8月25日，苏州宽遇股权投资基金成立，险资也参与了股权投资基金的设立。具体来看，其合伙人包括 腾讯科技(上海)有限公司、阳光人寿保险股份有限公司和中英人寿保险有限公司等13家企业。苏州宽遇 股权投资基金的出资额约224.29亿元，其中保险公司直接出资合计达49.54亿元。 值得关注的是，据《证券日报》记者统计，8月份以来，至少已有3只险资参与出资的股权投资基金成 立，参与设立基金的保险机构和旗下相关子公司达10家。根据执中ZERONE统计数据，今年上半年，保 险业机构LP(有限合伙人)共向私募股权基金认缴出资524亿元，同比增长46%，在各金融机构中出资规 模同比增幅最高。 近日，两家由险资参与出资的股权投资基金合伙企业接连成立，分别是天津家寓股权投资基金合伙企业 (有限合伙)(以下简称"天津家寓股权投资基金")和苏州宽遇股权投资基金合伙企业(有限合伙)(以下简 称"苏州宽遇股权投资基金")。两家股权投资基金出资额规模合计近270亿元。 今年以来，险资持续加码股权投资及其他权益类资产配置。受访专家表示，险资增配权益类资产，或是 受固收资产收益率走低、监管引导、市场行情等因素共同影响。展望未来，预计险资配置权益 ...

中国保险资产管理业协会8月20日披露信息显示，中意资产、长江养老合计登记3只债权投资计划。不 过，从行业整体新增登记情况来看，债权投资计划正经历调整周期。行业数据显示，2025年上半年债权 投资计划登记规模同比降幅超20%，登记规模近年来持续萎缩。其收益率也逐步走低，已降至2%-3%的 水平。 受融资需求减弱、利率持续下行等因素影响，保险资管的另类投资业务结构正经历转变。在收缩债权投 资计划的同时，股权投资、资产证券化等业务迅速增长，成为险资应对"资产荒"和获取更高收益率的新 方向。业内人士认为，在另类投资转型过程中，保险资管公司的投研能力、项目筛选能力、风控能力均 有待提升。 登记规模连续多年下降 债权投资计划，也被称为"保债计划"，作为保险资管另类投资中开展最早、占比最大的业务，该类业务 正持续收缩。2021年，债权投资计划登记规模达到高峰，为9600多亿元。2022年至今，该类业务登记规 模持续萎缩。 行业数据显示，2025年上半年，债权投资计划登记规模及数量分别为2121.59亿元和137只，同比分别下 降24.50%和23.03%。此外，债权投资计划收益率也逐步走低，目前已降至2%-3%的水平。 业 ...

● 本报记者 陈露 中国保险资产管理业协会8月20日披露信息显示，中意资产、长江养老合计登记3只债权投资计划。不 过，从行业整体新增登记情况来看，债权投资计划正经历调整周期。行业数据显示，2025年上半年债权 投资计划登记规模同比降幅超20%，登记规模近年来持续萎缩。其收益率也逐步走低，已降至2%-3%的 水平。 受融资需求减弱、利率持续下行等因素影响，保险资管的另类投资业务结构正经历转变。在收缩债权投 资计划的同时，股权投资、资产证券化等业务迅速增长，成为险资应对"资产荒"和获取更高收益率的新 方向。业内人士认为，在另类投资转型过程中，保险资管公司的投研能力、项目筛选能力、风控能力均 有待提升。 登记规模连续多年下降 债权投资计划，也被称为"保债计划"，作为保险资管另类投资中开展最早、占比最大的业务，该类业务 正持续收缩。2021年，债权投资计划登记规模达到高峰，为9600多亿元。2022年至今，该类业务登记规 模持续萎缩。 行业数据显示，2025年上半年，债权投资计划登记规模及数量分别为2121.59亿元和137只，同比分别下 降24.50%和23.03%。此外，债权投资计划收益率也逐步走低，目前已降至2 ...

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].

Investment Rating - The report indicates a positive outlook for the insurance asset management industry, particularly in innovative products, with a focus on structural adjustments and growth in asset-backed securities (ABS) and equity investments [5][38]. Core Insights - The insurance asset management industry is experiencing accelerated structural adjustments, with a notable increase in the registration scale of innovative products, driven by the expansion of asset-backed plans and significant growth in equity investment plans and private equity funds [7][26]. - The report highlights the importance of aligning investment strategies with government policies, particularly in the areas of "green finance" and new infrastructure projects, to achieve a balance between long-term returns and compliance with regulatory frameworks [34][36]. - The insurance asset management sector is expected to continue focusing on innovative products, with a shift towards equity investments and private equity funds, while traditional debt investment plans are declining in both quantity and scale [38][40]. Summary by Sections Product Operation Analysis - In the first half of 2025, the registration scale of innovative products in the insurance asset management industry increased by 6.35% year-on-year to 444.046 billion yuan, despite a 31-product decline in registration numbers [8][10]. - The debt investment plan remains the primary product type, accounting for 72.49% of the number and 47.78% of the scale, although its registration scale and quantity have significantly decreased [11][12]. - The growth of equity investment plans and private equity funds is notable, with the registration scale of private equity funds increasing by 524.94% year-on-year [26][27]. Institutional Operation Analysis - In the first half of 2025, Huatai Asset Management led in the registration scale and quantity of debt investment plans, while Everbright's asset-backed plans also showed strong performance [28][30]. - The number of institutions participating in equity investment plans increased significantly, with a total of 11 plans registered, amounting to 267.87 billion yuan [33]. - The report emphasizes the need for insurance asset management institutions to diversify their asset types and explore new investment opportunities that align with the characteristics of long-term insurance funds [19][21]. Policy Overview - Recent government policies have focused on promoting urban renewal and enhancing market-oriented financing mechanisms, which are expected to create investment opportunities for insurance asset management institutions [34][35]. - The report notes that the expansion of the long-term investment pilot program for insurance funds will inject more capital into the market, particularly in the areas of infrastructure and green finance [36][39]. - The insurance asset management sector is encouraged to prioritize investments in PPP projects and urban renewal initiatives, aligning with national strategies for sustainable development [38][40].

Group 1 - The establishment of Chengda Lintong Equity Investment Fund has been officially announced, with three insurance companies among its seven partners, contributing a total of 31 billion yuan, accounting for 62% of the fund [1] - Insurance institutions are expected to further increase their equity investment ratio, with a significant rise in the scale of private equity funds and investment plans established by insurance asset management institutions [2][3] - In the first half of the year, the scale of registered private equity funds by insurance institutions reached approximately 25 billion yuan, a year-on-year increase of 524.9% [2] Group 2 - The total registered equity investment plans by insurance asset management institutions amounted to about 26.8 billion yuan, reflecting a year-on-year growth of 188% [3] - Factors driving the increase in equity investments by insurance institutions include declining market interest rates and supportive policies from regulatory bodies [3] - The expectation of economic recovery is likely to encourage insurance capital to continue increasing equity asset allocation to enhance returns, while maintaining a balance with debt assets for liquidity and safety [4]

Group 1 - The establishment of Hebei Chengda Lintong Equity Investment Fund has been officially announced, with three insurance companies among its seven partners, contributing a total of 31 billion yuan, accounting for 62% of the fund [1] - China Life Insurance Co., Ltd. contributed 20 billion yuan (40%), Bank of China Samsung Life Insurance Co., Ltd. contributed 10 billion yuan (20%), and China Life Property Insurance Co., Ltd. contributed 1 billion yuan (2%) [1] Group 2 - Insurance institutions are expected to further increase their equity investment ratio, with a significant rise in private equity fund sizes this year, showing a year-on-year increase of 524.9% to approximately 25 billion yuan in the first half of the year [2] - The establishment of the Taiping War New M&A Private Fund, with an initial scale of 10 billion yuan, focuses on key areas such as state-owned enterprise reform and modern industrial system construction in Shanghai [2] Group 3 - In the first half of the year, insurance asset management institutions registered equity investment plans totaling approximately 26.8 billion yuan, reflecting a year-on-year growth of 188% [3] - The increase in equity investment by insurance institutions is driven by two main factors: declining market interest rates and supportive policies encouraging investment in strategic emerging industries [3][4] - Regulatory encouragement for insurance capital to support the real economy has led to increased investments in sectors like energy and technology [3] Group 4 - The expectation of economic recovery is likely to prompt insurance capital to continue increasing equity asset allocations to enhance returns, while maintaining a balance with debt assets for liquidity and safety [4]

Core Viewpoint - The insurance asset management companies are shifting their focus towards equity investments and asset securitization, reflecting a change in how insurance funds serve the real economy [1][5]. Debt Investment Plans - In the first half of the year, insurance asset management institutions registered 137 debt investment plans with a total scale of 212.2 billion, marking a year-on-year decrease of 23% and 24.5% respectively [2]. - This decline in debt plans has been ongoing for four consecutive years, with the peak in 2021 seeing over 960 billion registered [2]. - The average yield of newly registered debt plans has dropped to just above 3%, with quality assets yielding less than 2% [3]. Shift to Asset Securitization - Insurance asset management companies are increasingly focusing on asset securitization to revitalize existing infrastructure projects [4]. - The asset-backed plans have seen significant growth, with the scale reaching nearly 460 billion in 2023, up from 300 billion in 2022 [5]. Growth in Equity Investment - In contrast to the decline in debt plans, equity investment business has experienced rapid growth, with 11 new equity investment plans registered, a 120% increase year-on-year [7]. - The total scale of equity investment plans reached approximately 26.8 billion, reflecting a 188% increase [7]. - The insurance private equity funds also saw substantial growth, with three new funds registered, totaling around 25 billion, marking increases of 50% and 524.9% respectively [8]. Investment Focus and Strategy - The new equity plans and private equity funds are increasingly directed towards projects in new economic sectors, such as green infrastructure and data centers [9]. - The insurance asset management sector is recognizing the need to adapt to the changing economic landscape, with a focus on equity investments becoming a core competitive advantage [9].

Core Viewpoint - The insurance asset management industry is experiencing a shift in focus from traditional debt investment plans to alternative investments such as equity investment plans and private equity funds, reflecting a need to adapt to changing market demands and support the real economy [1][2][6]. Debt Investment Plans - In the first half of 2025, insurance asset management institutions registered 137 debt investment plans, a decrease of 23% year-on-year, with a total scale of 212.2 billion yuan, down 24.5% [2]. - This marks the fourth consecutive year of decline in new business volume for debt plans since 2022, with the peak registration in 2021 reaching over 960 billion yuan [2]. - The average yield for newly registered debt plans has fallen to above 3%, with quality assets yielding less than 2% [3]. Shift to Asset Securitization - Insurance asset management companies are increasingly focusing on asset securitization to revitalize existing infrastructure projects, with funds being directed towards green and new economy projects [4][5]. - The asset-backed plans have seen rapid growth since the transition to a registration system in September 2021, with the scale reaching nearly 460 billion yuan in 2023 [5]. Growth in Equity Investment - In contrast to the decline in debt plans, equity investment business has seen significant growth, with 11 new equity investment plans registered, a 120% increase year-on-year, and a total scale of approximately 26.8 billion yuan, up 188% [6]. - The number of private equity funds registered has also increased, with three funds totaling around 25 billion yuan, reflecting a growth of 50% and 524.9% respectively [6][7]. Strategic Focus on Quality Assets - The insurance asset management sector is prioritizing equity investments as a core competitive advantage, with a focus on identifying quality assets and designing appropriate transaction structures [8]. - The transition from a liability-driven to an equity-driven investment model necessitates adapting investment strategies to meet new economic demands [8].

Core Viewpoint - The article emphasizes the importance of green finance in achieving sustainable development and the role of financial institutions, particularly insurance companies, in supporting green investment initiatives to meet the "dual carbon" goals set by the Chinese government [1][5]. Group 1: Green Finance and Investment - Green finance is recognized as a key component in building a strong financial system, with policies encouraging financial institutions to increase resource allocation and innovation in this area [1][2]. - Insurance funds, characterized by their long-term duration, large scale, and stable sources, are well-suited to meet the funding needs of green development projects [1][2]. - Sunshine Insurance Group has committed over 20 billion yuan to green investments by the end of 2024, focusing on energy conservation, clean energy, ecological environment, and infrastructure upgrades [1][3]. Group 2: Financial Tools and Strategies - Financial institutions, including insurance companies, are expanding their product offerings to support green investments, utilizing various financial instruments such as green debt investment plans and equity investment plans [2][3]. - Sunshine Insurance is actively involved in supporting national strategic industries through equity investments and by subscribing to green bonds issued by local governments and public utility companies [2][3]. Group 3: Focus Areas and Impact - The key sectors targeted for green finance include clean energy, energy conservation, ecological environment, and infrastructure upgrades, which are crucial for social development and climate improvement [4]. - Sunshine Insurance has established a global ESG strategy research portfolio, managing over 20 million USD by the end of 2024, focusing on sustainable development in healthcare, high technology, and green economy sectors [3][8]. Group 4: Collaboration and Research - Sunshine Insurance collaborates with various stakeholders to explore the role of insurance companies in sustainable development and ESG issues, contributing to the establishment of a Chinese ESG investment system [8][9]. - The company is also involved in research on biodiversity and its relationship with G20 countries, providing theoretical and data support for international green finance cooperation [9].