业绩表现亮眼，各机构均实现盈利 保险资管机构在2025年上半年展现出强劲的盈利能力。截至8月24日，已有四家保险资管机构披露半年报数据，合计实现营业收入69.25亿元，同比增长 15.4%。净利润方面表现更为突出，四家机构合计实现净利润34.94亿元，同比增长29.3%。这一增长幅度反映出保险资管行业在当前市场环境下的良好发展 态势。 截至2024年末，我国大资管行业整体资产管理规模约为163.16万亿元。其中，保险资金运用余额33.26万亿元，规模在大资管行业中位居第一。这一庞大的资 金规模为保险资管机构开展第三方业务提供了坚实基础。保险资管机构在长期资金运用上具有先发优势，擅长大类资产配置，在固收投资中具有丰富投资经 验。 头部保险资管机构纷纷将第三方业务作为重要发展目标。国寿资产在2025年工作会议中明确表示，以更高起点推进三方业务发展，提升产品配置能力，增强 营销价值贡献，加大跨境业务力度。这一战略布局体现了保险资管机构对市场化转型的坚定决心和积极行动。 从具体机构表现来看，国寿资产以35.54亿元的营业收入暂居首位。净利润方面，国寿资产和泰康资产表现尤为突出，分别实现净利润20.76亿元和13.16 ...

本报记者 杨笑寒 中信金控财富委资产管理工作室发布的《国内资产管理行业报告（2025年1季度）》显示，截至2024年末，我国大资管行 业整体资产管理规模（AUM）约为163.16万亿元，其中，保险资金运用余额33.26万亿元，规模在大资管行业中位居第一。 西部证券非银首席分析师孙寅表示，保险资管机构在长期资金运用上具有先发优势，擅长大类资产配置，其不仅在固收投 资中具有丰富投资经验，还在风险管控环节拥有稳健经营与审慎监管下的合规风控优势。不过，保险资管机构也存在资金来源 较为单一、第三方占比较低、渠道相对薄弱、在短期和成长性权益投资方面经验较为欠缺等不足。 具体来看，营业收入方面，今年上半年，4家保险资管机构合计实现营收69.25亿元。其中，国寿资产以35.54亿元暂居首 位；从增长幅度来看，安联资管实现营收同比增长37.0%，暂居增幅榜首位。 净利润方面，4家保险资管机构上半年均实现盈利。其中，国寿资产、泰康资产净利润均超过10亿元，分别为20.76亿元、 13.16亿元；从增长幅度来看，国寿资产上半年实现净利润同比增长35.7%，在4家保险资管机构中净利润同比增速最高。此 外，安联资管上半年实现扭亏为盈。 ...

周五晚上，因为美联储主席鲍师傅的一席话，全球金融市场都像被打了鸡血一样，因此，继续帮大家盘盘下周重要的事情，梳理一下，一共 5条。 1、 鲍师傅转鸽，美联储9月真的要 降息 了？ 2、 港股 ，主动外资开始转为净流入了？ 3、 一则看起来 很离谱的公告 ，市值120亿的公司，拿出140亿进行投资理财。 4、 别忘了，下周就是 保险 这轮降费前的最后一周了！ 5、 A股，下周将是财报的密集披露期， 炒作 会降温吗？ 话不多说，直接步入正题。 ...... 一、鲍师傅转鸽，美联储9月真的要降息了？ 在过去两周的周日晚上展望，以及此前写的《 当前市场的三条主线 》中，咱们都一直强调，美联储的降息预期，将是近期投资上最核心的主线 之一。 上周日我们说过，鲍师傅去年8月在央行年会上的一句，"是时候调整政策了"（" Now is the time to adjust policy" ），促成了去年9月，美 联储的50bps大幅降息，也推动了过去一年全球风险资产的普遍上涨。 而周日晚上，鲍师傅再次提到，就业下行风险正在上升，可能需要调整政策立场（".... may warrant adjusting our policy ...

Core Viewpoint - The appointment of Chen Zhengyu as the new general manager of CITIC Prudential Asset Management marks a significant leadership change in the company, which has been facing challenges in asset management scale and financial performance [2][3]. Group 1: Leadership Changes - Chen Zhengyu has been appointed as the general manager of CITIC Prudential Asset Management, effective from August 19, 2025, making him the second general manager since the company's establishment over five years ago [2]. - Prior to this role, Chen Zhengyu held various positions within the CITIC Prudential group, including deputy secretary of the party committee and general manager of CITIC Prudential Life Insurance [2]. - The previous general manager, Zhao Xiaofan, left the position due to reaching the statutory retirement age and was later investigated for misconduct [3]. Group 2: Company Performance - As of the end of 2023, CITIC Prudential Asset Management had an asset management scale of 227.2 billion yuan, which is below the median of 326.8 billion yuan among 35 insurance asset management institutions [4]. - The company manages approximately 180 billion yuan in insurance funds and around 40 billion yuan in portfolio products, with a limited number of debt investment plans [4]. - CITIC Prudential Life Insurance, the parent company, reported net losses of approximately 800 million yuan in 2023 and 1 billion yuan in 2024, with insurance business revenue declining from 31.5 billion yuan in 2023 to 29.9 billion yuan in 2024 [4]. Group 3: Capital Increases - In February 2024 and February 2025, CITIC Prudential Life completed capital increases of 25 billion yuan each, raising the total registered capital to 7.36 billion yuan [5].

● 本报记者 陈露 中国保险资产管理业协会8月20日披露信息显示，中意资产、长江养老合计登记3只债权投资计划。不 过，从行业整体新增登记情况来看，债权投资计划正经历调整周期。行业数据显示，2025年上半年债权 投资计划登记规模同比降幅超20%，登记规模近年来持续萎缩。其收益率也逐步走低，已降至2%-3%的 水平。 受融资需求减弱、利率持续下行等因素影响，保险资管的另类投资业务结构正经历转变。在收缩债权投 资计划的同时，股权投资、资产证券化等业务迅速增长，成为险资应对"资产荒"和获取更高收益率的新 方向。业内人士认为，在另类投资转型过程中，保险资管公司的投研能力、项目筛选能力、风控能力均 有待提升。 登记规模连续多年下降 债权投资计划，也被称为"保债计划"，作为保险资管另类投资中开展最早、占比最大的业务，该类业务 正持续收缩。2021年，债权投资计划登记规模达到高峰，为9600多亿元。2022年至今，该类业务登记规 模持续萎缩。 行业数据显示，2025年上半年，债权投资计划登记规模及数量分别为2121.59亿元和137只，同比分别下 降24.50%和23.03%。此外，债权投资计划收益率也逐步走低，目前已降至2 ...

Core Viewpoint - The appointment of Chen Zhengyu as the new General Manager of CITIC Prudential Asset Management marks a significant leadership change following a turbulent period characterized by the previous manager's investigation and dismissal [4][5]. Group 1: Leadership Changes - Chen Zhengyu has been appointed as the General Manager of CITIC Prudential Asset Management, effective from August 19, 2025, after receiving approval from the board and regulatory authorities [1][4]. - The previous General Manager, Zhao Xiaofan, was investigated for serious violations and was dismissed in May 2025, leading to a series of interim leadership changes [4][5]. - The management structure now consists of five members, with Chen Zhengyu serving as the General Manager, Executive Director, and Party Branch Secretary [7]. Group 2: Company Performance - CITIC Prudential Asset Management reported a revenue of 444 million yuan and a net profit of 188 million yuan for 2024, both showing over 30% year-on-year growth, outperforming the industry average [8]. - The company's revenue structure remains heavily reliant on its parent company, CITIC Prudential Life, which contributed 281 million yuan to the asset management fees, accounting for nearly 80% of total income [9]. - The asset management scale reached 336.5 billion yuan by January 2025, reflecting over 160% growth in less than five years, although it still lags behind leading firms in the industry [12].

Investment Rating - The industry rating is "Overweight" and has been maintained from the previous rating [5]. Core Insights - The report emphasizes the transformation and evolution of China's insurance asset management (IAM) industry, highlighting its historical development, current status, and future trends [1][3]. - The IAM industry has experienced significant growth, with total assets under management (AUM) reaching approximately 8.5 trillion yuan by the end of 2023, reflecting a year-on-year increase of 32.3% [30]. - The report identifies key competitive advantages of IAM, including long-term capital management experience, strong fixed-income investment capabilities, and strict compliance and risk control [2][71]. Summary by Sections 1. Evolution of China's IAM Industry - The IAM industry has gone through three phases: initiation in 2003 with the establishment of the first IAM company, diversification from 2012 to 2017, and accelerated market reforms since 2018 [14][15]. - By the end of 2023, there were 34 IAM companies in China, with a significant increase in the number of private equity fund managers [15]. 2. Current Status of IAM Industry - The industry has seen continuous expansion, with a total revenue of 29.66 billion yuan in 2023, representing an 8.2% year-on-year growth [18]. - The funding sources are predominantly from insurance capital, accounting for approximately 74% of total funding [23]. - The investment preference is heavily weighted towards fixed-income assets, with investment returns concentrated between 2.25% and 4.5% [24][27]. 3. Competitive Analysis in the IAM Landscape - The total scale of China's asset management industry exceeds 131 trillion yuan, with significant product differentiation [2][62]. - IAM is positioned in the middle tier in terms of scale and yield compared to other asset management products [66]. - The primary sales channel for IAM products is direct sales, with the "Yinbao Tong" platform playing a crucial role in connecting banks and securities firms [70]. 4. Overseas Benchmarking of Leading IAM Firms - Allianz Asset Management, a global leader, has an AUM of 2.45 trillion euros, with over 70% of its business coming from third-party sources [2][79]. - The report highlights the importance of global expansion and professional division of labor as common experiences among leading overseas IAM firms [2][3]. 5. Future Trends in China's IAM Industry - The report suggests that the IAM industry will focus on enhancing equity research capabilities and diversifying investment strategies, particularly in high-dividend and alternative investments [3]. - There is an emphasis on leveraging overseas experiences for mergers and acquisitions, enhancing digitalization, and pursuing globalization [3].

8月16日，由《21世纪经济报道》发起主办的2025金贝资产管理年会上，备受业内外关注的第十八届 【金贝】资产管理竞争力案例征集结果揭晓，"永诚资产永盈货币资产管理产品"入围"2025卓越货币类 保险资管产品"，本次是永诚保险资产连续第四年入围金贝资产管理竞争力案例。 中国资产管理"金贝"案例征集始于2008年，是资产管理行业最具影响力和权威性的奖项之一。这一荣誉 不仅体现了市场对永诚资产产品创新能力的认可，也标志着这家成立仅八年的保险资管新锐已跻身行业 竞争力前列。 自成立以来，永诚保险资产全面、系统、持续地收集和分析可能影响实现经营目标的内外部信息，识别 公司面临的风险及其来源。在风险识别过程中，对业务流程进行梳理和评估，并对业务流程中的主要风 险点建立相应控制措施，明确相应控制人员，完善业务流程的连续性管理。 数据显示，永诚资产永盈货币产品近一年收益2.45%，成立以来收益2.56%。2024年，永诚资产实现营 业收入2.41亿元，同比增速达10.64%。 这一优异成绩背后是永诚资产坚持的"特色化、产品化、市场化"发展路径。公司副总经理（主持工 作）、首席风险官曹志强曾表示，作为一家中小保险资产管理公司 ...

● 本报记者 薛瑾 人保资产相关负责人表示，资产支持计划不仅能够盘活存量资产、助推经济结构调整和金融市场转型发 展，也有利于降低企业融资成本、调整负债结构；产品的核心是基础资产，是以基础资产现金流作为产 品的偿付，需要重点关注基础资产是否具备持续的盈利能力和稳定的现金流。 据中诚信国际报告，近年来在中保登登记的ABS基础资产类型主要为消费金融及小微贷款、供应链资 产、融资租赁、基金份额、重组债权等。同时，基础资产在不断发展创新。 一般而言，受托人会在产品取得登记编码一年内完成首期产品发行，末期产品发行距首期产品发行时间 不超过一年，累计发行规模不超过登记规模，各期产品设立之日（不含）起10个工作日内向中保登提交 设立报告。 8月以来，中保登更新了4条新增资产支持计划登记动态，分别出具了工银安盛-京烁4号资产支持计划第 i期、工银安盛-安鑫5号资产支持计划第i期、百年资管-馥香1号资产支持计划（第i期）、人保资本-信达 金租2号资产支持计划的登记编码，合计登记规模130亿元。至此，中保登今年以来登记的资产支持计划 已达50只，规模合计超过2000亿元，较去年同期实现较大幅度增长。 "险企认购旗下保险资管机构发行 ...

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].