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险资ABS规模增长显著,保险证券ETF(515630)上涨近2%
Xin Lang Cai Jing· 2025-08-15 02:19
Group 1 - The China Securities and Insurance Index (CSI 800) has shown a strong increase of 1.62%, with significant gains in constituent stocks such as Great Wall Securities (up 10.04%) and Tianfeng Securities (up 6.35%) [1] - The total registration scale of four asset-backed plans by three insurance asset management institutions has reached 13 billion yuan, contributing to a total of over 200 billion yuan in asset-backed plans registered this year, indicating substantial growth compared to the same period last year [1] - The insurance asset-backed securities (ABS) are becoming an important tool for asset allocation in a low-interest-rate environment, highlighting their flexible structure and clear cash flow [1] Group 2 - The Tianfeng International team suggests that with a stable upward trend in the stock market, investment yields are expected to rise, which may offset the negative impact of declining bond yields on investment returns [2] - The insurance industry is focusing on enhancing capital market stability and promoting long-term capital inflows, which aligns with the central government's directives since September 2024 [2] - The insurance sector can increase its allocation to dividend assets to replace traditional bond allocations, thereby mitigating the impact of falling bond yields on investment returns [2] Group 3 - As of July 31, 2025, the top ten weighted stocks in the CSI 800 Securities and Insurance Index account for 63.18% of the index, with major players including China Ping An and CITIC Securities [3]
险资ABS规模增长显著 盘活存量基础资产加速
Core Insights - The article highlights the significant growth of insurance asset-backed securities (ABS) in China, with a total registration scale of 130 billion yuan for four new asset-backed plans, contributing to a total of over 2000 billion yuan for the year, marking a substantial increase compared to the same period last year [1][2]. Group 1: Growth of Insurance ABS - The number of asset-backed plans registered by Zhongbao Dengdeng has reached 50 this year, with a cumulative scale exceeding 2000 billion yuan, indicating a notable year-on-year increase [1][2]. - Insurance ABS, characterized by its flexible structure and clear cash flow, has become an important tool for asset allocation among insurance and bank wealth management funds in a low-interest-rate environment [1][2]. Group 2: Types of Underlying Assets - The types of underlying assets for ABS have diversified, including consumer finance, micro-loans, supply chain assets, financing leases, fund shares, and restructured debts, reflecting a trend towards innovation in asset types [3]. - The growth of asset-backed plans is driven by regulatory reforms and market changes, with a focus on revitalizing existing assets and aligning with the risk preferences of insurance and wealth management funds [3]. Group 3: Future Development Trends - Future developments in insurance ABS are expected to expand into new areas such as carbon credit rights, data assets, and the silver economy, while also deepening involvement in green finance and rural revitalization [4]. Group 4: Exchange-Traded ABS - The recent guidance from the China Securities Regulatory Commission supports insurance asset management institutions in participating in ABS and REITs, with five institutions being the first to pilot these initiatives [5]. - By the end of 2024, these pilot insurance asset management institutions successfully issued their first ABS on the exchange, covering various asset types such as financing leases and receivables [6].