Core Viewpoint - The low interest rate environment is a fundamental challenge facing the Chinese insurance industry, driving a deep transformation in asset allocation strategies to address pressures on interest spreads, solvency, and liquidity [1][2]. Group 1: Historical Context of Low Interest Rates - China has experienced four notable low interest rate cycles since the reform and opening up, each associated with specific economic and financial conditions [5]. - The current low interest rate cycle began in 2019, exacerbated by economic downturns and the impact of the pandemic, indicating a potentially prolonged period of low rates [6]. Group 2: Current Asset Allocation Trends - Despite low interest rates, the total assets of the insurance industry have continued to grow, surpassing 40 trillion yuan, with an expected balance of nearly 40 trillion yuan in funds by year-end [7]. - The industry has increased its allocation to long-term bonds and medium to long-term deposits to stabilize income and enhance returns from fixed income investments [8]. - Equity investments have also seen steady growth, particularly in stocks and stock funds, with a significant increase of 85% since the end of the 13th Five-Year Plan [9]. - Alternative asset allocations have decreased, with private debt investments notably declining, reflecting challenges in the market [10]. Group 3: Market Risks and Changes - New market risks have emerged, including stock market volatility and concentrated investments in certain sectors, necessitating careful evaluation of long-term profitability [11]. Group 4: Comparative Analysis of International Practices - International strategies for low interest rate environments typically involve increasing equity investments and diversifying into alternative assets, but these strategies have not been fully realized in the domestic market due to unique local conditions [12][13]. Group 5: Future Outlook and Strategic Measures - The insurance industry faces a complex external environment with both challenges and opportunities, necessitating a focus on high-quality development and adaptation to changing market conditions [14]. - Eight strategic measures have been proposed to navigate the low interest rate environment, including enhancing cost control, optimizing fixed income strategies, and promoting innovation in asset management products [15][16][17].

Core Viewpoint - The article emphasizes the role of the securities industry in supporting China's modernization and high-quality economic development through financial innovation and digital transformation, aligning with national strategies and addressing public concerns [1]. Group 1: Financial Innovation and Support for Real Economy - The China Securities Regulatory Commission issued guidelines to enhance the capital market's role in resource allocation and support for key sectors like technology innovation and green finance [1]. - Debon Securities is actively responding to national calls by focusing on technology and green finance, aiming to inject financial momentum into industrial upgrades and public welfare [1][2]. Group 2: Technology and Green Finance Integration - Debon Securities positions the bond market as a crucial link between technology innovation and financial resources, issuing technology innovation bonds to support tech companies [2]. - The successful issuance of a 2.5 billion yuan technology innovation bond for Inner Mongolia Electric Power Group set a record for the lowest interest rate in the region, showcasing the potential of financial support for energy technology [2]. Group 3: Innovative Financial Tools and Industry Activation - The introduction of high-growth industry bonds has helped overcome traditional financing barriers, enabling capital markets to accelerate industrial upgrades [4]. - Debon Securities has successfully issued multiple high-growth industry bonds, providing significant funding support for various projects [4][5]. Group 4: Digital Transformation and Technological Investment - The company emphasizes the importance of technology in driving high-quality development, utilizing digital tools to enhance operational efficiency and customer experience [6]. - The development of the "Longquan System" and the integration of AI and RPA technologies have significantly improved business operations and service delivery [6]. Group 5: Commitment to National Goals - Debon Securities is committed to guiding financial resources towards green industries, supporting the transition to low-carbon and intelligent operations, aligning with national dual carbon goals [3]. - The company aims to create a financial ecosystem that fosters deep integration between finance and industry, facilitating capital flow to new productive forces [5].

关于对广州御银科技股份有限公司 深圳证券交易所关注函的回复 深圳证券交易所上市公司管理一部： 广州御银科技股份有限公司（以下简称"公司"、"御银股份"）于 2023 年 9 月 28 日收到深圳证券交易所上市公司管理一部《关于对广州御银科技股份有限公司 的关注函》（公司部关注函【2023】第 310 号）（以下简称"关注函"）。华兴会计师 事务所（特殊普通合伙）（以下简称"会计师"、"本所"或"我们"）作为公司 2022 年年报审计的会计师，对关注函中涉及要求年审会计师事务所发表意见的问题现回 复如下： 华兴专字[2023]22013460112 号 一、你公司于 2023 年 9 月 27 日晚披露的《关于对参股公司计提公允价值变 动损益的公告》显示，你公司将持有的前海股交投资控股（深圳）有限公司（以下 简称"前海股交"）7.64%股权确认为以公允价值计量且其变动计入当期损益的金融 资产，在"其他非流动金融资产"科目核算，初始投资成本 1.89 亿元。2022 年期 末，你公司根据前海股交 2022 年度未审计的财务报表对其投资计提公允价值变动 损益-3,802.53 万元，期末账面价值 11,153.20 ...