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践行“精品投行” 德邦证券书写高质量发展新篇
Zheng Quan Shi Bao· 2025-10-09 21:58
今年2月,中国证监会发布《关于资本市场做好金融"五篇大文章"的实施意见》,要求强化资本市场在 促进资本形成、优化资源配置等方面的功能,推动要素资源向科技创新、先进制造、绿色低碳、普惠民 生等重大战略、重点领域、薄弱环节集聚,更好满足高质量发展对优质金融服务的需求,助力中国式现 代化建设。 德邦证券总经理武晓春近日接受证券时报记者专访时表示,德邦证券作为山东财金集团旗下的全国性、 全牌照、综合类证券公司,积极响应国家号召,蓄力科技金融与绿色金融,深化金融创新与数字化转 型,全力服务实体经济高质量发展。 2025年7月,德邦证券牵头主承销的内蒙古电力集团科创债成功发行,规模达25亿元,创下内蒙古自治 区长期限信用债历史最低发行利率。该案例不仅为发行人提供了低成本融资支持,更成为金融赋能能源 科技发展的典范,让资本市场深入了解内蒙古的能源创新潜力。同年4月,德邦证券助力湖州市产业投 资发展集团发行2025年第一期科技创新公司债券,金额7亿元,创浙江省同期限科创公司债利率新低, 为发行人拓宽融资渠道,提升市场影响力;同月,山西路桥建设(600263)集团5亿元科创债成功发 行,创新设计多种选择权,推动基础设施行业科技 ...
保险资产管理业创新型产品季度观察与展望:2025年一季度,保债计划大幅下降,中保登ABS迅速扩容,资产证券化业务或将弥补整体下行趋势
Zhong Cheng Xin Guo Ji· 2025-05-20 08:23
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]
保险资产管理行业研究:保险资产管理业创新型产品季度观察与展望:2025年一季度,保债计划大幅下降,中保登ABS迅速扩容,资产证券化业务或将弥补整体下行趋势
Zhong Cheng Xin Guo Ji· 2025-05-20 06:50
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]
全国首单!中保登基础资产绿色ABS在宁落地
Nan Jing Ri Bao· 2025-03-31 02:55
南报网讯(记者 曹丽珍) "该项目的落地,为各地重资产运营的园区经营主体进一步盘活资产、推动园 区提档升级,探索出一条新思路、新途径,具有较强的示范与借鉴意义。"昨天,华夏银行南京分行相 关人士对记者说。该人士所提到的项目,就是该行作为综合服务商,于3月28日在南京江北新区成功落 地的中保登基础资产为蒸汽收费收益权的绿色ABS,这也是全国首单。 中保登资产支持计划是指通过中保保险资产登记交易系统有限公司(简称"中保登")登记的资产支持计 划(即"中保登ABS"),通过这类金融工具能有效帮助企业盘活存量资产,优化负债结构,助力企业高 质量发展。 据悉,该项目基础资产是南京江北新区建设投资集团有限公司(以下简称"建投集团")持有的工业蒸汽 收费收益权,获联合赤道G1级(最高等级)绿色认证。项目发行规模10.5亿元,其中,华夏银行投资10 亿元,并用最长9年的投资期为项目提供耐心资本支持。 近年来,南京为做优做强新材料支柱产业,设立南京江北新材料科技园,积极打造江苏省发展化工先进 制造业的聚集地。与此同时,国家和地方政府大力推进工业园区节能减排,提升公共基础设施水平。 "基于国家相关政策指引,江北新材料科技园又是一 ...