保险行业这两天有两个新闻，值得大家关注一下。 而横向比较来看， 平安的股东们损失的还有机会成本，下图 ，是2020年12月15日至今的5年时间里，其他四家上市险企，以及六大行、中证红利 全收益、10年国债期货的区间涨幅，可以看到，不管是和同业相比，还是从底层资产的角度看，平安的股价都是大幅跑输的（区间平安的涨幅为 负）。 股价的波动，是很多因素叠加的结果，但有一点，恐怕大家都会认同——作为曾经被戏称为全国实际最大的地产投资商，这一轮地产的下行周 期，给平安带来了伤筋动骨的影响，以至于其需要用更久的时间，去抹平伤疤，为曾经的激进投资买单。 但另一方面来看，平安这种大家伙，还可以用时间换空间，去消化问题，而很多中小保险，就没这么厚的家底了。 比如，国华人寿，其上周公告宣布，对20年发行的30亿元次级债，不行使赎回选择权。 我简单解释一下这个事。 一方面，今天保险股集体大涨的过程中， 中国平安暴涨5个点，股价终于回到了5年前 ，也就是2020年底前后的水平，下图，其谷底一度跌至30 块出头——2025年的平安股民们就坐在那里，深情的目光望过去，都是自己上一轮牛市站岗的影子。 在《 必看，解读两个重磅新闻 》中，咱们 ...

Economic Information - In May, the national futures market recorded a trading volume of 678,609,037 contracts and a transaction value of 5,472.99 billion yuan, representing a year-on-year decline of 4.51% and 1.55% respectively [2] - From January to May, the cumulative trading volume reached 3,336,834,307 contracts, with a cumulative transaction value of 28,693.44 billion yuan, showing year-on-year growth of 15.61% and 21.33% [2] - As of June 11, the wholesale price of 25-year Flying Moutai (bulk) was 1,990 yuan per bottle, down 30 yuan from the previous day, while the price of 25-year Flying Moutai (original) remained at 2,080 yuan per bottle [2] Company Alerts - Industrial Securities has not received any information regarding a merger with Huafu Securities [3] - *ST Yazhen has been suspended from trading for verification due to multiple instances of abnormal trading fluctuations [6] - Several companies, including Chaojie Co., Aikelan, and Fengyuzhu, have announced plans for share reductions by their shareholders, with reductions not exceeding 3% of total shares [8] Overseas Alerts - The US stock market saw all three major indices close lower, with the Nasdaq down 0.5% and Intel dropping over 6%, marking its largest single-day decline in two months [4] - In London, most base metals declined, with LME nickel down 1.13% at $15,145.00 per ton and LME copper down 1.12% at $9,647.00 per ton [5] - Jeffrey Gundlach, head of DoubleLine Capital, indicated that the US debt burden and interest payments have become unsustainable, suggesting that long-term US Treasuries are no longer considered truly risk-free investments [4]