Core Viewpoint - The insurance asset management industry is entering a phase of "strict regulatory normalization," with increased transparency and regularity in enforcement actions [1][3]. Regulatory Actions - Recent penalties have been imposed on several insurance asset management companies, including China Merchants Insurance Asset Management Co. and Pacific Asset Management Co., totaling 1.259 million yuan in fines this year [2][3]. - Specific violations include non-compliance in investment operations related to trust plans and debt investment plans, with multiple responsible individuals also facing penalties [2][5]. Industry Trends - The insurance asset management sector has seen a significant increase in regulatory penalties, with 42 individuals penalized across four institutions this year alone [3]. - The shift from a "principle-oriented" to a "rule-oriented" regulatory approach indicates a tightening of oversight, reflecting a need for the industry to transition from rapid expansion to standardized development [3][6]. Areas of Concern - Violations are primarily concentrated in alternative investment areas such as debt investment plans and trust plans, which are characterized by their complexity and lack of transparency [5][6]. - The industry's pressure to deliver stable returns in a low-interest environment has led to a misalignment between risk appetite and compliance requirements [6]. Governance Issues - There is a notable correlation between the violations of insurance asset management companies and their parent insurance companies, often due to governance structure flaws and lack of independent decision-making [7][8]. - The dependence on parent companies for business and funding can lead to compromised compliance and risk management practices [8][9]. Recommendations for Future Regulation - Future regulatory focus should not only address operational violations but also strengthen governance structures to prevent parent company interference in asset management decisions [9].

资本市场上行、利率下行的背景下，保险资管产品业绩表现几何？9月3日，北京商报记者通过Wind统 计发现，在1542只有统计数据的保险资管产品中，前8个月超九成产品取得正回报，年化回报率中位数 为3.95%。 目前来看，在权益市场和债券市场的共同作用下，保险资管产品展现出较强的抗风险能力和收益提升潜 力。业内专家认为，组合类保险资管产品应进一步提升资产市场中权益类产品投资占比，把握市场中的 新机会。 受益于A股市场回暖 业内专家表示，固收类保险资管产品收益率整体表现良好，得益于保险资管公司稳健的投资策略。王兆 江向北京商报记者分析，保险资金具有负债驱动的特性，需要对未来的保险赔付提供刚性兑付。因此， 本金安全和稳定现金流是保险资金投资的首要目标。固收类资产的本金和利息收入相对确定，与保险资 金的负债期限和成本能够更好地匹配。固收类产品主要投向国债、地方政府债、高信用等级的企业债、 金融债等。这些标的的发行主体信用高，违约风险相对较小，价格波动也远小于股票等权益资产。即使 在市场下行期，也能提供稳定的票息收入。 高股息资产或将成配置重点 可以看出，保险资管产品取得超九成正向回报受益于资本市场的表现以及固收资产收益 ...

Core Viewpoint - The performance of insurance asset management products has been strong in the first eight months of the year, with over 90% achieving positive returns, driven by a recovering capital market and declining interest rates [1][2][3]. Group 1: Performance Metrics - Among 1542 insurance asset management products with statistical data, 1451 products achieved positive returns, representing 94% of the total [2]. - The median annualized return rate for these products is 3.95% [2]. - Fixed income products showed a median return of 2.53%, while equity products had a significantly higher median return of 30.28% [2][3]. Group 2: Market Environment - The recovery of the equity market has positively impacted the returns of equity products, with favorable conditions for growth due to the ongoing economic recovery in China and low valuations in the A-share market [3]. - The stable performance of fixed income products is attributed to the conservative investment strategies of insurance asset management companies, which prioritize capital safety and stable cash flow [3]. Group 3: Future Investment Strategies - Insurance asset management companies are encouraged to increase their allocation to high-yield assets to enhance asset-liability matching, especially as the trend of declining long-term interest rates continues [4]. - Potential investment directions include high dividend, low valuation stable assets, and sectors aligned with national development strategies such as high-end manufacturing, new energy, digital economy, and pharmaceuticals [4].

资本市场上行、利率下行的背景下，保险资管产品业绩表现几何？9月3日，北京商报记者通过Wind统计发现，在1542只有统计数据的保险资管产 品中，前8个月超九成产品取得正回报，年化回报率中位数为3.95%。 目前来看，在权益市场和债券市场的共同作用下，保险资管产品展现出较强的抗风险能力和收益提升潜力。业内专家认为，组合类保险资管产品 应进一步提升资产市场中权益类产品投资占比，把握市场中的新机会。 可以看出，保险资管产品取得超九成正向回报受益于资本市场的表现以及固收资产收益相对稳定。 实际上，随着新一轮保险产品预定利率调整开启，保险资管公司在提升自身投研能力的同时，也可以考虑增加对高收益资产的配置力度，寻求更 高效的资产负债匹配方式。 受益于A股市场回暖 从不同类型产品交出的成绩单来看，固收类产品表现相对稳健，而权益类产品则提供了相对较高的收益。882只固收类产品回报中位数为2.53%， 有831只产品取得正收益；204只权益类产品中，回报中位数高达30.28%，其中195款回报为正。 市场环境的变化对组合类保险资管产品的收益产生了深远影响。前8个月，权益市场逐步回暖，为权益类产品的收益增长提供了有利条件。"今年 ...

Core Insights - The annualized returns of combination insurance asset management products have improved significantly in the first eight months of this year, with 95.6% of the 1,448 products reporting positive returns, compared to the same period last year [1][2][3] Summary by Category Overall Performance - A total of 1,448 combination insurance asset management products disclosed their latest annualized returns, with an average return of 11.12% and a median return of 3.88%, both higher than the previous year [2][3] - The highest return recorded was 298.44%, while the lowest was -57.36% [2] Product Categories - Among 993 fixed-income products, 939 achieved positive returns, representing 94.6%, with an average return of 3.80%, up by 0.88 percentage points year-on-year [2] - In the equity category, 258 out of 261 products reported positive returns, with an average return of 35.96% and a median of 31.23%, showing significant improvement compared to last year [3] - For mixed products, 188 out of 194 achieved positive returns, with an average return of 23.69% and a median of 19.80%, also reflecting an increase from the previous year [3] Market Confidence - Insurance asset management institutions have shown increased confidence in the capital markets, with a more optimistic outlook on both the bond and A-share markets compared to last year [4] - The proportion of insurance companies investing in stocks has increased in both scale and ratio as of the second quarter of this year [4] Future Outlook - Experts suggest that with ongoing favorable policies encouraging long-term capital market investments, insurance funds are likely to increase their allocation to equity assets while maintaining a prudent investment style [5] - The focus should remain on long-term asset-liability matching and enhancing investment research capabilities to improve risk management [5]

"保险资管机构应积极拥抱财富管理市场，在培育高净值户、扩展资金来源和销售渠道，丰富产品 类别，开发工具类产品，并提供相应资产配置咨询服务等方面，发挥自身优势，赢得市场。"近期，国 寿资产有关团队在《中国保险资产管理》上发布的《新时代加快发展保险资管产品的思考与建议》文章 中称。 同时，上述文章还呼吁让所有资管机构在同一起跑线上公平竞争，在税收待遇、打新政策等方面与 公募基金保持一致，并期望相关监管部门放开年金、社保基金对保险组合类资管产品的投资。 组合类保险资管大发展 在此背景下，组合类保险资管产品应从多方面进行应对，积极拥抱财富管理市场。首先，保险资管 有望通过养老金及高净值客户进一步拓宽资金来源；其次，保险资管产品代销正处起步阶段，合作模式 和能力建设仍需持续深耕。 加快行业发展几个建议 上述文章还分析，保险资管行业也面临一些问题。比如，部分保险资管产品存在税负优惠不同的问 题，降低产品对投资者的吸引力；保险资管产品股票打新被认定为B类投资者，配售比例低于基金及基 本养老金和社会保障基金等。2023年，保险业IFRS9的实施将给保险资管机构带来诸多挑战。 对此，该文也提出了一些政策期待。2018年，资管新 ...

《保险资产管理公司管理规定》将于9月1日起施行，目前已进入倒计时。业内人士认为，保险资管 机构正加速向市场化、专业化方向发展，大力发展组合类保险资管产品。数据显示，组合类保险资管产 品规模已从2019年末的1.35万亿元增至2021年末的超3万亿元。 组合类保险资管产品助推市场化 Wind数据显示，截至8月11日，公开披露净值情况的组合类保险资管产品有810余只，固定收益类 产品占据大头。具体来看，固收类528只，权益类148只，混合类132只，商品及金融衍生品类暂无，其 他类别4只。 从今年以来的年化回报率来看（包括今年成立的新产品），固收类最高回报率为17.95%，回报中 位数为2.09%；权益类最高回报率为18.23%，回报中位数为-19.46%；混合类最高回报率为41.63%，回 报中位数为-9.07%。 从三年中长期业绩来看，Wind数据显示，固收类保险资管产品方面，混合型债券二级类保险资管 产品近三年收益率中位数为21.13%，领先固收其他类型产品。中长期纯债型保险资管产品三年收益率 中位数为14.72%，同期公募中长期纯债型基金回报率中位数为10.96%。短期纯债型保险资管产品三年 收益率中位数 ...

本报记者 冷翠华 见习记者 杨笑寒 随着A股市场回暖，近期组合类保险资管产品收益率整体有所回升，不同大类产品业绩表现分化。 受益于A股市场回暖 组合类保险资管产品是指保险资产管理机构面向合格投资者非公开发行、以组合方式进行投资运作的保 险资产管理产品。根据组合形式的不同，组合类保险资管产品又分为固收类、权益类、混合类、商品及 金融衍生品类等大类。其中，商品及金融衍生品类产品数量较少，披露数据不多，因此市场主要关注固 收类、权益类和混合类产品的收益率。根据监管规定，组合类保险资管产品运作期间，封闭式产品的净 值披露频率不少于每周一次，开放式产品的净值披露频率不低于产品开放频率。 随着近期A股市场的回暖，不同大类的组合类保险资管产品收益率整体有所回升，但产品收益率表现也 出现分化，以往表现较为强势的固收类产品收益率同比有所下降，而权益类产品和混合类产品的收益率 大幅上升。 具体来看，前述已披露收益率的1529只组合类保险资管产品的平均收益率为7.66%，同比有所上升，收 益率中位数为2.60%，其中产品的最高收益率为176.76%，最低收益率为-85.50%。 从各大类产品业绩表现来看，1016只固收类产品中，有 ...

Core Viewpoint - Allianz Asset Management has undergone a management change with the resignation of General Manager Cao Lei and the appointment of Zhang Guang as the new General Manager, indicating a strategic shift in leadership for the first wholly foreign-owned insurance asset management company in China [2][3][4]. Management Changes - Cao Lei resigned due to personal and family reasons, and the board approved her resignation [2]. - Zhang Guang, previously the Deputy General Manager and Chief Investment Officer, has been appointed as the new General Manager, pending regulatory approval [2][4]. - Zhen Qingzhe, the current Chairman, will serve as the interim General Manager until Zhang Guang's appointment is confirmed [2][5]. Company Background - Allianz Asset Management was established with a registered capital of 500 million yuan and is based in Beijing, having received its operating approval on July 27, 2021 [3]. - It is the first wholly foreign-owned insurance asset management company approved to operate in China [3]. Performance Overview - The company has shown steady growth in revenue from 0.1 million yuan in 2021 to an expected 2.67 million yuan in 2024, with a projected turnaround to profitability in 2024 [6]. - As of the first quarter of 2025, the company reported a revenue of 67.49 million yuan, a year-on-year increase of 38.7%, and a net profit of 4.29 million yuan [6]. - By the end of 2023, Allianz Asset Management managed assets exceeding 300 billion yuan, with over 80% coming from portfolio insurance asset management products [6]. Strategic Developments - The company is focusing on cross-border investment business in collaboration with Allianz Life, aiming to innovate through private fund pilot models [7]. - The insurance asset management industry is experiencing a significant headwind effect, making it challenging for smaller firms to grow [7].

Group 1 - The proportion and influence of insurance funds in the asset management industry are increasing, with total asset management net value in China expected to reach approximately 161.1 trillion yuan by the end of 2024, a year-on-year growth of 11.8%, while insurance funds are projected to be around 33.3 trillion yuan, with a growth rate of 18.1%, significantly higher than the industry average [1] - As of May 31, there are 1,388 combination-type insurance asset management products that disclosed nearly one year of annualized returns, with 1,222 products achieving positive returns, the highest annualized return being 62.9398% and the lowest at -45.833%. Over 75% of fixed income, equity, and mixed products have shown positive returns, indicating the strong asset allocation capabilities and stable operational levels of insurance asset management institutions [1] Group 2 - In the fixed income product category, out of 960 products that disclosed data, 900 achieved positive returns, with an average annualized return of 2.76% and a median of 2.34%. In the equity product category, among 240 disclosed products, 180 achieved positive returns, with an average return of 7.42% and a median of 5.57%. The performance of equity products is closely related to market trends, with the A-share market showing active rotation in technology and consumer sectors this year, providing structural opportunities for insurance fund investments [2] - Mixed products demonstrated a balanced advantage, with 143 out of 188 products achieving positive returns, an average return of 5.21% and a median of 3.38% [2] Group 3 - According to a recent survey by the China Insurance Asset Management Association, 50% of insurance asset management institutions and 53.57% of insurance companies hold an optimistic view of the A-share market for 2025, an increase from the second half of last year. Additionally, 52.78% of institutions and 51.19% of companies believe the A-share market will show a fluctuating upward trend this year [3] - The survey indicates that insurance institutions are optimistic about sectors such as electronics, banking, computers, public utilities, home appliances, food and beverages, communications, and national defense, focusing on new technologies, dividend assets, and high-dividend investments. Ongoing favorable policies to facilitate the entry of insurance funds and other long-term capital into the market have strengthened insurance institutions' interest and confidence in stock allocation [3]