Ideas, made
visible.让知识，变得可见。
Stay curious. Look closely.保持好奇，认真看世界。
Start with a question or an observation. Make complex ideas clear, and keep the details worth noticing.从具体的问题与观察出发，把复杂的原理讲清楚，把值得留意的细节记录下来。
Follow a thread沿着一个问题深入
All topics全部分类Recent notes最近更新
Timeline时间线Financial Statements 13: Compare five Chinese insurers through time and across peers财报阅读 13：五家保险公司的纵向与横向比较
Compare five insurers on matching periods, then examine life new-business value, P&C underwriting and the capital constraints between accounting profit and shareholder cash.同期间比较五家公司，再看寿险新业务价值、财险承保与分红背后的资本约束。
Financial Statements 08: CPIC and the quality of insurance earnings财报阅读 08：中国太保，拆开保险公司的利润
Compare CPIC’s annual and nine-month disclosures to separate reported profit, operating earnings and new-policy value, then trace the constraints on shareholder distributions.从太保年度与前三季度披露中，区分会计利润、营运利润与新保单价值，追踪股东现金回报受到的约束。
Financial Statements 09: New China Life and the assumptions behind growth财报阅读 09：新华保险，检验新业务价值的含金量
Trace New China Life’s value growth to its distribution channels, test the investment assumptions, and separate insurance service gains from market-driven earnings.追踪新华保险价值增长的渠道来源，检验投资回报假设，区分保险服务改善与行情推动的利润。
Financial Statements 10: Ping An, from group profit to shareholder cash财报阅读 10：中国平安，利润怎样变成股东现金
Separate operating profit, subsidiary dividends and capital needs using Ping An’s 2024–2026 disclosures.结合平安 2024—2026 年披露，拆开营运利润、子公司分红与资本需求，判断股东现金回报的来源。
Derivations, experiments, and moments worth keeping.推导、实验，还有值得留下的片刻。
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