Group 1: US-China Trade Tensions - The US has imposed a 34% "reciprocal tariff" on Chinese goods as of April 2, leading to a cumulative tariff rate of approximately 65% on Chinese imports [1] - In response, China announced on April 4 that it would impose a 34% tariff on all imports from the US, effective April 10 [1] - China has also implemented export controls on seven categories of rare earth elements and has placed 16 US companies on an export control list [1] Group 2: Recent Policy Developments - On April 3, the Chinese government issued opinions on improving price governance mechanisms, emphasizing market-driven pricing in sectors like energy and transportation [2] - The China Securities Regulatory Commission released a draft for revised regulations on securities investment fund custody, aiming to enhance entry requirements and risk management [2][12] - The National Financial Regulatory Administration introduced a plan to boost technology finance, including increasing the weight of tech finance indicators in internal performance assessments [2][8] Group 3: Personnel Changes - On April 2, Shi Taifeng, a member of the Political Bureau of the Central Committee, was reported to have been appointed as the Minister of the Central Organization Department [3]

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [3][11]. Core Viewpoints - The recent notification from the financial regulatory authority marks a new phase for insurance capital's investment in unlisted companies, focusing on significant equity investments and expanding the range of investable industries [3]. - As of the end of 2024, the balance of insurance funds in long-term equity investments is projected to reach 2.46 trillion yuan, accounting for 7.4% of total investments, suggesting a shift towards equity investments to enhance returns amid declining long-term interest rates [3]. - The notification aims to optimize asset allocation for insurance institutions, enhance the construction of health and wellness ecosystems, and support the real economy [3]. - The report highlights that investments in technology and elder care sectors can strengthen the core business of insurance companies, improving product competitiveness and operational efficiency [3]. Summary by Sections Investment Analysis - The notification clarifies funding sources and expands the range of industries for investment, now including technology, big data, and modern agriculture, among others [5]. - It emphasizes the need for insurance institutions to use their own funds for significant equity investments and outlines strict regulatory requirements to prevent misconduct [5]. - A five-year transition period is established for existing investments that do not meet the new criteria, requiring institutions to develop rectification plans [5]. Valuation of Key Companies - The report provides a valuation table for key companies in the non-bank financial sector, including metrics such as closing price, total market value, and various valuation ratios [6]. - Notable companies include China Life, Ping An, and New China Life, with respective market values of 882 billion yuan, 876 billion yuan, and 136.7 billion yuan [6].