Core Viewpoint - The recent approval for China Taiping's subsidiary to establish a private equity fund management company marks a significant advancement in the long-term investment reform pilot for insurance funds, indicating an acceleration in insurance capital entering the market [2][4]. Group 1: Investment Reform Pilot - The long-term investment reform pilot for insurance funds has seen three batches of approvals, with a total scale of 222 billion yuan (approximately 31.5 billion USD) [4][5]. - The first batch was approved in October 2023, with China Life and Xinhua Life jointly investing 50 billion yuan [4]. - The second batch, initiated in January 2025, allowed several insurance companies to participate with a total scale of 520 billion yuan [5]. - The third batch, approved in March 2025, included additional participants with a total scale of 600 billion yuan [5]. Group 2: Investment Strategies and Trends - Insurance funds are increasingly favoring large-cap blue-chip stocks and high-dividend yielding companies, reflecting a shift towards stable and well-governed investment targets [7][9]. - The types of funds being established are diversifying, with both company-type and contract-type funds being utilized, enhancing the flexibility and standardization of fund management [7][8]. - The investment focus includes sectors such as finance, energy, public infrastructure, and new energy transitions, aligning with national economic development goals [9]. Group 3: Market Participation and Trends - Insurance capital has been actively participating in the stock market, with a notable increase in stock holdings, reaching a market value of 2.65 trillion yuan (approximately 375 billion USD) in the first quarter of 2024 [2][12]. - The number of equity stakes taken by insurance funds has surged, with 22 instances recorded in 2024 alone, surpassing the total for the previous year [11][12]. - The sectors attracting the most investment include public utilities and banking, characterized by stable returns and high dividend yields [11][12].

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].

保险资金长期投资改革试点又有新进展，险资入市加速。 试点规模超两千亿，参与险企扩容 对于此次投资设立太平（深圳）私募证券投资基金管理有限公司，太平资产表示，旨在积极响应保险资 金长期投资改革试点。截至2024年末，太平资产管理资产总规模超过1.5万亿元。 太平资产进一步表示，"下一步将严格规范基金运作管理，建立健全长周期考核机制和符合保险资金特 性的投资策略，充分发挥保险资金长期资本、耐心资本作用，进一步加大中长期资金对于资本市场的投 资力度，坚定服务国家战略、服务实体经济，更好发挥保险资金'稳定器'和'压舱石'作用。" 当前，保险资金长期投资改革试点正加速落地，至今已有三批试点。首批于2023年10月获批，由中国人 寿、新华人寿联合出资500亿元设立鸿鹄基金，截至今年3月初，500亿元已全部投资落地。 2025年1月启动第二批试点，太保寿险、泰康人寿、阳光人寿及相关保险资产管理公司获准以契约制基 金方式参与试点，规模为520亿元。3月，国家金融监管总局再批600亿元保险资金长期股票投资试点， 人保寿险、中国人寿、太平人寿、新华人寿、平安人寿获准参与。因此，第二批保险资金长期股票投资 试点批复规模共计达112 ...

21世纪经济报道记者 曹媛 深圳报道 保险资金长期投资改革试点又有新进展，险资入市加速。 近日，记者从太平资产了解到，中国太平旗下子公司太平资产获国家金融监督管理总局批复，同意其投 资设立太平（深圳）私募证券投资基金管理有限公司。 这一"险资系私募"的落地响应了保险资金长期投资改革试点，保险资金长期投资改革试点是指保险公司 出资设立私募证券投资基金，主要投向二级市场股票，并长期持有。 目前，保险资金长期投资改革试点正加速落地，至今已有三批试点，试点金额合计达2220亿元（含已批 复和拟批复试点规模），参与机构逐渐扩展至多家头部险企及中小险企，包括：中国人寿、新华保险、 太保寿险、泰康人寿、阳光人寿、人保寿险、太平人寿、平安人寿、中邮保险及相关保险资管公司等。 从数据看，险资入市步伐加快。今年一季度人身险公司股票持仓市值达2.65万亿元，长期股权投资规模 2.60万亿元，合计占比超16%，较2024年末显著提升。 试点规模超两千亿，参与险企扩容 对于此次投资设立太平（深圳）私募证券投资基金管理有限公司，太平资产表示，旨在积极响应保险资 金长期投资改革试点。截至2024年末，太平资产管理资产总规模超过1.5万亿元 ...

Core Viewpoint - The company expects a revenue increase of approximately 30% to 35% for the six-month period ending June 30, 2025, compared to the previous period, but anticipates a larger loss for equity holders [1][2]. Financial Performance - Revenue is projected to rise due to new contracts awarded last year and during the current period, which have provided a satisfactory level of workload [1]. - The expected loss for equity holders is estimated to be between HKD 21 million and HKD 26 million, compared to a loss of approximately HKD 10.5 million in the previous period [1]. Factors Contributing to Loss - The increase in loss is attributed to a challenging and uncertain business environment in Hong Kong, with significant credit risk, particularly in the construction industry, due to financial constraints faced by major developers [2]. - The company has made substantial provisions for bad debts and expected credit losses related to receivables and contract assets to address potential default risks [2]. - The period also incurred significant costs related to litigation and arbitration cases, with hearings for arbitration expected to conclude in the first half of 2025 and litigation hearings anticipated to finish by the end of August 2025 [2]. - Some offsetting factors include considerable interest income from restricted cash provided as performance guarantees by Fok Hing Insurance (Hong Kong) Limited and fair value gains on financial assets [2].

继玉龙股份、中航产融、海通证券之后，又一家A股上市公司申请主动退市。 日前，天茂实业集团股份有限公司（以下简称"*ST天茂"，000627.SZ）发布公告称，公司董事会审议通过议案，同意公司以股东会决议方式主 动撤回A股股票在深交所的上市交易，并在退市之后将申请转入全国中小企业股份转让系统代为管理的退市板块转让。 对于申请退市原因，*ST天茂表示，系因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，此举是为了保护中小股东 利益。 公司公告显示，为充分保护投资者的利益，公司将设置异议股东及其他股东保护机制，本次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）向除新理益集团、王薇、刘益谦外现金选择权股权登记日登记在册的全体A股股东提供现金 选择权（限售或存在权利限制的股份等情形除外）。 现金选择权的行权价格为1.60元/股，较上述停牌价1.45元溢价约10.34%。股权登记日为2025年9月2日（如有调整，由公司董事会确定）。 股东可以申报现金选择权，也可以继续持有公司股票。 *ST天茂提示称，若股东会不能通过《关于以股东会决议方式主动终止公司股票上 ...

8月1日，国家金融监管总局发布的行政处罚信息显示，国元农业保险股份有限公司（以下简称"国元保险"）及相关责任人员存在报送的报告、数据不准确， 未按照规定使用经批准或备案的保险条款、费率，未按照规定计提未决赔款准备金等违法违规行为。金融监管总局对国元农业保险股份有限公司警告并罚款 340万元，对孙丛林、江斌、张福银、张治渤、沈光斌、沈华根、张来根、刘磊、李传盛警告并罚款共计54万元。 | | 国元农业 | 报送的报告、数据不准 | 对国元农业保险股份有限公司警告 | | | --- | --- | --- | --- | --- | | | | | 并罚款340万元。 | | | | 保险股份 | 确,未按照规定使用经 | | | | | | | 对孙丛林、江斌、张福银、张治 | 金融监管 | | ব | 有限公司 | 批准或备案的保险条 | | | | | | | 渤、沈光斌、沈华根、张来根、刘 | 总局 | | | 及相关责 | 款、费率,未按照规定 | | | | | 任人员 | 计提未决赔款准备金等 | 磊、李传盛警告并罚款共计54万 | | | | | | 几。 | | 另外，张福银和李传盛均为国元保 ...

Core Viewpoint - The article highlights the development of a modern "marine ranching" industry in Qingdao, showcasing how financial support is driving the growth of the blue economy through innovative practices in marine aquaculture and logistics [1][3]. Group 1: Marine Ranching and Technology - The establishment of marine ranching requires significant environmental restoration efforts, including the introduction of artificial reefs and seaweed to revive marine ecosystems [2]. - Advanced technologies, such as smart deep-sea cages that mimic natural habitats, have increased aquaculture yields, with abalone production reaching 60,000 kilograms annually [2]. - The preservation of deep-sea delicacies like king crabs relies on stringent temporary holding conditions, necessitating substantial investment in cold chain logistics [2]. Group 2: Financial Support and Infrastructure - Financial institutions play a crucial role in supporting the construction of cold storage facilities and logistics infrastructure, enabling companies like Luhai Feng to expand their operations [3]. - The collaboration between banks and private enterprises has facilitated the development of a comprehensive supply chain, allowing for efficient financing and resource allocation [3][4]. - Qingdao's financial sector has introduced 177 marine-related financial products to address the financing challenges faced by small and medium-sized enterprises in the marine industry [3][6]. Group 3: Innovation in Financial Services - Supply chain finance has emerged as a key innovation, allowing core enterprises to back smaller firms, thus enabling banks to provide financing based on real trade and collateral [4]. - The introduction of electronic warehouse receipt financing has led to significant transactions, with over 25 billion yuan in financing processed [5]. - Comprehensive insurance solutions have been developed for deep-sea research and equipment, providing substantial risk coverage for critical marine projects [5]. Group 4: Financial Performance Metrics - As of June 2025, the marine-related loan balance in Qingdao reached 144.9 billion yuan, reflecting a robust growth of 15.47% since the beginning of the year [6]. - Marine insurance premium income also saw a year-on-year increase of 15.75%, indicating a growing market for blue finance [6]. - The Qingdao financial regulatory authority is actively promoting the development of blue bonds and credit products to further enhance financial support for the marine economy [6].

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].

原标题：分红险渠道之争：银保领跑，代理与中介求突围|转型分红险② 智通财经记者 | 吕文琦 今年上半年，保险业一个不容忽视的变化悄然发生——银保渠道在销售端的地位发生了质变。过去常被 贴上"规模贡献渠道"标签的银行代理销售，如今不仅在保费规模上稳居首位，还在价值贡献上实现了跃 升，成为推动险企新单价值增长的重要引擎。 尤其令人意外的是，原本更多依赖代理人渠道的分红型寿险，在银保渠道热销，不仅成为部分银行理财 经理的"主推产品"，甚至在部分银行的月度销售榜上占据半壁江山。 这一现象背后，不仅有产品端调整和渠道端转型的原因，更折射出保险销售生态的重构。 银保渠道重回C位 智通财经从业内了解到，2025年上半年，人身险业银保渠道新单规模保费同比小幅下滑，较2024年全年 的较大降幅已明显收窄。而新单期缴保费实现了正增长，扭转了去年的下滑态势。 以目前唯一公开披露各渠道详细保费信息的太保寿险来看，太保寿险上半年累计实现原保险保费收入 1680.09亿元，同比增长9.7%。 在渠道结构方面，银保渠道尤其抢眼，上半年实现保费370.53亿元，同比增长74.6%，占总保费中的 22.05%，几乎达到了2024年全年银保保费 ...