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惠誉确认中国人寿的保险公司财务实力评级为惠誉确认中国人寿的保险公司财务实力评级为‘‘A+’级；展望稳定惠誉评级—香港/新加坡—2011年4月20日：惠誉评级确认中国人寿保险股份有限公司（中国人寿）的保险公司财务实力评级（IFS ）为‘A+’级。
评级展望稳定。
该评级反映了中国人寿极具吸引力的产品特征（低承诺收益率）、实力雄厚的零售网点、强大的分销能力，以及稳健的风险资本金水平。
基于中国人寿多数股权为政府持有，及其庞大的保户基础和在中国金融体系中占据重要地位，此评级考虑到了财政部在资本和政策方面可能提供的支持。
该评级受到市场竞争和股票市场波动性的制约。
中国人寿虽然在2010年实现盈利，其偿付能力充足率从2009年底的304%降至2010年底的212%。
这主要是受到高达198亿元人民币的股息分配（2009年底为65亿元人民币）以及，更小程度上，其扩大的资产规模的影响。
管理层认为就其营业状况而言大约200%的比率比较合适，并预期在可预见的未来保持这个水平。
在惠誉看来，中国人寿目前的资本金水平在投资业绩出现任何波动时仍然能提供适当的资金缓冲，并且与其评级水平相符。
中国人寿在2010年由于合理的资产投资收益率，保持了良好的盈利能力。
该公司资产收益率（ROA ）为 2.6%或者在纳入可供出售金融资产估值变化后，为 1.3%。
公司在2010年取得了3.9%的投资收益（包括未实现收益/损失），虽然由于2010年上半年股票市场的急剧下挫，该指标低于2009年的6.9%。
在潜在的利率上升的预期下，中国人寿在2010年存款投资比例扩大至总投资资产的33.1%（2009年底：29.4%），而债券组合仍然是其最大的投资部位（2010年底为45.5%）。
股票风险敞口继续成为中国人寿收益业绩和资本实力的主要风险，2010年底占到总投资资产的14.7%。
中国人寿继续着重提高期交保费占比来调整其产品组合。
2010年，其期交保费增长了31%，并占到首年保费的30%（2009年：25%），虽然这主要由于相对较短缴费期产品（10年以下）的驱动。
目录摘要---------------------------------------------------------21 中国人口状况-------------------------------------------------32 中国社会养老服务保障体系-------------------------------------------------------32.1 居家养老-----------------------------------------------32.2 居家养老的基本内容--------------------------------------------------------43 机构养老-------------------------------------------------------------------------------63.1 不同领域的老年人-------------------------------------------------------------73.2 失独者如何养老以及面对的政策的空白---------------------84 我国的养老模式---------------------------------------------------------------------95 外国如何解决养老问题------------------------------------------------------------96可供借鉴的外国养老保险模式----------------------------------------------------9 参考文献---------------------------------------------------10中国特色社会主义体系下的养老保险体制摘要: 老年人是社会的宝贵财富，他们曾经为国家、社会做出了巨大的贡献，其晚年生活应当得到切实有效地保障。
Buying Hedge 买入对冲CD 存款证CEDEL CEDEL CEO 首席行政官CFA注册财务分析师CFO 首席财务官COGS 已售商品成本COO 首席营运官CPA 注册公共会计师CPI消费物价指数Calendar Year 日历年Call 买入期权Call Date 买回日期Call Loan 短期同业拆借，通知贷款Call Loan Rate短期同业拆借利率，通知贷款利率Call Option 买入期权Call Warrant 买入认股权证Callable Bond可买回债券Callable Preferred Stock 可买回优先股CAMELS Rating SystemCAMELS 评级制度Capital Account 资本帐户Capital Adequacy Ratio (CAR)资本充足率Capital Appreciation 资本升值Capital Asset 资本资产Capital Budgeting 资本预算Capital 资本/资本金Capital Asset Pricing Model (CAPM)资本资产计价模型Call Premium买回溢价Capital Base 资本金基础Capital Employed运用资本Commodity Futures Trading Commission (CFTC)商品期货交易委员会Competitive Bid竞标Concession销售报酬Concession Agreement 特许协议Conglomerate 综合企业Consumer Confidence Index (CCI)消费者信心指数Consumer Credit 消费信贷Consumer Price Index (CPI)消费物价指数Conversion Premium 转换溢价Conversion Price 转换价格Convertible Bond 可转换债券Convertible Debenture 可转换公司信用债券Convertible Preferred Stock可转换优先股Convertible Subordinated Note可转换次级票据Convertibles 可转换证券Conveyance 地产让与证书Contingency 偶然事故Corporate Bond 企业债券Corporate Cannibalism 企业自我竞争Corporate Finance 企业融资Corporate Governance 企业治理Corporate Tax 公司税Corporation 公司、企业Cost Basis 成本基础Cost of Capital 资本成本Cost of Funds 资金成本Cost of Goods Sold (COGS)已售商品成本Cost Synergy 成本协同效益Counterparty Risk 交易对手风险Country Risk 国家风险Coupon 息票Coupon Bond 有息票债券Covenant契约Compound Annual Growth Rate (CAGR)复合年均增长率Conversion转换Cost of Equity股本成本Current Yield 现时收益率Cushion Bond 保收债券CUSIP Number 美国证券库斯普号码Custodian 保管人Cyclical Industry 周期性行业Cyclical Stock周期性股票Cyclical Unemployment 周期性失业DJIA 道琼斯工业平均指数DJUA 道琼斯公用事业平均指数Data Mining数据探索Debenture 公司债券Debit 借项、借方Debt债务Debt Equity Swap 债换股交易Debt Financing 债务融资Debt Ratio 负债比率Debt Restructuring 债务重组Debt Security 债务证券Debt Service还本付息Debtor 债务人Debt Overhang 债务积压Declaration Date 股息宣告日Days Payable Outstanding (DPO)应付账款天数Days Sales Outstanding (DSO)应收账款天数Custodial Account保管帐户DJTA 道琼斯交通平均指数Deep Discount Bond高折扣债券Debt Equity Ratio债务股本比Debt Service Coverage Ratio债务偿付比率Vulture Fund 兀鹫基金WTO 世界贸易组织War Bond 战争债券Warrant认股权证Warrant Coverage 认股权证比重Warrant Premium认股权证溢价Wealth Added Index (WAI)财富增值指数Wealth Effect 财富效应Wealth Management财富管理Weighted Average Market Capitalization 加权平均总市值White Elephant 白象White Knight 白武士White Paper白皮书Vulture Capitalist兀鹫投资者WACC加权平均资本成本Wall Street华尔街Weighted Average Cost of Capital (WACC)加权平均资本成本。
摘要简·奥斯汀是英国著名的女小说家,一生共发表了6部长篇小说。
《傲慢和偏见》是她最著名的小说,而《劝告》是她最后一部小说。
尽管《劝告》并没有《傲慢与偏见》一样受到众多学者和读者的关注,但是很多学者认为《劝告》中的安妮是奥斯汀所塑造的众多女性中最完美的。
本文简要分析了作者在这部小说中与众不同的婚恋观。
本文首先介绍了作者生活的时代背景，接着本文重点分析了作品中女主人公安妮，上尉以及小说中其它次要人物的婚恋观，进而总结出作者奥斯丁在这部小说中所表达的婚恋观。
作者晚年的婚恋观和之前的婚恋观有很大的改变，在这部小说中，她主张真爱是婚姻的基础，金钱和社会地位不是婚姻中的重要因素。
了解这些婚恋观可以帮助读者了解当时的社会背景和社会变化，对现代年轻人仍有启发意义。
关键词：安妮；婚恋观；真爱；金钱AbstractJane Austin is a well-know female British novelist, who publishes 6 long novels in her life.Pride and Prejudice is her masterpiece and Persuasion is her last novel. Although Persuasion is not paid much attention to like Pride and Prejudice, many scholars think Anne in Persuasion is the most perfect female image Austin shapes. The paper is to analyze the author’s different views on love an d marriage in this novel. Then, it firstly indicates life experience of the author and the main content of Persuasion. Then this paper analyzes the Anne and Captain and the other minor characters’ views on love and marriage before conclusion of the author’s views on love and marriage, which has been changed greatly as that of before. Thought this novel, she advocates that true love is the basis for marriage but not the money and social status. The better understanding of these views on love and marriage can make readers know more about the social background and changes, as well as implication for modern young people.Key words: Anne; views on love and marriage; true love; moneyContentsAbstract(Chinese ) (i)Abstract (English) (ii)Contents (iii)1.0 Introduction (1)2.0 The Introduction of the Author and the W orks (2)2.1 Social Background (2)2.2 About the Author and the Works (3)3.0 The Author’s Views on Love and Marriage in this Novel (4)3.1 The Heroine Anne Eliot’s Love Process (4)3.2 Anne Eliot’s Love Views (4)3.2.1 New Type of Views on Marriage and Marriage Mode (4)3.2.2 Focus on True Love but not the Social Status and Money (5)3.3 Captain Frederick Wentworth’s love views (7)3.3.1 Believing in True Love (7)3.3.2 Fighting for the True Love (8)3.4 Anne Eliot’s Parents and other Relatives’ Love views (9)3.5 Reflection of the Author’s Views on Love and Marriage (10)4. Conclusion (11)Acknowledgements (13)References (14)Appendix: Thesis Proposal1.0 IntroductionJane Austen is one of the brightest superstars in the long history of the English literature who plays an important role in English literature and her novel is a mirror of middle-class. In her novel she is interested in the study of human beings in their relations with other people in daily life, and particularly preoccupied with the relationship between male and female. During her life she wrote six novels, only four appeared in her lifetime: Sense and Sensibility, Pride and Prejudice, Mansfield Park and Emma. Northanger Abbey and Persuasion came out after her death, and the other two novels were left unfinished.The famous novel Persuasion is one of Jane Austen’s works. Austen completes Persuasion in 1816.In the late of 18th century, the industrial revolution happened in Britain and the feudal power exit the stage of history. From the prospective of women, Austen tells a story that the female pursue love from being passive to being active. From the perspective of the main actor, Anne, she expresses the awakening of female consciousness. As the deepening of industrial revolution, her opinion to landlord class makes very big change. Austen heavily criticizes Wentworth who represents the declining aristocrat. And Anne also expresses mixed love-hated feeling and helpless to him. At that moment, women’s rights thought and female consciousness in European society were in the bud. Some books exploring female consciousness also successively appeared which caused great waves in comparatively conservative Britain at that time and aroused people’s attention to women’s issue. Women writers usually leave their own desire and ideal in their works. In Persuasion, after going through eight-year feeling’s suffering, Anne strives for her own happiness to make her lover return to her arms and obtain happiness. Austen seemingly illustrates to readers: the female needs to do actively to win not just passively wait others’ alms, which fully shows the awakening of female consciousness in Austen’s works. In addition, the author wants to express her different views on love and marriage through this novel and the love story between the hero and the heroine, which is the main content discussed in this study.Recent decades, researches on Jane Austen have even evaded China and a lot of papers on Austen have appeared in some important journals. There are many academic research books on the study of Jane Austen abroad. These books are mainly collections of papers of Austen. For example, Maggie Lane published Austen’s world (1996);Helen Lefroy wrote Jane Austen; Deirdre Le Faye published Jane Austen A Family Record (2002); Kathryn Sutherland edited A Memoir of Jane Austen and Other Family Recollections (2004). Besides, in Fergus’s The Art of Fiction, the author discussed the writing art in Austen’s novels. In addition, th ere are many scholars making their studies on one of her famous works Sense and Sensibility. Besides, there are many scholars making their studies on this novel and the marriage as well as the author’s views on marriage and love. For example, the scholar Wu Weiren(1988) makes a study on the views of marriage from Jane Austin in this novel and she analyzes the views on marriage and the significance in the real life from the historical sociology perspective. On the basis these formers studies on the author and her views on marriage and love, this paper tries to explore Jane Austen’s such view on marriage in her novel Persuasion. Before entering into the main part of the paper, the background of the novel will be firstly introduced in order to the better understanding of the further discussion in this study.2.0 The Introduction of the Author and the WorksThe author Jane Austen lived in the certain social background, which influences her writing in her novel Persuasion. Therefore, it is necessary to understand more about the social background and author as well as her works.2.1 Social BackgroundThe era of Jane Austen living in (1775—1817) is exactly the end of the 18th century and the starting of the 19th century. At that time, Britain is in great turbulence and revolution period. Internationally, people witness French Revolution and Napoleon’s ups and downs and experience American Revolution and the war between America and Britain and the war between Britain and France. In addition, there is the war between Spain and Netherlands. There into, the war between Britain and Franc last 20 years. Y ears of war make people fall into great disaster and suffering. Domestically, broad masses fall into bankruptcy position for the expropriation of land, as a result of increasingly sharp social contradiction stimulated by industrial revolution. With formation of British working class, labor movement also gradually spring up. “Series of changes all make Austen strongly feel that the governance foundation of noble landlord class is shaken and be finally replaced,” (Edward, 1997:24) which heavily influences her late outlook on life and creative thinking. The great change of social lifeand political life in Britain also directly influences literary trend of thought at that time. In that time, some writers gradually casted off fetter of rationalistic and began to reflect ordinary people’s mood in their work. They set their worship to emotion and enthusiasm against the rationalists’ worship to ration. They think that emotion and enthusiasm are heartfelt performances. In the early of the 19th century, romantic thought arises at the historic moment. They reflect the desire of Bourgeois democratic class and express ordinary people’s aspiration to social justice and ideal in their wo rks.2.2 About the Author and the W orksJane Austen’s novel was published in 1818 when after she has been died for two years and signed her true name. The three works of Mansfield Park, Emma and Persuasion are written by her after she moves to Chawton. After she dies of sickness, her brother is responsible to publish Northanger Abby and Persuasion with her true name for the first time. Persuasion is her last complete novel. Compared to the previous works, this novel is more profound with deeper sensibility. It is also regarded as the best novel among all her works by many critics. This novel satirizes the hypocritical and snobbish middle class with humor style. This novel has a rigorous structure by the exquisite writing technique. Many descriptions of this novel look ordinary and plain but if you understand in detail, you will feel that this novel is worthy of reading (Y ang Aiying, 2011).In this novel, the heroine Anne lives in a father-centered society. Her father, Walter has hereditary title of nobility living in the Somersetshire. He is the representative in the father-centered society. He has a supreme statue in his family among his three daughters and his wife. The female members in his her family thinks highly of her father. However, her father pays less attention to Anne and cares her about less than the other two daughters. Annie’s suggestion is less important in her family. Her easiness can be sacrificed by her family. Her father does not depend on her marrying a person in the wealthy family because he thinks that Anne has no such potential to have that bright further. It can be seen that the relationship between Anne father and Anne is not good. Being in the weak position in her family, Anne is not very important from her sisters’ and father’s view of point. This reflects she tries her best to be against the father-centered society represented by her father. Walter is flamboyant and hypocritical. He neglects the counterforce of the feminist represented by Annie.Anne has no right to speak in her family. She is in the edge just as thousands of women in the eighteenth century. As Rousseau puts that women always belong to men and the views of men and the most important and primary of women is docile. These concepts are rooted in British society at that time. The description of Walter reflects the fighting back to the corrupted thought, which also stands for Annie’s breaking though the father-centered society.3.0 The Author’s Views on Love and Marriage in this NovelIn the novel Persuasion, Jane Austen expresses her unique views on love and marriage which is so different with that in her other novels. Through the couples of lovers, she thinks true love is a must in the marriage.3.1 The Heroine Anne Eliot’s Love ProcessThe heroine Anne has the uncommon love process during a long time. This work tells a winding and torturing love story. Anne Eliot, who is an aristocracy, falls in love with the young military officer Captain Frederick Wentworth and they are engaged. However, Wentworth has neither high social position nor property, so Anne restrains her “untrammeled affection” with “sense” and say goodbye to her lover under the “persuasion” of her father, Sir Walter and the go dmother, Lady Russell. However, the “sensible” action leaves her eight years’ sadness for anything around not able to make her forgetting the pain of losing love (Y ao Lihua, 2004). Although a man with better economic condition make a proposal for her two y ears later, she can’t forget Wentworth to accept other people’s love all along. Eight years later, Anne becomes a disappointed woman who has lost her beauty and soaked in the wordless agony. When Wentworth appears again, she becomes full of vigor again. Sh e put down “prudence” and leaves her affection free. With loyal love through thick and thin, noble quality and selfless and fearless, she wins Wentworth’s love again and they finally get married. The ending of the Persuasion is no doubt expresses the marriage view of the author in her old age: She believes that “affection” should surpass “sense’ and the “romance” should defeat “reality” and stands that the marriage should on the basis of true love.3.2 Anne Eliot’s Love ViewsAnne Eliot is a new woman image with new type of views on marriage and love and she is different from other heroines in the other novels. She thinks it is the truelove but not the social status and money is the essence in the marriage.3.2.1 New Type of Views on Marriage and Marriage ModeHere, it does not mean the equality in social position or family background, but refers to the equality in personality. Through the heroines in Persuasion, it can be seen that Austen’s discontent with differences gender-roles and her struggle for equality between men and women, which is a kind of new type of views on marriage and marriage mode in that time.Anne expresses her love in an implicit way. The scene of her meeting with Wentworth on the street shows Anne is eager for love but is implicit. At that time, Anne is sitting by the window of a shop. She clearly sees Wentworth is coming along the street.In persuasion, Austin modeled a mature heroine image---Anny Eliot for the first time. Anne is kind, smart and mature. To some extent, she is the incarnation of the author. She is fair and gentle full of sympathy and rich affection. She is a character full of many virtues and talents. She is an inner-directed girl and has no prejudice on other things. Although Anne is a Cinderella at the beginning, she wins readers’ recognition with her wisdom and power.Dislike the heroines in the other five novels of Austin, who are attractive at the beginning, Anne is admitted through her outstanding performance by us gradually. “Although she possesses “elegant soul and soft personality”, she is an insignificant little girl in the eyes of her father and older sister. Her opinion is of little importance and her favor is always been left aside.” Therefore, although she is of distinguished birth and outstanding appearance and talent, she losses the deserving property because of her father’s prejudice and wastefulness and becomes a noble Lady without dowry. In addition, owing to her bitter love with Wentworth, she losses the beauty and passion of youth early. It is i n the “Lime Affair” that we truly understand Anne: When the willful Louis jumps in the steep step and falls out in the sidewalk of the wharf, everyone on spot, including Wentworth, is in a blue funk and at a loss. Only Anne is conducting to deal with calmly in her courtesy, which has shown extraordinary sober and courage. From these it can be seen that the author wants to write about the new type of marriage and marriage mode.3.2.2 Focus on True Love but not the Social Status and MoneyAs we know, property is the security of marriage, but if a man gets married purely for money will not be happy. The happy marriage is also based on the love, but marriage cannot only depend on love, at the same time, there should be a certain economic basis to support this marriage. “The social stratum is good, but the status of men and women is not equal, which has an influence on their marriage. At the later of the 18th century, man has the power while woman is obedient to them” (Austin, 1994:63). If the women don’t have e nough dowry, they will not be happy. When they got married, the money they have will be owned by their husbands. That’s why many men like Wentworth would choose wealthy women during Austen’s time. Returning to the novel, most of the people and characters think that wealth and social status but not the true love should be considered in marriage.In this novel, the author wants to focus on the true love but not the social status and economic conditions as her views in the previous novels. In Austen’s exquisi te strokes, readers can always feel Anne’s feeling to Wentworth, a navy captain. In fact, this expresses Anne’s constancy of love. The acquaintance and love of Anne and Wentworth happened far before the starting of the story, which is not hard to imagine for readers. For Anne, she has ever experienced a period of short but unforgettable good time and someone has ever given her real happiness. In the process of talking about navy, she faithfully argues in favor of navy and marines who work hard and offer the name of who wants to rent mansion of Kellynch, Wentworth. Here, readers can feel the delicate feeling to Wentworth. Here, the author wants to emphasize the true love and feelings but not the other additional conditions for the true love. Jane describes ma inly the lovers’ psychological and behavioral factors to show the true love and feeling for each other.“Anne , who had been a most attentive listener to the whole ,left the room , to seek the comfort of cool air for her flushed cheeks; and as she walked along a favorite grove, said, with a gentle sigh,” a few months more, and he, perhaps, may be walking here ”(Austin, 1994:33) .The scene is very strange when Wentworth meets Anne at the party after eight-year separation. They have no word to say and just exchange greetings out of least politeness. The party ends with dance. Anne mechanically plays the piano with glittering tear in her eyes. She feels happy for having something to do and just hope that people wouldn’t notice for ever. In Austen’s novel, pa rty and dance are always fullof comic atmosphere. However, this dance unexpectedly arouses sad memory of Anne. Behind t the boisterousness, it is shrouded by a shadow. This heartfelt sorrow is aroused by Anne’s loyalty to love.In addition, the main part of this novel aims at the description of Anne’s deep love for Wentworth from her words and her deeds. On the morning of December, it is sunny. Anne has a walk with lady Musgrove, Mary, Anne and Charles· Musgrove. On the way, she hears the conversation between Wentworth and Louisa by accident. Anne notices that Wentworth has great interest in that she refuses the proposal of Charles. It is the Wentworth’s interest in her that makes the readers knows it will lead to Wentworth’s observation on Anne. On the way back of his walk, Wentworth takes notice of that Anne is tired. He heads for Anne silently and helps her in the carriage. She understood him. He could not forgive her, but he could not be unfeeling. He could not see her suffer, without the desire of giving her relief. Which she could not contemplate without emotions so compounded of pleasure and pain, that she knew not which prevailed.From the whole scene, this quotation suggests Wentworth’s great passion on Anne and also indicates his over cautiousness. The series of ordinary actions arouse Anne’s imagination and a force of feeling in her inner heart. They do not talk to each other from beginning to end. The ordinary scene also shows Anne’s care for him vividly by writer’s use of smooth flow of the langu age and emotion expression.3.3 Captain Frederick W entworth’s love viewsCaptain Fredrick is the hero of this novel. He and Anne marry in the end of this novel. He also has his own views on love and he believes in the true love.3.3.1 Believing in True LoveAnne has not only rich and profound feelings but also persistent and open-minded character in believing her true love. She has already had some progressive consciousness of modern women and is a respected actress, who is also unmatched by other actres ses in Austen’s previous works. Most importantly, she believes the true love in her life out of the worldly views on love and marriage. Anne loses her mother when she is young and cannot obtain the care of her father and sister. Therefore, she is solitary in her inner world. However, she doesn’t feel dejected for her insignificance. On the contrary, it is the isolation which fosters her persistent will and decisive ability of dealing with affairs and her believing in her true love. This kind of character isreveal fully on the Liam issue. Anne refuses the proposal of Wentworth when she is 19 years old, which leads to the eight-year tough heart road. The frustration of first love makes her sad and consumes her youth, but it steels her will and character and makes her more mature. “Her idea is very different from that of her 19 age when Anne is 27 years old.” (Austen,1994:118)The continual progress of Austin in marriage view not only promotes her shaping out the ideal and realistic heroine, but also an unprecedented hero in Persuasion-- Wentworth, the clever, optimistic and positive young man in middle class. The heroes of Austin are always noble men with fortune and position and most of them are rich by inheritance. However, Wentworth has neither property nor social status initially, so his proposal has been rejected by the snobbish Sir Walter. Fortunately, Wentworth is extraordinary clever and talented, and he possesses man’s abundant energy, strong dedication, optimistic personality and undaunted spirit. So he raises and gains fortune soon in the navy. It is regrettable that he has too shallow understand for woman so that he can’t understand the pain of Anne when she leaving him. It is Anne’s outstanding performance in the Lime Affair that promotes him to making clear that the ideal woman in his heart is just Anne, who is appropriate rigid-flexible and of extraordinary ability. Finally he realizes it is Anne’s noble soul that grasps his heart tightly. The change of Wentworth in his recognition has eliminated the psychological barrier between Anne and him and flattens the road to their marriage. It can be said that their marriage is built on the basis of equity, harmony and interdependence. This marriage relation has never been seen in the Austin’s precedent nov els. The marriage of Anne and Wentworth shows that Austin’s marriage view has developed mature, ideal and realistic.3.3.2 Fighting for the True LoveThe fighting for the true love from Anne can be reflected in that she can foresee her marriage life thus to rationally choose her own marriage and know what kind of husband she wants. In Persuasion, although Austen doesn’t continue to describe actor and actress’s married life, obviously, general Croft couple’s marriage life and family mode have already show us the future of them. Especially Mrs. Croft is a woman with elegant in conversation, gentleness and cleverness. She is a woman image of bold inbreaking through traditional conception in Austen’s novel. “She transcends middle-class women’s category and the female in British bourgeoisie rising period”. (Austin, 1994:57)The emergence of her indicates the married life of Anne. Anne will not be confined to the social intercourse in parlor and dance but rush about everywhere together with her husband and assist her husband’s carrier and life when necessary. Only this, she and her husband can become enviable loving couple like general Croft couple. Austen shows her opinion through describing the marriage life and mode of general Croft. Namely, women as well as men can freely drive the car of life and fate; women and men have equal status in family life and wife can alert and correct husband’s fault at any time but not blindly submit. Only this can constantly maintain the stability of marriage and life. From this, Austen tactfully refutes the idea that men enjoy higher status than women in society at that time. Meanwhile, she also indicates the mature and reasonable of Anne this female character. She wants to get the true love.After their marriage’s failure, the ca ptain Wentworth and Anne separate from each other and even eight years they don’t see. However, they love from the bottom of the heart and they decide waiting for the other lover. Wentworth, the captain will come later. This idea excites Anne’s heart all t he time and her mood cannot maintain calm for a long time. This kind of excitement is beyond restraint and arouses dull pain in her deep heart at the same time. It is needed that how many times walk and sign can eliminate excitement and uneasiness in her heart. The delicate feeling like a trick let straightly in pour reader’s heart. In the novel, Wentworth indirectly and gradually appears and his shadow company Anne all the time. The vivid and exquisite description of Anne’s psychology make readers can real ize the existence of Wentworth and feel his every action. Meanwhile, these also show Anne’s desire to love and that she has bear Wentworth in mind for eight years. In the long time of eight years, both of them don’t marry because their love exists. The cap tain tries to earn more money becoming wealth for the preparation to marry Anne at the same time Anne also waits for him. Both fight for their true love.3.4 Anne Eliot’s Parents and other Relatives’ Love viewsIn addition to the hero and heroine’s true love in this novel, Anne’s parents and other people have the different views on their love and marriage. Firstly, it is Anne’s father, Sir Walter Elliot, who is a baronet with vanity and overconfidence. He likes money and social status and face saving. Eight years ago, when the caption and Anne loves each other, his father and Anne’s god-mother Lady Russell take the objective attitude to their marriage owing to the Captain’s less wealth and lower social status. In addition, Anne’s sister Elizabeth married Charles, a person from the upper society and she holds that women should marry with the men with wealth and social status. She also persuades her sister like this. When Anne wants to marry the captain, Elizabeth is one of the members holding the objective opinions. Another character, Mrs Clay, the poor widow is the daughter of Sir Walter’s lawyer and she wants Walter marrying Anne. She also believes that women and men should look for the husbands or wives with money and social status.From these characters’ views on marriage and love, it can be seen that wealth and social conditions take a key role in marriage in that time.3.5 Reflection of the Author’s Views on Love and MarriageAmong the gentry, Jane Austen is born into the level of society where single women have no status. Jane Austen, just like her character of heroine Anne, she does not hope for the dowry as a parson’s daughter, and she knows that she may be attractive for males, but she has only a slender chance of finding a husband in the fairly restricted circle of friends in Hamshire. Jane Austen is rational, lovely and beautiful; she is always on the look-out for a husband, evaluating each young man who comes to her. She could have sharp comments on the person she has met. It is hard to distinguish between self-protection’s irony and true admiration for her sometimes. Edward Bridges comes to know her in Kent, who is the brother of Jane’s sister-in-law, Elizabeth. He has proposed and has been refused by Jane Austen. Tom Lefory is attracted by Jane Austen, but he jilts her for she is a parson’s daughter without dowry. “During a visit at Manydown, Jane Austen’s friend Catherine and Alethea’s brother Harris Bigg Wither took the opportunity to propose to Jane and then it was accepted. But during the night, she changed her mind.” (Watt,1963:98)From her love experiences, it can be seen that Jane Austen is not a slave to be worthy of young men’s consideration, and she thinks it a mistake to overlook thementirely. It is wrong to marry for money, but it is silly to marry without money. Jane Austen does not marry in her all life maybe she does not meet her ideal husband. However, she put her ideal marriage in her novels to express her eagerness to love and marriage. As she published her first novel---Sense and Sensibility, when she is thirty-six years old, she begins to really have confidence in her skill as a novelist. From the author’s love experience it can be seen that her own love views come from her own experience in love and the reality.Though persuasion lacked of a fine sense of humor expressed in Austin’s former works, seeing from the depth of thought and emotion, the theme of marriage got deeper development in this work. Therefore, this work was hailed as a work created in her summit of ability development. Heroines in her former works were all like Cinderella in fairy tales. They were all young beautiful and pleasing single girls. Apart from Emma, they all had no abundant property and little trousseau. But after twists and turns, they all married to noblemen who were very handsome and inherited abundant legacy finally. By contrast, in persuasion, Austin modeled a mature heroine image---Anny Eliot for the first time.In her later work Persuasion, the author stresses on that: It is only brings people with agony of “prudence and sense”, but not guarantee of the happiness in the future (Chen Haiyan, 2009). For the first time affection defeat sense in the Persuasion, it confirms the development of the personality from sensibility to affection and eulogizes the great of the people’s affection. It speaks volumes for that the creation idea of Jane Austin has changed from rationalism to romanism, because she has felt that the prudence that reflecting the rational thinking just restrains people’s nature and on ly the pure love that comes from the deep heart can make people acquiring true happiness.It is thus clear that Anne in the Persuasion is not the traditional girl who is gorgeously dressed up and coming in and out of the ball to finding a reliable storeroo m. She never considers about the economic condition of her fiancé and doesn’t think that property is the precondition of marriage. Her marriage has already possessing certain degree of advanced significance, which cannot but say a revolutionary change of A ustin’s marriage view.Besides, Austin is accustomed to use tact of irony in shaping character, even Elizabeth—who is the favorite character in her novels—has been given enough irony color. However, Anne is the only successful character who does not possessing any。
第三单元句子翻译2.The government intends to restructure the deposit insurance system as a new financial safety net for protecting settlement systems.政府打算重建存款保险制度，作为保护结算制度的新型金融安全网。
3.Each of these U.S. companies is attempting to offer convenient services to customers by centering on their strong business lines.这些美国公司，每一家都突出自己具有优势的业务范围，尽全力在给顾客提供各种便利的服务。
4.Under the system of securitization of real estate, special purpose companies established by real estate firms issue shares in real estate by using the property as collateral.根据房地产证券化制度，由房地产开发公司所创立的特别目的公司，是通过以房地产作为担保物的方式来发行房地产股票的。
6.Long-term interest rates have soared almost fourfold in the past three months after the rates hit a record low in mid-June.在利率于六月中旬创下历史最低水平之后，长期利率在过去的三个月中已经飙升了几乎四倍。
7.Future prospects are dim, and analysts are uncertain when the global IT-related recession will bottom out.发展前景非常暗淡，分析家们还拿不准全球与信息技术相关的经济衰退到底何时探底。
Exchange日常管理之二十一：管理邮件归档2012-03-23 18:20:37标签：Exchange添加标签>>版权声明：原创作品，谢绝转载！否则将追究法律责任。
在exchange 2010的版本中，提供了新personal article的功能，这样可以让我们集中管理和设置用户的归档邮件。
我们知道在exchange以前的版本，如果想实现邮件很好的集中存档，需要借助第三方的归档产品，比如symantec、mimosa等。
而如果我们借助outlook 的PST个人文件夹的功能进行邮件归档的话，又不方便我们的集中管理和策略配置。
如果使用outlook的归档功能，将存在下面的缺点：下面框中文字来自technet而对于exchange的个人存档功能，则对上面的缺点进行了改进和增强：对于exchange 2010的归档来说，我们既可以将用户邮件归档到服务器的同一个邮箱数据库，也可以归档到同一服务器的另外一个数据库，或者不同服务器的数据库中，实现归档邮件的安全统一存储，如图所示了解exchange的存档邮箱之后，其实当你为用户启用存档的时候，你会发现启用的过程是非常简单的，下面我们就来简单看看如何为用户启用存档邮箱。
如果为某个用户启用存档，只需要右击该用户，选择【启用存档】，如图所示注意：如果启用多个用户的存档，可以在管理控制台选中多个用户，也可以使用powershell 的方式。
选择创建本地存档，然后选择要放置存档数据的数据库，如图所示启用存档之后，可以为存档设置一个名称，如图所示还可以设置存档配额限制，如图所示设置存档配额可以更好地限制用户对存档的使用设置存档配额限制，已经达到多大的容量时对用户进行警告，如图所示当设置完成后，可以在该用户的邮箱中看到一个存档邮箱，如图所示如果想访问归档邮箱的话，可以通过outlook 2010、outlook 2007、OWA的方式来进行，不能使用outlook 2003、activesync。
Marke Due DiligenceCIMC1. JV willingnessCIMC has shown very strong interest in entering the life insurance business with Aegon for the following major reasons:-CIMC has the necessary financial resources and capabilities to invest in the life insurance venture-They have been looking for some non-core business opportunities and have already invested in them such as the real estate.-They have had strong interests in the financial sector for a long time and invested in some financial institutions such as Merchants Bank and brokerage companies in past.-They consider good investment in the financial sector could generate some steady returns over time.-They will be able to further improve the CIMC’s name recognition by forming a JV with Aegon given Aegon’s world market position in the insurance business, which will likely bring more core business to CIMC.Since CIMC is unfamiliar with life insurance business and this is not going to be their core business, CIMC has no intention to run this life insurance JV and does not have any problem of letting Aegon have the controlling share if the Chinese regulation permits.CIMC will vote against involving any third-party investor in the JV if there is no benefit of having a third-party investor.pany and its BusinessChina International Marine Containers(Group)Ltd.(CIMC) is a world leading marine container manufacturer. Its major business includes production of a full range ofcontainers and in addition, CIMC also engages in other businesses in the timber industry, mechanical and electrical equipment manufacturing, real estate and public infrastructure.With its head office in Shenzhen, CIMC has more than 10,000 employees and controls over 20 subsidiaries in Shenzhen, Shanghai, Nanjin, Nantong, Dalian,Xinhui,Qingdao,Tianjin,Hong Kong,Suriname and Cambodia.CIMC held a more than 1/3 of the market share in the world total container sales in 2000 and it has a competitive edge over the competitors in not only the amount of sales, but also in the many types of containers it produces.The company maintains that it has strong customer trust and always conducts its business in a legitimate and responsible manner. However, one of its subsidiaries, an airportequipment maker, faced a law suit filed by Jetway, an American company and lost the case. (Refer to FDD comments for more details)pany ReputationBased on our desk research, CIMC appears to be a well recognised company and has received several business honors such as,-One of the top 500 industrial enterprise in China-One of the top 10 export companies in China-One of the top 10 best-performing listed companies on the Shenzhen Stock Exchange-Among China’s top 50 listed companies in 1999, 2000 and 20014.Management TeamMore than 80% of the high level management staff have at least BA degrees. About 2 – 3 of the 11 top executives can fully communicate in English and had some years of work experience in Hong Kong. Most others can read and understand English, but relatively poor in spoken English. Given that CIMC was once under the management of a Danish bank, most management staff are well oriented in terms of western management /business philosophies and practice making it easier for CIMC to develop any newbusiness with foreign companies.5. Business growth potentialThe future prospects for CIMC’s business may be between “strong growth and steady growth” and reasons are as follows:-large untapped market potential in China given the low percentage use of containers in transportation; impact of China’s accession to the WTO and growing foreign trade will most likely increase demand for containers.-less developed countries’ needs and demand for containers will remain fairly strong which includes demand for new containers and replacement of the old containers.-developed countries’ demand for containers will not grow significantly, but will remain stable in the future.-Demand for special-purpose containers such as refrigerated containers will grow strongly in the future.Since CIMC’s revenue from the non-core business activities is a very small part of the total, it will have only a negligible impact on the company’s growth in the future.Our desk research did not find strong reasons to reject the above reasons for thecompany’s future growth potential. According to information from international sources such as the Containerization International, IMF 2001 World Economic Outlook and our analysis, CIMC’s container business growth may be around 8% over the next five years.This is based on assumptions that international container shipping growth rate is onaverage 3% higher than the growth rate of world trade and if CIMC will be able tomaintain its current 38% global container market share and 90% of its containers are exported. Since the 8% future growth rate has not taken into account of any possible increasing container demand inside China, it may be reasonable to conclude that the CIMC’s future container business growth rate could reach higher than 8%.CIMC’s main customers include 50 large foreign companies (see Appendix $$$ forCIMC’s top10 foreign customers). The largest two local customers include the China Ocean Shipping Company and the Ministry of Railway. Most of the CIMC’s business activities in China concentrate in coastal cities from the north to south. Overseasbusinesses are done mainly through Hong Kongernment and Media RelationshipCIMC has normal working relationship with the press / media. But it does not use the press / media aggressively to promote or report on the company’s activities. In its view, a listed company should be careful about how to use press / media coverage and in this regard, the company prefers to be more “conservative” or keep a low profile. Most often, the company will use the newspapers such as “China Securities”, Securities Times” and Xinbao (a HK newspaper) as the company’s main vehicles for news releases. During our desk research, we noticed that there has been significant amount of news reports on the CIMC, therefore, the company is still well covered in the media even if the company has not tried to approach the media aggressively based on the management team.Since CIMC is a leading container manufacturer in the world, a key player in the Chinese manufacturing industry and a big “tax payer” to the local governments where it hasmanufacturing facilities / plants, they usually enjoy strong support from the local as well as the central governments. This is probably true even though we have not spoken to any local governments in this regard.CNOOC1.JV willingnessCNOOC is definitely interested in diversifying its business and investment into theinsurance business. Currently, they are not only speaking to Aegon, but also oneJapanese life insurance company and one from Switzerland. They will make a choice after doing their own comprehensive assessment of each company’s financial andbusiness conditions.Since CNOOC is unfamiliar with life insurance business currently and this is not going to be their main line of business, they are more interested in getting reasonable “investment returns” rather than having a controlling majority share in the future. Therefore, they do not see a problem of letting Aegon have the controlling share if the regulation permits.CNOOC does not want to have three investors in a life insurance JV.2. Company and its BusinessCNOOC is one of the three companies in oil exploration and production business inChina. Based on the management team’s comments, CNOOC is the smallest of the three oil companies in output level and the total number of employees, but it is the mostefficient and profitable compared with the other two producers, Sinopec and PetroChina.According to our desk research, in China’s total domestic crude oil production (150million tons) CNOOC’s share is estimated to be around 13% to 15% with only about0.5% of the total employment in the industry. This seems to support what we have heardfrom the management in regard to its business efficiency and profitability.CNOOC has invested in a variety of businesses and gained lots of industry experience.For instance, our desk top research shows that the company owns China Offshore Oil Research Center, one chemical company, eight specialized services companies, fivelogistic companies and a JV with Shell. In addition, it has four overseas offices inHouston, Jakarta, Tokyo and Singapore. But none of the above businesses is in lifeinsurance and according to the management, their knowledge about life insurance is limited at this moment.3. Company ReputationOver the years, the company has some major honors including-30 different kinds of awards for its technological innovation from the State-one of the top 500 industrial enterprises in China (rank 12)-one of the top 200 companies for export (rank 3)-No.50 among the world top 50 oil companies-Among the top 10 of China’s best-performing enterprises for 2001The company seems to have a strong and positive image in the public and we did not find any “negative” news relating to the company’s reputation or business ethics. CNOOC has signed over 100 contracts with more than 40 countries, according to the managementteam it has not had any legal disputes. Moody’s Investors Services and Standard &Poor’s have assigned an Baa2 and BBB issuer rating respectively which are the highest ever received by the Chinese companies and the first SOEs.4.Management TeamMore than 90% of CNOOC’s management staff have at least a university degree. About a quarter of the mid and high level management staff studied overseas and have theirMBAs. The manager of their finance department is an expatriate staff with a PhD from the US. Given the education and professional background, it should not be majorproblem for Aegon to communicate easily with CNOOC.5.Business growth potentialThe company has had strong and steady growth over the past years since the company was established. The company’s oil output grew from less than 100,000 tons 1982 to $$$$ in 2000. According to our desk research, the potential resources in China’s Bohai Bay,Yellow Sea, East China Sea and northern continental shelf of South China Sea areestimated to be around 27.53 billion tons of oil and 10.6 BCM of gas, but the discovery rate is only 18.5% and 9.2% respectively for oil and gas. Considering of the country’s economic growth, rising energy demand and large untapped oil / gas resources, themanagement’s confidence in the company’s future growth does not appear unreasonable to us. To achieve its future growth, one of the company’s strategies is to expand into oil related new businesses such as oil refineries and fertilizer plants. (See Appendix $$) CNOOC expects to achieve at least a15% rate of investment from all the projects they are going to invest in.CNOOC’s main customers are large oil refineries in China and abroad. Most of their domestic customers and business activities are located in China’s coastal regions.6. Government and Media RelationshipThe company maintains a good working relationship with the Chinese press / media as well as different levels of the Chinese government. Our desk research experience has found lots of press reports on the company in local and overseas media.Given that the company has the rights granted by the State Council for the exploitation of offshare oil and natural gas in China in co-operation with foreign companies, and because of the importance and role CNOOC plays in the country’s economy, CNOOC’s topexecutive is usually appointed by the central government , therefore it is probablyreasonable to assume that it enjoys good support from the central and local governments.。
Average Annual Return 平均年度回报率Average Life 平均时期Average Price Call 平均价格买入期权权Average Price Put 平均价格出售期权Average Up 提高平均价格Back Door Listing 后门上市/借壳上市Backlog 订单积压Back Office 后线Back Pricing 往后定价Back-to-Back Loan 背对背贷款Backstop 最后担保Bad Debt 不良贷款Balanced Fund平衡基金Balanced Investment Strategy平衡投资策略Balance Of Payments (BOP)国际收支差额Balance Of Trade (BOT)国际贸易差额Balance Sheet 资产负债表Balloon Option 气球型期权Bancassurance 银行出售保险Bank Guarantee 银行担保Bank for International Settlements (BIS)国际结算银行Bank Insurance银行保险Bank Investment Contract (BIC)银行投资合约Bank Rate 银行利率Bank run 银行挤兑Bankruptcy 破产Bankruptcy Risk 破产风险Barrel's per Day 每日产量（桶）Barter 以物易物Base Period 基本时期Basing平稳期Basis Point (BP)基点Bear Market 熊市Bear Raid空头猛跌，大量抛空以使价格下跌Bearer Form 凭票即付形式，无记名形式Beginning Inventory 期初库存Behavioral Economics 行为经济学Behavioral Finance 行为金融学Benchmark 基准Benchmark Bond 基准债券Beneficial Owner 受益者Beneficiary受益方Average Price Balloon Maturity 平均价格气球型期限NAVPS每股资产净值。
Rating OutlookStable Ratings Outlook: Fitch Ratings expects the profitability and capitalisation of Chineselife insurers to remain under pressure, due to investment performance which is likely to prove lacklustre amid a gloomy economic outlook. However, the agency does not foresee significant rating changes over the next 12 to 24 months, in light of the rated ins urers‟ adequate capital buffers and external funding capabilities. Credit profiles also continue to be underpinned by favourable product features, with the maximum guaranteed rate capped at 2.5%.Policy Sales Face Challenges: Chinese life insurers are facing a tough task in promoting new policies, particularly in bancassurance – due to more stringent regulations, tightened market liquidity, and greater competition from banking products. Fitch considers large players to be better positioned to withstand the challenge, thanks largely to their well-established agency forces, although retaining agents has become more difficult in an environment of wage inflation. Investment Losses Undermine Profitability: Chinese life insurers have relied mainly on investment income for profit, and investment performance remains sensitive to fluctuations in the stock market. The poor performance of stocks in 2010 and H111 caused substantial unrealised valuation losses in equity exposures, undermining bottom-line profitability. The continued decline in the stock market since end-H111 is most likely to impair profitability further, leading to heightened solvency pressure.Business Expansion Pressures Capitalisation: Persistent capital needs for business expansion adds an additional burden to solvency margins. The capital demands have been hardly fulfilled by internal capital generation, particularly for small players with generally low profitability but a high pace of growth. As a result, external funding capabilities have been essential in supporting Chinese insurers‟ solvency. That said, only a few companies have been publicly listed, with access to equity funding from the capital markets.Sub-Debt Issuance Unsustainable: Chinese life insurers have actively issued subordinated debt to sustain their capital strength. Fitch believes this can be only a temporary solution for the low-solvency margin issues, and should not be overly relied upon. This is due to the short tenor of sub debt (issued in China) of five years or less in general, as issuers tend to redeem such debt (with the interest step-up provisions) before the due dates – in order to avoid higher interest costs.What Could Change the OutlookPersistently Weakened Capitalisation: The main threat to Chinese li fe insurers‟ ratings is the ongoing capital pressure arising from continued capital required for business expansion; potentially unfavourable movements in capital markets; and deterioration in the quality of fixed-income securities in the event of an economic slowdown in China. Significantly weakened capitalisation on a sustained basis could lead to negative rating action.Earnings Stability and Diversity: Improvements in earnings stability and diversity – with reduced relianceon investment profit – could lead to positive rating action. That said, these improvements will require ongoing product innovation, with an emphasis on risk-protection elements and enhanced operating efficiency, which Fitch believes will take time.Figure 1Rating OutlookS T A B L ERelated ResearchChinese Life Insurers: Growth Story Remains Intact (March 2010)AnalystsJoyce Huang, CFA +852 2263 9595joyce.huang@Terrence Wong +852 2263 9920terrence.wong@Jeffrey Liew +852 2263 9939jeffrey.liew@Key IssuesSlowing SalesGrowth in premiums came down in H111, with a year-on-year (yoy) rate of around 11% (2010: 29%). This mainly reflected the slowdown in sales of new policies, with weaker demand in bancassurance and higher agent turnover. Single-premium policies via bancassurance channels were mostly affected, while regular premiums were relatively resilient, sustained by Chinese insurers‟ focus on margin improvement with more profitable long-duration products. SMEs generally experienced greater difficulty in promoting new products, as they have been more heavily reliant on bancassurance than the larger players.The slowdown in bancassurance sales is due to more stringent regulations (requiring that only bank staff with an insurance agent licence can sell insurance in bank branches); tightened market liquidity; and more attractive yields of banking products (such as deposits) following several interest-rate hikes. As of the time of writing (mid-November 2011), the one-year deposit rate remains at 3.5% (up from the bottom of 2.25% in September 2010) and the three-year rate at 5%. This compares with the participating policies‟ guaranteed return which has been capped at 2.5%, while the poor equity market performance constrains insurers ‟ largesse in paying policyholder dividends. The crediting rates of universal life policies remain flat, at around 4%. The increasing difficulty faced by Chinese life insurers in recruiting and retaining agents since 2010 is due to competition for human resources from other industries with more attractive employment conditions. The high-inflationary environment has made the competition even more intense. Fitch feels that the difficulties in agent recruitment present a bigger challenge than the slowdown in bancassurance sales, as products sold by agents usually carry higher profit margins than bancassurance. In addition, Fitch considers that the tighter regulations and supervision, although raising the barrier in bancassurance sales, could lead to greater discipline in product distribution, and reduce the risk of mis-selling and irrational competition.Figure 2The following analysis is based mainly on the information of four companies – China Life Insurance Company Limited (China Life, Insurer Financial Strength …A+‟/Stable ), Ping An Life Insurance Company of China, Ltd (Ping An), China Pacific Life Insurance Co Ltd (China Pacific), and Tai Ping Life Insurance Co Ltd (Tai Ping , …A−‟/Stable), with a consolidated market share of 60.6% by H111 gross premiums.Values of In-Force Business Consistently IncreaseOngoing business expansion has contributed to consistent growth in the value of “in-force ” business (VIF, one of the two components in embedded values). That said, the VIF has been determined based on a number of assumptions, including expected investment returns and risk discount rates, and is sensitive to changes in these assumptions. The four insurers have assumed rising investment returns from around 4.8% to above 5% over the life of in-force policies, and a risk discount rate of about 11%; their sensitivity analysis shows that a 25bp fall in assumed returns would cause a 5%-10% drop in a life insurer‟s VIF.Bancassurance sales slowed due to tightened liquidity and regulations. Agents‟ turnover up amid wage inflation.Profitability remains sensitive to investment performance.Marked-to-market lossesundermined profitability in 2010 and H111.Related CriteriaInsurance Rating Methodology (September 2011)Figure 3Weaker Profitability and CapitalisationFluctuations in adjusted net worth (another component in embedded values) reflect primarily the life insurers‟ volatile profitability, cash dividend payouts and fresh capital injection.Chinese life insurers rely mainly on the interest spread (actual investment returns minus returns offered to policyholders). The guaranteed returns for policyholders have been capped at 2.5% after June 1999, although some insurers still carry legacy policies with higher guaranteed rates of 5% or above. Underwriting profits remain low given the domination of savings-type products with few risk-protection features. Most companies should face expense overruns due to ongoing investment in infrastructure, distribution network, and human resources for business expansion, although large companies could enjoy better operating efficiency – benefiting from the economies of scale.Poor stock market performance has undermined Chinese life insurers‟ investment performance and profitability. Although the four companies reported adequate investment yields and positive profit in 2010 and H111, the yields and profitability would be significantly weaker than the reported numbers (see Figure 4 for China Life‟s performance) if they included unrealised losses in available-for-sale investments. Fitch expects poor stock market performance to constrain profitability in H211 and 2012. Yet recurrent yields could improve, supported by reinvestment of assets in higher-yielding instruments following the rise in market interest rates.Figure 4Stock Market Fluctuations Remain the Key RiskChinese life insurers have allocated their assets mainly in deposits and bonds, which represent above 80% of invested assets. In addition to government/government agency bonds, Fitch notes increasing allocation in corporate bonds and financial debentures – which could lead to a greater vulnerability of life insurers‟ asset quality in the event of an economic slowdown in China. Equity exposure represents about 10%-15% of the sector‟s investment , and the valuation fluctuations continue to cause significant volatility in life insurers‟ capital. Alternative investments (including infrastructure and properties investments) remain modest at less than 5% of the portfolio, although up slightly following the relaxations by the China Insurance Regulatory Commission (CIRC).Figure 5Shrinking Solvency MarginsSolvency has become an industry-wide issue, due to high premium growth but weak profitability as mentioned above. The four companies all reported a decline in their regulatory solvency ratios in H111; China Life and Ping An were only slightly above 150%, a minimum level that insurers aim to maintain to prevent potential business restrictions. Further weakening of capitalisation is possible after the pullback in the stock market since end-H111. Fitch estimates that every 10% decline in the value of equity investments would cause a drop of more than 10% in solvency margins.Figure 6Business Expansion Needs Persistent Capital SupportCapital pressure is a persistent issue, given the strong capital demand to support business growth. The capital needs have been hardly fulfilled by internal capital generation, particularly for small players in light of their generally low profitability (but with a high growth pace) as a result of high initial costs and the lack of economies of scale. Chinese insurers have therefore been actively exploring external capital supports, including fresh capital injection and the issuance of subordinated debt. That said, only a few companies are publicly listed, with access to equity funding from the capital markets.Life insurers face heightened capital pressure.External capital support essential in light of insufficient internal capital generation.Sub-debt issuance sustains solvency margins, for now.Deposits and bonds still dominate invested assets.Valuation fluctuations in equity exposure cause volatility in capitalisation.Subordinated Debt Temporarily Resolves Solvency IssuesThe issuance of sub debt is not a sustainable solution to improve capital strength. This mainly reflects Fitch‟s view that issuers would tend to redeem the debt (with the interest step-up provisions) before the due date, to head off higher interest costs – which would in turn reduce financial flexibility due to the effective shorter maturities. The CIRC announced new regulations to tighten sub-debt issuance in October 2011. These allow insurers to issue sub debt up to 50% (down from the previous 100%) of their latest year-end net assets, and sub-debt which can be recognised as supplemental capital has also been capped at 50% of net assets. Fitch believes that the new rules will constrain the business expansion of some overly leveraged companies, and restrict their future sub-debt issuance.Capital Levels Diverge Between Statutory and IFRS/HKIFRS Accounts Chinese insurers have followed the CIRC‟s solvency regime to measure their capital level, and are aiming at maintaining the regulatory solvency margins (eligible capital divided by required capital) at above the minimum requirement of 100%. However, Fitch is mindful when comparing solvency ratios, due to discrepancies in capital compositions and evaluations of insurance reserves based on statutory standards. The agency notes that s ome companies‟ eligible capital includes substantial amounts of sub debt, while other companies rely mostly on common equity (such as China Life). The discount rates used to determine the statutory insurance reserves are benchmarked to initial guaranteed returns of policies, which may underestimate the potential negative spread burden in legacy high-guaranteed-rate policies (sold before June 1999).Fitch considers that the capital level (shareholders‟ funds divided by total assets) under the IFRS/HKFRS accounts would be a more comparable indicator, as the insurance reserves are set aside based on similar discount-rate assumptions. For insurance contracts whose future insurance benefits will not be affected by investment income of the corresponding investment portfolio, the discount rates are determined based on market interest rates. Otherwise, the discount rates are based on the expected investment returns of the portfolio. In addition, Fitch excludes sub-debt in the capital ratio calculations.The capital ratios under the IFRS/HKFRS accounts can be significantly different from the levels (eligible capital under the Chinese solvency regime divided by total assets) on the statutory basis. China Life (as shown in Figure 7) has a higher capital ratio under the IFRS account, due to higher discount rates assumed in determining insurance reserves. In contrast, Ping An‟s capital ratio is lower under the IFRS account, which should be attributed to more reserves set aside for its legacy high-guaranteed-rate policies.Figure 7AppendixFigure 8Key Financials of Chinese Life InsurersChina Life Ping An China Pacific Tai Ping Insurer Financial StrengthRating A+ A−Outlook Stable Stable Unit CNYbn CNYbn CNYbn HKDbn Accounting principle IFRS IFRS HKFRS HKFRS(%)Source: Fitch, the companiesALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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