Core Viewpoint - The China Securities Regulatory Commission emphasizes the importance of capital markets in promoting high-quality development and resource allocation, with a focus on technology innovation, advanced manufacturing, green low-carbon initiatives, and inclusive finance [1] Group 1: Financial Innovation and Support for Real Economy - Debon Securities is actively responding to national calls by enhancing technology finance and green finance, aiming to support high-quality development of the real economy [1] - The company positions the bond market as a key hub connecting technology innovation and financial resources, providing full lifecycle financial services for technology enterprises [2] - Debon Securities successfully issued a 2.5 billion yuan technology innovation bond for Inner Mongolia Power Group, achieving the lowest historical issuance rate for long-term credit bonds in the region [2] Group 2: Green Finance Initiatives - The company focuses on green bond issuance as a critical area, with a notable issuance of a 500 million yuan green technology bond for Inner Mongolia Power Group, marking the first "green + technology" dual-label bond in the region [3] - Debon Securities aims to guide financial resources towards green industries, supporting enterprises in their transition to low-carbon and intelligent operations [3] Group 3: High-Growth Industry Bonds - Since the introduction of high-growth industry bonds by the Shanghai Stock Exchange, Debon Securities has successfully completed multiple issuances, including a 500 million yuan bond for Guangxi Modern Logistics Group at a record low interest rate [4] - The company employs various financial innovation methods, such as asset securitization and REITs, to facilitate effective capital transformation for enterprises [4] Group 4: Technological Advancements in Financial Services - Debon Securities prioritizes technological investment and digital transformation to enhance operational efficiency and customer experience [5] - The company has developed the "Longquan System," which redefines service logic in the industry and has won awards for its financial technology innovations [5] - By integrating RPA, AI, and BI technologies, Debon Securities has established a comprehensive virtual digital employee system, significantly improving operational efficiency [5] Group 5: Strategic Development Path - Debon Securities is exploring a differentiated development path as a "boutique investment bank," contributing to the high-quality development of the securities industry [6]

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]

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 ...