Core Viewpoint - The insurance debt investment plans (referred to as "debt plans") have experienced significant contraction over the past four years, impacting insurance asset management companies like Huatai Asset Management, which is facing challenges in both scale and yield [1][3][6]. Group 1: Industry Overview - The debt plans are non-standard asset management products that have seen a decline in both the number of registered plans and total registered scale from 2021 to 2024, with figures dropping from 528 plans and 9,650 billion yuan in 2021 to 375 plans and 6,177 billion yuan in 2024 [3]. - In the first half of 2025, Huatai Asset registered 17 debt plans with a total scale of 245 billion yuan, maintaining the leading position in the industry despite a significant reduction compared to previous years [1][2]. - The average investment yield for newly registered debt plans has decreased to "3%+" in 2023, with some high-quality asset projects yielding as low as "2%+" [6][7]. Group 2: Company Performance - Huatai Asset Management has historically led the industry in debt plans, with a registered scale of over 400 billion yuan in the first half of 2024 and a total of 750 billion yuan for the entire year [2]. - The company has seen its debt plan registration scale in the first half of 2025 drop to approximately 32.67% of the total scale for 2024, reflecting broader industry trends [3][6]. - As of the end of 2024, Huatai Asset managed assets exceeding 900 billion yuan, indicating a substantial scale despite the challenges faced in the debt plan segment [5]. Group 3: Future Directions - Industry experts suggest that the future of debt plans may focus on specific scenarios such as green infrastructure and data centers, but overall growth in scale is unlikely as the insurance asset management sector shifts towards a dual-driven model of equity investment and asset-backed securities (ABS) [7][8]. - In the first half of 2025, the total scale of insurance ABS reached 1,800.96 billion yuan, marking a 46.15% increase year-on-year, indicating a growing interest in this area compared to debt plans [8].