来源：上海证券报·中国证券网 同时，会议投票选举产生了协会第四届理事会理事，第四届常务理事、会长、副会长、秘书长，第四届 监事会监事、监事长。王毅当选为协会第四届理事会会长。华泰资产管理有限公司当选为协会第四届监 事长单位。 上证报中国证券网讯（记者 韩宋辉）在11月26日的中国银行保险资产管理业协会更名暨第四届会员代 表大会上，中国银行保险资产管理业协会党委书记、第四届理事会会长王毅表示，协会将在金融监管总 局领导下，以更名为新起点，认真履行"自律、维权、协调、服务"职能，积极发挥服务会员、辅助监管 的作用，努力开创协会工作新局面，为行业高质量发展作出新贡献。 据了解，会议审议通过了《中国银行保险资产管理业协会第三届理事会工作报告》《中国银行保险资产 管理业协会第三届监事会工作报告》《中国银行保险资产管理业协会财务工作报告》《中国银行保险资 产管理业协会会员管理办法》《中国银行保险资产管理业协会会费管理办法》。 ...

Investment Rating - The report indicates a cautious outlook for the insurance asset management industry, with a focus on structural adjustments and policy-driven opportunities in specific sectors [5][43]. Core Insights - The insurance asset management industry is experiencing a dual decline in the registration scale and quantity of innovative products, primarily due to a decrease in debt investment plans, while asset-backed plans and equity investment plans are showing growth [7][45]. - The report emphasizes the importance of aligning investment strategies with government policies, particularly in sectors such as energy, transportation, infrastructure, and housing rental [7][35][40]. - The overall debt risk in the industry is expected to remain within a controllable range, supported by government efforts to manage debt and promote economic growth [7][38][43]. Summary by Sections Product Operation Analysis - In the first three quarters of 2025, the registration scale of innovative products in the insurance asset management sector decreased by 3.97% year-on-year to 651.198 billion yuan, with a total of 296 products registered, reflecting a decline in debt investment plans [8][11]. - Debt investment plans remain the primary product type, accounting for 70.61% of the number and 49.31% of the scale, while asset-backed plans and equity investment plans are growing [8][10]. - The focus of debt investment plans is increasingly concentrated in the East China region, particularly in the transportation sector, indicating a shift towards infrastructure investments [10][13]. Institutional Operation Analysis - In the first three quarters of 2025, Huatai Asset Management led in the registration scale and quantity of debt investment plans, while Everbright's asset-backed plans showed significant growth [30][32]. - The number of institutions actively participating in equity investment plans increased, with a notable rise in the scale of registered plans [30][36]. - The report highlights a decrease in the number of registered private equity funds, indicating a cautious approach to alternative investments [28][36]. Industry Policy Review - Recent government policies encourage long-term capital participation in housing rental markets and infrastructure projects, aligning with the characteristics of insurance funds [37][41]. - The report notes that the overall government debt risk is manageable, with progress in addressing hidden debts, which supports a stable investment environment for insurance asset management [35][38]. - The focus on new policy financial tools aims to inject capital into key projects, particularly in energy and urban renewal sectors, providing investment opportunities for insurance asset management [38][41]. Observations and Outlook - The insurance asset management industry is expected to continue facing pressure in innovative product offerings, but remains a crucial financing tool [43][45]. - The report suggests prioritizing investments in energy transportation, infrastructure REITs, and housing rental asset securitization to balance long-term returns with policy compliance [43][45]. - The anticipated growth in sectors supported by government policies, such as artificial intelligence in transportation and green finance, presents new investment opportunities for insurance asset management [40][44].

Core Viewpoint - China People's Insurance Asset Management Co., Ltd. (referred to as "People's Asset") focuses on serving national strategies and enhancing financial services through various thematic financial initiatives, including technology finance, green finance, inclusive finance, pension finance, and digital finance [1][2][3]. Group 1: Technology Finance - People's Asset emphasizes investment in high-tech sectors such as artificial intelligence, biomedicine, and advanced manufacturing, with 49 projects in key technology industrialization and 52 invested companies recognized as national "little giant" enterprises [1]. - The "People's Asset - Advanced Manufacturing Industry Fund Equity Investment Plan" aims to support critical technology projects, contributing to the national manufacturing strategy [1]. Group 2: Green Finance - The company has launched the first "dual carbon" themed asset management product and several green debt investment plans, including projects in Henan and Beijing, to support green transformation and reduce carbon intensity in economic development [2]. - People's Asset is also involved in financing blue economy initiatives, such as offshore wind power construction in Guangdong [2]. Group 3: Inclusive Finance - People's Asset focuses on rural revitalization by introducing third-party funding to support local agricultural projects, including the establishment of an unmanned smart farm in Heilongjiang [2]. - The "People's Asset - Zhongguancun Technology Leasing No. 1 Asset Support Plan" is designed to empower small and micro enterprises through targeted financial support [2]. Group 4: Pension Finance - The company is actively participating in the construction of a multi-tiered pension insurance system and is developing high-quality pension financial products to support the aging population [3]. - People's Asset aims to identify investment opportunities in health care, elderly services, and smart aging sectors to enhance the vitality of the silver economy [3]. Group 5: Digital Finance - People's Asset is establishing a digital financial governance framework that integrates technology, data, and AI governance to enhance investment research and risk management [3]. - The company has developed a comprehensive information system platform to support various operational areas, contributing to the growth of China's digital economy [3].

此次行政处罚不会对公司经营造成重大影响。后续公司将严格执行监管规定，确保各项经营活动全面符合国家法律法规及监管要求。 资料显示，太平资产管理有限公司成立于2006年9月，是中国太平保险集团旗下专业资产管理机构，是国内首批成立的9家保险资产管理公司之一。中国太 平作为中国唯一一家总部在香港的中央金融企业，通过中国太平控股持有太平资产80%股权，比利时富杰持有20%股权。太平资产业务涵盖保险资金受托 管理、投资银行业务以及第三方资产管理等领域。 2024年，太平资管实现营业收入18.5亿元，同比增6.7%；净利润9.3亿元，同比降4.4%。 国家金融监督管理总局10月11日披露行政处罚信息，剑指太平资产管理有限公司及其相关责任人。 因未按照规定运用保险公司资金等，对太平资产管理有限公司罚款70万元。对施泓亦禁止5年进入保险业。 | | 太平资产管 | 未按照规定运 | 对太平资产管理 有限公司罚款70万 | | | --- | --- | --- | --- | --- | | | 理有限公司 | | | 金融监管 | | 2 | 及相关责任 | 用保险公司资 | 元。对施泓亦禁 | 总局 | | | | 令義 ...

Investment Rating - The report indicates a positive outlook for the insurance asset management industry, particularly in innovative products, with a focus on structural adjustments and growth in asset-backed securities (ABS) and equity investments [5][38]. Core Insights - The insurance asset management industry is experiencing accelerated structural adjustments, with a notable increase in the registration scale of innovative products, driven by the expansion of asset-backed plans and significant growth in equity investment plans and private equity funds [7][26]. - The report highlights the importance of aligning investment strategies with government policies, particularly in the areas of "green finance" and new infrastructure projects, to achieve a balance between long-term returns and compliance with regulatory frameworks [34][36]. - The insurance asset management sector is expected to continue focusing on innovative products, with a shift towards equity investments and private equity funds, while traditional debt investment plans are declining in both quantity and scale [38][40]. Summary by Sections Product Operation Analysis - In the first half of 2025, the registration scale of innovative products in the insurance asset management industry increased by 6.35% year-on-year to 444.046 billion yuan, despite a 31-product decline in registration numbers [8][10]. - The debt investment plan remains the primary product type, accounting for 72.49% of the number and 47.78% of the scale, although its registration scale and quantity have significantly decreased [11][12]. - The growth of equity investment plans and private equity funds is notable, with the registration scale of private equity funds increasing by 524.94% year-on-year [26][27]. Institutional Operation Analysis - In the first half of 2025, Huatai Asset Management led in the registration scale and quantity of debt investment plans, while Everbright's asset-backed plans also showed strong performance [28][30]. - The number of institutions participating in equity investment plans increased significantly, with a total of 11 plans registered, amounting to 267.87 billion yuan [33]. - The report emphasizes the need for insurance asset management institutions to diversify their asset types and explore new investment opportunities that align with the characteristics of long-term insurance funds [19][21]. Policy Overview - Recent government policies have focused on promoting urban renewal and enhancing market-oriented financing mechanisms, which are expected to create investment opportunities for insurance asset management institutions [34][35]. - The report notes that the expansion of the long-term investment pilot program for insurance funds will inject more capital into the market, particularly in the areas of infrastructure and green finance [36][39]. - The insurance asset management sector is encouraged to prioritize investments in PPP projects and urban renewal initiatives, aligning with national strategies for sustainable development [38][40].

Investment Rating - The report does not explicitly state an investment rating for the insurance asset management industry Core Insights - In Q1 2025, the registration scale of innovative products in the insurance asset management industry increased, while the number of registrations continued to decline. The registration scale grew by 9.32% year-on-year to 185.596 billion yuan, primarily due to the growth in asset-backed plans and equity investment plans [7][8] - The report highlights a significant decline in debt investment plans, with both the number and scale dropping sharply. The debt investment plans accounted for 72.94% of the total registrations, but this figure represents a year-on-year decrease of 13.33% [8][11] - The report emphasizes the increasing focus on urban renewal projects and the supportive policies from the government, which may present investment opportunities for insurance asset management firms [7][37] Summary by Sections Product Operation Analysis - In Q1 2025, the registration scale of innovative products in the insurance asset management industry increased, driven by growth in asset-backed plans and equity investment plans. The number of registrations decreased by 17 to 85 [8] - Debt investment plans saw a significant decline, with a registration scale of 99.775 billion yuan and a year-on-year decrease of 27.19% [11] - The report indicates that the focus of debt investment plans is shifting towards the East China region, with Anhui province leading in investment allocation [13][16] Institutional Operation Analysis - In Q1 2025, Huatai Asset Management led in the registration scale of debt investment plans, while Minsheng Tonghui Asset Management ranked first in the number of asset-backed plan registrations [31][33] - The report notes that the insurance asset management industry is experiencing a head effect, with some institutions demonstrating strong product operation capabilities [44] Industry Policy Review - The report discusses the government's emphasis on urban renewal and the introduction of policies to attract social capital for infrastructure projects, which may benefit insurance asset management firms [37][38] - It highlights the ongoing support for green finance initiatives, encouraging the issuance of green bonds and asset-backed securities [43][44] Observations and Outlook - The report anticipates that the innovative product business in the insurance asset management industry will face challenges in 2025, but it remains a crucial financing tool. The focus will likely shift towards structured product issuance [44][45] - The report suggests that insurance asset management firms should pay attention to urban renewal projects and green finance opportunities as potential areas for investment [44][45]

Investment Rating - The report does not explicitly state an investment rating for the insurance asset management industry Core Insights - In Q1 2025, the registration scale of innovative products in the insurance asset management industry increased, while the number of registrations continued to decline. The registration scale grew by 9.32% year-on-year to 185.596 billion yuan, primarily due to the growth in asset-backed plans and equity investment plans [7][8] - The report highlights a significant decline in debt investment plans, with both the number and scale dropping sharply. The focus of investment has shifted towards the East China region, with the transportation sector remaining the largest investment target [9][11] - The report emphasizes the importance of urban renewal and city investment policies, which are expected to create investment opportunities for insurance asset management in urban renewal projects and industry transformation [7][37] - Green finance policies continue to support qualified green industry enterprises in issuing green bonds and asset-backed securities, indicating a growing space for green asset securitization projects [7][43] Summary by Sections Product Operation Analysis - In Q1 2025, the registration scale of innovative products in the insurance asset management industry increased, driven by growth in asset-backed plans and equity plans. The number of registrations decreased, with debt investment plans still accounting for over 70% of the total but on a downward trend [8][29] - The report notes that the debt investment plan registration scale and number have significantly decreased, with a year-on-year decline of 27.19% and 29.55% respectively in Q1 2025 [11][12] - The focus of debt investment plans has shifted towards the East China region, with Anhui province leading in investment share [13][16] Institutional Operation Analysis - In Q1 2025, Huatai Asset maintained a leading position in the registration scale of debt investment plans, while Minsheng Tonghui Asset led in project registration numbers for asset-backed plans [31][33] - The report indicates that the insurance asset management industry is experiencing a head effect, with some institutions showing strong product operation capabilities and capturing a significant market share [44] Industry Policy Review - The report discusses the recent urban renewal and city investment policies aimed at attracting social capital and promoting collaboration between government and private investments [37][38] - It highlights the regulatory support for green finance, encouraging the issuance of green bonds and asset-backed securities, which aligns with the growing focus on sustainable investments [43][44] Observations and Outlook - The report anticipates that the innovative product business in the insurance asset management industry will face pressure in 2025, but it remains a crucial financing tool. The focus will likely be on structured product issuance and green finance opportunities [44][45] - The report suggests that while the supply of innovative products may decrease, they will continue to be an important investment category for insurance funds, particularly in the context of low interest rates and ongoing debt resolution policies [44][45]

Core Viewpoint - The article highlights the successful issuance of a green asset-backed plan by Everbright Yongming Asset, focusing on the integration of green finance with industrial upgrades, particularly in the context of the Nanjing Jiangbei New Material Technology Park [2]. Group 1: Green Asset-Backed Plan - Everbright Yongming Asset registered and issued the "Everbright Yongming - New Material Technology Park Steam Charge Revenue Rights Green Asset Support Plan" with a scale of 1.05 billion yuan and a term of 3+3+3 years, receiving the highest level G1 green certification [2]. - The underlying asset of the plan is the industrial steam charge revenue rights from the Nanjing Jiangbei New Material Technology Park, which utilizes a centralized heating model to optimize energy transmission and reduce energy waste [2]. Group 2: Policy and Strategic Alignment - The issuance aligns with the State Council's guidance on integrating green and low-carbon transformation factors into asset management, enhancing the quality and efficiency of green finance and supporting sustainable development [2]. - Nanjing Jiangbei New District is recognized as a pilot area for green finance innovation, with policies in place to encourage green financial innovations, providing a solid foundation for the project's implementation [2]. Group 3: Future Directions - Everbright Yongming Asset plans to continue integrating into the national "dual carbon" strategy, focusing on innovative financial tools to explore investment opportunities in the green finance sector [3]. - The company aims to enhance its green financial product system and mobilize financial resources towards low-carbon sectors, contributing to comprehensive green transformation and the construction of a beautiful China [3].