在人口老龄化加速演进、医保支付改革持续深化、医疗技术迭代升级的多重背景下，我国商业健康 保险正经历深刻转型，从医疗保障体系的"补充选项"，稳步成长为支撑多层次医疗保障体系的关键力 量。 数据显示，截至2025年11月，商业健康险保费规模已达9440亿元，同比增长2.39%。按此增速推 算，2025年全年保费收入有望首次跨越万亿元大关。这一跨越，不仅标志着市场规模的历史性跃升，更 预示着行业迈入追求质量、韧性与协同发展的新阶段。 顶层设计日趋清晰 政策与市场双轮驱动 2025年以来，商业健康保险迎来政策"密集发力期"。多部门相继出台重磅文件，为行业发展勾勒出 清晰蓝图。 2025年9月，金融监管总局发布《关于推动健康保险高质量发展的指导意见》，为商业健康险市场 拟定"新五年规划"，明确提出"推动团险与个险协同发展，满足全人群、全生命周期的多样化需 求。"2025年12月，国家医保局、人力资源社会保障部发布《商业健康保险创新药品目录（2025 年）》，该目录对医保目录进行延展补充，旨在进一步推动商业健康保险与基本医保的有效衔接。 过去十年，行业从对少数特药的试探性保障，逐步走向对新技术、新药物、新器械的系统性覆盖 ...

近日，中国保险行业协会反保险欺诈专业委员会常务委员工作会议在京召开。中国保险行业协会党 委委员、副秘书长马晓伟出席会议并作指导讲话，反保险欺诈专委会主任委员单位中国银保信有关负责 人作工作报告，中国人寿集团、人保财险、新华保险、平安产险等26家常委单位代表参加本次会议。 此次会议的召开，为2026年行业反保险欺诈工作明确了路径、凝聚了合力。下一步，中国保险行业 协会反保险欺诈专委会将持续联动各委员单位，以更务实的举措推进各项任务落地，为保险行业高质量 发展提供坚实保障。 责任编辑：杨喜亭 会议聚焦反保险欺诈领域"筑牢风险防线、凝聚行业合力"核心任务，全面总结反保险欺诈专委会以 往工作成效，研究部署2026年重点任务，审议并明确年度工作规划。马晓伟强调，反保险欺诈是保险业 践行"以人民为中心"发展思想的重要体现，专委会要以此次会议为契机，进一步发挥统筹协调作用：既 要聚焦技术创新破解反诈难题，也要强化协同机制凝聚行业力量；既要完善制度标准规范工作流程，也 要加强宣传教育营造反诈氛围，切实为保险行业转型升级注入安全动能。与会代表围绕反保险欺诈智能 化技术应用、跨机构线索共享机制、金融黑灰产治理等行业核心议题深入研 ...

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 adjustments [1]. - The historical adjustments for the predetermined interest rate were 2.34%, 2.13%, 1.99%, and 1.90% in the previous quarters, showing a decreasing trend with diminishing adjustment magnitudes [1]. - The downward adjustments have eased market concerns regarding the marginal decline of life insurance predetermined interest rates [1]. Group 2: Dynamic Adjustment Mechanism - The dynamic adjustment mechanism has been successfully implemented, enhancing cost efficiency, market-oriented levels, and risk management capabilities within the industry [2]. - The renaming of the committee to the Life Insurance Rate Research Expert Advisory Committee aligns better with the needs of liability research under new accounting standards [2]. - The meeting emphasized the positive outcomes of industry transformation, removing previous language about "facing challenges" [2]. Group 3: Product Stability - Current life insurance products, such as increasing whole life insurance, do not face delisting pressure as the predetermined interest rate remains within acceptable limits [3]. - Most insurance companies have a predetermined interest rate of 2.0%, which is only 11 basis points above the latest research value of 1.89%, not triggering the regulatory threshold for adjustment [3]. - The long-term bond yield trend is expected to stabilize, reducing the likelihood of new adjustments to the predetermined interest rate [3]. Group 4: Future Projections - The industry anticipates that the predetermined interest rate for life insurance products will maintain its current level, with low probability for significant fluctuations in 2026 [4]. - If the yield curve for government bonds and other interest rates remain stable, the projected predetermined interest rate for the end of 2026 is estimated to be 2.00%, consistent with current product offerings [4]. - Experts suggest that the downward adjustment of the predetermined interest rate is reaching a rational level, with limited room for further declines due to stabilizing asset returns [5].

Core Viewpoint - In 2025, the central bank implemented a moderately accommodative monetary policy to maintain liquidity and support economic stability amid complex domestic and international financial conditions [1][2]. Monetary Policy and Liquidity Management - The central bank reduced the reserve requirement ratio by 0.5 percentage points in May 2025, injecting approximately 1 trillion yuan into the market, and lowered the policy interest rate by 0.1 percentage points [2]. - Throughout 2025, the net liquidity injection from various monetary policy operations totaled 64,315 billion yuan, including 49,405 billion yuan from reverse repos and 11,610 billion yuan from medium-term lending facilities (MLF) [2]. - The weighted average of overnight repo rates decreased, with DR001 and R001 down by 19 basis points to 1.46% and 1.55%, respectively [2]. Bond Market Dynamics - In 2025, the bond issuance and net financing scale increased significantly, with a total of 54.69 trillion yuan in bonds issued, a 14% year-on-year increase, and net financing of 20.33 trillion yuan, up 31.8% [4]. - The secondary bond market shifted from a one-sided upward trend to a more volatile market, with the yield on various government bonds rising by 15 to 36 basis points compared to the previous year [4]. - The yield curve for 10-year government bonds showed a fluctuation range of approximately 31 basis points, indicating a narrowing compared to the previous year [4]. Interest Rate Swap Market - The interest rate swap curve steepened in 2025, with significant increases in long-term rates, such as a 29 basis point rise in the 5-year Shibor 3M swap price [5]. - Daily trading volume in the RMB interest rate swap market increased, with a total nominal principal of 44.3 trillion yuan and an 18.5% year-on-year growth in daily average transactions [6]. - The trading of standard bond forwards and interest rate options also saw substantial increases, with standard bond forwards up by 242.2% year-on-year [6].

Core Viewpoint - In 2025, the interbank foreign exchange market in China operated smoothly under comprehensive regulatory measures, with a steady increase in trading volume and active market participation, achieving a record high in transaction scale and daily average turnover [1][2]. Group 1: Foreign Exchange Market Performance - The cumulative transaction volume in the interbank foreign exchange market reached 48.52 trillion USD in 2025, with a daily average turnover of 199.66 billion USD, marking a year-on-year growth of 6.54% [1]. - The daily average transaction volume for the RMB foreign exchange market was 14.87 billion USD, with all varieties except for forwards showing an increase in daily average transaction volume [1]. - By the end of 2025, the RMB to USD exchange rate was reported at 6.9890, appreciating by 4.43% compared to the end of the previous year [2][3]. Group 2: RMB Exchange Rate Dynamics - Throughout 2025, the RMB to USD exchange rate experienced fluctuations, initially under pressure but later showing signs of strengthening and significant appreciation [2][3]. - The CFETS RMB exchange rate index ended the year at 97.99 points, reflecting a decline of 3.43% for the year [2]. - The annualized volatility of the exchange rate was recorded at 2.53%, a decrease of 0.51 percentage points from 2024 [2]. Group 3: Influencing Factors on RMB Exchange Rate - The RMB exchange rate faced pressure in April 2025 due to heightened trade tensions between China and the US, with the onshore RMB briefly falling below the 7.35 mark [3]. - Factors contributing to the RMB's subsequent rebound included easing trade tensions and a weakening US dollar due to concerns over the US economic outlook and fiscal issues [4]. - By the end of 2025, both onshore and offshore RMB broke through the significant psychological level of 7.0, driven by improved domestic economic fundamentals and stabilizing market expectations [4]. Group 4: Swap Market Trends - In 2025, the RMB swap curve shifted upward, reaching a three-year high, influenced by narrowing interest rate differentials between China and the US [5][6]. - The one-year RMB to USD swap points showed a significant upward trend, particularly in the second half of the year, with the spread against interest rate parity stabilizing in positive territory [6]. - The People's Bank of China issued a total of 300 billion RMB in offshore central bank bills throughout the year, maintaining tight liquidity in the offshore RMB market [6]. Group 5: Dollar Market Liquidity - The domestic dollar borrowing rates remained low throughout 2025, with the overnight borrowing rate fluctuating between 4.25% and 4.33% [7]. - The interest rate differential between domestic and foreign dollar markets widened in the second half of the year, reaching a three-year low of -40 basis points [7]. - By the end of 2025, domestic overnight rates and SOFR were recorded at 3.62% and 3.87%, respectively, both showing declines from the previous year [7].

近期，在多重因素共振下，金属期现货市场呈现出复杂多变的态势，备受市场各方关注。今年以 来，白银价格续创新高，此前一直不受关注的铜被短期炒作。 1月26日，上海期货交易所（以下简称"上期所"）再次调整白银、锡和铜等期货品种相关合约交易 限额、保证金比例和涨跌停板幅度。同日还发布了多条监管措施公告。 市场人士认为，上期所近日多次对相关品种采取风控措施，并及时发布监管公告，明确向市场传递 了严厉打击违规行为、维护交易秩序的态度和决心。近期，贵金属、有色金属市场情绪较强，建议广大 市场参与者防范风险、理性交易。 1月16日，上期所调整白银期货合约交易限额，自2026年1月20日（即1月19日夜盘）交易起，非期 货公司会员、境外特殊非经纪参与者、客户在白银期货相关合约的日内开仓交易的最大数量为3000手。 大幅收紧白银期货交易限额 1月26日，上期所发布的《关于调整白银、锡期货相关合约交易限额的通知》显示，根据《上海期 货交易所风险控制管理办法》的有关规定，经研究决定，自2026年1月27日（即1月26日夜盘）交易起， 非期货公司会员、境外特殊非经纪参与者、客户在白银、锡期货已上市合约的交易限额调整如下： 白银期货AG ...

Core Insights - The Chinese New Year consumption market is experiencing a vibrant atmosphere driven by both policy incentives and market vitality, blending traditional customs with innovative financial services [1][2] Group 1: Consumption Trends - The consumption market is seeing a rise in demand for zodiac-themed products, particularly those related to the Year of the Horse, with items like horse-shaped candies and themed gifts becoming popular [3] - Various regions are promoting cultural tourism and experiential activities related to the zodiac, enhancing the overall consumer experience [3] Group 2: Financial Services - Financial institutions are launching a variety of consumer-friendly initiatives, including credit card discounts, interest-free installments, and promotional activities to stimulate spending during the festive season [4] - Consumer finance companies are expanding their services into everyday high-frequency consumption scenarios, such as healthcare and education, to meet evolving consumer needs [5] Group 3: Policy Support - The government has introduced a personal consumption loan subsidy policy, extending its implementation until the end of 2026, to encourage consumer spending and support financial institutions in developing innovative credit products [6] - E-commerce platforms are quickly adapting to these policies, with platforms like JD.com reporting a nearly 20% increase in average spending among users utilizing the subsidy feature [6] Group 4: Consumer Protection - As the consumption market heats up, regulatory bodies are emphasizing consumer rights protection, urging consumers to be cautious about promotions and potential scams [8] - Financial institutions are integrating consumer protection measures into their services, promoting responsible spending and risk awareness among consumers [8]

近日，中国证监会发布《公开募集证券投资基金业绩比较基准指引》（以下简称《指引》），中国 证券投资基金业协会同步发布《公开募集证券投资基金业绩比较基准操作细则》（以下简称《操作细 则》），《指引》自2026年3月1日起施行。这标志着公募基金行业基准管理步入系统化、规范化新阶 段，有助于根治基金"风格漂移"、基准滥用等乱象，强化产品透明度与投资纪律。 中信证券研究部认为，业绩基准作为公募基金投资的"锚"和"尺"，《指引》的推出，从源头上防范 公募基金"风格漂移"问题。《指引》覆盖范围全面，向内明确了基金公司全链条内控机制，向外对基金 业务三方机构的协同监督机制提出统一要求。 明确"锚"和"尺"作用 业绩比较基准，是指基金管理人在基金合同、招募说明书等基金法律文件中约定的，用于表征产品 投资风格、衡量产品业绩、约束投资行为的参考标准。从功能作用看，业绩比较基准是基金投资 的"锚"和"尺"，发挥确定产品定位、明晰投资策略、表征投资风格、衡量产品业绩、约束投资行为等重 要作用。 分析人士认为，"锚"用来明确投资风格、约束投资行为、防范"风格漂移"、提升投资稳定 性；"尺"可以衡量基金业绩是否跑赢市场，对基金经理进行考核 ...

1月27日，中国人民银行发布了2025年四季度金融机构贷款投向统计报告。报告显示，2025年四季 度末，金融机构人民币各项贷款余额271.91万亿元，同比增长6.4%，全年人民币贷款增加16.27万亿 元。 企事业单位贷款增速回升。2025年四季度末，本外币企事业单位贷款余额186.21万亿元，同比增长 8.9%，增速比上季度末高0.7个百分点，全年增加15.24万亿元。分期限看，短期贷款及票据融资余额 64.16万亿元，同比增长11.0%，全年增加6.37万亿元。中长期贷款余额118.39万亿元，同比增长7.9%， 全年增加8.69万亿元。分用途看，固定资产贷款余额77.52万亿元，同比增长6.9%，全年增加5.03万亿 元。经营性贷款余额75.91万亿元，同比增长9.5%，全年增加6.62万亿元。 工业中长期贷款增长较为平稳。2025年四季度末，本外币工业中长期贷款余额26.63万亿元，同比 增长8.4%，增速比各项贷款高2.2个百分点，全年增加2.11万亿元。其中，重工业中长期贷款余额22.6万 亿元，同比增长7.8%；轻工业中长期贷款余额4.04万亿元，同比增长11.8%。2025年四季度末，本外币 ...

Core Viewpoint - The Chinese Financial Union is actively engaging with grassroots financial units in Guangxi to provide support and care for workers during the 2026 New Year and Spring Festival, emphasizing the importance of financial services in border areas and cross-border cooperation [1][2][3] Group 1 - The visit by the Chinese Financial Union's慰问组 included interactions with financial regulatory bodies and institutions in Chongzuo, focusing on understanding their operational conditions and the financial services provided in border regions [1] - The activities are part of a broader initiative to align with the central government's economic and financial directives, ensuring that the financial system remains politically and socially responsible [2] - The 2026 "Two Festivals" warmth-giving activities mark the 32nd year of this initiative, with over 10 million yuan allocated for support across 12 provinces, highlighting the commitment to assist vulnerable workers [3] Group 2 - The emphasis is placed on integrating the work of the unions with the financial center's objectives, particularly in supporting local industries, green energy, and cross-border trade while maintaining risk management [2] - The initiative aims to foster a sense of community among workers by combining support efforts with the promotion of labor spirit and craftsmanship, ultimately contributing to high-quality development [2] - The activities are designed to ensure comprehensive coverage for identifying and assisting financially challenged workers, aligning with national welfare goals [3]