三是重点支出保障有力。2025年，财政部门持续优化支出结构，社会保障和就业、科技、教育、卫生健 康等重点领域支出得到了较好的保障。前11个月，上述四项支出合计超过10万亿元，占一般公共预算支 出的四成多。 一是财政收入"前低中高后稳"。分季度看，全国一般公共预算收入一季度下降1.1%；二季度由降转升， 增长0.6%；三季度增幅明显提高，增长2.5%。进入四季度，10月份增长3.2%，11月份与2024年同期基 本持平。其中，税收收入自4月份以来持续保持同比增长，成为拉动财政收入增长的主要引擎，这也反 映出我国经济运行延续了稳中有进的发展态势。 二是收支平衡目标可以实现。收入方面，全国一般公共预算收入保持恢复性增长态势，总体平稳。支出 方面，全国一般公共预算支出靠前发力、保持强度，为经济社会发展提供了必要的财力支撑。预计全年 可以实现收支平衡。 新华财经北京1月20日电（记者董道勇）20日，财政部综合司司长李先忠在国新办新闻发布会上表示， 2025年度的财政收支数据还在汇总当中，预计1月底或2月初正式对社会发布。就目前初步掌握的情况 看，2025年财政收支运行可以概括为以下三点。 （文章来源：新华财经） "同时 ...

Core Viewpoint - The Chinese agricultural insurance sector is heavily supported by government subsidies, with nearly 80% of premiums coming from fiscal support, and is projected to exceed 155 billion yuan in premiums by 2025, providing risk coverage of over 5.2 trillion yuan for 125 million farming households [1][2]. Group 1: Agricultural Insurance Development - Since 2007, the central government has supported agricultural insurance through premium subsidies, marking one of the earliest fiscal-financial collaborative policies in China [1]. - China's agricultural insurance premium scale ranks first globally, playing a crucial role in stabilizing farmers' income and ensuring national food security, supporting a grain production level of over 1.4 trillion jin [1]. Group 2: Insurance Coverage and Benefits - The agricultural insurance system has been continuously improved, with various departments collaborating to establish a comprehensive framework tailored to China's conditions [1]. - The insurance coverage for major agricultural products like grains, oils, and sugars is designed to fully cover costs or planting income, while local specialty products benefit from national subsidy policies [2]. - Farmers have received over 520 billion yuan in compensation during the "14th Five-Year Plan" period, aiding recovery from natural disasters [2]. Group 3: Future Initiatives - The Ministry of Finance plans to enhance the quality and efficiency of agricultural insurance and will issue guiding documents in 2026 to promote high-quality development in this sector [2].

Group 1 - Shanghai Jiading is establishing a high-end medical device industry cluster, promoting a dual empowerment of medical services and industrial development [1] - The "Shanghai Medical Valley" industrial park has attracted over 60 biopharmaceutical companies, with a projected total output value of 700 million yuan in 2024 [1] - A new model of industry-medical integration has been created, involving collaboration with Shanghai Jiao Tong University to support the transformation of medical and engineering innovations [1] Group 2 - The first domestically produced proton therapy system has been put into clinical use, treating over 1,000 patients with a maximum treatment cost of 170,000 yuan, which is 15% to 20% lower than imported equipment [2] - The "Union Medical-Jiading Regional Imaging Center" has been established to enhance grassroots medical imaging capabilities, addressing shortages in diagnostic physicians and improving service quality [2] - A digital twin management platform for high-value medical imaging equipment has been created, optimizing workflows and improving patient experience through real-time data monitoring [2] Group 3 - The "Jiading Model" is a practical implementation of the national hierarchical diagnosis and treatment system, promoting high-quality development of public hospitals and the entire chain of high-end medical equipment [3] - This model has been successfully implemented in nearly 400 projects across 31 provinces and cities, covering over 3,000 hospitals and serving nearly 200 million people [3] - The model is being promoted to countries and regions involved in the Belt and Road Initiative, including Indonesia, Brazil, and Africa [3]

Core Insights - The World Gold Council (WGC) reported a net inflow of $534.09 million into global physical gold ETFs for the week ending January 16, indicating a growing demand for gold [1] - The demand for gold increased by 35.8 tons, representing a 0.9% rise, with total holdings reaching 4,064.7 tons [1]

Core Viewpoint - Ningbo Bank reported a steady growth in its financial performance for 2025, with significant increases in revenue and net profit, while maintaining a strong asset quality and expanding its service to the real economy [2][3][4]. Financial Performance - In 2025, Ningbo Bank achieved an operating income of 71.968 billion yuan, a year-on-year increase of 8.01%, and a net profit attributable to shareholders of 29.333 billion yuan, up 8.13% [2]. - The net interest income reached 53.161 billion yuan, growing by 10.77%, while net fee and commission income rose to 6.085 billion yuan, marking a 30.72% increase [3]. - The bank's stock price increased by 20.68% in 2025 [2]. Asset Quality and Risk Management - As of the end of 2025, the non-performing loan (NPL) ratio stood at 0.76%, maintaining a strong position within the industry [4]. - The total amount of loans and advances increased by 17.43% compared to the beginning of the year, accounting for 47.77% of total assets, an increase of 0.54 percentage points [3]. - The bank's NPL balance was 13.147 billion yuan, with a provision coverage ratio of 373.16%, indicating a robust risk management framework [4]. Customer Base and Service Expansion - By the end of 2025, Ningbo Bank served 746,100 corporate clients, an increase of 89,600 clients from the beginning of the year, including 67,700 import and export enterprises [3]. - The total financial assets under management (AUM) for individual clients reached 1.2757 trillion yuan, a year-on-year growth of 13.07% [4]. - The bank's private banking clients numbered 28,901, reflecting a 15.20% increase [4]. Future Outlook - Ningbo Bank aims to continue its commitment to serving the real economy, focusing on differentiated customer needs and enhancing its core competitiveness [5].

Group 1 - The People's Bank of China conducted a 7-day reverse repurchase operation of 324 billion yuan at an interest rate of 1.40%, maintaining the previous rate, resulting in a net withdrawal of 34.6 billion yuan due to 358.6 billion yuan of reverse repos maturing on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) for short-term instruments saw a slight increase, with overnight Shibor rising by 5.60 basis points to 1.3740%, 7-day Shibor increasing by 1.60 basis points to 1.4830%, and 14-day Shibor up by 8.10 basis points to 1.5820% [1][2] Group 2 - In the interbank pledged repo market, both volume and price for short-term instruments increased, with R001 transaction volume exceeding 7.8 trillion yuan. The weighted average rates for DR001 and R001 rose by 5.3 basis points and 4.6 basis points, respectively, to 1.3712% and 1.4212%, with transaction volumes increasing by 33.3 billion yuan and 20.9 billion yuan [5] - The overall funding situation in the market remained balanced, with overnight rates for pledged deposits trading in the range of 1.48%-1.50% and 7-day funding rates around 1.50% [9] Group 3 - The secondary market for negotiable certificates of deposit (NCDs) was active, with short-term yields fluctuating slightly and medium to long-term yields declining marginally. The 1-month NCD yield closed at approximately 1.55%, unchanged from the previous day, while the 3-month and 6-month yields were also stable [10]

Core Viewpoint - The company has achieved a significant milestone in mineral resource reserves, with new findings in tungsten and other associated minerals, indicating a breakthrough in geological exploration [2][3]. Group 1: Mineral Resource Findings - The company’s subsidiary, Hunan Shizhu Garden Nonferrous Metals Co., Ltd., has reported an increase in mineral resources, including 91,700 tons of tungsten, 24,426,000 tons of associated fluorite, 63,300 tons of bismuth, 133,700 tons of tin, and 13,600 tons of molybdenum [2]. - After the recent assessment, the total reserves for tungsten stand at 678,700 tons, with associated fluorite at 6,676,900 tons, bismuth at 277,300 tons, tin at 238,300 tons, and molybdenum at 113,600 tons [2]. Group 2: Production Capacity and Strategic Implications - The company currently has a tungsten ore processing capacity of 2,354,000 tons per year and is implementing a technical transformation project aimed at increasing this capacity to 3,500,000 tons per year [3]. - The newly added reserves will extend the lifespan of the mining operations and support the sustainable development of strategic mineral resources, although the increase in reserves will not impact current production levels due to government restrictions on tungsten mining [3].

Core Insights - Ningbo Bank reported a total operating income of 71.968 billion yuan for the year 2025, reflecting a year-on-year growth of 8.01% [2] - The net profit attributable to shareholders reached 29.333 billion yuan, with a year-on-year increase of 8.13% [2] - The non-performing loan ratio stood at 0.76%, with a provision coverage ratio of 373.16% [2] Financial Performance - Total loans and advances amounted to 1,733.313 billion yuan, an increase of 257.25 billion yuan, representing a growth of 17.43% [2] - Total deposits reached 2,024.883 billion yuan, with an increase of 188.538 billion yuan; demand deposits accounted for 70.84% of the new deposits [2] - The interest-bearing deposit rate decreased by 33 basis points year-on-year, with a December 2025 rate of 1.42%, down 44 basis points from the previous year [2] Operational Strategy - The bank maintained its commitment to customer service and effectively implemented its financial strategies, contributing to steady operational performance and high-quality development [2] - Since its listing in 2007, Ningbo Bank has maintained a non-performing loan ratio below 1% for 18 consecutive years, ensuring a strong foundation for sustainable growth [2]

Group 1 - The International Aluminium Institute (IAI) reports that global primary aluminium production in December 2025 is projected to be 6.296 million tons, an increase from 6.266 million tons in the same month of the previous year [1] - The revised figure for the previous month indicates a production of 6.085 million tons [1]

Group 1 - The core point of the article highlights that Malaysia's palm oil export volume from January 1 to January 20 reached 947,939 tons, representing an increase of 11.4% compared to 851,057 tons during the same period last month [1]