北京商报讯（记者 李秀梅）2月27日，国家金融监督管理总局发布行政处罚信息显示，永诚保险资产管理有限公司及相关责任人员，存在资产管理业务开展 不规范，关联交易管理不规范，财务数据不准确等行为，国家金融监督管理总局对永诚保险资产管理有限公司罚款120万元。对王凡、张岩姝、王群警告并 罚款共计18万元。 图片来源：国家金融监督管理总局 | | 永诚保险资 资产管理业务开展不规 对永诚保险资产管理有限公 | | | --- | --- | --- | | m | 产管理有限 范，关联交易管理不规 司罚款120万元。 | | | | 公司及相关 范，财务数据不准确 对王凡、张岩姝、王群警告 | | | | 责任人员 等。 | 并罚款共计18万元。 | ...

Core Insights - The asset-backed securities (ABS) business of insurance asset management companies is steadily advancing, with five companies applying for a total of 20 ABS projects worth 32.053 billion yuan as of now [1][9] - In 2025, insurance asset management companies submitted nine ABS applications, with six being newly emerging holding-type real estate ABS, indicating a strong preference for this category [3][12] Group 1: ABS Applications and Approvals - As of the end of 2025, five insurance asset management companies have cumulatively submitted 20 ABS projects to the Shanghai and Shenzhen stock exchanges, totaling 32.053 billion yuan [2][10] - In 2025, nine ABS applications were approved or received feedback, amounting to 12.613 billion yuan, with Taibao Asset submitting five projects worth 6.809 billion yuan, Renbao Asset three projects worth 5.519 billion yuan, and Taikang Asset one project worth 0.285 billion yuan [2][10] - By the end of 2025, Taibao Asset led with nine submissions totaling 13.014 billion yuan, followed by Renbao Asset with five submissions totaling 12.049 billion yuan, and Taikang Asset with three submissions totaling 3.754 billion yuan [10][11] Group 2: Rise of Holding-Type Real Estate ABS - Insurance asset management companies have submitted a total of seven holding-type real estate ABS applications, with six submitted in 2025, accounting for two-thirds of the total ABS applications that year [3][12] - The first holding-type real estate ABS managed by an insurance asset management company was submitted by Renbao Asset in 2024, marking a significant innovation in the market [3][12] - The latest holding-type real estate ABS project, managed by Taibao Asset, was successfully established on February 13, 2025, with a scale of 1.1942 billion yuan, attracting diverse market investors [4][13] Group 3: Strategic Development and Market Positioning - Insurance asset management companies are focusing on the development of holding-type real estate ABS, which aligns with their long-term investment strategies and stable cash flow requirements [5][6] - The insurance asset management sector is characterized by a unique positioning that combines product management and investment allocation, allowing for a more integrated approach to ABS business [7][15] - The collaboration between insurance asset management and other business units within insurance groups enhances the effectiveness of ABS projects, leveraging the strengths of insurance capital as cornerstone investors [8][16]

2026年开年，保险资管产品交出了一份亮眼的成绩单。 尽管固收类产品凭借稳健表现成为"压舱石"，但真正的业绩亮点却集中在含权类产品上。据同花顺数据显示，截 至2月25日，今年以来区间收益率排名前10位的产品，区间涨幅在14.50%至63.84%之间，其中权益类产品占据一 半以上。上榜机构包括中信保诚资管、阳光资产、泰康资产等。 Wind数据显示，截至2月24日，今年以来已披露最新净值的1602只保险资管产品中，实现区间正收益的产品占比 高达93.2%，其中近20只权益类产品收益率突破10%。在固收收益率持续承压的背景下，权益类资产正成为保险资 管机构增厚收益的关键抓手。 多位业内专家在接受采访时指出，这一"开门红"并非偶然，而是低利率环境倒逼、监管政策引导、资本市场回暖 多重因素共振的结果，更折射出低利率时代下，保险资金这一"耐心资本"正加速从"稳健防御"向"价值进攻"转变 的配置逻辑。 谁最赚钱、谁在掉队？ 固收托底，含权类成亮点 近年来，保险资管公司所管理的资金是险资重要组成部分，在支持资本市场和稳定经济方面，正逐渐成为一股不 可忽视的力量。 记者留意到，今年以来，保险资管产品业绩呈现鲜明的结构性特征。W ...

权益类产品业绩表现亮眼 在今年以来已披露最新净值的1602只保险资管产品中，实现正收益的产品超九成。 分类型来看，固收类保险资管产品仍占据较多席位，业绩表现整体较为稳健，在1098只固收类产品中， 有1038只产品今年以来实现正收益；权益类保险资管产品有269只，今年以来有245只产品实现正收益； 混合类保险资管产品有220只，今年以来有195只产品实现正收益。 ● 本报记者 石诗语 Wind数据显示，截至2月24日，今年以来已披露最新净值的保险资管产品共有1602只，其中今年以来实 现区间正收益的产品占比高达93.2%。从产品类型看，权益类保险资管产品收益表现亮眼，有近20只产 品今年以来区间收益率超10%。展望后市，业内人士表示，保险资管机构将继续加强对科技创新、新质 生产力等重点领域优质上市公司的跟踪和挖掘。 截至2月24日，今年以来，区间收益率排名前10位的产品中有6只产品属于权益类，其余属于混合类。含 权类保险资管产品近期的高收益率主要得益于年初的市场回暖，具有一定的阶段性特征。其收益波动受 权益市场影响较大，2月以来随着部分板块的阶段性回调，含权类保险资管产品收益率也随之下行。 "今年年初，科技成 ...

中国银行保险资产管理业协会(以下简称"银行保险资管业协会")近日发布的"保险机构2026年资产配置展 望调查结果"显示，保险机构今年普遍看好的境内投资资产是股票和证券投资基金。其中，多数保险机 构对2026年A股市场持较乐观的态度，并计划小幅增配A股。同时，2026年保险机构最看好的境外投资 品种是港股，黄金投资和美股投资也受到保险机构较大关注。 此外，银行保险资管业协会发布的银行保险资产管理行业投资信心指数显示，权益投资信心指数显著上 升。 境外投资看好港股 银行保险资管业协会表示，此次调查更加突出"资产配置"导向。127家保险机构参与反馈，包括36家保 险资产管理机构和91家保险公司。 调查结果显示，从大类资产配置来看，股票和证券投资基金是2026年保险机构普遍看好的境内投资资 产。多数保险机构预计对银行存款、债券、证券投资基金及其他金融资产的配置比例与2025年基本持 平，部分保险机构有意愿适度或微幅增加股票投资。 从债券配置来看，多数保险机构对2026年债券市场持中性态度。利率债方面，保险机构预计10年期国债 收益率将处于1.8%—1.9%(含)，30年期国债收益率将集中在2.2%—2.4%(含)。信 ...

Core Viewpoint - The insurance asset management institutions are transitioning from passive investors in ABS to active managers, focusing on real estate and green assets that align with their characteristics [1][2][3]. Group 1: Transition of Insurance Asset Management Institutions - Insurance asset management institutions have shifted their role from merely buying products to both buying and managing products in the ABS market [2][4]. - Five insurance asset management institutions, including China Pacific Asset Management and China Insurance Asset Management, have been approved to pilot ABS and REITs business, leading to multiple product launches [2][4]. - The dual role of managing and investing allows these institutions to better control project risks and enhance asset operation [3][4]. Group 2: Focus on Real Estate Assets - Real estate has become a primary focus for the underlying assets in ABS, with a significant portion of products being real estate-related [5]. - By 2025, it is expected that the number of real estate ABS products will increase significantly, reflecting a deeper engagement in this sector [5]. - The regulatory environment is encouraging the growth of holding-type real estate ABS, which is expected to become a key component of the multi-tiered REITs market [5]. Group 3: Green Asset Integration - The ABS projects are increasingly aligned with the national "dual carbon" strategy, emphasizing green attributes [6]. - Projects like the Tianhe Fuhua ABS, which involves distributed photovoltaic power stations, have received the highest green asset certification [6]. - Future strategies will focus on high-quality underlying assets from large state-owned enterprises and local government enterprises, with an emphasis on holding-type real estate ABS and mid-to-long-term REITs [6].

中国人寿集团旗下另类保险资管公司宣告"一把手"新老交棒。 近日，国寿投资保险资产管理有限公司（简称"国寿投资公司"）召开2026年工作会议。会议新闻稿信息显示， 刘凡以国寿投资公司党委书记身份，在会上作全面从严治党促进高质量发展报告。这正式官宣了该公司党委书 记已变更为1971年出生的刘凡。 国寿投资公司前任党委书记、总裁为1965年出生的张凤鸣。张凤鸣经历了国寿投资公司获批另类保险资管牌照 的过程，并在该公司成为另类保险资管公司后，一直担任国寿投资公司党委书记、总裁，直至近期正式退休。 作为中国人寿集团的一级子公司，国寿投资公司惯例是党委书记和总裁"一肩挑"。刘凡已出任新的党委书记， 在履行内部公司治理和监管审批有关手续后，他有望出任国寿投资公司总裁。 会议披露的"十四五"成绩单显示，国寿投资公司累计签约规模超1万亿元，累计划款规模9214亿元，在管规模 6272亿元，居另类保险投资行业首位，服务实体经济在管规模5979亿元。 责编：王璐璐 排版：刘珺宇 校对： 杨立林 百万用户都在看 重大信号！49万亿巨头，批量减持！ 利好来了！刚刚，福建重磅发布！ 周末突发！数十枚导弹发射！俄罗斯，发动大规模袭击 刘凡 ...

Core Insights - The performance of insurance asset management products in January has been released, with a median return of 0.53% and an average return of 1.82% across 1564 products, of which 94% achieved positive returns [1][2]. Group 1: Performance Overview - A total of 1564 insurance asset management products reported their January returns, with the highest return reaching 24.71% and the lowest at -4.41% [2][3]. - Among the 1079 fixed-income products, 1019 achieved positive returns, with an average return of 0.64%, while the highest return was 9.41% and the lowest was -3.07% [2]. - In the equity category, 269 products reported returns, with 251 achieving positive returns and an average return of 5.04%, the highest being 24.71% [3]. - The mixed products category included 216 products, with 204 achieving positive returns and an average return of 3.69%, the highest being 16.53% [3]. Group 2: Future Investment Trends - Analysts predict that insurance capital will continue to adopt an active market entry strategy, focusing on high-dividend stocks and increasing investments in technology and growth sectors [4][5]. - It is estimated that approximately 600 billion yuan of new insurance capital will enter the market by 2026, with a shift in investment style from "dividend-stable" to "dividend-stable + growth" [4]. - The low-interest-rate environment is driving insurance capital to increase allocations to equity assets, as fixed-income products become less attractive [5].

Core Viewpoint - In January 2026, over 90% of insurance asset management equity products achieved positive returns, with 27 products yielding over 10%, indicating a strong start for the year in this sector [1][3]. Group 1: Performance of Insurance Asset Management Products - Among 290 insurance asset management equity products, the top performer was the CITIC Prudential Asset Management's Chengyi Resource product, with a return of approximately 24.71% [1][2]. - The top 20 equity asset management products predominantly included technology growth products, such as Sunshine Asset's Innovation Growth and China Life Asset's Advanced Manufacturing Selected No. 1 [1][2]. - Major institutions like China Life Asset, Ping An Asset, and others had multiple products listed in the top 20, with China Life Asset having four products featured [1][2]. Group 2: Market Trends and Insights - The strong performance in January was attributed to market trends, particularly in the technology sector, with the ChiNext Index rising by 4.47% and the Sci-Tech 50 Index increasing by 12.29% [3]. - Analysts suggest that for insurance funds seeking long-term stable returns, short-term market fluctuations do not significantly impact their long-term strategic asset allocation [3]. - Among over 170 insurance asset management equity products established for more than three years, around 80% have positive annualized returns since inception, with 46 products exceeding 10% annualized returns [3]. Group 3: Future Investment Directions - Looking ahead to 2026, increasing equity asset allocation remains a key investment direction for insurance institutions, with a particular focus on technology growth themes [4]. - Investment strategies will prioritize sectors such as AI, semiconductors, robotics, and new energy, while also considering financial, cyclical, and consumer sectors [4]. - Advanced manufacturing and TMT strategies are expected to continue to provide excess returns, with specific attention to sectors like power equipment, energy metals, and consumer electronics [5].

Core Viewpoint - The establishment of AIA Asset Management and Aegon Asset Management in Shanghai marks a significant step in the high-level opening of China's financial market, showcasing the commitment of international capital to China's financial reform and development [1][4]. Group 1: Company Establishment - AIA Asset Management and Aegon Asset Management held their opening ceremony on January 28, marking the debut of the first wholly foreign-owned insurance asset management companies in Shanghai [1]. - The approval for the establishment of these companies was granted by the Financial Regulatory Bureau in December 2025, following a rapid six-month preparation period [2][3]. - AIA Asset Management is fully owned by AIA Life Insurance with a registered capital of 100 million yuan, while Aegon Asset Management, backed by the 180-year-old Aegon Group, has a registered capital of 250 million yuan [3]. Group 2: Strategic Importance - The simultaneous launch of these institutions is seen as a landmark event for Shanghai's financial sector and reflects the dual engagement of China's financial industry with international capital [4]. - Both companies aim to leverage their global expertise to provide diversified and international asset management services to Chinese institutional investors [3][5]. Group 3: Market Insights - The past five years have seen an average annual growth rate of about 8% in the assets under management in China's trust, wealth management, and insurance asset management sectors, making it the second-largest asset and wealth management market globally [6]. - International insurance giants view China as a market with significant growth potential, leading to increased investment and participation from foreign institutions [6]. - The entry of foreign firms is expected to enhance the diversity of products and services available in the Chinese insurance market, benefiting consumers and pushing local firms to improve their professional capabilities [6].