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 ...

Investment Rating - The report indicates a cautious outlook for the insurance asset management industry, with a focus on structural adjustments and policy-driven opportunities in specific sectors [5][43]. Core Insights - The insurance asset management industry is experiencing a dual decline in the registration scale and quantity of innovative products, primarily due to a decrease in debt investment plans, while asset-backed plans and equity investment plans are showing growth [7][45]. - The report emphasizes the importance of aligning investment strategies with government policies, particularly in sectors such as energy, transportation, infrastructure, and housing rental [7][35][40]. - The overall debt risk in the industry is expected to remain within a controllable range, supported by government efforts to manage debt and promote economic growth [7][38][43]. Summary by Sections Product Operation Analysis - In the first three quarters of 2025, the registration scale of innovative products in the insurance asset management sector decreased by 3.97% year-on-year to 651.198 billion yuan, with a total of 296 products registered, reflecting a decline in debt investment plans [8][11]. - Debt investment plans remain the primary product type, accounting for 70.61% of the number and 49.31% of the scale, while asset-backed plans and equity investment plans are growing [8][10]. - The focus of debt investment plans is increasingly concentrated in the East China region, particularly in the transportation sector, indicating a shift towards infrastructure investments [10][13]. Institutional Operation Analysis - In the first three quarters of 2025, Huatai Asset Management led in the registration scale and quantity of debt investment plans, while Everbright's asset-backed plans showed significant growth [30][32]. - The number of institutions actively participating in equity investment plans increased, with a notable rise in the scale of registered plans [30][36]. - The report highlights a decrease in the number of registered private equity funds, indicating a cautious approach to alternative investments [28][36]. Industry Policy Review - Recent government policies encourage long-term capital participation in housing rental markets and infrastructure projects, aligning with the characteristics of insurance funds [37][41]. - The report notes that the overall government debt risk is manageable, with progress in addressing hidden debts, which supports a stable investment environment for insurance asset management [35][38]. - The focus on new policy financial tools aims to inject capital into key projects, particularly in energy and urban renewal sectors, providing investment opportunities for insurance asset management [38][41]. Observations and Outlook - The insurance asset management industry is expected to continue facing pressure in innovative product offerings, but remains a crucial financing tool [43][45]. - The report suggests prioritizing investments in energy transportation, infrastructure REITs, and housing rental asset securitization to balance long-term returns with policy compliance [43][45]. - The anticipated growth in sectors supported by government policies, such as artificial intelligence in transportation and green finance, presents new investment opportunities for insurance asset management [40][44].

Group 1 - China Life Insurance (02628.HK) announced plans to invest RMB 2 billion and RMB 10 million in equity investment plans established by Guoshou Investment, with contracts expected to be signed by March 31, 2026 [1] - The investment will primarily focus on sectors such as semiconductors, digital energy, and smart electric vehicles [1] - As of October 30, 2025, China Life's stock closed at HKD 24.72, down 1.28%, with a trading volume of 82.187 million shares and a turnover of HKD 2.058 billion [1] Group 2 - The stock has received a majority "overweight" rating from investment banks, with one bank issuing an overweight rating in the last 90 days and a target average price of HKD 29.5 [1] - The latest report from Xingzheng International gives China Life an overweight rating [1] - China Life's market capitalization in the Hong Kong stock market is HKD 186.327 billion, ranking 5th in the insurance industry [2] Group 3 - Key performance indicators for China Life include a Return on Equity (ROE) of 21.57%, which is significantly higher than the industry average of 13.8%, ranking 2nd in the industry [2] - The company reported operating revenue of HKD 533.88 billion, also above the industry average of HKD 272.89 billion, ranking 4th [2] - The net profit margin stands at 17.52%, slightly above the industry average of 17.41%, ranking 6th [2]

Core Viewpoint - China Life Insurance (02628) and Guoshou Industry plan to invest a total of RMB 2 billion and RMB 10 million respectively in a private equity investment plan established by Guoshou Investment, focusing on sectors such as semiconductors, digital energy, and smart electric vehicles [1] Investment Details - China Life Insurance will invest RMB 2 billion, while Guoshou Industry will invest RMB 10 million in the equity investment plan [1] - The company and Guoshou Industry intend to enter into a trust contract with Guoshou Investment, with terms identical to those of the investment amounts [1] - The expected date for signing the trust contract with Guoshou Investment is by March 31, 2026 [1] Sector Focus - The investment plan will primarily target sectors including semiconductors, digital energy, and smart electric vehicles [1]

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]

Core Insights - The conference titled "Insurance Capital Entering Shandong: Insurance Asset Management Supporting Shandong's Industrial Upgrade and Innovative Development" was held in Jinan, Shandong Province, on September 23, 2023, focusing on enhancing the role of insurance capital in the region's economic development [1] Group 1: Investment Scale and Focus Areas - As of June 30, 2025, insurance funds are expected to reach a cumulative registered scale of over 580 billion yuan in Shandong Province, primarily directed towards new infrastructure, green industries, and strategic emerging industries [1] - The investment will be facilitated through debt investment plans, equity investment plans, and insurance private equity funds, resulting in projects that yield both returns and positive reputations [1] Group 2: Conference Objectives and Participation - The conference aimed to streamline the channels for insurance capital entering Shandong and to enhance the empowerment of insurance funds in promoting high-quality development in the province [1] - Key participants included the China Insurance Asset Management Association and leaders from 27 insurance asset management companies, which collectively manage over two-thirds of the industry's total assets [1] Group 3: Project Engagement - The conference featured project roadshows and discussions, with 10 companies, including Shandong Financial Investment Group Co., Ltd., Weichai Holding Group Co., Ltd., and China National Heavy Duty Truck Group Co., Ltd., presenting their projects [1] - A total of 73 quality projects in key areas such as infrastructure, technological innovation, and green development were discussed between project developers and insurance institution representatives [1]

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]