记者统计发现，2025年第二季度，上市公司前十大流通股股东中，险资股东增持的有260多家，减持的 有60多家。其中，化工、硬件设备、电气设备、医药生物、机械等行业均有20多家上市公司被险资股东 增持。 从个股数据来看，华菱钢铁、中国电信、西部矿业、中煤能源、常熟银行、赣粤高速等上市公司均被险 资股东增持。其中，华菱钢铁在今年第二季度被股东信泰人寿举牌。 展望未来，积极布局权益市场依旧是保险资金的共识。记者调研多家保险机构和保险资管机构后了解 到，在监管部门引导大型国有险企30%新增保费入市和保险行业负债端保费收入持续增长的推动下，未 来保险资金有充足的"弹药"会投入资本市场。 ◎记者 何奎 随着上市公司2025年半年报逐渐披露，保险资金投资动向也浮出水面。 上海证券报记者近日统计发现，以8月24日前披露2025年半年报的1600多家上市公司计算，2025年第二 季度，保险资金新进入120多家上市公司前十大流通股股东名单；同时，有260多家上市公司前十大流通 股股东中的险资股东进行了增持。 从保险资金新进上市公司前十大流通股股东情况来看，化工、机械、电气设备、硬件设备等行业受到险 资青睐，均有10家以上的上市公 ...

①股票投资 增加1万亿， 突破3万亿 ②15家险企 30次举牌23家公司 银行、能源等行业居多 2025年上半年 人身险公司投资收益率上升 1 保险资金：首次突破36万亿 股票投资首破3万亿，增1万亿 1. 保险资金：首次突破36万亿！近十年持续快速增长... 2025年上半年 保险资金突破36万亿 今日，保险人的朋友圈关注最多的可能就是，资本市场的上涨，甚至刷新近十年新高！ 更重要的是，在这一轮市场上涨的背后，作为中长期资金之一，保险资金的动作频繁， 其动向也备受市场关注。 ③7家银行被举牌 招行、邮储3次，农行2次 为什么，这么说呢？ 首先，从保险资金的体量看，得益于负债端的保费持续增长和稳健的盈利能力等因素， 保险业的可运用资金余额也持续快速增长。 根据，近日金融监管总局披露的数据显示，截至2 0 2 5年上半年，保险公司的资金运用余 额已经超过3 6万亿，创历史新高。 相较十年前，保险资金已经增加近25万亿，年均复合增长率超1 0%，详见上图。 2. 股票投资增加1万亿，首破3万亿！ 其次，保险资金的增长到底是否会影响资本市场，还要看其对股票等权益类投资的金额 变化。 从上图可见，虽然，2 0 2 5 ...

保险业上半年原保费收入3.7万亿，同比增长5.1% 商保创新药初审目录发布，5款CAR-T疗法入围 中国平安相继举牌中国太保H股、中国人寿H股，回应称属于财务性投资 "车险好投保"平台已为超88万辆新能源车投保，提供保障8889.5亿元 财政部等九部门：对服务业经营主体贷款贴息1个百分点 财政部等三部门：对符合条件的个人消费贷款给予1个百分点财政贴息 国家金融监管总局等三部门：切实提升金融消保和投保工作整体质效 国家金融监管总局：加强金融监管统计数据的源头治理与审核管理 海南：鼓励保险机构开发适应民营经济组织分散风险、补偿损失的保险产品 广州：鼓励险资在广州南沙设立私募股权投资基金 李有祥获批担任中农再董事长 程思韵获批担任汇丰人寿董事长 胡敏出任工银安盛资管副总经理 杨静波获批担任横琴人寿总助 余兵强获批担任浙商财险总助 中国太保前7月原保费收入3145.9亿元，同比增长5.48% 众安在线前7个月原保费收入199.17亿元，同比增长5.82% 天茂集团拟主动退市，8月14日起停牌 人保资产获批设立私募基金管理公司，首期投资规模100亿元 泰康集团收取泰康资产股利15亿元 平安人寿、平安资管将减持华夏幸福3 ...

Report Industry Investment Rating - No relevant information provided Core View of the Report - The prices of treasury bond futures fluctuated, with the T2509 contract down 0.01%. The IRR of CTD bonds corresponding to the main contracts of treasury bond futures was at a low level, with no arbitrage opportunities. Short - term market interest rates were mixed, and the yields of key - term treasury bonds generally increased. Overseas, the yields of US, German, and Japanese treasury bonds also rose. The external environment became more complex, with increased global economic uncertainty due to the "reciprocal tariff" policy. The domestic market had insufficient effective demand, and the prices of treasury bond futures fluctuated more due to the enhanced expectation of real - estate stabilization policies [2][3] Summary by Relevant Catalogs Futures Market - **Price and Volume**: The prices of treasury bond futures on the previous trading day were mixed. For example, the T2509 contract fell 0.01%, and the trading volume and open interest of each contract changed. The open interest of TS2509 decreased by 418, while that of TS2512 increased by 231 [2] - **Arbitrage**: The IRR of CTD bonds corresponding to the main contracts of treasury bond futures was at a low level, indicating no arbitrage opportunities [2] Spot Market - **Domestic Treasury Bond Yields**: The yields of key - term domestic treasury bonds generally increased. The 10Y treasury bond yield rose 0.47bp to 1.66%, and the spread between long - and short - term (10 - 2) treasury bonds was 23.61bp [2] - **Overseas Treasury Bond Yields**: The yields of overseas key - term treasury bonds increased. The US 10Y treasury bond yield rose 8bp, the German 10Y treasury bond yield rose 6bp, and the Japanese 10Y treasury bond yield rose 0.9bp [2] Macro News - **Central Bank Operations**: On July 11, the central bank conducted 847 billion yuan of 7 - day reverse repurchase operations, with a net injection of 507 billion yuan. There will be 4257 billion yuan of reverse repurchases and 1000 billion yuan of MLF maturing this week [3] - **Diplomatic Meetings**: Chinese Foreign Minister Wang Yi met with US Secretary of State Rubio in Kuala Lumpur, and both sides agreed to strengthen communication and dialogue [3] - **Policy Regulations**: The Ministry of Finance required state - owned commercial insurance companies to improve asset - liability management and adjusted the assessment methods of some indicators [3] - **Economic Data**: In the second quarter, high - frequency data in multiple domestic fields improved. The offline consumption heat index increased by 25.5% year - on - year, and the online retail sales of major home appliances rose by 28.0% [3] - **International Trade**: US President Trump announced tariffs on products from Mexico, the EU, and Canada, increasing market concerns about inflation and trade tensions [3] - **Japanese Central Bank Action**: The Bank of Japan launched a "morning quote" for spot transactions, lending Japanese government bonds to support market liquidity [3] Industry Information - **Interest Rate Changes**: On July 11, most money - market interest rates in China increased. US Treasury yields rose across the board, driven by Trump's tariff announcements [3] Comments and Strategies - **Market Situation**: The central bank's open - market operations shifted from net withdrawal to net injection last week. Shibor remained low, and the domestic money market was relatively stable. Overseas, tariff announcements increased concerns about inflation and trade tensions. The domestic economy was generally expanding in June, but market demand was weak, and commodity prices were affected by policies [3] - **Market Outlook**: The external environment became more complex, with increased global economic uncertainty. The domestic market had insufficient effective demand, and the central bank maintained a supportive monetary policy. The "anti - involution" market trend continued, increasing the expectation of real - estate stabilization policies and causing greater fluctuations in treasury bond futures prices [3]

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]

Core Viewpoint - AIA Life Insurance has received approval from the National Financial Regulatory Administration to establish AIA Asset Management Company, reflecting its long-term commitment to the Chinese market and the achievements of China's high-level financial openness [1][2]. Group 1: Company Development - The establishment of AIA Asset Management marks a significant milestone in AIA Life's ongoing development in China, aiming to enhance the efficiency of fund utilization and provide specialized investment management services for insurance assets [1]. - AIA Asset Management will create a product system that covers multiple industries and asset types, enabling AIA Life to match its assets and liabilities effectively and secure stable long-term returns [1]. Group 2: Strategic Vision - AIA's regional CEO, Zhang Xiaoyu, emphasized the company's positive outlook on the long-term development and value of the Chinese market, aiming for sustainable and high-quality growth through effective asset-liability matching [2]. - The company plans to continue its long-term investment philosophy, leveraging the characteristics of insurance capital as "patient capital" to support the real economy in China [2]. Group 3: Historical Context - AIA Insurance originated in Shanghai in 1919 and became one of the first foreign insurance institutions to receive a personal insurance business license after China's reform and opening up in 1992 [2]. - In 2020, AIA Life was approved as the first wholly foreign-owned life insurance company in mainland China, expanding investment options [2].

Core Viewpoint - Shenzhen government is promoting increased investment of insurance funds into technological innovation, aligning with national policies to enhance reform and open up the economy [1] Group 1: Policy Initiatives - The Shenzhen government held a press conference to discuss the implementation of the central government's opinions on deepening reform and innovation [1] - The policy encourages insurance funds to invest in private equity and venture capital funds established in Shenzhen, targeting specific sectors [1] Group 2: Investment Focus - Shenzhen aims to actively connect with various national and global insurance institutions to facilitate investment in technology innovation [1] - The approach combines effective policies and operational strategies to attract more insurance capital into the tech sector [1]

Core Insights - The State Council's Financial Regulatory Administration emphasizes the role of technology insurance as a "shock absorber" and "stabilizer" for key core technology breakthroughs and future industry development [1] Group 1: Current Policies - The Financial Regulatory Administration has implemented three main policy measures to support technology insurance [1] - Improvement of the first set and first batch insurance compensation mechanism, expanding the coverage and optimizing terms, with over 1 trillion yuan in risk protection provided since the pilot began [1] - Optimization of insurance companies' solvency regulatory standards, adjusting risk factors for investments in strategic emerging industries and technology board companies, aiming to release more insurance funds to support capital markets [1] - Pilot program for major technology breakthrough insurance mechanisms in key sectors like integrated circuits and commercial aviation, providing risk-sharing solutions for national technology tasks, with approximately 9 trillion yuan in technology insurance protection provided last year [1] Group 2: Future Plans - The Financial Regulatory Administration is set to implement additional policies [2] - Recently introduced policies allowing insurance funds to invest in unlisted major equity related to insurance business, broadening support for technological innovation [2] - Adjusted regulatory ratios for insurance funds' equity investments, increasing the limit for single venture capital fund investments from 20% to 30% of the fund's paid-in capital [2] - Collaboration with the Ministry of Science and Technology to develop policies for high-quality development of technology insurance, focusing on optimizing the service system and enhancing the role of the insurance industry in risk compensation and funding leverage [2]

Group 1 - The central bank announced a 500 billion MLF operation with a fixed amount and interest rate bidding, with a term of one year [1] - The Financial Regulatory Bureau stated that the first batch of pilot reforms for long-term investment of insurance funds is 50 billion, the second batch is 112 billion, and a third batch of 60 billion is pending approval, totaling 222 billion [2] - The CSRC's Chief Risk Officer emphasized the continuous optimization of the domestic listing environment for technology companies, supporting high-quality red-chip tech firms to return to domestic listings [3] Group 2 - Xiaomi launched the Xiaomi 15S Pro, Pad 7 Ultra, and Watch S4, all equipped with the self-developed Xuanjie chip; the Xiaomi YU 7 was officially released, positioned as a "luxury high-performance SUV" [4] - Three Life Health reached a cooperation with Pfizer on project 707, with uncertainties regarding the sales milestone payments and royalties [5] - Nanjing Port saw an 8-day cumulative increase of 102.4%, with individual investors accounting for 88.47% of purchases [5]

1、适配房地产融资制度：加速出台与房地产发展新模式相匹配的一系列融资制度，助力持续稳固房地 产市场的稳定态势。 2、扩大保险资金投资试点：进一步拓宽保险资金长期投资试点的范围，为市场引入更多增量资金。 5 月 7 日上午 9 时，国务院新闻办公室举行新闻发布会，邀请中国人民银行、国家金融监督管理总局、 中国证券监督管理委员会负责人，介绍 "一揽子金融政策支持稳市场稳预期" 相关情况，并回答记者提 问。 发布会上，国家金融监督管理总局局长李云泽透露，金融监管总局近期计划推出 8 项增量政策： 7、扩展金融投资公司主体：将发起设立金融资产投资公司的主体范围，扩大至符合条件的全国性商业 银行，加大对科创企业的投资力度。 8、推动科技保险发展：制定科技保险高质量发展的意见，更好地发挥风险分担和补偿作用，切实为科 技创新提供有力保障。 3、调降保险投资风险因子：调整优化监管规则，进一步降低保险公司股票投资风险因子，以支持稳定 和活跃资本市场。 本文系观察者网独家稿件，未经授权，不得转载。 4、支持小微民企融资：尽快推出支持小微企业、民营企业融资的一揽子政策，深入落实融资协调工作 机制，助力稳定企业和经济发展。 5、护航 ...