Core Viewpoint - The article emphasizes that the primary function of participating whole life insurance (增额寿险) is wealth transfer rather than providing retirement income, suggesting that individuals should not rely on it for pension needs [1][3]. Group 1: Core Positioning of Participating Whole Life Insurance - The main purpose of participating whole life insurance is to ensure that the death benefit can withstand inflation, making it suitable for families looking to leave a stable asset for their descendants [1]. - The article compares participating whole life insurance to a family treasure chest, where the principal is stored and grows with interest over time, ultimately benefiting heirs [1]. Group 2: Comparison with Pension Annuities - A comparison between the top participating whole life insurance product (复星保德信星盈家) and a professional pension annuity (国华人寿乐享丰泰) shows that the latter provides significantly better cash flow for retirement [5]. - Key data indicates that before age 65, the cash value of the pension annuity consistently exceeds that of the participating whole life insurance, allowing for better access to funds when needed [5][6]. - After retirement begins, the cash value of the participating whole life insurance diminishes significantly compared to the pension annuity, which guarantees a fixed annual payout [6]. Group 3: Longevity and Retirement Planning - The article warns against underestimating longevity in retirement planning, emphasizing that relying on average life expectancy can be misleading [8][9]. - It highlights that advancements in medicine may increase the likelihood of living longer, making it crucial to have a reliable source of retirement income rather than depending on the cash value of a life insurance policy [9]. Group 4: Distinction Between Wealth Transfer and Retirement Income - Participating whole life insurance is likened to a "treasure chest" for wealth transfer, while pension annuities are described as a "money tree" providing consistent income during retirement [10]. - The article stresses that these two financial tools serve different purposes and should not be confused; wealth transfer should be managed with participating whole life insurance, while retirement income should be secured with pension annuities [10].

今年4月，海南省市场监管局依据《中华人民共和国反不正当竞争法》第八条第一款和第二十条第一 款、《中华人民共和国行政处罚法》第二十八条第一款的规定，并综合裁量案件情节，依法作出责令当 事人停止违法行为，并处罚款200万元、吊销营业执照的行政处罚。 经查，海南聚广众达电子商务咨询有限公司（以下简称当事人）自2024年6月起在直播间推销其网络平 台开店课程。当事人在进行直播宣传时，打造女主播虚假人设，称其具有丰富的履历，并承诺一个月内 赚不回学费就全额退款。但其实际幕后直播人员是当事人随机指定的一名男员工且履历为虚构，全额退 款承诺也无法兑现。当事人在推介过程中，频繁使用虚假的学员成功案例截图及现场办公照片，诱导购 买培训课程。用户购买当事人培训课程后，并未达到当事人所宣传的效果，涉及举报数量和投诉金额巨 大。 "市说新语"微信公众号7月8日消息，为加强直播电商监管，综合整治"内卷式"竞争，保护广大消费者和 经营者合法权益，各级市场监管部门依法履职尽责，近期查办了一批直播电商领域典型案例。为引导直 播电商经营主体依法合规经营，震慑违法违规行为，共同营造网络交易良好生态，现选取一批典型案例 予以公布。 一、海南省市场 ...

7月6日,华安保险河南分公司以"爱和责任 保险让生活更美好"为主题,组织员工在郑州蝶湖公园开展"7.8 保险公众宣传日"健步走活动,通过健康向上的运动方式传递保险温度,助力提升社会公众风险防范意识。 195 4 安保 明 1200 ar 11 1 FL A WALL ACB A as 16 当日早晨,全体员工齐聚在公园,正式拉开健步走活动的帷幕,大家沿着蝶湖公园步道有序前行,全程3.5公 里的路线,不仅让大家享受运动乐趣,更在湖光绿意间感受自然之美。大家也在沿途积极开展公众宣传,党 员干部们勇当先锋,向市民讲解党史知识,并用通俗的语言讲解保险保障功能、防范金融诈骗技巧,同时普 及金融惠民政策,将专业的保险服务和红色基因"送"进群众心坎里,用实际行动诠释保险行业的"爱与责 任"。 ...

Industry Investment Rating - The industry investment rating is maintained at "Outperform" [1] Core Insights - The report discusses the impact of deposit rate adjustments on banks, indicating that the adjustments have a limited impact on financial outflows [4][7] - The establishment of a market-oriented deposit rate adjustment mechanism aims to align deposit rates with market rates, thereby reducing banks' funding costs and facilitating lower loan rates [14][17] - The report highlights a significant shift in deposit structures due to regulatory changes, with a notable migration of deposits from large banks to smaller banks and non-bank financial institutions [6][37] Summary by Sections 1. Reasons for Deposit Rate Adjustments - The adjustments are aimed at promoting interest rate marketization and improving policy transmission, breaking the rigid link between deposit rates and benchmark rates [4][14] - The adjustments are expected to lower banks' funding costs, which constitute over 70% of their liabilities, thereby creating room for loan rate reductions [17][18] 2. Review of Past Adjustments - Historical adjustments include the reduction of structured deposits from CNY 15.4 trillion to zero between 2019 and 2020, and the optimization of deposit rate ceilings in June 2021 [5][22] - The establishment of a market-oriented adjustment mechanism in April 2022 has led to multiple rounds of deposit rate reductions, with long-term deposit rates decreasing more than short-term rates [23][24] 3. Market Impact Review - The report notes that during the initial adjustment phases, there was a significant outflow of structured deposits to wealth management and insurance products [6][37] - The adjustments have generally resulted in a shift of deposits from large banks to smaller banks, as well as a migration towards wealth management and insurance products [6][37] 4. Future Outlook and Investment Recommendations - The report anticipates a significant volume of maturing fixed-term deposits in the third quarter, with potential outflows to non-bank institutions [7] - It suggests focusing on banks that may benefit from reduced funding costs and improved net interest margins, highlighting specific banks such as Bank of Communications and Chongqing Bank as potential investment targets [7]

7月4日，格隆汇2025中期策略峰会在深圳重磅召开。 会上，东方财富证券研究所副所长、首席策略官陈果发表题为《2025下半年中国资本市场展 望：更上一层楼》的主题演讲，分享了下半年值得关注的利好事件及投资方向，为峰会注入专 业洞察与前瞻视角。 下半年的市场：更上一层楼 01 陈果认为，"更上一层楼"简单来说有两层含义： 第一，今年上半年中国股市表现还算不错，从指数来看，下半年主要指数有望创出新高。 第二，要在市场中获取较好收益，视野需要"更上一层楼"。不仅需要考虑当前的盈利，也要具 备全球宏观视野，才能更好把握中国股市的重估牛。 若要真正把握投资机会，需要围绕变革展开。有些慢变量对市场来说并不是主要变量。 他表示， 看待中国市场 ，总体上应该循着这样一个排序来看：港股-A股-经济-地产。 他认为，在本轮布局中更应具备全球化视野，关注全球资金流向与市场比较，全球产业趋势以 及中国企业的国际化。至于下半年走势，站在全球的角度来讲，包括港股市场与A股市场在 内，依然还是价廉物美的——同样的盈利增速下，其估值水平更低，其中港股市场优势更为明 显。 陈果强调， 更重要的是，估值 环境仍 将保持有利 。 我们才刚刚进入弱 ...

报告导读： 无触不成手，触觉传感器为通用人形机器人硬件侧的关键瓶颈，未来具备从手 部向全身渗透潜力，成长空间巨大。 扫码关注 星标不迷路 国泰海通证券研究所官方公众号 海量研报 | 热门活动 | 视听 内容 投资建议： 执行通用任务的机器人要求心灵手巧，灵巧手为人形机器人落地的硬件侧核心，无触不成手。 触觉传感具备从手指向全身渗透的潜力，当人形机器人年产量至 1 亿台，触觉传感或迎万亿蓝海。重点推 荐触觉传感器行业。 触觉传感百家争鸣，多技术路线融合的平台公司更具竞争力。 触觉传感技术路线众多，单一路线均存在性 能与成本端瓶颈。当前国内产业落地端电容与磁电霍尔效应占优，未来或为多技术路线融合取长补短。触 觉传感绝大部分玩家尚未上市，按主流技术路线大致分为压阻、电容、磁电霍尔效应、视触觉四类；按背 景大致分为上游材料企业、传感器老牌公司、探索前沿路线的初创企业、下游应用企业四类。适配机器人 的柔性触觉传感器的生产需要材料、制造与算法端复合能力，切入壁垒较高。此外柔性触觉传感器未来或 朝阵列化、多模态融合、边缘计算和自供电等方向发展。 人形机器人应用方兴未艾，触觉传感或迎万亿蓝海。 根据 VMR 数据，全球触觉传 ...

7月6日，2025（第42 届）全国医药工业信息年会上，好医生集团"诠释中药科学内涵 推动新药研发"项目从全国医药企业中脱颖而出，荣获"2025 年中国医 药工业企业社会责任优秀案例"，39年守正创新发展中医药的责任感和使命感获得高度认可。 这些成果背后是强大的知识产权支撑，好医生集团现拥有注册商标2000多件，好医生集团已累计获得 460 项国家授权专利，6个原始一类新药均拥有国际 PCT 专利，承担 70 余项国家级科研课题。先后荣获国家专利奖、中华中医药学会科技进步一等奖、科技部华夏科技奖一等奖、四川省科技进步一等奖、四 川省专利二等奖等科研创新荣誉。 带着强烈的社会责任感，在科研创新的同时，好医生集团始终践行着"关爱大众健康"的使命。近年来，集团联合编制出版了美洲大蠊和康复新液系列丛书， 让更多人可以深入了解美洲大蠊的药用功效。该系列丛书由《中药美洲大蠊大全》《康复新液临床研究与应用》《康复新液临床研究与应用（普及版）》 《药用美洲大蠊基因组学研究》《药用美洲大蠊基因成分研究》等组成。尤其是《康复新液临床研究与应用（普及版）》一书，将专业的医学理论转化为通 俗易懂的科普内容，有效打破了医学知识的壁垒， ...

Core Viewpoint - The 2025 "7·8 National Insurance Publicity Day" emphasizes the theme "Love and Responsibility: Insurance Makes Life Better," aiming to cultivate a trustworthy and warm image of the insurance industry in China [1][4]. Group 1: Event Overview - The event is organized by the China Insurance Industry Association under the guidance of the National Financial Regulatory Administration, focusing on promoting a unique Chinese insurance culture [1][4]. - A set of six thematic posters was released, showcasing various aspects of the insurance industry and the event's theme [1]. Group 2: Industry Participation - Insurance institutions are encouraged to integrate activities related to consumer rights protection, prevention of illegal financial activities, and financial literacy during the publicity day [4]. - China Life Insurance Company utilized diverse online and offline promotional activities to highlight the insurance industry's role as an economic stabilizer and social stabilizer, enhancing public welfare [5]. - Various insurance companies, including ZhongAn Insurance, launched inclusive products and services, engaging with communities and businesses to improve service quality [6].

Core Viewpoint - The 2025 China (Guangzhou) International Building Decoration Expo has commenced, showcasing the significant presence of the brand Meixin Doors, which has received the "Dream Builder" title, highlighting its industry contributions and brand strength [1][2]. Group 1: Event Highlights - The expo opened on July 8, 2025, in Guangzhou, attracting over 1,000 professional visitors and partners to Meixin Doors' booth on the first day [1]. - Meixin Doors was awarded the "Dream Builder" title, recognizing its long-standing commitment to quality and innovation in the door industry [2][4]. Group 2: Brand Philosophy and Design - The exhibition theme "Mountain Water, True Heart, Song Style Rebirth" reflects Meixin Doors' brand philosophy, showcasing a blend of traditional aesthetics and modern design [6]. - The booth design features a tranquil color palette and flowing lines, embodying the essence of Eastern aesthetics and the philosophy of "Mountain Water, True Heart" [6]. Group 3: Product Innovation - Meixin Doors integrates advanced technology into its products, including smart entry doors with advanced recognition systems, eco-friendly materials for indoor doors, and soundproof doors utilizing effective noise reduction technology [8]. - The combination of traditional elegance and modern technology aims to enhance quality living environments [8]. Group 4: Market Response - The initial response from visitors has been overwhelmingly positive, with attendees praising the unique cultural essence and meticulous attention to detail in Meixin Doors' offerings [10]. - The strong interest from both consumers and distributors indicates a promising outlook for collaboration and market expansion during the ongoing expo [10].

活动仪式上，张友道致辞强调，保险业作为经济"减震器"和社会"稳定器"，需持续强化公众风险意识， 提升服务质效。他勉励全行业以"7.8"活动为契机，深化创新实践，更加主动积极地做好金融五篇大文 章，为山东高质量发展注入保险动能。 在第十三个"7.8全国保险公众宣传日"到来之际，为践行"爱和责任 保险让生活更美好"理念，在国家金 融监督管理总局山东监管局指导下，山东省保险行业协会联合山东省保险学会、济南市银行保险业协 会，于7月8日上午在济南泉城公园成功举办山东保险业2025绿色健步走暨科普市集活动。山东金融监管 局一级巡视员张友道、山东省保险行业协会专职副会长赵文和、济南市银行保险业协会专职副会长张夫 贵以及省市协会会长、副会长单位负责人和各省市保险公司代表500余人参加活动。通过"运动+科普"的 创新形式，展现保险业责任担当，推动保险知识深入人心。 上午9时，随着发令旗挥动，健步走队伍迈开步伐，泉城公园主干道上"责任行天下""诚信行天下"等旗 帜迎风招展，参与者以昂扬姿态诠释保险人"守护美好生活"的初心。 公园广场同步开设的30个公益展位成为知识传播主阵地。人保财险、太平洋财险、中国人寿等机构围 绕"保险功能 ...