● 本报记者 陈露 在宁波，出口信用保险帮助小微企业解决"有单不敢接"问题；在深圳，"保险+服务"模式为科创企业提 供知识产权风险解决方案；在北京，险资投资的科创基金为科创企业提供资金支持……近年来，保险业 从负债、投资两端双向发力，持续拓宽金融服务覆盖面，满足民营企业多元化的风险保障需求和资金需 求，在民营经济发展过程中发挥了重要作用。 专家认为，支持民营经济发展，既是推动经济社会高质量发展的必然要求，也是保险业自身发展的内在 需求。保险业要持续推动产品服务创新，应针对民营经济的特点，提供更具针对性的保险和风险管理方 案。 丰富产品体系 保险业积极创新保险产品，挖掘民营企业及员工的保险保障需求，提供差异化产品服务。比如，中国人 寿推出面向中小微企业客户的定制化产品"员福保"意外险组合产品等，为企业员工提供风险保障；大地 保险的"汽修保""装修保""舌尖保"等专属保险产品，满足汽车维修行业、装修类小微企业、餐饮小微企 业的特定保险需求；人保财险的出口特定合同信用保险、物流服务出口信用保险、小微企业出口信用保 险等产品，为外贸企业保驾护航。 比如，国寿财险表示，公司成立近70个科技保险支公司及专营团队，着力发展 ...

Core Viewpoint - The third batch of insurance fund long-term investment pilot programs is being approved, introducing new small and medium-sized insurance companies alongside larger firms, marking a significant shift in participation and investment models [1][2]. Group 1: Third Batch Pilot Program - The third batch of pilot institutions includes several small and medium-sized insurance companies, such as Zhonghui Life and bank-affiliated insurers like Nongyin Life and Jiaoyin Life, with asset sizes exceeding one billion [1]. - The Financial Regulatory Administration plans to approve an additional 60 billion yuan for the pilot program, increasing the total scale of long-term investment pilots to 222 billion yuan [3][4]. - The Honghu Fund Phase III, approved for 40 billion yuan, will focus on investing in well-governed, stable-operating, and dividend-paying large-cap blue-chip stocks [2][3]. Group 2: New Participation Models - The third batch introduces a new model where private fund managers manage third-party insurance funds, differing from previous batches where fund managers were from the same insurance system [2]. - Many small insurance companies lack their own asset management firms and prefer to invest in existing private funds established by other insurance asset management companies to benefit from the pilot program [2][3]. - This new model may enhance the efficiency and success rate of small insurance companies participating in the pilot, while also providing asset management firms with new business opportunities [3]. Group 3: Impact on the Insurance Industry - The long-term investment pilot aims to alleviate profit volatility for insurance companies and enhance equity investments, contributing to market stability and fostering a positive interaction between insurance funds and capital markets [4]. - The pilot program is seen as a means to address barriers to insurance capital entering the market, with accounting methods like equity method accounting and OCI helping to mitigate the impact of market fluctuations on insurance company profit statements [3].

Core Insights - UnitedHealth Group's shares are experiencing a significant decline, down 4.5% while the broader market indices are gaining [1] - The drop in UnitedHealth's stock is linked to Centene's announcement of pulling its full-year guidance due to poor data from its Affordable Care Act plans [2][3] Company-Specific Issues - Centene has revised its 2025 earnings per share (EPS) target down from $7.25 by $2.75, with analysts suggesting it could be cut by as much as half [2] - UnitedHealth is facing multiple challenges, including a Department of Justice investigation for fraudulent billing practices in its Medicare division [5] - An investigative report indicates that UnitedHealth has been making secret bonus payments to nursing homes to avoid hospital admissions, raising ethical concerns [5] Industry Context - The insurance industry is currently experiencing a wave of negative news, leading to a general decline in stock prices across the sector [3] - The outlook for UnitedHealth appears bleak, with no clear signs of a turnaround, making it a less attractive investment option [6]

一个，是中证Reits ，今天大涨超1%，明显和大盘背离，且1个点以上的涨幅，即使在连续上涨的 二季度，也仅出现过1天； 另一个，是银行股这边 ，继续大涨，港股这边迎来下半年首个交易日，港股银行大涨超2.2%，在 所有恒生行业指数中排第一，且建行领涨接近3%，而中行在四大行里垫底，"仅"上涨1.5%左右， 这背后的逻辑，我们昨天都已经聊过，并提前做出了预测分析，应该说，还是和实际情况相符 的。 今天市场有两块值得关注的亮点。 第一个亮点，依然是"季末调表，兑现利润"的后遗症 ，我们前两天聊的，节前异常下跌的两块资 产： 今天，财联社在 《真相调查， 银行股被险资配到上限了？ 》，也引用了咱们最近的观点，我在 本文的下半部分，会借助 泰康保险大佬 的公开观点，继续阐述一下，为什么说， 很多从业者忽 视了"前所未有的低利率"、"保险资产负债倒挂的紧迫性倒逼监管政策进入宽松周期"的长期性和 重要性。 另外，这回季末，还有一个事，大家关注的比较多，那就是 A500ETF 的冲量，华泰柏瑞最猛， 直接干破了200亿，弯道超车，成为A500的扛把子，堪称花小钱、办大事，季末营销的经典案 例，而嘉实等其他几家，季末也有发力 ...

过去十年里，我国创新药经历了飞速发展的时期：创新创投活跃、研发管线丰富。然而，同 质化问题也随之而来，靶点与管线布局也存在"追热点"的现象。 为了避免这些问题，《若干措施》提出了医保数据应用的突破性举措，即支持医保数据用于 创新药研发；在确保数据安全、合法合规的基础上，探索为创新药研发提供必要的医保数据 服务；依托全国统一的医保信息平台，做好疾病谱、临床用药需求等数据归集和分析，开发 适配创新药研发需求的数据产品，支持医药企业、科研院所、医疗机构等合理确定研发方 向、布局研发管线，提升创新效率。 【导读】创新药新政出台，业内人士重磅解读 创新药"王炸"政策出台，不仅二级市场沸腾了，一级市场也沸腾了。 近日，国家医保局、国家卫健委发布《支持创新药高质量发展的若干措施》（以下简称《若 干措施》）。7月1日，国家医保局召开新闻发布会，专题介绍《若干措施》相关内容。 高特佳投资集团副总经理于建林直言，文件出台的核心逻辑是进一步促进创新药研发以临床 价值为导向，进一步拓宽创新药的支付渠道；进一步提高创新药的可及性，满足百姓多层次 的用药需求。未来一级市场创新药的投资范式将从单一研发管线估值转向"全球化+商业化+政 策豁 ...

Core Viewpoint - The insurance industry is experiencing a surge in capital replenishment activities, with 13 companies announcing or approving capital increase plans in the first half of 2025, amounting to approximately 50 billion yuan [1][3]. Group 1: Capital Increase Activities - A total of 13 insurance companies have completed or announced capital increase plans in the first half of this year, involving an amount of 48.475 billion yuan, covering various types of insurance companies [3][4]. - The capital increase activities this year are more aggressive compared to the previous year, with the total amount exceeding 40 billion yuan [3][4]. - Ping An Life accounted for a significant portion of the capital increase, with a proposed increase of approximately 19.999 billion yuan, raising its registered capital from 33.8 billion yuan to 36 billion yuan [3][4]. Group 2: Financing Methods - In addition to capital increases, insurance companies are also utilizing perpetual bonds as a significant financing channel, continuing the trend of issuing bonds seen in the past two years [5][6]. - The choice between capital increase and bond issuance depends on the specific needs of the insurance companies, with capital increases being suitable for long-term stable funding and bond issuance for quick capital raising [6][7]. Group 3: Regulatory Environment - The extension of the transitional period for solvency regulation until the end of 2025 has contributed to the increased demand for capital replenishment among insurance companies [7][9]. - Recent adjustments to solvency regulation, including a reduction in risk factors for stock investments, are seen as key drivers for the heightened capital replenishment needs [8][9]. Group 4: Future Outlook - The demand for capital replenishment in the insurance industry is expected to remain high, with a notable differentiation among companies based on their size and financial health [9][10]. - Smaller insurance companies may face greater challenges in capital increases due to weaker shareholder strength and market recognition, necessitating innovative capital-raising strategies [10].

Group 1 - The core theme of the deposit insurance publicity campaign by Industrial Bank's Cangzhou branch is to enhance public awareness and risk prevention regarding deposit insurance [1][2] - The campaign includes distributing promotional materials such as brochures, cultural shirts, and eco-friendly shopping bags, and involves direct engagement with the community to explain deposit insurance in simple terms [1] - Special attention is given to the elderly population, with large print brochures and audio recordings of the information provided to accommodate their needs, which has received positive feedback from the community [1] Group 2 - The deposit insurance system has been operating steadily for ten years, playing a crucial role in protecting depositors' rights, mitigating financial risks, and maintaining financial stability [2] - Industrial Bank's Cangzhou branch has consistently promoted the concept of deposit insurance, aiming to make this beneficial policy accessible to more people in the future [2]

Group 1 - The 2025 "7.8 National Insurance Publicity Day" marks its 13th year, organized by the Shandong Insurance Industry Association under the guidance of the Shandong Financial Regulatory Bureau, focusing on love and responsibility to safeguard a better life [2] - The event will take place from June 24 to July 8, 2025, with the theme "Love and Responsibility, Insurance Makes Life Better" [3] - The slogan for the Shandong insurance industry is "Responsibility Goes Everywhere, Integrity Goes Everywhere, Love Goes Everywhere, Let Insurance Flourish" [4] Group 2 - Various promotional activities will be conducted, including the "Five Entering Insurance" initiative, which involves financial knowledge lectures, interactive experience zones, public open days, and service teams to enhance public understanding and engagement [5] - Cultural and sports activities will be utilized as a medium for promotion, including singing, recitation, dance, and walking events to present insurance education in a popular format [5] - Insurance service points and warm stations will be established at business outlets, utilizing advertising methods such as LED screens and posters to create a strong promotional atmosphere [5] Group 3 - Self-media promotion will leverage platforms like WeChat, Douyin, and Xiaohongshu, using diverse formats such as live broadcasts, videos, and comics to create a collaborative communication matrix [6] - Mainstream media outreach will involve press conferences, news releases, and special programs to conduct comprehensive positive publicity for the industry [6] - Public service activities will focus on rural revitalization, health, elderly finance, and inclusive finance, providing insurance protection and services to underserved areas and populations [6] - Training for industry personnel will emphasize compliance in marketing practices and appropriate management to prevent misleading sales and ensure proper client targeting [6]

Core Insights - The article highlights the transformation of the insurance industry, particularly through the lens of Taikang Life's innovative approach to health and wealth management in the context of an aging population [1][3][4] Group 1: Company Strategy - Taikang Life has established a comprehensive model that integrates insurance with medical and elderly care services, addressing the needs of families in the "longevity era" [3][4] - The company has developed a nationwide network of elder care communities and high-end medical resources, which enhances its service offerings and market positioning [3][4] - The HWP (Health Wealth Planner) program is designed to create a resource-sharing ecosystem, providing training and support for agents to better serve clients [7] Group 2: Professional Development - The rapid career advancement from supervisor to HWP partner reflects the company's commitment to professional growth and the effectiveness of its training systems [4][7] - Taikang Life emphasizes the importance of creating value for clients through personalized health and wealth planning, moving beyond traditional insurance sales [7] - The work environment at Taikang Life is characterized by modern facilities and advanced technology, enhancing the client experience and operational efficiency [4][6] Group 3: Client Engagement - The company focuses on creating tangible experiences for clients, such as interactive health management services that make the concept of elderly care more relatable and actionable [6] - Regular events like "Health Private Sharing" and entrepreneur salons facilitate direct interactions between clients and experts, fostering a deeper understanding of health and wealth management [7] - Taikang Life positions itself as a leader in the health and wealth management sector, encouraging collaboration among various professionals to enhance client services [7]

Core Viewpoint - The recent adjustments in the commercial health insurance drug directory signify an important step for the commercial health insurance market's entry, enhancing its role in the multi-tiered medical security system in China [4][5]. Group 1: Market Performance - The Hang Seng Healthcare Index (HSHCI) rose by 2.32% as of July 2, 2025, with notable increases in constituent stocks such as SiPai Health (00314) up 43.53% and Huahao Zhongtian Pharmaceutical-B (02563) up 41.04% [3]. - The Hang Seng Healthcare ETF (513060) increased by 0.87%, marking its third consecutive rise, with a latest price of 0.58 yuan [3]. - Over the past week, the Hang Seng Healthcare ETF has accumulated a rise of 0.53% [3]. Group 2: Liquidity and Trading Volume - The Hang Seng Healthcare ETF had a turnover rate of 2.96% during the trading session, with a transaction volume of 247 million yuan [3]. - The average daily trading volume for the ETF over the past month was 2.139 billion yuan, ranking it first among comparable funds [3]. Group 3: Fund Performance and Metrics - The latest scale of the Hang Seng Healthcare ETF reached 7.997 billion yuan, placing it in the top third among comparable funds [4]. - The ETF's financing buy amount was 94.5905 million yuan, with a financing balance of 292 million yuan [4]. - The net value of the ETF has increased by 15.65% over the past two years, with a maximum single-month return of 28.34% since inception [4]. Group 4: Risk and Return Analysis - As of July 1, 2025, the ETF's relative drawdown against the benchmark was 0.45%, the smallest among comparable funds, with a recovery period of 43 days [5]. - The management fee for the ETF is 0.50%, and the custody fee is 0.15% [5]. - The tracking error for the ETF over the past year was 0.070%, the highest tracking precision among comparable funds [5]. Group 5: Valuation Metrics - The latest price-to-earnings ratio (PE-TTM) for the Hang Seng Healthcare Index is 27.1, indicating a valuation below 91.12% of the time over the past three years, suggesting a historical low [5]. - The top ten weighted stocks in the HSHCI account for 57.72% of the index, including companies like Innovent Biologics (01801) and BeiGene (06160) [5].