New Stock Issuance - Jin Hua New Material (920015) issued at a price of 18.15[1] - Jianfa Zhixin (301584) issued at a price of 7.05[1] Market Alerts - Cash option declaration period for *ST Tianmao (000627) from September 15 to September 19, 2025[1] - 13 trading days remaining for the delisting period of Zitian Tui (300280)[1] - Severe abnormal fluctuation reported for Jishi Media (601929)[1] Other Announcements - Multiple companies including Shanghai Construction (600170) and Zhongke Shuguang (603019) have recent announcements linked[1] - Various stocks are under scrutiny for abnormal trading activities, including *ST Yu Shun (002289) and ST Huaneng (000851)[3]

Core Viewpoint - The article provides an analysis of the solvency ratios of various life insurance companies for the first half of 2025, highlighting the overall stability and changes in solvency levels across the industry [1][12]. Solvency Ratios - A total of 74 life insurance companies have disclosed their solvency ratios for the first half of 2025, with the comprehensive solvency adequacy ratio averaging 196.6% and the core solvency adequacy ratio at 134.3% [14][16]. - Among the companies, 51% reported an increase in their comprehensive solvency adequacy ratio compared to the previous quarter [16]. - The solvency ratios of major companies include: - PICC Pension: 1327.8% (down 30 points) - China Life Pension: 1095.2% (up 44 points) - New China Life Pension: 991.3% (down 656 points) [2][3]. Capital Increase and Debt Issuance - Since the beginning of 2025, 12 life insurance companies have announced plans to increase their registered capital by over 35 billion yuan [18][20]. - Additionally, six companies have received approval to issue capital supplement bonds totaling nearly 20 billion yuan [23]. - The issuance of bonds has exceeded 150 billion yuan since 2024, indicating a strong capital-raising trend in the industry [23]. Regulatory Actions - Huaxia Life Insurance has been penalized with the revocation of its business license due to significant violations, including the substantial inflation of solvency capacity [24][30]. - The article notes that only one company, Huaxia Life, has a risk rating of C, indicating serious solvency issues [25][29]. Investment Trends - The article discusses a shift towards dividend insurance products as traditional and participating insurance products see a decrease in guaranteed rates [7][10]. - The investment yield for life insurance companies has increased to an average of 4.22%, up from 3.59% in the previous year, reflecting improved asset allocation strategies [10]. Conclusion - The overall solvency of life insurance companies remains stable, with many companies increasing their capital and improving their investment strategies to adapt to changing market conditions [12][16].

证券代码：000627 证券简称：*ST天茂 公告编号：2025-059 天茂实业集团股份有限公司 关于以股东会决议方式主动终止公司股票上市 现金选择权行权暨实施的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 特别提示： 1、天茂实业集团股份有限公司（以下简称"天茂集团"或"公司"）股票 （证券简称：*ST天茂，证券代码：000627）已自2025年8月14日开市时起开始连 续停牌。本次以股东会决议方式主动终止公司股票上市事项已经公司2025年第一 次临时股东会审议通过。根据本次主动终止公司股票上市相关方案，公司目前已 完成现金选择权权利派发，公司股票进入行权申报、行权清算交收阶段，不再交 易。敬请广大投资者注意投资风险。 满足条件的A股股东所持的每1股有权行使现金选择权的股票获派1份现金选择 权权利，获得现金选择权权利的A股股东可于现金选择权申报期间以其所持有的公 司股票按照现金选择权的行权价格（1.60元/股）全部或部分申报行使现金选择权， 并在清算交收后获得现金对价。 公司股票进入退市板块后深股通投资者可能无法进行股票转让，提请深股通 投资者 ...

Group 1 - The company Tianmao Industrial Group Co., Ltd. (ST Tianmao, 000627) has voluntarily terminated its stock listing through a shareholder resolution, completing the cash option distribution [1] - As of August 13, the closing price was 1.58 CNY per share, while the cash option exercise price is set at 1.60 CNY per share [1] - The declaration period for eligible A-share shareholders to apply for the cash option is from September 15 to September 19, during specific trading hours [1] Group 2 - The provider of the cash option is Jingmen Weituo Hongcheng Management Partnership, which has the capability to fulfill its obligations [1] - Shareholders who do not apply or fail to apply effectively will not be able to receive the cash compensation, and the announcement advises investors to be aware of the risks [1]

New Stock Issuance - New stock issuance for 联合动力 (code: 301656) at a price of 12.48 on September 15, 2025[1] - *ST天茂 (code: 000627) has a cash option declaration period from September 15 to September 19, 2025[1] - 紫天退 (code: 300280) has 14 trading days remaining until the last trading day during the delisting period[1] Market Alerts - 先导智能 (code: 300450) reported severe abnormal fluctuations[2] - 杭可科技 (code: 688006) and 新华锦 (code: 600735) have recent announcements regarding trading activities[1] - 退市整理期 for multiple stocks including *ST威尔 (code: 002058) and 新炬网络 (code: 605398) has been noted[1] Trading Insights - Significant trading activity observed in stocks like 工业富联 (code: 601138) and 景旺电子 (code: 603228) with recent announcements[1] - The report includes links to detailed announcements for various stocks, indicating ongoing market developments[1]

Core Points - Tianmao Industrial Group Co., Ltd. has decided to voluntarily terminate the listing of its shares through a shareholder meeting resolution, which has been approved in the first extraordinary general meeting of 2025 [2][29] - The company's stock has been suspended from trading since August 14, 2025, and will not resume trading as it enters the exercise declaration and settlement phase for cash options [2][29] - Eligible A-share shareholders will receive one cash option for each share held, with the exercise price set at 1.60 yuan per share [2][10][14] Summary by Sections Termination of Listing - The decision to terminate the listing was made during the board meeting on August 8, 2025, and was subsequently approved by the shareholders [28][29] - The company has submitted its application for termination of listing to the Shenzhen Stock Exchange on September 4, 2025, which has been accepted [29] Cash Option Details - Cash options have been distributed to eligible shareholders, totaling 1,579,130,703 options [10] - The cash option exercise period is set from September 15 to September 19, 2025, during specific trading hours [8][17] - Shareholders must declare their intention to exercise the cash options within the specified period to receive the corresponding cash compensation [3][26] Shareholder Eligibility - Eligible shareholders include all A-share shareholders registered on the cash option registration date, excluding certain parties [5] - Shareholders must ensure that their shares are not subject to restrictions such as pledges or freezes when exercising their cash options [6][20] Cash Option Execution - The cash option will not be traded on the market, and the exercise will be conducted through the Shenzhen Stock Exchange's trading system [11][16] - The value of the cash options is calculated at 0.15 yuan, with a Delta value of -0.4759, indicating a slight premium over the current stock price [15]

天茂实业集团股份有限公司 关于公司股票停牌的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 证券代码：000627 证券简称：*ST天茂 公告编号：2025-058 特此公告。 天茂实业集团股份有限公司董事会 2025 年 9 月 15 日 1、截至目前，公司仍未披露 2024 年年度报告和 2025 年第一季度报告、2025 年半年度报 告。 2、公司于 2025 年 5 月 6 日披露了《关于收到中国证券监督管理委员会立案告知书的公告》 （公告编号：2025-015），公司收到中国证券监督管理委员会下发的《立案告知书》（证监立 案字 00502025004 号），因涉嫌未按期披露定期报告，根据《中华人民共和国证券法》《中 华人民共和国行政处罚法》等法律法规，2025 年 5 月 6 日，中国证券监督管理委员会决定对 公司立案。 3、《证券时报》《中国证券报》《上海证券报》和巨潮资讯网（www.cninfo.com.cn）为 公司选定的信息披露媒体，公司所有信息均以在上述媒体披露的信息为准，请广大投资者理性 投资，注意风险。 公司本次以股东会决议方式 ...

证券代码：000627 证券简称：*ST天茂 公告编号：2025-057 天茂实业集团股份有限公司 关于以股东会决议方式主动终止公司股票上市 现金选择权行权暨实施的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 Delta值的绝对值未低于5%，根据《深圳证券交易所上市公司自律监管指南第1 号——业务办理》的相关规定，公司将采用交易系统方式提供现金选择权（系统 申报时显示为"现金选择权"业务），具体操作方式详见后文"三、申报行使现 金选择权的方式"之"（一）行权确认"。 4、本公告仅对现金选择权申报行权的有关事宜作出说明，不构成对申报行使 现金选择权的建议，提请广大投资者注意投资风险。 投资者欲了解本次以股东会决议方式主动终止上市的方案详情，应阅读公司于 2025年8月8日披露的《天茂实业集团股份有限公司关于撤回公司股票在深圳证券交 易所交易的方案》全文及相关文件，并及时关注公司发出的相关公告。 一、有权申报行使现金选择权的股东 特别提示： 1、天茂实业集团股份有限公司（以下简称"天茂集团"或"公司"）股票 （证券简称：*ST天茂，证券代码：00062 ...

Core Insights - The insurance premium income in Guizhou Province from January to July 2025 reached 39.589 billion yuan, showing a year-on-year growth of 2.88% [1] - Life insurance accounted for the highest share of the total insurance premium income in Guizhou, amounting to 15.828 billion yuan, which represents 39.98% of the total [1] Company Insights - Listed companies mentioned include Tianmao Group (000627), China Ping An (601318), China Pacific Insurance (601601), China Life (601628), China Insurance (601319), and Xinhua Insurance (601336) [1] - The report by Zhiyan Consulting provides an analysis of the development and investment prospects of the Chinese insurance industry from 2025 to 2031 [1] Industry Insights - The cumulative original insurance premium income in Guizhou Province from 2020 to July 2025 is illustrated in a statistical chart [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services for investment decisions [1]

New Stock Issuance - YouSheng Co., Ltd. (Securities Code: 732418) issued shares at a price of 46.36 RMB on September 12, 2025[1] - *ST Tianmao (Securities Code: 000627) has a cash option declaration period from September 15 to September 19, 2025[1] - *ST Zitian (Securities Code: 300280) enters the delisting arrangement period starting September 15, 2025[1] Trading Alerts - Hangke Technology (Securities Code: 688006) reported severe abnormal fluctuations on September 11, 2025[1] - Shanghai Electric Power (Securities Code: 600021) had a trading volume of 8,487 on September 10, 2025[1] - Tianji Co., Ltd. (Securities Code: 002759) reported a trading volume of 8,705 on September 10, 2025[1] Abnormal Fluctuations - ST Lingnan (Securities Code: 002717) reported a trading volume of 7,965 on September 10, 2025[3] - ST Huaxi (Securities Code: 002630) reported a trading volume of 9,579 on September 11, 2025[3] - ST Jianye (Securities Code: 600381) reported a trading volume of 5,420 on September 3, 2025[3]