《国际金融报》记者注意到，近日，招商银行、沪农商行等多家机构纷纷上架与黄金挂钩的结构性存款 产品，相对较短的投资期限和可以保本的浮动收益方式使之成为不少追求稳定的投资者眼中的"香饽 饽"。 据了解，部分机构与黄金挂钩的结构性存款产品高档位年化收益率可超1.7%，较同期限定期存款产品 利率更具竞争力，但纵览往期收益情况，最终多取得中档收益。受访专家指出，结构性存款符合投资者 对求稳配置与增值机会的双重需求，但仍具有收益不确定性、流动性约束和条款复杂性等特征，投资者 须理性评估配置比例。 开年以来，黄金价格迎来一轮上涨行情，表现亮眼，与之挂钩的资产也成为投资者重点关注的对象。 保本仍需理性配置 为何近期银行纷纷上架与黄金挂钩的结构性存款？排排网财富公募产品运营负责人曾方芳指出，从产品 结构来看，结构性存款兼具"本金保护+收益浮动"特点，符合当前投资者在资本市场波动、利率下行环 境中对求稳配置与增值机会的双重需求。 "银行也可借此抓住金价高位震荡期的市场关注，吸引避险资金流入，有助于提升零售AUM（资产管理 规模）、扩大中间业务收入，缓解净息差收窄压力。"曾方芳分析道，"此外，该类产品能有效承接理财 净值化转型后溢 ...

1月14日，A股震荡加剧：早盘高开高走、资金情绪亢奋；午后受融资保证金比例上调消息影响，市场热度骤降，最终仅2747只个股收红。传媒、通 信、计算机板块相对抗跌。 受访人士表示，A股回调表明市场在连续逼空上涨后进入高波动、高分歧的"换挡期"，短期波动风险加大，需警惕连涨后的获利盘兑现。接下来A股 将以震荡蓄势、结构性轮动为主，趋势未改但节奏放缓；操作上宜轻指数、重个股，避免盲目追高，逢回调可关注具备实质逻辑的主线板块。 日成交额逼近4万亿元 今日A股天量震荡，交易量能继续放量，成交额增至3.99万亿元。指数方面，沪指上午涨逾1%，但最终翻绿收跌0.31%报4126.09点；创业板指涨幅收 窄至0.82%报3349.14点；深证成指、北证50涨幅均不超过1%，科创50涨逾2%，沪深300、上证50微跌。 盘面上，单抗概念、工程机械概念、免税概念、银行、非银金融、航空机场、基础建设、零售均收跌，但AI语料、Kimi概念、ERP概念、数据确权、 快手概念、计算机软件、计算机硬件均表现不错。 | | 东财概念指数 | | | 东财行业指数 | | | | | A股市场核心指数 | | | | --- | --- | ...

Core Viewpoint - Nestlé's CEO, Philipp Navratil, publicly apologized for a recent infant formula recall, emphasizing the company's commitment to food safety and consumer trust [6][11]. Group 1: Recall Details - The recall was initiated due to quality issues found in an ingredient supplied to a Nestlé factory in the Netherlands, which may contain a harmful toxin [7]. - The recall affects specific batches of infant formula sold in 31 countries, including brands like Nestlé BEBA and Wyeth [7][8]. - In China, 71 batches of infant formula are being recalled, including products sold through cross-border e-commerce [8]. Group 2: Regulatory Response - The Chinese government has expressed significant concern over the recall, urging Nestlé to take responsibility and protect consumer rights [9]. Group 3: Financial Impact - The recalled products account for less than 0.5% of Nestlé's total sales, indicating that the overall financial impact may not be substantial [12]. - However, Jefferies estimates potential sales losses of approximately 1.2 billion Swiss francs, representing about 1.3% of the company's annual sales [12]. Group 4: Market Context - Nestlé faces growth challenges, particularly in the Greater China region, where the infant nutrition segment is one of the few growth drivers [13]. - The competitive landscape in China's infant formula market is intensifying, with local brands increasing their market presence [13].

Group 1 - The core focus of the article is on the rising trend of insurance claims in China, highlighting the increasing number of claims and payout amounts across various insurance companies, with a high claim approval rate maintained above 99% [1][2] - In the first eleven months of 2025, the insurance industry reported a premium income of 5.76 trillion yuan, a year-on-year increase of 7.56%, while claims paid out reached 2.21 trillion yuan, up 5.95% [2] - Major players like China Life and Ping An Life have shown significant growth in claims, with China Life processing over 62.24 million claims and a total payout exceeding 100.4 billion yuan, marking a 10% increase [2] Group 2 - The improvement in claims processing efficiency is attributed to technological advancements, with companies utilizing AI and data analytics to streamline the claims process, resulting in faster payouts [3] - Despite advancements, there are still concerns regarding the perception of "difficult claims," primarily due to issues such as incomplete health disclosures by consumers and misunderstandings of policy terms [3][4] - The disparity between the high incidence of critical illnesses and the inadequate coverage provided by critical illness insurance is highlighted, with significant gaps in protection against high medical costs [5][7] Group 3 - The report indicates that medical insurance claims are the most frequent, while critical illness insurance accounts for the highest payout amounts, revealing a structural difference in their functions [6] - The average treatment cost for cancer ranges from 220,000 to 800,000 yuan, while the average payout for critical illness claims is only 100,000 yuan, indicating a substantial coverage gap [7] - Recommendations for consumers include prioritizing critical illness insurance for family breadwinners and considering medical insurance for younger individuals to mitigate large medical risks [7]

Core Insights - The insurance industry in China is experiencing an upward trend in both the number of claims and the amount paid out, with claim approval rates remaining high at over 99% [1][2] - Medical insurance continues to have the highest number of claims, while critical illness insurance has the highest payout amounts, indicating a significant protection gap [1][6] Group 1: Claims Performance - In the first 11 months of 2025, the insurance industry reported a premium income of 5.76 trillion yuan, a year-on-year increase of 7.56%, and claims expenditures of 2.21 trillion yuan, up 5.95% [2] - China Life Insurance processed over 62.24 million claims in 2025, with a total payout exceeding 100.4 billion yuan, reflecting a 10% increase [2] - Ping An Life Insurance reported 4.958 million claims with a total payout of 41.51 billion yuan, averaging over 1.1 billion yuan per day [2] Group 2: Claims Efficiency - The claims processing time has significantly improved, with some companies achieving claim settlements in as little as 8 seconds [2][3] - China Life's direct payment service reached 8.17 million people, with claims amounting to over 4.3 billion yuan, showcasing the effectiveness of technology in claims processing [3] - Zhongyou Insurance reported a 370% increase in customer service interactions, with a claims processing time of 1.1 days and an online claims rate exceeding 99% [2] Group 3: Challenges in Claims - Despite improvements, there are ongoing concerns about "claims difficulty," primarily due to issues such as misreporting health conditions, misunderstandings of insurance terms, and incomplete documentation [3][4] - The disparity between consumer understanding of insurance responsibilities and the actual coverage provided by insurance companies contributes to claims disputes [3][4] Group 4: Critical Illness Insurance Gap - There is a notable gap in critical illness insurance coverage, with average treatment costs for cancer ranging from 220,000 to 800,000 yuan, while average payouts for critical illness claims are only around 100,000 yuan [6][7] - The majority of critical illness claims are concentrated in the 41-60 age group, with female claims being more than double that of males [6] - Recommendations for consumers include prioritizing critical illness insurance coverage that is 3 to 5 times their annual income, especially for family breadwinners [7]

Core Insights - The real estate industry has shifted from scale competition to product competitiveness since the second half of 2023, with the "Good House" policy from the Ministry of Housing and Urban-Rural Development in 2025 being a key opportunity for future development [1] - Currently, less than 5% of existing housing meets the "Good House" standards, with an annual demand for housing improvement projected to reach between 700 million to 1 billion square meters, indicating a significant growth potential for the industry [1] - The integration of technology is expected to lead to a qualitative leap in smart housing by 2025, enhancing living quality through various innovations such as "Five Constants+" living experiences, full-scene smart home systems, and intelligent community management [1] - With current housing prices at a low point and product standards at a historical high, it is considered an optimal time for buying or upgrading homes, with expectations for the next five years to be recognized as the "Product Year" for Chinese real estate [1]

当前，我国糖尿病药物市场正快速扩容。"糖宁通络"保密专利的受理恰逢其时，为我国糖尿病治疗领域 注入了民族医药的创新力量。若最终获得授权，"糖宁通络"将是我国首个获得保密专利的糖尿病治疗类 中药制剂，在有效避免核心技术外泄的同时，也将进一步加快其在临床推广、市场转化等方面的步伐， 有望成为改变我国乃至全世界糖尿病治疗格局的关键药物，为亿万患者带来全新选择。 姜伟董事长表示，作为全国苗药龙头企业，公司始终致力于通过现代科技手段挖掘苗药独特价值，"糖 宁通络"的研发正是民族医药传承与创新的生动实践。此次保密专利的受理，是国家对民族医药创新成 果的认可，也是国家对重大慢性疾病防治技术自主可控的战略考量。公司将进一步加快"糖宁通络"的临 床试验与产业转化进程，力争早日惠及全球患者，为人类健康贡献更多百灵力量。（CIS） 1月14日，贵州百灵披露公告，公司基于"糖宁通络"多年研究技术形成的"一种治疗糖尿病或其并发症的 中药制剂"，申请国家保密专利已获得国家知识产权局受理。保密保护范围涵盖配方组成、生产工艺及 多个治疗范围，保密期限与《中华人民共和国国家保密法》中"机密"保密期限相同。 "糖宁通络"是贵州百灵在长期挖掘和传 ...

专属商业养老保险2025年成绩单陆续揭晓。 1月14日，《国际金融报》记者注意到，已有多家保险公司在官网披露最新的专属商业养老保险结算利率。据记者不 完全统计，有67个账户的结算利率在3%及以上，占比近九成，更有多个账户的结算利率超过4%。 从产品设计来看，专属商业养老保险分为积累期和领取期两个阶段。积累期采取"保证+浮动"的收益模式，根据投资 组合的不同，为投保人提供稳健型账户和进取型账户两种选择。 具体而言，稳健型账户专为风险保守型客户设计，资金更多配置于固收类资产；进取型账户对权益类资产的配置比 例相对更高。 记者梳理各家保险公司官网的产品信息发现，目前已披露2025年结算利率的38只专属商业养老保险产品中，稳健型 账户的结算利率分布在2%—4.35%区间，进取型账户的结算利率则分布在2.5%—4.55%区间。是指保险公司根据投保 人缴纳的保费，在扣除初始费用后，将资金投入投资账户实际获得的年化收益率。 | | 38只专属商业养老保险产品2025年结算利率 | | | | --- | --- | --- | --- | | 公司名称 | 产品名称 | 稳健型账户 | 进取型账户 | | 人保寿险 | 人 ...

"国产软件领头羊"用友网络仍在亏损中。 1月13日晚间，用友网络发布公告称，预计2025年度为91.7亿元至92.7亿元，归属于母公司所有者的 净亏损为13亿元到13.9亿元；预计实现归属于母公司所有者的扣除非经常性损益后的净亏损为14.5亿元 到15.4亿元。 值得注意的是，这已是用友网络自2001年上市以来连续第三年亏损，三年累计亏损金额已突破40亿 元大关。 针对业绩表现，该公司将原因归结为 "收入端短期波动" 与 "成本端刚性增长" 的双重挤压：一方 面，受一季度收入下滑及订阅制转型的影响，全年营收增速不及预期；另一方面，为了向数字化、智能 化升级，公司加大了新一代产品的研发力度，导致无形资产摊销费用高达12.4亿元（同比增加2.4亿 元），直接推高了当期成本。 自2011年起，随着万物互联、云技术崛起的时代浪潮到来，传统的ERP必须向"云ERP"进化，用友 网络也开始向云端转型。2015年，用友推出云转型策略，公司名称从用友软件更改为用友网络。2016 年，用友正式启动了3.0战略，以软件产品形态转为"软件即服务"的SaaS形式，转型核心为云服务。 2020年，用友宣布进入3.0-Ⅱ战略阶段，并推出 ...

Core Viewpoint - Jiangsu Aidi Pharmaceutical (688488.SH) announced a plan to acquire minority shareholder equity in its subsidiary, Nanjing Nanda Pharmaceutical, which will increase its direct shareholding from 51.13% to 73.36% [1][3] Group 1: Acquisition Details - Aidi Pharmaceutical plans to raise up to 185 million yuan through a simplified procedure to fund the acquisition, with 130 million yuan allocated for acquiring 22.23% of Nanda Pharmaceutical's equity and 55 million yuan for working capital [1] - The acquisition is expected to enhance Aidi's control over Nanda Pharmaceutical and optimize financial performance, maximizing synergies between the two companies [4][10] Group 2: Market Potential - The demand for stroke treatment is anticipated to surge, with acute ischemic stroke cases in China projected to rise from 4.1 million in 2023 to 4.9 million by 2027 [4] - The market for neuroprotective drugs in China is expected to grow from 11.5 billion yuan in 2024 to 16.9 billion yuan by 2030, and further to 26.2 billion yuan by 2035 [4] Group 3: Product Pipeline - Aidi's new drugs, AD108 injection and ADB116 injection, are positioned to become significant profit growth drivers, targeting acute ischemic stroke treatment [4] - Aidi's HIV drug, Enomirac, has shown strong sales potential, with revenue from HIV drugs reaching 211 million yuan in the first three quarters of 2025, a 57.12% increase year-on-year [6][7] Group 4: International Expansion - Aidi Pharmaceutical is accelerating its international market expansion, with its HIV drug Enomirac approved for sale in Zanzibar, marking a significant milestone for Chinese-developed HIV drugs in Africa [9] - The company is also advancing its pipeline of innovative drugs, including a new HIV integrase inhibitor and long-acting pre-exposure prophylaxis drugs, which are in various stages of clinical trials [10]