Group 1 - The conference titled "Insurance Capital Entering Shandong: Insurance Asset Management Supporting Industrial Upgrading and Innovative Development" was held in Jinan to facilitate the flow of insurance capital into Shandong and promote high-quality development [1] - The event was co-hosted by the Provincial Financial Office and Shandong Financial Regulatory Bureau, with participation from major insurance asset management companies, representing over two-thirds of the industry’s total asset management scale [1] - Various provincial departments provided insights on Shandong's new productivity, technological innovation, key industries, and state-owned enterprises, while insurance companies shared experiences on utilizing insurance funds [1] Group 2 - As of the end of June this year, insurance funds have invested over 580 billion yuan in Shandong through debt investment plans, equity investment plans, and insurance private equity funds, focusing on new infrastructure, green industries, and strategic emerging industries [2] - These investments have resulted in a number of projects that are both profitable and well-regarded [2] - Insurance funds are also actively participating in economic development in Shandong through bond subscriptions, strategic equity investments, and involvement in public REITs [2]

转自：新华财经 会议邀请中国保险资产管理业协会和27家保险资管公司负责人参加，与会资管公司资产管理规模超过行 业总规模的三分之二。会议设置项目路演和项目洽谈环节，山东省财金投资集团有限公司、潍柴控股集 团有限公司、中国重型汽车集团有限公司等10家企业进行了项目路演，73个基础设施、科技创新、绿色 发展等重点领域优质项目建设方与保险机构负责人进行了洽谈。 编辑：王媛媛 新华财经济南9月23日电（记者贾云鹏）9月23日，山东省在济南组织召开"险资入鲁：保险资管助力山 东产业升级与创新发展"恳谈会。记者从会上获悉，截至2025年6月末，保险资金通过债权投资计划、股 权投资计划、保险私募基金三类产品投向山东省累计登记规模5800多亿元，主要投向新型基础设施、绿 色产业、战略新兴产业等领域，并且形成了一批收益和口碑兼具的项目。同时，保险资金还积极通过认 购债券、战配股票、参与公募REITs等方式，参与山东经济建设。 恳谈会由山东省委金融办、山东金融监管局联合主办，中国人寿山东省分公司、中国人寿财险山东省分 公司、济南市委金融办共同承办，以进一步畅通"险资入鲁"渠道，加力推动保险资金赋能山东高质量发 展。 ...

Core Insights - The establishment of Tianjin Jiayu Equity Investment Fund and Suzhou Kuanyu Equity Investment Fund has attracted market attention, with significant participation from insurance capital [2][3] - Insurance capital's investment in the primary market has accelerated, with a 46% year-on-year increase in subscribed capital in the first half of 2025, reaching 52.4 billion yuan [3][4] - The surge in insurance capital investment is driven by policy relaxation and the need for diversified asset allocation due to declining interest rates [5][6] Investment Scale and Trends - Tianjin Jiayu Equity Investment Fund has a total investment of 4.5 billion yuan, with insurance companies contributing approximately 4.497 billion yuan, highlighting their dominant role [3] - Suzhou Kuanyu Equity Investment Fund has a larger scale of about 22.429 billion yuan, with significant contributions from insurance companies [3] - In the first half of 2025, insurance capital's subscribed investment in equity reached 52.4 billion yuan, with life insurance companies accounting for nearly 90% of the total [4] Active Insurance Capital Players - Notable active insurance institutions include Ping An Life, Pacific Life, AIA, Sunshine Life, and others, with Ping An Life leading with an investment of 15 billion yuan across six funds [4] - Insurance capital is expanding its equity asset allocation through various methods, including equity investment plans and long-term equity investments [4] Policy and Market Drivers - The dual drivers of policy relaxation and market demand are facilitating the growth of insurance capital in equity investments [5] - Recent regulatory changes have increased the upper limit for equity asset allocation and simplified standards, allowing for greater flexibility in investments [5] Selection Criteria for General Partners (GPs) - Insurance capital prefers GPs with strong backgrounds, focusing on those with substantial registered capital and asset management [7] - The selection criteria emphasize matching investment stages, management capabilities, and performance metrics [7][8] - GPs with robust resources and proven performance in specific sectors are more likely to receive funding from insurance capital [8][9]

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]

Core Insights - Two private equity funds, Tianjin Jiayu and Suzhou Kuanyu, have been established with a total investment of nearly 27 billion yuan, primarily funded by insurance capital [1][2] - Insurance capital is increasingly allocating to equity investments due to low returns on fixed-income assets, regulatory guidance, and market conditions [1][3] Fund Establishment - Tianjin Jiayu Fund was established on August 22 with a total contribution of 4.5 billion yuan, mainly from insurance companies [2] - Suzhou Kuanyu Fund was established on August 25 with a total contribution of approximately 22.43 billion yuan, also with significant participation from insurance companies [2] - At least three equity investment funds involving insurance capital have been established in August, with ten insurance institutions participating [2] Investment Trends - Insurance capital is increasing its allocation to equity assets through various means, including private equity funds and stock investments [4] - As of mid-2025, the balance of funds allocated to stocks by insurance companies reached 3.07 trillion yuan, representing 8.5% of their total investments, showing an increase from the previous year [4] - In the first half of the year, insurance asset management institutions registered 11 equity investment plans, a year-on-year increase of 188% [4] Future Outlook - The scale and proportion of insurance capital investments in equity assets are expected to continue rising, with a diversification of investment channels [5] - There is an anticipated increase in allocations to dividend assets and technology growth stocks, as well as a greater focus on Hong Kong stocks [5]

Core Viewpoint - The insurance asset management industry is experiencing a significant contraction in debt investment plans, with a shift towards equity investments and asset securitization as new growth areas to address the "asset shortage" and seek higher yields [1][2][4]. Group 1: Debt Investment Plans - The registration scale of debt investment plans, also known as "guaranteed debt plans," has been declining for several years, peaking at over 960 billion in 2021 and dropping to 212.16 billion in the first half of 2025, a year-on-year decrease of 24.50% [2][3]. - The yield on debt investment plans has decreased to a range of 2%-3%, influenced by reduced financing demand and continuously declining interest rates [2][3]. - The decline in the number and scale of debt investment plans is attributed to the current economic structural transformation, reduced financing demand, and lower interest rates, making bank loans more attractive compared to debt investment plans [2][3]. Group 2: Shift to Equity and Asset Securitization - In response to the contraction in debt investment, insurance asset management companies are actively expanding their equity investment and asset securitization businesses, with significant growth in private equity funds and equity investment plans [4][5]. - In the first half of 2025, the number of registered private equity funds increased by 1 to 3, with a scale of 25.004 billion, a year-on-year growth of 524.94%, while equity investment plans increased by 6 to 11, with a scale of 26.787 billion, a year-on-year growth of 188.03% [4][5]. - Asset-backed plans and Real Estate Investment Trusts (REITs) are also key focus areas, with asset-backed plan registration reaching 180.096 billion, a year-on-year increase of 46.15% [5]. Group 3: Capacity Building and Future Outlook - Industry experts believe that the proportion of debt investment plans will continue to decline, while equity investment and asset securitization will see rapid development, necessitating improvements in research and investment capabilities within insurance asset management firms [6]. - The recent approval of five insurance asset management companies to pilot ABS and REITs business indicates a growing focus on asset securitization products that align with the characteristics of insurance capital [6]. - Challenges such as a scarcity of quality projects, inefficient exit mechanisms, and the need for enhanced cross-industry research and risk control capabilities are highlighted, with suggestions for regulatory optimization to encourage insurance capital participation in equity investments [6].

Core Viewpoint - The insurance asset management industry is experiencing a significant decline in the registration scale of debt investment plans, with a year-on-year decrease of over 20% expected by mid-2025, leading to a shift towards equity investments and asset securitization as new growth areas [1][2][3] Group 1: Debt Investment Plans - The registration scale of debt investment plans peaked in 2021 at over 960 billion, but has been continuously shrinking since then, with a scale of 212.16 billion and 137 plans registered in the first half of 2025, representing a year-on-year decline of 24.50% and 23.03% respectively [1][2] - The yield of debt investment plans has decreased to a range of 2%-3%, influenced by reduced financing demand and declining interest rates [1][2] - The decline in debt investment plans is attributed to the economic structural transformation, reduced demand for financing, and the higher costs compared to bank loans [2][3] Group 2: Shift to Alternative Investments - As debt investment plans contract, insurance asset management companies are rapidly expanding their equity investment and asset securitization businesses, with equity investment plans and private funds seeing significant growth [3][4] - In the first half of 2025, 11 equity investment plans were registered, an increase of 6 plans year-on-year, with a total scale of 26.79 billion, reflecting a growth of 188.03% [3][4] - The asset-backed securities (ABS) and Real Estate Investment Trusts (REITs) sectors are also being prioritized, with the registration scale of asset-backed plans reaching 180.10 billion, a year-on-year increase of 46.15% [4][5] Group 3: Challenges and Recommendations - The insurance asset management industry faces challenges in equity investment due to a scarcity of quality projects, inefficient exit mechanisms, and the need for improved research and risk control capabilities [6][7] - Industry experts suggest that regulatory adjustments are needed to optimize investment ratios and simplify approval processes, while companies should enhance their research teams and establish long-term assessment mechanisms [7] - The need for insurance asset management companies to strengthen their capabilities is emphasized, particularly in the context of the ongoing economic transformation and the challenges of an "asset shortage" [6][7]

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]