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].

Core Viewpoint - The insurance sector has shown impressive investment performance in the first three quarters of 2025, driven by a favorable stock market and increased bond yield volatility, leading to higher investment returns for insurance companies [1][2]. Investment Performance - Five listed insurance companies reported significant investment returns, with New China Life achieving an annualized return of 8.6%, while China Pacific Insurance and China Life reported non-annualized returns of 5.2% and 6.42%, respectively [1][2]. - China Life's total investment income reached RMB 368.55 billion, marking a 41.0% year-on-year increase [3]. - China Reinsurance's total investment income was RMB 862.50 billion, reflecting a 35.3% year-on-year growth [3]. Investment Strategies - Insurance companies are actively responding to the demand for long-term capital entry into the market, leveraging their patient capital advantage to steadily increase equity holdings [1][2]. - China Reinsurance has increased its long-duration bond allocation and focused on long-term growth potential in equity investments [3]. - China Pacific Insurance has maintained a disciplined asset allocation strategy, actively managing equity investments with a focus on undervalued and high-dividend stocks [3]. Alternative Investments - Alternative investments are becoming a key focus for insurance companies as part of their diversification strategies and business transformation efforts [4]. - China Reinsurance is actively promoting business transformation by investing in asset-backed plans and public/private REITs [5]. - China Ping An is also increasing its allocation to quality alternative assets to diversify and enhance its revenue sources [6]. Product Performance - A total of 1,483 insurance asset management products achieved positive returns this year, with a 93.8% success rate, and four products exceeded 100% returns [8].

Investment Rating - The industry investment rating is "Overweight" indicating that the growth level of the industry is expected to be higher than that of the CSI 300 index over the next six months [3][38]. Core Views - The securities sector has seen a significant increase in margin trading balance, reaching a historical high of 2.45 trillion yuan, which accounts for 2.55% of the A-share market capitalization and 11% of the trading volume [2]. This growth is expected to provide a strategic opportunity for brokers as the capital market expands and trading activity increases [2]. - The current price-to-book (PB) ratio for the brokerage sector is 1.48, which is near the 40th percentile of 2020, indicating a historical low valuation [1]. - The report emphasizes that the integration within the industry is encouraged by regulators, and mergers and acquisitions are seen as effective means for brokers to achieve external growth [3][6]. Summary by Sections Securities - The securities sector index increased by 2.05%, slightly outperforming the CSI 300 index by 0.01 percentage points [1]. - The margin trading balance has reached a new high, with financing balance at 2.43 trillion yuan, indicating strong demand for financing among investors [2]. - The report suggests that the active trading environment and the increase in margin trading balance will support the performance of the brokerage sector [2]. Insurance - The insurance sector index rose by 1.85%, underperforming the CSI 300 index by 0.19 percentage points [6]. - In the first three quarters of 2025, 15 insurance asset management institutions registered 66 asset-backed plans with a total scale of 274.58 billion yuan, reflecting a year-on-year growth of 25.1% [7]. - The report highlights that asset-backed plans are becoming an important direction for insurance capital allocation due to their stable cash flow and lower risk compared to equity assets [7].

A-shares - The average return of private equity macro strategies has reached 24.54% year-to-date as of October 16, significantly higher than the expected average return of 8.21% for the entire year of 2024 [2] - As of October 23, 20 listed companies have seen brokerages among their top ten circulating shareholders, with a total holding value of nearly 5 billion yuan [3] - Over 600 listed companies in A-shares have distributed more than 300 billion yuan in cash dividends for the first half of the year, with an additional 300 billion yuan in dividends pending [4] - By October 22, 43 stocks have been identified as held by the social security fund, with a total market value exceeding 15.5 billion yuan [4] Financial Management - The global trading volume of the renminbi has surged to 817 billion USD daily, accounting for 8.5% of the global foreign exchange market, with the gap between the renminbi and the pound narrowing [5] - As of October 22, 17 listed brokerages have announced mid-year dividends totaling 7.949 billion yuan [6] - The number of private equity firms with over 10 billion yuan in assets has surpassed 100, with four new additions since the end of September [6] Economic Indicators - In September, the total electricity consumption in China reached 888.6 billion kWh, a year-on-year increase of 4.5% [8] - Shanghai's GDP for the first three quarters reached 4.072 trillion yuan, growing by 5.5% year-on-year, surpassing the national growth rate of 5.2% [8] - In September, China's automobile exports reached 652,000 units, a month-on-month increase of 6.7% and a year-on-year increase of 21% [8] - The engineering machinery import and export trade amounted to 5.505 billion USD in September, with exports growing by 29.6% year-on-year [9] - Domestic tourism saw 4.998 billion trips taken by residents in the first three quarters, an increase of 18% compared to the previous year [9]

Core Insights - Insurance asset management companies are increasingly focusing on asset-backed securities (ABS), with a notable growth of over 25% in registration scale during the first three quarters of 2023 [1][4] - The first batch of five insurance asset management companies received pilot qualifications for ABS and REITs in October 2023, but no new qualifications have been granted since then [1][2] - The insurance version of ABS, which is less liquid than exchange-listed ABS, is gaining traction due to its alignment with the long-term investment needs of insurance funds [3][4] Group 1 - In the first three quarters of 2023, 15 insurance asset management institutions registered 66 asset-backed plans, totaling 274.578 billion yuan, representing a year-on-year increase of 25.1% [1][4] - The most registered asset-backed plans were from Minsheng Tonghui Asset Management Co., Ltd., with 12 plans, while Everbright Yongming Asset Management Co., Ltd. had the largest registration scale at 60.55 billion yuan [4] - Ten out of the 15 insurance asset management institutions registered asset-backed plans with a scale exceeding 10 billion yuan this year [4] Group 2 - The demand for stable cash flow assets suitable for long-term investment has led insurance funds to show increased interest in ABS since the pilot program began [2][4] - The regulatory environment remains cautious, with insurance funds facing challenges in obtaining exchange ABS qualifications, as the primary players in this market are still brokerage firms [2][3]

Core Viewpoint - The insurance asset management sector is actively seeking to obtain trading platform ABS qualifications, but regulatory approval remains cautious and limited since the initial pilot program began in October 2023 [1][2]. Group 1: ABS Market Overview - As of the first three quarters of 2023, 15 insurance asset management institutions have registered 66 asset-backed plans, with a total registration scale of 274.578 billion yuan, reflecting a year-on-year growth of 25.1% [1][4]. - The primary role of insurance capital in the ABS market is to manage and issue asset-backed plans, often through a trustee model [1][3]. Group 2: Regulatory Environment - The China Securities Regulatory Commission and the National Financial Regulatory Administration have expanded the management scope of trading platform ABS to include insurance asset management companies, with five firms initially granted pilot qualifications [2]. - Despite the initial approvals, no new insurance capital has been granted trading platform ABS issuer and manager qualifications since the pilot program began, indicating a cautious regulatory stance [2]. Group 3: Investment Trends - Insurance capital is increasingly favoring asset-backed plans due to their stable cash flows and alignment with long-term investment needs, leading to a significant increase in ABS activity this year [3][4]. - The "insurance version ABS" operates in a non-standard business model, focusing on infrastructure and other projects, which helps meet the diversified allocation needs of insurance funds [3].

Core Insights - The registration of asset-backed plans by insurance asset management institutions has shown significant growth, with a total of 66 plans registered in the first three quarters of 2025, amounting to 274.58 billion yuan, representing a year-on-year increase of 25.1% [1][2] Group 1: Registration Growth - A total of 15 insurance asset management institutions registered 66 asset-backed plans in the first three quarters of 2025, with a combined registration scale of 274.58 billion yuan, marking a 25.1% year-on-year increase [1][2] - Minsheng Tonghui Asset Management Co., Ltd. led in the number of registered plans with 12, while Everbright Yongming Asset Management Co., Ltd. had the largest registration scale at 60.55 billion yuan [2] - Ten out of the 15 institutions registered asset-backed plans with a scale of 10 billion yuan or more this year [2] Group 2: Characteristics of Asset-Backed Plans - Asset-backed plans are characterized by stable cash flows and long durations, aligning with the long-term investment needs of insurance funds, making them attractive to insurance asset management institutions [1][3] - The growth of asset-backed plans has been robust, maintaining over 50% year-on-year growth from 2020 to 2023, with a rebound in growth rate observed in 2025 [2] Group 3: Diversification of Underlying Assets - The underlying assets of registered plans in the first three quarters of 2025 include inclusive finance, infrastructure revenue rights, financial leasing, and supply chain assets [4] - The expansion of the range of underlying assets is driven by the strong demand for ABS-type assets in a low-interest-rate environment and policy support for investments in new energy sectors [4] - The diversification of underlying assets is expected to continue, with an anticipated growth in registration scale and improved risk management capabilities among insurance asset management institutions [4]