Core Insights - On July 28, 2025, Alibaba-W (09988), China Life (02628), and Tencent Holdings (00700) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 3.322 billion, 2.878 billion, and 2.590 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, SMIC (00981), Alibaba-W (09988), and Xiaomi Group-W (01810) led the trading volume, with amounts of 1.615 billion, 1.438 billion, and 1.416 billion respectively [1] Southbound Trading - Hong Kong Stock Connect - Top active companies by trading amount: - Alibaba-W (09988): 3.322 billion, net inflow of 79.7145 million [2] - China Life (02628): 2.878 billion, net inflow of 1.007 billion [2] - Tencent Holdings (00700): 2.590 billion, net inflow of 74.9 million [2] - Other notable companies include: - Guotai Junan International (01788): 2.588 billion, net outflow of 37.9091 million [2] - SMIC (00981): 2.337 billion, net inflow of 1.1 billion [2] Southbound Trading - Shenzhen-Hong Kong Stock Connect - Top active companies by trading amount: - SMIC (00981): 1.615 billion, net inflow of 45.3191 million [2] - Alibaba-W (09988): 1.438 billion, net inflow of 358 million [2] - Xiaomi Group-W (01810): 1.416 billion, net outflow of 187 million [2] - Other notable companies include: - Tencent Holdings (00700): 1.249 billion, net outflow of 152 million [2] - Meituan-W (03690): 1.186 billion, net outflow of 281 million [2]

【 导读 】恒瑞医药出海授权交易刷新纪录，港股狂飙24.54% 中国基金报记者 格林 7月28日，港股三大指数涨跌不一。其中， 恒生指数涨0.68%，报25562.13点 ； 恒生科技指数跌0.24%，报5664.02点 ； 恒生国企指 数涨0.29%，报9177.15点。全日 大市成交 额为 2502.99亿港元，南向资金净买入 额为 92.53亿港元。 | 序号 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | 成交额 | 年初至今 序号 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | HSCI | 恒生综合指数 | 3850.98 | 23.86 | 0.62% | 1824.15亿 | 29.09% 1 | | 2 | મંદા | 恒生指数 | 25562.13 | 173.78 | 0.68% | 2502.99亿 | 27.43% 2 | | 3 | HSCEI | 恒生中国企业指数 | 9177.15 | 26.66 | 0.29% | 775.64亿 | 25.89% 3 | | 4 | HSCCI | 恒生香港中资企 ...

Market Overview - On July 28, A-shares saw a slight increase across all three major indices, with the Shanghai Composite Index rising by 0.12%, the Shenzhen Component Index by 0.44%, and the ChiNext Index by 0.96% [1] - Approximately 2,700 stocks in the market experienced an increase, with the ChiNext 50 Index leading with a rise of 1.29% [1] - In the Hong Kong market, the Hang Seng Index increased by 0.68%, while the Hang Seng China Enterprises Index and the Hang Seng Technology Index saw declines of 0.09% and 0.24%, respectively [4][5] Sector Performance - The defense and military industry led the gains with an increase of 1.86%, followed by non-bank financials at 1.51% and pharmaceuticals at 1.47%. Conversely, coal, steel, and transportation sectors faced declines of 2.60%, 1.41%, and 1.38%, respectively [7] Key Developments - In the pharmaceutical sector, 3SBio announced a global licensing agreement with Pfizer for the PD-1/VEGF dual antibody SSGJ-707, marking a significant milestone for domestic innovative drugs going international. The total transaction amount is $60.5 billion, with an upfront payment of $12.5 billion, setting a record for upfront payments for Chinese innovative drugs [8] - Pfizer also invested an additional $1.5 billion to gain exclusive commercialization rights for SSGJ-707 in mainland China and subscribed to $1 billion worth of shares in 3SBio [8] - According to research from Industrial Securities, the internationalization of differentiated innovative drugs from China has shown remarkable performance in 2024, with ongoing acceleration in transactions related to new technologies such as dual antibodies and ADCs [8] Financial Sector Insights - Recent data from the Shanghai and Shenzhen stock exchanges revealed that competition in the brokerage ETF business remains intense, with leading brokerages excelling across multiple tracks while some smaller firms achieved notable success in niche markets [9] - Dongwu Securities highlighted that the non-bank financial sector currently has a low average valuation, providing a safety margin. The insurance industry is expected to benefit from economic recovery and rising interest rates, with a significant increase in the sales proportion of savings-type products [9] - The securities industry is anticipated to experience new growth points due to transformation, benefiting from market recovery and a favorable policy environment [9]

南方财经全媒体记者 孙诗卉 上海报道 随着DRG/DIP医保支付方式改革在全国加速落地，叠加药品集采常态化，公立医院体系内原研药供给趋 紧，患者对"院外用药保障"的需求激增。21世纪经济报道记者梳理近期上线的医疗险产品发现，作为创 新药支付的重要参与方，保险机构正加速百万医疗险及中高端产品的迭代升级，其中"外购药责任"成为 本轮产品升级竞速的焦点。 多位业内人士指出，在"保基本"的定位下，基本医保更注重保障广覆盖与支付公平性，发展商业健康险 对减轻医保基金和患者个人负担，以及支持创新药械产业的健康发展具有重要意义。未来创新药支付的 巨大市场在于商业健康险。 支付需求推动，外购药责任放开 外购药责任指的是在医疗保险保障范围内，当被保险人在就诊过程中，因就诊医院缺乏治疗所需药品， 需前往院外指定或认可的药店购买药品时，保险公司对这部分外购药品费用按合同约定进行报销的保障 责任。 值得注意的是，新华保险在外购药责任和恶性肿瘤特药保障方面作了大胆尝试，一是外购药械不限具体 清单；二是恶性肿瘤特药进一步纳入了海南博鳌、粤港澳大湾区以及天津自贸区的临床急需进口药品； 三是医药无忧针对外购药和特药责任还配备了专门的健康管理 ...

Core Insights - The training program for long-term care insurance (LTCI) caregivers in Wenshang County, Jining City, aims to enhance the quality and efficiency of nursing services through comprehensive skill development and policy understanding [1][3][7] Group 1: Training Program Details - The training was organized by the Wenshang County Medical Insurance Bureau in collaboration with China Life Property & Casualty Insurance, focusing on policy interpretation, practical skills, and service philosophy [1][3] - Key training components included detailed explanations of LTCI policy specifics, practical nursing skills for disabled individuals, and communication techniques centered on patient needs [3][5] - The training utilized a small-class format to ensure personalized instruction and maintain continuity of care for disabled individuals [5][7] Group 2: Implementation and Future Plans - The Wenshang County Medical Insurance Bureau has initiated the establishment of a lecturer pool to support ongoing training and professional development for caregivers [3][7] - Future plans include regular training sessions leveraging the lecturer pool, with a focus on enhancing service quality and increasing public satisfaction with LTCI services [7]

此次选拔赛聚焦数据要素核心价值挖掘，共吸引了工业制造、现代农业、金融服务等16个赛道95支优秀团队参与角逐。中国人寿财险山东省分公司蓝色保险 发展中心参赛项目为"数字赋能海洋养殖保险产业发展"，并通过初赛、复赛进入决赛。决赛中，参赛选手通过丰富的创新经验和精彩的路演答辩，充分展现 了该项目针对海洋产业风险保障缺位、传统保险模式效率低下等痛点，通过数据整合与技术创新，为海洋养殖保险提供数字化解决方案的生动实践。 齐鲁晚报·齐鲁壹点记者闫明 通讯员董政源 崔广勋 7月22日至23日，2025年"数据要素×"大赛山东分赛威海市选拔赛圆满收官。中国人寿财险山东省分公司蓝色保险发展中心参加的"数字赋能海洋养殖保险产 业发展"获"数据要素×"赛道一等奖，并将参加山东省分赛比赛。 "数据要素×"大赛由国家数据局主办，旨在推动数据要素在各行业领域的创新应用，促进数字经济发展的全国性赛事，分为地方分赛和全国总决赛。本次威 海市选拔赛由威海市大数据局联合市委网信办等20家单位共同主办，以"数据赋能 乘数而上"为主题，旨在通过竞赛形式为场景需求方、数据供给方、技术 服务方搭建互动交流平台，推动数据要素在经济社会各领域广泛应用和创新 ...

每周 一景：新疆 喀拉峻 点击右上角菜单，收听朗读版 投资建议： 新一期研究值公布引发人身险预定利率下调，利好改善利差损风险，维持行业"增持"。 风险提示： 长端利率下行；负债成本改善不及预期；储蓄险需求大幅下滑。 【固收】对于本轮债市回调的三点思考 【非银】 人身险预定利率触发下调机制，利差损压力有望改善 事件： 7月25日，保险行业协会组织召开人身保险业责任准备金评估利率专家咨询委员会2025年二季度例会，研究认为当前普通型人身保险产品预定利率研 究值为1.99%。 低利率环境下险企负债成本高企引发利差损担忧，建立动态调整机制利好根据市场利率及时压降预定利率。 2025年以来10年期国债收益率整体运行于 1.6%-1.9%区间，而保险公司普遍在售的普通型人身保险产品预定利率上限为2.5%，预计资负匹配压力仍然较大。根据金融监管总局《关于建立预定利率与 市场利率挂钩及动态调整机制有关事项的通知》，行业协会将结合5年期以上LPR、5年期定存基准利率、10年期国债利率等市场利率变化，每季度公布预定 利率研究值，当保险公司在售普通型人身保险产品预定利率最高值连续2个季度比预定利率研究值高25个基点及以上时，应及时 ...

股债市场回暖叠加资产配置优化，预计 25H1 利润稳健增长，净资产仍有压力： 1 ） 2025 年上半年股 债市场表现回暖，我们预计上市险企持有的 FVTPL 固收资产及 FVTPL 权益资产共同推动投资收益率提 升，推动利润稳定增长。 2 ）基于 25H1 长端利率仍处于下行趋势，我们预计负债评估利率的下降导 致 保险合同负债抬升，对净资产产生负面影响，但得益于上市险企负债成本压降以及资产端 OCI 类金融资 产投资收益表现较好，推动资负匹配持续改善。 报告导读： 我们预计上市险企 25H1 净利润稳健增长，净资产仍有压力；可比口径下寿 险 NBV 延续增长，财险 COR 改善；资负匹配持续改善，看好保险股估值修复。 预计可比口径下寿险 NBV 延续增长。 我们预计 25H1 上市险企个险新单有所承压，银保新单大幅增长。 分红险转型加速推进，我们预计负债成本呈现改善趋势。我们预计可比口径下 NBV 延续增长，但低利率 环境下价值实现度有所降低。 预计财险保费缓慢增长，降赔控费下 COR 改善。 1 ）我们预计 2025 年上半年上市险企财险保费缓慢增 长。车险受新车销售波动以及车均保费下降影响增速放缓，非车 ...

Core Insights - The company held a management meeting for the first half of 2025 on July 28, highlighting significant achievements in its operations [1] - As of the end of June, the company has a cumulative signed scale exceeding 1 trillion yuan and managed assets exceeding 620 billion yuan, ranking first among alternative insurance asset management companies [1] - In the first half of the year, the company added over 50 billion yuan in new allocations, with third-party business managed scale exceeding 150 billion yuan [1] - All key tasks outlined in the 14th Five-Year Plan have been completed, with five indicators exceeding expectations ahead of schedule [1]

Core Viewpoint - The recent heavy rainfall in Beijing has led to significant property damage, prompting a surge in insurance claims, particularly in auto and home insurance sectors [1][3]. Group 1: Insurance Claims Data - From July 24, 18:00 to July 28, 08:00, PICC Beijing received a total of 445 claims, with preliminary losses estimated at 13.5 million yuan, primarily from auto and home insurance [1][3]. - During the period from July 26 to July 28, Ping An Property & Casualty received 235 claims related to vehicle flooding, with 17 cases already closed [1][3]. - Home insurance claims have become a significant portion of the reports, with 200 home insurance claims filed alongside 241 auto insurance claims by PICC [3]. Group 2: Insurance Coverage Details - Vehicle damage due to flooding is covered under auto insurance, provided the vehicle was stationary or damaged during operation, excluding engine damage caused by restarting the vehicle after flooding [1][2]. - Home insurance typically covers damages from natural disasters like heavy rain and flooding, protecting the structure and contents of the home [3][4]. - For agricultural losses, insurance companies are actively assisting farmers in filing claims, with a quick response time for damage assessment and compensation [4].