Core Viewpoint - The article highlights the significant transformation and rising popularity of vocational education in China, particularly in the context of the 2025 admissions cycle, where vocational colleges are increasingly seen as viable and attractive options for students, challenging traditional perceptions of vocational education as inferior [1][4][12]. Group 1: Vocational Education Development - By 2025, the number of vocational colleges at the undergraduate level has reached 87, with plans to expand the "New Double High Plan" to 220 institutions, indicating a steady improvement in the quality of vocational education [1][4][6]. - Vocational colleges are becoming essential in supplying skilled workers, with over 70% of new employees in modern manufacturing and emerging industries coming from vocational school graduates [1][9]. - The trend of "upgrading from vocational to undergraduate" is emerging, where some undergraduate students are returning to vocational schools to gain practical skills, reflecting a shift in the perception of vocational education [4][12]. Group 2: Quality and Integration - The "New Double High Plan" aims to enhance the quality of vocational education by promoting high-level vocational schools and integrating education with industry needs [6][9]. - Vocational education is increasingly focusing on research and technology transfer, moving beyond just skill teaching to include applied research, which aligns with industry demands [10][11]. - The integration of vocational education with industry is crucial, as it ensures that the skills taught are relevant to current job market needs, thereby improving employability for graduates [9][10]. Group 3: Student Attraction and Perception - The admission scores for vocational colleges are rising, with some institutions attracting high-scoring students, indicating a shift in perception and increasing competitiveness [1][12]. - The establishment of a dedicated vocational examination system is being proposed to further legitimize vocational education and attract more students [13][14]. - The article emphasizes the need to break down societal biases against vocational education, promoting it as a legitimate and valuable educational pathway [1][7][12].

股票代码：600116 股票简称：三峡水利 编号：临 2025-030 号 重庆三峡水利电力（集团）股份有限公司 第十届董事会第三十次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 重庆三峡水利电力（集团）股份有限公司第十届董事会第三十次会议通知及 会议材料以网络传输的方式于 2025 年 7 月 4 日发出。2025 年 7 月 10 日，会议 在重庆市渝北区金开大道 99 号升伟晶石公元 11 栋 4 楼会议室以现场结合通讯方 式召开，应到董事 13 人，亲自出席会议董事 13 人，公司全体监事和部分高级管 理人员列席了会议。会议的召开符合《公司法》和《公司章程》等有关规定，会 议由董事长谢俊主持。 二、董事会会议审议情况 会议审议通过了以下事项： 表决结果：同意 11 票，回避 2 票，反对 0 票，弃权 0 票。 根据公司《高级管理人员薪酬与考核管理办法》等规定，结合公司 2025 年 度经营发展目标，会议审议通过了《2025 年度绩效责任书》。 表决结果：同意 13 票，回避 0 ...

Core Viewpoint - The introduction of a long-cycle assessment mechanism for state-owned insurance funds represents a significant institutional breakthrough aimed at promoting long-term stable investments and addressing the historical issue of "long money, short investment" [1][8][10]. Summary by Relevant Sections Long-Cycle Assessment Mechanism - The new assessment method for net asset return and capital preservation has been adjusted to include annual, three-year, and five-year indicators with respective weights of 30%, 50%, and 20% [3][4]. - This change aims to encourage state-owned commercial insurance companies to focus on long-term returns and mitigate short-term behaviors, thereby facilitating high-quality development [3][10]. Management Improvement Requirements - The Ministry of Finance has outlined three key requirements for state-owned commercial insurance companies: 1. Enhance asset-liability management to optimize asset allocation and ensure stable growth of equity and capital preservation [6]. 2. Emphasize prudent operations by improving internal long-term assessment mechanisms and identifying quality investment targets [6]. 3. Strengthen investment management capabilities through improved internal investment management systems and risk assessment frameworks [6][12]. Institutional Breakthrough - The implementation of the long-cycle assessment mechanism is seen as a crucial institutional breakthrough that will enable insurance funds to establish a comprehensive three-year or longer assessment framework [8][11]. - This policy is a continuation of previous initiatives aimed at facilitating insurance capital's entry into the market, thereby enhancing the stability and sustainability of capital market investments [10][15]. Investment Opportunities - The adjustment in the assessment mechanism is expected to increase the willingness of insurance funds to invest in the stock market, particularly in large-cap blue-chip and high-dividend assets [14][17]. - The potential for insurance funds to allocate an additional 1% of their assets to stocks could inject approximately 350 billion yuan into the market, enhancing market liquidity and stability [17]. - The focus on long-cycle assessments will likely improve the investment capacity of insurance funds in strategic emerging industries such as technology and advanced manufacturing [17].

又一利好市场的重磅政策出台。今日财政部印发《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》（下称《通知》），引发资管机构热议。 制度之利 利在长远 怎样才能推动中长期资金入市，让资本市场更好地为利各方？ 在机构人士看来，制度的牵引和指导是关键。 在银华基金总经理王立新看来，此次财政部落实《关于推动中长期资金入市工作的实施方 案》，印发《通知》，推动保险资金全面建立三年以上长周期考核机制，是一项很重要的制度 性突破。 "保险资金来源稳定，偿付周期长，长周期考核机制建立后，有助于降低保险资金对市场短期 波动的敏感性，敢于加大A股投资比例，并保持相对稳定，有望通过长期投资获取可观回报。 同时，保险资金投资行为的稳定，也将有效提高资本市场内在稳定性，有助于降低市场波动， 大幅优化资本市场投资生态，提升对各类资金的吸引力，强化资金与市场的良性互动。"王立 新表示。 广发证券认为，本次《通知》的出台，是对前期一系列推动保险资金入市政策的延续和落实， 为充分发挥保险资金长期投资的优势、实现"长钱长投"提供了制度保障。今年来，金融监管总 局等部门积极支持保险资金入市，上调部分保险公司权益类资产投 ...

作者 | 第一财经 周斌 时隔近两年，国有险企中长期考核指标再度调整。 近日，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》 （下称《通知》），针对国有保险公司净资产收益率、资本保值增值率这两大关键指标的评价方式再度进 行调整，将三年、五年的长周期考核权重提升至70%。 业内普遍认为，推动保险资金全面建立三年以上长周期考核机制，是一个很重要的制度性突破。新规实施 有助于降低保险资金对市场短期波动的敏感性，提升险资入市意愿。同时，新规将引导险资的投资行为更 注重稳定，这将有效提升资本市场内在稳定性。 "长周期考核是提升各类资金股票投资稳定性和积极性的关键举措。" 银华基金总经理王立新对第一财经 表示，扩大长钱的入市规模，短期看，给市场带来大规模增量资金；长期看，将显著改善市场的资金结 构，增强市场韧性和抗风险能力，推动形成价值投资的市场氛围，巩固A股回暖向好的良好趋势。 南方基金对第一财经分析称，新规将从投资行为上引导保险资金更加注重稳健经营、长期价值投资，鼓励 险资投资"长期成长性企业"，更多通过战略投资、定增等方式参与上市公司，强化其长期影响力，促进上 市公司治理与质 ...

烟台中宠食品股份有限公司 第一章 总 则 第一条 为建立和完善烟台中宠食品股份有限公司（以下简称"公司"）非独立董事 和高级管理人员的业绩考核与评价体系，制订科学、有效的薪酬管理制度，实施公司的 人才开发与利用战略，公司董事会下设董事会薪酬与考核委员会（以下简称"薪酬委员 会"）， 负责制定董事、高级管理人员的考核标准并进行考核，制定、审查董事、高级 管理人员的薪酬政策与方案，并向董事会提出建议。 第二条 为规范、高效地开展工作，公司董事会根据《中华人民共和国公司法》 （以 下简称《公司法》）、《上市公司治理准则》等有关法律、法规和规范性文件及《烟台中 宠食品股份有限公司章程》（以下简称《公司章程》）的有关规定，制定本议事规则。 第三条 薪酬委员会所作决议，应当符合有关法律、法规、规范性文件、 《公司章程》 及本议事规则的规定。薪酬委员会决议内容违反有关法律、法规、《公司章程》或本议 事规则的规定的，该项决议无效。薪酬委员会决策程序违反有关法律、法规、《公司章 程》或本议事规则的规定的，自该决议作出之日起 60 日内，有关利害关系人可向公司 董事会提出撤销该项决议。 第二章 人员组成 第四条 薪酬委员会由三名 ...

Core Viewpoint - The issuance of the "Notice on Guiding Insurance Funds for Long-term Stable Investment" by the Ministry of Finance is a significant policy development aimed at enhancing the long-term investment capabilities of state-owned insurance companies, thereby stabilizing the capital market and supporting the real economy [6][8][10]. Group 1: Policy Impact - The establishment of a "three-year long-cycle assessment" mechanism for state-owned insurance funds is seen as a crucial institutional breakthrough that will introduce stable capital into the market and enhance its internal stability [6][9]. - The adjustment of the net asset return rate for insurance funds to include five-year indicators alongside annual and three-year indicators is expected to promote long-term investment behavior [8][10]. - The Ministry of Finance has set three requirements for state-owned commercial insurance companies: improving asset-liability management, focusing on stable operations, and enhancing investment management capabilities [8][10]. Group 2: Market Dynamics - The stable source of insurance funds and their long payout cycles will reduce sensitivity to short-term market fluctuations, allowing for increased investment in A-shares and potentially yielding substantial long-term returns [9][10]. - The implementation of this policy is viewed as a continuation of previous efforts to encourage insurance funds to enter the market, providing institutional support for long-term investment strategies [9][10]. - If insurance funds increase their equity asset allocation by just 1%, it could inject approximately 350 billion yuan into the market, significantly optimizing the capital structure [11][12]. Group 3: Long-term Benefits - The long-cycle assessment mechanism is expected to enhance the stability and proactivity of various funds in stock investments, promoting a shift from short-term to long-term value investment [14][16]. - The policy aims to align insurance funds with the development of new productive forces and national strategic transformations, thereby supporting high-quality economic growth [14][16]. - The involvement of more long-term funds, including insurance capital, is essential for the high-quality development of the capital market, which in turn positively impacts the value preservation and appreciation of insurance funds [16].

Core Viewpoint - The recent adjustment of long-term assessment indicators for state-owned insurance companies aims to promote stable and long-term investment behaviors, reducing sensitivity to short-term market fluctuations and enhancing the willingness of insurance capital to enter the market [1][2][3]. Group 1: Regulatory Changes - The Ministry of Finance issued a notice to adjust the evaluation methods for key indicators such as net asset return rate and capital preservation rate, increasing the weight of long-term assessments over three and five years to 70% [1][4]. - The assessment mechanism has shifted from focusing on three-year evaluations to incorporating five-year evaluations, which is expected to provide new momentum for long-term investments [3][4]. - The new regulations will lower the weight of annual performance indicators to 30% for the net asset return rate, with 50% for three-year and 20% for five-year indicators [4]. Group 2: Impact on Investment Behavior - The adjustments are expected to encourage insurance capital to focus on stable operations and long-term value investments, promoting strategic investments in growth-oriented companies [2][5]. - The long-term assessment mechanism is anticipated to enhance the tolerance of insurance companies for short-term market fluctuations, thereby increasing their allocation to A-shares [5][6]. - The changes are likely to improve the efficiency of market price discovery and resource allocation by guiding insurance companies to focus on long-term value extraction [5][6]. Group 3: Market Dynamics - Insurance capital has been increasingly entering the market, with significant growth in long-term equity investments, as evidenced by the approval of multiple pilot programs [6]. - The proportion of equity and long-term equity investments in property insurance companies has risen to 13.81%, while for life insurance companies, it has reached 16.70% [6]. - The optimization of solvency regulatory standards is expected to further enhance the willingness of insurance companies to invest in equities, providing sustainable capital for the transformation of the real economy [7].

Core Viewpoint - The recent issuance of the "Notice" by the Ministry of Finance aims to enhance the long-term assessment of state-owned insurance companies, promoting stable and sustainable investment of insurance funds in the capital market [1][4][8]. Group 1: Long-term Assessment Mechanism - The "Notice" adjusts the evaluation of net asset return rates from "annual indicator + three-year indicator" to include a five-year indicator, with respective weights of 30%, 50%, and 20% [5][9]. - The capital preservation and appreciation rate will also be evaluated similarly, aiming to reduce the impact of market volatility on annual performance evaluations [5][9]. - The long-term assessment mechanism is expected to encourage insurance companies to focus on long-term returns and mitigate short-term behaviors, thus facilitating high-quality development [5][8]. Group 2: Investment Management and Operational Improvement - The "Notice" requires state-owned insurance companies to enhance asset-liability management, ensuring better matching in terms of structure, cost, and cash flow [7][10]. - It emphasizes the importance of prudent operations and the need for improved investment management capabilities, including strict adherence to internal investment management systems and risk assessment processes [7][10]. - The focus on long-term investment is anticipated to strengthen the role of insurance funds as stable capital in the market, supporting the high-quality development of the real economy [10][11]. Group 3: Market Impact and Future Outlook - As of the end of 2024, the total investment balance of commercial insurance funds is projected to reach approximately 33 trillion yuan, with only about 11% allocated to A-shares, indicating significant room for growth [3][9]. - The adjustment in the assessment mechanism is expected to enhance the willingness of insurance funds to enter the market, potentially bringing in an additional 350 billion yuan if a 1% increase in stock allocation occurs [9]. - The long-term assessment is likely to improve the efficiency of market price discovery and resource allocation, as evidenced by the successful practices of social security funds [9].

Core Viewpoint - The Ministry of Finance issued a notification to enhance long-term assessments for state-owned commercial insurance companies, emphasizing the importance of long-term investment strategies and aiming to improve the quality of capital market development [1][3][11]. Group 1: Long-term Assessment Mechanism - The notification increases the weight of long-term assessments for key indicators such as net asset return rate and capital preservation and appreciation rate to 70%, with specific weights of 30% for the current year, 50% for three years, and 20% for five years [3][11]. - This adjustment aims to encourage state-owned insurance companies to focus on long-term returns and mitigate short-term performance pressures, thereby promoting high-quality development [3][11]. Group 2: Management and Investment Capabilities - The notification requires state-owned insurance companies to enhance asset-liability management, focusing on matching the structure, cost, and cash flow of assets and liabilities to achieve stable growth of owners' equity [5]. - It emphasizes prudent operations and the need for improved internal assessment mechanisms, investment portfolio management, and the identification of quality investment targets to ensure stable long-term returns [5][6]. - The notification also calls for strengthening investment management capabilities, including adherence to internal investment management systems and enhancing decision-making and risk assessment processes [5][6]. Group 3: Market Impact and Future Outlook - The establishment of a long-term assessment mechanism is expected to increase the proportion of insurance funds invested in A-shares, which currently stands at approximately 11%, with a significant gap to the 25% policy ceiling [10]. - The long-term investment approach is anticipated to stabilize market fluctuations and enhance the overall investment environment, thereby attracting more capital into the market [6][10]. - The notification is seen as a continuation of previous policies aimed at promoting the entry of insurance funds into the market, providing a regulatory framework for long-term investment strategies [11][12].