12月11日，2025年"保险资管河南行"产融对接会在郑州航空港区举行。这场高规格的产业对接会，已成 为保险资金与中原产业精准对接的重要纽带和高能级平台。 主题分享环节，国内头部保险资管机构代表围绕保险资金优势发挥、另类投资创新、行业发展展望等核 心议题分享前沿实践，为河南产业融资提供了新思路与新方案。 交流环节，观点碰撞，诚意满满。保险资管机构、AIC机构等代表共探产融协同新模式，为险资服务区 域产业出谋划策；项目路演现场，省内多家重点企业携基础设施、先进制造、产业园区等领域优质项目 集中亮相，与在场金融机构面对面洽谈，达成多项初步合作意向。 "保险资金是天然的耐心资本，我们非常看好河南未来的发展，将会持续加大在豫投资。"建信保险资产 管理有限公司副总裁林玉霜交流时说。 从2023年首届"保险资管河南行"活动启动以来，"险资入豫"这三年，对河南而言，可谓收获满满。在省 委、省政府大力推进下，河南与各保险资管机构深化合作、相向而行，充分发挥保险资金耐心、长期的 优势，源源不断的金融"活水"持续流向重大战略、重大项目和重点企业。 先来看一组数据，保险资金对河南实体经济的赋能作用持续凸显：截至今年10月末，河南累 ...

【大河财立方 记者 孙凯杰 秦龙 杨萨 文 朱哲 洪昊旸 摄影】冬藏蓄势启新程，险资活水润中原。 截至目前，河南累计引入保险资金已突破万亿元大关，头部保险资管机构持续加码布局，彰显对中原大地发展潜力的坚定信心。此次对接会由河南省发展 和改革委员会、国家金融监督管理总局河南监管局、中共河南省委金融委员会办公室联合主办，郑州航空港经济综合实验区管理委员会承办，河南日报社 大河财立方、科技金融广场协办。 力度加码 河南累计引入保险资金突破万亿元大关 保险资金是天然的耐心资本、长期资本，是推动地方经济社会高质量发展的重要力量。 河南省发展改革委一级巡视员刘琦表示，省委、省政府始终高度重视引入保险资金，省发展改革委、河南金融监管局、省委金融办已经牵头开展了两 次"险资入豫"产融对接活动，建立项目储备机制、畅通融资对接渠道，拓宽合作布局领域，优化险资运用环境。各家保险资管机构充分发挥保险资金期限 长、规模大的优势，为河南重大项目建设和重点产业发展提供了长期稳定的资金保障，为全省经济社会高质量发展作出了重要贡献。 河南金融监管局党委书记、局长向恒在致辞中提到，近年来，河南金融市场保持平稳健康发展态势，保险业充分发挥"两器" ...

Core Viewpoint - The article emphasizes the need to closely observe the sustainability of incremental capital in the market, highlighting a cautious stance on investment due to mixed signals from both domestic and international economic conditions [3][4]. Market Performance - Last week, the market continued its technical rebound with the CSI 300 index rising by 1.28%, the Shanghai Composite Index increasing by 0.37%, and the CSI 500 index up by 0.94% [3]. - Most stocks experienced a four-day adjustment before a mid-day surge on Friday, driven by policy benefits in the non-bank sector [3]. Economic Conditions - In the U.S., economic structural divergence persists, with consumer confidence data hitting a 70-year low [3]. - Domestic expectations for loosening regulations in the securities and insurance asset management sectors rose last Friday, but there are no significant signs of liquidity improvement from the economic fundamentals and bond market performance [3][4]. - The article notes the ongoing geopolitical tensions, including the EU's proposal to ban Russian natural gas, which reflects the enduring global influence of the U.S. since World War II [3]. Technical Analysis - Incremental capital has shown signs of breaking through, but its sustainability remains uncertain. Despite a second week of rebound in A-shares, the inflow of incremental capital is still insufficient compared to the outflow levels seen in November [4]. - The main board's timing perspective remains cautious, with a low position maintained while closely monitoring the movements of incremental capital [4]. - The small and mid-cap sector has shown weak performance, with a low position also maintained, favoring the main board style [4]. Sector Focus - Short-term momentum models suggest focusing on industries such as automotive and home appliances [4].

"有了理念，还需推动理念落地。在策略落地方面，围绕'守正创新'的总体方向，系统推进固定收益、 二级权益与另类投资三大条线的能力建设与策略升级，以专业化、体系化的投资架构应对市场变革。与 此同时，要夯实基础，以体系化建设支撑策略落地。"李巍说。 李巍分析，保险资管凭借长期视野、稳健风格和跨周期配置能力，在为保险主业提供坚实支撑的同时， 也在大资管格局中逐渐展现独特而重要的影响力。当前，保险资管行业面临两个重要命题：一是如何 在"低利率、高波动"环境中实现稳定可持续的投资收益，以匹配负债的长期属性与刚性成本；二是如何 在高度不确定性的环境中准确识变、科学应变、主动求变，推动行业行稳致远。 结合实践探索，李巍分享了保险资管稳健发展与识变应变的思考。一是立足行业属性，在功能定位与错 位发展中坚守本源。他表示，宏观经济转型、行业功能强化与财富管理格局演变，共同构成了保险资管 发展的三大驱动力。保险资管既要坚守服务国家战略、保险主业与财富管理需求的三重使命，也要在顺 应经济发展大势中把握机遇，在强化资产负债匹配中筑牢防线，在坚守稳健投资与多元竞合中找准差异 化发展路径，实现与实体经济共发展、与资本市场同成长的价值追求。二 ...

近日，"第十九届深圳国际金融博览会暨2025中国金融机构年会"在深圳举行。在"中国保险业资产负债 管理年会"分论坛上，中再资产党委书记、董事长李巍发表了《坚持长期主义，在识变与应变中推动保 险资管高质量发展》的主题演讲。 李巍分析，保险资管凭借长期视野、稳健风格和跨周期配置能力，在为保险主业提供坚实支撑的同时， 也在大资管格局中逐渐展现独特而重要的影响力。当前，保险资管行业面临两个重要命题：一是如何 在"低利率、高波动"环境中实现稳定可持续的投资收益，以匹配负债的长期属性与刚性成本；二是如何 在高度不确定性的环境中准确识变、科学应变、主动求变，推动行业行稳致远。 结合实践探索，李巍分享了保险资管稳健发展与识变应变的思考。一是立足行业属性，在功能定位与错 位发展中坚守本源。他表示，宏观经济转型、行业功能强化与财富管理格局演变，共同构成了保险资管 发展的三大驱动力。保险资管既要坚守服务国家战略、保险主业与财富管理需求的三重使命，也要在顺 应经济发展大势中把握机遇，在强化资产负债匹配中筑牢防线，在坚守稳健投资与多元竞合中找准差异 化发展路径，实现与实体经济共发展、与资本市场同成长的价值追求。二是顺应行业趋势，在底层 ...

证券时报记者 刘敬元 邓雄鹰 "十五五"即将开篇，在培育壮大新兴产业与未来产业的进程中，37万亿元险资如何更好发挥"耐心资本"作用，仍是 亟待解答的时代课题。 近日，在"第十九届深圳国际金融博览会暨2025中国金融机构年会"分论坛"2025中国保险业资产负债管理年会"上， 四位保险资管高管以"壮大耐心资本，赋能新质生产力"为主题展开了圆桌讨论，分享不同业务条线的实践和思 考。 这四位高管包括新华资产总裁陈一江，太保资产副总经理、董事会秘书赵峰，中意资产总经理助理陈伍斌，中邮 资管首席风险管理执行官张超。 长期投资试点 是"上下结合"的成果 自去年鸿鹄基金入市以来，保险资金长期投资试点改革在资本市场上受到高度关注，今年试点规模进一步扩围到 2220亿元。 张超表示，中邮资管获得第三批试点资格，在投资思路上，基金将发挥"耐心资本"的核心优势，坚持长期投资、 价值投资、责任投资的理念，重点围绕服务国家战略、科技等领域，展开深入研究和投资。 做好支持科技的"耐心资本" 科技创新的金融支持是当前重要命题，保险资金凭借"耐心资本"属性，正积极投身"科技金融"实践，相关领域已积 累诸多经验认识。 陈一江表示，对于险资这类大 ...

Core Insights - The report titled "China Insurance Asset Management Industry Development Report (2025)" reveals significant growth in the insurance asset management sector, with total managed funds reaching 33.3 trillion yuan by the end of 2024, marking a year-on-year increase of 10.6% [1][2] Group 1: Fund Management Scale - As of the end of 2024, there are 34 insurance asset management companies managing a total of 33.3 trillion yuan, with 70.56% (23.5 trillion yuan) being internal insurance funds [2] - The proportion of third-party insurance funds has decreased for two consecutive years, while pension fund management has increased, with a growth rate of 22.93% [2] Group 2: Asset Allocation - The total investment asset scale of insurance asset management companies reached 32.68 trillion yuan in 2024, reflecting a 25% year-on-year growth [3] - Bonds constitute 46% of the asset allocation, with a total of 15.18 trillion yuan, while stocks have the fastest growth rate at 36% [3] Group 3: Revenue and Growth - The total revenue of 34 institutions reached 318.3 billion yuan in 2024, an increase of 21.68 billion yuan, with a growth rate of 7.31% [4] - The specialized account business generated 182.14 billion yuan, accounting for 57.45% of total revenue, with a growth rate of 19.21% [4] Group 4: Industry Employment - The number of employees in the insurance asset management sector increased to 7,631 by the end of 2024, representing a growth rate of 1.76% [5]

具体而言，国内经济步入高质量发展新阶段，传统产业升级与新兴产业培育"双轮驱动"格局正在形成， 这带来资产配置新逻辑。保险行业"两器三网"功能强化带来发展新机遇，行业正迎来服务国家大局与实 现自身转型的战略窗口期。财富管理格局演变带来定位新空间，大资管行业在规范中重塑，在竞合中升 级，差异化、专业化发展格局日趋清晰，随着"长钱长投"生态的完善与居民储蓄"搬家"转化，保险资 金、保险资管有望持续受益于这一趋势，迎来广阔的发展机遇。 由此，李巍表示，面对深刻变化的市场环境，保险资管机构应遵循"变中求进、进中守正"的发展理念。 既要坚守服务国家战略、保险主业与财富管理需求的三重使命，也要因势而变，在顺应经济发展大势中 把握机遇，在强化资产负债匹配中筑牢防线，在坚守稳健投资与多元竞合中找准差异化发展路径，实现 与实体经济共发展，与资本市场同成长的价值追求。 （原标题：保险资管两大命题！中再资产董事长李巍发声，谈三重思考） 如何在"低利率、高波动"环境中实现稳定可持续的投资收益，以匹配负债的长期属性与刚性成本？如何 在高度不确定性环境中准确识变、科学应变、主动求变，行稳致远？这已成为保险资管需要共同作答的 重要命题。 日 ...

Core Viewpoint - The insurance asset management industry must navigate a "low interest rate, high volatility" environment to achieve stable and sustainable investment returns, aligning with the long-term nature of liabilities and rigid costs [1] Group 1: Long-term Perspective and Strategic Adaptation - The insurance asset management sector should adopt a long-term perspective, maintaining strategic determination and an open mindset to adapt to changes, thereby fostering value with patience and keen insight [3] - The industry faces significant pressures and challenges, particularly in adapting to macroeconomic transformations and evolving wealth management landscapes [5] Group 2: Development Drivers and Strategic Positioning - Three main drivers of insurance asset management development are identified: the transition to high-quality economic growth, the strengthening of industry functions, and the evolution of wealth management patterns [5] - The insurance sector is at a strategic window for transformation, with opportunities arising from national service needs and the evolving competitive landscape in asset management [5] Group 3: Industry Trends and Challenges - The asset management market is undergoing significant changes characterized by four trends: alignment with national strategic layouts, structural changes in market logic, the rise of artificial intelligence as a key investment theme, and systematic adjustments in asset allocation [6] - The industry must balance "guarding the fundamentals" with "innovation," focusing on enhancing value creation capabilities and adapting to new financing paradigms in the real economy [7] Group 4: Implementation of Strategies - To implement strategies effectively, the insurance asset management sector should enhance dynamic allocation capabilities, transition from static to strategy-driven asset allocation, and improve active management to capture alpha returns [8] - A systematic approach is necessary to support strategy execution, emphasizing the importance of economic fundamentals in shaping market opportunities and adjusting business strategies accordingly [8] Group 5: Expansion of Third-party Business - The insurance asset management sector aims to expand third-party business by leveraging core capabilities developed through insurance fund services, creating customized investment strategies to meet diverse client needs [9] - Future offerings will include highly tailored, flexible investment solutions rather than just single products, targeting various institutional clients such as banks, enterprises, and pension funds [9]

Core Insights - The report indicates that by the end of 2024, the total assets under management (AUM) of 34 insurance asset management companies will reach 33.3 trillion yuan, reflecting a year-on-year growth of 10.6% [1] - The total revenue for the year is projected to be 31.83 billion yuan, with a growth rate of 7.31% [1] - However, there are concerning trends in the sources of managed funds and the structure of insurance asset management products, with a decline in third-party fund growth and a negative growth rate in insurance asset management products for the first time in five years [1][2] Fund Sources and Third-Party Funds - The growth rate of third-party funds, including third-party insurance funds and external funds, has declined, with third-party insurance funds experiencing a negative growth rate of -1.5%, down 13.42 percentage points year-on-year [2] - Pension fund growth has decreased by 44.26 percentage points to 22.93%, while bank funds have seen a significant drop of -11.73%, down 89.1 percentage points [2] - The proportion of internal insurance funds has decreased from 73.04% in 2022 to 70.56% in 2024, indicating a decline in the share of third-party funds [2] Product Management and Market Trends - By the end of 2024, the balance of insurance asset management products is expected to be 8.07 trillion yuan, a decrease of 461.3 billion yuan, marking a -5.41% growth rate, the first negative growth in five years [4] - The balance of combination-type insurance asset management products has decreased by 3.87%, while the total issuance of debt investment plans has dropped by 36.76% [4] - The decline in product attractiveness is attributed to increased market volatility and competition, leading to a shift in funds towards long-term interest rate bonds [4][5] Future Outlook - Experts predict that from 2025 onwards, the impact of new deposit regulations will diminish, and pension fund growth will continue to exceed 20%, becoming a key stabilizing factor for third-party funds [5] - The insurance asset management industry is expected to maintain a dominant position of internal funds, while the scale of non-standard asset management products will continue to shrink [5] - There is an anticipated recovery in third-party funds, particularly in equity-related products, as the capital market stabilizes [5]