Core Viewpoint - The introduction of the "Nuclear and Radiation Accident Emergency Rescue Liability Insurance" by China People's Property Insurance Company (CPIC) marks a significant innovation in the insurance industry, addressing the financial risks associated with nuclear accidents in China [1][2]. Group 1: Product Launch and Features - The insurance product was launched in June 2023 in Yantai, providing an annual cumulative risk coverage of 210 million RMB for nuclear and radiation accident emergency rescue [1]. - This product fills a gap in the domestic insurance market, offering a financial safety net for local governments facing the immediate financial demands of emergency responses to nuclear incidents [1][2]. Group 2: Importance in Energy Strategy - Nuclear power plays a crucial role in China's "dual carbon" strategy, with 20 operational nuclear power plants and 59 operational units as of now [1]. - The insurance product supports the development of the nuclear power industry while enhancing public safety and emergency management capabilities [2][3]. Group 3: Risk Management and Financial Innovation - The product was developed in response to the increasing demand for disaster risk management, particularly following the Fukushima disaster, highlighting the need for effective financial solutions in emergency situations [2]. - The launch of this insurance is seen as a proactive step by CPIC in contributing to the national energy transition and public safety governance modernization [3].

Investment Rating - The report maintains a recommendation for the securities and insurance sectors, indicating a positive outlook despite potential challenges from trade friction and economic pressures [6]. Core Insights - The non-bank financial sector saw a significant increase in holdings, with the insurance sector's holdings rising to 1.54%, up 0.63 percentage points from the previous quarter, while the brokerage sector's holdings reached 0.90%, up 0.36 percentage points [5][21]. - The total market value of public funds reached 6,285.3 billion, with a year-on-year increase of 10% and a quarter-on-quarter increase of 7% [2]. - The insurance sector is benefiting from a recovery in premium income, with a cumulative premium income of 30,602 billion from January to May, reflecting a year-on-year growth of 3.8% [20]. Summary by Sections Public Fund Market Size - In Q2 2025, the total net value of funds was 33.7 trillion, with a year-on-year increase of 10% and a quarter-on-quarter increase of 7% [10]. - The non-monetary fund scale was 19.5 trillion, up 11% year-on-year and 7% quarter-on-quarter [10]. High Dividend Stock Holdings Analysis - The holdings of banks, electric equipment, transportation, public utilities, oil and petrochemicals, and coal showed varied changes, with bank holdings increasing by 16% [16]. Non-Bank Sector Holdings Analysis Brokerage Sector - The brokerage sector's holdings increased to 0.90%, with a 58% rise in shareholding volume to 669 million shares [18][19]. - The average daily trading volume for equity funds reached 1.49 trillion, a year-on-year increase of 57% [18]. Insurance Sector - The insurance sector's holdings increased significantly, with a notable rise in individual stock holdings for major companies like China Ping An and China Taiping [21]. - The insurance sector's holdings are still below the standard allocation of 1.91%, indicating potential for further investment [21]. Investment Recommendations - The report suggests focusing on key brokerage firms such as CITIC Securities and Guotai Junan, as well as insurance companies like China Taiping and China Ping An, due to their potential for growth in the current market environment [6].

Core Viewpoint - Yunnan Province is becoming a popular summer retreat due to its unique climate and cultural charm, with a focus on risk management and insurance services for the tourism industry [1][2]. Group 1: Insurance Products and Coverage - The company has provided comprehensive insurance coverage for 252 public buildings and businesses in Lijiang Ancient Town, including basic property insurance, comprehensive insurance, and all-risk insurance, addressing risks such as fire, explosion, and natural disasters [2]. - A new insurance product called "Lijiang Homestay Insurance" has been launched, combining property, accident, and liability coverage tailored to the characteristics of Lijiang's homestays [2]. - From March 2024 to March 2025, the company has underwritten 297 property insurance policies, providing risk coverage of nearly 1.8 billion yuan [2]. Group 2: Risk Management and Safety Services - The company has introduced group accident insurance and "Enterprise Welfare Insurance" products to protect tourists and workers from medical and disability expenses due to accidents [2]. - A customized "Comprehensive Insurance for Small and Micro Businesses" has been developed for over 130 merchants, offering risk coverage of 149 million yuan [2]. - The company has integrated various insurance products into the smart management system of Lijiang Ancient Town, enhancing risk monitoring and response mechanisms [3]. Group 3: Claims Processing and Efficiency - The company has established a claims center with dedicated claims personnel to ensure rapid claims processing and coordination for personal and property damage [3]. - In 2024, the company signed over 1,300 liability insurance policies for scenic spots, providing risk coverage exceeding 8 billion yuan [3]. - The insurance services team has become a visible presence in Lijiang Ancient Town, contributing to the efficient handling of claims and accident management [3].

Core Viewpoint - The Chinese insurance industry is expected to see a net profit growth rate of +7.4% year-on-year in 1H25, with significant divergence in profit growth among companies compared to Q1, influenced by interest rate changes and the timing of profit recognition for life insurance contracts [1] Group 1: Life Insurance Sector - The new business value (NBV) for Chinese life insurance is projected to show strong growth, with expected year-on-year increases of +48% for Xinhua, +45% for Sunshine, +40% for PICC, +38% for Ping An, +33% for Taiping, and +20% for Taikang in 1H25 [1] - The life insurance sector is experiencing high growth in bancassurance channels, while individual insurance faces pressure; attention is recommended on the recruitment of new agents and the transformation of participating insurance [1] Group 2: Property and Casualty Insurance Sector - The property and casualty (P&C) insurance sector is expected to perform well in underwriting, with improved comprehensive cost ratios: 94.8% for China P&C (down 1.4 percentage points year-on-year), 96.9% for Ping An P&C (down 0.9 percentage points), and 96.8% for Taiping P&C (down 0.3 percentage points) [2] - The overall profitability of P&C insurance companies is anticipated to be better than that of life insurance companies, with upward adjustments made to profit forecasts for the year [1][2] Group 3: Profit Growth Divergence - The expected year-on-year net profit growth rates for Chinese insurance companies in 1H25 are +33% for China P&C, +19% for PICC, +18% for Xinhua, +2% for Taiping (operating profit +4%), 0% for Sunshine, -4% for Taikang, and -7% for Ping An (operating profit +3%) [3] - The divergence in profit growth rates among companies has narrowed compared to Q1, with the lagging life insurance sector expected to show improved performance in the second half of the year due to lower profit baselines [3]

在济南，无论是老商埠的店铺翻新，还是新城周边的配套建设，亦或是社区里的管网改造，每一个中小工程都牵动着城市更新的脉搏。可施工中的风险从不 因项目大小而 "区别对待"：泉边的外墙修缮遇上连阴雨，建材受潮影响进度；路灯安装时设备突发故障，耽误工期；工地上的师傅不慎磕碰，医疗费用让 本就紧凑的预算更吃紧……这些突发状况，往往让中小工程的负责人措手不及。 济南人保财险深耕泉城多年，懂这里的街巷肌理，更懂中小工程的痛点。量身打造的中小工程保险，就像为项目配上了"本土护航员"：建材在顺河高架运输 时遇意外？济南人保财险快速定损，承担维修费用；施工时突降暴雨影响了芙蓉街的改造？停工损失由济南人保财险来补；工人在工地受伤需要去省立医院 治疗？医疗、误工等费用一站覆盖；甚至连施工设备临时"罢工"，济南人保财险也能联动本地维修资源，让项目尽快复工。 从大明湖畔的景观升级到新旧动能转换区的小型基建，济南人保财险始终与泉城的建设者站在一起。依托遍布全市的服务网点，济南人保财险承诺"小案快 赔、大案优办"，让理赔不跑路、服务不脱节。给中小工程一份保障，让每一次施工都踏踏实实，让济南的每一处更新都更安心——济南人保财险，用专业 守护您的 ...

资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。特殊情况下将 对该指数进行临时调整。当样本退市时，将其从指数样本中剔除。如果香港市场新上市相关行业主题企 业市值在香港上市公司中排名前十并纳入港股通范围，将在其纳入港股通范围后第十一个交易日快速纳 入指数。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。当港股通范围发生 变动导致样本不再满足港股通资格时，将进行相应调整。 本文源自：金融界 作者：行情君 据了解，中证港股通非银行金融主题指数从港股通证券范围中选取符合非银行金融主题的不超过50家上 市公司证券作为指数样本，以反映港股通范围内非银行金融主题上市公司的整体表现。该指数以2014年 11月14日为基日，以3000.0点为基点。 从指数持仓来看，中证港股通非银行金融主题指数十大权重分别为：中国平安（15.24%）、香港交易 所（13.97%）、友邦保险（13.55%）、中国人寿（8.76%）、中国太保（6.94%）、中国财险 （6.21%）、新华保险（3.96%）、中 ...

Core Viewpoint - Guangdong Ping An Property & Casualty Insurance has effectively implemented pre-compensation measures and disaster relief efforts in response to Typhoon "Wipha," demonstrating both speed in claims processing and warmth in disaster response [1][5]. Group 1: Pre-Compensation and Emergency Response - As of July 19, the company had already paid out 886,700 yuan (approximately 0.13 million USD) in pre-compensation to 31 aquaculture farmers affected by the typhoon [3][4]. - The company activated its emergency disaster response plan immediately upon the typhoon's approach, coordinating various resources for disaster prevention and mitigation [5][6]. - A total of 990 personnel were deployed for service, with 500 vehicles dispatched for inspections in high-risk areas [35][41]. Group 2: Agricultural Support and Risk Mitigation - The company has provided emergency harvesting services for over 11,400 acres of rice, aiming to reduce losses by more than 500,000 yuan (approximately 0.07 million USD) [10][40]. - In addition to rice, the company has conducted risk assessments and assisted in the harvesting of various fruits, including longan and bananas, covering 5,200 acres of longan and 1,300 acres of other fruits [16][18]. - The company has also utilized drones for monitoring and risk assessment, ensuring timely responses to the agricultural impacts of the typhoon [21][39]. Group 3: Claims Processing and Customer Service - The company has established a "green claims channel" for typhoon-related claims, allowing customers to apply for claims through an online platform, significantly shortening the claims processing time [32][41]. - As of July 21, the company had received a total of 1,203 claims, including 716 vehicle insurance claims and 401 agricultural insurance claims [41][42]. - The company plans to integrate internal and external resources to efficiently advance subsequent claims processing and support post-disaster recovery efforts [42][43].

Core Viewpoint - The report highlights the performance and investment strategy of the ICBC Credit Suisse China Opportunity Global Allocation Equity Fund for the second quarter of 2025, emphasizing its focus on benefiting from China's economic growth through diversified global investments. Fund Overview - Fund Name: ICBC Global Equity (QDII) - Fund Code: 486001 - Fund Type: Contractual open-end fund - Total Fund Shares at Period End: 309,974,669.75 shares - Investment Objective: To provide domestic Chinese investors with opportunities to invest in companies benefiting from China's economic growth globally, while controlling portfolio risk and pursuing long-term asset appreciation [2][3]. Financial Performance and Net Value - Net Value Growth Rate for the past three months: 5.42% - Benchmark Return Rate for the past three months: 7.48% - Net Value Growth Rate for the past six months: 11.31% - Benchmark Return Rate for the past six months: 12.56% - Net Value Growth Rate for the past year: 23.44% - Benchmark Return Rate for the past year: 24.49% [5][16]. Investment Strategy - The fund primarily invests in Chinese companies listed on overseas markets such as Hong Kong, as well as global companies benefiting from China's economic growth. - Key themes for stock selection include domestic consumption, import demand, and export advantages related to China's economy [2][12]. Portfolio Composition - Total Assets: 421,616,987.40 RMB - Major Holdings: - Ordinary Shares: 375,494,458.82 RMB (81.46%) - Depositary Receipts: 46,122,528.58 RMB (10.01%) - Geographic Allocation: - United States: 193,532,734.96 RMB (42.25%) - Hong Kong: 138,554,459.58 RMB (30.25%) [17][18]. Sector Allocation - The fund's sector allocation includes: - Consumer Staples: 4.83% - Financials: 20.81% - Health Care: 6.56% - Industrials: 5.63% - Communication Services: 92.04% of total assets [18][21]. Management and Advisory - Fund Manager: ICBC Credit Suisse Fund Management Co., Ltd. - Custodian: Bank of China Co., Ltd. - Overseas Investment Advisor: Wellington Management Company, LLP [2][9].

如何构建协同模式，前置服务筑牢"安全线"，也成为考验。早在7月18日，鼎和保险构建总分联动、多 部门协同工作模式，广东、广西、海南和深圳分公司启动应急预案，理赔、承保、客服多线同步行动。 相关人士表示，利用鼎和风险云系统灾害预警功能，全面排查承保标的各类重大风险隐患，对风险隐患 及时采取措施，最大程度降低潜在风险。数据统计，鼎和保险通过鼎和风险云系统向受灾区域客户推送 预警信息共计14.3万条，并紧急组织开展风险排查，预警信息精准流向涉险区域车主和企业主等客户手 机。 查勘现场 据悉，目前深圳头部保险机构均成立应急工作小组，部署预警、防灾、救援、查勘工作，开通绿色理赔 通道。 借助科技力量进行风险前置、防灾减灾，成为本次深圳保险业迎击台风的一个看点。人保财险方面称， 以"科技+人力"双轮驱动，打造"全周期"防线。灾前通过短信、APP、公众号等6大渠道向120万+客户推 送预警信息，针对新能源车主定制"涉水处理指南"；组建44台应急查勘车、130台可调度救援车，配备 无人机3台，科技设备15套，对全市169处低洼点设置风险提示牌，通过系统自动触发3107条易涝区域车 辆挪车提醒。 首笔赔付也迅速到位。7月20日 ...

Investment Rating - The report maintains a "Positive" investment rating for the investment banking and brokerage industry [7] Core Insights - The report indicates that several brokerage firms have disclosed performance increases, with mid-year results expected to continue high growth, enhancing their investment value. Additionally, the insurance sector is anticipated to see an increase in value ratios, driving significant growth in new business value. The equity market is expected to continue its upward trend, with positive investment returns and profit growth. Current valuations reflect a pessimistic assumption about long-term investments, but considering the medium to long-term interest rate spreads, current valuations remain safe. The report is optimistic about improvements in concentration and liability costs [2][4] - From the perspective of profitability and dividend stability, the report recommends Jiangsu Jinzhong, China Ping An, and China Pacific Insurance for their stable profit growth and high dividend yields. Furthermore, it recommends Xinhua Insurance, China Life, Hong Kong Stock Exchange, CITIC Securities, Dongfang Fortune, Tonghuashun, and Jiufang Zhitu Holdings based on their performance elasticity and valuation levels [4] Summary by Sections Industry Overview - The non-bank financial index decreased by 1.2% this week, underperforming the CSI 300 by 2.3%, ranking 28th out of 31 sectors. Year-to-date, the non-bank financial index has increased by 3.0%, also underperforming the CSI 300 by 0.2%, ranking 22nd out of 31 sectors. Overall, the non-bank sector has shown weak performance this week [5] Market Performance - Market activity has seen a rebound, with an average daily trading volume of 15,462.47 billion yuan, up 3.35% week-on-week. The average turnover rate is 1.83%, an increase of 4.07 basis points. The leverage capital scale has also risen, with a margin balance of 1.90 trillion yuan, up 1.64% [5][34] Brokerage Data Tracking - The report highlights a recovery in trading activity, with the CSI 300 index rising by 1.09% and the ChiNext index increasing by 3.17%. The average daily trading volume has surpassed the 2024 average, indicating a gradual recovery in brokerage business profitability [33][39] Investment Business - The equity market is showing signs of recovery, with the CSI 300 index up by 1.09% and the ChiNext index up by 3.17%. The report notes that brokerage firms have a significant portion of their investment assets in equities (10%-30%) and bonds (70%-90%), necessitating close monitoring of market changes [39] Credit Business - The margin trading balance has increased to 1.90 trillion yuan, reflecting a 1.64% week-on-week rise. The report notes that while the stock pledge business is expected to remain cautious due to past credit risks, income from this business is anticipated to perform better than its scale [42] Investment Banking Business - In June, the equity financing scale rose significantly to 544.19 billion yuan, a 3140.2% increase, while bond financing reached 88.3 trillion yuan, up 21.3%. The report suggests that the stock underwriting scale is expected to increase due to new refinancing regulations [44][46] Asset Management Business - The report indicates a rebound in the issuance of collective asset management products, with June seeing a total issuance of 9.301 billion units, up 116.8% from the previous month. However, the new fund issuance decreased by 22.0% in June compared to the previous month [48]