Core Viewpoint - The insurance capital (险资) has become a focal point in the market this year, driven by policies promoting medium to long-term capital inflows, effectively optimizing the capital market structure and encouraging a shift towards value investing [1][3]. Group 1: Insurance Capital Market Activity - As of the end of Q3 2025, insurance capital appeared among the top ten shareholders of 633 A-share listed companies, with 270 new stock positions taken [3]. - The total market value of insurance capital holdings in A-shares exceeded 650 billion yuan, reflecting a growth of over 6% compared to mid-2025 [3]. - The insurance sector's investment strategy is characterized by a focus on long-term stability and value, aligning with the overall market recovery trend [5]. Group 2: Investment Performance and Preferences - In Q3 2025, the Shanghai Composite Index rose by 12.73%, with insurance companies' investment results significantly contributing to their net profit growth [4]. - Insurance capital's holdings in the top five industries by market value include banking, public utilities, transportation, communications, and electrical equipment [5]. - The top five industries by the number of individual stocks held by insurance capital are electronics, pharmaceuticals, electrical equipment, machinery, and automobiles [5]. Group 3: Investment Strategies and Tools - Insurance capital's investment strategy is primarily driven by liability-driven investment (LDI), focusing on matching assets with liabilities [6]. - The strategy includes a foundation of high-rated bonds (60%-70% of the portfolio) for stable returns, with equity investments typically comprising 10%-15% [6]. - The insurance version of asset-backed securities (ABS) has emerged as a key tool for insurance capital to navigate low interest rates and market volatility, providing a stable return and extending asset duration [7][9]. Group 4: Growth of Insurance Version ABS - In the first three quarters of 2025, the number of registered insurance asset-backed plans reached 66, with a total scale of 274.58 billion yuan, marking a 25.1% increase year-on-year [8]. - The insurance version of ABS serves as a "stabilizer" for returns and an "extender" for assets, typically offering a higher issuance rate of 5%-6% compared to similar credit bonds [8][9]. - The unique structured design of insurance version ABS allows for risk and return layering, catering to the needs of insurance capital for stable and secure investments [9][10].

Core Insights - The insurance asset management sector is increasingly focusing on asset-backed securities (ABS) to seek stable long-term returns in a low-interest-rate environment, with a reported growth of over 25% year-on-year in the first three quarters of 2025 [1][2][6] Group 1: Market Growth and Trends - In the first three quarters of this year, 15 insurance asset management institutions registered 66 asset-backed plans, totaling 274.58 billion yuan, marking a 25.1% increase compared to the same period last year [2] - The "insurance version ABS" is characterized by its focus on infrastructure projects, providing stable cash flows that align with the long-term liabilities of insurance funds, making it a significant investment choice in the current market [2][6] - Among the active insurance asset management institutions, 10 have surpassed the 10 billion yuan registration threshold, indicating a strong industry commitment to this asset class [2] Group 2: Demand for Exchange ABS Qualifications - There is a growing desire among insurance asset management institutions to obtain qualifications for managing exchange ABS, which are seen as more liquid and diverse compared to non-standard ABS [4][5] - The push for exchange ABS qualifications began in October 2023, when regulatory bodies expanded the scope to include insurance asset management companies, with five major firms being the first to receive approval [5] - However, the expansion of trial qualifications has stalled, with regulatory caution making it difficult for many institutions to gain access to this lucrative market [5] Group 3: Dual Strategy for Market Challenges - Insurance funds are adopting a dual strategy to navigate current market challenges, focusing on both the "insurance version ABS" market and seeking exchange ABS management qualifications [6] - This strategy reflects the necessity for insurance funds to adapt to changing macroeconomic conditions and the declining attractiveness of traditional fixed-income assets, with ABS products filling the investment gap [6]

Core Insights - Insurance asset management companies are increasingly focusing on asset-backed securities (ABS), with a notable growth of over 25% in registration scale during the first three quarters of 2023 [1][4] - The first batch of five insurance asset management companies received pilot qualifications for ABS and REITs in October 2023, but no new qualifications have been granted since then [1][2] - The insurance version of ABS, which is less liquid than exchange-listed ABS, is gaining traction due to its alignment with the long-term investment needs of insurance funds [3][4] Group 1 - In the first three quarters of 2023, 15 insurance asset management institutions registered 66 asset-backed plans, totaling 274.578 billion yuan, representing a year-on-year increase of 25.1% [1][4] - The most registered asset-backed plans were from Minsheng Tonghui Asset Management Co., Ltd., with 12 plans, while Everbright Yongming Asset Management Co., Ltd. had the largest registration scale at 60.55 billion yuan [4] - Ten out of the 15 insurance asset management institutions registered asset-backed plans with a scale exceeding 10 billion yuan this year [4] Group 2 - The demand for stable cash flow assets suitable for long-term investment has led insurance funds to show increased interest in ABS since the pilot program began [2][4] - The regulatory environment remains cautious, with insurance funds facing challenges in obtaining exchange ABS qualifications, as the primary players in this market are still brokerage firms [2][3]

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]