证券时报记者 刘敬元 34家保险资管公司过去一年的"画像"揭晓。 近日，中国银行保险资产管理业协会组织编写的《中国保险资产管理业发展报告（2025）》（以下简称《报 告》）发行，详细披露了保险资管行业的主体明细、经营业绩、业务趋势特征以及从业人员情况等。 "9000亿俱乐部"成员10家 根据《报告》，截至2024年末，我国共有保险资管公司35家。其中，长江养老保险股份有限公司于2023年变更业 务范围，按照保险资管公司管理。 从各业务板块来看，2024年，除债权投资计划外，保险资管行业各主要业务收入均有增长。其中，专户业务收入 增速连续三年上升，组合类产品业务收入增速连续三年放缓，股权投资计划、资产支持计划业务的收入增速则较 上年有所下降。 《报告》显示，截至2024年末，34家保险资管公司管理资金规模合计33.30万亿元，同比增长10.60%。值得一提的 是，行业的资金管理仍保持"保险资金为主、业外资金为辅"的多元化结构。 具体而言，保险资管公司管理系统内保险资金23.50万亿元，占比70.56%；管理第三方保险资金1.98万亿元，占比 5.95%。 在业外资金方面，上述34家保险资管公司共管理银行资金3. ...

（原标题：掌管33.3万亿资金，从业人员超7600人！34家保险资管最新数据） 34家保险资管公司过去一年的整体发展情况出炉。 近日，中国银行保险资产管理业协会组织编写的《中国保险资产管理业发展报告（2025）》（以下简称 《报告》）发行，详细披露了保险资管行业的主体、经营业绩、主要业务趋势特征以及从业人员情况。 管理规模超9000亿元的有10家 管理业外资金7.8万亿元，12家机构管理三方资金占比超50% 截至2024年末，我国共有保险资管公司35家，其中长江养老保险股份有限公司于2023年变更业务范围， 按照保险资管公司管理。 从管理规模看，34家保险资管公司中，截至2024年末，管理资产规模在9000亿元以上的有10家；规模 4000亿～9000亿元之间的有6家；规模1000亿～4000亿元的有16家；规模在1000亿元以下的有2家。 具体来看，专户业务实现收入182.14亿元，增速19.21%，占比57.45%；组合类产品实现收入71.16亿 元，增速1.36%，占比22.44%；债权投资计划实现收入31.69亿元，同比下降16.82%，占比10%；股权投 资计划实现收入3.20亿元，增速9.99%， ...

34家保险资管公司过去一年的整体发展情况出炉。 近日，中国银行保险资产管理业协会组织编写的《中国保险资产管理业发展报告（2025）》（以下简称《报告》）发行，详细披露了保险资管行业的主体、经营业 绩、主要业务趋势特征以及从业人员情况。 《报告》显示，截至2024年末，34家保险资管公司管理资金规模合计33.30万亿元，同比增长10.60%。管理资金仍保持"保险资金为主、业外资金为辅"的多元化结 构。 具体而言，保险资管公司管理系统内保险资金23.50万亿元，占比70.56%，管理第三方保险资金1.98万亿元，占比5.95%。 业外资金方面，共管理银行资金3.96万亿元，占比11.91%；管理养老金2.93万亿元，占比8.78%；其他资金9326亿元，占比2.80%。由此计算，保险资管公司管理业 外资金共计约7.8万亿元。 近年来保险资管公司都在推进市场化业务发展，第三方资金（第三方保险资金＋业外资金）及其占比是观察保险资管公司越来越看重的指标。34家保险资管公司 中，25家机构管理第三方资金规模占比超过20％，12家机构管理第三方资金规模占比超过50％，5家机构管理第三方资金规模占比超过80％。 管理规模超9 ...

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]