7月11日，财政部印发《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》(以下简称《通知》)，明确国有商业保险公司全面建立三年以上长周期考核机制，并要求其提高资 产负债管理水平，注重稳健经营，增强投资管理能力。 今年1月份，中央金融办、证监会、财政部等六部委联合印发《关于推动中长期资金入市工作的实施方 案》提出，对国有保险公司经营绩效全面实行三年以上的长周期考核，净资产收益率当年度考核权重不 高于30%，三年到五年周期指标权重不低于60%，以引导保险公司加大A股投资力度。 中国社会保障学会副会长兼养老金分会会长、浙江大学国家制度研究院副院长金维刚接受《证券日报》 记者采访时表示，考核周期延长，将对保险资金的投资理念、投资风格和投资特点产生正向激励作用， 有利于提升险资权益投资稳定性和积极性，鼓励险资价值投资、长期投资，成为稳定资本市场的重要力 量，增强市场的活力和韧性。 此次《通知》进一步将净资产收益率由"当年度指标+三年周期指标"调整为"当年度指标+三年周期指标 +五年周期指标"，权重分别为30%、50%、20%；同时将资本保值增值率由"当年度指标"调整为"当年度 指标+三年周期指 ...

这 $PUMP 有种马上要高考的感觉几百个名师猜题攻略看了 100 遍 ...

而是， 从 四个指标来考察： 第一，创业者要好。 以下文章来源于i黑马 ，作者i黑马 i黑马 . 让创业者不再孤独@i黑马 吴世春 梅花创人、黑马加速导师 我们看一个项目，不会只看单一的指标。 总结一下：就是人、事、时、值，四合一。 8月24日-26日，我将带大家走进四川泸州，探寻下沉市场新机会。 一起发现空天产业，新消费，军工科技等，如何在西南边陲小城异军突起。 活动详情如下 ↓↓↓ 第二，赛道要对，要有红利，符合趋势。 第三，时间点要对，要在拐点上面。 第四，它的估值和倍数一定要合理。 ...

Core Insights - The tourism industry in Sichuan is experiencing a surge in demand due to the post-examination travel trend among students, with a reported 88% increase in bookings for travel products after the college entrance examination [1] - Sichuan province has launched a summer cultural and tourism consumption season, offering 65.65 million yuan in vouchers and discounts for students, enhancing the attractiveness of the region as a travel destination [1] Group 1: Tourism Trends - The peak travel period for family tourists is expected to occur from mid-July to mid-August, coinciding with the summer vacation following the examination results [1] - Popular travel experiences among graduates include theme parks, cultural venues, and events such as concerts and music festivals, indicating a shift towards emotional and unique experiences [1][2] Group 2: Innovative Experiences - Sichuan's tourism destinations are introducing innovative experiences tailored to young people's preferences, such as VR archaeological experiences at the Sanxingdui Museum and immersive digital exhibitions at the Dongjiao Memory Art District [2] - The integration of cultural and ecological themes in tourism, such as exploring panda habitats and traditional cultural experiences, is gaining popularity among families and young visitors [2] Group 3: Events and Activities - A variety of events, including concerts and sports competitions, are scheduled in Sichuan this summer, encouraging tourists to travel in conjunction with these events [3] - The upcoming Chengdu Cactus Music Festival is expected to attract significant attendance, with nearly 70,000 people expressing interest on ticket platforms [2][3]

Core Viewpoint - The "Deep Blue Dream 2035" initiative is launched to promote global marine scientific research through public participation, aiming to enhance marine science discovery, technology innovation, and public marine literacy, contributing to the construction of a marine community with a shared future [1][3]. Group 1: Initiative Overview - "Deep Blue Dream 2035" is China's first global marine scientific expedition involving public participation, focusing on connecting science, industry, and the public [3]. - The initiative aims to build a high-level international platform for marine scientific research, technological innovation, public education, and international cooperation over the next ten years [3][4]. - The initiative's goals include significant scientific discoveries, advanced technology applications, and the cultivation of outstanding talents for sustainable global marine development [3][4]. Group 2: Pilot Action and Achievements - The pilot action, "Deep Blue Intelligent i³ Expedition," led by Southern University of Science and Technology, successfully completed its scientific tasks and arrived at Shenzhen on July 11 [4]. - The i³ Expedition conducted a five-day trial in the northern South China Sea, testing various unmanned scientific equipment in a collaborative manner [6]. - The expedition aimed to address technical bottlenecks for future unmanned equipment applications, achieving a significant milestone in collaborative operations of different unmanned devices [9]. Group 3: Educational and Collaborative Efforts - The i³ Expedition included educational outreach, allowing middle school students and parents to participate and learn about marine science [9]. - The "Shenzhen International Marine Innovation Research Institute" was inaugurated, with strategic cooperation agreements signed among key organizations to support marine innovation development [11]. - Three platforms were established to integrate technology, talent, and industry, contributing to the construction of a global marine center city [11].

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial sector [1]. Core Insights - The recent notification from the Ministry of Finance emphasizes the importance of long-term assessments for state-owned commercial insurance companies, aiming to enhance their stable operation and increase their market participation [1][3]. - The adjustment in the assessment criteria for net asset return rates and capital preservation rates aims to encourage long-term investment strategies among insurance companies [3][4]. - The report highlights that the long-cycle assessment will help alleviate the impact of short-term market fluctuations on performance, thereby increasing the willingness of insurance funds to enter the market [8][9]. Summary by Sections Background - The regulatory environment is being optimized to promote long-term investments, with a series of measures introduced to address the barriers faced by insurance funds in making long-term investments [2]. - Key measures include increasing the A-share investment ratio and stability of commercial insurance funds, as well as simplifying the regulatory ratios for equity assets [2]. Content - The assessment weight for the 3-5 year cycle has been raised to 70%, with the new evaluation method combining annual, 3-year, and 5-year indicators [3][4]. - The notification introduces a new assessment requirement for the preservation and appreciation rate of state-owned capital, aligning it with the assessment method for net asset return rates [4]. Impact - The long-cycle assessment system is expected to facilitate the entry of insurance funds into the market, particularly in a low-interest-rate environment, which has been squeezing profit margins for insurance companies [8][9]. - Increasing the proportion of equity investments is anticipated to enhance the investment yield elasticity for insurance companies, thereby providing a buffer against interest margin losses [9]. Investment Recommendations - The report suggests that despite potential pressures on new business growth, the ongoing optimization of product structures and the increase in floating income products will support the net profit value (NBV) [15]. - It recommends specific insurance stocks that are likely to benefit from these trends, including New China Life Insurance, China Life Insurance, and China Pacific Insurance [15].

Group 1 - The minimum admission score for the Shanghai Customs College in the physics category in Jiangsu Province for the 2025 college entrance examination is 657, ranking 2618th, which is higher than the 2024 Shanghai Jiao Tong University Medical School's admission rank of 2662, attracting social attention [1] - The Shanghai Customs College has a high probability of students successfully passing civil service examinations, with the admission rate for civil servants significantly exceeding the social average [1] - The choice of candidates to pursue ordinary undergraduate colleges with good employment prospects over prestigious universities is seen as a rational decision, emphasizing the importance of aligning choices with personal interests, abilities, and long-term career development plans [1][2] Group 2 - There is a debate on whether students' choices are pragmatic or overly utilitarian, highlighting the need for students to make their own decisions rather than being influenced by parental expectations [2] - The misalignment of students' educational choices with their career aspirations is noted, with many students pursuing general education when they aim for employment, leading to structural employment difficulties in the job market [3] - A clear understanding of career goals is essential for students when selecting universities and majors, as focusing solely on civil service examinations may limit broader employment opportunities [3]

保险公司长周期考核进一步加强。 7月11日，财政部印发《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，下称《通知》），自印发之日起施行。 此次考核方式的变化主要体现在三个方面：一是考核周期进一步拉长，新增5年周期指标考核。二是当年指标 在考核中所占权重降低、长周期指标所占权重更大，当年度指标权重从50%降至30%，而5年和3年指标所占 权重合计达到70%。三是在对"净资产收益率"长周期考核的同时，对"国有资本保值增值率"也同样实施长周期 考核。 据券商中国记者了解，继2023年首次对国有商业保险公司经营效益采取长短结合的考核方式后，财政部在对 行业征求意见的基础上，进一步加强长周期考核，受到保险机构欢迎。 三大变化：考核周期更长、当年权重降低、"国有资本保值增值率"也长期考核 本次财政部《通知》的核心内容，是将国有商业保险公司经营效益类绩效评价指标"国有资本保值增值 率"和"净资产收益率"，调整为"5年周期+3年周期+当年度"相结合的考核方式。其中，5年、3年、当年指标所 占的权重分别为20%、50%、30%。 长期以来，长期负债特性与短期考核，成为掣肘 ...

Core Viewpoint - The Ministry of Finance has issued a notification to guide state-owned commercial insurance companies towards long-term stable investments, adjusting the long-cycle assessment indicators to enhance their role as market stabilizers and economic development boosters [1][4]. Group 1: Long-Cycle Assessment Adjustments - The net asset return rate assessment has been changed from a "three-year cycle + annual indicator" to an "annual indicator + three-year cycle + five-year cycle," with respective weights of 30%, 50%, and 20% [2][4]. - The capital preservation and appreciation rate assessment has been modified from an "annual indicator" to an "annual indicator + three-year cycle + five-year cycle," also with weights of 30%, 50%, and 20% [2][3]. Group 2: Impact on Investment Behavior - The establishment of a long-cycle assessment mechanism is expected to increase the tolerance of insurance funds for short-term market fluctuations, encouraging a higher allocation to A-shares and promoting stable long-term returns [1][3]. - The stable investment behavior of insurance funds will enhance the inherent stability of the capital market, reduce market volatility, and improve the investment ecosystem, thereby attracting various types of capital [1][5]. Group 3: Asset-Liability Management and Investment Strategy - State-owned commercial insurance companies are required to improve asset-liability management, optimize asset allocation, and reasonably determine equity investment ratios to balance investment returns and risks [3][6]. - The focus should be on long-term, value, and stable investments, enhancing internal long-term assessment mechanisms and investment portfolio management to identify quality investment targets with stable cash flow returns [3][6]. Group 4: Market Context and Future Outlook - As of the end of 2024, the balance of commercial insurance fund utilization is expected to reach approximately 33 trillion yuan, indicating significant room for increasing the proportion of A-share investments [4]. - The long-cycle assessment mechanism is viewed as a key measure to enhance the stability and positivity of various funds' stock investments, potentially leading to a substantial influx of long-term capital into the market [5][6].

Core Points - The Ministry of Finance has issued a notice to guide state-owned commercial insurance companies towards long-term stable investments and to enhance the assessment of their operational efficiency over longer periods [1][2] - The notice adjusts the evaluation metrics for return on equity (ROE) and capital preservation and appreciation rates, incorporating a five-year assessment alongside annual and three-year metrics [1][2] Group 1: Adjustments in Assessment Metrics - The return on equity (ROE) assessment will now include annual, three-year, and five-year metrics with respective weights of 30%, 50%, and 20% [1] - The capital preservation and appreciation rate will also shift to include annual, three-year, and five-year metrics, maintaining the same weight distribution [1] Group 2: Investment Management and Strategy - State-owned commercial insurance companies are required to enhance asset-liability management, focusing on matching the structure, cost-benefit, and cash flow of assets and liabilities [2] - The companies should prioritize stable operations, long-term investments, and value investments while improving internal assessment mechanisms and investment portfolio management [2] - There is an emphasis on identifying high-quality investment targets that offer stable returns and potential for appreciation, thereby supporting the high-quality development of the real economy [2] Group 3: Policy Context and Trends - Recent policies have been aimed at addressing the "long money short investment" phenomenon, with a focus on long-term performance assessments for state-owned insurance companies [3] - The implementation plan from various financial authorities emphasizes a long-cycle assessment of at least three years for the performance of state-owned insurance companies, with a significant weight on longer-term metrics [3]