Group 1 - The conference titled "Insurance Capital Entering Shandong: Insurance Asset Management Supporting Industrial Upgrading and Innovative Development" was held in Jinan to facilitate the flow of insurance capital into Shandong and promote high-quality development [1] - The event was co-hosted by the Provincial Financial Office and Shandong Financial Regulatory Bureau, with participation from major insurance asset management companies, representing over two-thirds of the industry’s total asset management scale [1] - Various provincial departments provided insights on Shandong's new productivity, technological innovation, key industries, and state-owned enterprises, while insurance companies shared experiences on utilizing insurance funds [1] Group 2 - As of the end of June this year, insurance funds have invested over 580 billion yuan in Shandong through debt investment plans, equity investment plans, and insurance private equity funds, focusing on new infrastructure, green industries, and strategic emerging industries [2] - These investments have resulted in a number of projects that are both profitable and well-regarded [2] - Insurance funds are also actively participating in economic development in Shandong through bond subscriptions, strategic equity investments, and involvement in public REITs [2]

转自：新华财经 会议邀请中国保险资产管理业协会和27家保险资管公司负责人参加，与会资管公司资产管理规模超过行 业总规模的三分之二。会议设置项目路演和项目洽谈环节，山东省财金投资集团有限公司、潍柴控股集 团有限公司、中国重型汽车集团有限公司等10家企业进行了项目路演，73个基础设施、科技创新、绿色 发展等重点领域优质项目建设方与保险机构负责人进行了洽谈。 编辑：王媛媛 新华财经济南9月23日电（记者贾云鹏）9月23日，山东省在济南组织召开"险资入鲁：保险资管助力山 东产业升级与创新发展"恳谈会。记者从会上获悉，截至2025年6月末，保险资金通过债权投资计划、股 权投资计划、保险私募基金三类产品投向山东省累计登记规模5800多亿元，主要投向新型基础设施、绿 色产业、战略新兴产业等领域，并且形成了一批收益和口碑兼具的项目。同时，保险资金还积极通过认 购债券、战配股票、参与公募REITs等方式，参与山东经济建设。 恳谈会由山东省委金融办、山东金融监管局联合主办，中国人寿山东省分公司、中国人寿财险山东省分 公司、济南市委金融办共同承办，以进一步畅通"险资入鲁"渠道，加力推动保险资金赋能山东高质量发 展。 ...

Investment Rating - The report indicates a positive outlook for the insurance asset management industry, particularly in innovative products, with a focus on structural adjustments and growth in asset-backed securities (ABS) and equity investments [5][38]. Core Insights - The insurance asset management industry is experiencing accelerated structural adjustments, with a notable increase in the registration scale of innovative products, driven by the expansion of asset-backed plans and significant growth in equity investment plans and private equity funds [7][26]. - The report highlights the importance of aligning investment strategies with government policies, particularly in the areas of "green finance" and new infrastructure projects, to achieve a balance between long-term returns and compliance with regulatory frameworks [34][36]. - The insurance asset management sector is expected to continue focusing on innovative products, with a shift towards equity investments and private equity funds, while traditional debt investment plans are declining in both quantity and scale [38][40]. Summary by Sections Product Operation Analysis - In the first half of 2025, the registration scale of innovative products in the insurance asset management industry increased by 6.35% year-on-year to 444.046 billion yuan, despite a 31-product decline in registration numbers [8][10]. - The debt investment plan remains the primary product type, accounting for 72.49% of the number and 47.78% of the scale, although its registration scale and quantity have significantly decreased [11][12]. - The growth of equity investment plans and private equity funds is notable, with the registration scale of private equity funds increasing by 524.94% year-on-year [26][27]. Institutional Operation Analysis - In the first half of 2025, Huatai Asset Management led in the registration scale and quantity of debt investment plans, while Everbright's asset-backed plans also showed strong performance [28][30]. - The number of institutions participating in equity investment plans increased significantly, with a total of 11 plans registered, amounting to 267.87 billion yuan [33]. - The report emphasizes the need for insurance asset management institutions to diversify their asset types and explore new investment opportunities that align with the characteristics of long-term insurance funds [19][21]. Policy Overview - Recent government policies have focused on promoting urban renewal and enhancing market-oriented financing mechanisms, which are expected to create investment opportunities for insurance asset management institutions [34][35]. - The report notes that the expansion of the long-term investment pilot program for insurance funds will inject more capital into the market, particularly in the areas of infrastructure and green finance [36][39]. - The insurance asset management sector is encouraged to prioritize investments in PPP projects and urban renewal initiatives, aligning with national strategies for sustainable development [38][40].

Core Viewpoint - The recent change in business scope by Taikang Asset Management aligns with the latest regulatory framework for insurance asset management companies, indicating a strategic shift towards a more comprehensive service offering in asset management [1][4][5]. Summary by Sections Business Scope Change - Taikang Asset has officially announced a change in its business scope to include entrusted management of insurance funds and various assets, management of other funds, and the provision of professional services related to asset management such as operations, accounting, and risk management [4][5]. - The new business scope has received approval from the National Financial Supervision Administration, and the company will proceed with necessary changes as per regulations [5]. Regulatory Context - The updated business scope is consistent with the "Regulations on Insurance Asset Management Companies" that came into effect on September 1, 2022, which allows for a broader range of activities including the management of various funds and the provision of professional services [6][8]. - The regulations emphasize that insurance asset management companies should focus on long-term capital and investment, aiming for the long-term preservation and appreciation of assets [8]. New Professional Services - The introduction of professional services such as investment consulting, accounting, and risk management is seen as a significant development, allowing Taikang Asset to leverage its expertise in these areas [10][11]. - These services may include outsourcing operations and accounting, which is a common practice among international asset management firms [12]. Current Asset Management Scale - As of December 31, 2024, Taikang Asset's total asset management scale exceeds 4.2 trillion yuan, supporting a diverse range of clients and investment products across multiple markets [13].

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]