8月7日，某保险资管公司内部人士向记者透露，中国保险资产管理业协会已召集会员开过审议表决会， 协会将更名为中国银行保险资产管理业协会。中国保险资产管理业协会的更名与银行理财公司加入该协 会有关。更名后，该协会将成为涵盖银行保险资管业的行业自律组织。（中证金牛座） ...

Core Viewpoint - Recent personnel changes in two insurance asset management companies highlight the evolving leadership landscape in the industry, with significant implications for their operational strategies and market positioning [1][4]. Group 1: Personnel Changes - Zhang Jian has been officially appointed as the General Manager of China Post Insurance Asset Management Co., Ltd. (China Post Asset Management), with his qualifications approved by the Beijing Financial Regulatory Bureau [2]. - Zhang Jian holds a Ph.D. in Economics and has previously served as the temporary head and Deputy General Manager of China Post Asset Management [2]. - Zhu Jian is proposed to take over as the General Manager of Everbright Sun Hung Kai Asset Management Co., Ltd. (Everbright Asset), with interim responsibilities until regulatory approval is obtained [4]. Group 2: Company Background and Performance - China Post Asset Management was established with a registered capital of 500 million yuan and has seen its managed assets grow from over 540 billion yuan to over 600 billion yuan as of now [2]. - The company has been approved to participate in the third batch of long-term investment pilot programs for insurance funds, with an approved amount of 10 billion yuan [3]. - Everbright Asset, founded in April 2012, has a registered capital of 500 million yuan and is primarily owned by Everbright Sun Hung Kai Life Insurance [4][5]. - As of the end of 2024, Everbright Asset is expected to manage over 400 billion yuan in total assets, focusing on transparency and high performance in asset management [5].

转自：智通财经 【独家|会员大会通过更名议案 保险资管业协会将变身"中国银行保险资产管理业协会"】智通财经8月6 日电，记者从多家银行理财公司确认，中国保险资产管理业协会近期已召开会员大会，并通过更名议 案。更名后，该协会将变身"中国银行保险资产管理业协会"，成为涵盖整个银行保险资管业的行业自律 组织。今年5月底智通财经曾独家报道，多家银行理财公司彼时正按计划申请成为保险资管业协会会 员，在所有银行理财公司纳入后，保险资管业协会有望更名。（智通财经记者 郭子硕） ...

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].

Group 1 - The event "Digging for Gold in the Public REITs Era: Ecological Co-construction and Value Co-existence" was successfully held in Beijing, organized by the Securities Times [1] - Professionals from fund companies, insurance asset management, and securities firms discussed the value of ecological development in public REITs, focusing on asset selection, asset management, and investment valuation [1]

Core Viewpoint - The appointment of Zhang Jian as the first general manager of China Post Insurance Asset Management Company marks a significant leadership change within the company, reflecting a rapid career progression and a restructuring of the management team [1][3][5]. Management Changes - Zhang Jian was promoted from deputy general manager to general manager within a year, following the unexpected departure of his predecessor, Yin Xiusheng, who left after less than a year in the role [3][5]. - The management structure has evolved from an initial "one general manager and three deputy managers" to "one general manager and two deputy managers," indicating a consolidation of leadership [6]. Company Performance - China Post Insurance Asset Management, which officially commenced operations on October 27, 2023, reported a revenue of 178 million yuan and a net profit of 17 million yuan for its first full operational year in 2024 [7][8]. - As of September 2024, the company managed entrusted assets totaling 540 billion yuan, generating returns of 18.53 billion yuan for clients [7]. Investment Strategy - The company has adopted an aggressive investment strategy, with significant allocations in various sectors, including nearly 200 billion yuan in total investments, of which 44.93 billion yuan was directed towards green and low-carbon projects [7][9]. - The investment performance has shown volatility, with financial investment returns of 4.84%, 2.70%, and 3.89% from 2022 to 2024, while comprehensive investment returns fluctuated significantly [9]. Strategic Focus - The company aims to enhance its core investment capabilities, expand third-party business, leverage technology for business support, and strengthen risk management as part of its strategic objectives under the leadership of Chairman Han Guangyue [10]. - The successful implementation of these strategies will be crucial for the company to establish a competitive position in the third-party asset management market [11].

Core Viewpoint - The Beijing Financial Regulatory Bureau has approved Zhang Jian's qualification as the general manager of China Postal Insurance Asset Management Co., Ltd. [1] Group 1 - The approval emphasizes the importance of continuous learning and mastery of economic and financial laws and regulations for the qualified personnel [1] - The company is required to instill a strong awareness of risk compliance among its management [1] - The management is expected to be familiar with their job responsibilities and to perform their duties faithfully and diligently [1]

政策引领行业数字化转型 2023年10月召开的中央金融工作会议明确提出，要做好科技金融、绿色金融、普惠金融、养老金融、数 字金融五篇大文章，提供高质量金融服务。2024年5月，《国家金融监督管理总局关于银行业保险业做 好金融"五篇大文章"的指导意见》对优化科技金融等"五篇大文章"的金融产品和服务进行了明确和细 化，进一步引导银行保险机构加快数字化转型进程，提升数字化经营服务能力。 金融是数据密集型行业，数字技术是金融业发展的重要推动力。2024年9月，为增强保险业可持续发展 能力，提高数智化水平，国务院印发《关于加强监管防范风险推动保险业高质量发展的若干意见》，强 调保险业要加快数字化转型，加大资源投入，提升经营管理效率。鼓励运用人工智能、大数据等技术， 提高营销服务、风险管理和投资管理水平。加强网络安全防护和数据安全管理，提升突发事件应急处置 和灾备水平。 2024年11月，中国人民银行、国家发展改革委、工业和信息化部、金融监管总局、中国证监会、国家数 据局、国家外汇局等七部门联合印发《推动数字金融高质量发展行动方案》，以数据要素和数字技术为 关键驱动，加快推进金融机构数字化转型，以数字技术赋能提升金融"五 ...

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].