● 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 National Development and Reform Commission plans to introduce over ten systems, including data property rights, to accelerate the release of data factor value, which is becoming a new engine for high-quality economic development, particularly in the financial sector [1][2]. Group 1: Data Factor Value in Financial Sector - Data factors are being recognized as valuable assets, with policies facilitating their entry into capital markets through instruments like Asset-Backed Securities (ABS) and Real Estate Investment Trusts (REITs) [2]. - The first closed-end infrastructure securities investment fund based on data centers was launched, with significant market recognition reflected in the buying amounts of 233 million and 388 million yuan for two specific funds [2]. - Data factors are enhancing credit assessment by integrating various data sources, which helps financial institutions with risk pricing and enables small and medium enterprises to convert hidden credit into financing capabilities [2][3]. Group 2: Challenges in Data Factor Financial Applications - Despite initial successes, the integration of data factors into financial services faces challenges such as data ownership confirmation, compliance, and security issues [4][5]. - The complexity of data as an asset, including its non-standard nature and valuation difficulties, complicates its integration into standardized financial products [5][6]. - Policies are being developed to address these challenges, including the establishment of data factor comprehensive experimental zones in various regions to explore data asset circulation models [6].

本报记者 杨笑寒 近日，中保保险资产登记交易系统有限公司（以下简称"中保登"）披露了人保资本保险资产管理有限公司、百年保险资产 管理有限责任公司、工银安盛资产管理有限公司等保险资管机构登记的4只资产支持计划情况，合计登记规模达130亿元。资产 支持计划也被业内称为"保险版ABS"。 今年以来，保险资管机构登记资产支持计划规模持续高速增长。据《证券日报》记者统计，今年前7个月，中保登共登记 资产支持计划50只，登记规模合计2218.77亿元，同比增长50.4%。 受访专家表示，在利率中枢持续下行的背景下，资产支持计划基础资产范围广、产品结构灵活、还款现金流明确、与股债 相关性较低，因此受到险资青睐。 7月份产品登记规模大增 资产支持计划业务是指保险资管机构等专业管理机构作为受托人设立支持计划，以基础资产产生的现金流为偿付支持，面 向保险机构等合格投资者发行受益凭证的业务活动。 广东凯利资本管理有限公司总裁张令佳对《证券日报》记者表示，资产支持计划所登记的资产能够带来长期稳定现金流， 这些资产往往具有非周期性特点（如公共服务），与股债相关性低，在利率下降时期可为险资提供缓冲。 在政策面上，今年4月份，国家金融监督 ...

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].

Core Viewpoint - The insurance asset management industry is experiencing a shift in focus from traditional debt investment plans to alternative investments such as equity investment plans and private equity funds, reflecting a need to adapt to changing market demands and support the real economy [1][2][6]. Debt Investment Plans - In the first half of 2025, insurance asset management institutions registered 137 debt investment plans, a decrease of 23% year-on-year, with a total scale of 212.2 billion yuan, down 24.5% [2]. - This marks the fourth consecutive year of decline in new business volume for debt plans since 2022, with the peak registration in 2021 reaching over 960 billion yuan [2]. - The average yield for newly registered debt plans has fallen to 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, with funds being directed towards green and new economy projects [4][5]. - The asset-backed plans have seen rapid growth since the transition to a registration system in September 2021, with the scale reaching nearly 460 billion yuan in 2023 [5]. Growth in Equity Investment - In contrast to the decline in debt plans, equity investment business has seen significant growth, with 11 new equity investment plans registered, a 120% increase year-on-year, and a total scale of approximately 26.8 billion yuan, up 188% [6]. - The number of private equity funds registered has also increased, with three funds totaling around 25 billion yuan, reflecting a growth of 50% and 524.9% respectively [6][7]. Strategic Focus on Quality Assets - The insurance asset management sector is prioritizing equity investments as a core competitive advantage, with a focus on identifying quality assets and designing appropriate transaction structures [8]. - The transition from a liability-driven to an equity-driven investment model necessitates adapting investment strategies to meet new economic demands [8].

Core Viewpoint - The Heilongjiang Provincial Government has issued policies to support the development of the ice and snow economy, focusing on financial and tax incentives for infrastructure projects related to ice and snow sports and tourism [1] Financial and Tax Support - The government aims to utilize central budget investments, local government special bonds, and central lottery public welfare funds to support the construction of ice and snow venues and cultural tourism sports facilities [1] - Ice and snow enterprises are encouraged to enjoy relevant tax benefits as per national regulations [1] Infrastructure Development - Support is provided for the construction of infrastructure in the China-Shanghai Cooperation Organization Ice and Snow Sports Demonstration Zone, with special approval for key investment projects [1] - Projects in the infrastructure sector of 4A-level and above ice and snow tourism scenic spots are encouraged to issue Real Estate Investment Trusts (REITs) [1] Public-Private Partnerships - The implementation of government and social capital cooperation (PPP) projects in the ice and snow sector is promoted, encouraging participation from state-owned enterprises, private capital, and foreign investment [1] Insurance and Financial Products - Financial institutions in the insurance industry are encouraged to develop specialized insurance products for ice and snow tourism and sports, enhancing the insurance service capabilities in these areas [1]

Group 1 - The core viewpoint of the news is the introduction of a three-year action plan by Anhui Province to enhance financial support for technological innovation, aiming to create a sustainable ecosystem that integrates technology, industry, and finance [2][3] - The plan targets a significant increase in angel investment to approximately 5% of equity investment and aims to support around 50,000 technology-based SMEs by 2027, with a technology guarantee system valued at about 200 billion yuan [2] - The "2641 Action" will focus on two key areas: major technological tasks and technology-based SMEs, implementing six specific actions to enhance direct financing, technology loans, and financial collaboration [2][3] Group 2 - The plan emphasizes the importance of supporting the transformation of cutting-edge technological achievements, particularly in areas like quantum information and fusion energy, while also promoting long-term investment reforms [3] - It aims to attract foreign investment for establishing R&D centers and facilitate financing connections through targeted activities [3] - The plan outlines a comprehensive financial service model that includes various financial instruments such as loans, guarantees, and insurance to support major projects and key industries [5][7] Group 3 - The Guangxi Zhuang Autonomous Region has also introduced a three-year action plan to coordinate various financial resources, targeting a total of 7.5 billion yuan in fiscal funds to leverage over 600 billion yuan in loans by 2027 [4][5] - The plan prioritizes financing for major projects, key industries, and inclusive sectors, with a focus on supporting artificial intelligence and modern agriculture [5][6] - It includes measures to broaden financing channels, enhance accessibility, and develop a robust financing service system, aiming for significant annual loan allocations and bond issuances [7][8]

Group 1 - The core viewpoint of the news is the release of the "Beijing Action Plan for Deepening Reform to Boost Consumption," which aims for an average annual growth of around 5% in total market consumption by 2030 and the creation of 2-3 new consumption landmarks worth over 100 billion yuan [1][4] Group 2 - The Action Plan includes 24 detailed measures focusing on increasing residents' income and reducing their financial burdens, promoting the healthy development of the platform economy, and encouraging new business formats to create more job opportunities [4] - It emphasizes enhancing consumer spending by leveraging housing provident funds to support home purchases and proposing a "mortgage transfer with collateral" policy [4] - The plan aligns with national strategies to expand domestic demand and integrates the unique resources of the capital city, showcasing a shift from merely responding to policies to innovative practices [4][6] Group 3 - The Action Plan encourages financial institutions to increase credit support for key consumption areas and develop financial products that meet the needs of new consumption formats [5] - Various banks and licensed consumer finance institutions are responding by launching initiatives to stimulate consumption, such as interest-free promotions and flexible payment options [5] - The financial sector is expected to play a crucial role in boosting consumption, with a focus on developing tailored financial solutions for emerging business models [5][6] Group 4 - The multi-faceted deployment of the Action Plan is anticipated to create a ripple effect, enhancing residents' purchasing power, activating related demands, and promoting a cycle of investment and consumption [6] - This approach aims to strengthen Beijing's influence in the global consumption market and support its development as an international consumption center [6]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is committed to deepening the reform of the stock issuance registration system, supporting mergers and acquisitions of listed companies, and fostering long-term capital to enhance the integration of technology innovation and industrial innovation [1][2]. Group 1: Stock Issuance and Market Reform - The CSRC will continue to deepen the stock issuance registration system reform, focusing on information disclosure and strict regulatory accountability, while enhancing the inclusiveness and adaptability of the system [2][3]. - In the IPO sector, over 90% of new listings in 2024 on the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange will belong to strategic emerging industries or high-tech enterprises [1]. Group 2: Mergers and Acquisitions - The CSRC aims to invigorate the mergers and acquisitions market by implementing the revised regulations on major asset restructuring for listed companies, supporting acquisitions that enhance key technology levels [3][4]. - In 2023, over 140 asset restructuring cases were disclosed by strategic emerging industry listed companies, doubling the number from the previous year [1]. Group 3: Long-term Capital Development - The CSRC is focused on cultivating long-term and patient capital, guiding private equity funds to optimize long-cycle assessment mechanisms that align with the development characteristics of technology innovation enterprises [3][4]. - The scale of private equity venture capital funds directed towards strategic emerging industries continues to increase, with over 100,000 projects and more than 4 trillion yuan in invested capital [1]. Group 4: Investor Protection and Legal Framework - The CSRC emphasizes the protection of investors, particularly small and medium-sized investors, by enhancing information disclosure regarding the risks associated with technology innovation enterprises [4][5]. - The commission is actively involved in the development of financial laws and regulations, including the revision of the Securities Company Supervision Regulations, to clarify the rights and responsibilities of stakeholders in technology enterprises [5]. Group 5: Market Environment and Integrity - The CSRC is working to create a more trustworthy market environment by improving the integrity supervision management measures and establishing a comprehensive database for market integrity [5]. - Measures will be taken to combat fraudulent activities, enhance market transparency, and improve the professional ethics of industry personnel to support high-level technology innovation development [5].

Core Viewpoint - The Hubei Provincial Natural Resources Department has issued a plan to revitalize idle and inefficient land resources to enhance the efficiency of state-owned assets, focusing on the goals of asset capitalization, asset securitization, and leveraging state funds [1][6]. Group 1: Land Resource Management - The plan emphasizes a comprehensive inventory of state-owned enterprises' land assets, including ownership, area, purpose, location, and current utilization, to create a dynamic management system [2][6]. - Historical issues related to land rights will be addressed, allowing state-owned enterprises to apply for land use rights based on current conditions, thus resolving the "land without certificate" problem [2][3]. Group 2: Industrial Land Utilization - The plan allows for the expansion of industrial land use without increasing land price payments, promoting multi-functional industrial buildings and supporting the development of existing industrial land for increased production capacity [3][4]. - State-owned enterprises are encouraged to redevelop existing land through various methods, including self-initiated projects and government-led land reallocation [3]. Group 3: Asset Securitization - The plan supports the issuance of Real Estate Investment Trusts (REITs) to convert heavy assets into publicly tradable financial products, enhancing liquidity and value realization of land assets [4][5]. - Approximately 500,000 acres of land in Hubei are estimated to be eligible for revitalization, potentially supporting a financing scale of nearly 200 billion yuan through securitization [4]. Group 4: Financial Leverage - The activation of land capital is expected to leverage greater social capital through multiplier effects, facilitating the transformation of resources into assets and then into capital [5][6]. - The plan aims to create a systematic mechanism for resource confirmation, asset visibility, and capital flow, which is seen as a significant innovation with broader implications beyond the region [6].