内险股全线走低，截至发稿，新华保险(01336)跌3.77%，报45.98港元；中国财险(02328)跌3.1%，报 17.79港元；中国太保(02601)跌2.93%，报30.48港元；中国人寿(02628)跌2.54%，报21.5港元。 此外，分红型健康险时隔22年后再度回归市场。开源证券指出，健康险高质量发展意见发布，丰富产品 供给、提升"产品+服务"的吸引力，有望带动各类健康险种新一轮发展机遇，险企利差损风险有望进一 步降低，利好盈利能力和估值水平提升。 消息面上，天安财险发布公告称，该公司一笔发行总额为53亿元的资本补充债券因偿付能力不足且无力 清偿其他负债的本金和利息，预计无法还本付息。据悉，天安财险事件为行业首个保险资本补充债兑付 违约。方正证券指出，本次天安财险的违约或是未来市场化风险定价的开端，建议后续关注：各家公司 股东、管理层稳定性；各家公司资金成本趋势、负债结构与久期缺口情况；资产端大类配置结构与风险 管理机制。 ...

智通财经APP获悉，内险股全线走低，截至发稿，新华保险(01336)跌3.77%，报45.98港元；中国财险 (02328)跌3.1%，报17.79港元；中国太保(02601)跌2.93%，报30.48港元；中国人寿(02628)跌2.54%，报 21.5港元。 消息面上，天安财险发布公告称，该公司一笔发行总额为53亿元的资本补充债券因偿付能力不足且无力 清偿其他负债的本金和利息，预计无法还本付息。据悉，天安财险事件为行业首个保险资本补充债兑付 违约。方正证券指出，本次天安财险的违约或是未来市场化风险定价的开端，建议后续关注：各家公司 股东、管理层稳定性；各家公司资金成本趋势、负债结构与久期缺口情况；资产端大类配置结构与风险 管理机制。 此外，分红型健康险时隔22年后再度回归市场。开源证券指出，健康险高质量发展意见发布，丰富产品 供给、提升"产品+服务"的吸引力，有望带动各类健康险种新一轮发展机遇，险企利差损风险有望进一 步降低，利好盈利能力和估值水平提升。 ...

Credit Bond Yield Performance - In June, overall credit bond yields declined, with short-term credit bond spreads widening while medium to long-term spreads narrowed [1][4] - The AA- rated credit bond spreads mostly narrowed, while other ratings saw mixed results in 1-year and 3-year spreads, indicating a market trend towards longer durations and lower credit quality for yield enhancement [4][10] Industry-Specific Credit Bond Spreads Industrial Bonds - In June, the credit spreads for AAA-rated industrial bonds varied across industries, with the financial holding sector experiencing the largest narrowing of 12.31 basis points, while the textile and apparel sector saw the largest widening of 3.26 basis points [12][13] - The pharmaceutical and biological sector in private placements had the largest narrowing of spreads at 8.83 basis points, while the public utility sector experienced the largest widening of 9.65 basis points [12][13] Local Government Financing Bonds - The credit spreads for local government financing bonds showed a mixed trend, with lower-rated spreads continuing to narrow while mid to high-rated spreads fluctuated upwards [1][4] - In May, most provinces and entities saw a narrowing of credit spreads, with private placements showing a more significant reduction [1][4] Financial Bonds - In June, the credit spreads for bank perpetual bonds exhibited mixed results, with the lowest-rated spreads compressing the most, while the spreads for securities company subordinated bonds and insurance company capital replenishment bonds all declined [1][4]