财报难产 点燃这根引线的，是迟迟难发的财务报告。 7月11日，*ST天茂继续跌停，已录得复牌后的第四个一字跌停板。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。 今年4月28日晚，天茂集团（*ST天茂，下同）发布风险提示公告，称原定于2025年4月29日披露2024年年度报 告和2025年第一季度报告。因定期报告涉及的部分信息需要进一步补充提供，公司无法在2025年4月29日披露 2024年年度报告和2025年第一季度报告，也可能无法在法定期限内（2025年4月30日）披露上述定期报告。 彼时，公司表示公司正常经营，2024年度报告编制工作仍在进行中，会尽最大努力加强与各方的沟通，组织有 关人员抓紧完成定期报告的编制工作，披露2024年年度报告及2025年第一季度报告。 天茂集团于1996年公开发行股票并上市，是"法人股大王"刘益谦资本布局中的重要一子。叱咤市场近30 年，一夕之间，天茂集团走到了退市边缘。 上述财报至今未能发布。 5月5日晚，天茂集团正式发布"关于无法在法定期限内披露定期报告暨股票停牌的公 告"。5月6日，天茂集团股票开市起停牌。同日，因涉嫌未按期披 ...

01 本周上市企业： 美国东部时间7月8日，来自香港的建筑分包商——Masonglory，成功登陆美国纳斯达克。该公司通过其运营子公司在香港开展业务，主要提供湿作业(wet trades)服务，包括批灰（抹灰）、铺砖等建筑施工环节，同时也涵盖其他辅助性建筑服务。其主要客户为房地产开发和土木工程项目的总承包商。此次 IPO，Masonglory共发行150万股股份，募集资金600万美元。截至定稿，该公司市值为7042万美元。 财经印刷服务供应商Rich Sparkle正式登陆纳斯达克上市 美国东部时间7月8日，来自香港的财经印刷服务供应商——Rich Sparkle，成功在纳斯达克挂牌上市。该公司为包括香港联合交易所上市公司及拟上市公 司在内的广泛客户提供设计及印制高质量财经印刷材料等服务。在2024年，该公司为超过190间上市公司提供服务，涵盖排版、校对、翻译、设计及印刷 等全面解决方案。透过度身订造的顾问服务，协助客户有效传达企业形象与财务信息，同时提升披露质量并确保符合法规要求。此次IPO，Rich Sparkle共 发行125万股股票，募集资金500万美元。截至定稿，该公司市值为4588万美元。 泛亚洲 ...

7月7日，富卫集团（1828.HK）在港交所敲钟上市，这个李泽楷打磨了十多年的保险平台，终于走完了 曲折的上市路。富卫集团的登场，不仅是李泽楷资本版图的重要一步，也让外界看清了这位"小超人"在 保险业的野心与布局。 富卫集团的上市之路堪称 "闯关记"。2021 年先计划赴美上市，融资 30 亿美元；随后三次冲击港交所， 均因各种原因折戟。直到 2024 年实现扭亏为盈——净利润 1000 万美元，才终于在第四次递表后成功上 岸。从 2013 年李泽楷斥资 166 亿港元收购 ING 的港澳及泰国保险业务起步，富卫集团靠"买买买"迅速 扩张，12 年间并购十余家险企，业务遍及 10 个市场，成为东南亚五大保险公司之一。 细看业务版图，富卫集团的"战斗力"不容小觑。2024 年，分红人寿、非分红人寿、危疾及医疗类保险 贡献了超 86% 的新业务价值，数码渠道和银行保险是两大王牌。在泰国，它是汇商银行的独家保险伙 伴；在新加坡，拿下 "最佳数码保险公司" 奖项；在越南，与多家银行深度合作。不过，疯狂并购也让 其背上 27.86 亿美元债务，负债率高达 87.31%，这或许是市场对其保持谨慎的原因之一。 对李泽楷而言 ...

责任保险主要承保被保险人在各个领域因疏忽或过失导致他人人身伤亡或财产损失而依法应承担的经济 赔偿责任。产品责任保险，保障的是企业生产的产品因存在缺陷导致消费者人身伤害或财产损失时，企 业所需承担的赔偿责任。公众责任保险适用于各种公共场所，比如商场、酒店等，当在这些场所发生意 外导致第三方人身伤害或财产损失时，保险公司负责赔偿。职业责任保险则针对各类专业人员，如医 生、律师、会计师等，因工作上的过失导致委托人或第三方遭受损失时，承担依法应负的经济赔偿责 任。 保险作为一种风险转移和经济补偿的工具，在人们的生活中发挥着重要作用。不同险种有着各自明确的 保障范围，深入了解这些区别，能帮助人们更精准地选择适合自身需求的保险产品。 本文内容根据公开信息整理生成，不代表发布者及其关联方的官方立场或观点，亦不构成任何形式的投 资建议。请您对文中关键信息进行独立核实，自主决策并承担相应风险。 首先是人寿保险，人寿保险以人的寿命为保险标的，当被保险人在保险合同约定的期间内死亡、生存或 生存至一定年龄时，保险人按照合同约定给付保险金。简单来说，人寿保险关注的是被保险人寿命相关 的事件。定期寿险在约定的保险期间内，若被保险人不幸身 ...

7月7日，李嘉诚次子李泽楷创立的富卫集团（HK01828，股价38.40港元，市值488亿港元）正式登陆港 交所主板。李泽楷出席了上市仪式，但并未敲锣。 富卫集团每股定价38港元，共发行9134.21万股股份，每手100股，所得款项净额约29.53亿港元。 上市首日，富卫集团股价平开，一度走跌后又缓慢回升。截至当日收盘，富卫集团股价微涨1.05%，报 38.40港元/股。 《每日经济新闻》记者在上市仪式现场看到，现年73岁的富卫集团主席兼独立非执行董事马时亨负责致 辞环节，他还担任香港贸易发展局主席。随后，马时亨和现年59岁的富卫集团行政总裁兼执行董事黄清 风一起敲响了港交所的铜锣。 值得注意的是，富卫集团此次IPO共引入两位基石投资者，均为国际资本，包括中东阿布扎比主权基金 穆巴达拉投资公司旗下资管公司Mubadala Capital，认购金额达1.5亿美元；以及日本寿险公司T&D Holdings，认购金额达1亿美元。 收入起伏较大，三年总亏损超10亿美元 富卫集团主要提供人寿保险、健康保险、雇员福利和理财产品等多元化产品组合业务，产品涵盖分红人 寿、非分红人寿、危疾、定期人寿、医疗、附加保险、单位连结式 ...

Group 1 - The core point of the news is that Dongfang Jiafu Life Insurance Co., Ltd. Ninghai Branch has been approved to exit the market, with the exit date set for July 4, 2025, as part of the company's strategic adjustment [2][4] - The exit involves specific arrangements for policy transfers and customer service continuity, which are currently being carried out under regulatory guidance [2] - The Ninghai Branch was established on March 1, 2018, and has been involved in various personal insurance businesses, including life, health, and accident insurance [3][4] Group 2 - The exit of the Ninghai Branch is part of a broader trend in the insurance industry, where over 20 insurance company branches have been approved for closure since the beginning of 2023, indicating a common phenomenon of contraction among small and medium-sized insurance enterprises during the industry's transformation period [4] - Dongfang Jiafu Life Insurance, originally known as Zhonghan Life Insurance Co., Ltd., was founded in November 2012 with an initial registered capital of 500 million yuan [4] - The company has faced significant financial challenges, reporting losses exceeding 700 million yuan from 2021 to 2023, highlighting issues such as long-term losses, governance shortcomings, and insufficient market competitiveness [4]

Core Viewpoint - The company emphasizes its commitment to enhancing the insurance industry's image and fulfilling its role as an economic stabilizer and social safety net, aligning with the theme of the "7.8 National Insurance Publicity Day" which focuses on love and responsibility [1][8] Group 1: Product and Service Development - The company is focusing on supply-side structural reforms to enhance insurance product offerings, particularly in the fields of pension and health insurance, launching new annuity and life insurance products that cater to wealth management and asset inheritance needs [2] - In 2024, the company paid out insurance claims totaling 181 million RMB, an increase of 11.04% compared to 2023, with a claims settlement rate of 99.95% and an average settlement time of 1.54 days, which is 18.95% faster than the previous year [2] Group 2: Disaster Response and Emergency Management - The company integrates disaster prevention and emergency management into its operational framework, implementing a tiered management system for significant events and enhancing its emergency financial service capabilities [3] - The company has initiated a green claims channel during major disasters, simplifying claims processes and removing restrictions on designated hospitals and self-paid medications [3] Group 3: Technological Innovation and Service Quality - The company is advancing its digital customer service capabilities through the "Six Hearts Project," which focuses on providing high-quality, warm financial services [4] - In 2024, the company established a multi-channel interactive service platform, significantly improving service efficiency and winning awards for outstanding customer service [4] Group 4: Consumer Protection and Financial Education - The company is enhancing its consumer protection framework by improving internal control management and conducting extensive training programs, achieving a 100% participation rate in consumer protection training [6][7] - In 2024, the company reached nearly 26.7 million consumers through various financial education initiatives, promoting financial literacy and risk awareness [7]

FNF Overview - FNF's total revenue for FY2022 was $116 billion[6] - FNF holds a 31% title market share[6] - FNF holds 1 or 2 market share in 44 states[7, 17] Title Segment Performance - FNF's adjusted pre-tax title margin in 1Q23 was 100%[28, 33, 63, 79, 90] - FNF's title revenue in 1Q23 was $91 billion[28] - FNF consistently holds top market share in residential purchase, refinance, and commercial markets[12] F&G Segment Performance - F&G's assets under management reached $45 billion in 1Q23, an 18% year-over-year increase[40, 41, 63, 65] - F&G's gross sales in 1Q23 grew by 27% year-over-year to $33 billion[40, 41, 63, 65] - F&G's adjusted net earnings for 2022 were $317 million[43] Financial Position - FNF's debt-to-capitalization ratio, excluding AOCI, was 285% as of March 31, 2023[60, 61] - FNF held over $800 million in holding company cash and short-term investments as of March 31, 2023[61, 65]

Core Viewpoint - FWD Group Limited is currently conducting an IPO, aiming to raise approximately HKD 29.53 billion to enhance its capital levels and support growth initiatives [5] Group 1: IPO Details - FWD Group plans to offer 91.34 million shares at an issue price of HKD 38 per share, with 10% allocated for public offering and 90% for international offering [1] - The IPO subscription period is from June 26 to July 2, 2025, with shares expected to start trading on July 7, 2025 [1] - The company has secured cornerstone investors including Abu Dhabi sovereign fund's asset management company MC Management and Japan's T&D Life Insurance, with a total subscription amount of USD 250 million [1] Group 2: Market Opportunity - The total underwriting premium for the life insurance market is projected to grow from approximately USD 407 billion in 2023 to USD 579 billion by 2033, indicating significant market potential [2] - FWD Group's distribution channels include bancassurance, agents, brokers, and independent financial advisors, contributing 46.6%, 15.2%, 31.8%, and 6.5% respectively to new business value in 2024 [2] Group 3: Financial Performance - The company has experienced significant fluctuations in performance, with net insurance and investment results of approximately USD 493 million, USD 47 million, and USD 911 million for the years 2022, 2023, and 2024 respectively [2] - Corresponding net profits for the same years were -USD 320 million, -USD 717 million, and USD 10 million [4] Group 4: Debt and Financial Health - As of April 30, 2025, FWD Group has total borrowings of USD 2.786 billion, including USD 989 million in bank loans and USD 1.479 billion in subordinated notes [4] - The company also has outstanding perpetual securities with a face value of USD 950 million and a book value of USD 759 million [4] Group 5: Use of IPO Proceeds - The net proceeds from the IPO will be utilized to enhance the capital levels under the insurance group regulatory framework and to provide growth funding for operational entities [5]

为进一步优化普惠金融服务体系，实施方案提出了两方面内容：一是健全多层次、广覆盖、差异化的普惠金融机构体系，推动银行保险机构深化 普惠金融专业化体制机制建设，形成分工明确、各具特色、有序竞争的供给格局。二是完善县乡村金融服务，提升县域金融服务水平，加强监测 指导，鼓励开发贴近当地需求的金融产品，支持中小企业特色产业集群，助力当地产业发展；完善丰富乡村金融服务，巩固基础金融服务的覆盖 面和保障能力，允许金融机构结合当地需求情况优化存量网点。加强农村普惠金融服务点监管。 "当前，金融服务在不同地区、不同群体之间存在不均衡的情况。一些偏远地区和弱势群体难以获得充分的金融服务支持，制约了当地经济发展和 个人收入提升。"袁帅说。 袁帅进一步分析，实施方案致力优化普惠金融服务体系，意味着将加大对薄弱环节的金融资源投入，推动金融机构下沉服务重心，创新服务模式 和产品。如通过发展数字普惠金融，利用互联网、大数据等技术，打破地域限制，让金融服务能够覆盖到更广泛的地区和人群，提高金融服务的 可得性和便利性，使每一个人都能平等地享受金融发展带来的红利。 巩固提升普惠信贷体系和能力 中国商报（记者 王彤旭）为切实做好普惠金融大文章，更 ...