Core Viewpoint - The progress of asset-backed plan business by insurance asset management institutions is accelerating, with a significant increase in the number and scale of registered plans in 2023 compared to the previous year [1][2]. Group 1: Asset-Backed Plans Overview - As of April 17, 2023, 10 insurance asset management institutions have registered 19 asset-backed plans with a total scale of 769.41 billion yuan, representing a 57% year-on-year increase [1][2]. - Asset-backed plans are financial products where insurance asset management institutions act as custodians, raising funds from investors to invest in low liquidity but predictable cash flow underlying assets, often referred to as "insurance version ABS" [2]. Group 2: Advantages for Insurance Asset Management Institutions - Insurance asset management institutions have a dual role: they allocate assets on behalf of insurance funds and also act as investment banks to package assets, allowing them to access new investable assets beyond traditional debt and equity products [3]. - The fixed income characteristics and diversified cash flow sources of asset-backed plans align with the risk preferences of insurance funds, providing new investment avenues amid an "asset shortage" environment [3]. Group 3: Diversification of Underlying Assets - The underlying asset categories for asset-backed plans have expanded to include green assets, small consumer loans, and financing leases, driven by the need for liquidity and the demand to revitalize existing assets [4]. - Insurance companies can achieve better asset-liability matching and risk diversification through the multi-allocation of asset-backed plans, optimizing investment returns and cash flow [4]. Group 4: Support for Real Economy - Asset-backed plans offer channels for insurance funds to strengthen the construction of technology financial product systems and support the development of the real economy [5]. - The emergence of asset securitization products signifies a mature financial system, providing enterprises with financing channels beyond equity and debt, particularly beneficial for managing risks associated with extended accounts receivable cycles [5]. Group 5: Future Outlook - The asset-backed plan business is expected to continue growing, with a trend towards diversification in the types of underlying assets and an increase in the number and scale of plans [6].

Group 1 - The core viewpoint of the articles highlights the rapid growth of asset-backed plans registered by insurance asset management institutions, with a total registration scale reaching 230 billion yuan in July, reflecting a significant increase in the first half of the year, where 13 institutions registered 38 plans totaling 1,800.96 billion yuan, a year-on-year growth of 46% [1][2][4] - The asset-backed plan business is characterized as a means for insurance asset management institutions to issue beneficiary certificates based on cash flows from underlying assets, which are increasingly diversified, including factoring receivables, financial leasing, infrastructure revenue rights, consumer finance, and supply chain assets [2][3] - The shift from a registration system to a registration system in 2021 has led to a nearly twofold increase in the registration scale over three years, with a recovery in growth observed in 2023 after a decline in 2024 [2] Group 2 - The characteristics of asset-backed plans, such as stable cash flows, long durations, and lower risks compared to equity assets, align well with the investment needs of insurance capital, making them increasingly favored by insurance asset management institutions [1][4] - Recent policy support from regulatory bodies encourages insurance institutions to increase investments in asset-backed plans and other securitized products, further driving the growth of this market segment [2] - The expansion of the underlying asset categories for asset-backed plans indicates a move away from reliance on single asset types, enhancing the vitality and longevity of these financial products [3][4]