Core Viewpoint - The regulatory body has issued guidelines to enhance the sustainable operation of participating insurance products in a low-interest-rate environment, aiming to protect consumer rights and prevent unhealthy competition among insurance companies [1][2][4]. Group 1: Regulatory Guidelines - The National Financial Regulatory Administration has emphasized the need for insurance companies to strengthen asset-liability management and ensure that dividend levels are aligned with actual investment returns [1][2]. - Companies are required to adhere to the pricing mechanism for life insurance products and balance the predetermined interest rates with floating returns [2][3]. - Specific conditions have been outlined under which companies must justify their proposed dividend levels, including scenarios where the proposed rates exceed historical averages or when reserves are negative [3][4]. Group 2: Market Trends - The participating insurance market has seen rapid growth since the second half of 2024, driven by declining interest rates and the diminishing appeal of fixed-income products [2][5]. - Several insurance companies have begun to launch new participating insurance products with reduced predetermined interest rates, signaling a shift towards a "1.5% era" in the market [5][6]. - The industry anticipates further adjustments to predetermined interest rates, with expectations that they may drop below current levels by the end of July [6]. Group 3: Industry Implications - The new guidelines are expected to standardize the floating cost levels of participating insurance, encouraging companies to prudently determine dividend levels and enhance asset-liability matching [6]. - Future trends indicate that participating insurance may evolve towards lower guaranteed returns, making dividend realization rates a key competitive factor for insurance companies [6]. - Consumers are advised to focus on the insurer's solvency, dividend realization rates, and investment capabilities rather than just projected returns when selecting products [6].

全线暴涨 今天又见证了认购证的奇迹。中国平安在香港市场的认购证全线暴涨。平安中银五七购C大涨138%，平安花旗、平安法巴、平安摩利、平安摩通都一度实现了单 日翻倍。 | 序 代码 | | 名称 *● | 最新 | 招聘 出售 ** | 涨跌 | 总量 | 现量 | 金额 | 昨收 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 27157 | 友邦法 ■ 七 JA | 0.115 | 270.97 | 0.084 | 2000 | 0 | 230 | 0.031 | | 2 | 27983 | 比迪法国际七购B | 0.110 | 168.29 | 0.069 | 110万 | 0 | 13.197 | 0.041 | | 3 | 13183 | 平安中银五七购C | 0.086 | 138.89 | 0.050 | 997万 | 0 | 75.79万 | 0.036 | | 4 | 13225 | 平安花旗五七购B | 0.088 | 137.84 | 0.051 | 13817 | 20.0万 | 109万 | 0 ...

｜2025年6月24日 星期二｜ NO.1 杨华辉离任，苏军良"接棒"兴业证券董事长 苏军良正式"接棒"兴业证券董事长一职。6月23日晚间，兴业证券公告称，公司于近日收到董事长杨华 辉的书面辞呈，杨华辉因任职年龄原因，申请辞去公司第六届董事会董事、董事长、董事会专门委员会 委员、法定代表人职务，辞任后不在公司及公司控股子公司担任任何职务。公告杨华辉离任的同一时 间，兴业证券称，公司董事会同意选举苏军良担任公司第六届董事会董事长，并履行法定代表人职责。 此前，苏军良已被任命为兴业证券党委书记。 点评：中银证券董事长宁敏离任，周冰代为履职，提名周权为新董事长人选，人事变动引发市场关注。 这一调整可能影响公司战略方向，进而引发投资者对公司治理层稳定性的考量，相关板块或面临更多审 视。整体而言，此类消息或使市场对券商板块的估值逻辑产生微妙变化，投资者或更注重后续管理层交 接的平稳性。 NO.3 公募年内分红已超千亿 Choice数据显示，截至6月21日，年初至今（多份额分开统计）2051只产品分红总额为1086.44亿元；去 年同期，1844只产品分红总额为786.83亿元。在公募分红总额的排行榜上，华泰柏瑞凭借11 ...

Group 1 - A-share companies are disclosing their 2025 semi-annual performance forecasts, with significant performance differentiation among them [1] - Leading companies in various industries are attracting market attention due to strong performance forecasts, such as Luxshare Precision, which expects a net profit of approximately 6.475 billion to 6.745 billion yuan, a year-on-year increase of 20% to 25% [1] - Over 300 listed companies have announced plans for mid-term dividends for 2025, indicating a trend towards increased shareholder returns [1][3] Group 2 - Sanofi Biologics expects a net profit of 77.0275 million to 94.1448 million yuan for the first half of 2025, representing a year-on-year increase of 253.54% to 332.1% due to strong performance in the peptide raw material business [2] - Among the 16 companies that disclosed performance forecasts, there is a clear differentiation, with 5 companies showing slight increases, 4 maintaining profits, and 1 company forecasting a loss [2] - Yongxi Electronics anticipates revenue of 1.9 billion to 2.1 billion yuan for the first half of 2025, a year-on-year growth of 16.60% to 28.88%, driven by a recovery in the integrated circuit industry and enhanced customer competitiveness [3] Group 3 - The trend of mid-term dividends is increasing, with over 300 companies announcing plans for such dividends, reflecting a commitment to shareholder returns [3][4] - Zhangjiang Hi-Tech plans to increase mid-term cash dividends to enhance investor returns, contingent on positive earnings and cash flow [3] - Regular dividends are seen as a sign of improved corporate performance and are expected to attract long-term investors, contributing to market stability [4]

北京市竞天公诚律师事务所上海分所 关于 南京医药股份有限公司 差异化分红 法律意见书 上海市徐汇区淮海中路 1010 号嘉华中心 45 层 邮编：200031 Suite 45/F, K.Wah Centre, 1010 Huaihai Road (M), Xuhui District, Shanghai 200031, China 电话/Tel: +86 21 5404 9930 传真/Fax: +86 21 5404 9931 网址/Website: http://www.jingtian.com 二〇二五年六月 北京市竞天公诚律师事务所上海分所 法律意见书 北京市竞天公诚律师事务所上海分所 关于南京医药股份有限公司 差异化分红之法律意见书 致：南京医药股份有限公司 根据《中华人民共和国公司法》 （以下简称"《公司法》"）、 《中华人民共和国 证券法》 （以下简称"《证券法》"）、 《上市公司股份回购规则》 （以下简称"《回购 师事务所从事证券法律业务管理办法》和《律师事务所证券法律业务执业规则（试 行）》等规定以及在本法律意见书出具日之前已经发生或存在的事实出具法律意 见。本所已经严格履行了法定职责，遵 ...

2025.06. 23 本文字数：2223，阅读时长大约4分钟 作者 | 第一财 经 周楠 A股市场迎来一波"红包雨"，就在本周，超三百家上市公司的年报分红到账。 Wind统计显示，6月23日至6月27日（统计期间，下同），牧原股份（002714.SZ）、贵州茅台 （600519.SH）等约350家A股公司，将实施年报分红派息，分红总额合计超2050亿元。其中，发 出百亿"现金红包"的有中国石油（601857.SH）、中远海控（601919.SH）等。 政策引导之下，前期，今年年报季里，千余家A股公司披露分红预案。年报季收官之后，这些分红承 诺陆续得到兑现。本月以来，年报分红派息步入实施高峰期，数据显示，月内已有超1200家A股公 司完成派息。 除此之外，周内实施派息的公司中，海大集团（002311.SZ）、中国国贸（600007.SH）等每股派 息金额，也均超过1元。 哪些公司将大额分红？统计期间，中国石油将派发的"现金红包"最大，分红总额457.55亿元。紧随其 后，还有3家公司分红总额超过百亿，为贵州茅台（346.71亿元）、中远海控（159.54亿元）和陕 西煤业（110.14亿元）。 部分行业龙头的 ...

青岛银行寻求股东增持的意愿在今年一季度已有端倪。3月26日，青岛银行曾在发布的估值提升计划中 明确提到，接下来将与各方股东积极沟通，鼓励股东增持该行股份。 6月11日，青岛银行公告显示，该行董事会全票通过《关于青岛国信发展（集团）有限责任公司通过子 公司增持青岛银行股份有限公司股份的议案》，在银行业监管机构核准后方可实施。 | 股东名称 | 股东性质 | 持股比例 | 持股数量(股) | | --- | --- | --- | --- | | 香港中央结算(代理人)有限公司 | 埃外法人 | 21.87% | 1,272,948,494 | | 盖大利联合圣保罗银行 | 境外法人 | 17.50% | 1,018,562,076 | | 青岛国信产融控股(集团) 有限公司 | 国有法人 | 11.25% | 654,623,243 | | 青岛海尔产业发展有限公司 | 境内非国有法人 | 9.15% | 532,601,341 | | 青岛海尔空调电子打架公司 | 境内非同有法人 | 4.88% | 284,299,613 | | 海尔智家股份有限公司 | 模内等因有法人 | 3.25% | 188,886, ...

证 券 研 究 报 告 保险行业周报（20250616-20250620） 险企提前筹备利率换挡，分红险"限令"预 推荐（维持） 计利好头部 ❑ 本周行情复盘：保险指数上涨 0.24%，跑赢大盘 0.69pct。保险个股表现分化， 众安+4.81%，新华+3.27%，太平+0.57%，平安+0.48%，人保+0.24%，国寿- 0.74%，财险-1.06%，太保-1.48%，友邦-1.88%，阳光-2.04%。10 年期国债收 益率 1.64%，较上周末持平。 ❑ 本周动态： （1）格隆汇：2025 年 6 月 12 日，秦港股份获长城人寿增持 100 万股，涉资 约 231.71 万港元。增持后，长城人寿最新持股数目为 2.58 亿股，持股比例由 30.97%上升至 31.09%。 （2）中国证券报：近期，多家保险公司业务部门进行新产品开发备案，为了 适应利率换挡后新老产品切换节奏，从销售人员培训到渠道合作等方面，做了 多方面准备。 （3）财联社：记者 6 月 19 日从业内获悉，金融监管总局人身保险监管司向各 人身保险公司下发了《关于分红险分红水平监管意见的函》（以下简称《意见 函》）。 ❑ 分红险《意见 ...

Group 1 - Public funds have distributed over 110 billion yuan in dividends this year, with more than 2,100 funds collectively distributing 113.546 billion yuan as of June 21, marking a 38.46% increase compared to 820.05 billion yuan last year [1][2] - Stock funds have seen a significant increase in dividends, totaling 21.922 billion yuan, which is nearly four times the amount from the same period last year, while mixed funds' dividends reached 4.476 billion yuan, approximately 2.2 times last year's figures [2][3] - ETFs have dominated the dividend distribution, with the top three funds being the CSI 300 ETFs, which collectively distributed 134.12 billion yuan, and six out of nine funds with over 1 billion yuan in dividends being ETFs [1][2] Group 2 - The number of dividend distributions has also increased, with the top fund, Ganhu Zhiyuan Jiayue Rate Bond A, distributing dividends eight times this year, while six funds have exceeded 100 distributions [2][3] - The increase in ETF dividends is attributed to their growth in scale and the better market performance this year compared to last year, along with a high proportion of institutional funds that demand dividends [3][4] - Public REITs have been active in dividend distribution, with 55 out of 69 REITs distributing a total of 4.459 billion yuan this year, highlighting the appeal of alternative assets in the current market [4]

证券研究报告|行业研究周报 [Table_Date] 2025 年 06 月 22 日 [Table_Title] 科创板重启未盈利企业第五套上市标准；监 管发文规范分红险 [Table_Title2] 非银金融周报 [Table_Summary] 报告摘要: 本周（2025. 6.15-2025. 6.21）A 股日均交易额 12,1 50 亿元，环比减少 11.4%，同比增加 60.1%。2025 年二季度至今 日均成交额 12,3 70 亿元,较 2024 年二季度日均交易额增加 49.4%。202 5 年至今日均成交额 13,91 7 亿元,较 2024 年日均 交易额增加 59.9 %。投行：本周发行新股 2 家，募集资金 8 .7 亿元；本周上市新股 2 家，募集资金 12.6 亿元。2025 年至 今，A 股 IPO 上市 50 家，募集金额 371.3 亿元。2024 年，A 股 IPO 上市 100 家，募集金额 6 73.5 亿元。两融：截至 2 025 年 6 月 1 9 日，两市两融余额 18,20 8.61 亿元，环比减少 0.03%，较 20 24 年日均水平增加 16 .19%。 ...