作为资本市场重要的机构投资者，保险资金的动向一向是市场关注的焦点。近日，中国银行保险资产管 理业协会发布《中国保险资产管理业发展报告(2025)》(以下简称《报告》)，对201家保险集团(控股)公 司和保险公司(以下统称"保险公司")的投资情况进行了系统梳理。数据显示，2024年，参与调研的保险 公司投资资产规模合计达30.55万亿元，综合收益率主要集中在4.5%以上。整体来看，保险公司在资产 配置结构上持续优化，投资收益显著提升。 资产规模稳健增长配置结构持续优化 《报告》显示，2024年，保险公司投资资产规模合计30.55万亿元，同比增长16.93%，占全行业资金运 用余额的91.85%。资产规模稳步扩大的同时，配置结构也呈现出更为稳健和多元的特征。 具体来看，债券市场仍占据主导地位。数据显示，2024年保险资金持有债券规模达15.21万亿元，占比 50.7%，较2023年提升4%；持有股票、公募基金(不含货币基金)及组合类产品合计规模为5.6万亿元；银 行存款、现金及流动性资产规模为3.11万亿元。值得注意的是，和2023年相比，保险资金持有股票的比 例上升0.9%，现金及流动性资产、债权投资计划等类别 ...

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]

Core Insights - The insurance asset management industry in China has shown significant growth in the first half of 2025, with five major firms reporting a total revenue of 7.788 billion yuan, a 14.78% increase year-on-year, and a total profit of 3.884 billion yuan, up 30.7% from the previous year [1][3][4] Group 1: Revenue and Profit Growth - China Life Asset Management achieved a revenue of 3.554 billion yuan, a 23.4% increase from 2.88 billion yuan in the same period last year [3] - Other firms like Taikang Asset Management reported revenues exceeding 3 billion yuan, while PICC Asset Management, Sino-Italian Asset Management, and Allianz Asset Management reported revenues of 864 million yuan, 216 million yuan, and 146 million yuan respectively, with Allianz showing a year-on-year growth of approximately 37% [3][4] - Allianz Asset Management turned a profit of 13.3624 million yuan in the first half of the year, recovering from a loss of 6.51 million yuan in the same period last year [3] Group 2: Drivers of Growth - The growth is driven by three main factors: the release of industry dividends due to steady premium income and a recovering capital market, a shift in business models towards third-party operations, and upgrades in risk control and investment research capabilities [3][4] - The insurance asset management sector is increasingly focusing on third-party business, which has been rising in proportion, indicating a shift from traditional internal funding management to attracting external funds [5][6] Group 3: Trends in Third-Party Business - The total asset management scale in China's asset management industry reached approximately 163.16 trillion yuan by the end of 2024, with insurance funds accounting for 33.26 trillion yuan, the largest share in the industry [5] - Companies like China Life Asset Management and Taikang Asset Management are actively expanding their third-party business, with China Life managing over 930 billion yuan in third-party assets and Taikang managing over 4.5 trillion yuan in total assets, including 2.6 trillion yuan in third-party assets [6][7] Group 4: External Influences and Market Dynamics - The entry of foreign investment firms is intensifying competition and collaboration within the insurance asset management sector, with recent approvals for new foreign asset management companies [8] - The influx of foreign firms is expected to enhance market transparency and regulatory alignment, pushing domestic firms to adopt differentiated strategies and improve their service capabilities for high-quality development [8]

Investment Rating - The industry rating is "Overweight" and has been maintained from the previous rating [5]. Core Insights - The report emphasizes the transformation and evolution of China's insurance asset management (IAM) industry, highlighting its historical development, current status, and future trends [1][3]. - The IAM industry has experienced significant growth, with total assets under management (AUM) reaching approximately 8.5 trillion yuan by the end of 2023, reflecting a year-on-year increase of 32.3% [30]. - The report identifies key competitive advantages of IAM, including long-term capital management experience, strong fixed-income investment capabilities, and strict compliance and risk control [2][71]. Summary by Sections 1. Evolution of China's IAM Industry - The IAM industry has gone through three phases: initiation in 2003 with the establishment of the first IAM company, diversification from 2012 to 2017, and accelerated market reforms since 2018 [14][15]. - By the end of 2023, there were 34 IAM companies in China, with a significant increase in the number of private equity fund managers [15]. 2. Current Status of IAM Industry - The industry has seen continuous expansion, with a total revenue of 29.66 billion yuan in 2023, representing an 8.2% year-on-year growth [18]. - The funding sources are predominantly from insurance capital, accounting for approximately 74% of total funding [23]. - The investment preference is heavily weighted towards fixed-income assets, with investment returns concentrated between 2.25% and 4.5% [24][27]. 3. Competitive Analysis in the IAM Landscape - The total scale of China's asset management industry exceeds 131 trillion yuan, with significant product differentiation [2][62]. - IAM is positioned in the middle tier in terms of scale and yield compared to other asset management products [66]. - The primary sales channel for IAM products is direct sales, with the "Yinbao Tong" platform playing a crucial role in connecting banks and securities firms [70]. 4. Overseas Benchmarking of Leading IAM Firms - Allianz Asset Management, a global leader, has an AUM of 2.45 trillion euros, with over 70% of its business coming from third-party sources [2][79]. - The report highlights the importance of global expansion and professional division of labor as common experiences among leading overseas IAM firms [2][3]. 5. Future Trends in China's IAM Industry - The report suggests that the IAM industry will focus on enhancing equity research capabilities and diversifying investment strategies, particularly in high-dividend and alternative investments [3]. - There is an emphasis on leveraging overseas experiences for mergers and acquisitions, enhancing digitalization, and pursuing globalization [3].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has introduced a plan to promote high-quality development of public funds, emphasizing a shift from scale to investor returns, which is being actively implemented by JD Wealth [1][2] Group 1: Regulatory Response and Market Impact - JD Wealth has responded to regulatory guidance by enhancing services and investor protection, achieving significant growth in user engagement, with new fund users increasing by 58% year-on-year and trading users by 47% as of July 2025 [1] - The investor demographic is becoming younger, with 40% of investors aged 25-35 and 20% aged 18-25, collectively representing over half of the fund investment growth [1] - The investment preference is shifting towards a diversified allocation, with 68% in equity active and index funds, and 20% in stable bond funds and "fixed income+" products, indicating a trend of "aggressive as primary, stable as support" [1] Group 2: Strategic Development Directions - JD Wealth is transitioning from a "fund sales platform" to an "asset allocation service provider," focusing on high-quality development, enhancing equity fund layouts, and establishing core business indicators related to investor returns and investment duration [2] - The company is building a refined fund classification system and evaluation matrix covering nearly a thousand niche sectors, integrating investor returns and performance benchmarks into core evaluation metrics [2] - JD Wealth aims to accelerate its "investment advisory" transformation, guiding investors to shift from focusing on individual products to improving portfolios and emphasizing long-term holdings [2]