据贵州榕江县人民政府防汛抗旱指挥部消息，6月28日强降雨天气过程已结束，经调度，全县江河湖库汛情平稳。根据《榕江县防汛抗旱应急预案》有关 规定，县防汛抗旱指挥部决定于6月29日10时00分终止防汛Ⅰ级应急响应，转入常态化防汛工作。 近期，贵州榕江县遭遇特大洪水，为全力做好灾害应对，6月25日，贵州金融监管局指导属地分支局迅速成立应急处置工作专班，全力做好暴雨洪涝灾害 应对工作，督促市县银行保险机构防汛救灾和金融服务双管齐下、统筹推进。 《金融时报》记者了解到，人保财险、平安产险、中国人寿（601628）财险等保险公司第一时间启动重大突发事件应急预案，加强应急资源调度，开通绿 色理赔通道，优化报案流程和理赔手续，全力保障人民群众生命财产安全，助力灾后重建。 截至6月27日8时，人保财险当地分公司接到榕江县洪涝灾害相关报案1000余笔，已完成首批农房险赔付近20万元，向某超市预付赔款200万元； 截至6月28日17时，中国人寿财险累计接报案1000余笔； 截至6月25日15时，阳光财险接到相关报案74笔，预估损失552万元…… 快速集结驰援榕江 记者从人保财险了解到，洪水退去后，榕江县网络信号中断、停水停电，城区 ...

Core Viewpoint - The establishment of new private fund managers, particularly insurance-related private equity and securities investment funds, indicates a growing trend of long-term capital entering the market, contributing to the steady growth of private fund scale in China [1][2][5]. Group 1: New Private Fund Managers - Three new private fund managers were registered last week, including two private equity and venture capital managers and one private securities investment manager [1]. - The newly registered private securities investment manager, Taibao Zhiyuan (Shanghai) Private Fund Management Co., Ltd., was established on May 21, 2025, and completed its registration within about one month [2]. - Taibao Zhiyuan aims for a target scale of 20 billion yuan for its first private securities investment fund, responding to national calls for expanding insurance institutions' private fund establishment [2]. Group 2: Insurance-Related Private Funds - Insurance-related private funds have been increasingly active this year, with significant long-term capital entering the market [3]. - Xinhua Insurance plans to invest up to 15 billion yuan in a private fund initiated by Guofeng Xinghua, with a total fund size of 22.5 billion yuan [3]. - The fund will focus on large listed companies that meet specific governance and operational criteria, aiming for stable dividend returns through a long-term investment approach [3]. Group 3: Private Fund Scale Growth - As of the end of May 2025, the total scale of private funds in China reached 20.27 trillion yuan, with 19,832 registered private fund managers [5]. - The number of private securities investment funds stood at 83,829, with a total scale of 5.54 trillion yuan [6]. - In May 2025, 1,219 new private funds were registered, with a total new scale of 607.26 billion yuan [6].

证券研究报告|行业研究周报 [Table_Date] 2025 年 06 月 29 日 [Table_Title] 国泰君安国际获批虚拟资产交易资格；险资 长期股票投资试点加速推进 [Table_Title2] 非银金融周报 [Table_Summary] 报告摘要: 本周（2025. 6.22-2025. 6.28）A 股日均交易额 14,8 67 亿元，环比增加 22.4%，同比增加 1 22.8%。2025 年二季度至 今日均成交额 12,5 81 亿元,较 2024 年二季度日均交易额增加 52.0%。202 5 年至今日均成交额 13,88 2 亿元,较 2024 年日均 交易额增加 59.5 %。投行：本周发行新股 1 家，募集资金 25.0 亿元；本周上市新股 1 家，募集资金 2.3 亿元。2025 年 至今，A 股 IPO 上市 51 家，募集金额 373.6 亿元。2024 年， A 股 IPO 上市 1 00 家，募集金额 673 .5 亿元。两融：截至 2025 年 6 月 26 日，两市两融余额 18,384.78 亿元，环比增加 0.97%，较 20 24 年日均水平增加 17 . ...

入市力度加大 保险资金长期投资改革试点又迎新进展。6月27日，泰康稳行成功完成首笔投资交易，据北京商报记者了解，该基金属于第二批保险资金长期投 资试点项目。 保险资金长期投资试点，指的是保险公司通过设立私募证券投资基金，以长期持有方式投资于二级市场股票的改革措施。 对于该基金的投资思路，泰康稳行有关负责人表示，首先，以高股息资产为基石，重点布局经营稳健、弱周期属性、分红稳定的板块；其次，锚 定产业升级红利，侧重围绕国家发展战略，重点布局高端制造、人工智能、生物医药等新质生产力领域，有效支持实体经济发展；再者，逆周期 战略买入，实现风险收益平衡，践行长期投资、价值投资理念。 第二批保险资金长期投资试点项目正式开启投资。6月27日，泰康资产旗下私募证券投资基金管理公司泰康稳行（武汉）私募基金管理有限公司 （以下简称"泰康稳行"）完成首笔投资交易。 这只是保险资金为资本市场注入"真金白银"的一个缩影。今年以来，各大保险公司一面踊跃投身长期投资改革试点，一面密集出手举牌上市公司 股票，入市力度持续加大。业内人士表示，在政策利好、保险资金增厚投资收益需求等因素的作用下，保险资金有望加快入市步伐。 政策持续拓宽权益投资空 ...

近年来，存款安全问题日益受到关注，这与储户结构的变化以及金融风险的加剧密切相关。长期以来，中老 年人凭借稳定的收入和较低的消费支出，一直是我国存款的主力军。他们普遍风险偏好低，更倾向于将资金 存入银行以获得稳定的利息回报。然而，近两年，越来越多的年轻人也加入了储蓄的行列。这主要源于两个 因素：一是国内经济环境的变化，疫情反复和实体经济低迷使得人们更加重视存款的风险保障作用，以应对 潜在的失业、疾病或其他突发事件；二是股市、基金和理财产品等高收益投资渠道的风险日益增高，本金亏 损的可能性增大，相对而言，银行存款显得更为稳妥可靠。 储户存款规模的不断扩大，使得存款安全保障机制的完善变得尤为重要。为此，央行在部分地区开展了大额 资金管理试点，对单笔存取款金额超过十万元的交易进行监控。这一举措引发了一些储户的不解，认为银行 无权干涉个人存款行为。然而，面对日益猖獗且手法愈加 sophisticated 的金融诈骗，监控大额资金流动可以 有效预防洗钱等犯罪活动，保障储户资金安全。 总而言之，央行采取的监控大额资金和推广存款保险标识等措施，旨在有效防范金融风险，提升存款安全保 障水平。 对于储户来说，了解存款保险机制，认 ...

Group 1 - The second batch of insurance fund long-term investment pilot projects has officially commenced, with Taikang Asset being the first institution to announce its investment [1] - Taikang Stable Growth Fund, established by Taikang Asset, has a total approved amount of 12 billion yuan for long-term investments, aimed at optimizing asset-liability matching and enhancing capital market stability [2][3] - The investment strategy focuses on three main areas: high-dividend assets, industrial upgrade dividends, and counter-cyclical investment, promoting a long-term value investment approach [3] Group 2 - The total amount for the second and third batches of pilot projects has reached 222 billion yuan, with multiple insurance companies actively participating [4] - The long-term investment pilot is expected to alleviate profit volatility for insurance companies and enhance equity investments, contributing to a stable interaction between insurance funds and capital markets [4]

收益具有不确定性；同等保费下，保障额度远低于纯保障型保险；保费成本高；资金流动性差；投资收益计算方式、保障责任豁免等条款较为复杂，用户 可能因误解导致选择失误。 疾病保险是以"疾病"为给付保险金条件的保险，主要覆盖因疾病导致的医疗支出、收入损失或康复费用，分为 "定额给付型" 和 "费用报销型"，核心目的 是帮助用户转移疾病带来的经济风险。 投资分红型保险是一种兼具"保障功能"与"投资属性"的保险产品，用户缴纳保费后，一部分资金用于覆盖基础风险（如身故、全残等），另一部分资金由 保险公司统一进行投资运作，用户可根据保险公司的经营利润获得分红或投资收益。 优点： 兼具保障与投资功能：在提供基础保障（如身故、全残等）的同时，可参与保险公司的利润分配，理论上能获得额外收益。 保费返还或现金价值累积：部分产品持有一定年限后可返还保费，或现金价值随时间增长，具备一定储蓄属性。 灵活性较高：部分产品允许调整保额或领取现金价值，可作为教育金、养老金等规划的补充。 抵御通胀预期：若投资收益表现良好，可能在长期内抵消部分通货膨胀对资金的影响。 缺点： 根据预算匹配需求：若预算有限，优先选择纯保障型疾病保险；若资金充裕且希望长期 ...

Core Points - The Sichuan Provincial Human Resources and Social Security Department announced the continuation of unemployment insurance policies to support job stability and enterprise operations [1][2] - The policies include unemployment insurance stable return, skill enhancement subsidies, and the expansion of one-time employment expansion subsidies [1][2] Group 1: Unemployment Insurance Stable Return - Eligible enterprises will receive unemployment insurance stable return funds, with large enterprises receiving 30% and small and micro enterprises receiving 60% of the previous year's actual unemployment insurance contributions [1] - Social organizations, foundations, and individual businesses registered as units will be treated similarly to small and micro enterprises [1] Group 2: Skill Enhancement Subsidies - Employees of enterprises participating in unemployment insurance for over one year can apply for skill enhancement subsidies upon obtaining vocational qualifications, with subsidy amounts varying by skill level: 1,000 yuan for entry-level, 1,500 yuan for intermediate, and 2,000 yuan for advanced [1] - Additional subsidies are available for those obtaining certificates in urgently needed occupations within the province's key industrial chains, increasing the subsidy amounts for intermediate and advanced levels [1] Group 3: Expansion of One-Time Employment Expansion Subsidies - The one-time employment expansion subsidy policy is expanded to include social organizations, with a subsidy standard of 1,500 yuan per person [2] - The implementation period for these policies is from January 1 to December 31 [2] - Information regarding the policies and application channels can be accessed through official platforms [2]

获批数月后，第二批保险资金长期投资试点项目，正式开启投资。 泰康稳行完成首笔投资交易 6月27日，泰康资产旗下私募证券投资基金管理公司泰康稳行（武汉）私募基金管理有限公司（简称"泰康稳 行"）完成首笔投资交易。 这属于第二批保险资金长期投资试点项目。泰康稳行由泰康资产运用自有资金1000万元全资设立。泰康稳行作 为基金管理人，向泰康人寿定向发行契约型私募证券投资基金，泰康人寿作为单一持有人。 保险资金长期投资试点，指的是保险公司资金投向私募证券投资基金，主要投向二级市场股票，并长期持有。 今年1月，泰康人寿和泰康资产获金融监管总局批准参与长期投资试点，获批金额为120亿元。在第二批获批试 点的险资中，泰康是第一家对外宣布开启投资的机构。 泰康方面表示，积极响应长期投资试点，旨在进一步增加符合保险资金投资策略的长期投资资产，优化新会计 准则下保险资金资产负债匹配，提高资金使用效率，充分发挥长期资金、耐心资本作用，助力资本市场平稳运 行。 三大方向：高股息、产业升级、逆周期买入 对于投资思路，泰康稳行有关负责人表示，将以基本面分析为出发点，追求基金资产的中长期稳健增值，最终 服务于经济高质量发展与资本市场稳健运行 ...

Core Insights - The integration of photovoltaic (PV) power generation and sheep grazing in the Hainan Tibetan Autonomous Prefecture of Qinghai Province represents a novel approach to sustainable energy and agriculture [1][2] - Qinghai Province has the highest proportion of clean energy installations in China, with 93.5% of its total power capacity being clean energy as of November 2024 [1] - China Life Asset Management has made significant investments in Qinghai Huanghe Company, marking a major move in the energy sector and showcasing the role of insurance funds in infrastructure projects [4][5] Group 1: Photovoltaic Industry and Agriculture - The "photovoltaic sheep" initiative in the Qinghai PV industry park helps manage vegetation under solar panels, improving efficiency and reducing maintenance costs [2] - Qinghai Huanghe Company has partnered with local herders to utilize sheep for grazing, which not only controls weeds but also lowers feed costs for farmers [2] Group 2: Investment Landscape - China Life Asset Management's investment in Qinghai Huanghe Company began in 2017, with a notable 90 billion yuan equity investment in 2019, making it a significant player in the energy sector [4] - The investment in Qinghai Huanghe Company is recognized as the largest equity financing project in the domestic energy sector in 2019, highlighting the growing interest of insurance funds in stable, long-term investments [4][5] Group 3: Asset Management and Risk Management - As of the first quarter of 2025, China Life Asset Management manages over 6.3 trillion yuan in assets, with a significant portion allocated to supporting the real economy [7] - The company employs a comprehensive asset-liability management strategy to balance returns and risks, focusing on long-term capital investments in critical national projects [8]