中经记者 樊红敏 北京报道 11月21日，中国保险资产管理业协会（以下简称"保险资管协会"）通过官方平台发布《中国保险资产管 理业发展报告（2025）》（以下简称"《保险资管报告（2025）》"）内容摘要。 《保险资管报告（2025）》显示，截至2024年年末，34家保险资产管理公司管理资金规模合计33.30万 亿元，同比增长10.60%。 保险资产管理产品方面，截至2024年年末，行业保险资产管理产品存续余额8.07万亿元，较上年年末减 少4613亿元，增长率为-5.41%，近五年来首次为负，近五年复合增长率为21.47%。 据了解，为全面客观记录保险资产管理行业历年发展情况，在国家金融监督管理总局相关部门的指导 下，保险资管协会已连续第九年组织编写《中国保险资产管理业发展报告》，并于近日出版发行《保险 资管报告（2025）》。 （编辑：李晖 审核：何莎莎 校对：颜京宁） 营收方面，2024年，34家机构实现收入（包括管理费收入及投资顾问收入）合计318.30亿元，同比增加 21.68亿元，增速7.31%。其中，有同比数据的33家公司收入增速为6.75%。 ...

Core Viewpoint - China Life Insurance has announced the renewal of two related transactions with Guoshou Investment Insurance Asset Management Co., which will enhance its alternative investment strategy and strengthen its collaboration with Guoshou Anbao Fund Management Co. [1][3] Group 1: Transaction Details - The first announcement involves the renewal of the alternative investment management cooperation, effective from January 1, 2026, to December 31, 2028, with a maximum signing amount for new entrusted investment management assets set at 120 billion, 140 billion, and 150 billion yuan for the years 2026 to 2028 respectively [1] - The management service fees for new projects will be uniformly calculated at 0.08% annually, with total service fee caps of 1.1 billion, 1.2 billion, and 1.3 billion yuan for the same years [1][2] - The second announcement pertains to the continuation of the business cooperation with Anbao Fund, focusing on fund product subscription, redemption, and private asset management, with annual caps for subscription and redemption amounts set at 2 billion yuan and management fees at 20 million yuan for the years 2026 to 2028 [2] Group 2: Historical Data and Performance - In 2023 and 2024, the newly entrusted asset signing amounts were 76.76 billion and 64.96 billion yuan respectively, with service fees of 770 million and 730 million yuan [2] - For the first half of 2025, the signing amount reached 21.52 billion yuan, with related service fees amounting to 330 million yuan [2] - The historical data for fund subscriptions shows amounts of 140 million yuan in 2023 and 2024, and 175 million yuan in the first half of 2025, while redemptions were 140 million, 350 million, and 70 million yuan respectively [2] Group 3: Company Background - Guoshou Investment, established in 2007, is a specialized alternative investment platform under China Life, with a registered capital of 3.7 billion yuan and a cumulative signing scale exceeding 950 billion yuan as of the end of 2024 [3] - Guoshou Anbao Fund, founded in October 2013, is the first public fund management company in China with insurance background, managing over 340 billion yuan as of June 2025, but facing an asset structure imbalance with over 95% in fixed-income and money market funds [4]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) announced that six institutions have completed the filing for cross-border asset management pilot business in Hainan Free Trade Port, marking the first batch of pilot institutions since the implementation guidelines were released [1]. Group 1: Institutions Involved - The six institutions that have been approved include four issuing institutions: Jinyuan Securities Co., Ltd., Wanhua Securities Co., Ltd., Huibaichuan Fund Management Co., Ltd., and Peng'an Fund Management Co., Ltd. Additionally, two sales institutions are involved: Industrial Bank Co., Ltd. Haikou Branch and Shanghai Pudong Development Bank Co., Ltd. Haikou Branch [1]. Group 2: Regulatory Framework - The implementation guidelines for the cross-border asset management pilot business were jointly issued by several regulatory bodies, including the People's Bank of China Hainan Branch, the National Financial Supervision Administration Hainan Regulatory Bureau, the CSRC Hainan Regulatory Bureau, the Hainan Provincial Local Financial Management Bureau, and the State Administration of Foreign Exchange Hainan Branch on July 21 [1]. Group 3: Investment Opportunities - The guidelines support foreign investors in investing in financial products issued by financial institutions within the Hainan Free Trade Port, including wealth management products, private asset management products from securities and futures institutions, public securities investment funds, and insurance asset management products [1].

Core Viewpoint - The implementation of the "Implementation Rules for Cross-Border Asset Management Pilot Business in Hainan Free Trade Port" aims to facilitate foreign investors' access to financial products issued by financial institutions in Hainan, enhancing investment opportunities and flexibility in asset management [1][2]. Summary by Relevant Sections Implementation Details - The rules focus on supporting foreign investors in investing in asset management products issued by financial institutions in Hainan Free Trade Port, detailing eligible investors, investment products, account types, and fund flow [1]. - The pilot program is open to global foreign institutions and qualified foreign individual investors, promoting a diversified investment base [1]. - The range of investment products includes private asset management products, publicly raised securities investment funds, and insurance asset management products with risk levels from R1 to R4 [1]. Investment Accounts - Foreign investors can open RMB bank settlement accounts and free trade accounts in Hainan, allowing them to purchase pilot asset management products, with an encouragement for transactions to be denominated and settled in RMB [1]. Investment Scale - The initial pilot program sets a net inflow limit of 10 billion RMB for foreign investors purchasing pilot asset management products, with the potential for dynamic adjustments based on economic and financial developments in Hainan and market demand [1]. Expert Insights - The pilot opens a new channel for foreign investors to invest in Chinese financial products, enriching their options for RMB asset allocation [2]. - For domestic asset management institutions, the pilot can expand their client base and business growth opportunities [2].

Core Viewpoint - The approval of the feasibility study for the new Shanghai-Hangzhou high-speed railway marks a significant step towards its construction, with a total investment of approximately 67.1 billion yuan and a length of about 223.8 kilometers [1][2]. Group 1: Project Overview - The Shanghai-Hangzhou high-speed railway is a crucial part of the national "Eight Vertical and Eight Horizontal" high-speed rail network and is included in the 102 major railway projects for the 14th Five-Year Plan [2]. - The railway is designed for a speed of 350 kilometers per hour and will connect Shanghai East Station to Hangzhou West Station, passing through key areas such as Jiaxing and Tongxiang [2][3]. - The average construction cost of the new railway is approximately 3 billion yuan per kilometer, which is higher than the 2.33 billion yuan per kilometer cost of the existing Huzhou-Su Lake high-speed railway [2]. Group 2: Strategic Importance - The new railway aims to enhance connectivity between Shanghai and Hangzhou, two major cities in the Yangtze River Delta, which is vital for regional development and competition [2][3]. - Currently, there are multiple high-speed rail connections between Nanjing and Shanghai, but fewer direct connections between Hangzhou and Shanghai, highlighting a competitive disadvantage for Hangzhou [3]. - The new railway is expected to facilitate a more direct and efficient connection, potentially reducing travel time between the two cities to as little as 15 minutes in the future [6]. Group 3: Broader Implications - The Shanghai East Station, the eastern terminus of the new railway, will be part of a larger transportation hub that integrates air, rail, and urban transit, benefiting not only Hangzhou but also surrounding cities like Jiaxing [6]. - The project aligns with the broader goals of the "14th Five-Year" modern comprehensive transportation system development plan, which emphasizes strengthening rapid connections between core cities in major urban clusters [3].

Group 1 - The implementation details of the cross-border asset management pilot business in Hainan Free Trade Port took effect on August 21, marking the official launch of the pilot [1] - The pilot business supports foreign investors in investing in financial products issued by financial institutions in Hainan, including wealth management products, private asset management products, publicly raised securities investment funds, and insurance asset management products [1] - The pilot aims to enrich the supply of cross-border financial products and explore new channels for foreign investors to invest in the domestic market, while attracting domestic and foreign asset management institutions to operate in Hainan [1] Group 2 - The pilot business is subject to scale management, with an initial total scale limit set at 10 billion yuan for the net inflow of funds from foreign investors purchasing pilot asset management products [1] - The pilot is expected to promote the internationalization of the Renminbi by providing new channels for offshore Renminbi to flow back into the domestic capital market [2] - The pilot opens a new window for foreign investors to allocate Chinese assets and represents a significant step forward in China's financial opening-up [2]

Core Viewpoint - The implementation of the "Implementation Rules for Cross-Border Asset Management Pilot Business in Hainan Free Trade Port" aims to facilitate foreign investment in financial products issued by financial institutions in Hainan Free Trade Port, effective from August 21 [1][3]. Group 1: Investment Opportunities - The pilot program is open to global foreign institutions and qualified foreign individual investors, allowing for a diversified range of investment entities [5]. - The investment products include private asset management products from securities, funds, and futures institutions with risk levels ranging from R1 to R4, publicly raised securities investment funds, and insurance asset management products [5]. - Foreign investors can open RMB settlement accounts and free trade accounts in Hainan Free Trade Port banks to purchase pilot asset management products, with an encouragement for transactions to be denominated and settled in RMB [5]. Group 2: Investment Scale and Flexibility - The initial pilot program has set a net inflow cap of 10 billion RMB for foreign investors purchasing pilot asset management products, with the potential for dynamic adjustments based on economic and financial developments in Hainan Free Trade Port, international balance of payments, and market demand [7]. - The pilot opens a new channel for foreign investors to invest in Chinese financial products, enriching their asset allocation options [9]. - For domestic asset management institutions, the pilot can expand their client base and business growth opportunities [9].

Group 1 - The "Implementation Rules" for the cross-border asset management pilot in Hainan Free Trade Port are effective from August 21, focusing on supporting foreign investors in investing in asset management products issued by financial institutions in Hainan [1][3] - The initial pilot has set a net inflow cap of 10 billion RMB for foreign investors purchasing pilot asset management products, with the possibility of dynamic adjustments based on economic and market conditions [5] - The pilot is open to global foreign institutions and qualified foreign individual investors, with a diverse range of investment products including private asset management products and publicly offered securities investment funds [6] Group 2 - The new personal income tax preferential policy in Hainan Free Trade Port has been optimized, enhancing the previous measures to better serve key industry developments [8] - The optimization includes a revised calculation method for the "cumulative residence of 183 days," allowing for reasonable business trips and vacations to count towards residence days [10] - The specific industry coverage has been refined to include "aerospace, shipping, and marine oil and gas exploration," aligning with Hainan's strategic industry focus [12] - The new policy emphasizes risk control and comprehensive supervision, requiring that companies benefiting from the tax incentives must operate substantively in Hainan [14] - The personal income tax preferential policy, set at 15%, is a core policy of Hainan Free Trade Port, benefiting approximately 39,000 individuals since its implementation [15]

Core Points - The implementation of the "Implementation Rules for Cross-Border Asset Management Pilot Business in Hainan Free Trade Port" officially began on August 21, aiming to support foreign investors in investing in asset management products issued by financial institutions in Hainan Free Trade Port [1] - The pilot program allows foreign investors to open flexible investment accounts, including RMB settlement accounts and free trade accounts, to purchase pilot asset management products, encouraging transactions in RMB [3] - The initial pilot program sets a net inflow limit of 10 billion RMB for foreign investors purchasing pilot asset management products, with the possibility of dynamic adjustments based on economic and market conditions [3] - The pilot is open to global foreign institutions and qualified foreign individual investors, diversifying the investment entities, and the investment products include private asset management products and publicly raised securities investment funds with risk levels ranging from R1 to R4 [4] - The pilot opens new investment channels for foreign investors in Chinese financial products and expands the customer base and business growth opportunities for domestic asset management institutions [6]

Market Overview - The Shanghai and Shenzhen stock indices opened higher on August 21, with the Shanghai Composite Index rising 0.35% to 3779.52 points and the Shenzhen Component Index increasing 0.45% to 11980.08 points, with trading volumes of approximately 646.8 billion and 920.6 billion respectively [1] - The ChiNext Index saw a slight increase of 0.21% to 2613.08 points, with a trading volume of about 420.7 billion [1] - Sectors such as digital currency, diversified finance, and cross-border payments showed strong performance, while sectors like PEEK materials and PCB concepts faced declines [1] Institutional Insights - Huatai Securities noted that retail investor participation is at a year-to-date high, with active trading and a significant increase in financing activity, indicating a robust market environment [2] - China Galaxy Securities highlighted that recent policies aimed at alleviating industry "involution" have led to increased market expectations for performance improvements in related sectors, resulting in a surge of capital inflow [2] - CITIC Securities projected that the shipping sector will benefit from strong supply-side constraints and a gradual recovery in demand, with potential for increased profitability as Chinese manufacturing expands internationally [2] Industry Developments - The Hainan Free Trade Port launched a cross-border asset management pilot program, allowing global institutions and qualified foreign investors to participate, with a diverse range of investment products available [3] - Hainan University achieved a significant breakthrough in the large-scale utilization of "combustible ice," developing a new catalytic system for efficient conversion of methane into high-value liquid fuel [4] - TianTai Robotics signed a landmark order for 10,000 humanoid robots, focusing on the home care sector, and plans to launch a new generation of joint modules at a competitive price point [5]