高考正式落下帷幕。 "给不给高考奖励"、"该给多少高考奖励"成了目前互联网上争执不休的话题。孩子和父母以身份为界， 各自结成阵营为自己辩护。 孩子们在互联网上抱怨：为什么别人都有，偏偏我没有；钱在哪里，爱在哪里，不给高考奖励就是不够 爱我。家长们在下面追着教育：攀比心不要那么重、钱和爱不能一味划等号。 社交平台上关于高考奖励的讨论 更有孩子看到同学晒出的高配版苹果全家桶，直接在互联网上破防"没有钱就不要生小孩"。 人生的参差本就存在，而孩子用标准化的高考奖励来对抗父母标准化的成绩要求，怎能不是一种换位的 反讽？ 一、索要上万高考奖励，被互联网模糊的人生参差 6月9号高考结束当天，王秀荣身穿旗袍手捧鲜花站在学校门口，激动地等待考试归来的儿子。在她周 围，几乎所有家长人手一捧鲜花，鲜花上插着题写"金榜题名、前程似锦"的卡片。 送花，成了互联网上高考考生的专属仪式感。 儿子特意叮嘱王秀荣要带鲜花来接他，因为同学们都有人送花，他不想当那个特例。一束鲜花80~200 元，王秀荣爽快地答应了儿子，毕竟埋头努力三年，这点仪式感还是应该有的。 令王秀荣没想到的是，送鲜花只是高考仪式感的开胃小菜，重头大戏还在后头。 高考结束后 ...

唐山港集团股份有限公司 董事会薪酬与考核委员会实施细则 第一章 总则 第一条 为进一步建立健全唐山港集团股份有限公司（以下简称公司）薪酬与考 核管理制度,完善公司治理结构,根据《中华人民共和国公司法》 《上市公司治理准则》 《上市公司独立董事管理办法》 《上海证券交易所上市公司自律监管指引第 1 号—— 规范运作》 《唐山港集团股份有限公司章程》 （以下简称《公司章程》）及其他有关规 定，公司特设立董事会薪酬与考核委员会，并制定本实施细则。 第二条 薪酬与考核委员会是董事会按照股东会《公司章程》设立的专门工作机 构,主要负责对董事与高级管理人员的考核和薪酬进行审查，并提出意见和建议。 第三条 本细则所称董事是指包括独立董事在内的由股东会选举产生的全体董 事；高级管理人员（高管人员）是指董事会聘任的总经理、副总经理、董事会秘书、 财务负责人及《公司章程》规定的其他高级管理人员。 第二章 人员组成 第四条 薪酬与考核委员会由 3 名董事会成员组成，独立董事占多数。 第六条 薪酬与考核委员会设主席（召集人）一名，由独立董事委员担任，负责 主持委员会工作，主席由董事会在委员中任命。 第七条 薪酬与考核委员会任期与董事 ...

Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [8]. Core Insights - The report highlights the acceleration in the approval of virtual asset trading licenses for brokerages, suggesting a positive impact on sales momentum driven by adjustments in preset interest rates [5]. - The implementation of long-term performance evaluations for state-owned insurance companies is expected to guide long-term capital into the market, enhancing the stability and growth of insurance funds [5]. - The report emphasizes the need for insurance companies to shift from a trading-oriented approach to a more allocation-focused strategy, driven by new accounting standards and regulatory changes [5]. Summary by Sections Investment Highlights - The Ministry of Finance issued a notice on July 11, 2025, to guide insurance funds towards long-term stable investments, emphasizing the importance of long-term performance evaluations [5]. - The new evaluation framework includes a 70% weight on long-term performance metrics, reducing the impact of short-term market fluctuations [5]. - As of Q1 2025, the balance of funds utilized in the insurance industry was 37.84 trillion yuan, with equity asset allocation at only 20.1%, indicating room for growth in this area [5][7]. Regulatory Policies - A series of regulatory documents have been issued to promote long-term capital market participation, including guidelines for three-year performance evaluations for various funds [6]. - The adjustments in performance evaluation criteria aim to enhance the focus on long-term capital preservation and growth for state-owned insurance companies [6]. Investment Recommendations - The report suggests continued attention to the life insurance sector's capacity improvement and the release of demand following increased awareness of insurance needs [5]. - It is recommended to focus on large listed insurance companies with strong competitive advantages, as the sector is currently undervalued [5].

"琉璃河的黄土下埋藏着丰富的历史信息，对这处青铜时代遗址的考古发掘让我非常兴奋。中国考古学 家们对考古工作的热忱更令我敬佩。"日前，在"2025年琉璃河遗址国际田野考古学校"结业仪式上，来 自美国的学生Devan（宋语歌）动情地说。 6月9日至7月6日，由国家文物局指导，北京市文物局主办，北京市考古研究院、美国田野考古研究院、 北京市房山区琉璃河遗址管理处承办的2025年琉璃河遗址国际田野考古学校在琉璃河考古工作站成功举 办。来自英属哥伦比亚大学、密歇根大学迪尔伯恩分校、弗吉尼亚联邦大学、西雅图太平洋大学的5名 国际学生，在专业教师与琉璃河考古队指导下，开展为期4周的考古研习，为中外考古交流再添新篇。 专家们倾囊相授 琉璃河遗址国际田野考古学校于2024年暑期首次举办，旨在通过琉璃河遗址的田野考古实践，为国际上 对中国文物考古研究抱有浓厚兴趣的考古学、人类学等专业学生，提供有关中国考古的知识培训和田野 操作技能训练，鼓励、培养国际相关专业学生从事中国文物考古的研究工作，促进中外考古学交流与合 作。 北京市考古研究院院长张中华介绍，本届国际田野考古学校在传承2024年成功经验的基础上进行了优化 升级：一方面，学 ...

Core Viewpoint - The recent policy changes by the Ministry of Finance aim to strengthen the long-term assessment of state-owned commercial insurance companies, guiding insurance funds towards stable long-term investments, which will enhance the long-term investment returns of insurance companies and alleviate investment pressures [1][4]. Group 1: Policy Changes - On July 11, the Ministry of Finance issued a notice to guide insurance funds towards long-term stable investments and to strengthen the long-term assessment of state-owned commercial insurance companies [2]. - The assessment method for "return on net assets" and "capital preservation and appreciation rate" has been adjusted to combine annual indicators with 3-year and 5-year cycle indicators [3]. - The weights for the annual indicator, 3-year cycle indicator, and 5-year cycle indicator are set at 30%, 50%, and 20% respectively [3]. Group 2: Market Impact - The policy is expected to enhance the long-term investment capabilities of insurance companies, allowing them to better tolerate short-term fluctuations in investment returns, thereby promoting a focus on long-term stable investments [4][5]. - The allocation of equity assets by insurance funds is anticipated to increase, although the overall asset allocation style will remain stable [5]. - As of Q1 2025, the balance of funds utilized by insurance companies was 34.93 trillion yuan, with stock investments accounting for 8.43% and 7.56% of life and property insurance companies respectively [5]. Group 3: Investment Recommendations - The insurance sector is seen as having significant long-term allocation value due to its low valuation and stable dividend levels, despite uncertainties in investment performance for 2025 [6]. - If the equity market remains volatile, it is recommended to focus on China Pacific Insurance (601601.SH); if the market trends positively, attention should be directed towards New China Life Insurance (601336.SH) and China Life Insurance (601628.SH) [6].

关方在业务开展过程中存在违反自律规则的情况，将依据有关规定予以自律处理。 国有险企长周期考核机制落地；资金面略有收敛，债市整体偏弱震荡 【内容摘要】7 月 11 日，资金面均衡中略有收敛；债市整体偏弱震荡；转债市场主要指数涨 跌不一，转债个券多数上涨；各期限美债收益率普遍上行，主要欧洲经济体 10 年期国债收益 率普遍上行。 一、债市要闻 （一）国内要闻 【财政部：国有险企今年起全面落地三年以上长周期考核，增加五年周期指标】财政部 7 月 11 日印发《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》。《通知》明确要求，进一步加强国有险企长周期考核。一方面，将净资产收益率由"当 年度指标+三年周期指标"调整为"当年度指标+三年周期指标+五年周期指标"，权重分别为 30%、50%、20%；另一方面将资本保值增值率由"当年度指标"调整为"当年度指标+三年周期 指标+五年周期指标"，权重分别为 30%、50%、20%。以降低市场波动对国有商业保险公司当年 绩效评价结果的影响，引导其长期投资、价值投资、稳健投资，更好发挥其长期机构投资者作 用。上述要求自 2025 年度绩效评价起开始实施。 ...

Focus on Key Points - The official launch of the Sci-Tech Growth Tier marks a significant reform in China's capital market, broadening financing channels for tech companies and optimizing the market ecosystem [5][6][7] - The introduction of a pre-review mechanism for IPOs aims to protect sensitive business information for tech firms, while a new investment institution system will enhance the quality of investments in the sector [5][6] - The Sci-Tech Growth Tier is expected to shift the valuation logic of tech companies from short-term profits to long-term technological value [6][7] Economic Growth Insights - During the "14th Five-Year Plan" period, China's economic increment is projected to exceed 35 trillion yuan, equivalent to the total economic output of the top three provinces in 2024 [7][8] - China's economy has shown resilience, maintaining an average growth rate of 5.5% over the past four years despite challenges such as the pandemic and trade tensions [7][8] Employment Policies - The State Council has issued a notice to enhance employment support, focusing on stabilizing jobs, businesses, and market expectations to promote high-quality economic development [8][9] - The notice includes measures to expand loan support for job retention and encourage companies to increase hiring, alongside improving skills training and employment services [8][9] Insurance Sector Reforms - The Ministry of Finance has introduced a long-term assessment framework for state-owned commercial insurance companies, emphasizing a multi-year performance evaluation [10] - This reform aims to guide insurance funds towards long-term stable investments, enhancing their role in supporting the real economy and stabilizing the capital market [10] Brokerage Performance - Several brokerage firms have reported significant increases in net profits for the first half of the year, with some firms seeing profits rise over tenfold [11][12] - The surge in profits indicates a more active capital market and suggests a shift towards resource integration and capability enhancement within the brokerage industry [12] Foreign Exchange Reserves - As of June 2025, China's foreign exchange reserves reached $33,174 billion, marking an increase of $322 billion from the previous month [13] - The rise in reserves is attributed to favorable macroeconomic conditions and a decline in the dollar index, reflecting China's stable economic growth [13]

策略早餐 主要品种策略早餐 （2025.07.14） 金融期货和期权 品种：TS、TF、T、TL 日内观点：震荡反弹 中期观点：偏强 股指期货 品种：IF、IH、IC、IM 日内观点：谨慎高位整理 中期观点：偏强 参考策略：IM2507交易盘择机止盈离场，配置盘移仓至IM2509合约 核心逻辑： 1、海外方面，美国对贸易伙伴的征税函陆续发布，关税不确定性阶段性落地， 权益市场对此表现较为平淡。特朗普已分四批向25个贸易伙伴发出征税函，关税税率 介于20%至50%。中美关税谈判方面，两国继续保持沟通对话。中期看，关税政策仍是 下半年全球资金风险偏好的重要影响因素，但扰动边际减弱。 2、政策方面，监管持续加强险资长周期考核，有利于发挥中长期资金 "稳定 器"作用。财政部发布《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》，国有险企长周期考核机制全面落地，有利于进一步推动险资 增量资金入市，更好发挥险资长期资本、耐心资本的"压舱石"作用，塑造权益市场"长 钱长投"的市场生态。 3、赚钱效应推升市场风险偏好，股市流动性维持充裕。近期A股市场成交额连续 环比上行，融资资金已连续3周净买入， ...

Group 1 - The Ministry of Finance issued a notice to guide long - term and stable investment of insurance funds and strengthen long - cycle assessment of state - owned commercial insurance companies, which helps improve the enthusiasm of insurance funds to invest in the A - share market [2] - In the second quarter, high - frequency data in multiple fields improved, with offline consumption heat index up 25.5%, offline service consumption index up 33.4%, and key project investment index up 25.7% [2] - The China Coking Industry Association decided to raise coke prices by 50 yuan per ton from July 15, with first - tier metallurgical coke up 50 yuan/ton, second - tier up 40 yuan/ton, and third - tier up 30 yuan/ton [2] - Vietnam's Ministry of Industry and Trade imposed anti - dumping duties ranging from 23.10% to 27.83% on hot - rolled coils of steel originating from China, effective from July 6 [2] Group 2 - Key sectors to focus on: urea, crude oil, PVC [4] - Night - time performance of commodity futures: non - metallic building materials up 2.85%, precious metals up 27.66%, oilseeds up 12.45%, coal, coke, steel and ore up 14.57%, energy up 3.06%, chemicals up 12.72%, grains up 1.23%, agricultural and sideline products up 2.86%, non - ferrous metals up 19.64%, soft commodities up 2.95% [4][5] Group 3 - Performance of major asset classes: The Shanghai Composite Index had a daily increase of 0.01%, a monthly increase of 1.91%, and an annual increase of 4.73%; the SSE 50 decreased by 0.01%, the CSI 300 increased by 0.12%, and the CSI 500 increased by 0.74% [7] - In the fixed - income category, the 10 - year Treasury bond futures decreased by 0.02%, the 5 - year decreased by 0.01%, and the 2 - year decreased by 0.00% [7] - In the commodity category, the CRB Commodity Index increased by 1.05%, WTI crude oil increased by 3.15%, London spot gold increased by 0.95%, and LME copper decreased by 0.39% [7]

1. Report Industry Investment Ratings The provided content does not mention the industry investment ratings. 2. Core Views of the Report - **Macro - Financial**: For stock index futures, consider gradual profit - taking or covered strategies; for treasury bond futures, consider hedging and reducing duration. The market may have a demand for profit - taking due to potential short - term positive news realization. The focus in the bond market is whether the downward shift of the capital center can persist [7][8]. - **Black Metals**: The black market may continue to oscillate strongly in the short term. Recommendations are to wait and see or engage in spot - futures positive arbitrage when prices are high. Coal and coke may rebound in the short term due to policy expectations but remain weak in the medium term. For ferroalloys, it is advisable to hold short positions and add more short positions on rebounds [10][11][12]. - **Non - ferrous Metals and New Materials**: For aluminum and alumina, it is recommended to short at high prices. Zinc prices are expected to oscillate and decline. Industrial silicon is expected to turn to oscillatory operation, and polysilicon is expected to maintain a relatively strong operation with continued attention to follow - up measures and warehouse receipt generation [16][19]. - **Agricultural Products**: For cotton, consider short - selling at high prices; for sugar, the short - term trend is oscillatory and strong; for eggs, maintain a strategy of short - selling on rebounds; for apples, use a light - position positive arbitrage strategy; for corn, wait and see; for dates, lightly short - sell; for live pigs, short the near - term contracts with light positions [21][23][26][27]. - **Energy and Chemicals**: Crude oil is expected to be in a supply - exceeding - demand pattern in the long run, oscillating in the short term. Fuel oil and asphalt prices follow crude oil. Plastics and methanol are expected to oscillate weakly. For caustic soda, maintain a short - selling mindset. For the polyester industry chain, consider short - selling at high prices. LPG prices are likely to decline, and for pulp, observe port destocking and spot trading improvement. For logs, the 09 contract is expected to oscillate. For urea, maintain a long - buying mindset [33][36][37][40][41][43][44]. 3. Summaries by Relevant Catalogs Macro - Financial - **Stock Index Futures**: The Shanghai Composite Index has broken through 3500 points. The market is discussing a high - level meeting on urban renewal. The Shenzhen Stock Exchange has revised the GEM Composite Index compilation plan. There may be a demand for profit - taking due to short - term positive news realization [7]. - **Treasury Bond Futures**: The central bank's reverse repurchase has turned to net investment. The focus in the bond market is whether the downward shift of the capital center can persist. Consider hedging and reducing duration [8]. Black Metals - **Steel and Iron Ore**: Macro - policy expectations have improved in the short and medium term, but large - scale stimulus policies are likely to come later. Downstream steel demand has seasonal and marginal weakening. Supply is expected to remain high, and the valuation of the futures market is expected to rise. The market may oscillate strongly in the short term [10]. - **Coal and Coke**: They are rebounding in the short term due to policy expectations. In the medium term, they are weak due to crude steel production cuts and macro - policies. The supply of coking coal is relatively loose, and the supply of coke follows [11]. - **Ferroalloys**: The market is oscillating at a relatively high level with increased volatility. The fundamentals are weakening. It is recommended to hold short positions and add more short positions on rebounds [12]. - **Soda Ash and Glass**: Soda ash is rising in the short term following market sentiment, and it is advisable to avoid short - selling for now. Glass is recommended to be bought at low prices. Soda ash has supply - surplus and high - inventory problems, while glass has improved inventory removal [13][14]. Non - ferrous Metals and New Materials - **Aluminum and Alumina**: Aluminum is affected by international negotiations and consumption weakness, with an increasing inventory accumulation expectation. Alumina has a relatively loose supply. Both are recommended to be short - sold at high prices [16]. - **Zinc**: Social inventories are increasing, and the production of smelters is accelerating. Zinc prices are expected to oscillate and decline [16]. - **Lithium Carbonate**: It is in a short - term tight - balance state but is expected to be in surplus in the long term, with limited upward driving force [18]. - **Industrial Silicon and Polysilicon**: Industrial silicon is expected to turn to oscillatory operation, and polysilicon is expected to maintain a relatively strong operation. Attention should be paid to follow - up measures and warehouse receipt generation [19][20]. Agricultural Products - **Cotton**: It is oscillating and rebounding in the short term but is under long - term demand pressure. Consider short - selling at high prices [21]. - **Sugar**: It is oscillating and strong in the short term. There is an expected increase in supply, which may suppress prices [23][24]. - **Eggs**: They are in a seasonal upward trend, but the supply pressure during the Mid - Autumn Festival may limit the increase. It is recommended to short - sell on rebounds [26]. - **Apples**: Use a light - position positive arbitrage strategy. The old - season apples' prices are falling, and the new - season apples are expected to oscillate [27]. - **Corn**: The market is oscillating. It is advisable to wait and see and pay attention to the valuation repair opportunity after the market has fallen excessively [28][29]. - **Dates**: Consider short - selling with a light position. The market is in a supply - exceeding - demand pattern in the short term [30]. - **Live Pigs**: Short the near - term contracts with light positions. The supply is expected to increase, and the demand is weak [31]. Energy and Chemicals - **Crude Oil**: It is likely to enter a supply - exceeding - demand pattern in the long run, oscillating in the short term. Attention should be paid to the US - Iran agreement and the summer peak demand [33]. - **Fuel Oil**: Its price follows crude oil. The market is affected by the peak power - generation demand in the Middle East and weak shipping [34][35]. - **Plastics**: The short - term market sentiment may support prices, but the supply - exceeding - demand situation remains. Consider holding put options or short - selling slightly [36]. - **Methanol**: It is expected to oscillate weakly. The supply of imports has recovered, and the port inventory is gradually increasing [37]. - **Caustic Soda**: Do not chase high prices. Maintain a short - selling mindset as the futures contract may face pressure [38]. - **Asphalt**: Its price follows crude oil. The market is in a seasonal off - peak season with only rigid demand [39]. - **Polyester Industry Chain**: Consider short - selling at high prices. The industry's supply - demand situation is weak, and the price rebound is difficult to sustain [40]. - **Liquefied Petroleum Gas (LPG)**: It is expected to decline. The supply is abundant, and the demand is weak in the medium - long term [41]. - **Pulp**: Observe whether port destocking continues and spot trading improves. The price is expected to have limited upward and downward space [41]. - **Logs**: The 09 contract is expected to oscillate. The import is expected to be weak, and the demand is also soft [43]. - **Urea**: Maintain a long - buying mindset as there are high export profit expectations and export opportunities [43][44].