure of asset management products in banking and insurance sectors to establish unified regulatory standards and enhance investor protection [1][2]. Group 1: Information Disclosure Management - The proposed method aims to standardize information disclosure for asset management trust products, wealth management products, and insurance asset management products, addressing the lack of a dedicated disclosure regulation [1][3]. - The method will regulate the entire lifecycle of asset management products, including fundraising, ongoing management, and termination, ensuring clarity in product information [1][2]. Group 2: Specific Requirements - During the fundraising phase, the method will specify requirements for product documentation, including performance benchmarks, to ensure transparency in product sales [2][3]. - In the ongoing management phase, it mandates accurate and comprehensive reporting of past performance and timely disclosure of significant events to clarify product risks [2][3]. - For the termination phase, it requires disclosure of fees and profit distribution in the final announcements and liquidation reports to ensure clarity in product returns [2][3]. Group 3: Performance Benchmark Disclosure - The method allows asset management products to not disclose performance benchmarks, providing flexibility to managers and avoiding unnecessary formalism [2][3]. - For products that do disclose performance benchmarks, strict requirements will be set to ensure that the benchmarks are relevant and accurately reflect the investment strategy and underlying assets [3][4]. Group 4: Regulatory Consistency - The method emphasizes a unified standard for information disclosure across the three types of products, enhancing regulatory consistency while respecting the unique characteristics of each product type [3][4]. - It distinguishes between public and private products, imposing stricter disclosure requirements on public products to enhance transparency for less knowledgeable investors [4][5].

站在资产管理规模突破四万亿元的全新发展阶段，泰康资产的 数字金融发展也逐步迈上新台阶。 作者： 李言 封图：图片资料室 数字金融是建设金融强国的底座，数智化转型是金融业高质量发展的必由之路。泰康资产 作为行业领先的 保险 资管机构， 面对业务条线复杂、资产 管理密度大、协同性要求高等业态特征，始终将数智化转型作为公司发展的核心战略之一。 经过多年实践探索，泰康资产数字金融发展多点突破，赋能投资研究能力，提升业务承载能力和整体运作效率，降低资产管理规模增长的边际成本， 夯实 合规 稳健经营，护航高质量发展。 赋能投研体系升级，锻造核心竞争力 近年来，伴随 经济环境变化和产业发展迭代 ， 传统 投资 研究模式 面临一定挑战，打造适应时代要求的投资研究体系成为行业共识。数字金融为投 研体系的升级提供强大的技术支撑和数据基础。 泰康资产 通过 "人+AI+数据+平台"的深度融合 ，成为资管机构投研体系数智化迭代升级的成功案例。公司 投研团队和科技团队组成数智化投研小 组，支持宏观、固收、权益等投资研究体系的线上沉淀和迭代，形成 "宏观-中观-微观"数字化研究体系， 全力支持 构建穿越大周期的投研能力。 此外 ，泰康资 ...

国家金融监督管理总局就《银行保险机构资产管理产品信息披露管理办法（征求意见稿）》公开征求意 见，其中提到，管理人应当制定合理的过往业绩披露规则，披露规则应当包含过往业绩计算方法，计算 使用的统计数据和资料应当真实、准确、全面，并在过往业绩披露时注明统计数据和资料来源。过往业 绩的披露应当遵循稳定性和内在逻辑一致性原则，不得随意变更披露规则。不得片面夸大过往业绩，不 得通过选择性披露部分时间段数据等方式夸大过往业绩，不得随意变更披露规则，不得对同类产品适用 明显不同的披露规则。 ...

Core Viewpoint - Insurance capital is focusing on high dividend and technology growth sectors, with a total of 7,677 research activities conducted on A-share listed companies as of May 21 this year, indicating a strategic shift towards stable cash flow and growth potential [1][2]. Group 1: Research Activities - A total of 180 insurance institutions conducted 7,677 research activities on 1,292 A-share listed companies, showing a decrease in frequency compared to the same period last year [2]. - Among insurance asset management institutions, Taikang Asset Management and Huatai Asset Management led with 428 and 317 research activities, respectively [2]. - Pension insurance companies were the most active in research, with the top five being Ping An Pension Insurance, Changjiang Pension Insurance, China Life Pension Insurance, Taiping Pension Insurance, and China People's Pension Insurance [2]. Group 2: Reasons for Decrease in Research Frequency - The decline in research frequency is attributed to three main factors: focus on high dividend stocks in a low-interest environment, more precise investment strategies due to regulatory clarity, and established market consensus on certain technology growth sectors [3]. - Despite the decrease in research frequency, the allocation of stocks by insurance companies has increased, with the proportion of funds allocated to stocks rising to 7.56% for property insurance companies and 8.43% for life insurance companies, up by 1.2 and 1.65 percentage points year-on-year, respectively [3]. Group 3: Investment Focus - The primary focus of insurance capital research includes high dividend sectors and technology growth sectors, such as electronic components, industrial machinery, electrical components and equipment, integrated circuits, medical equipment, and regional banks [4]. - Over 500 of the researched companies are listed on the Sci-Tech Innovation Board or the Growth Enterprise Market, accounting for nearly 40% of the total [4]. - The core characteristics of the sectors being focused on are the stable cash flow from high dividend assets and the growth potential of high-tech assets, which are supported by government policies [4]. Group 4: Future Outlook - Insurance capital is expected to continue optimizing a "barbell" asset allocation strategy, balancing high dividend assets for stable returns with investments in technology innovation, green low-carbon initiatives, and health care sectors [5]. - The use of innovative tools such as long-term equity investments and REITs will be emphasized to enhance portfolio structure while strengthening ESG risk management [5]. - The industry is encouraged to maintain a long-term investment philosophy and actively seek sustainable investment opportunities [5].

光大永明资产坚守长期价值投资理念，优化迭代投资体系建设，持续向规范化、定量化、科 学化精进，加强固定收益投资能力建设，聚焦打造服务型交易团队，提升交易能力对投资业 务支持度，在宏观研究、资产配置、信用挖掘和交易策略等方面形成了优势积累。 继2 0 2 3年首次开展债券交易排名活动以来，上交所已连续三年发布债券市场交易百强机构榜 单，根据交易量和机构类型进行了排名和表彰，旨在鼓励多类型机构积极参与上交所债券市 场交易，共同致力于提升二级市场流动性。 近日，上交所2024年度债券市场交易百强机构榜单揭晓，光大永明资产管理股份有限公司连续三 年入榜保险资管十强。 未 来 ， 光 大 永 明 资 产 将 紧 密 围 绕 客 户 需 求 ， 持 续 深 化 投 资 体 系 2 . 0 建 设 ， 拓 展 全 品 类 交 易 布 局，全力做好金融"五篇大文章"，助力保险资管行业高质量发展，为金融强国建设贡献坚实 力量。 ...

副总裁转正 华安财保资产管理有限责任公司（以下简称"华安资产"）新一任总经理正式履新。 5月17日，华安资产发布公告称，根据公司三届三十六次董事会会议决议，并经国家金融监督管理总局核准 （金复〔2025〕286号），周嘉伟担任公司总裁职务，其任职自2025年5月9日起生效。 华安资产此番总经理人选敲定费了一点周折。 2023年11月30日，华安资产发布公告称，公司召开了三届二十四次董事会，经会议审议通过，同意聘任车正为 拟任公司总裁（总经理）。车正将于其任职资格经国家金融监督管理总局核准后正式履职。 公开信息显示，车正，男，中共党员，硕士研究生学历，美国金融风险管理师。曾任职于中国人民保险集团股 份有限公司；光大永明资产管理股份有限公司；现任华安财保资产管理有限责任公司副总裁。 然而，车正并未顺利升任公司总经理。 2024年9月18日，华安资产召开了三届三十一次董事会，经会议审议通过，车正不再担任公司临时负责人及拟 任总经理（拟任总裁）。"鉴于当前公司主要负责人暂时空缺，为保障公司依法合规、持续稳定经营，在公司 指定新的主要负责人前，指定公司副总经理（副总裁）周嘉伟代行总经理（总裁）职权。" 时至今日，华安资 ...