2025年12月28日，中国证监会科技监管司副司长刘铁斌在参加中国财富管理50人论坛2025年会时表 示，作为证券期货行业的监管机构，证监会持续密切跟踪人工智能技术在资本市场的应用态势与发展趋 势，遵循人工智能技术自身发展规律，以守正创新、开放包容、依法合规、稳妥有序为原则，稳步提升 资本市场人工智能应用水平，引导证券期货行业把握人工智能等新一代信息技术带来的发展机遇，推动 人工智能成为驱动资本市场高质量发展的重要变革性力量。 刘铁斌表示，回顾2025年，资本市场积极探索人工智能应用，呈现出良好的发展态势。从行业机构 应用来看，呈现"证券行业引领、基金期货跟进、头部机构示范"的特征。在应用场景方面，人工智能已 覆盖投资研究、融资服务、投资者服务、内控管理、信息科技及监督管理等核心领域。 刘铁斌介绍，人工智能在资本市场的深化应用仍面临挑战。从应用层面看，数据标准不统一、高质 量数据源不足与大模型"幻觉"的问题较为突出，算力供给与成本压力也制约了AI技术的规模化、深度化 应用。从监管层面看，适配人工智能技术特性的差异化监管规则尚未成熟，监管的精准性、前瞻性有待 提升，制度供给仍需加强。从风险层面看，网络安全、数据 ...

Core Insights - Artificial intelligence (AI) is recognized as a crucial engine for high-quality development across various industries, particularly in the financial sector, where it is expected to enhance digital transformation and governance [1][2]. Group 1: AI in Financial Sector - The "14th Five-Year Plan" is concluding, and the "15th Five-Year Plan" is being formulated, marking a significant year for the integration of AI and finance, aiming for collaborative innovation and deep integration [1]. - Financial institutions are actively promoting the application of AI in various areas such as office assistance, intelligent customer service, credit risk control, and compliance review, achieving positive results [1]. Group 2: Support for AI Development - The development of AI applications in finance is supported by a robust industrial system, with significant reductions in the cost and barriers to entry for large model applications, alongside advancements in intelligent computing chips [2]. - Challenges in AI applications include the need for enhanced ethical governance, risks of model homogeneity, inherent flaws in algorithm architectures, and data governance and security issues [2]. Group 3: Strategic Recommendations - Strengthening overall planning is essential, with a focus on integrating AI applications into the financial technology development plan for the "15th Five-Year Plan" [3]. - Establishing a sound risk control system is necessary, including the development of safety standards for AI applications in finance and enhancing ethical governance [3]. - Improving application levels by focusing on key areas such as credit financing, risk control, and marketing services, while exploring AI-driven service models [3]. - Supporting industry development through collaboration between financial institutions and AI companies, enhancing the competitiveness and safety of foundational AI models and intelligent computing devices [3].

"今天是2026年1月1日，你们查过征信，逾期更新了吗？"在这样一则小红书的帖子下面，网友们纷 纷留言，有的晒出自己的征信报告截图，有的留言"出来了，逾期记录全没了""棒棒哒，好起来了"。 而这，得益于中国人民银行近日出台的一次性信用修复政策。2025年12月22日，围绕个人征信，中 国人民银行发布《关于实施一次性信用修复政策有关安排的通知》（以下简称《通知》），明确对于 2020年1月1日至2025年12月31日期间，单笔金额不超过1万元人民币的个人逾期信息，个人于2026年3月 31日（含）前足额偿还逾期债务的，金融信用信息基础数据库将不予展示。 "我们赶上了好政策" 2026年第一天，一次性信用修复政策正式落地。《金融时报》记者关注到，小红书、微博、抖音等 社交媒体上很多网友晒出自己的逾期消除记录。从数据来看，大部分网友通过商业银行手机银行App、 网上银行、银联云闪付App第一时间查询了自己的报告。 1月1日，海南的一位网友晒出了自己的征信报告，"真的消除逾期记录了，感谢国家的好政策"。 "刚听说这个政策的时候我还担心是骗局。"北京的陈女士告诉记者，2023年，她因为工作太忙，有 一个月忘了还信用卡欠 ...

Core Viewpoint - The article discusses the rising concern among electric bicycle owners regarding insurance coverage after a significant traffic accident resulted in a 630,000 yuan compensation due to lack of insurance [1] Group 1: Insurance Market Overview - Currently, electric bicycles are not included in the mandatory insurance regulations, making commercial insurance essential for risk management [2] - Main types of insurance products available for electric bicycles include liability insurance, personal accident insurance, and vehicle damage insurance, with premiums ranging from 50 yuan to 200 yuan annually for liability insurance [2][5] - Major insurance companies offering electric bicycle insurance include China Pacific Insurance, PICC, and China Life Insurance, with various purchasing channels available [2][3] Group 2: Purchasing Channels - Online channels allow consumers to purchase insurance through official websites, apps, or third-party platforms like Alipay and WeChat [3][4] - Offline options include visiting insurance company branches or vehicle management service windows for assistance [3] - Some electric bicycle sales outlets offer bundled insurance services, although consumers should be cautious of high-priced packages [3] Group 3: Government Initiatives - Local governments have partnered with insurance companies to provide affordable insurance products, such as the "Riding Insurance" in Nanning, which offers plans starting at 68 yuan per year [5] - The "Shanghai Riding Insurance" provides comprehensive coverage for various risks associated with electric bicycle use, including emergency services [6] Group 4: Regulatory Considerations - Electric bicycles must adhere to safety standards, including a maximum speed of 25 km/h; exceeding this limit may classify them as motor vehicles, requiring mandatory insurance [7]

Core Insights - The Science and Technology Innovation Board (STAR Market) has reached 600 listed companies by the end of 2025, with a total market capitalization exceeding 10 trillion yuan and total fundraising surpassing 1.1 trillion yuan, reflecting China's commitment to supporting technological innovation [1][2] - The STAR Market emphasizes "hard technology," focusing on sectors such as new-generation information technology, biomedicine, and high-end equipment, allowing unprofitable companies and those with special equity structures to list, thus reshaping the pathways for tech companies to access capital markets [1][2] - The STAR Market has established a positive feedback loop where listing injects growth momentum into companies, investors share in the innovation dividends, and the market continues to attract quality assets, showcasing the effective empowerment of the real economy by the capital market [3] Industry Characteristics - Companies listed on the STAR Market invest an average of over 10% of their revenue in R&D, significantly higher than other market segments, and have accumulated over 130,000 invention patents, indicating a strong focus on technological advancement [2] - The STAR Market's institutional inclusivity allows for a broader range of innovative entities to access domestic capital markets, accommodating unprofitable tech firms and those with unique equity structures [2] Market Dynamics - The STAR Market has become a key platform for domestic tech companies to list and for global capital allocation, supported by a relatively market-oriented pricing mechanism and flexible trading systems [3] - Recent initiatives, such as the launch of the National Venture Capital Guidance Fund, signify the ongoing enhancement of the equity investment support system, contributing to a multi-layered technology finance ecosystem [3] Challenges and Recommendations - There is a need to increase the proportion of patient capital in the tech innovation sector, as a significant amount of market capital still seeks short-term returns [4] - The valuation system for STAR Market companies requires improvement, as traditional valuation methods may not apply effectively to companies with cutting-edge technologies and new business models [4] - Diversifying exit channels for companies, enhancing regional and industry coverage, and strengthening support for basic research are essential for fostering a balanced and robust tech innovation environment [4][5]

Core Insights - The State Administration of Foreign Exchange of China reported a current account surplus of 14,165 billion yuan in Q3 2025, with a capital and financial account deficit of 17,144 billion yuan [1] - For the first three quarters of 2025, the current account surplus was 35,291 billion yuan, while the capital and financial account recorded a deficit of 37,080 billion yuan [1] Summary by Category Current Account - In Q3 2025, the current account surplus amounted to 1,987 million USD, driven by a goods trade surplus of 2,695 million USD and a services trade deficit of 493 million USD [1] - For the first three quarters of 2025, the current account surplus reached 4,928 million USD, with a goods trade surplus of 7,261 million USD and a services trade deficit of 1,558 million USD [1] Capital and Financial Account - In Q3 2025, the capital and financial account recorded a deficit of 2,405 million USD, with a capital account surplus of 1 million USD and a financial account deficit of 2,405 million USD [1] - For the first three quarters of 2025, the capital and financial account deficit was 5,181 million USD, with a capital account deficit of 1 million USD and a financial account deficit of 5,180 million USD [1] SDR Valuation - In Q3 2025, the current account surplus was 1,452 million SDR, while the capital and financial account deficit was 1,757 million SDR [2] - For the first three quarters of 2025, the current account surplus was 3,661 million SDR, with a capital and financial account deficit of 3,833 million SDR [2]

本报讯 记者赵萌报道 近日，进出口银行为中老铁路动车租赁项目提供金融支持。该项目是海南自 贸港首单铁路动车跨境租赁项目，旨在提升中老铁路客运能力，改善老挝当地居民出行条件，并带动沿 线区域经济发展。 据悉，中老铁路作为两国合作旗舰项目，开通4年来已累计运送旅客6250万人次。随着客流持续增 长，老挝段运力趋于紧张，出现了"一票难求"的现象。本次动车租赁项目落地后，中老铁路日均客运能 力预计提升1300余人次，列车运行频次提高15%。同时，海南自贸港税收优惠政策以及项目"轻资产、 长周期"的租赁模式，能够帮助企业大幅降低初期投资和运营成本，有效缓解资金压力。下一步，进出 口银行将继续发挥专业优势，用好用足各类优惠政策，以优质高效的金融服务助力共建"一带一路"高质 量发展。 责任编辑：袁浩 ...

Core Insights - As of September 2025, China's international investment position shows a total foreign financial asset of 115,073 billion USD and total foreign liabilities of 74,597 billion USD, resulting in a net foreign asset of 40,476 billion USD [1] Group 1: Foreign Financial Assets - Direct investment assets account for 34,336 billion USD, representing 30% of total foreign financial assets [1] - Securities investment assets total 19,520 billion USD, making up 17% of the total [1] - Reserve assets are valued at 36,889 billion USD, which is 32% of the total foreign financial assets [1] Group 2: Foreign Liabilities - Direct investment liabilities are 37,430 billion USD, constituting 50% of total foreign liabilities [1] - Securities investment liabilities amount to 23,272 billion USD, representing 31% of the total [1] - Other investment liabilities total 13,656 billion USD, accounting for 18% of the total [1] Group 3: SDR Valuation - In terms of Special Drawing Rights (SDR), China's foreign financial assets are valued at 83,935 billion SDR, while foreign liabilities are at 54,412 billion SDR, leading to a net foreign asset of 29,524 billion SDR [1]

Group 1: Bond Market Overview - In November 2025, the bond market issued a total of 70,179.3 billion yuan across various types of bonds, including government bonds (10,444.2 billion yuan), local government bonds (9,126.9 billion yuan), financial bonds (11,955.0 billion yuan), corporate credit bonds (13,948.8 billion yuan), credit asset-backed securities (327.2 billion yuan), and interbank certificates of deposit (24,009.2 billion yuan) [1] - As of the end of November 2025, the bond market's custody balance reached 196.3 trillion yuan, with the interbank market holding 173.0 trillion yuan and the exchange market holding 23.2 trillion yuan [1] Group 2: Trading Activity - In November 2025, the interbank bond market recorded a transaction volume of 30.5 trillion yuan, with an average daily transaction of 1.5 trillion yuan, reflecting a year-on-year increase of 7.6% and a month-on-month increase of 3.2% [2] - The exchange bond market had a transaction volume of 3.8 trillion yuan, with an average daily transaction of 188.7 billion yuan [2] - The commercial bank counter bond transactions totaled 860.4 billion yuan across 8.1 million transactions [2] Group 3: Foreign Participation - As of the end of November 2025, foreign institutions held a custody balance of 3.6 trillion yuan in the Chinese bond market, accounting for 1.9% of the total custody balance [2] - Among foreign holdings, 2.0 trillion yuan (56.2%) were in government bonds, 0.7 trillion yuan (19.1%) in interbank certificates of deposit, and 0.8 trillion yuan (21.1%) in policy bank bonds [2] Group 4: Money Market Conditions - In November 2025, the interbank lending market recorded a transaction volume of 7.4 trillion yuan, a year-on-year decrease of 17.3% but a month-on-month increase of 9.6% [2] - The bond repurchase transactions totaled 149.8 trillion yuan, showing a year-on-year decrease of 6.8% but a month-on-month increase of 13.9% [2] Group 5: Interest Rates and Commercial Paper - The weighted average interest rate for interbank lending was 1.42%, up by 2.5 basis points month-on-month, while the weighted average interest rate for pledged repos was 1.44%, up by 3.2 basis points [3] - In November 2025, the commercial bill acceptance amount was 4.0 trillion yuan, and the discount amount was 3.1 trillion yuan [3] - As of the end of November 2025, the acceptance balance of commercial bills was 20.9 trillion yuan, and the discount balance was 16.2 trillion yuan [3] Group 6: Stock Market Performance - By the end of November 2025, the Shanghai Composite Index closed at 3,888.6 points, a decrease of 66.2 points or 1.7% month-on-month, while the Shenzhen Component Index closed at 12,984.1 points, down 394.1 points or 2.9% [3] - The average daily trading volume in the Shanghai market was 808.5 billion yuan, down 16.0% month-on-month, while the Shenzhen market's average daily trading volume was 1,089.8 billion yuan, down 7.9% month-on-month [3] Group 7: Holder Structure in Interbank Bond Market - As of the end of November 2025, there were 3,987 institutional members in the interbank bond market, all of which were financial institutions [4] - The top 50 investors in corporate credit bonds held 53.4% of the total bonds, primarily concentrated among state-owned commercial banks, public funds, and insurance financial institutions [4] - The top 200 investors accounted for 84.6% of the holdings, indicating a high concentration of ownership [4]

本报讯 记者余嘉欣报道 为助力现代化产业体系建设和新质生产力发展，金融监管总局对《商业银 行并购贷款风险管理指引》（以下简称《指引》）进行修订，形成《商业银行并购贷款管理办法》（以 下简称《办法》）。 《办法》主要修订内容包括：一是拓宽并购贷款适用范围。在《指引》适用的控制型并购交易基础 上，进一步允许并购贷款支持满足一定条件的参股型并购交易。二是设置差异化展业资质要求。对开展 控制型和参股型并购贷款业务的商业银行，在监管评级良好、主要审慎监管指标达标等要求基础上，设 置差异化的资产规模要求。三是优化贷款条件。进一步提高并购贷款占并购交易价款比例上限，延长贷 款最长期限，更好地满足企业合理融资需求。四是强调偿债能力评估。银行应在综合考虑并购交易相关 风险基础上，重点评估并购方偿债能力，同时关注并购后企业发展前景、协同效应和经营效益，多维度 评估对并购贷款影响。 责任编辑：袁浩 金融监管总局表示，下一步，将指导商业银行做好《办法》实施工作，推动并购贷款业务健康发 展，助力产业转型升级，增强经济增长动能。 ...