Core Insights - As of June 11, 2023, 13 insurance asset management companies have registered 34 asset-backed plans (referred to as "insurance version ABS"), with a total registration scale exceeding 150 billion yuan, representing a growth of over 40% compared to the same period last year [1] Group 1 - Insurance asset management companies are actively exploring new types of underlying assets, which now include consumer finance and micro-loans, supply chain assets, financing leases, fund shares, and restructured debts [1] - The long-term nature of asset-backed plans aligns well with the long-term allocation needs of insurance funds, providing financial support for the development of real enterprises and enhancing the quality of service to the real economy [1] - The future development of this business is expected to accelerate [1]

Core Viewpoint - The scale of asset-backed securities (ABS) registered by insurance asset management institutions reached 133.6 billion yuan in the first five months of this year, marking a year-on-year growth of 58.88%, the highest in recent years [1] Group 1: Market Trends - Insurance capital is accelerating its layout in strategic industries such as green energy and technology leasing through ABS, driven by a low interest rate environment and "asset scarcity" [1][4] - In May alone, two companies, Everbright Yongming and Dajia Asset, registered a total of 16 billion yuan in ABS products, reflecting the overall high growth trend for the year [3] - A total of 14 insurance asset management companies registered 31 ABS products in the first five months, with most scales in the tens of billions, covering underlying assets such as leasing claims and infrastructure revenue rights [3] Group 2: Investment Strategies - The strategy for insurance capital's ABS layout is shifting from single varieties to a diversified combination of "ABS + REITs + bonds," aiming to balance cash flow stability and asset appreciation potential [3] - Leading institutions like PICC Asset are focusing on holding-type real estate ABS and projects from "new productivity" leading enterprises to support industrial upgrades and major national projects [3] Group 3: Challenges and Opportunities - Despite significant market expansion, the industry faces challenges such as the lack of a unified valuation standard and credit risk management [3] - The acceleration of overseas asset securitization by Chinese enterprises may present new opportunities for insurance capital's global allocation [3] - With the enhancement of green finance policies and the construction of the third pillar of the pension system, ABS is expected to unleash greater potential in areas like green transformation and inclusive consumption [4]