Core Viewpoint - Chen Hongqing has established herself as a symbol of professionalism and integrity in the insurance industry, recognized for her exceptional service and dedication to client needs [1][5]. Group 1: Client-Centric Approach - Chen Hongqing prioritizes client needs by offering tailored insurance solutions, ensuring that each plan is customized based on individual family structures, financial situations, and risk preferences [5]. - She has maintained a record of "zero effective complaints" from clients, with high renewal and referral rates, indicating strong client satisfaction and trust [5][7]. Group 2: Professional Development - Continuous learning is a cornerstone of Chen Hongqing's success, as she stays updated on insurance terms, financial regulations, and market trends to provide accurate and comprehensive information to clients [7]. - Her ability to communicate complex insurance concepts in an understandable manner enhances client understanding and confidence in their insurance choices [7]. Group 3: Recognition and Future Commitment - Chen Hongqing has received multiple accolades from her company, including "Star Supervisor" and "Integrity Service Ambassador," reflecting her outstanding performance and commitment to client service [7]. - Looking ahead, she expresses a commitment to continue serving clients with dedication, emphasizing the importance of insurance in providing security and peace of mind [8].

在保险行业这片承载责任与使命的热土上，新华保险威海中支毕丽玲已深耕十五载。从初入职场的青涩新 人，到斩获IDA国际龙奖的行业精英，这段历程不仅是她个人成长的蜕变之路，更是她用专业与真诚写就 的职业生涯奋斗华章。 这样的故事在毕丽玲职业生涯中不断上演。每一次理赔都是信任的沉淀，每一次转介绍都是最厚重的褒 奖。毕丽玲始终坚信，客户的认可才是最硬核的"业绩"。 薪火相传：在团队中凝聚奋进力量 初心如磐：在质疑中锚定方向 2010年，毕丽玲怀揣忐忑与憧憬踏入保险行业。彼时市场尚未成熟，客户对保险的认知多停留在模糊与误 解中。记得有位客户直言"俺家没长寿基因，不用保险"，这句拒绝像石子投入心湖，既带来挫败感，更激 起毕丽玲打破偏见的决心——要用专业与真诚，让更多人看见保险的真正价值。 为夯实专业根基，毕丽玲开启了"白加黑"的学习模式：白天跑市场、访客户、做需求调研，夜晚伏案钻研 保险条款、金融法规与理财知识。从考取RFC财务顾问师、理财规划师等资质，到深耕每一场行业培训， 她始终在拓宽知识边界。渐渐地，毕丽玲能把晦涩条款译成家常话，用真实案例讲透风险保障的意义，为 每个家庭量身定制"合身"的保障方案——这便是毕丽玲对抗 ...

Core Viewpoint - The article highlights the journey and achievements of Gu Enni, a successful insurance agent at Xinhua Insurance, emphasizing her dedication to customer service and professional integrity in the insurance industry [1][5][8]. Group 1: Professional Journey - Gu Enni transitioned from a beauty therapist to an insurance agent in 2015, motivated by the potential of the insurance industry [1]. - Over her 10-year career, she has maintained a high performance for 90 months and is a diamond member of the company's elite club [1]. Group 2: Customer Service Approach - Gu Enni is known for her exceptional customer service, maintaining a positive demeanor even when faced with skepticism from clients [5]. - She emphasizes the importance of explaining insurance policies thoroughly, regardless of whether clients choose to purchase [5][8]. Group 3: Client-Centric Philosophy - Gu Enni believes in prioritizing clients' actual needs over company sales pushes, as demonstrated when she advised a client on health insurance instead of a promoted annuity product [9]. - Her approach led to a client being financially supported during a critical health crisis, showcasing the importance of tailored insurance solutions [9]. Group 4: Achievements and Goals - Gu Enni has set ambitious goals for herself, achieving the IDA International Copper Dragon Award in 2021, 2023, and 2024, and aims for higher honors in the future [11]. - She is determined to reach the MDRT Million Dollar Round Table and IDA International Gold Dragon Award, reflecting her commitment to excellence in the insurance field [11].

突破瓶颈 实现专业飞跃 初入行时满怀激情，然而，随着"缘故市场"的逐渐枯竭，她遭遇了职业生涯中的第一个瓶颈——客户资源 枯竭。正当她萌生退意之际，有人及时拉了她一把，"我的师傅给予我莫大的支持与鼓励，给我做心理疏 导，帮我重拾信心。"通过分析，也找到了问题所在——专业知识欠缺。基于此，翟兆萍开始埋头苦学， 从网络课程到系统性学历提升项目，通过不断学习来拓宽知识边界。过去十多年里踏踏实实走的每一步， 都成为她成功路上的垫脚石。专业技能产生质的飞跃，荣誉纷至沓来：持续百月总公司鑫星会钻石会员、 总公司TOP500高峰会会员、总公司诚信大使、服务明星，并于2025年6月达成IDA铜龙奖。 以心交心 真诚服务筑信任 翟兆萍坚信，真诚的服务是通往成功的桥梁。曾经有位客户很排斥保险，但天有不测风云，客户的家人不 幸离世，留下孤儿寡母面对生活的重压。翟兆萍一想到这件事情，内心便充满了自责与内疚，"如果当初 我能够说服他们，或许就能让她更从容地应对这场变故。"在那段艰难的日子里，翟兆萍尽己所能给予这 位客户支持与陪伴。客户在经历了一系列变故后，也终于认识到了保险的重要性，为自己购买了健康保 险。 认定了正确的事情，就要持之以 ...

23载风云路，以时间淬炼专业脊梁 从踏入新华保险大门，到如今成长为区域总监，八千个日夜的刻度上，刻满了穆凯对保险事业的敬畏与执 着。市场起伏、行业变革、客户需求升级……每一次浪潮袭来，他都选择扎根大地，将挑战化为磨刀之 石，这枚IDA勋章，正是新华人"以客户为中心"理念在时光中沉淀的璀璨结晶。 破界生长，以学习永续攀登之梯 当2025年国际龙奖IDA的光芒落于新华保险烟台中支区域总监穆凯的肩头，他手抚勋章，心中奔涌的并非 狂喜，而是一种沉静的回响——八千个日夜的步履铿锵，终在此刻与行业荣光交汇！ 穆凯深知，荣耀的底座，是永不满足的求知之心。当团队管理遭遇瓶颈，他和团队伙伴一起探寻突破之 路；当客户需求日益多元，他钻研各种和保险专业相关的知识，并深入学习财富传承与康养新生态。深夜 灯下的精进、国际峰会上的碰撞、跨界思维的融合……他持续打破认知边界，让每一次"知不足"都化作登 高的阶梯。正是这种"空杯"心态，支撑着穆凯以及他的团队穿越周期，让专业服务始终立于潮头。 IDA荣光加身，更是责任在肩的号角！穆凯表示，将以"倍增"之势锻造顶尖团队，让更多怀抱理想的同行 者在此成就事业梦想；以"匠造"之苛打磨服务体系，为万 ...

Investment Rating - The report maintains a "Positive" investment rating for the investment banking and brokerage industry [7] Core Insights - The brokerage sector is expected to continue high growth in mid-year performance, with ongoing strong market trading activity. The report highlights the potential for investment opportunities in this sector [2][4] - The insurance sector is guided by a recent notice from the Ministry of Finance, emphasizing long-term investment strategies and management capabilities, which is expected to drive stable long-term capital inflows into the market. The report recommends companies like Jiangsu Jinzu, China Ping An, and China Pacific Insurance based on their stable profitability and dividend rates [2][4] - The report also suggests a focus on companies with strong performance elasticity and valuation levels, recommending Xinhua Insurance, China Life, Hong Kong Stock Exchange, CITIC Securities, Dongfang Wealth, Tonghuashun, and Jiufang Zhitu Holdings [2][4] Summary by Sections Brokerage Sector - The brokerage sector is experiencing a recovery with high trading volumes, and mid-year performance is expected to show significant growth. The report emphasizes the importance of focusing on high-quality stocks within this sector [2][4] - The average daily trading volume in the market has increased to 14,961.49 billion yuan, reflecting a 3.80% increase week-on-week, indicating a strong recovery in trading activity [5][36] Insurance Sector - The insurance industry has seen a year-on-year increase in premium income, with total premiums reaching 30,602 billion yuan in May 2025, up 3.77% from the previous year. This includes a 5.22% increase in property insurance and a 3.28% increase in life insurance [19][20] - The report highlights the stable asset allocation of insurance funds, with a significant portion invested in bonds and stock funds, indicating a robust investment strategy [25][24] Market Performance - The non-bank financial index has shown a 4.0% increase this week, outperforming the CSI 300 index by 3.1%, indicating strong sector performance [5][16] - The report notes that the overall performance of the non-bank sector is strong, with the securities sector rising by 4.5% and the insurance sector by 1.7% [16][21] Financing Activities - In June 2025, equity financing reached 544.19 billion yuan, a significant increase of 3140.2% month-on-month, while bond financing also saw a rise to 88.3 billion yuan, up 21.3% [45][47] - The report indicates a recovery in the issuance of collective asset management products, with a notable increase in new issuances in June 2025 [49]

Group 1 - The core viewpoint of the article emphasizes the ongoing push for long-term investment by insurance funds, supported by favorable policies and a focus on stable capital allocation [1][2] - The Ministry of Finance has issued a notice to enhance the long-term assessment of state-owned commercial insurance companies, adjusting the evaluation metrics to include longer periods, which encourages a more stable investment approach [1][2] - The establishment of a long-cycle assessment mechanism reduces the constraints on the market value fluctuations of insurance fund holdings, promoting a more stable investment behavior [2][3] Group 2 - Insurance funds are increasingly focusing on equity investments due to the low interest rate environment, seeking growth opportunities beyond fixed-income assets [3] - The recent establishment of private equity funds, such as the Honghu Fund, represents a significant step in the long-term investment pilot program, with a total approved scale exceeding 200 billion yuan [3][4] - The investment strategy of these funds is primarily directed towards large-cap stocks with stable governance and good liquidity, aligning with the principles of long-term capital investment [5]

Group 1 - The core viewpoint of the articles highlights the acceleration of insurance capital's entry into the market, driven by a series of supportive policies aimed at promoting long-term investments [1][2][4] - Insurance capital has made 19 equity stakes in listed companies this year, which is consistent with the total from the previous year, indicating a stable investment trend [2][4] - The implementation of policies such as increasing the proportion of equity asset allocation and expanding long-term investment pilot programs has provided more opportunities for insurance capital to invest [2][4][5] Group 2 - A total of 1,720 billion yuan has been approved for long-term investment pilot funds, with many insurance companies actively participating in these initiatives [2][4] - The financial regulatory authority has raised the equity asset allocation limits for insurance companies, potentially increasing their investment capacity by approximately 500 billion yuan [5] - The recent adjustments in risk factors for insurance stock investments are expected to lower the capital requirements, allowing more funds to be allocated to the stock market [5][7] Group 3 - The introduction of a long-term assessment mechanism for state-owned insurance companies aims to encourage a shift from short-term to long-term investment strategies [6][8] - There is a growing interest among smaller insurance companies to participate in long-term stock investment trials, indicating a broader industry trend towards long-term capital deployment [3][4] - Industry experts suggest further optimization of solvency requirements and risk factor assessments to enhance the effectiveness of insurance capital in the market [7][8]

Investment Rating - The report suggests a positive outlook for the securities and insurance sectors, indicating potential for significant growth in the coming months [4][48]. Core Insights - The regulatory environment in mainland China is becoming more inclusive and proactive, particularly regarding the development of cryptocurrencies and stablecoins, which may enhance the financial sector's focus on these emerging technologies [2]. - The performance of brokerage firms is expected to improve significantly, with several companies projecting substantial increases in net profit for the first half of 2025, driven by favorable capital market conditions [3][28]. - The insurance sector is anticipated to see a near trillion yuan influx of funds into the market due to relaxed restrictions on insurance capital investments, with a focus on high-dividend stocks [4]. Summary by Sections Securities Sector - Several brokerage firms have reported impressive profit growth, with companies like Huaxi Securities and Guolian Minsheng showing net profit increases of over 1000% [3][28]. - The report recommends focusing on three main investment themes: stablecoin-related brokers, multi-financial firms like Hong Kong Exchanges, and potential acquisition targets within the brokerage sector [3]. Insurance Sector - The insurance industry is expected to see a significant increase in market participation, with an estimated influx of nearly 1 trillion yuan in investment funds due to regulatory changes [4]. - The report highlights the potential for value reassessment in the insurance sector, particularly for companies with strong fundamentals and low valuations [4]. - Key investment opportunities include companies with expected strong performance in Q2, undervalued large-cap stocks, and solid defensive positions in the property and casualty insurance sector [4]. Market Dynamics - The report notes that the A-share market has shown positive performance, with the non-bank financial sector outperforming the broader market [9]. - Data tracking indicates a significant increase in trading volumes and fundraising activities in the equity and bond markets, suggesting a robust market environment [11][20].

证券研究报告 | 2025年07月13日 2025 年 7 月 11 日，财政部发布《关于引导保险资金长期稳健投资 进一步加强国有商业保险公司长周期考 核的通知》（以下简称"《通知》"），调整国有商业保险公司绩效评价指标，新增五年周期考核权重，推动 险资长期入市。 国信非银观点：《通知》通过将 70%考核权重锚定三年以上周期，有望从根源上化解保险资金属性与考核 错配的矛盾，持续释放险资增量资金潜力。结合偿付能力优化、风险因子调降等配套措施，险资有望持续 加大资金入市规模。短期看，险资入市为市场注入流动性活水；长期看，其"耐心资本"属性将持续推动 以红利资产为代表的配置诉求，建议关注本次政策下相对受益的中国人寿、中国平安、中国太保、中国财 险、新华保险。 评论： 政策核心：长周期考核权重提升至 70%，制度设计直击险资入市堵点 7 月 11 日，财政部正式印发《关于引导保险资金长期稳健投资 进一步加强国有商业保险公司长周期考核 的通知》（财金〔2025〕62 号），标志着保险资金长周期考核机制全面落地。该政策将国有商业保险公司核 心绩效指标"净资产收益率"（ROE）和"（国有）资本保值增值率"的考核方式，由此前 ...