5、对于伪造证明举报、灌水举报等恶意举报的，平台拒绝处理。 为了共同营造一个良好的网上舆论环境，我们需要社会各界的积极参与。环球老虎财经将积极按照涉企虚假不实信息举报规范的要求，认真受理并妥善处置所有举报，我们会通过用户举报、技术 3、被举报主体对处置措施提出异议的，网站平台应当要求被举报主体提供不侵权的相关证明，并依据双方举证综合判断、视情处置。 4、处理完毕向举报人反馈处置结果。 为了构建健康的网络生态，保障良好的使用环境，贯彻落实清朗系列专项整治部署会要求，即日起，环球老虎财经将开展商业网站平台和"自媒体"违规采编发布财经类信息专项整治行动。 在专项整治中，环球老虎财经将重点打击8类违规问题： 一是胡评妄议、歪曲解读我财经方针政策、宏观经济数据，恶意唱空我金融市场、唱衰中国经济等； 二是毫无立场、不加判断地转载搬运境外歪曲解读我财经领域热点的报道评论等； 三是散布"小道消息"，以所谓"揭秘""重磅""独家爆料""知情人士称"为名进行渲染炒作，甚至造谣传谣； 四是转载合规稿源财经新闻信息时，恶意篡改、断章取义、片面曲解等"标题党"行为； 五是充当金融"黑嘴"，恶意唱空或哄抬个股价格，炒作区域楼市波动，扰乱 ...

据悉，民生保险本次举牌浙商银行H股股票的资金来源系公司的分红账户资金。民生保险表示，根据《关于加强和改进保险资金运用比例监管的通 知》（保监发〔2014〕13号）和《关于优化保险公司权益类资产配置监管有关事项的通知》（银保监办发〔2020〕63号）相关规定，公司将本次 举牌浙商银行H股股票纳入权益类投资管理。 港交所披露易信息显示，8月11日，民生保险在场内增持100万股浙商银行H股股份，每股作价2.7679港元，耗资约277万港元。增持完成后，民生保 险持有浙商银行H股股份约2.96亿股，占其H股总股本的比例约5.0002%，达到举牌条件。 登录新浪财经APP 搜索【信披】查看更多考评等级 每经记者｜袁园 每经编辑｜陈旭 又一家银行股被险资举牌。 8月13日晚间，民生人寿保险股份有限公司（以下简称民生保险）在中国保险行业协会网站发布公告称，民生保险于8月11日在场内增持浙商银行 100万股H股，耗资约277万港元。 此次增持前，民生保险持有浙商银行H股2.95亿股，占该行H股总股本的4.98%；增持后，民生保险持有浙商银行H股2.96亿股，持股比例升至5%。 根据港股市场规则，这一情况触发举牌。 举牌前后民 ...

Core Viewpoint - The article highlights the increasing trend of insurance companies, particularly Minsheng Life, acquiring shares in banks like Zheshang Bank, driven by the need for stable returns and the impact of new accounting standards on profit volatility [1][2][12]. Group 1: Shareholding Activities - Minsheng Life increased its stake in Zheshang Bank by acquiring 1 million H-shares on August 11, reaching a 5% ownership threshold that triggered a disclosure requirement [1][2]. - Other insurance companies, including Ping An Life and Xinhua Insurance, have also been actively purchasing bank shares, with over 100 acquisitions this year, leading to multiple instances of shareholding disclosures [1][12]. - Zheshang Bank has seen significant interest from various insurance firms, with Ping An Life and others also making substantial investments in its shares [7][12]. Group 2: Strategic Implications - The low interest rate environment and asset scarcity are pushing insurance funds towards equity markets, with listed banks being favored for their stable operations and attractive dividend returns [2][12]. - Insurance companies are increasingly focusing on bank shares to enhance their investment strategies, particularly as bancassurance channels become vital for premium growth [2][10]. - The shift towards high-dividend assets is seen as a strategy to stabilize cash flows and mitigate profit volatility due to market fluctuations [8][16]. Group 3: Historical Context and Future Outlook - Minsheng Life has a historical connection with Zheshang Bank, having acquired shares from its major shareholder, Wanxiang Holdings, in previous years [6][4]. - The trend of insurance companies increasing their stakes in banks is expected to continue, as they seek to adapt to new accounting standards and enhance their long-term investment portfolios [16][12].

Core Viewpoint - Minsheng Life Insurance increased its stake in Zheshang Bank, reaching 5% of the bank's H-share capital, triggering a mandatory disclosure under Hong Kong stock market rules [1][2]. Group 1: Investment Activity - On August 11, Minsheng Life purchased 1 million shares of Zheshang Bank H-shares for HKD 2.7679 per share, totaling HKD 276.79 million [2][3]. - Following this transaction, Minsheng Life holds 296,023,000 shares of Zheshang Bank H-shares, representing 5% of the bank's total H-share capital [2][3]. - Other insurance companies, including Ping An Life and Xinhua Insurance, have also been actively increasing their holdings in bank stocks, with over 100 instances of share purchases this year [1][10]. Group 2: Strategic Rationale - The shift in accounting standards and the low-interest-rate environment are driving insurance companies to seek stable returns in equity markets, with listed banks being a preferred investment due to their solid operational performance and attractive dividend yields [2][10]. - Minsheng Life's investment strategy aims to balance long-term investment returns with current profit volatility, leveraging the support from its major shareholder, Wanxiang Holdings, which is also a founding shareholder of Zheshang Bank [1][2][4]. Group 3: Market Context - The insurance sector is increasingly focusing on high-dividend assets to stabilize cash flow and mitigate profit fluctuations caused by equity price volatility [10][12]. - In 2023, insurance companies have made 26 instances of share purchases, with 11 involving bank stocks, indicating a strong preference for this sector [10][12].

Core Viewpoint - Recently, Minsheng Life Insurance increased its stake in Zheshang Bank, triggering a mandatory disclosure due to surpassing the 5% ownership threshold in the bank's H-shares [1][4]. Group 1: Minsheng Life Insurance - Minsheng Life Insurance acquired 1 million shares of Zheshang Bank's H-shares on August 11, spending approximately 2.77 million HKD [1]. - Following the purchase, Minsheng Life's total holdings in Zheshang Bank's H-shares rose to 296 million shares, representing 5% of the total H-share capital [1]. - Minsheng Life Insurance is controlled by Wanxiang Holdings, which holds a 37.32% stake in the insurance company [1]. Group 2: Zheshang Bank - Zheshang Bank reported a revenue of 17.105 billion CNY for the first quarter, a decrease of 7.07% year-on-year, while net profit increased by 0.61% to 5.949 billion CNY [3]. - As of the end of the first quarter, Zheshang Bank's total assets reached 3.44 trillion CNY, reflecting a growth of 3.54% from the previous year [3]. - The bank's non-performing loan ratio stood at 1.38%, unchanged from the end of the previous year, with a provision coverage ratio of 171.21% [3]. Group 3: Insurance Sector Activity - In recent years, Zheshang Bank has seen increased investments from various insurance companies, including a significant stake acquisition by Baidian Life at the end of 2020 [4]. - In May 2023, Taiping Life and Shandong Guoxin jointly participated in a share auction for Zheshang Bank, spending nearly 1.6 billion CNY to acquire 709 million shares [4].

来源：市场资讯 （来源：浙商银行FICC） 周三市场波动仍然比较显著，上午开盘后情绪迅速弱化，收益率继续全面上行。尽管上午权益市场短暂回落后加速冲高，沪指站上3674点前高位置，债市 并未受到进一步的冲击。午间市场开始对6个月期限买断式逆回购操作并降价有所预期，市场收益率加速下行。10年国债日内最大下行2.5BP，10年国开日 内最大下行3.5BP，30年国债最大下行3.5BP。 近期债市可能还会维持一段时间的双向波动，对于头寸灵活的资金来看有波动总比没有波动更有机会。但对于大多数参与者而言，当前阶段胜率和赔率都 比较有限，耐心等待市场风险的释放可能是更好的选择。 全天表现 | | 1Y | 2Y | 3Y | 5V | 7Y | 10Y | 10Y以上 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 250013.IB | 250012.IB | 250010.IB | 250003.IB | 250007.IB | 250011.IB | 2500002.IB | | 国债 | 1.3600 | 1.3960 | 1.4050 | 1.561 ...

Core Viewpoint - The government has introduced personal consumption loan interest subsidy policies to stimulate consumer spending and support service industry operators, marking the first time central finance has subsidized personal consumption loans [3][4]. Summary by Relevant Sections Personal Consumption Loan Subsidy Policy - The subsidy targets loans used for consumption, including daily expenses under 50,000 yuan and larger purchases like home appliances, cars, and education [4]. - The subsidy rate is set at 1%, approximately one-third of current commercial bank personal consumption loan interest rates, and will be effective for one year [4][5]. - The policy aims to enhance the quality of supply in the service sector, which has significant growth potential [4]. Service Industry Loan Subsidy Policy - The subsidy applies to loans issued to service industry operators in key sectors such as dining, health, and tourism, with a similar 1% subsidy rate and a maximum loan amount of 1 million yuan per entity [4][5]. - The policy will undergo evaluation after its expiration to consider potential extensions or adjustments [4]. Implementation and Operational Details - The application process is designed to be straightforward, with no complex procedures, allowing consumers to benefit easily [6]. - Borrowers can receive up to 1,000 yuan in subsidies for loans under 50,000 yuan and up to 3,000 yuan for larger loans, with the subsidy directly deducted from interest payments [6][7]. - Financial institutions are required to identify eligible consumption transactions and prevent misuse of funds [8]. Recent Developments - Several major banks, including Agricultural Bank and Industrial and Commercial Bank, have committed to implementing the subsidy policy starting September 1, 2025, ensuring compliance with the new regulations [9]. - Banks emphasize that no service fees will be charged for processing these subsidies and warn customers against potential scams [9].

Core Viewpoint - The recent acquisition of 1 million shares of Zheshang Bank H-shares by Minsheng Life Insurance triggered a stake increase to 5%, marking the seventh listed bank targeted by insurance capital this year [1][2]. Group 1: Company Actions - Minsheng Life Insurance purchased 1 million shares of Zheshang Bank H-shares at an average price of HKD 2.77 per share, totaling approximately HKD 2.77 million [1]. - Prior to this acquisition, Minsheng Life held 295 million shares of Zheshang Bank H-shares, representing 4.98% of the bank's total issued H-shares [1]. - Zheshang Bank, established in August 2004, is the 13th listed bank in China with both A and H shares, appealing to insurance capital due to its high dividend assets [1]. Group 2: Industry Trends - From 2022 to 2024, Zheshang Bank's cash dividends were reported at CNY 4.466 billion, CNY 4.504 billion, and CNY 4.284 billion, with dividend payout ratios of 37.79%, 31.98%, and 30.12% respectively [2]. - Insurance capital has increasingly targeted high-dividend bank stocks, with a total of seven banks, including Agricultural Bank of China and Postal Savings Bank, being acquired this year [2]. - The trend of insurance capital buying into state-owned and national joint-stock banks is driven by low interest rates, the appeal of high dividend assets, and regulatory encouragement for long-term capital market entry [2]. Group 3: Analyst Insights - Analysts note that the current A-share bank sector has a dividend yield of about 4%, while H-shares offer even more significant yield advantages, attracting insurance capital [3]. - The implementation of new accounting standards for small and medium-sized insurance companies starting January 2026 is expected to further increase capital inflow into the banking sector [3]. - Regulatory guidance for new premium inflows and the need to enhance equity allocation in existing assets are likely to provide substantial incremental funds for bank stocks, suggesting potential valuation recovery [3].

Core Viewpoint - The implementation of the personal consumption loan interest subsidy policy and the service industry loan interest subsidy policy is expected to optimize and expand service consumption supply, creating new growth points for service consumption [1][2][3] Group 1: Policy Implementation - The personal consumption loan interest subsidy policy will be effective from September 1, 2025, to August 31, 2026, allowing eligible personal consumption loans to enjoy interest subsidies [2] - Major banks, including Industrial and Commercial Bank of China, Agricultural Bank of China, and others, have announced their commitment to implement the personal consumption loan interest subsidy policy in accordance with market-oriented and legal principles [2][3] - The service industry loan interest subsidy policy will support eight categories of service sectors, including catering, health, and tourism, from March 16, 2025, to December 31, 2025 [3] Group 2: Impact on Banking Sector - The interest subsidy policies are expected to positively impact credit, particularly operational loans, and enhance the market share of state-owned and joint-stock banks [4] - The policies are anticipated to drive structural growth in consumer finance and inclusive finance, with an increase in the proportion of retail and inclusive loans [4] - The policies will create new growth opportunities for banks in three dimensions: structural expansion of consumer credit, solidifying the client base for corporate clients, and synergizing retail and corporate business [4] Group 3: Challenges and Risk Management - The implementation of the subsidy policies presents challenges for banks, necessitating enhanced risk management throughout the loan process, particularly regarding the use of loans [5] - Banks are advised to strengthen system support, optimize business processes, and enhance risk prevention measures to ensure asset quality remains stable [5][6] - The need for digital risk management and improved comprehensive financial service capabilities is emphasized for achieving high-quality development [6]

【导读】民生保险增持浙商银行H股，持股比例升至5% 中国基金报记者 马嘉昕 8月13日，据港交所披露易最新信息，民生人寿保险股份有限公司（以下简称民生保险）于8 月11日在场内增持浙商银行100万股H股，耗资约277万港元。 经营方面，报告期内，浙商银行实现营业收入171.05亿元，同比减少7.07%；归属于母公司 所有者的净利润为59.49亿元，同比增长0.61%。 在资产质量方面，截至今年一季度末，该行不良贷款率为1.38%，与上年末持平；拨备覆盖 率为171.21%。 企查查数据显示，民生保险为浙商银行A股的第七大股东，持有该行A股比例为2.79%，持有 A股数量约为7.68亿股，且为自有资金。 一季度净利润实现正增长 公开资料显示，浙商银行于2004年8月正式开业，是第13家"A+H"上市银行。 财报数据显示，截至今年一季度末，浙商银行资产总额为3.44万亿元，较上年末增长 3.54%；发放贷款和垫款总额为1.89万亿元，较上年末增长1.81%。 民生保险增持浙商银行H股至5% 据公告，8月11日，民生保险首次取得须具报权益，原因是该公司买入浙商银行H股100万 股，买入均价为2.77港元/股，以此计 ...