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美国寿险一般账户固收类资产中企业债占比提升
美国寿险一般账户固收类资产中企业债占比提升
行业数据
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图片大小:80KB
图片尺寸:1084*921
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所属报告:
保险行业全球保险资管镜览系列报告之二:资负并举应对长期低利率环境-230615(23页).pdf
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固收类规模持续上升
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市场规模
2026-04-20
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大型券商固收类投资规模及较年初增长
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市场规模
2026-04-08
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图表402025Q3自营固收类证券/净资本195%
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行业数据
2026-03-17
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上市券商固收类资产投资规模变化情况(亿元)
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市场规模
2026-01-08
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2022年以来不同投资性质理财产品存续规模:现金管理类和固收类是绝对主力
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市场规模
2026-01-08
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2022年以来不同投资性质理财产品存续规模:现金管理类和固收类是绝对主力
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市场规模
2025-12-10
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2019-2025Q1企业年金基金固收类及含权类资产占比
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行业数据
2025-12-05
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2015年末到2025H1末,东方汇理AUM中权益资产从13%升至30%、固收类资产从51%降至40%
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行业数据
2025-12-01
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2022年以来不同投资性质理财产品存续规模:现金管理类和固收类是绝对主力
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市场规模
2025-11-13
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2022年以来不同投资性质理财产品存续规模:现金管理类和固收类是绝对主力
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市场规模
2025-11-12
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泛固收类基金指数绩效统计
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行业数据
2025-11-07
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2025年8月末券商资管固收类AUM4.8万亿,同比-1%。
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行业数据
2025-11-06
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低利率环境下,“类固收”属性对银行股形成有力提振
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行业数据
2025-10-24
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图表11固收类资产配置比例变化
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2025-10-10
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低利率环境下,泛固收类理财产品收益持续走低
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2025-09-05
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美国保险资管适度增加信用风险敞口,获取信用溢价。2010-2021年,美国一般账户固定收益类资产中,企业债占比从 2010 年 54.3%提升至 2021年 62.2%;房屋抵押贷款及房地产占比从 11.4%提升至 15.3%。在保证风险可控的情况下适度调节资产质量结构,尽可能获得较高信用溢价。一般账户在长期维持高质量债券的配置比例 90%以上的前提下,适当降低高质量(1 级)债券占比,由 2010 年的 72.0%下降至 2021 年的 60.9%;同时提升高质量(2 级)债券占比,由 2010 年的 22.8%提升至 2021 年的 35.6%,进一步获取信用利差。以美国大都会人寿为例,公司在固收类资产中适度提升信用类资产占比,获取信用溢价,从而优化投资收益。大类资产配置方面,公司优化固收类资产业务结构,主要增加外国政府债和外国公司债等信用类资产,2015-2022 年外国政府债占比由 16.0%提升至 19.0%;外国公司债占比由 14.0%提升至 16.9%。公司高信用等级资产稳步提升,1-2 级资产由 2015 年的 94%提升至 2022 年 95.2%,在风险可控情况下适度增加 2 级资产减少 1 级资产,获取信用利差,2 级资产由 2015 年的 22.6%提升至 2022 年的 26.5%。美国大都会人寿通过适度提升信用类资产占比优化投资收益,长期以来固收资产投资收益率总体高于长端利率,仅 22 年受制于上端利率的快速上行导致固收资产收益率低于长端利率 12bp,但总投资收益率相较于长端利率仍有 44bp 利差。
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