Group 1 - The core viewpoint of the articles highlights the innovative carbon excess loss insurance introduced by PICC Property and Casualty in Fujian, which aims to support high-energy-consuming industries in their green transformation amidst the national "dual carbon" goals [1][2] - The insurance product provides a risk guarantee of 1 million yuan for a key local enterprise, addressing the financial risks associated with carbon emissions exceeding limits due to equipment damage from natural disasters or accidents [1] - Sanming City, as a significant industrial base in Fujian, is actively exploring new paths for ecological priority and green development, particularly in steel, cement, and aluminum smelting industries facing stricter carbon emission controls [1] Group 2 - PICC Property and Casualty has long been involved in the green finance sector, integrating it into its medium- to long-term strategic planning, and has developed a "1+N" policy system for carbon peak and carbon neutrality insurance products [2] - From January to November 2025, the company provided risk protection amounting to 238.6 trillion yuan through green insurance, demonstrating its commitment to supporting comprehensive green transformation in the economy and society [2] - The company has also made strides in the carbon market by developing products like forest insurance and blue carbon transaction property safety insurance, contributing to the enhancement of carbon sequestration capabilities and the healthy development of carbon trading markets [2]

Core Viewpoint - The construction of the Guangdong-Hong Kong-Macao Greater Bay Area is a significant national strategy personally planned and promoted by President Xi Jinping, with China Taiping actively integrating its development into this blueprint and making substantial contributions to the area's financial services [1] Group 1: Strategic Direction - China Taiping has positioned "rooting in Hong Kong and Macao, deepening the Greater Bay Area" as its primary strategic direction during the 14th Five-Year Plan period, aiming to transform the Greater Bay Area into a high-quality development strategic highland [1] - The company is rolling out action plans to support connectivity, public welfare, real economy development, and the prosperity and stability of Hong Kong and Macao [1] Group 2: Cross-Border Financial Innovation - China Taiping has launched innovative cross-border financial products and services, including the first industry-specific insurance for cross-border vehicles, with 39,000 vehicles insured from January to November 2025, marking a 4.9% year-on-year increase [2] - The company introduced the "Hong Kong People Bay Area Pension Taiping Plan," which integrates insurance, pension, and cross-border medical services, winning awards in the Hong Kong insurance industry for 2024 and 2025 [2] Group 3: Support for Major Projects - China Taiping provides insurance services for major infrastructure projects such as the Hong Kong-Zhuhai-Macao Bridge and the Hong Kong Northern Metropolis, while also offering financial support to key transportation enterprises in the Greater Bay Area [3] - The company has established the Guangdong-Macao Traditional Chinese Medicine Science and Technology Industrial Park, with 240 registered enterprises expected by the end of 2025, significantly increasing the overall occupancy rate by over 40 percentage points [3] Group 4: Enhancing Public Welfare - China Taiping is actively involved in building a multi-tiered social security system in the Greater Bay Area, participating in various local welfare projects and providing risk protection for nearly 107,000 residents in Macao, amounting to 856.7 billion Macao Patacas [4] - The company has issued Asia's first dual-risk, dual-trigger catastrophe bond in Hong Kong and is committed to enhancing risk management capabilities in the region [4] - China Taiping aims to continue focusing on its core responsibilities, leveraging cross-border advantages, and fulfilling its role as a central enterprise to contribute to the Greater Bay Area's development as a world-class city cluster [4]

随着人口结构变化、疾病谱系变迁以及民众对健康品质需求的不断提升，单纯以疾病治疗为中心的 医疗模式已不能满足多元化的健康需求。社会办医作为公立医疗服务体系的重要补充，在这场变革中扮 演着愈发关键的角色。其中，由保险资本主导的医疗集团，因其独特的资源禀赋与商业模式，被视为重 塑产业格局的重要变量。 北大医疗作为这一领域的先行者与代表性机构，具有双重基因：一是源自北京大学医学部逾百年的 深厚学术底蕴、严谨医风与顶尖人才体系，这是其医疗品质的压舱石；二是来自中国平安集团的综合金 融资源、科技创新能力与庞大客户生态，这是其模式创新的推进器。两种不同的基因如何真正融合？险 资办医如何平衡医疗本质与市场逻辑？在医疗健康产业变革的十字路口，北大医疗如何走出一条可持续 的创新之路？针对上述问题，近日，《金融时报》记者对北大医疗董事长、平安健康险董事长兼首席执 行官朱友刚进行了专访。 《金融时报》记者：北大医疗所实践的"保险+医疗"模式，最根本的优势与核心的挑战是什么？在 实践中，北大医疗如何用好"北大底蕴"与"平安特色"？ 朱友刚：首先谈优势。险资办医，尤其是背靠大型综合金融集团办医，核心优势在于两个方面。一 是构建"支付+服 ...

在数字经济的浪潮下，外卖骑手、网约车司机、即时配送员等新就业形态劳动者已达8400万人。他 们穿梭在城市的"毛细血管"中，支撑起高效的生活运转，却长期徘徊在传统社会保险体系之外，面临 着"困在系统里、伤在路途上"的现实窘境。 为破解这一难题，自2022年7月起，我国启动新就业形态职业伤害保障（以下简称"职业伤害保 障"）试点，探索为这些"无雇主"劳动者建立保护屏障。职业伤害保障试点从7个省份、4个行业起步， 至2025年7月已扩容至17个省份，覆盖滴滴出行、顺丰同城等11家主要平台企业。人力资源社会保障部 数据显示，截至2025年底，职业伤害保障试点累计参保人数已达2510万人。 制度构建正在提速。不久前，提请全国人大常委会审议的《国务院关于灵活就业和新就业形态劳动 者权益保障工作情况的报告》提出，将着力完善制度机制，加快推进立法工作，包括抓紧出台新就业形 态劳动者权益保障办法，进一步完善灵活就业和新就业形态劳动者权益保障制度等。 2026年地方两会期间，广东、浙江、山东等多地代表委员聚焦新就业形态劳动者这一群体，纷纷呼 吁扩大职业伤害保障试点并推动立法，凸显了将"试点探索"转化为"法定标配"的广泛共识。 尽 ...

Core Insights - The "Swap Connect" trading and clearing scale has significantly increased, with a total clearing volume of 5.3 trillion yuan in 2025, marking a 45% year-on-year growth [1] - The "Swap Connect" has become a key tool for foreign investors to manage RMB interest rate risks since its launch in May 2023, contributing to the ongoing high-level opening of China's financial market [1] - The trading structure is primarily based on the 7-day interbank repo rate (FR007), with a growing variety of transaction types and an expanding participant base [2] Group 1 - In Q4 2025, the cumulative clearing volume of "Swap Connect" reached 1.33 trillion yuan, with 110 domestic and foreign investors participating, covering regions including China, Europe, the US, Australia, Southeast Asia, South Korea, and Japan [1] - The daily net limit for "Swap Connect" was raised to 45 billion yuan in October 2024, which effectively increased overall trading volume [1] - The clearing volume of "Swap Connect" accounted for 12.05% of the total clearing volume in the interbank interest rate swap market during the same period [1] Group 2 - The trading structure is diverse, with a focus on the 7-day interbank repo rate (FR007), while medium to long-term transactions have slightly increased, although most trades remain within one year [2] - Domestic banks and securities firms are the main domestic quote providers for "Swap Connect," with a recent expansion of domestic quote providers and a dynamic adjustment mechanism to enhance market participation [2] - The effective risk management by the central counterparty has been crucial for the stable operation of "Swap Connect," ensuring adequate risk resource reserves and reducing capital occupation for cross-border fund flows [2] Group 3 - In 2025, the types of "Swap Connect" products have been further enriched, with new measures accelerating financial opening and efficiency [3] - The clearing period for "Swap Connect" contracts was extended to 30 years, and new LPR1Y-linked interest rate swaps were included in centralized clearing, attracting active participation from domestic and foreign institutions [3] - Future plans include enhancing the "Swap Connect" mechanisms based on operational experiences and feedback from participants, focusing on diversified risk management needs and strengthening cross-border financial services [3]

A股股票与基金开户量激增，是市场行情向好的直接体现与有力印证。 刚刚过去的1月，A股三大指数悉数收涨，上证指数、深证成指、创业板指分别上涨3.76%、5.03%、4.47%，科创综指则大幅收涨近12%。市场整体呈 现"小盘成长占优，大盘价值承压"的结构性分化格局，有色金属与科技两大主线交替领涨。 《金融时报》记者2月3日从上交所获悉，2026年1月，A股新开户数491.58万户，刷新2024年11月以来的单月开户纪录，环比增长89.3%，同比增长 213.1%。同月，基金新开户54.63万户，环比增长123.8%，同比增长168.7%。 | 日期 | 总数 | A股 | B股 | 基金 | | --- | --- | --- | --- | --- | | 2026.01 | 546.27 | 491.58 | 0.05 | 54.63 | 展望后市，国泰海通证券策略团队认为，A股市场有望逐步企稳。一是国内政策重心正转向内需主导，并作为首要任务，有望提振中国经济前景与资产回 报；二是中国证监会近期再次强调"全力巩固资本市场稳中向好势头"。 博时基金宏观团队表示，近期ETF资金流出、海外波动加大，对A股市场形成 ...

Group 1 - Both *ST Yanshi and Pengxin Resources have long-term violations regarding the duties of the board secretary being performed by others, with *ST Yanshi's duties being carried out by the vice chairman since September 12, 2024, and Pengxin Resources' duties by the chairman since January 21, 2022 [3][4] - The Shanghai Stock Exchange has issued regulatory warnings to both companies, requiring them to rectify the violations and submit a rectification report within one month, along with initiating the appointment process for a qualified board secretary [3][4] - The role of the board secretary is crucial for corporate governance, ensuring effective decision-making and protecting shareholder rights, as well as fulfilling legal disclosure obligations [3] Group 2 - Pengxin Resources has a stable operational foundation and is expected to achieve a net profit of 210 million to 290 million yuan in 2025, marking a turnaround from previous losses [4] - In contrast, *ST Yanshi is facing multiple risks, including ongoing lawsuits, stagnant operations, and a significant decline in performance, with its actual controller linked to a financial scandal [4][5] - As of September 11, 2024, *ST Yanshi's actual controller has been implicated in a criminal case related to illegal fundraising, leading to the judicial freeze of 64.80% of the company's shares [5] - The company is at risk of being delisted due to projected negative net profits and revenues below 300 million yuan for the fiscal year 2024 [5][6] - *ST Yanshi is involved in 552 legal cases, with a recent loss in a contract dispute adding to its financial pressures, leaving it with only 1.3425 million yuan in cash against short-term borrowings of 25.2 million yuan [6]

中国上市公司可持续发展信披体系建设，正沿着"主体框架先行，重点议题突破"的务实路径扎实推 进。 1月30日，在中国证监会指导下，沪深北三大交易所修订发布《上市公司可持续发展报告编制指 南》（以下简称《指南》），增补三项可持续发展报告编制应用指南，涉及污染物排放、能源利用和水 资源利用，并与前期发布的应对气候变化应用指南共同构建了绿色转型议题的指南体系。 中诚信绿金表示，《指南》的更新发布，标志着我国上市公司可持续发展信息披露工作步入了一个 精细化、标准化实施的新阶段。可以预见，遵循"成熟一项、推出一项"的思路，后续交易所有望逐步推 出社会与治理项下的专项议题操作指南，持续拓展和完善上市公司可持续发展信息披露工具箱。 2026年是"十五五"开局之年，也是A股上市公司环境、社会和公司治理（ESG）信息披露"首考"之 年。在此关键时点，《指南》的更新为上市公司可持续发展信息披露提供了更加规范的系统性操作框 架，对我国可持续发展标准化具有重大意义。 2025年9月，沪深北交易所曾就上述三项应用指南公开征求意见。据悉，市场各方普遍认可新增三 项应用指南的指导作用，并提出了细节优化建议，交易所通过对相关反馈意见进行讨论评 ...

Core Insights - The "Swap Connect" trading clearing scale has significantly increased, with a total clearing volume of 5.3 trillion yuan in 2025, marking a 45% year-on-year growth [1] - The initiative has become a key tool for foreign investors to manage RMB interest rate risks since its launch in May 2023, contributing to the ongoing high-level opening of China's financial market [1] Group 1: Market Performance - In Q4 2025, the cumulative clearing volume of "Swap Connect" reached 1.33 trillion yuan, with a total of 9.9 trillion yuan cleared since its inception [1] - The clearing volume accounted for 12.05% of the total clearing volume in the interbank interest rate swap market during the same period [1] Group 2: Participant Dynamics - By the end of 2025, 110 domestic and foreign investors participated in the "Swap Connect" business, covering regions including China (including Hong Kong, Macau, and Taiwan), Europe, the United States, Australia, Southeast Asia, South Korea, and Japan [1] - The participant base has expanded, with domestic banks and securities firms remaining the primary domestic quoting entities, while foreign participants have diversified, particularly with a notable increase in U.S. institutions [2] Group 3: Product Development - In 2025, the types of "Swap Connect" products have been enriched, with new measures introduced to enhance financial openness and efficiency [3] - The clearing period for "Swap Connect" contracts was extended to 30 years, and new interest rate swaps linked to the LPR1Y were included in centralized clearing, attracting active trading from domestic and foreign institutions [3]

在A股市场整体回暖的背景下，上市券商业绩实现稳健增长。同花顺iFinD（金融数据分析系统） 显示，截至2026年2月2日，已有22家上市券商或上市券商主体公布2025年度业绩预告，5家券商披露了 业绩快报。这些券商去年净利润全部预增。多家券商表示，2025年全年权益市场持续向好，经纪与投资 交易业务收入显著提升，成为业绩增长的核心驱动力。 头部券商优势地位明显 华西证券预计，2025年实现归母净利润12.7亿元至16.5亿元，同比增长74.46%至126.66%，公司 称，去年资本市场整体呈现上行态势，投资者信心持续回暖，市场交投活跃度显著提升，公司财富管理 业务和投资业务均实现较高增长。 湘财证券公告显示，2025年，经纪、信用、投顾等财富管理及自营业务业绩增长显著，带动公司净 利润较上年同期实现大幅增长。叠加公司参股公司大智慧预计大幅减亏，带动湘财证券2025年度归母净 利润同比增长266.4%至403.8%。 国联民生则受益于并购重组对业绩的增厚效应。国联民生称，预计2025年度实现归母净利润20.08 亿元，同比增长约406%。国联民生表示，平稳有序推进公司原有业务与民生证券相关业务的高效整 合，并将 ...