支持青年创新创业方面，方案提出，鼓励南沙商业银行进一步提升服务便利化，开通港澳居民业务办理 申办绿色通道，为港澳创业青年开立银行结算账户。 （文章来源：新华财经） 新华财经北京8月12日电广州市人民政府等印发《关于贯彻落实金融支持广州南沙深化面向世界的粤港 澳全面合作的意见实施方案》。 支持科技创新产业发展方面，方案提出，稳步推动南沙金融机构在依法合规、风险可控前提下创新票据 贴现产品、增加票据融资支持。结合知识产权金融生态综合试点推动知识产权金融服务升级，深入开展 知识产权证券化试点，加强多元化知识产权金融服务。鼓励国内保险机构在南沙设立私募股权投资基 金，推动"险资入穗"。支持保险机构加大对科创企业资金运用力度，做好保险资金产融对接活动，在依 法合规的前提下，支持保险机构通过债券、股票、未上市股权等方式投资科创企业。 支持数字产业发展方面，方案提出，加强对区块链、人工智能等关键数字服务机构的招商引资力度，培 育本土优质数字服务机构。鼓励数字产业企业加强与南沙金融机构合作，拓展金融场景融合应用。支持 在南沙建设区块链、人工智能等关键数字技术与金融场景融合应用的数据算力中心、研发认证中心、测 评中心以及监管平 ...

8月6日下午，深圳暴雨初歇。中国平安（601318）在深圳举办"平安大讲堂·科技赋能风险减量"活动， 平安产险团体财意健险部副总经理景明洲站在台上，身后大屏幕显示着一组震撼的数据。 仅2025年上半年，"鹰眼"系统就在全国范围内预警25.9万场自然灾害，发出预警信息42.6亿条，线下提 供现场服务超10万次，覆盖6400万企业和个人客户；同时部署了1.4万套物联网监测设备，为超过5000 家企业的安全生产保驾护航。 今年是平安"鹰眼"系统上线十五周年。这15年来，"鹰眼"系统从一个自然灾害预警工具，逐步升级为全 球风险管理平台，并成为平安向风险减量转型的新基建。 在这次平安大讲堂上，中国平安正式发布了"鹰眼"系统海外版——EagleX。这是国内直保公司首个对外 发布的全球风险管理平台，为共建"一带一路"倡议贡献平安力量。 平安产险总经理助理徐华表示，平安产险充分发挥保险作为经济减震器和社会稳定器的核心功能，一直 坚持研究风险、量化风险，妥善处置风险，逐渐形成了覆盖灾前预警、灾中应急、灾后理赔的全周期风 险管理体系。 在当下数字化转型浪潮奔涌的时代，财产保险行业持续深化风险减量服务，"鹰眼"系统3.0站在了一个 ...

Market Overview - The market's risk appetite has significantly improved, with the probability of a Federal Reserve rate cut in September rising to 94%[4] - The Nasdaq led the gains with an increase of 3.87%, while gold prices rose by 1.72% due to geopolitical tensions and tariffs[4] - Brent crude oil experienced a sharp decline of 4.81%[4] Asset Allocation Recommendations - Fixed Income: Favor high-grade credit bonds and adjust duration flexibly, focusing on bank and insurance sector movements[5] - Overseas Equities: Suggest long-term investment opportunities in the US tech sector, particularly AI, given the resilience of economic data[5] - Gold: Strengthened as a safe-haven asset due to geopolitical conflicts and economic slowdown, serving as a hedge against inflation[5] - A-shares: Current liquidity supports the market, but valuation pressures are evident; focus on low-valuation sectors[5] - Commodities: Overall underweight due to weak supply and demand; consider opportunities in new energy sectors[5] Risk Factors - Policy adjustment risks, market volatility risks, geopolitical shocks, economic data validation risks, and liquidity transmission risks are highlighted[6]

*ST天茂退市渐近。 天茂实业集团股份有限公司（下称"天茂集团"）近日公告表示，由于公司拟进行业务结构调整，面临重大不确 定性，可能对公司造成重大影响，拟以股东会决议方式主动撤回A股股票在深圳证券交易所的上市交易。公司 将在8月25日召开2025年第一次临时股东大会，审议《关于以股东会决议方式主动终止公司股票上市事项的议 案》等事项。 经历2个交易日停牌后，天茂集团8月 11日 开市起复牌。7月8日，天茂集团股票简称由"天茂集团"变更为"*ST 天茂"，正式被实施退市风险警示。 拟主动终止上市 8月8日，天茂集团第十届董事会第四次会议审议通过了《关于以股东会决议方式主动终止公司股票上市事项的 议案》。 根据流程，本次以股东会决议方式主动终止上市尚需经出席天茂集团股东会的全体股东所持有效表决权的三分 之二以上通过，且经出席天茂集团股东会的除单独或者合计持有上市公司5%以上股份的股东和上市公司董 事、监事、高级管理人员以外的其他股东所持表决权的三分之二以上通过。 据公告，天茂集团将设置异议股东及其他股东保护机制，以股东会决议方式主动终止上市事项经股东会审议通 过后，由荆门市维拓宏程管理合伙企业（有限合伙）向除新理 ...

Core Viewpoint - The article discusses the recent progress in the pilot reform of long-term investment by insurance funds in China, highlighting the acceleration of insurance capital entering the market and the establishment of private equity funds by insurance companies [1][4]. Group 1: Pilot Reform Progress - The pilot reform of long-term investment by insurance funds has seen three batches approved, with a total scale of 222 billion yuan, involving major insurance companies such as China Life and New China Life [1][4]. - The first batch was approved in October 2023, with a total investment of 50 billion yuan fully deployed by March 2024 [4]. - The second batch, approved in January 2025, involved 520 billion yuan, while the third batch, approved in March 2025, added another 600 billion yuan, bringing the cumulative approved scale to 222 billion yuan [4]. Group 2: Investment Strategies and Trends - Insurance companies are increasingly favoring large-cap blue-chip stocks and high-dividend yielding companies, with a focus on stable governance and operational performance [6][8]. - The types of funds established under the pilot reform are diversifying, with both company-type and contract-type funds being utilized, allowing for easier standardization and management [6][7]. - The article notes a trend of insurance capital actively participating in local infrastructure projects, exemplified by the establishment of the "Ping An Fund" in Shenzhen, which allocates 90% of its capital to local projects [7][8]. Group 3: Market Impact and Investment Behavior - There has been a notable increase in insurance capital's market participation, with 22 instances of shareholding increases recorded in 2024 alone, surpassing the total for the previous year [10][11]. - The sectors attracting insurance capital include public utilities and banking, characterized by high dividend yields and stable return on equity [10][11]. - The article highlights that insurance companies are facing challenges in investment decisions due to new financial regulations, prompting a shift towards long-term stock investments to stabilize returns [11].

Group 1 - China Taiping's subsidiary, Taiping Asset, has received approval from the National Financial Regulatory Administration to establish Taiping (Shenzhen) Private Securities Investment Fund Management Co., Ltd. [1] - The long-term investment reform pilot for insurance funds aims to guide insurance companies to invest in private securities funds, primarily targeting the secondary market for stocks and holding them long-term [3]. - The first batch of pilot programs was approved in October 2023, with China Life and Xinhua Insurance each contributing 25 billion yuan to establish a company fund with a total scale of 50 billion yuan [3]. Group 2 - The second batch of approved pilot insurance companies includes eight firms with a total scale of 112 billion yuan, while the third batch has a total scale of 60 billion yuan [3]. - Taiping Life was approved to conduct pilot programs in March of this year as one of the second batch of insurance funds for long-term stock investments [3]. - Currently, six insurance-related private securities fund management companies have been approved, and six private securities investment funds have entered the operational phase [3].

Core Viewpoint - *ST Tianmao has applied for voluntary delisting from the Shenzhen Stock Exchange due to significant uncertainties arising from business restructuring, aiming to protect the interests of minority shareholders [2][5][7]. Group 1: Delisting Announcement - *ST Tianmao's board has approved a resolution to withdraw its A-share listing and will apply to transfer to the National Equities Exchange and Quotations for management in the delisting section [1]. - The company will provide cash options to shareholders, with an exercise price of 1.60 CNY per share, representing a premium of approximately 10.34% over the suspension price of 1.45 CNY [6]. Group 2: Financial Performance - The company has faced continuous declines in performance, with net profits dropping for four consecutive years, including a significant loss of 11.55 billion CNY in 2023, a year-on-year decline of 338.6% [13][14]. - From 2020 to 2023, the company's net profit attributable to shareholders decreased by 67.32%, 18.88%, 41.78%, and 337.82%, respectively [14]. Group 3: Historical Context - Established in November 1993 and listed in November 1996, *ST Tianmao primarily engages in various life insurance businesses [10]. - The company underwent significant changes in ownership and control, with New Liyi Group becoming the major shareholder in 2002 [10][11]. - The acquisition of a 43.86% stake in Guohua Life Insurance in 2016 marked a turning point, leading to substantial revenue growth, peaking at over 500 billion CNY in 2019 [12]. Group 4: Industry Context - As of 2025, a total of 24 companies have completed delisting, with various reasons including financial issues and voluntary applications [17][20]. - The primary reasons for delisting include financial performance issues and violations of regulations, indicating a challenging environment for companies in the market [20].

Core Concept - The article emphasizes the progress made in ecological protection and green development in China over the past 20 years, highlighting the implementation of the "Two Mountains" theory and the establishment of innovative financial mechanisms to support sustainable practices [1] Ecological Compensation and Cooperation - The ecological environment in the Shandong Yellow River Delta National Nature Reserve has improved significantly, with 5.3 billion cubic meters of ecological water replenishment in the past three years, leading to increased biodiversity and tourism [2] - Shandong and Henan provinces have established a horizontal ecological compensation agreement to incentivize upstream provinces to protect water quality, with Shandong having disbursed 250 million yuan in ecological compensation to Henan [2] - Shandong has developed a comprehensive horizontal ecological compensation mechanism, with total compensation reaching 2.229 billion yuan, promoting shared responsibility for ecological protection [3] Green Insurance and Carbon Market - The introduction of carbon insurance products aims to support businesses in their green transitions, with companies like Xiamen Futec purchasing blue carbon to offset emissions [4][5] - Blue carbon insurance provides security for transactions, ensuring compensation for losses due to natural disasters or accidents [5][6] - Insurance companies are also increasing their investments in green projects, such as green bonds and equity investments, to support clean energy initiatives [7] Green Taxation and Technology Innovation - Tax incentives are effectively guiding companies towards reducing emissions, with a mechanism that lowers environmental protection tax for lower emissions [8][10] - The development of a digital twin energy management platform in Hainan demonstrates how tax policies can accelerate technological innovation in green energy [9][10] Green Bonds and Circular Economy - The Shandong Hongqiao Group has successfully issued green bonds totaling 600 million yuan to fund its recycling aluminum production, significantly reducing energy consumption and waste [11][12] - The issuance of green bonds has lowered financing costs and extended repayment periods, enhancing the company's commitment to ESG principles [12][13] Carbon Finance Development - The use of carbon emission rights as collateral for loans has emerged, with companies like Hubei Huangmailing Phosphate Chemical obtaining significant financing to support their green initiatives [15][16] - Hubei's financial institutions have issued 31 carbon emission rights pledge loans, facilitating 941 million yuan in financing for various projects [16] - The carbon market is evolving, with plans for carbon futures to provide risk management tools for emission-controlling enterprises [17]

Core Viewpoint - The recent challenges faced by truck drivers in renewing commercial insurance have raised concerns about operational risks and the livelihoods of drivers in the logistics industry [1][2][3]. Group 1: Insurance Renewal Challenges - Many truck drivers, such as those operating in Hebei, have reported being denied renewal of commercial insurance due to being classified as E-class vehicles, which indicates a higher risk [2]. - A significant number of trucks are unable to secure insurance, with reports indicating that nearly 20% of vehicles in some fleets cannot be insured due to this classification [3]. - The cost of insurance has increased dramatically, with some drivers experiencing premium hikes from around 10,000 to 40,000 yuan per vehicle [3]. Group 2: Impact on Drivers and Operations - The inability to renew insurance has led to operational halts for many drivers, affecting their income and ability to support their families [3][4]. - Drivers with good driving records have also faced challenges due to their companies being blacklisted for high overall accident rates, impacting their individual insurance options [3][5]. Group 3: Insurance Company Perspectives - Insurance companies utilize a rating system based on various factors, including driving behavior and accident history, to assess risk and determine insurance eligibility [5][6]. - Some insurance executives argue that the perception of refusal to insure is often due to disagreements over premium pricing rather than outright denial of coverage [6][7]. - The insurance industry faces significant losses in the commercial truck sector, leading to higher premiums and stricter underwriting criteria [7][10]. Group 4: Regulatory and Policy Responses - Recent government initiatives aim to address the insurance challenges faced by truck drivers, including the introduction of a platform for easier online insurance access [8][9]. - Experts suggest that optimizing insurance mechanisms and enhancing risk management practices are essential for improving the situation for truck drivers [10][11]. - There is a call for differentiated pricing models and the introduction of social capital to create new insurance solutions for high-risk vehicles [10][11].

Group 1 - The weight of the S&P 500 in the MSCI International Index has increased from 50% in 2010 to 72% now, reflecting the long-term strong performance of US stocks [1][2] - Global institutions are increasingly concerned about the concentration of dollar-denominated assets, leading to a focus on diversifying their dollar exposure [2][3] - The US stock market remains the most profitable globally, driven largely by technology giants, but the current market rebound is concentrated among a few leading companies [3][4] Group 2 - European stock markets have outperformed globally this year, with significant gains in indices such as the DAX and Euro Stoxx 50, driven by a narrative of "de-dollarization" [4][5] - Germany is relaxing its long-standing fiscal discipline, which may lead to synchronized adjustments in the European fiscal framework, benefiting sectors like defense, industrials, and renewable energy [5][6] - The overall bond yield environment in Europe is improving, making fixed-income assets more attractive compared to US bonds, particularly for European and Swiss investors [6][7] Group 3 - Emerging markets, particularly China, are also seen as potential areas for capital diversification, with a focus on the improvement of profit margins in the Chinese market [7] - The recent "anti-involution" strategy in China aims to eliminate weaker companies and address overcapacity issues, which is viewed positively for future profitability [7]