2月3日，《中共中央 国务院关于锚定农业农村现代化 扎实推进乡村全面振兴的意见》（以下简称《意 见》）正式发布。这是党的十八大以来第14个指导"三农"工作的中央一号文件，对锚定农业农村现代 化、扎实推进乡村全面振兴进行了部署。 作为国民经济的血脉，金融是激活乡村发展动能的关键力量。为将金融"活水"更好地引向乡野大地， 《意见》提出，要"创新乡村振兴投融资机制"，推动构建多元投入格局。 围绕金融，"一号文件"有哪些提法？《金融时报》记者梳理如下： 把常态化帮扶纳入乡村振兴战略统筹实施，保持财政投入、金融支持、资源要素配置等方面政策总体稳 定。 强化价格、补贴、保险等政策支持和协同，健全种粮农民收益保障机制。 强化稻谷、小麦、玉米、大豆保险保障，支持发展地方特色农产品保险，提高保险理赔效率。 加强农产品期货市场建设。 深入打击农村黄赌毒、侵害妇女儿童权益和残疾人人身权利、电信网络诈骗、非法金融活动等各种违法 犯罪行为。 健全财政金融协同支农投入机制，充分发挥支农支小再贷款、科技创新和技术改造再贷款等政策激励作 用，推动金融机构加大对农业农村领域资金投放。 加大对涉农企业和农户贷款展期、续贷支持力度。 推动农村信用 ...

综合来看，2月中长期流动性合计到期15000亿元，其中3个月期、6个月期买断式逆回购到期规模分别为 7000亿元、5000亿元，中期借贷便利（MLF）到期规模为3000亿元。而2月4日央行将开展8000亿元买 断式逆回购操作，实现净投放1000亿元。 2月3日，中国人民银行官网公布，为保持银行体系流动性充裕，2月4日，中国人民银行将以固定数量、 利率招标、多重价位中标方式开展8000亿元买断式逆回购操作，期限为3个月（91天）。 "当前，逆回购、中期借贷便利（MLF）、国债买卖等保障日常的流动性供给，常备借贷便利（SLF） 可向有需要的银行提供临时的流动性支持，各类再贷款对应结构性的流动性供给。总体看，我国流动性 工具体系已较为完整，基本覆盖了国际通行的流动性工具范围。"业内人士解释，"这套相互配合、各有 侧重的立体化工具体系，有力保障了流动性的充裕，充分体现了我国货币政策调控的专业性与有效性， 为经济高质量发展营造了适宜的流动性环境。" 对于下一步政策思路，董希淼预计，2月仍然是银行信贷投放较为集中的月份，叠加春节之前取现因素 影响，市场对流动性需求增加。他分析称，央行已经建立起了一套流动性管理工具组合拳， ...

2月3日，中国人民银行公布2026年1月中央银行各项工具流动性投放情况。数据显示，1月，中期借贷便 利（MLF）净投放7000亿元，常备借贷便利（SLF）净回笼79亿元，抵押补充贷款（PSL）净投放1744 亿元，其他结构性货币政策工具净投放641亿元。公开市场操作方面，1月，公开市场国债买卖净投放 1000亿元，7天期逆回购净投放1678亿元，中央国库现金管理净回笼600亿元，其他期限逆回购净投放 1000亿元。 ...

Core Viewpoint - The construction of the sustainable development information disclosure system for listed companies in China is advancing steadily along a pragmatic path, focusing on a "main framework first, key issues breakthrough" approach [1] Group 1: Updates on Guidelines - On January 30, under the guidance of the CSRC, the Shanghai, Shenzhen, and Beijing stock exchanges revised and released the "Guidelines for the Preparation of Sustainable Development Reports by Listed Companies," adding three application guidelines related to pollutant emissions, energy utilization, and water resource utilization [1] - The update of the guidelines marks a new stage of refined and standardized implementation of sustainable development information disclosure for listed companies in China [1] - The updated guidelines are expected to provide a more systematic operational framework for sustainable development information disclosure, which is significant for the standardization of sustainable development in China [1] Group 2: Feedback and Optimization - In September 2025, the exchanges publicly solicited opinions on the three application guidelines, with market participants generally recognizing their guiding role and providing optimization suggestions [2] - The exchanges adopted several suggestions, including adding examples of pollutant-related risks and financial impacts, and refining calculation methods for energy and water consumption [2] - The overall framework and core requirements of the officially released guidelines maintained high stability and continuity compared to the draft, with revisions focusing on content refinement [2] Group 3: Implementation Support - The guidelines provide detailed explanations of common risks and opportunities related to environmental issues, helping listed companies identify risks and standardize data accounting methods [4] - Specific disclosure requirements are outlined for pollutant emissions, energy utilization, and water resource utilization, including detailed metrics and calculation methods [5] - The guidelines serve as a practical teaching material, assisting companies in improving their ESG reporting capabilities and report quality [4][5] Group 4: ESG Disclosure Landscape - China is moving towards a new stage of mandatory ESG disclosure, with a rule system forming that combines encouragement and regulation [6] - As of September 2025, over 2,500 A-share listed companies had published sustainable development reports, with a disclosure rate of nearly 35%, reflecting a significant increase [6] - In 2026, A-share listed companies will be required to disclose sustainable development reports for the first time, with specific deadlines for compliance [6] Group 5: Future Directions - The release of the three application guidelines is expected to enhance the depth and breadth of ESG practices among A-share listed companies, transitioning from compliance to proactive engagement [7] - Companies are urged to view sustainable development efforts as tools for enhancing risk resilience and exploring green growth opportunities, rather than merely external compliance requirements [7]

酒驾肇事，不仅严重危害公共安全，在机动车保险条款中也明确属于免责范围。然而，一些驾驶员在酒 驾肇事后心存侥幸，试图通过找人顶包将事故伪装成普通交通事故，进而骗取保险理赔。 一方面，保险免责条款明确。《中国保险行业协会机动车商业保险示范条款(2020版)》规定，因饮酒、 吸食或注射毒品、服用国家管制的精神药品或者麻醉药品造成被保险机动车的任何损失和费用，保险人 均不负责赔偿。此举旨在防范道德风险、维护公共利益并控制承保风险。 "这一免责条款的本意十分明确。"有律师告诉记者，一是防止道德风险，避免投保人因有保险保障而酒 驾；二是符合公共利益，酒驾本身是违法行为，保险不应为违法行为买单；三是从风险控制考虑，酒驾 事故风险远超正常驾驶，属于可预见的除外责任。 河南省新密市人民法院经审理认为，被告人李某豪酒后驾车违反交通运输管理法规，因而发生重大事 故，致1人死亡，负事故全部责任，且交通肇事后逃逸。被告人李某豪对发生的交通事故编造虚假原 因，骗取保险金，数额特别巨大，其行为已构成交通肇事罪、保险诈骗罪。最终，法院对被告人李某豪 以交通肇事罪、保险诈骗罪，数罪并罚，判处有期徒刑十三年，并处罚金10万元；责令被告人李某豪退 ...

这个春节假期， 超多优惠待解锁！ 2月2日，商务部等9部门发布《2026"乐购新春"春节特别活动方案》（以下简称《方案》）。其中提 出，鼓励各地增加春节期间消费品以旧换新补贴数量，加大线下实体零售支持力度，动员企业春节期间 持续开展汽车、家电、数码和智能产品相关展销活动，引导企业打造智能终端等产品体验专区，对到店 体验消费者给予更多优惠，加大政策解读和线下体验式消费宣传力度，营造浓厚换新氛围。 《方案》还提出，鼓励金融机构与重点商户合作，策划春节专属活动，推出消费红包、消费立减等优 惠，扩大活动覆盖面。结合地方促消费活动，推出支付满减、积分抵现等优惠措施，鼓励使用数字人民 币智能合约消费红包。充分满足小额现金需求，加强手机红包技术保障。金融机构保障适量网点开门营 业，满足群众金融服务需求。 业内专家认为，《方案》出台得非常及时，可以说是一份既接地气又有前瞻性的"消费动员令"。在春节 假期这个传统消费旺季，通过政府引导、市场联动、金融助力、场景融合等多维度发力，不仅有助于激 活节日消费市场，更能从深层次推动消费结构优化和升级，为全年消费市场"开门红"打下坚实基础。 中国邮政储蓄银行研究员娄飞鹏对《金融时报》记者 ...

近日，腾讯元宝10亿元红包活动上线又引爆了朋友圈，社交媒体上"红包互点/互助"群聊二维码刷屏， 这场持续至2月17日的福利狂欢，不仅有万元小马卡、现金红包等多重形态，单个红包最高1万元还能直 接提现微信零钱，吸引力拉满。几乎同期，百度、支付宝等也推出了花样繁多的红包。 对互联网巨头的红包大战我们并不陌生。2015年除夕夜，微信"摇一摇抢红包"成为千家万户的经典记 忆，很快亿元红包换来了海量银行卡绑定，被业界戏称为微信支付对支付宝的"珍珠港偷袭"。这场凭借 社交场景突袭的经典商战，成为腾讯日后布局的重要底气。十一年后，马化腾携10亿元现金红包卷土重 来，颇有用AI产品"元宝"复刻传奇的架势。 那么， 再次，红包能拉新却难留客，短期狂欢换不来长期忠诚。当年微信红包的成功，本质是完成了"支付刚 需"的用户教育，抢红包的过程让用户自然绑定银行卡，加之支付宝此前铺垫的支付习惯，用微信来支 付水到渠成。如今，有的AI大模型工具特色在于帮用户剪视频、做图片，还有的是文案高手，能帮用 户在工作上提质增效，而元宝的独特性和日常应用场景尚不明确。可以说，部分对手们的布局早已超 越"撒钱拉新"的初级阶段，形成全链路的生态防御。有的 ...

Core Insights - The commercial health insurance sector in China is undergoing a significant transformation, evolving from a supplementary option in the medical insurance system to a key component supporting a multi-tiered medical security framework [1] - By November 2025, the premium scale of commercial health insurance is projected to reach 944 billion yuan, with a year-on-year growth of 2.39%, indicating a historic milestone as the market is expected to surpass 1 trillion yuan for the first time [1] Policy and Market Dynamics - Since 2025, there has been a concentrated effort in policy development for commercial health insurance, with multiple departments releasing important documents that outline a clear blueprint for industry growth [2] - The "Guiding Opinions on Promoting High-Quality Development of Health Insurance" was issued in September 2025, proposing a "new five-year plan" that emphasizes the collaborative development of group and individual insurance to meet diverse needs across the population [2] - The National Healthcare Security Administration and the Ministry of Human Resources and Social Security released the "Commercial Health Insurance Innovative Drug Directory (2025)" in December 2025, aimed at enhancing the integration of commercial health insurance with basic medical insurance [2] Industry Growth and Product Development - The commercial health insurance sector has seen an average annual growth rate exceeding 20% over the past decade, with over 11,000 medical insurance products currently available, solidifying its role as a crucial support for public health [3] - As of 2025, the total registered scale of investments in the medical sector through various insurance products has exceeded 150 billion yuan, with nearly 30 billion yuan directly invested in medical and elderly care fields [4] Innovation in Drug Coverage - The commercial health insurance sector's role in supporting pharmaceutical innovation is becoming increasingly prominent, with estimated total compensation for innovative drugs and devices reaching approximately 14.7 billion yuan in 2025, reflecting a compound annual growth rate of 70% [5] - The industry has transitioned from tentative coverage of a few specialty drugs to systematic coverage of new technologies and devices, indicating a broadening scope of insurance products [5][6] Future Challenges and Opportunities - The commercial health insurance market is at a crossroads, with five key growth points identified for 2026, including the emergence of high-quality medical demands, active policy guidance, and the integration of payment and service models [7] - The industry is experiencing a "hot and cold" phenomenon, with traditional long-term products facing pressure while demand for medical insurance remains resilient [7] - The development of inclusive products is shifting from a low-cost model to a high-quality growth path, enhancing user engagement and sustainability [8] Addressing Industry Concerns - Ongoing debates regarding low compensation rates and insufficient coverage effectiveness highlight the need for a nuanced evaluation of different insurance types, particularly distinguishing between critical illness and medical insurance [9] - The expansion of coverage for innovative drugs will introduce cost and risk pressures, necessitating a balance between meeting patient needs and sustainable operations [9] Strategic Outlook - The commercial health insurance sector is expected to play a more significant role in supporting the Healthy China strategy and addressing the challenges of an aging population, with a focus on sustainable and stable contributions to healthcare [10] - The industry is moving towards a model that emphasizes layered supply and collaborative development, aiming to enhance the efficiency of the "medical-insurance-pharmaceutical" ecosystem [10]

股权流动性匮乏正成为中小险企发展路上的"拦路虎"，司法拍卖市场的冷淡表现尤为直观。记者从阿里 拍卖平台获悉，1月23日，广西平铝集团所持北部湾财险6%股权(9000万股)的二次拍卖正式落幕，该股 权拆分两笔竞拍，合计起拍价1.25亿元，全程无投资者报名，这是继2025年底首拍流拍后再度遇冷。 近年来，部分中小险企股权屡遭流拍，叠加股权质押风险显现、增资扩股进展放缓等挑战，折射出行业 资源向头部机构集中、中小险企生存空间收窄的现实。在监管强化资本约束及投资者观望态度下，如何 破解资本困局、重塑生存能力，成为中小险企需要应对的难题。 优质股权溢价与中小险企遇冷 当前，保险机构股权交易市场的分化态势愈发明显，头部机构与中小险企的股权估值、流动性呈现明显 差异。 1月16日，广西远辰投资集团所持阳光保险1亿股内资股在阿里资产司法拍卖平台完成二次成交，由首程 控股全资子公司北京首源欣荣投资有限公司以4.41亿元竞得，该价格较阳光保险港股收盘价折合人民币 后的价格溢价约18%，展现出市场对优质保险资产的认可。竞买方首程控股长期聚焦基础设施资产运营 与资产融通业务，与阳光保险早有业务合作基础。此次司法拍卖也被市场视为双方既 ...

Core Viewpoint - The meeting of the Life Insurance Rate Research Expert Advisory Committee highlighted a slight decrease in the predetermined interest rate for life insurance products to 1.89%, marking the fifth consecutive adjustment since the establishment of a dynamic adjustment mechanism linked to market rates [1][2]. Group 1: Rate Adjustments - The current predetermined interest rate for life insurance products is 1.89%, down from 1.90%, reflecting a continuous decline in recent quarters [1]. - The historical adjustments of the predetermined rates were 2.34%, 2.13%, 1.99%, and 1.90% in the previous quarters, with decreasing margins of 21 basis points, 14 basis points, 9 basis points, and 1 basis point respectively [1]. - The dynamic adjustment mechanism has been implemented smoothly, contributing to cost reduction and efficiency improvement in the industry [2]. Group 2: Product Stability - There is currently no pressure to withdraw existing products, as the maximum predetermined interest rate for most life insurance products remains at 2.0%, only 11 basis points above the latest research value [3]. - The report from Donghai Securities indicates that the downward trend in long-term bond rates is exerting some downward pressure on the research value, but the market interest rates are stabilizing, reducing the likelihood of triggering new adjustment thresholds [3]. Group 3: Future Projections - The industry consensus suggests that the predetermined interest rate for life insurance products will likely maintain its current level, with minimal chances of significant fluctuations [4]. - Predictions for the end of 2026 estimate the research value to be around 2.00%, aligning with the current maximum rate for existing products [4]. - The downward adjustment in the research value is attributed to limited space for further rate declines and support from asset returns, indicating a gradual return to rational levels for life insurance rates [5].