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。 ...

Group 1 - As of September 2025, China's total external debt stands at 168,287 billion RMB (equivalent to 23,684 billion USD), excluding external liabilities from Hong Kong, Macau, and Taiwan [1] - The structure of external debt shows that medium- and long-term debt accounts for 42% (71,511 billion RMB or 10,064 billion USD), while short-term debt makes up 58% (96,776 billion RMB or 13,620 billion USD) [1] - Among short-term external debt, trade-related credit constitutes 36% [1] Group 2 - By institutional sector, the broad government external debt is 28,563 billion RMB (4,020 billion USD), representing 17%; central bank external debt is 7,454 billion RMB (1,049 billion USD), accounting for 4%; bank external debt is 69,198 billion RMB (9,739 billion USD), making up 41%; and other sectors (including inter-company loans) have an external debt of 63,072 billion RMB (8,876 billion USD), which is 38% [1] - In terms of debt instruments, loans amount to 21,934 billion RMB (3,087 billion USD), representing 13%; trade credit and prepayments total 28,443 billion RMB (4,003 billion USD), accounting for 17%; currency and deposits are 33,526 billion RMB (4,719 billion USD), making up 20%; debt securities are 55,417 billion RMB (7,799 billion USD), which is 33%; Special Drawing Rights (SDR) allocation is 3,527 billion RMB (496 billion USD), representing 2%; inter-company loans total 16,799 billion RMB (2,364 billion USD), accounting for 10%; and other debt liabilities are 8,641 billion RMB (1,216 billion USD), which is 5% [2] Group 3 - The currency structure indicates that domestic currency debt is 87,394 billion RMB (12,299 billion USD), accounting for 52%; foreign currency debt (including SDR allocation) is 80,893 billion RMB (11,385 billion USD), making up 48% [2] - Within the foreign currency registered external debt, USD debt constitutes 78%, EUR debt is 9%, JPY debt is 4%, HKD debt is 5%, and SDR and other foreign currency debts together account for 4% [2] - Key indicators of China's external debt remain within internationally recognized safety lines, indicating that the overall risk of external debt is manageable [3]

Core Viewpoint - The People's Bank of China emphasizes the importance of foreign exchange reserve management in maintaining economic and financial stability amid global market fluctuations [1] Group 1: Leadership and Acknowledgment - Pan Gongsheng, the Governor of the People's Bank of China, visited the Central Foreign Exchange Business Center to express appreciation for the management personnel [1] - The management team is recognized for effectively safeguarding the safety, liquidity, and value preservation of foreign exchange reserve assets [1] Group 2: Strategic Focus for 2026 - The Central Foreign Exchange Business Center is urged to align with the guiding principles of Xi Jinping's thought and implement the decisions from the 20th National Congress and subsequent plenary sessions [1] - The center is tasked with enhancing the quality of foreign exchange reserve management and responding to global economic and financial challenges [1] - There is a call for better coordination between development and security while tracking global economic trends closely [1]

Core Insights - The overall external debt situation in China is stable as of the third quarter of 2025, according to the State Administration of Foreign Exchange [1] Group 1: External Debt Scale - The total external debt balance reached 23,684 billion USD by the end of September 2025, reflecting a decrease of 2.8% compared to the end of June 2025 [1] Group 2: External Debt Structure - The currency structure of external debt remains stable, with domestic currency debt accounting for 51.9%, a slight decrease of 0.2 percentage points from June 2025 [1] - The maturity structure has improved, with medium- and long-term external debt comprising 42.5%, an increase of 0.1 percentage points from June 2025 [1]

本报讯 记者马玲报道 2025年12月30日，中国人民银行党委书记、行长潘功胜到清算总中心看望慰 问年终决算干部职工，向大家致以节日问候和新年祝福。中国人民银行党委委员、副行长陆磊陪同慰 问。 潘功胜听取了清算总中心及部分分行关于2025年度年终决算准备工作汇报，现场察看各支付清算系 统运行情况。潘功胜指出，支付清算系统是我国重要的金融基础设施，是我国金融市场运行、金融机构 运营的"血液"。支付清算系统的安全稳定运行对年终决算至关重要。 潘功胜强调，年终决算是一项系统工程，需要各单位、各部门密切配合，周密组织，严格落实各项 制度要求，做好技术和应急保障，以饱满的精神状态和扎实的工作作风，全力以赴完成好年终决算各项 任务。 中国人民银行有关司局主要负责同志参加慰问。 责任编辑：袁浩 ...

新年伊始，公募基金费率改革的"最后关键一步"正式落地。 在经过近4个月的公开征求意见及修改完善后，2025年12月31日，中国证监会发布《公开募集证券投资 基金销售费用管理规定》（以下简称《规定》），作为改革的最后一个阶段，《规定》自2026年1月1日 起实施，标志着持续近两年半的公募基金费率改革正式收官。 整体来看，《规定》共6章29条，主要内容如下： 一是合理调降公募基金认申购费、销售服务费率水平，切实降低投资者成本。 二是简化赎回费收费安排，明确赎回费全部计入基金财产。 三是明确对投资者持有期限超过一年的基金份额（货币市场基金除外），不再收取销售服务费，鼓励长 期持有。 五是强化基金销售费用规范，明确基金销售结算资金利息归属于投资者，要求基金投顾业务不得双重收 费。 六是建立基金行业机构投资者直销服务平台（FISP平台），为基金管理人直销业务发展提供高效、便 捷、安全的服务。 根据此前透露的数据，公募基金费率改革的三个阶段落地后，每年可累计向投资者让利约510亿元，显 著降低了投资者投资成本。中国证监会表示，公募基金行业费率改革的平稳落地，标志着我国公募基金 行业迈向高质量发展新阶段，意义重大。下一步， ...

Core Viewpoint - The Purchasing Managers' Index (PMI) for December indicates a recovery in China's economic activity, with all three major indices entering the expansion zone for the first time since April [1][4]. Manufacturing Sector - The manufacturing PMI rose to 50.1%, an increase of 0.9 percentage points from the previous month, exceeding market expectations [7]. - The production index and new orders index were reported at 51.7% and 50.8%, respectively, both showing significant increases of 1.7 and 1.6 percentage points [7]. - The new export orders index increased by 1.4 percentage points to 49.0%, indicating a recovery in domestic demand [7]. - Large enterprises' PMI returned to the expansion zone at 50.8%, while medium-sized enterprises' PMI rose to 49.8%, and small enterprises' PMI fell to 48.6% [7]. Key Industries - High-tech manufacturing PMI reached 52.5%, up 2.4 percentage points, indicating positive growth trends [8]. - Equipment manufacturing and consumer goods industries both reported PMIs of 50.4%, entering the expansion zone [8]. - The construction industry PMI significantly increased to 52.8%, up 3.2 percentage points, marking a return to expansion after five months [15]. Non-Manufacturing Sector - The non-manufacturing business activity index was 50.2%, an increase of 0.7 percentage points from the previous month [12]. - The service sector PMI was reported at 49.7%, a slight increase of 0.2 percentage points, with certain sectors like telecommunications and financial services showing strong growth [12]. - The construction industry's business activity expectation index was 57.4%, indicating optimism among construction firms [16]. Overall Economic Outlook - The comprehensive PMI output index rose to 50.7%, indicating overall expansion in production and business activities compared to the previous month [16]. - The service sector's business activity expectation index increased to 56.4%, reflecting enhanced confidence in future market development [16].

Core Insights - The New Year's holiday saw a significant increase in bookings for flights, hotels, and homestays, indicating a robust start for the 2026 cultural tourism market [1] Group 1: Youth Travel Trends - Young people, particularly those born after 2000, are the primary drivers of travel during the New Year, accounting for 39% of travelers, with those born in the 1990s at 33% [2] - The concept of "self-indulgence" during holidays is gaining traction, with a 125% year-on-year increase in searches related to "New Year travel" [2] - Popular activities include themed fireworks shows, temple blessings, and concerts, reflecting a desire for meaningful experiences [2] Group 2: Diverse Travel Experiences - The integration of cultural tourism is stimulating consumer activity, with a notable 85% increase in searches and bookings for intangible cultural heritage tourism during the holiday [4] - Major cities like Luoyang, Xi'an, and Suzhou are among the top destinations for cultural heritage tourism [4] - Concerts and performances in cities such as Guangzhou and Chongqing are driving significant increases in hotel bookings, with some popular accommodations selling out weeks in advance [4][5] Group 3: Winter and Snow Tourism - Winter tourism remains a key focus, with 40% of the top 20 domestic flight routes during the holiday being related to snow tourism [5] - Popular destinations for snow activities include Harbin and Xiling Snow Mountain, with a 45% increase in bookings for day trips to Harbin Ice and Snow World [5] - Ski resorts are experiencing a surge in visitors, with some locations reporting occupancy rates of 80% and a doubling of visitor numbers compared to the previous year [6] Group 4: Cross-Border Travel Growth - The cross-border tourism market is thriving, with a notable increase in outbound travel routes, including popular destinations like Singapore and Seoul [7] - Inbound tourism is also performing well, with ticket bookings up 110% and experiential product bookings increasing over 30 times [7] - Major cities such as Shanghai and Beijing are attracting international visitors, contributing to a vibrant cultural tourism market [7]

美国《纽约时报》3日以一名不愿公开姓名的委内瑞拉高级官员为消息源报道，美军当天凌晨在突袭委 内瑞拉、抓走总统马杜罗夫妇的行动中打死至少40人，包括平民和士兵。 当地时间3日，央视记者获悉，载有被美方抓捕的委内瑞拉总统马杜罗及其妻子弗洛雷斯的飞机已抵达 纽约斯图尔特空军国民警卫队基地。 美军当天凌晨突袭委内瑞拉首都加拉加斯等地，抓走马杜罗夫妇，用直升机将他们运至一艘军舰上。他 们在经停关塔那摩美军基地后乘机飞往纽约。美国媒体预计，马杜罗下周将在纽约市的一处法院"出 庭"。 特朗普发布马杜罗被捕后照片 声称不排除二次打击 特朗普发布马杜罗在"硫磺岛"号军舰上的照片 当地时间3日，特朗普在其社交平台"真实社交"上发布了一张马杜罗在"硫磺岛"号军舰上的照片。照片 中的马杜罗戴着手铐，双眼被黑布蒙住。 特朗普：将让美大型石油公司进入委内瑞拉 不排除二次打击 当地时间3日，美国总统特朗普就美国对委内瑞拉的军事行动举行新闻发布会。特朗普表示，美军在行 动中使用了空中、陆地和海上力量，原本认为需要发动第二波行动，但现在看来可能不需要了。但是如 果有必要，美国已准备好发动第二轮攻击。 特朗普还说，将让美国大型石油公司进入委内瑞 ...

Core Viewpoint - Taikang Insurance Group celebrates its 30th anniversary in 2026, marking its evolution from a startup to a leading insurance group, emphasizing its commitment to the values of "respect for life" and "people-oriented" principles through a new brand visual identity [1][11]. Brand Evolution - The evolution of Taikang's brand visual identity reflects changes in corporate values and societal context, consistently centering around the core concept of "people" and the essence of life insurance [2][8]. - The new visual identity simplifies and enhances recognition by removing English and business descriptions, focusing on core elements that embody Taikang's confidence in its "new life insurance" model [4][5]. Visual Identity Changes - The updated logo features a refined diamond shape and emphasizes the "person" element, aligning with the golden ratio to harmonize humanistic and aesthetic values [7][11]. - The color scheme has shifted from metallic to flat, pure colors, with an enhanced brightness of the classic "Taikang green," conveying warmth and stability [4][5]. Core Values - Taikang's core value of "respect for life" has been cultivated over 30 years, evolving into a commitment to "caring for life" and "celebrating life," which is deeply embedded in the company's culture [8][10]. - Real-life stories illustrate the development of Taikang's values, highlighting the importance of responsibility, respect, and a positive attitude towards life [9][10]. Strategic Direction - In response to the challenges of the longevity era, Taikang has developed a "new life insurance" model that integrates insurance payment with health and wellness services, focusing on comprehensive life cycle management [11][12]. - The company has established a nationwide network for health and wellness services, supporting its insurance products and creating a sustainable ecosystem [12][13]. Business Performance - As of now, Taikang manages assets exceeding 4.5 trillion yuan, with over 1.1 trillion yuan in pension management, and operates 47 projects across 37 cities in its elder care community [13][16]. - The "insurance + health care" model extends services throughout the life cycle, offering comprehensive solutions for health, wealth, and retirement planning [13][16]. Future Outlook - Taikang aims to continue its commitment to societal service and innovation in elder care, ensuring that individuals can age gracefully and live fulfilling lives in the longevity era [16].