盈利指标表现稳健，中期分红较快增长。1）AH 上市险企 25H1 归母净利润合计增长 4.4%，A 股险企 Q2 增速环比改善，主要受投资收益提升带动。其中新华保险同比+34%，主要由于权益投资弹性更大。2）A 股 5 家险企归母净资产较年初增长 1.1%，EV 较年初增长 5.7%。3）中期分红普遍较快增长，分红率基本稳定，其中新华同比+24%，增幅高于同业。

2025H1 业绩整体正增长，投资端和税率导致分化。25H1 净利润增速分别为新华（33.5%）>中国财险（32.3%）>人保（16.9%）>太平（12.2%）>太保（11%）>阳光（7.8%）>国寿（6.9%）>平安（-8.8%），除了平安均实现了正增长，其中保险服务业绩保持相对稳定，而投资业绩表现分化，部分公司税率的变化也是利润增长的主要原因。上半年净投资收益率受长端利率影响下滑但股息收入保持增长。总投资收益表现分化，新华（+1.1pct）、人保（+1.0pct）、中国财险（+0.8pct）、国寿（-0.3pct）、太保（-0.8pct）、太平（-2.6pct）。2025 上半年合同服务边际环比实现正增长，增速分别为阳光（10.3%）>太平（2.6%）>国寿（1.6%）>太保（1.2%）>新华（0.7%）>平安（0.3%）。

从全球来看，各国商业健康险制度受多重因素影响，没有标准路径。其中比较重要的因素包括：医疗体制、历史、政治、文化及社会结构等。从历史角度看，德国在1883年即建立了世界上首个社会健康保险体系，因此公共保险占主导；而在美国，商保的出现则要比政府计划提前几十年。各国的医疗改革仍在不断演变，来应对后续出现的收支平衡问题、人口老龄化、技术创新等新变化。对于中国而言，借鉴不同国家健康保险体系发展过程中可取的经验，有助于建立符合自身国情的多层次医疗保障体系。

2025H1 五家 A 股上市险企归母净利润合计+3.7%，其中 Q2 在相对高基数下同比+5.9%，主要受益于资产端改善。2025H1 归母净利润增速分别为：新华 33.5%>中国财险 32.3%>人保 16.9%>太平 12.2%>太保 11.0%>阳光 7.8%>国寿 6.9%>平安 -8.8%>友邦-23.1%，其中 Q2 为新华 45.2%>太保 36.5%>平安 8.2%>中国财险 4.8%>人保-0.3%>国寿-31.2%，国寿与人 保负增长主要受亏损合同影响（人保影响去年基数）。25H1 太平利润同比正增主要受益于税收减少，资产端表现不佳，平安利润同比负增主要受平安好医生并表及可转债亏损，且 OCI 股票占比高，其浮盈与资本利得未进入利润表。

国家金融监督管理总局公布 2025 年 7 月人身险和财产险公司经营情 况。2025 年 1 至 7 月保险行业保费收入 42,086 亿元，同比+6.8%；7 月单月保险行业保费收入 4,736 亿元，同比+19.7%。其中 1 至 7 月人身险原保费收入 31,153 亿元，同比+7.3%，财产险原保费收入 10,933 亿元，同比+5.1%；7 月单月人身险原保费收入 3,448 亿元，同比+26.2%，财产险原保费收入 1,288 亿元，同比+5.2%。

Veterinary vaccines are biological preparations used to prevent, control, or treat infectious diseases in animals. They stimulate the immune system of animals to recognize and fight specific pathogens such as bacteria, viruses, or parasites. These vaccines play a crucial role in maintaining animal health, improving livestock productivity, preventing zoonotic disease transmission to humans, and supporting food safety and public health.

A valve is a mechanism or natural thing that opens, closes, or partially obstructs numerous passages to regulate, direct, or control the flow of a fluid (gases, liquids, fluidized solids, or slurries). Although valves are technically fittings, they are normally considered a separate category. Fluid moves from higher pressure to lower pressure through an open valve.

A vaginal speculum is a gynecological tool that is used by a gynecologist to dilate the vaginal opening for inspecting the cervix, the lower part of the uterus. The tool helps the gynecologist in assessing the health of the reproductive system of the patient and checking for diseases, such as cervical cancer. The tool is made from materials such as plastic and chrome-plated stainless steel.

Uterine fibroid (UF) treatment devices are medical tools designed to manage and treat UFs, which are non￾cancerous growths in the uterus. These devices include ultrasound transducers for imaging, radiofrequency ablation tools that use heat to destroy fibroids, and uterine artery embolization (UAE) catheters that block blood flow to fibroids, causing them to shrink. Additionally, focused ultrasound devices use high-energy sound waves to target and eliminate fibroids. These treatments aim to reduce symptoms such as heavy menstrual bleeding, pelvic pain, and pressure on surrounding organs.

USB type-C, commonly referred to as USB-C, is a 24-pin reversible connector designed to transmit data, video, audio, and power. It supersedes previous USB connectors, offering a versatile and universal interface for connecting various devices such as monitors, external drives, hubs, docking stations, mobile phones, and more. USB-C supports multiple protocols, including Thunderbolt, Peripheral Component Interconnect Express (PCIe), High-Definition Multimedia Interface (HDMI), and DisplayPort, and can deliver power up to several hundred watts through USB Power Delivery. Its reversible design allows for easy connection without worrying about plug orientation.