Core Insights - In a low interest rate market environment, insurance funds are actively seeking higher returns through alternative assets, particularly asset-backed plans (insurance version of ABS) and REITs projects [1] Summary by Category Asset-Backed Plans - As of July 17, over 40 asset-backed plans have been registered with the China Insurance Asset Registration and Trading System, with a total scale exceeding 200 billion yuan, representing a year-on-year growth of approximately 50% [1] REITs Investment - More than 40 insurance institutions have participated as strategic investors in over 10 REITs placements this year, compared to only 10 institutions participating in 7 REITs placements during the same period last year [1] Overall Trend - The data indicates that insurance funds are accelerating their exploration of investment opportunities in alternative assets [1]

Core Viewpoint - The customer service activity organized by Fude Life Insurance's Shandong branch emphasizes the integration of traditional craftsmanship and customer engagement, enhancing brand influence and customer relationships [1][2]. Group 1: Event Details - The "Qishan Elegant Rhythm, Insurance Love Together" private customer service event was held by Fude Life Insurance's Liaocheng center, featuring a hands-on experience in traditional lacquer fan crafting [1]. - Professional artisans provided detailed guidance on the crafting process, including paint mixing, brush techniques, and decorative inlays, allowing customers to engage deeply with traditional lacquer art [1]. - Participants expressed enjoyment and relaxation during the event, highlighting the therapeutic nature of the creative process and the appeal of traditional craftsmanship [1]. Group 2: Customer Engagement and Brand Impact - The activity served as a platform to relieve customer stress and foster pure joy through hands-on creation, while also rekindling appreciation for traditional culture [2]. - This initiative strengthened the connection between the company and its customers, enhancing mutual understanding and trust, thereby adding a warm touch to Fude Life Insurance's brand influence [2].

Economic Growth - The overall economic activity in the U.S. has shown "slight growth" from late May to early July, indicating an improvement compared to the previous report [1] - Economic recovery is uneven, with only 5 out of 12 Federal Reserve districts reporting slight or moderate growth, while 5 districts remained flat and 2 experienced moderate declines [2] - Businesses are maintaining a cautious approach, viewing uncertainty as the biggest constraint, which directly impacts hiring and investment decisions [2] Inflation - Concerns about rising prices are prevalent, primarily driven by tariffs, which have significantly increased input costs across nearly all regions, especially in manufacturing and construction [3] - Companies are attempting to pass some of these costs onto consumers through price increases, but rising consumer price sensitivity is creating resistance, squeezing profit margins [3] - The persistence of cost-push inflation suggests that consumer prices may accelerate towards the end of summer, posing further challenges to purchasing power [3] Labor Market - The labor market shows mixed signals, with slight improvements in overall employment levels but cautious hiring practices [4] - There is an improvement in labor supply, with lower turnover rates and increased job applications, yet structural issues like skilled labor shortages persist [4] - Companies are increasingly investing in automation and artificial intelligence to address labor supply challenges and reduce costs, indicating potential structural adjustments in the labor market [4] Consumer and Investment - Consumer spending, particularly non-auto purchases, has declined in most regions, reflecting overall weak performance [5] - Automotive sales have also seen a moderate decline after consumers made early purchases to avoid tariffs [5] - Businesses are postponing capital expenditure plans due to uncertainty, which could suppress future economic growth momentum [5] Monetary Policy Outlook - The report serves as a critical reference for Federal Reserve policymakers, indicating a complex policy path ahead [6] - The interplay between cost-push inflation from tariffs and consumer price sensitivity will require careful assessment by the Federal Reserve [6] - The fragile economic growth and cautious hiring in the labor market may lead the Federal Reserve to consider easing policies to support the economy in the future [6] Overall Economic Outlook - The July 2025 Beige Book presents a picture of the U.S. economy navigating through uncertainty, with cost pressures from tariffs, weak consumer spending, and cautious business investment as primary challenges [8] - Understanding these underlying trends is crucial for investors, businesses, and consumers, emphasizing the need for vigilance and flexibility in response to the current economic landscape [8]

Core Insights - The conference titled "Based on Chain, Blooming with Glory" focused on the construction of the State Grid supply chain ecosystem and innovation in electricity financial services, aiming to provide high-quality financial services and address financing and settlement challenges for enterprises in the supply chain [1][7]. Group 1: Event Overview - The event was organized by China Minsheng Bank Jining Branch and supported by State Grid Jining Power Supply Company, gathering leaders from various financial and corporate sectors [2][3]. - Key representatives from major enterprises shared their experiences using Minsheng Bank's "Electricity e-Certificate," providing valuable insights for attendees [6]. Group 2: Financial Services and Innovations - China Minsheng Bank introduced the "State Grid Supply Chain Financial Service Plan," leveraging the "Electricity e-Finance" platform to offer comprehensive digital financial solutions covering orders, inventory, and electricity payments [6]. - The "Electricity e-Finance" platform aims to facilitate efficient collaboration between State Grid chain customers and financial institutions, providing diverse products for settlement, financing, and cash management [6][7]. Group 3: Future Outlook and Collaboration - The successful hosting of the conference is seen as a significant step towards modernizing the supply chain and promoting the innovative development of the State Grid supply chain ecosystem [7]. - China Minsheng Bank Jining Branch and State Grid Yingda Life Jining Center intend to deepen cooperation to provide quality financial services to enterprises in the supply chain, contributing to sustainable economic development [7].

Core Viewpoint - The article discusses the significant role of insurance capital in promoting energy transition and high-quality development in China's energy sector, particularly through direct equity investments in offshore wind power projects [1][3]. Group 1: Investment in Offshore Wind Power - China Ping An has successfully invested 3.726 billion yuan in equity stakes of two companies under China General Nuclear Power Corporation (CGN) for offshore wind projects, marking the first direct equity investment by insurance capital in offshore wind power in China [1][3]. - The projects, located in Shantou and Huizhou, have a combined installed capacity of 1.9 GW and are expected to yield stable and favorable returns [1]. Group 2: Insurance Capital's Role and Strategy - Insurance capital is characterized as "patient capital," which can effectively support the development of new productive forces in the energy sector [1][3]. - The investment in renewable energy aligns with the long-term investment horizon and stable returns that insurance companies seek, making it a suitable asset class for them [8]. Group 3: Current Challenges and Market Dynamics - The energy sector in China is undergoing significant changes, with state-owned enterprises facing constraints such as high asset-liability ratios, while local energy groups are impacted by local government debt pressures [5][7]. - The concentration of ownership in renewable energy assets is shifting towards state-owned and local energy groups, which are expected to dominate the market share by 2025 [7]. Group 4: Investment Opportunities and Risks - The current investment environment for insurance capital is complex, with challenges such as declining interest rates and increased market volatility, making the investment in renewable energy a strategic opportunity [9]. - The introduction of new accounting standards (IFRS 9) has increased the impact of market fluctuations on insurance companies' profit statements, making long-term equity investments in renewable energy attractive for stabilizing financial performance [9]. Group 5: Recommendations for Insurance Capital - Insurance companies are advised to enhance their research capabilities and industry knowledge to effectively navigate the complexities of investing in renewable energy [12]. - Collaborating with industry leaders and leveraging their operational expertise can provide a viable path for insurance capital to engage in renewable energy investments [12][13].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The investment in secondary and perpetual bonds (referred to as "two - eternal bonds") in the current bond market has reached the fourth stage. Since 2024, two - eternal bonds have become amplifiers of interest rate fluctuations. The report focuses on analyzing the institutional behavior patterns of two - eternal bonds and attempts to discover effective signals [2][15]. - Different types of institutions have different allocation patterns for two - eternal bonds. For example, banks act as stabilizers in the bond market, while securities firms have high - frequency trading, funds are the main buyers, and other institutions have their own preferences [5][6]. - It is difficult to use the institutional behavior of two - eternal bonds to predict interest rate trends, but it can help investors understand the market's expectation of whether interest rates can continue to decline. The report constructs investment sentiment measurement indicators for the trading desks of two - eternal bonds to assist investors in observation [7][8]. 3. Summary According to the Table of Contents 3.1 Why Focus on the Institutional Behavior of Two - eternal Bonds? - The investment in two - eternal bonds has gone through four stages. Since 2024, they have become amplifiers of interest rate fluctuations. The report aims to analyze their institutional behavior patterns and find effective signals [2][15]. - The report discusses three types of bonds (secondary capital bonds, perpetual bonds, and ordinary financial bonds) and six types of investors (banks, securities firms, funds, wealth management, insurance, and others). Different investors' term preferences are mainly concentrated in 1Y, 3Y, and 5Y, and the trading volume of two - eternal bonds over 5Y declines significantly [3][15]. 3.2 Institutional Behavior Patterns of Two - eternal Bonds 3.2.1 Banks Still Act as Stabilizers in the Bond Market - Since the second half of 2024, commercial banks have increased the trading volume of 1Y/3Y secondary capital bonds and continuously net - sold 5Y secondary capital bonds. For perpetual bonds, the trading volume of 1Y/3Y is small, and 5Y is significantly net - sold. For ordinary financial bonds, the trading volume in the 3Y term is the largest, and they are mostly net - sold, except for increasing allocation during bond market corrections [5][16]. 3.2.2 Securities Firms Have High - Frequency Band - trading of Two - eternal Bonds - Securities firms show obvious trading - desk characteristics in the trading of two - eternal bonds, frequently switching between buying and selling with a relatively large scale. They have a high preference for 1Y/3Y/5Y two - eternal bonds and ordinary financial bonds [5][21]. 3.2.3 Funds Are the Main Buyers of Two - eternal Bonds - Funds tend to make trend - based allocations to two - eternal bonds. They continuously buy during bull markets and sell significantly during bear markets, driving market trends. In recent years, with the overall decline in the interest rates of two - eternal bonds, funds have shown a trend of increasing allocation [5][30]. 3.2.4 The Institutional Behavior Characteristics of Wealth Management in Two - eternal Bonds Are Diverse - In most periods, the trading characteristics of wealth management in two - eternal bonds are not obvious, showing an overall allocation trend. At some points, they take profits during bull markets, buy during bear markets, and continue to buy during volatile markets [5][37]. 3.2.5 Insurance Also Acts as a Stabilizer in the Bond Market - Insurance institutions generally net - sell two - eternal bonds but increase allocation during market corrections, acting as stabilizers [5][46]. 3.2.6 Other Types of Institutions Prefer to Continuously Allocate 5Y Two - eternal Bonds - Other types of institutions have a greater preference for continuously allocating 5Y two - eternal bonds [6][52]. 3.3 How to Use the Institutional Behavior Patterns of Two - eternal Bonds? - It is relatively difficult to use the institutional behavior of two - eternal bonds to predict interest rate trends due to factors such as the synchronicity of institutional behavior indicators, less trading data, and data delays [7][61]. - However, the institutional behavior of two - eternal bonds can help investors understand the market's expectation of whether interest rates can continue to decline. When investors expect interest rates to continue to decline, the trading desks of two - eternal bonds will continue to buy, compressing the spread. When the expectation weakens, the buying power will decrease [7][61]. - The report constructs investment sentiment measurement indicators for the trading desks of two - eternal bonds, which are the smoothed overall purchases of funds and securities firms in 5Y secondary capital bonds and 5Y perpetual bonds. When these indicators decline significantly and approach zero, it indicates that the trading desks are less optimistic about buying two - eternal bonds for capital gains. This year, there were two such time points in January 15th and late April, corresponding to subsequent bond market corrections or fluctuations [8][62].

美联储"褐皮书"发布。 当地时间7月16日（周三），美股三大指数收高，纳指创收盘历史新高。截至当天收盘，道指涨231.49点，涨幅为 0.53%，报44254.78点；纳指涨52.69点，涨幅为0.25%，报20730.49点；标普500指数涨19.94点，涨幅为0.32%，报 6263.70点。 当天盘初，美股曾短暂跳水，三大股指短线下挫。彼时，有消息显示，一位白宫官员称，美国总统特朗普可能很快解雇 美联储主席鲍威尔。但随后特朗普对该消息进行否认，特朗普说，"鲍威尔很糟糕，没有做好本职工作"。不过，对于多家 美国媒体稍早前关于"特朗普可能将很快解雇鲍威尔"的报道，特朗普称，目前没有计划采取任何行动，也没有像一些美媒 报道的那样起草了解雇信件。此后美股开启反弹。 其他消息面上，美联储发布经济状况"褐皮书"，显示经济活动略有增加，企业招聘保持谨慎。 美联储"褐皮书"发布 当地时间7月16日，美联储发布经济状况"褐皮书"。 "褐皮书"显示，从5月下旬到7月初，经济活动略有增加。不确定性仍然很高，导致企业持续保持谨慎。 美国生产者价格指数持平 美国6月生产者价格指数（PPI）基本持平，主要受服务成本下滑抑制，表明企 ...

Core Viewpoint - The insurance industry is facing a significant shift in premium rates due to changes in predetermined interest rates and product definitions, leading to increased costs for consumers [3][5][7]. Group 1: Market Dynamics - The industry is preparing for new product launches as companies await the latest predetermined interest rate research, with a focus on ensuring seamless transitions between old and new products [3]. - Companies are considering different strategies for setting predetermined interest rates, weighing the competitive implications of adopting either a conservative or aggressive approach [3][4]. - The upcoming changes in predetermined interest rates are expected to lead to price increases for new products, regardless of the specific rate adjustments [3][6]. Group 2: Premium Increases - Historical context shows that premium rates have been rising, particularly after the switch in critical illness definitions in 2021, which has made it difficult to assess the true impact on premiums [7][8]. - The most recent adjustments in August 2023 saw a drop in predetermined interest rates from 3.5% to 3.0%, which had a manageable effect on premiums, but the market still reacted negatively to perceived price increases [8]. - The anticipated changes in September 2023, with potential further reductions in predetermined interest rates, could lead to significant premium hikes, especially for long-term policies like children's insurance, which have seen increases of 30% to 40% in the past [8][9]. Group 3: Consumer Considerations - Consumers are advised to consider purchasing critical illness insurance before reaching certain age thresholds, as premiums are expected to rise with age and declining health [6][9]. - The value of critical illness insurance should be viewed in the context of future health risks, emphasizing the importance of securing coverage while it is still affordable [9][10]. - The narrative around insurance pricing often overlooks the potential for future claims, highlighting the need for consumers to recognize the long-term benefits of investing in insurance [9][24].

Core Viewpoint - The recent notice from the Financial Regulatory Bureau highlights issues in data reporting among certain life insurance companies, indicating a need for improved data management and reporting practices [1][4][5]. Group 1: Data Reporting Issues - Some life insurance companies have been able to report data as required, but issues such as incorrect content and inconsistencies between report content and data packages persist [1][4]. - Problems include failure to process data according to standards, inaccurate reflection of business activities, and missing historical data reporting, such as unreported premiums and claims [4][5]. - The lack of a robust data verification mechanism has led to repeated fundamental errors in data reporting, indicating a disconnect between business operations and data management [5][6]. Group 2: Regulatory Requirements - The notice outlines six requirements for life insurance companies, emphasizing the importance of data reporting and establishing a responsibility system for data management [5][6]. - Companies are required to adhere to the principle of "who manages the business, who manages the data," ensuring that business departments are directly responsible for data quality [6][7]. - The 2024 version of the regulatory data standardization requires companies to report comprehensive standardized regulatory data by April 20, 2025, and subsequently on a monthly basis [7][8]. Group 3: Importance of Standardized Data - Standardized data reporting is essential for effective regulatory oversight, enabling the identification of risks such as sales misconduct and insurance fraud through data correlation analysis [8][9]. - The initiative aims to enhance the value of data sharing within the industry, addressing previous fragmentation and facilitating collaboration in areas like anti-fraud efforts and risk management [8][9]. - Improved data quality and standardized reporting are expected to enhance transparency in the industry and drive internal management improvements within insurance companies [8][9].

Core Viewpoint - The tourism market in China is experiencing a strong recovery during the summer vacation, with an expected 300 million tourists and a cultural tourism consumption subsidy of 570 million yuan in 2025. However, the penetration rate of domestic travel insurance remains low, highlighting a significant gap in safety protection for tourists that needs to be addressed through institutional design, technological empowerment, and public awareness [1][4][6]. Group 1: Current State of Travel Insurance - The penetration rate of travel insurance in China is stagnating between 10% and 20%, with an average premium of only 1.8 yuan, which is less than 1/25 of that in the United States [1]. - The insurance coverage rate for county-level scenic spots is below 8%, and high-risk outdoor attractions account for 37% of casualties, leading to a vicious cycle of frequent accidents, insufficient compensation, and increasing disputes [2]. Group 2: Technological Innovations in Insurance - Innovative solutions driven by technology are emerging, such as the "smart insurance code" in Huangshan Scenic Area, achieving a 95% insurance participation rate, and blockchain technology in Jiuzhaigou for rapid claims processing within 2 hours [3]. - The "Ping An Travel Safety Protection Plan" offers a comprehensive risk management approach, including 24/7 rapid response, emergency rescue within 15 minutes, and same-day compensation for claims up to 10,000 yuan, providing a full-cycle risk guarantee for travelers [3]. Group 3: Recommendations for Improvement - To address the "hot tourism, cold insurance" issue, experts suggest enhancing institutional frameworks, utilizing technology, and increasing the inclusivity of travel insurance [4]. - Recommendations include establishing mandatory insurance requirements for scenic spots, transportation, and accommodation, and implementing a "no ticket sales without insurance" policy [4]. - Promoting public data integration with insurance systems for dynamic risk control and encouraging the development of low-cost, widely covered insurance products are also suggested [4]. Group 4: Role of Tourists - Tourists are encouraged to enhance their risk awareness and self-protection by verifying travel agency qualifications, policy numbers, and coverage of all risk scenarios [5]. - It is advised to prioritize full-cycle insurance products and consider additional coverage for high-risk activities or specific needs, such as elderly or chronic illness considerations [5]. Group 5: Conclusion - The insurance industry must transition from being an optional service to a necessity for the 300 million tourists expected this summer, with a focus on institutional support, technological advancements, and inclusive financial solutions [6].