例如，本次《意见》提出要优化定点零售药店门诊统筹服务，明确参保人员凭定点医药机构处方在定点 零售药店购买医保目录内药品发生的费用可由医保基金按规定支付。定点零售药店门诊统筹起付标准、 支付比例、最高支付限额等，可执行本统筹地区基层医疗机构相同的医保待遇政策。 在行业发展层面，《意见》提出支持零售药店兼并重组、鼓励批零一体化发展、优化药品营销体系等举 措，从而推动实现行业供应链效率提升。 具体来看，《意见》鼓励药品零售企业依法开展横向并购与重组。鼓励药品批发企业依法通过兼并重组 整合供应链与零售终端，推动批零一体化发展，实现仓储物流资源共用、质量管理体系协同及全流程信 息追溯，提升供应链效率，有效降低运营成本。在药品营销方面，倡导医药生产企业与全国或区域大型 医药流通企业深度合作，以市场为导向规范药品购、销价格体系，促进药品零售行业跨省、跨地区公平 竞争，引导零售药品价格保持合理水平。 （文章来源：证券时报） 1月22日，商务部等九部门发布了《关于促进药品零售行业高质量发展的意见》（以下简称《意 见》），从完善药事服务、创新健康服务、强化应急服务、优化行业结构、规范行业秩序等方面提出18 条具体举措，推动药品零 ...

1月22日，国务院新闻办公室举行新闻发布会。农业农村部副部长张兴旺在会上介绍，农业农村部将紧 紧围绕农业高质量发展，坚持产量产能、生产生态、增产增收一起抓，统筹发展科技农业、绿色农业、 质量农业、品牌农业，走产出高效、产品安全、资源节约、环境友好的现代农业发展之路，推动农业增 效益、农民增收入、农村增活力。 近年来，我国粮食连年丰收。张兴旺表示，我国粮食安全总体上有保障，但粮食等重要农产品的需求还 将增长，粮食产需紧平衡态势没有改变。提升产能方面，要继续在提高农业综合生产能力上下功夫，加 力实施新一轮千亿斤粮食产能提升行动，构建多元化食物供给体系，增强粮食等重要农产品供给保障能 力。扎实推进藏粮于地、藏粮于技，严守耕地红线，高质量推进高标准农田建设，选育推广高产优质突 破性新品种。同时，加强高端智能、丘陵山区适用农机装备研发应用。 谈及提升效益，张兴旺强调，重点是培育壮大乡村富民产业，推动延链补链强链。做强农产品加工业， 分类培育龙头企业、"链主"企业，协同推进农产品初加工、精深加工和副产物综合利用加工，加快补上 仓储保鲜、冷链物流、预冷烘干等短板，做足做活"粮头食尾""畜头肉尾""农头工尾"文章。同时，开发 ...

2025年基金四季报1月22日披露完毕。 天相投顾数据显示，截至2025年年底，全市场公募基金资产净值（含估算基金）合计超过37.64万亿 元，规模续创历史新高。主动权益基金前十大重仓股分别为中际旭创、新易盛、宁德时代、腾讯控股、 紫金矿业、阿里巴巴-W、寒武纪-U、立讯精密、贵州茅台、东山精密。 2025年四季度，尽管A股市场整体呈现震荡态势，但是指数基金规模的持续增长为A股市场带来源源不 断的增量资金。权益类基金整体维持较高仓位，部分基金在四季度继续加仓。 从仓位分布看，据兴业证券统计，主动权益基金2025年四季度末的仓位虽然比三季度末下降，但仍处于 历史第二高水平。 分行业看，据国信证券统计，在2025年四季报披露的持仓中，主动权益基金加仓居前的三个行业为有色 金属、基础化工、非银金融，分别加仓1.22、1.13、0.81个百分点；计算机、传媒、国防军工行业减仓 居前，分别减仓1.34、0.98、0.75个百分点。 去年四季度，基金加仓大周期板块，权重仅次于科技类板块。 多位基金经理表示，展望2026年，对资本市场整体环境保持相对乐观判断。基金经理对科技产业与大周 期板块的配置仍有分歧。 鹏华基金基金经 ...

Core Viewpoint - Insurance funds are increasingly investing in private quantitative products, particularly since the "9·24" market rally in 2024, with several small and medium-sized insurance companies participating in this trend [1][2][5]. Group 1: Investment Trends - There is a noticeable trend of insurance capital investing in private quantitative index-enhanced products, which have shown strong performance [1][4]. - The preference among insurance funds is shifting towards quantitative index-enhanced products due to their better explainability and relatively stable performance compared to subjective products [2][4]. - Small and medium-sized insurance companies are primarily experimenting with private quantitative investments, with investments still at a small scale and not yet a major part of their portfolios [6][7]. Group 2: Market Environment - The current low-interest-rate environment poses significant challenges for insurance investments, leading to a necessity for exploring private quantitative options to enhance returns [7][8]. - In a bull market, quantitative index-enhanced products are attractive as they often outperform the index, while in a bear market, the demand for such products may decrease [5][7]. Group 3: Regulatory Landscape - The regulatory framework regarding insurance capital investing in private products remains unclear, with existing guidelines generally excluding private securities funds from eligible investment categories [10][11]. - There is an expectation that regulatory bodies may refine existing regulations to clarify the compliance of such investments, potentially introducing specific requirements for the management of insurance funds [11]. Group 4: Performance and Risk - Quantitative strategies are perceived to mitigate some risks associated with traditional private investments, such as performance sustainability and governance issues [9]. - Despite the potential benefits, there are concerns regarding compliance and the regulatory status of private investments, which could pose risks for insurance companies [8][10].

去年四季度，基金加仓大周期板块，权重仅次于科技类板块。 证券时报记者 吴琦 2025年基金四季报1月22日披露完毕。 天相投顾数据显示，截至2025年年底，全市场公募基金资产净值（含估算基金）合计超过37.64万亿元，规模续创 历史新高。主动权益基金前十大重仓股分别为中际旭创、新易盛、宁德时代、腾讯控股、紫金矿业、阿里巴巴- W、寒武纪-U、立讯精密、贵州茅台、东山精密。 2025年四季度，尽管A股市场整体呈现震荡态势，但是指数基金规模的持续增长为A股市场带来源源不断的增量资 金。权益类基金整体维持较高仓位，部分基金在四季度继续加仓。 从仓位分布看，据兴业证券统计，主动权益基金2025年四季度末的仓位虽然比三季度末下降，但仍处于历史第二 高水平。 分行业看，据国信证券统计，在2025年四季报披露的持仓中，主动权益基金加仓居前的三个行业为有色金属、基 础化工、非银金融，分别加仓1.22、1.13、0.81个百分点；计算机、传媒、国防军工行业减仓居前，分别减仓 1.34、0.98、0.75个百分点。 多位基金经理表示，展望2026年，对资本市场整体环境保持相对乐观判断。基金经理对科技产业与大周期板块的 配置仍有分 ...

Core Insights - Public funds in Q4 2025 focused on core sectors such as electronics and power equipment, with leading stocks like Zhongji Xuchuang and Xinyi Sheng surpassing Ningde Times and Tencent to become the top two holdings in active equity funds [1][2] Group 1: Fund Holdings - Zhongji Xuchuang emerged as the top stock held by active equity funds, followed by Xinyi Sheng, Ningde Times, Tencent, Zijin Mining, Alibaba-W, Hanwha Techwin-U, Luxshare Precision, Kweichow Moutai, and Dongshan Precision, covering sectors like AI, new energy, internet, consumption, and electronics [2] - Over 600 new stocks were added to public fund portfolios by the end of Q4 2025, with stocks like Litong Technology, Xingtum Measurement and Control, Chaojie Co., Dafeng Industrial, Lixing Co., and Dayilong seeing fund holdings exceeding 4% of their circulating A-shares [2] Group 2: Industry Focus - The electronics, pharmaceutical biology, and machinery equipment sectors were the most concentrated in terms of stock numbers, each with over 250 stocks held by public funds [3] - The electronics sector accounted for approximately 20% of the total market value of public fund holdings, with Hanwha Techwin-U being the largest individual stock in this sector, held by over a thousand funds [3] - The power equipment sector followed, with a market value share exceeding 10%, and stocks like Tianci Materials and Tianhua New Energy seeing significant increases in fund holdings [3] Group 3: Fund Concentration and Performance - Stocks like Ningde Times, Zhongji Xuchuang, Zijin Mining, Xinyi Sheng, China Ping An, Tencent, Hanwha Techwin-U, Kweichow Moutai, and Midea Group were favored by public funds, each held by over a thousand funds [4] - By the end of Q4 2025, stocks such as Zhongji Xuchuang, Xinyi Sheng, Dongshan Precision, Zhejiang Rongtai, Haishi Ke, Siling Zhichu, and Hengbo Co. had over 20% of their circulating A-shares held by funds, indicating significant concentration [4] - Public funds showed a preference for growth sectors, with holdings in the Sci-Tech Innovation Board and ChiNext exceeding 5% of their circulating market value, reflecting an increase in allocation to ChiNext compared to Q3 2025 [4] - Companies like Zhongtai Co., Shanghai Yizhong, Nanfang Precision, and Jin'an Guoji projected net profit growth rates exceeding 500% for 2025, supported by institutional backing [4]

（文章来源：证券时报） ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 证券时报记者 王蕊 谭楚丹 孙翔峰 2025年证券从业人员数量跌破33万人，同比减少近8000人；过去三年，全行业有近3万名从业者离场，主要业务岗 位的人才结构也随之调整。在业内人士看来，背后原因是行业价值锚点的变化。 国金证券人力资源部相关人士表示，人员结构的"有增有减"，实际上是行业底层逻辑发生变革：人才的价值正从 过去的"关系与牌照驱动"转向未来的"专业与服务驱动"。 证券时报记者通过多方调研，试图厘清三大问题：从业者为何选择离开？行业对人才价值的要求发生了哪些变 化？考核机制如何适配证券行业新的发展理念？这些问题的答案，勾勒出证券公司与从业者在转型关键期面临的 发展抉择。 券业人员结构生变 新一届国考面试名单近期公布，含调剂在内，证监会相关岗位共有近1100人入围面试。值得注意的是，2025年证 监会系统录用的公务员中，来自证券行业的从业人员占比明显提升。 通过"考公"转换职业赛道，是证券行业人才流动的路径之一。过去一年，证券行业人才职业选择多元：既有履历 亮眼的保代转任上市公司董秘，也有光鲜的卖方分析师跳槽至买方，更有行业明星 ...

Core Viewpoint - The company, Dajin Heavy Industry, has successfully transformed into a leading global supplier of offshore wind power core equipment, leveraging opportunities from the global energy revolution during the 14th Five-Year Plan period [1][2] Group 1: Global Strategy and Market Position - Dajin Heavy Industry has delivered over 200 oversized monopiles to core projects in Europe, achieving a market share of 29.1%, making it the number one supplier in Europe [1] - The company is the only supplier in the Asia-Pacific region to achieve bulk exports to Europe, with export revenue accounting for nearly 80% of its total revenue [1] - The company possesses the largest offshore wind power manufacturing base and export port globally, establishing a strong capacity barrier [1] Group 2: Technological Advancements and Projects - The company has developed its first ultra-large deck barge, "KING ONE," which has successfully launched, marking a technological leap from heavy transport vessels to roll-on/roll-off ships, and has secured orders from countries like South Korea and Norway [1] - Dajin Heavy Industry's projects include the Zhangwu 250MW onshore wind power and the Tangshan Shili Hai 250MW fish-solar complementary project, which have cumulatively delivered 1.875 billion kWh of clean electricity [1] - The Tangshan 950MW project has commenced construction, pushing the company's self-owned installed capacity towards 1500MW, successfully creating a commercial loop of "equipment manufacturing + renewable energy operation" [1] Group 3: Capital and Future Plans - In 2022, the company raised 3.059 billion yuan through a private placement to strengthen its production capacity for advanced upgrades and wind farm construction [2] - The company plans to submit an H-share listing application to the Hong Kong Stock Exchange by September 2025, aiming to establish an "A+H" dual capital platform to support its full-chain service system [2] - Looking ahead to the 15th Five-Year Plan, the company will focus on the high-value offshore wind power market, transitioning from a "product supplier" to a "system service provider" [2]

近年来，拓荆科技形成的系列研发成果快速推向市场，业务规模快速增长。数据显示，2019年至2024 年，该公司累计营收近100亿元，复合增长率高达75%；归母净利润约18亿元，累计研发投入超22亿 元。截至2025年9月，公司研发团队规模超1600人，累计申请专利1918项，获得授权专利646项，其中发 明专利324项，展现了强劲的技术储备与市场爆发力。 在巩固原有优势的同时，公司前瞻性布局三维集成领域，快速推出先进键合设备及配套量检测产品。目 前，相关产品已在先进存储、图像传感器(CIS)等领域成功量产，并正持续扩大市场份额，为后摩尔时 代的技术演进提供了关键支撑。 拓荆科技始终以国家战略方向、前沿技术趋势及客户应用需求为导向，充分发挥全产业链协同创新优 势，先后承担10余项国家重大专项，构建了完善的知识产权体系，设备性能关键指标达到国际同类水 平。 "十四五"时期，作为国内半导体设备行业的领军企业，拓荆科技紧扣国家战略需求，在薄膜沉积与三维 集成领域取得了系列突破性成果。2022年4月，公司成功登陆科创板，借助资本市场的"东风"，为高质 量发展注入了强劲动力。 过去五年，拓荆科技始终坚持自主研发，深耕薄膜沉 ...