Investment Rating - The report maintains an "Accumulate" rating for the non-bank financial industry [1] Core Views - The non-bank financial sector has shown strong performance recently, with all sub-sectors outperforming the CSI 300 index in the last five trading days [9] - The report highlights the significant increase in trading volume in the securities sector, with a year-on-year increase of 120% in daily average stock trading volume as of July 11, 2025 [15] - The insurance sector is expected to benefit from long-term capital advantages due to new assessment criteria for state-owned insurance companies [23] - The multi-financial sector is entering a stable transition period, with trust assets continuing to grow but profits declining significantly [31] Summary by Sections 1. Recent Performance of Non-Bank Financial Sub-Sectors - In the last five trading days (July 7-11, 2025), the multi-financial sector rose by 11.89%, the securities sector by 4.58%, and the insurance sector by 1.72%, while the overall non-bank financial sector increased by 3.94% compared to a 0.82% rise in the CSI 300 index [9][11] 2. Non-Bank Financial Sub-Sector Insights 2.1 Securities - Trading volume has significantly increased, with a daily average stock trading amount of CNY 16,688 billion, up 120% year-on-year as of July 11, 2025 [15] - The China Securities Association has implemented measures to strengthen self-regulation and promote high-quality development in the securities industry [19] 2.2 Insurance - New long-term assessment criteria for state-owned insurance companies have been introduced, focusing on net asset return and capital preservation over a five-year period [23] - The insurance sector's valuation is currently at 0.62-0.95 times the 2025E P/EV, which is considered historically low, maintaining an "Accumulate" rating [28] 2.3 Multi-Financial - The trust industry saw its asset scale reach CNY 29.56 trillion in 2024, a year-on-year growth of 23.58%, but profits dropped significantly by 45.5% [31] - The futures market experienced a trading volume of 740 million contracts in June 2025, with a transaction value of CNY 52.79 trillion, reflecting year-on-year growth of 28.91% and 17.40%, respectively [34] 3. Industry Ranking and Key Company Recommendations - The report ranks the insurance sector highest, followed by securities and other multi-financial sectors, recommending companies such as China Ping An, New China Life, China Pacific Insurance, CITIC Securities, and Tonghuashun [44]

Group 1 - The China Securities Regulatory Commission (CSRC) has adjusted the trading halt arrangements, indicating a significant long-term positive impact on the A-share market, especially regarding quantitative trading regulations [1] - The A-share market has shown a clear upward trend, with the index rising from 3040 points to 3510 points in just three months, an increase of nearly 500 points, exceeding many expectations [1] - The securities sector has played a crucial role in the recent market rally, and there is still potential for further growth in this sector next week [1] Group 2 - The Ministry of Finance is enhancing long-term assessments for insurance companies, addressing the short-term focus previously seen in the A-share market, which often led to market volatility [3] - The upcoming opportunities in the Sci-Tech Innovation Board (STAR Market) are significant, as it has lagged in performance and now has strong demand for a rebound [3] - The long-term assessment aligns well with the cyclical nature of the domestic technology industry, which typically operates on a 3 to 5-year cycle [3] Group 3 - A majority of market participants (over 70%) do not believe that the index has peaked, indicating growing optimism about the ongoing bull market [5] - The current market phase is characterized by skepticism, suggesting that the bull market is still in its growth stage [5] Group 4 - The index has reached around 3550 points, with expectations that it could target the 3600-point mark soon, despite some market manipulation observed [6] - While the index has risen, many investors are experiencing a disconnect, as the gains are primarily driven by the financial sector, particularly banks, leaving many retail investors behind [6] Group 5 - As of the market close, the Shanghai Composite Index rose by 0.01%, while the Shenzhen Component Index increased by 0.61% [7]

此次《通知》的核心在于显著强化长周期考核权重与覆盖期限：指标调整， 将关键绩效指标"净资产收益 率"和"资本保值增值率"的考核方式，由此前的"当年度指标+三年周期指标"升级为"当年度指标+三年周期指标+五 年周期指标"。 权重优化， 净资产收益率考核中，当年度、三年周期、五年周期指标的权重分别设定为30%、50%和20%。这意 味着长周期（三年及五年）考核指标的合计权重高达70%，远超当年度考核的30%。 这一调整是对今年1月六部门联合印发的《关于推动中长期资金入市工作的实施方案》的具体落实。政策意图清 晰：引导保险公司彻底摒弃短期业绩波动焦虑，真正立足长期视角进行投资决策。 【环球网财经综合报道】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》，明确要求推动保险资金全面建立三年以上长周期考核机制。这一新规将于2025年度绩效 评价起正式实施，标志着引导长期资金入市的关键制度安排落地。 业内专家指出，此前以年度考核为主的模式，使得权益市场的短期波动直接冲击保险公司当期业绩表现，导致险 资对市场短期波动的容忍度降低，"长钱短投"现象突出。南方基金表示，新考核 ...

智通财经7月13日电，记者从中船集团获悉，今天（7月13日），由黄埔文冲建造的我国首艘海洋级智能 综合科考船"同济"号在上海正式交付。"同济"号是我国自主设计、建造的2000吨级新一代绿色、静音、 智能型综合科考船，集海洋地质、海洋化学、海洋生物等科考调查，以及科学研究、人才培养、科普教 育和文化传承等多功能于一体，是同济大学着力打造的"海上校区"。与以往的科考船相比，"同济"号更 加智能。 (央视新闻) 我国首艘海洋级智能综合科考船"同济"号交付 ...

《通知》的主要目的在于进一步落实国有保险公司长周期考核引导，提升险资入市空间：2022年7月， 财政部下发《商业保险公司绩效评价办法》对国有商业保险公司的(国有)资本保值增值率、净资产收益 率等财务指标实施考核。近年来资本市场波动背景下，财政部持续优化长周期考核机制，缓解国有商业 保险公司短期绩效考核压力，引导保险资金长期稳健投资，截至2025年一季度保险资金运用余额34.9万 亿元，其中人身险、财产险公司的股票投资占比分别为8.4%(较年初0.8pt)、7.6%(较年初0.4pt)。该行预 计本次《通知》的目的在于进一步明确长周期考核机制的要求，鼓励险资提升权益配置，构建"长钱长 投"的资本市场生态。 《通知》强化经营效益类指标长周期考核，推动险资长期投资：1)进一步引导商业保险公司实行长周期 考核：经营效益类指标的"净资产收益率"由"3年周期指标+当年度指标"相结合的考核方式调整为"当年 度指标+3年周期指标+5年周期指标"相结合的考核方式，资本保值增值率由"当年度指标"调整为"当年度 指标+三年周期指标+五年周期指标"的考核方式，"净资产收益率"及"(国有)资本保值增值率"的当年度 指标/3年周期指标/ ...

（原标题：信"心"心理问答｜高考志愿填报当天，我把自己逼哭了：全世界都在替你做选择） 读者来信： 我是一名刚结束高考的学生，现在正面临人生中第一个真正意义上的重大选择 —— 填报志愿。可我发现 自己好像卡在了一个奇怪的困境里： 从高考结束那天起，我的生活就变成了一场 " 他人意见的轰炸现场 " 。 父母是最先行动的。他们请了一位据说 " 很有经验 " 的志愿填报老师，每天下班回家就催着我视频咨 询： " 老师说了，计算机专业现在缺口大，毕业起薪高 "" 师范类行业稳定，以后跳槽也有优势 " 。那位 老师也确实专业，打开电脑给我分析各校历年分数线、就业率，甚至精确到某个岗位的月薪中位数。 可当我坐在屏幕前，听着那些陌生的专业术语和漂亮的数据时，心里却越来越慌 —— 这些和我有什么关 系呢？我根本不知道自己是否适合这些专业，更不确定学了之后会不会快乐。 亲戚们也没闲着。 " 学医多好啊，医生越老越吃香。 " 女孩子当老师多体面，假期多还能照顾家里。 " 有人跟我说： " 选热门专业准没错，现在 AI 这么火，学个数据分析以后肯定抢手！ " 也有人劝我： " 别太现实啦，趁年轻选个感兴趣的！ " 这些声音交织在一起 ...

本文来自微信公众号：躺平学原理，作者：躺即可得，原文标题：《985研究生的正常毕业率，能否打赢警校和海关学院的编制上岸率》，头图来自：AI 生成 | 院校 代号 | 院校、专业组(再选科目要求) | 投档 最低分 | 投档最低分 同分考生排 序项 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 3103 | 清华大学03专业组(化学) | 680 | 260 | 138 | 133 | 96 | 96 | | | V 3101 | 北京大学04专业组(不限) | 674 | 250 | 134 | 143 | 95 | 97 | 1 | | V | | | | | | | | | | 9102 | 香港中文大学03专业组(不限) | 671 | 249 | 127 | 137 | ਰੇਰੇ | 94 | 1 | | 0303 | 北京电子科技学院02专业组(化学) | 657 | 240 | 127 | 135 | 95 | 94 | 1 | | 2131 | 上海海关学院05专业组(不限) | 657 | 254 | ...

【深圳商报讯】（记者苑伟斌范宏韬）2025年7月11日是我国第二十一个航海日，也是"世界海事日"在 我国的实施日。7月11日，由中国大洋矿产资源研究开发协会（以下简称"中国大洋协会"）、深圳市海 洋发展局、深圳市前海管理局等单位主办的"从深圳驶向深蓝从前海驶向深海：环球科考赋能全球海洋 中心城市建设暨深圳国际海洋创新研究院揭牌仪式"在深圳蛇口邮轮母港举行。陈大可、张偲、林间等 院士出席，来自政府、科研院校、机构、企业等近百名嘉宾见证。 活动上，中国大洋协会、市海洋发展局、市前海管理局签署战略合作框架协议，三方将共建深圳国际海 洋创新研究院"七中心+两平台"，布局落地深海科创平台等高水平创新载体；举行中国大洋协会深圳国 际海洋创新研究院、深圳海洋大学（筹）前海海洋产学研基地、印度洋国际海洋青年学者联盟、全球中 小学海洋素养联盟等重点海洋项目揭牌仪式。 据悉，活动当天下午，i3航次的执行船舶"向阳红10"号面向深圳市中小学生开放参观，学生们登上科考 船，近距离接触海洋探测设备，感受海洋科考的科技魅力。 （文章来源：深圳商报） 中国大洋协会理事长张占海表示，深圳国际海洋创新研究院将聚焦新技术、新材料研发成果转化为新 ...

Core Viewpoint - The Ministry of Finance has issued a notification to guide state-owned commercial insurance companies towards long-term stable investments and to enhance the long-cycle assessment of their performance, adjusting the evaluation metrics for operational efficiency [1][2][3] Group 1: Performance Evaluation Adjustments - The notification changes the assessment method for "return on net assets" from a combination of "3-year cycle indicator + current year indicator" to "current year indicator + 3-year cycle indicator + 5-year cycle indicator," with respective weights of 30%, 50%, and 20% [1] - The evaluation of the "capital preservation and appreciation rate" is also modified to include a combination of "current year indicator + 3-year cycle indicator + 5-year cycle indicator," maintaining the same weight distribution [1] Group 2: Asset and Liability Management - State-owned commercial insurance companies are required to enhance their asset-liability management, focusing on matching the structure, cost-benefit, and cash flow of assets and liabilities [2] - The notification emphasizes the importance of stable growth in owners' equity and the preservation and appreciation of state-owned financial capital through prudent investment strategies [2] Group 3: Long-term Investment Strategy - The notification encourages a focus on long-term, value, and stable investments, aiming to identify high-quality investment targets that offer steady returns and manageable risks [2][3] - It aims to ensure that state-owned commercial insurance companies play a significant role in stabilizing the capital market and supporting high-quality development of the real economy [2][3] Group 4: Impact on the Insurance Sector - The notification is seen as a commitment from the finance authorities to enhance the role of state-owned commercial insurance companies as economic stabilizers and to promote high-quality development [3] - It aims to align with the central financial office's directives to increase the supply of long-term capital in the capital market, thereby fostering a stable and healthy market environment [3]

Core Viewpoint - The article discusses the recent policy changes by the Ministry of Finance aimed at guiding insurance funds towards long-term stable investments, enhancing the performance evaluation of state-owned commercial insurance companies over longer periods [2][4]. Group 1: Background - The policy environment for "long money long investment" has been optimized, with a focus on promoting the entry of medium- and long-term funds into the market. Recent measures have been introduced to address the bottlenecks in long-term investment by insurance funds [3][4]. - A series of targeted measures have been implemented this year, including increasing the proportion and stability of commercial insurance funds' investments in A-shares and expanding the range and scale of long-term stock investment pilot institutions [3][4]. Group 2: Policy Changes - The new notification adjusts the assessment of "net asset return rate" from an annual basis to a combination of a 3-year cycle (50% weight) and the annual indicator (50% weight), promoting long-term stable operations [5]. - The assessment of "capital preservation and appreciation rate" has also been changed to a combination of annual, 3-year, and 5-year indicators, with weights of 30%, 50%, and 20% respectively, aligning with the changes made to the "net asset return rate" [6]. Group 3: Impact - The long-cycle assessment system is expected to facilitate the entry of insurance funds into the market, allowing long-term capital to smooth out short-term market fluctuations and increase market participation [7]. - In a low-interest-rate environment, the overall investment yield of insurance funds has been declining, making it essential to increase equity investment ratios to enhance investment yield elasticity and mitigate pressure on interest rate spreads [7].