Group 1: Precision Instruments - The article emphasizes that precision instruments are the cornerstone of modern industry and technology development, with increasing risks from U.S. restrictions [1] - It suggests three main investment lines in China's precision instrument sector: seeking "China's Zeiss" in optical instruments, "China's HP" in electronic measurement instruments, and "China's Thermo Fisher" in analytical instruments [1] Group 2: Chromium Chemicals - The price of metal chromium has significantly increased, with a total price hike of 10,000 yuan per ton since the beginning of 2025, indicating strong demand and supply dynamics [2] - The article recommends investing in leading companies with integrated chromium product layouts due to the favorable market conditions [2] Group 3: Insurance Companies - Insurance companies face challenges in asset-liability matching, with a near 50% allocation to fixed-income assets, leading to risks of interest margin losses [3][4] - The article highlights three strategies for insurance capital to enhance investment returns: participating in private placements, strategic investments, and shareholding strategies [3][4] Group 4: Wind Power - The domestic and international offshore wind power sectors are expected to see sustained growth, with domestic installations projected to exceed 12 GW in 2025, doubling year-on-year [6] - The article suggests focusing on various segments of the offshore wind power supply chain, including turbines, subsea cables, and foundations [6] Group 5: ETF Market - The global ETF market is projected to reach $15.09 trillion by 2024, while China's ETF market remains relatively small and underdeveloped [7] - The article advocates for domestic institutions to innovate product types and enhance liquidity mechanisms to build a sustainable market ecosystem [7]

▍ 预定利率下调降低了保险公司负债成本，但可能会影响展业规模。 预定利率与国债利率走势趋同，2 0 2 4年提出的预定利率动态调节机制要求定期调整评估利率，对寿险公司资产负债匹配有重 要作用。利率下行周期中，预定利率下调通过提高折现因子推高保费价格，触发"炒停"透支需求，2 0 2 5年保险公司"开门 红"整体情况不佳。长期来看，"炒停"预期下保费增速有望回归往年正常水平，为资产端的投资提供充足资金。为保持资产负 债匹配、获得利差益，寿险公司有动力进行各种投资以获得稳定的投资收益。 文 ｜ 明明 章立聪 杨宏宇 高玉森 预定利率调整概况 | 文件名 | 文件标号 | 文件时间 | 内容 | | --- | --- | --- | --- | | 关于调整保险公司保费预定利率的紧急 | 银发【1997】465 号 | 1997-11-07 | 预定利率上下限调整为年复利 4%至 6.5% | | 通知 | | | | | 中国保险监督管理委员会关于调整寿险 | 保监发【1999】93 号 | 1999-06-10 | 将预定利率调整至 2.5% | | 保单预定利率的紧急通知 | | | | | 中国保监会关于 ...