Group 1: Rare Earth Industry - Northern Rare Earth's net profit for the first half of 2025 is expected to be between 900 million to 960 million yuan, representing a year-on-year growth of 1882.54% to 2014.71% [1] - The rare earth permanent magnet concept stocks surged on July 10, with the rare earth permanent magnet index rising by 2.92%, and stocks like Northern Rare Earth and Jingyuntong hitting the daily limit [1] - The strong performance of the rare earth market is driven by optimistic expectations for the industry, particularly with stable high prices and increasing demand from sectors like new energy vehicles and wind power [1] - The price of praseodymium and neodymium oxide increased by 11.68% year-on-year in the first half of the year, with prices stabilizing after a recovery in demand from downstream magnetic material companies [1] - Recent easing of export control policies for rare earths has further boosted market expectations, indicating a potential phase of increased industry prosperity [1] Group 2: Real Estate Market - Guangzhou's new housing market saw a significant increase in June 2025, with new home registrations reaching 6,796 units, a nearly 17% year-on-year growth [2] - The "housing ticket" policy and special loan support have been identified as key drivers for the surge in new home transactions, addressing the mismatch in supply and demand for resettlement housing [2] - The acquisition of existing residential properties by Guangzhou Anju Group has facilitated the city's efforts to stabilize the housing market and address inventory issues [2] Group 3: Economic Indicators - The core CPI, excluding food and energy prices, grew by 0.7% year-on-year, marking a 14-month high, indicating the effectiveness of policies aimed at boosting domestic demand [3] - Despite the rise in CPI, the overall price level remains low, with persistent downward pressure on PPI reflecting challenges in corporate profitability [3] - Strengthening domestic demand through policy measures is crucial for reversing the downward price trend, with expectations for gradual improvement in CPI in the second half of the year [3] Group 4: Bond Market - The People's Bank of China announced the expansion of the "Southbound Bond Connect" mechanism, allowing non-bank institutions like insurance companies to participate, enhancing cross-border investment channels [4] - The number of bonds under the "Southbound Bond Connect" increased significantly, indicating sustained interest from domestic institutions in the Hong Kong bond market [4] - The expansion of investor eligibility in the "Southbound Bond Connect" is expected to optimize asset allocation and improve investment returns for participating institutions [4]

证券研究报告·行业点评报告·保险Ⅱ 保险Ⅱ行业点评报告 债券通南向通拟扩容，保险资金将打开出海 新窗口 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2025 年 07 月 10 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 曹锟 执业证书：S0600524120004 caok@dwzq.com.cn 行业走势 -8% -2% 4% 10% 16% 22% 28% 34% 40% 46% 2024/7/10 2024/11/8 2025/3/9 2025/7/8 保险Ⅱ 沪深300 相关研究 《推动普惠保险体系高质量发展，护 航社会稳定与经济发展》 2025-07-09 《保险行业 5 月月报：寿险保费增速 持续向好，财险业务表现稳健》 2025-06-28 东吴证券研究所 1 / 3 请务必阅读正文之后的免责声明部分 ◼ 【事件】7 月 8 日中国人民银行和香港金融管理局在香港举行的"债券 通周年论坛 2025"上公布了多项债券通优化措施，其中包括完善南向 通机制，拟扩大境内投资者范围至券商、基金、保险、理财等 ...