Non-Banking Financial Sector - The average net investment return rate of six major listed insurance groups (China Life, Ping An, Taikang, Xinhua, PICC, and Taiping) decreased from 4.7% in 2020 to 3.6% in 2024, raising concerns about interest spread risk in a low-interest-rate environment [2][7] - Under pressure testing, the net asset decline for Taikang and China Life was 7% and 13.6% respectively when interest rates fell by 50 basis points, indicating that the risk is manageable [8][9] - The cost of new policies has effectively decreased, with the cost of liabilities for major companies like China Life and Taikang dropping approximately 50 basis points to 2.4-2.5% in 2024 [9][10] - The cost of existing policies may reach a turning point, with companies like Xinhua increasing equity ratios to hedge against interest rate declines [10][11] Agriculture, Forestry, Animal Husbandry, and Fishery - The latest pig price is 13.72 RMB/kg, with a slight decrease in average weight to 127.8 kg, indicating a short-term decline possibly due to policy-driven weight reduction [12][13] - The Ministry of Agriculture emphasizes high-quality development in the pig industry, focusing on reducing breeding stock and controlling new capacity [12][13] - The chicken industry faces a "high capacity, weak consumption" contradiction, with leading companies likely to increase market share [14][15] Machinery and Building Materials - The new Tibet Railway project marks the beginning of a significant engineering era, with expectations that cement companies in Xinjiang will benefit [22][23] - AI is driving increased demand for high-end electronic fabrics, with Low-CTE materials being particularly undervalued in the current market [23][24] - The report suggests a long-term growth potential for high-end electronic fabrics, recommending companies like Honghe Technology and Zhongcai Technology for investment [23][25] New Consumption - Huayi Group is expected to achieve a revenue of 12.661 billion RMB in H1 2025, reflecting a growth of 10.36% year-on-year, despite external macroeconomic challenges [26][27] - The company plans to distribute a cash dividend of 10 RMB per 10 shares, indicating strong dividend intentions [26][27] - The growth in orders is driven by the development of the sports industry and increased demand from strong brand orders [27][28] Transportation - Zhongyuan Expressway reported a revenue of approximately 3.105 billion RMB in H1 2025, a year-on-year increase of 13.17%, despite a decline in toll revenue in Q2 [30][31] - The company is optimizing its debt structure, which has significantly improved its expense ratio [31][32] - COSCO Shipping Specialized Carriers is expanding its fleet, with 27 new vessels expected to be delivered by 2026, supporting performance growth [34][35]

日本紧急出手稳定债市，日债抛售风暴暂时缓解，但危机上没有真正解除。随着日本寿险巨头们巨亏， 他们会走到抛售那一步吗？ 继中国台湾寿险业遭受美债冲击之后，日本四大寿险公司公布巨额亏损，上一财年账面浮亏高达8.5万 亿日元，折合约600亿美元，同比增长三倍。 不仅如此，整个亚洲的寿险公司都在面临数十亿美元的账面损失，而日本寿险公司则面临着央行进一步 加息的额外风险。 有分析表示，在整个亚洲，寿险公司在最近的市场暴跌中面临着数十亿美元的账面损失 。 这一困境源于其商业模式的特征：作为30年、40年期超长期债券的主要买家，它们需要长期资产来匹配 几十年后的保单赔付需求。然而，这一看似稳健的策略在利率上升环境中变成了致命弱点。 下一步是被迫抛售日债？ 更为棘手的是，利率上升正在迫使保险公司走向被动抛售的死亡螺旋。一方面，随着利率攀升，投保人 可能取消保单，转向收益更高的理财资产，迫使保险公司动用现金兑付，只能抛售手中债券。另一方 面，市场新发行债券收益率走高，保险巨头可能主动抛售低收益债券，腾出资金购买高收益新债。 而这背后的问题都是期限错配问题，日本寿险保险持有大量超长期国债比如30年、40年期日债，随着日 本长期国 ...