天安卓健(00383)发布公告，香港立信德豪会计师事务所有限公司已辞任公司核数师，自2025年10月24 日起生效。董事会经本公司审核委员会推荐，已委任德勤关黄陈方会计师行(德勤)为公司新任核数师， 自2025年10月24日起生效，以填补立信德豪辞任后的临时空缺，并任职直至公司下届股东周年大会结束 为止。 ...

智通财经APP讯，天安卓健(00383)发布公告，香港立信德豪会计师事务所有限公司已辞任公司核数师， 自2025年10月24日起生效。董事会经本公司审核委员会推荐，已委任德勤•关黄陈方会计师行(德勤)为 公司新任核数师，自2025年10月24日起生效，以填补立信德豪辞任后的临时空缺，并任职直至公司下届 股东周年大会结束为止。 ...

董事会经公司审核委员会推荐，已委任德勤关黄陈方会计师行为公司新任核数师，自2025年10月24日起 生效，以填补立信德豪辞任后的临时空缺，并任职直至公司下届股东周年大会结束为止。 格隆汇10月24日丨天安卓健(00383.HK)宣布，香港立信德豪会计师事务所有限公司已辞任公司核数师， 自2025年10月24日起生效。 ...

那么，本次违约事件是如何造成的？后续会对受让天安财险业务的申能财险有什么影响呢？今天我们就来聊一聊这个话题。 这笔债券发行于2015年9月29日，采用分段计息的方式：前5年票面利率为5.97%，若发行人不行使赎回权，则后5年票面利率会跳增至6.97%。2020年9 月，在该债券满前五年之际，天安财险选择不行使赎回权。 虽然债券利率提升，但债权人却并未因此获利，且利息的支付也因为当时天安财险被接管等原因而只"挂账"计息而未实际支付，直至近期该债券出现了实 质性违约。 违约的具体原因在债券的发行条款中就已经写明了：天安财险要还本付息，就必须保证在还钱之后，公司的偿付能力充足率还能保持在100%的监管"红 线"之上，而天安财险的偿付能力无疑是不达标的，因此自然就没办法兑付债券。 其实，天安财险的问题由来已久。早在2020年7月，因为它和"明天系"其他几家金融机构存在严重的公司治理问题，内部风险巨大，就被当时的银保监会 依法接管了。从那时起，天安财险就已经是"重病在身"，过去几年也都没有披露偿付能力报告，所以本次的违约并不是突然爆雷，而是一个长期积累的风 险最终暴露的结果。 「 那么，大家最关心的问题是，买了天安财险 ...

来源：北京日报微信公众号 北京日报记者从市城市管理委近日发布的《北京市"十五五"时期城市照明发展规划》中了解到，"十五五"时期，本市将构建"一核两轴，四环多点"的夜景 空间结构，凸显"十字轴线+环线+棋盘路"的夜间空间特点；注重选择城市标志性场景，提炼香山香炉峰向东俯瞰北京全景、鼓楼远眺中轴线、京昆线看 首钢大桥等"夜京城"十四景，擦亮城市夜景名片。 天安门地区景观照明 全面体检升级 北京将构建"一核两轴，四环多点"的城市夜景总体结构，再现"昼夜"各有精彩、相得益彰的首都城市风貌。在卫星遥感与航拍视角，以夜景强化独属北京 市的"十字轴线+环线+棋盘路"特征，形成独具辨识度的北京市城市轮廓、格局肌理。 其中，"一核"指首都功能核心区；"两轴"指中轴线及其延长线、长安街及其延长线；"四环"为二环、三环、四环、五环；"多点"则指中心城区以外的平原 新城和生态涵养区。 例如，"十五五"期间，北京将组织对天安门广场地区进行景观照明全面体检，及时更换15年以上的景观照明设施。保障树木安全基础上补充东西两侧树木 挂树灯，确保灯具安装稳固、线路规范隐蔽并做好防水、防漏电等安全防护。适度增补远景建筑照明，消除视觉暗区，呈现庄重 ...

一、雾锁千里：雾的特性与时空分布规律 （一）雾的成因与分类 央视网消息：据公安部交通管理局公众号消息，雾是悬浮在近地层大气中的大量微细乳白色水滴或冰晶的可见集合体，气象学中是指使水平能见距离降到 1km以内的天气现象。寒露过后，由于冷空气来袭，秋雨增多，空气中丰沛的水汽迅速达到饱和，易出现雨雾混合或者雨后大雾现象，在清晨和夜间，更为 多见。 大雾等低能见度天气给驾驶人的行车安全造成极大影响，同时也给交通安全管理工作带来难题。在能见度受限的情况下，驾驶人该如何提高警惕、科学应 对，顺利"冲破"浓雾围堵呢？ 雾通常是由以下几方面原因生成的： 二是暖湿空气流经冷表面时，空气降温而形成的平流雾，水汽的水平输送是平流雾的主要成因。"移舟泊烟渚，日暮客愁新"中的"烟渚"指的就是新安江面出 现的平流雾。 三是潮湿空气沿着山坡上升时，绝热膨胀冷却而形成的上坡雾，常见于丘陵、山区。 四是暖水面蒸发的大量水汽遇冷空气凝结而形成的蒸发雾。除了基于形成过程进行分类外，雾还有多种分类方法，如下图所示。 | 分类标准 | 种类 | | --- | --- | | 发生学 | 冷却雾(上坡雾、平流雾、辐射雾)、蒸发雾 | | 相态 | 水 ...

Core Viewpoint - The recent bond default by Tianan Property Insurance, amounting to 5.3 billion yuan, marks the first bond default in the history of China's insurance industry, highlighting the inherent risks in the financial market despite the industry's perceived safety [2][3][4]. Group 1: Default Event Details - Tianan Property Insurance issued a 10-year capital supplement bond in 2015 with a face value of 5.3 billion yuan and an initial interest rate of 5.97%, which would increase to 6.97% if not redeemed at the end of the fifth year [3]. - The company was placed under regulatory control in 2020 due to risks associated with the "Tomorrow System," leading to a suspension of interest payments and a stagnation in business growth [3][4]. - In 2024, a new entity, Sheneng Insurance, acquired Tianan's insurance business assets, but the bond was excluded from this transfer, eliminating hopes for bondholders to recover their investments [3][4]. Group 2: Underlying Issues - The default reflects deeper issues such as ineffective corporate governance, low operational efficiency, and deteriorating asset quality within Tianan Property Insurance [4][5]. - The company has relied heavily on low-margin property insurance and has struggled with high marketing costs, resulting in a net asset return rate consistently below industry standards [4][5]. - Other small insurance companies, like Tianan Life Insurance, also face doubts regarding their ability to repay capital supplement bonds, indicating a broader trend of solvency pressures across the industry [4][5]. Group 3: Market Implications - The default signifies a shift in the perception of insurance capital bonds, moving away from the belief in implicit guarantees, and prompting investors to focus more on the fundamentals of the issuing entities [2][6][8]. - Analysts predict that the event will lead to a more stringent credit risk assessment and a widening of credit spreads, particularly for lower-rated small insurance companies [8][9]. - Regulatory bodies are expected to enhance scrutiny over the bond issuance qualifications of insurance companies, pushing for a more compliant and professional industry landscape [9][10]. Group 4: Future Outlook - The Tianan Property Insurance default is seen as a catalyst for potential consolidation in the insurance sector, with weaker companies likely to exit the market or merge with stronger entities [10]. - The upcoming implementation of new insurance contract accounting standards in 2026 is anticipated to further strain the profitability and solvency of small insurance firms [7][9]. - The event underscores the importance of risk management and may lead to a more mature risk pricing mechanism in China's financial market [6][8].

Core Viewpoint - The insurance sector is experiencing a decline, with major companies like Xinhua Insurance, China Pacific Insurance, and China Life all reporting significant stock price drops following a default event in the industry [1] Group 1: Stock Performance - Xinhua Insurance (01336) fell by 3.77%, trading at 45.98 HKD [1] - China Pacific Insurance (02328) decreased by 3.1%, trading at 17.79 HKD [1] - China Life (02628) dropped by 2.54%, trading at 21.5 HKD [1] - China Taiping (02601) saw a decline of 2.93%, trading at 30.48 HKD [1] Group 2: Default Event - Tianan Insurance announced a default on a capital replenishment bond totaling 5.3 billion CNY due to insufficient solvency and inability to repay principal and interest [1] - This event marks the first default on insurance capital replenishment bonds in the industry [1] - According to Founder Securities, this default may signal the beginning of market-driven risk pricing, prompting a need to monitor the stability of shareholders and management, funding cost trends, liability structure, and risk management mechanisms [1] Group 3: Market Opportunities - The return of dividend-type health insurance after 22 years is expected to create new development opportunities in the health insurance sector [1] - The release of high-quality development opinions for health insurance aims to enhance product offerings and service attractiveness, potentially reducing risk in profit margins for insurance companies [1] - This development is anticipated to improve profitability and valuation levels for the insurance sector [1]

Group 1 - The insurance sector is experiencing a decline, with major companies like Xinhua Insurance, China Pacific Insurance, China Life, and China Property & Casualty Insurance reporting significant drops in stock prices, ranging from 2.54% to 3.77% [1] - Tianan Insurance announced a default on a capital replenishment bond totaling 5.3 billion yuan due to insufficient solvency and inability to repay principal and interest, marking the first default in the insurance capital replenishment bond market [1] - According to Founder Securities, Tianan Insurance's default may signal the beginning of market-oriented risk pricing, prompting attention to the stability of shareholders and management, trends in funding costs, liability structure, and risk management mechanisms [1] Group 2 - A new type of dividend-based health insurance has returned to the market after 22 years, with the release of high-quality development opinions for health insurance expected to enhance product offerings and attract more customers [1] - The development of health insurance is anticipated to create new opportunities for various health insurance products, potentially reducing the risk of interest margin losses for insurance companies and improving profitability and valuation levels [1]

Core Viewpoint - Tianan Property Insurance Co., Ltd. announced that it is unable to repay the principal and interest of its 2015 capital supplement bond due on September 30, 2025, due to insufficient solvency ratio and inability to meet other liabilities [1][3] Group 1: Company Situation - The bond, known as "15 Tianan Insurance Bond," was issued on September 29, 2015, with a total scale of 5.3 billion yuan and a 10-year term [3] - The company has suspended the disclosure of quarterly solvency reports since Q2 2020, with solvency ratios of 185.59% and 236.99% as of Q4 2019 [1] - Tianan Insurance has been under regulatory takeover since July 2020, and it did not exercise its redemption option for the bond in September 2020, leading to interest being accrued without payment [3][6] Group 2: Industry Implications - This event marks the first bond default in the insurance sector, indicating a shift away from rigid repayment practices and towards market-driven risk pricing [1][6] - Analysts suggest that investors need to reassess the risk-return characteristics of capital instruments issued by financial institutions, particularly insurance companies [6][7] - The incident is expected to have a limited systemic impact due to the small size and low importance of Tianan Insurance in the market [7][8] Group 3: Future Solutions - Potential solutions for the bond issue include debt restructuring with extended repayment or full write-off of the capital debt [4][6] - The risk resolution approach for Tianan Insurance involves a "new establishment and bankruptcy" model, with its insurance business being transferred to Sheneng Insurance [8][9]