新华财经北京11月24日电（记者吴丛司）记者24日从中信金控获悉，中信金控财富委资产管理工作室近 期发布《国内资产管理行业报告（2025年三季度）》显示，截至2025年三季度末，我国资产管理行业累 计规模达到179.33万亿元，较上年末增长8.21%。从细分行业看，理财规模较上年末增长7.28%，公募基 金规模较上年末增长11.91%，主要领域规模稳步增长，呈现良性发展趋势。 报告显示，在大资管行业方面，自资管新规颁布实施后，我国资产管理行业总体呈现平稳发展态势，各 类金融机构共同参与、优势互补、良性竞争，总体形成了涵盖银行理财、公募基金、保险资管、信托、 券商资管及私募基金等多条子赛道的"大资管"行业版图。 截至2025年三季度末，我国资产管理行业规模达到179.33万亿元，较上年末增长8.21%。其中，银行理 财32.13万亿元，公募基金36.74万亿元；基金公司管理的养老金6.30万亿元，信托公司信托资产规模 32.43万亿元，保险资金运用余额36.23万亿元（截至二季度末）；证券期货经营机构私募资产管理业务 12.58万亿元，私募基金20.74万亿元（截至8月末）。 在银行理财方面，截至2025年三季 ...

来源：界面图库 保险资管规模33.3万亿，年增长超10% 近日，中国银行保险资产管理业协会编写的《中国保险资产管理业发展报告（2025）》最新出炉，揭示 了201家保险公司、34家保险资产管理公司的整体发展状况。 报告显示，2024年保险资管的管理规模合计33.30万亿元，同比增长10.60%。配置方面，保险资产管理 公司投资资产总规模32.68万亿元，同比增长25%；主要资产增速上，债券、金融产品（含保险资产管 理产品）和股票排名分别为28%、31%和36%，股票资产增速最高。 ETF总规模较年初增加近2万亿元 Wind数据统计，截至11月21日，ETF（交易型开放式指数基金）总规模达5.69万亿元，相较年初总规模 增加近2万亿元。分类来看，年内规模增长最高的为股票型ETF，包括多只宽基ETF规模增长更是超过 500亿元。 跨境ETF密集发布溢价提示 近期，多只跨境ETF在二级市场出现不同程度溢价，部分产品盘中溢价率明显走高。根据交易所公告， 上周提示溢价的跨境ETF包括易方达MSCI美国50ETF、南方标普500ETF、鹏华道琼斯工业平均ETF、 国泰纳斯达克100ETF、华安纳斯达克100ETF、大成纳 ...

Core Viewpoint - The insurance sector has shown impressive investment performance in the first three quarters of 2025, driven by a favorable stock market and increased bond yield volatility, leading to higher investment returns for insurance companies [1][2]. Investment Performance - Five listed insurance companies reported significant investment returns, with New China Life achieving an annualized return of 8.6%, while China Pacific Insurance and China Life reported non-annualized returns of 5.2% and 6.42%, respectively [1][2]. - China Life's total investment income reached RMB 368.55 billion, marking a 41.0% year-on-year increase [3]. - China Reinsurance's total investment income was RMB 862.50 billion, reflecting a 35.3% year-on-year growth [3]. Investment Strategies - Insurance companies are actively responding to the demand for long-term capital entry into the market, leveraging their patient capital advantage to steadily increase equity holdings [1][2]. - China Reinsurance has increased its long-duration bond allocation and focused on long-term growth potential in equity investments [3]. - China Pacific Insurance has maintained a disciplined asset allocation strategy, actively managing equity investments with a focus on undervalued and high-dividend stocks [3]. Alternative Investments - Alternative investments are becoming a key focus for insurance companies as part of their diversification strategies and business transformation efforts [4]. - China Reinsurance is actively promoting business transformation by investing in asset-backed plans and public/private REITs [5]. - China Ping An is also increasing its allocation to quality alternative assets to diversify and enhance its revenue sources [6]. Product Performance - A total of 1,483 insurance asset management products achieved positive returns this year, with a 93.8% success rate, and four products exceeded 100% returns [8].

Group 1: Fund Industry Adjustments - The fund industry is experiencing concentrated adjustments in product risk levels, with many funds seeing their risk ratings increased since October 15 [1] - Notably, 15 out of 17 asset management products sold by CITIC Bank had their risk levels raised, alongside similar adjustments by other public fund institutions [1] - Key factors for the risk level increases include rising volatility, increased maximum drawdown multiples, and declining fund sizes, particularly affecting bond funds [1] Group 2: Insurance Asset Management Performance - As of October, 92.7% of insurance asset management products reported positive returns this year, with equity products averaging a return of 28% [1] - Insurance institutions are increasingly focusing on long-term investments and diversifying their revenue sources through alternative investments [1] Group 3: Agricultural Bank Stock Performance - Agricultural Bank's stock has seen a 13-day consecutive rise, reaching a new high, with a closing price of 7.88 yuan per share [3] - The bank's market-to-book ratio has surpassed 1, indicating a positive valuation recovery for state-owned banks [3] - High dividend yields and stable performance are attracting significant capital inflows into bank stocks [3] Group 4: Lithium Market Dynamics - The price of lithium hexafluorophosphate has surged by 44% since September 15, driven by strong demand recovery and supply constraints [3] - The utilization rate of lithium iron phosphate production has reached 73.46%, indicating a thriving market environment [3] Group 5: Storage Chip Market Trends - The storage chip market is entering a "super cycle" driven by AI, with significant demand for data center storage and smart devices [4] - Analysts predict that the price increase for AI server storage products may continue until 2026, benefiting domestic storage companies [4] Group 6: Third Quarter Earnings Reports - Over 70% of the 360 listed companies that have disclosed their third-quarter earnings reported profit growth compared to the previous year [5][6] - The electronics sector has the highest number of companies reporting growth, driven by advancements in AI technology and expanding application scenarios [6] Group 7: Commercial Aerospace Industry Growth - The commercial aerospace industry in China is experiencing unprecedented growth, transitioning towards scale, marketization, and capitalization [7] - Several leading companies are initiating listing guidance, indicating strong interest from the capital market [7] Group 8: E-commerce and Logistics Developments - The "Double 11" shopping festival has begun, with e-commerce platforms launching promotional strategies to boost consumer engagement [8] - Major logistics companies are enhancing their operations through smart upgrades to meet the anticipated surge in demand [8] Group 9: Smart Glasses Market Forecast - The global smart glasses market is projected to reach 4.065 million units shipped by mid-2025, with a 64.2% year-on-year growth [9] - China's market share is expected to grow significantly, with a compound annual growth rate of 55.6% from 2024 to 2029 [9]

Core Insights - The insurance asset management products have shown strong performance, with 92.7% of the 1,583 products reporting positive returns this year, particularly equity products averaging a return of 28% [1][2] - There is a significant increase in insurance institutions' research on listed companies, especially in the technology sector, focusing on high dividend and high growth opportunities [3][4] - The shift towards equity investments is driven by a recovering market and rising risk appetite among insurance companies, leading to improved performance and profit growth [4][5] Group 1: Performance of Insurance Asset Management Products - A total of 1,583 insurance asset management products have disclosed their latest net values since October, with 1,468 products achieving positive returns this year [1] - Among these, 263 equity products have only 4 reporting losses, while 190 out of 200 mixed products have positive returns [2] - The top 10 products in the last six months by return rate are all equity products, indicating strong performance in this category [2] Group 2: Research and Investment Focus - Insurance and asset management companies have conducted over 14,000 research sessions on listed companies this year, with a focus on technology and high-growth sectors [3] - Key sectors of interest include electronic components, industrial machinery, integrated circuits, and healthcare equipment, with specific companies like Deep South Circuit and Junzheng Technology receiving significant attention [3] - Traditional banking stocks remain a core focus for high dividend strategies, with regional banks being frequently researched [3] Group 3: Strategic Shifts in Asset Allocation - The market environment has changed significantly since September last year, with a notable recovery in confidence reflected in rising stock prices and bond yields [4] - Insurance companies are increasing their equity investment allocations, leading to better-than-expected earnings reports from major insurers like China Life and New China Life [4] - There is a growing trend towards diversifying income sources through alternative investments to enhance long-term returns and stabilize net value fluctuations [5]

Core Insights - The insurance asset management products have shown strong performance in 2023, with 92.7% of the 1,583 products reporting positive returns this year [1] - Equity insurance asset management products have an impressive average return rate of 28% year-to-date, with 156 products achieving an annualized return rate exceeding 30% [1][2] - Insurance institutions are increasingly focusing on long-term investments and diversifying their asset allocation, particularly through alternative investments to enhance yield and stabilize net value fluctuations [1][4] Performance of Equity Products - In the last six months, equity products have outperformed, with all top 10 products in terms of return being equity-based [2] - The low interest rate environment has made equity investments a viable option for insurance funds to enhance long-term returns [2] Focus on High Dividend and High Growth - Insurance and asset management companies have intensified their research on listed companies, particularly in the technology sector, with over 14,000 total research engagements this year [2] - Key sectors of interest include electronic components, industrial machinery, integrated circuits, and healthcare equipment, with specific companies like Deep South Circuit and Lixun Precision receiving significant attention [2][3] Increased Allocation to Equity Assets - The market environment has shifted since September last year, leading to increased risk appetite among insurance institutions [3] - Major insurance companies like China Life and New China Life have reported significant earnings growth due to increased equity investment returns, with stock positions rising [3] Diversification of Investment Sources - Insurance institutions are exploring diverse investment sources beyond traditional fixed income and equity assets, focusing on alternative investments to enhance yield and manage risk [4]

Summary of the Conference Call Industry Overview - The conference call discusses the asset management industry in China, focusing on its overall situation, trends, and regulatory environment as of 2024 and projections for 2025. The estimated total asset management scale is approximately 159.78 trillion yuan, reflecting a year-on-year increase of about 13.27% [6][29][25]. Key Points and Arguments Asset Management Industry Growth - The asset management industry in China has shown robust growth, with various segments experiencing different rates of expansion. The public fund sector leads with a total net value of 32.83 trillion yuan, up 18.93% from the previous year [10][29]. - The bank wealth management products reached a scale of 29.95 trillion yuan, increasing by 11.75% [28][29]. - Trust assets grew to 29.56 trillion yuan, marking a 23.58% increase, while private equity funds saw a slight decline to 19.93 trillion yuan, down 1.92% [28][29]. Regulatory Environment - The regulatory framework for the asset management industry emphasizes risk prevention, standardization, and transformation towards high-quality development. Key policies include the promotion of personal pension systems and the establishment of a comprehensive regulatory framework for private equity funds [7][9][10]. - The "9.24" policy supports stock repurchases and enhances the capital-asset cycle, indicating a shift towards a more supportive regulatory environment for asset management [7]. Trends in Specific Sectors - **Bank Wealth Management**: The market is expected to expand steadily, with a shift towards fixed-income products as cash management products decline [8]. - **Trust Industry**: The trust sector is undergoing a transformation, with a focus on risk management and asset quality improvement. New trust products are primarily asset service trusts [9]. - **Public Funds**: The public fund sector is witnessing a trend towards passive investment strategies, with the number of funds reaching a historical high of 12,367 [10]. - **Insurance Asset Management**: The insurance asset management sector is stable, with a focus on long-term investments and a gradual increase in external funding sources [11]. - **Securities Firms**: The securities asset management sector is stabilizing, with a slight recovery in net income and a focus on public fund qualifications [12]. Investment Performance - The average performance benchmark for newly issued wealth management products has declined from 3.32% in January 2024 to 2.70% by December 2024, indicating a challenging environment for fixed-income products [33]. - Conversely, equity-related wealth management products have seen an increase in performance benchmarks, reflecting a recovery in the stock market [33]. AI Integration - The integration of AI in asset management is gaining attention, with potential applications in investment advisory and operational efficiency. However, there are concerns regarding risks associated with AI, including cybersecurity and data quality [14]. Additional Important Insights - The asset management industry is transitioning from a focus on scale to quality, with an emphasis on optimizing product strategies and enhancing operational efficiency [13][24]. - The overall market dynamics indicate a growing demand for diversified investment products as consumer preferences evolve in response to changing economic conditions [27][29]. This summary encapsulates the key insights from the conference call, highlighting the current state and future outlook of the asset management industry in China.

Group 1 - The core viewpoint of the articles highlights that over 90% of insurance asset management products achieved positive returns in the first eight months of the year, with a median annualized return rate of 3.95% [1][2][3] - The recovery of the A-share market and the optimization of investment structures by insurance funds have significantly contributed to the strong performance of combination insurance asset management products [2][3] - Among the different types of products, fixed-income products showed stable performance with a median return of 2.53%, while equity products provided higher returns with a median of 30.28% [2][3] Group 2 - The changing market environment has had a profound impact on the returns of combination insurance asset management products, with the equity market gradually recovering and providing favorable conditions for growth [3][4] - Insurance asset management companies are encouraged to enhance their investment research capabilities and consider increasing allocations to high-yield assets to achieve better asset-liability matching [4] - Future investment directions may include selective allocations in high-end manufacturing, new energy, digital economy, and pharmaceuticals, focusing on leading companies with clear business models and stable competitive landscapes [4]

Core Insights - The performance of insurance asset management products has been strong, with over 90% achieving positive returns in the first eight months of the year, driven by favorable capital market conditions and a decline in interest rates [1][3][4] Group 1: Performance Overview - In the first eight months, 1,451 out of 1,542 insurance asset management products reported positive returns, representing 94% of the total [3] - The median annualized return rate for these products was 3.95% [3] - Fixed-income products showed stable performance with a median return of 2.53%, while equity products delivered significantly higher returns with a median of 30.28% [3][4] Group 2: Market Environment - The recovery of the equity market has positively impacted the returns of equity products, supported by a gradual economic recovery and favorable market sentiment [4] - The A-share market, after a prolonged adjustment, is now at historically low valuations, providing ample room for a rebound [4] Group 3: Investment Strategy - Insurance asset management companies are encouraged to increase their allocation to high-yield assets to enhance asset-liability matching [5] - The focus may shift towards high-dividend, low-valuation stable assets, particularly in sectors aligned with national development strategies such as high-end manufacturing, new energy, digital economy, and pharmaceuticals [5] - Investments will likely target leading companies with clear business models and stable cash flows, rather than speculative small firms [5]

Group 1 - The market experienced a loss today, with on-market ETF accounts losing 11,000 and off-market fund accounts losing 7,000, totaling a loss of 18,000 [1] - Compared to a profit of 130,000 yesterday, this pullback is considered minor [2] - Retail investors have not entered the market on a large scale, as there has been no significant growth in the shares of both active funds and A-share ETFs this year [2][4] Group 2 - The recent growth in ETF scale is primarily due to net value growth rather than retail subscriptions, indicating that retail investors may be entering through insurance wealth management instead [4] - As of the end of 2024, the scale of China's insurance asset management industry reached 33.26 trillion, leading the asset management sector [4] - In the first half of 2025, there is a structural adjustment in insurance asset management, with a contraction in debt investment scale and significant growth in asset securitization (ABS) and equity investments, increasing by 46.15% and 188% year-on-year, respectively [4] Group 3 - The current market conditions suggest that there is no need to wait for a large-scale entry of retail investors before reducing positions [5] - There is a conflict regarding whether to reduce or increase positions, with memories of the 2014-2015 bull market causing hesitation to take profits too early, while the 2022-2023 bear market raises concerns about losing unrealized gains [6][7] Group 4 - Recent trading strategies include reducing positions in Hong Kong innovative drugs while increasing positions in the chemical index, resulting in a nearly 10% profit from the chemical sector within a month [9] - The current valuation levels of major indices are high, with the CSI 300 at 14.11, the CSI 500 at 33.09, and the CSI 1000 at 46.39, all reflecting high historical percentiles [11][13][15] Group 5 - The A-share market has shown significant gains this week, with valuation levels rising sharply, particularly in the Sci-Tech 50 and CSI 2000, both reaching 100% historical valuation percentiles [25] - The difference in valuation perception between the ChiNext Index and the ChiNext Composite Index is clarified, as the former includes only leading stocks while the latter encompasses all listed companies, leading to a higher average valuation [26] Group 6 - The current temperature of the A-share market is 67.61, surpassing the previous high of 63 in 2021 and the peak of 93 in 2015, while the Hong Kong market temperature stands at 48.37 [40]