近日，组合类保险资管产品2025年"成绩单"陆续出炉。Wind资讯数据显示，截至1月7日，登记的组合 类保险资管产品中，已有1524只产品披露了2025年的年化收益率（以下简称"收益率"）。其中，1423只 取得正收益，占比为93.4%。 可以看出，2025年组合类保险资管产品表现有所分化，其中，固收类产品平均收益率同比下降，权益类 产品和混合类产品平均收益率同比显著增长。对此，天职国际金融业咨询合伙人周瑾对《证券日报》记 者表示，2025年全年，A股市场涨幅显著，同时险资不断加大权益资产配置比例，因此带动了权益类和 混合类产品平均收益率上涨。 保险资金作为A股市场的重要参与者和中长期资金的典型代表，其在权益市场的配置动向一直受到市场 关注。展望后市，业内预计险资将持续加大权益投资配置，在高股息策略的基础上，加大对具有成长性 的高科技、新能源等领域的投资配置。 广东凯利资本管理有限公司总裁张令佳认为，险资会加大对科技创新、先进制造等新质生产力相关领域 的投资配置，获取超额收益。 分大类来看，2025年，1055只固收类产品中，有981只产品取得正收益，占比为93.0%，6只产品的收益 率为0，68只产品的收益 ...

Core Insights - The insurance asset management products have shown strong performance in 2023, with 92.7% of the 1,583 products achieving positive returns this year [1][2] - Equity insurance asset management products have been particularly outstanding, with an average return rate of 28% year-to-date [1] - There is a notable increase in insurance institutions' research efforts on listed companies, especially in the technology innovation sector [3] Group 1: Product Performance - As of October 21, 2023, among the 1,583 disclosed insurance asset management products, 156 products have an annualized return rate exceeding 30%, highlighting the strong performance of equity products [2] - In the fixed income category, 1,008 products were reported, with 945 achieving positive returns this year; in the equity category, 263 products were reported, with 259 achieving positive returns [2] - The top 10 products in terms of return rate over the past six months are all equity products, indicating a strong preference for equities among insurance asset managers [2] Group 2: Focus on Technology Innovation - Insurance and asset management companies have significantly increased their research on listed companies, with a focus on technology innovation firms [3] - A total of 206 insurance and asset management companies participated in over 14,000 research activities this year, with the highest number of research activities conducted by Taikang Asset Management at 875 times [3] - Key sectors of interest include electronic components, industrial machinery, integrated circuits, and healthcare equipment, with specific companies like Shenzhen South Circuit and Lixun Precision receiving considerable attention [3] Group 3: Future Outlook - Industry experts suggest that in addition to traditional fixed income and equity assets, diversifying sources of returns through alternative investments is becoming a crucial strategy for insurance asset allocation [4]

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]

Core Viewpoint - The implementation of the "Regulations on the Management of Insurance Asset Management Companies" starting September 1 is expected to accelerate the market-oriented and professional development of insurance asset management institutions, particularly through the growth of portfolio insurance asset management products [1][2]. Group 1: Market Growth and Trends - The scale of portfolio insurance asset management products has surged from 1.35 trillion yuan at the end of 2019 to over 3 trillion yuan by the end of 2021, indicating rapid development [2]. - As of the end of 2021, the total asset management market in China reached 134 trillion yuan, with insurance asset management becoming increasingly competitive alongside other financial products [2]. - In the first half of the current year, over 380 new portfolio insurance asset management products were registered, reflecting a growing trend in this sector [2]. Group 2: Product Composition and Performance - As of August 11, there were over 810 publicly disclosed portfolio insurance asset management products, with fixed income products dominating the market at 528, followed by equity products at 148 and mixed products at 132 [4]. - The highest annualized return for fixed income products this year was 17.95%, while the median return was 2.09%. For equity products, the highest return was 18.23%, with a median of -19.46% [4]. - Over the past three years, the median return for mixed bond secondary insurance asset management products was 21.13%, outperforming other fixed income types [4]. Group 3: Third-Party Business Development - There is a consensus among insurance asset management companies to enhance the proportion of third-party asset management business, which is seen as a key strategy for competing in the broader asset management landscape [6][7]. - Companies like Taiping Asset and Ping An Asset are focusing on expanding their third-party business, with strategies that include developing a comprehensive product system and collaborating with other financial institutions [7]. - Domestic insurance asset management institutions are encouraged to leverage their strengths in asset allocation and investment management to meet the needs of high-net-worth and pension clients, thereby expanding their third-party business [7].

Core Insights - The insurance asset management industry has shown a strong performance in 2023, with 88% of the 1388 reported combination insurance asset management products achieving positive annualized returns as of May 25 [1][3]. Group 1: Performance of Insurance Asset Management Products - Among the 960 fixed-income products, 900 achieved positive returns, representing over 90%, with an average return of 2.76% and a median of 2.34% [3]. - In the equity products category, 240 products reported returns, with 180 showing positive returns and an overall average return of 7.42% and a median of 5.57% [3]. - Mixed products also performed well, with 188 products reporting returns, 143 of which were positive, yielding an average return of 5.21% and a median of 3.38% [3]. Group 2: Third-Party Fund Management - Combination insurance asset management products are crucial for attracting third-party funds, including those from banks and other financial institutions [4]. - The proportion of third-party funds in combination insurance asset management products has been increasing, with a total balance of 6.39 trillion yuan by the end of 2023, accounting for 75% of the total balance of insurance asset management products [4]. - The growth of third-party funds is expected to continue, driven by the need for insurance asset management institutions to diversify their funding sources [5]. Group 3: Future Outlook - The insurance asset management industry must adapt to a low-interest-rate environment and explore differentiated development strategies [6]. - Institutions are encouraged to enhance product innovation and customer service capabilities to improve brand influence and market competitiveness [6]. - There is a focus on developing long-term capital pathways to enhance fund allocation efficiency and enable investors to benefit from new productivity developments [6].