Regulatory Voice - In 2024, the compulsory traffic accident liability insurance (CTALI) generated a premium income of 271.06 billion yuan, covering 372 million vehicles, with a loss of 15.27 billion yuan after accounting for claims costs of 226.28 billion yuan and management costs of 52.32 billion yuan [1] - The Financial Regulatory Authority has revised the "Insurance Company Capital Guarantee Fund Management Measures," which includes five major adjustments to better align with the rapid development of the insurance market [1] Industry Focus - The transformation of dividend insurance has achieved stage results, with the bancassurance channel becoming a new growth engine, significantly increasing its contribution to new business value [2] - Major insurance companies are collectively increasing their focus on dividend insurance, leading to breakthroughs in new premium ratios and new business value contributions [2] Corporate Dynamics - China Pacific Insurance issued H-share convertible bonds, raising 15.556 billion Hong Kong dollars with a subscription rate exceeding 70% from long-term investors, and a conversion premium rate of 25% [4] - Midea Group plans to acquire a stake in Samsung Insurance, with the transfer of 11.50% equity from Yuxing Technology Development to a company controlled by Midea [5] Financial Personnel - Bohai Life Insurance is publicly recruiting two vice presidents, one to oversee insurance business channels and the other to manage strategic planning and capital operations [6] - The qualification of Gui Zhiguo as vice president of CCB Life Insurance has been approved by the Shanghai Regulatory Bureau of the National Financial Supervision Administration [7]

Group 1 - The core viewpoint of the news highlights the positive performance and investor interest in the Dividend Low Volatility ETF (512890), which has shown a net inflow of funds over a longer period despite some short-term fluctuations [1][4]. - As of July 30, 2025, the Dividend Low Volatility ETF (512890) has a circulating scale of 21.388 billion yuan, indicating strong market recognition [1]. - The ETF's top holdings include several banks, with notable increases in stock prices for institutions like Chengdu Bank (up 0.70%) and Jiangsu Bank (up 1.50%), reflecting a focus on high dividend yield and low volatility in stock selection [2][4]. Group 2 - The recent adjustments by the Ministry of Finance regarding long-term assessments of insurance funds are expected to encourage insurance capital to increase equity asset allocations, benefiting the banking sector due to its stable dividends and low volatility [4]. - The banking sector is currently characterized by low valuations and high dividend yields, which are likely to attract medium to long-term incremental capital inflows, enhancing the dividend value of bank stocks [4]. - Investors seeking stable returns and low-risk alternatives to bonds can consider participating in the Dividend Low Volatility ETF (512890) through its linked funds, even without a stock account [4].

中新社北京7月14日电 (记者 陈康亮)中国A股14日(周一)总体表现平稳，三大股指互有涨跌。其中，上 证指数当天小幅上涨，再创年内新高。 截至当天收盘，上证指数报3519点，涨幅为0.27%；深证成指报10684点，跌幅为0.11%；创业板指报 2197点，跌0.45%。沪深两市成交总额约14588亿元人民币，较上一个交易日缩量约2534亿元人民币。 板块方面，根据金融数据服务商东方财富的统计，当天贵金属、能源金属分别上涨2.94%和2.25%，领 涨A股所有行业板块。备受关注的银行板块在经历上周五的调整后14日"重整旗鼓"，全天录得0.77%的 涨幅。 消息面上，中国财政部近日发布通知，调整国有商业保险公司长周期考核相关指标内容，持续引导国有 商业保险公司长期稳健经营。经过调整，经营效益类指标的"净资产收益率"将由"3年周期指标+当年度 指标"相结合的考核方式调整为"当年度指标+3年周期指标+5年周期指标"相结合的考核方式；经营效益 类指标的"(国有)资本保值增值率"将由"当年度指标"调整为"当年度指标+3年周期指标+5年周期指标"相 结合的考核方式。 银河证券分析师张一纬表示，上述调整有利于推动险资增配 ...

Core Viewpoint - The recent approval of the share transfer from Australia and New Zealand Banking Group to New China Life Insurance Company signifies a strategic move to enhance asset allocation and strengthen the financial service capabilities of New China Life in the banking sector [1][2]. Group 1: Share Transfer Details - Hangzhou Bank announced the transfer of 329,638,400 shares from Australia and New Zealand Banking Group to New China Life at a price of 13.095 yuan per share, totaling approximately 4.317 billion yuan [2]. - Following the transfer, New China Life will hold a total of 356,555,844 shares, representing 5.63% of Hangzhou Bank's total ordinary shares as of April 14, 2025, making it the fourth-largest shareholder [2]. Group 2: Insurance Companies Increasing Bank Holdings - Since the beginning of 2024, multiple insurance companies have increased their stakes in various banks, including Changcheng Life acquiring Wuxi Bank and Xintai Life increasing holdings in Zhejiang Commercial Bank and Beijing Bank [3]. - New China Life and Ping An Life have also raised their stakes in major banks such as China Construction Bank and Postal Savings Bank [3]. Group 3: Reasons for Insurance Companies' Preference for Bank Stocks - The decline in long-term interest rates and the maturity of high-yield assets have pressured insurance companies to reallocate their assets, making bank stocks attractive due to their high dividends and stable returns [4]. - New accounting standards have led insurance companies to favor high-dividend assets and long-term equity investments to reduce profit volatility [4]. Group 4: Policy Support for Insurance Capital Allocation - In 2024, insurance companies have made 28 equity investments in listed companies, with New China Life being active in acquiring stakes in various firms [6]. - New China Life emphasizes its commitment to increasing equity asset allocation, aligning with national policies to support the development of the capital market and the real economy [7][8].