【环球网财经综合报道】"在当前发展的关键阶段，金融市场改革持续深化。大资管行业加速进入了一 个发展黄金期。"12月12日，在华夏时报主办的第十九届华夏机构投资者年会暨华夏金融（保险）科技 论坛上，中国银行保险资产管理业协会党委委员、秘书长贺竹君称。 他进一步指出，作为资管市场重要的资金管理者和机构投资者，银行理财和保险资管发挥着多方面的基 本职能。 其一，为居民财富的长期稳健增值提供丰富的产品工具，是主要产品供应者之一；其二，为资本市场的 稳定运行提供长期融资支持，基石投资者角色影响力日益凸显；其三，为实体经济高质量发展持续注入 源头活水，通过提供股权性资本供给和直接融资，助力新质生产力的培育壮大。同时，其是长期资金、 耐心资本及股权性资金的主要供给者。 此外，贺竹君表示，银行保险资管业的活力、韧性及赋能效应可从以下层面得以体现： 市场主体层面，保险资管形成了以36家保险资产管理公司为核心，16家保险私募基金公司为补充，200 余家保险资产管理中心和部门为主干的多元体系，并汇聚超过1.2万名专业投资者。在银行理财领域， 目前有32家银行理财子公司凭借着广泛渠道覆盖、灵活服务模式，面向广大投资人提供普惠金融的服 ...

Core Insights - The non-standard investment environment for insurance funds is facing significant challenges, with declining yields and a scarcity of quality assets, marking a departure from the previous high-yield era [1][5] Group 1: Investment Environment - The yield on most bond projects has dropped to around 2.5%, with some even falling below this threshold, leading to caution among investors regarding projects with yields above 3% due to concerns over credit quality and funding purposes [1][2] - The overall yield of debt investment plans is expected to continue declining due to complex external economic conditions and insufficient domestic demand, increasing asset allocation pressures for companies [2][5] Group 2: Market Dynamics - The non-standard project market is experiencing a "dual weakness" in supply and demand, with both registered and actual establishment scales showing significant contraction [3] - Data from the China Banking and Insurance Asset Management Association indicates a 26.83% year-on-year decrease in the number of registered debt and equity investment plans, and a 52.08% decrease in registered scale as of April 2023 [3] Group 3: Corporate Financing Trends - There is a noticeable reduction in effective financing demand from quality enterprises, with some companies opting not to pursue additional financing despite having high credit ratings [4] Group 4: Strategic Adjustments - Insurance institutions need to balance innovation and risk management in response to the changing market environment, moving away from the previous "easy win" phase characterized by abundant quality projects and high yields [6] - Companies are encouraged to adapt their investment strategies by shifting focus from debt to equity investments, enhancing asset evaluation capabilities, and exploring long-duration quality assets to achieve reasonable returns [7]

Core Insights - The report indicates that by the end of 2024, the total assets under management (AUM) of 34 insurance asset management companies will reach 33.3 trillion yuan, reflecting a year-on-year growth of 10.6% [1] - The total revenue for the year is projected to be 31.83 billion yuan, with a growth rate of 7.31% [1] - However, there are concerning trends in the sources of managed funds and the structure of insurance asset management products, with a decline in third-party fund growth and a negative growth rate in insurance asset management products for the first time in five years [1][2] Fund Sources and Third-Party Funds - The growth rate of third-party funds, including third-party insurance funds and external funds, has declined, with third-party insurance funds experiencing a negative growth rate of -1.5%, down 13.42 percentage points year-on-year [2] - Pension fund growth has decreased by 44.26 percentage points to 22.93%, while bank funds have seen a significant drop of -11.73%, down 89.1 percentage points [2] - The proportion of internal insurance funds has decreased from 73.04% in 2022 to 70.56% in 2024, indicating a decline in the share of third-party funds [2] Product Management and Market Trends - By the end of 2024, the balance of insurance asset management products is expected to be 8.07 trillion yuan, a decrease of 461.3 billion yuan, marking a -5.41% growth rate, the first negative growth in five years [4] - The balance of combination-type insurance asset management products has decreased by 3.87%, while the total issuance of debt investment plans has dropped by 36.76% [4] - The decline in product attractiveness is attributed to increased market volatility and competition, leading to a shift in funds towards long-term interest rate bonds [4][5] Future Outlook - Experts predict that from 2025 onwards, the impact of new deposit regulations will diminish, and pension fund growth will continue to exceed 20%, becoming a key stabilizing factor for third-party funds [5] - The insurance asset management industry is expected to maintain a dominant position of internal funds, while the scale of non-standard asset management products will continue to shrink [5] - There is an anticipated recovery in third-party funds, particularly in equity-related products, as the capital market stabilizes [5]

Core Insights - The report reveals the current state and trends of the insurance asset management industry in China, highlighting the performance and characteristics of 34 insurance asset management companies as of the end of 2024 [1] Group 1: Industry Overview - As of the end of 2024, there are 35 insurance asset management companies in China, with 10 companies managing assets over 900 billion yuan [2] - The total asset management scale of the 34 companies reached 33.30 trillion yuan, reflecting a year-on-year growth of 10.60% [3] Group 2: Asset Management Structure - The asset management structure remains diversified, with 70.56% of the managed funds being insurance funds, while 5.95% are third-party insurance funds [3] - The companies manage approximately 7.8 trillion yuan in external funds, including 3.96 trillion yuan from banks and 2.93 trillion yuan from pensions [3] Group 3: Revenue and Performance - The total revenue of the 34 companies in 2024 was 31.83 billion yuan, with a year-on-year growth rate of 7.31% [4] - The unit revenue has been declining for four consecutive years, with the average management fee rate dropping to 10.29 basis points [4][6] Group 4: Business Segment Analysis - The specialized account business generated 18.21 billion yuan in revenue, accounting for 57.45% of total revenue, with a growth rate of 19.21% [5] - The debt investment plan saw a revenue decline of 16.82%, while the equity investment plan grew by 9.99% [5] Group 5: Workforce and Productivity - The total number of employees in the 34 companies reached 7,631, marking a growth of 132 employees or 1.76% year-on-year [7] - The average management scale per employee was 4.36 billion yuan, with an average revenue per employee of 4.17 million yuan, both showing positive growth trends [7]

Core Insights - The report reveals the overall development of 34 insurance asset management companies in China, highlighting their management scale, performance, and workforce situation [1] Group 1: Management Scale - As of the end of 2024, there are 35 insurance asset management companies in China, with 10 companies managing over 900 billion yuan [2] - The total managed asset scale of the 34 companies reached 33.30 trillion yuan, reflecting a year-on-year growth of 10.60% [3] Group 2: Asset Composition - The asset management structure remains diversified, with 23.50 trillion yuan in insurance funds, accounting for 70.56% of total managed funds, and 1.98 trillion yuan in third-party insurance funds, making up 5.95% [3] - The total amount of external funds managed by insurance asset management companies is approximately 7.8 trillion yuan, with 12 institutions managing over 50% of third-party funds [3] Group 3: Revenue and Performance - In 2024, the total revenue of the 34 insurance asset management companies was 31.83 billion yuan, with a year-on-year growth rate of 7.31% [4] - The unit scale income for the industry was 10.29 basis points, marking a decline of 0.5 basis points from the previous year, continuing a four-year downward trend [4] Group 4: Business Segmentation - The income from specialized account business reached 18.21 billion yuan, with a growth rate of 19.21%, accounting for 57.45% of total revenue [5] - The income from debt investment plans decreased by 16.82% to 3.17 billion yuan, representing 10% of total revenue [5] Group 5: Workforce and Productivity - The total number of employees in the insurance asset management industry reached 7,631, an increase of 132 from the previous year, with a growth rate of 1.76% [7] - The average management scale per employee was 4.364 billion yuan, with an average revenue per employee of 4.1712 million yuan, marking the highest growth rate in four years at 4% [7]

Core Insights - The report reveals the overall development of 34 insurance asset management companies in China, highlighting their operational performance, business trends, and workforce situation [1] Management Scale - As of the end of 2024, there are 35 insurance asset management companies in China, with 10 companies managing over 900 billion yuan [2] - The total asset management scale of these companies reached 33.30 trillion yuan, a year-on-year increase of 10.60% [4] - The structure of managed funds is diversified, with 70.56% being insurance funds and 5.95% third-party insurance funds [4] Third-Party Funds - 25 out of 34 companies manage third-party funds, with 12 companies having over 50% of their managed funds from third parties [6] Revenue and Performance - The total revenue of the 34 companies reached 31.83 billion yuan in 2024, with a year-on-year growth rate of 7.31% [7] - The unit revenue per scale decreased to 10.29 basis points, marking a continuous decline for four years [7] Business Segmentation - In 2024, the income from specialized accounts reached 18.21 billion yuan, with a growth rate of 19.21%, accounting for 57.45% of total income [9] - The income from debt investment plans decreased by 16.82%, while income from equity investment plans grew by 9.99% [9] Workforce and Productivity - The total number of employees in the insurance asset management industry reached 7,631, with a year-on-year increase of 132 [11] - The average management scale per employee was 4.364 billion yuan, showing a recovery in growth rate compared to the previous year [13]

Investment Rating - The report indicates a cautious outlook for the insurance asset management industry, with a focus on structural adjustments and policy-driven opportunities in specific sectors [5][43]. Core Insights - The insurance asset management industry is experiencing a dual decline in the registration scale and quantity of innovative products, primarily due to a decrease in debt investment plans, while asset-backed plans and equity investment plans are showing growth [7][45]. - The report emphasizes the importance of aligning investment strategies with government policies, particularly in sectors such as energy, transportation, infrastructure, and housing rental [7][35][40]. - The overall debt risk in the industry is expected to remain within a controllable range, supported by government efforts to manage debt and promote economic growth [7][38][43]. Summary by Sections Product Operation Analysis - In the first three quarters of 2025, the registration scale of innovative products in the insurance asset management sector decreased by 3.97% year-on-year to 651.198 billion yuan, with a total of 296 products registered, reflecting a decline in debt investment plans [8][11]. - Debt investment plans remain the primary product type, accounting for 70.61% of the number and 49.31% of the scale, while asset-backed plans and equity investment plans are growing [8][10]. - The focus of debt investment plans is increasingly concentrated in the East China region, particularly in the transportation sector, indicating a shift towards infrastructure investments [10][13]. Institutional Operation Analysis - In the first three quarters of 2025, Huatai Asset Management led in the registration scale and quantity of debt investment plans, while Everbright's asset-backed plans showed significant growth [30][32]. - The number of institutions actively participating in equity investment plans increased, with a notable rise in the scale of registered plans [30][36]. - The report highlights a decrease in the number of registered private equity funds, indicating a cautious approach to alternative investments [28][36]. Industry Policy Review - Recent government policies encourage long-term capital participation in housing rental markets and infrastructure projects, aligning with the characteristics of insurance funds [37][41]. - The report notes that the overall government debt risk is manageable, with progress in addressing hidden debts, which supports a stable investment environment for insurance asset management [35][38]. - The focus on new policy financial tools aims to inject capital into key projects, particularly in energy and urban renewal sectors, providing investment opportunities for insurance asset management [38][41]. Observations and Outlook - The insurance asset management industry is expected to continue facing pressure in innovative product offerings, but remains a crucial financing tool [43][45]. - The report suggests prioritizing investments in energy transportation, infrastructure REITs, and housing rental asset securitization to balance long-term returns with policy compliance [43][45]. - The anticipated growth in sectors supported by government policies, such as artificial intelligence in transportation and green finance, presents new investment opportunities for insurance asset management [40][44].

Core Viewpoint - Insurance asset management institutions are increasingly becoming a vital force in the high-quality development of technology finance, bridging long-term capital with technological innovation under the guidance of the national innovation-driven development strategy [1] Group 1: Insurance Capital and Technology Finance - Insurance capital is recognized as patient capital, providing precise, high-quality, and efficient financial support for technological innovation [1] - The scale of insurance funds is steadily growing, with significant potential in technology finance, primarily through equity investments and venture capital targeting strategic sectors like integrated circuits, biomedicine, and new energy [2] - Regulatory policies have been increasingly supportive, encouraging insurance funds to engage in technology innovation through various models such as S funds and investment-loan linkage [2] Group 2: Challenges in Technology Investment - There are notable challenges in insurance capital's participation in technology innovation investments, including contradictions between capital constraints and risk tolerance, with the non-listed equity risk factor remaining high at 0.41 [3] - The exit channels for investments are not smooth, with IPOs being the dominant exit strategy, but prolonged A-share IPO cycles hinder timely exits [3] - There is a shortage of specialized talent and a lack of standardized valuation models for technology innovation, leading to significant pricing discrepancies between parties [3] Group 3: Systematic Layout in Emerging Fields - Supporting technology innovation requires a comprehensive investment ecosystem that includes a long-term investment philosophy, in-depth industry research, effective risk control, and flexible exit mechanisms [4] - Recent innovations by Huatai Asset Management include expanding the traditional risk-return matching framework to encompass long-term perspectives and developing mechanisms for error correction in high-risk technology innovation [5] - The company aims to enhance its investment capabilities by improving the identification of innovative technologies and assessing the sustainability and potential of enterprises [5] Group 4: Investment Strategies and Future Outlook - Huatai Asset Management has systematically laid out investments in sectors like integrated circuits, high-end manufacturing, and smart vehicles, achieving significant returns from investments in leading technology firms [6] - The investment banking business is crucial for insurance asset management companies to support technology innovation, with Huatai Asset establishing debt investment plans for projects like the domestic large passenger aircraft [7] - Looking ahead, Huatai Asset plans to deepen its support for technology innovation in an ecological and professional direction, enhancing collaboration within the technology finance ecosystem and developing integrated financial product capabilities [7]

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]

Core Insights - The conference titled "Insurance Capital Entering Shandong: Insurance Asset Management Supporting Shandong's Industrial Upgrade and Innovative Development" was held in Jinan, Shandong Province, on September 23, 2023, focusing on enhancing the role of insurance capital in the region's economic development [1] Group 1: Investment Scale and Focus Areas - As of June 30, 2025, insurance funds are expected to reach a cumulative registered scale of over 580 billion yuan in Shandong Province, primarily directed towards new infrastructure, green industries, and strategic emerging industries [1] - The investment will be facilitated through debt investment plans, equity investment plans, and insurance private equity funds, resulting in projects that yield both returns and positive reputations [1] Group 2: Conference Objectives and Participation - The conference aimed to streamline the channels for insurance capital entering Shandong and to enhance the empowerment of insurance funds in promoting high-quality development in the province [1] - Key participants included the China Insurance Asset Management Association and leaders from 27 insurance asset management companies, which collectively manage over two-thirds of the industry's total assets [1] Group 3: Project Engagement - The conference featured project roadshows and discussions, with 10 companies, including Shandong Financial Investment Group Co., Ltd., Weichai Holding Group Co., Ltd., and China National Heavy Duty Truck Group Co., Ltd., presenting their projects [1] - A total of 73 quality projects in key areas such as infrastructure, technological innovation, and green development were discussed between project developers and insurance institution representatives [1]