与2018年资管新规颁布时相比，资产管理业务外部环境和自身情况都发生了巨大且深刻的变化，资产管理业务的转型升级仍未到位，历史遗留的深层次问题在下行周期不断暴露，资产管理业务在防范金融风险、服务实体经济、提高投资回报等方面的功能没有得到充分发挥

• The insurance industry faces significant challenges in managing investment returns due to persistent declines in equity markets and low-risk interest rates, with the CSI 300 index falling by approximately 11.4% in a year, impacting net profits of insurance companies.
• In response to these challenges, insurance funds have increased their bond holdings to over 45% in 2023, reaching a ten-year high, as bonds serve as a stabilizing force amidst volatile equity markets and help bridge asset-liability duration gaps.
• Insurance companies are also adapting by reducing liability costs through lower product predetermined rates and expenses, while diversifying investments into foreign bonds and equities based on practices observed in international markets like the US, Japan, and the UK.

【本文系数据通用户提前专享】低利率环境下，保险业投资端与负债端持续存在平衡难局

低利率环境下，保险业投资端与负债端持续存在平衡难局

保险投资端的困境只是其经营压力的冰山一角，背后更核心的矛盾实际是保险负债端的压力

市场波动，投资端承压，长期投资收益率假设值影响深远。上市险企纷纷在年报中发布了基于两种投资收益假设的业务数据，两者差距巨大

债市长牛难言结束，但短期波动在所难免。在跟风追涨高风险超长债的同时，也应做好净值下跌的应对准备

短期看，机构均提醒债市短期波动风险。包括资金获利止盈、两会期间经济目标和政策预期是否充分兑现、地方债供给和超长特别国债后续供给变动、以及稳增长政策下若经济和股市超预期好转，引发超长债集中式拉久期策略进而产生踩踏等等

• Some wealth management products in China showed a spike in short-term yields at year-end, attributed to market conditions and artificial manipulation, reflecting challenges in the transition to net-value transformation.
• Investors were attracted by high initial yields that later dropped, with some wealth management firms allegedly using high-yield assets and timing profit releases to inflate new product yields, potentially misleading customers.
• The trend towards low-volatility and short-duration investment products has grown, with customers preferring cash management and short-holding-period products over long-term investments due to conservative behavior following a redemption wave in November 2022.

【本文系数据通用户提前专享】自2022年11月债市调整引发赎回风波以来，理财客户对低波动、短期限产品更加青睐，理财公司在此类产品上的竞争日趋激烈，不乏“擦边球”行为

自2022年11月债市调整引发赎回风波以来，理财客户对低波动、短期限产品更加青睐，理财公司在此类产品上的竞争日趋激烈，不乏“擦边球”行为

高ROE资产进一步受险资青睐。目前A股市场银行股估值水平较低，叠加相对稳定的股息率，符合险资长期、稳定的资产端需求

推荐：监管拟扩围房企白名单 要求涉房贷款“三个不低于”；人民币汇率延续强势升值至7.16关口；茅台特别分红240亿元 今年分红566亿元；GPT革命｜超700名OpenAI员工要求董事会辞职 董事会成员也参与；中沙（特）两国央行签署双边本币互换协议

国内部分石墨制品被纳入出口管制清单；消费类公募REITs推出在即 证监会修订业务指引；工银理财、中邮理财合计收千万元罚单 涉底层资产、估值等问题

工银理财被罚710万元，创理财子公司所收罚单金额新高，主要因理财产品未与所投资资产相对应、理财产品期限管理和估值方法不符合监管规定；中邮理财被罚因理财产品净值未及时反应底层资产风险等

银行理财规模首次被公募基金反超，银行理财被公募基金赶下神坛，真相就这么简单直接吗？

寿险产品预定利率下调前的销量暴增让险企上半年业绩大幅提升，不过马上迎来了利率下行，资金配置压力凸显

【本文系数据通用户提前专享】寿险产品预定利率下调前的销量暴增让险企上半年业绩大幅提升，不过马上迎来了利率下行，资金配置压力凸显

据瑞银估算，中国银行业对于地方融资平台的全口径风险敞口大约为49万亿元，占银行业2022年总资产的13%

寿险上半年新业务价值同比增37.1%；产险压缩信保业务，受投资收益拖累导致净利下滑；年化总投资收益率3.5%；第三方资管规模下降11.7%