Core Insights - The pet insurance market is experiencing significant growth, with annual premiums increasing by over 100%, positioning it as "the first policy for young people" [1][4] - Despite the growth, there are frequent disputes regarding claims, with consumers expressing frustration over the difficulty of obtaining payouts [1][3] Group 1: Market Dynamics - The pet insurance sector is seeing strong promotional efforts, such as "first month free" and high payout ratios, appealing to young pet owners [1] - Companies like ZhongAn Online are expanding their pet insurance offerings, reporting a 129.5% year-on-year increase in total premiums and serving over 6 million pet owners, with 80% of policyholders under 40 years old [4] - The overall pet consumption market in urban China has surpassed 300 billion yuan, driving demand for risk transfer solutions in pet insurance [4] Group 2: Product Offerings - The pet insurance series includes various tiers, with monthly premiums ranging from 22.42 yuan for basic dog coverage to 74.5 yuan for premium options, and coverage limits increasing with premium levels [2] - A "30-day free trial" is offered, consisting of a short-term insurance and a one-year commercial medical insurance, which incentivizes new customers [2] Group 3: Consumer Sentiment - Consumer feedback on pet insurance is polarized, with some reporting positive experiences and timely payouts, while others face significant claim disputes [3] - Complaints have exceeded 600, primarily concerning denied claims and lower-than-expected payout amounts [3] Group 4: Industry Challenges - The insurance industry faces challenges related to claim processing, with issues such as changing designated hospitals leading to reduced trust among consumers [3] - Some insurers are cautious about the pet insurance market due to its high-risk nature and low penetration rate within the overall property and casualty insurance sector [4]

● 本报记者 吴杨 近日，中国人寿寿险公司发布公告称，计划出资近125亿元参与两项投资计划，分别投向养老产业与长 三角地区科创产业。这一举措并非个例，其背后折射出险资加速布局股权投资、向多元化配置转型的趋 势。在利率下行与会计准则切换的背景下，多家头部险企持续发挥长期资本优势，将资金投向养老、科 创等作为未来增长动力所在的新兴产业，展现出行业主动寻求收益与风险平衡的清晰配置逻辑与共同趋 势。 双线落子 中国人寿寿险公司的两笔投资，一笔直指养老产业，另一笔瞄准长三角地区科创产业，它们规模巨大， 而且在战略方向上具有鲜明的时代特征。 根据公告，中国人寿寿险公司拟出资约84.92亿元，与关联方共同设立"北京国寿养老产业股权投资基金 二期（有限合伙）"，合伙企业全体合伙人认缴出资总额85亿元，存续期长达15年。合伙企业将专注于 养老产业领域投资，围绕存量养老不动产项目并购以及新增养老不动产项目拓展两条主线，持续赋能国 寿康养生态圈的构建；同时通过对养老不动产项目的投资，来实现持续的资产管理和经营管理，获取运 营收入和资产增值收益。 聚焦养老领域，中国人寿集团早已选择了一条体系化的发展道路。目前，中国人寿集团已多业态布 ...

Core Insights - The latest holdings of Fund of Funds (FOF) reveal a shift in investment preferences, with a notable increase in bond ETFs and a decline in gold ETFs [1][2] - The macro environment for the equity market in Q1 2026 is expected to be favorable due to liquidity easing and performance improvement expectations [1][3] Fund Holdings - As of the end of Q4 2025, the Hai Fu Tong Zhong Zheng Short Bond ETF became the most held fund by FOFs, with 119 FOFs holding a total market value of 5.98 billion [1][2] - Other top bond ETFs included Peng Yang Zhong Dai-30 Year Government Bond ETF and Ping An Zhong Dai-High Grade Corporate Bond Spread Factor ETF, indicating a strong preference for bond investments [2] Gold and Resource Funds - Despite a decrease in holdings of the Hua An Gold ETF, several gold stock ETFs saw significant increases in FOF holdings, with over 50 million shares added for the Yong Ying Zhong Zheng Hu Shen Gang Gold Industry Stock ETF [2] - FOFs showed a strong focus on resource-related funds, particularly in gold, non-ferrous metals, and cyclical themes, reflecting a strategic shift towards these sectors [2][3] Performance and Strategy - The CITIC Jiantou Rui Xuan 6-Month Holding Mixed Fund (FOF) achieved the highest return in the FOF market at 6.41% in Q4 2025, heavily investing in resource-focused funds [3] - Fund managers are optimistic about the stock market, favoring value and blue-chip stocks, particularly in the resource sector, as they anticipate a market rebound in the latter half of 2026 [4] Tactical Approaches - The Bohai Huijin Preferred Progress 6-Month Holding Mixed Fund (FOF) will maintain a "barbell and rebalancing" strategy, locking in profits from previously high-performing assets while focusing on technology sectors benefiting from the AI boom [4][5] - The investment strategy for Q1 2026 will prioritize high-certainty industries, including gold and silver stocks, rare earths, and the recovering tourism sector [4][5]

2026开年以来，A股有色金属板块表现抢眼。Wind数据显示，截至1月27日，有色金属成为2026开年以 来涨幅最大的申万一级行业，跟踪有色矿业、工业有色、中证有色、国证有色、有色金属、细分有色指 数的ETF集体涨超20%。 2026开年以来，有色板块凭借强劲势头，成为A股市场的"当红炸子鸡"。不仅有色主题ETF掀起"吸 金"热潮，景顺长城基金邹立虎、万家基金叶勇等多位深耕有色板块投资的主动权益基金经理人气飙 升。从2025年基金四季报披露的调仓动向来看，2025年四季度，上述基金经理不仅调整了有色板块的持 仓，还在煤炭、油气、交运等相对估值更具性价比的顺周期板块做补充配置，以平衡持仓结构。 近期市场对有色板块估值展开热议。部分基金经理认为，当下有色板块表现的确已反映过去两年的业绩 高增长态势，但从估值水平看，有色金属核心品种并未享受明显的估值拔升溢价。同时，多位基金经理 都在关注接下来国内PPI数据回升这一重要的趋势变化。随着政策继续加码，有观点认为，国内基本面 可能在未来半年迎来温和修复，"反内卷"政策可能会加速大部分传统行业的格局优化。 配置有色板块成共识 与此同时，有色金属板块吸引了众多资金的目光。截 ...

第三方机构最新数据显示，国内私募CTA策略在2025年交出了亮眼的成绩单。根据私募排排网监测， 2025年度有业绩记录的1305只CTA策略产品平均收益率为17.09%，其中85.06%的产品实现正收益，两 项数据较2024年的12.31%、78.71%，均有显著提升。得益于市场的结构性趋势性行情及宏观高波动环 境，CTA策略在2025年迎来了业绩与关注度的双重提升。业内人士表示，部分品种价格已处于历史高 位，商品作为资产配置"稳定器"的价值，在复杂宏观背景下愈发凸显。另外，随着行业的持续进化与分 化，更系统的专业能力成为长期致胜关键。 ● 本报记者 王辉 趋势与波动成就业绩"大年" 2025年，商品市场为CTA策略运作提供了丰厚的土壤。全年来看，以黄金、白银、铜为代表的贵金属及 有色金属板块走出了波澜壮阔的趋势性行情，成为推动CTA策略整体收益率上行的核心引擎，也显著提 升了该策略在投资端的吸引力。 业绩的背后，是CTA策略为适应日益复杂的市场环境所进行的持续迭代与进化。2025年的市场不仅给予 了机会，也对CTA策略的实盘运作带来了严峻挑战。业内人士称，这主要集中在"反内卷"政策带来的非 线性市场特征，以 ...

Core Viewpoint - The Ministry of Emergency Management and the Ministry of Industry and Information Technology have issued guidelines to accelerate the innovation and development of emergency management equipment, aiming to enhance technological support and promote high-quality development in the safety emergency equipment industry [1] Group 1: Overall Requirements - The guidelines emphasize a demand-driven and practical approach, focusing on urgent needs and pain points in emergency management equipment [2] - A systematic planning and construction approach is advocated, with an emphasis on top-level design and forward-looking layout for modernizing emergency management equipment [2] - Innovation-driven and technology-enabled strategies are highlighted to enhance independent innovation capabilities in emergency management equipment [2] Group 2: Specific Initiatives - The guidelines outline multiple initiatives, including promoting urgent technological research, strengthening the application of advanced equipment, and enhancing support mechanisms [3] - There is a focus on cultivating a robust industrial ecosystem by integrating resources from research institutions, universities, and enterprises to foster innovation [3] - The establishment of a diversified funding mechanism is encouraged to support equipment construction and industry development, alongside the promotion of local policies to enhance resource allocation [3]

Group 1 - The core viewpoint of the article highlights the accelerated integration of technological innovation and industrial innovation in China by 2025, with significant growth in strategic emerging industries and enhanced conversion of scientific achievements [1][3] Group 2 - In terms of strategic emerging industries, sales revenue in high-tech industries is projected to grow by 13.9% year-on-year in 2025, with high-tech manufacturing and high-tech services increasing by 10.1% and 16.6% respectively [1] - Key sectors such as lithium-ion battery manufacturing, service robots, industrial robots, and biopharmaceuticals are expected to see remarkable sales revenue growth of 25.1%, 60.7%, 17.4%, and 7.7% respectively [1] Group 3 - The conversion of scientific achievements is reflected in a 20.4% year-on-year increase in sales revenue for the scientific research and technical services industry, and a 10.7% increase for knowledge-intensive industries [2] - The national technology contract transaction amount is projected to grow by 19.1% year-on-year, indicating an increase in the application of scientific achievements [2] Group 4 - The integration of digital technology with the real economy is highlighted by a 9.4% year-on-year growth in sales revenue for core digital economy industries, with related digital product manufacturing and digital technology application growing by 9.4% and 13.8% respectively [2] - The amount spent by enterprises on digital technology is expected to increase by 9.6%, with manufacturing sector spending rising by 10.4% [2] Group 5 - Traditional industries are accelerating their transformation and upgrading, with automation being a key focus, particularly in sectors like petrochemicals, steelmaking, and ironmaking, which are seeing increases in automation equipment purchases of 17.3%, 11.7%, and 12.7% respectively [2] Group 6 - The data reflects solid achievements in China's technological self-reliance and the cultivation of new productive forces, driven by precise policy support and accelerated gathering of innovative elements [3] - This progress not only promotes the upgrading of industrial structure towards high-end development but also strengthens the technological innovation support for the 14th Five-Year Plan, injecting strong and sustainable internal momentum for high-quality development [3]

● 本报记者 董添 1月27日，市场监管总局召开2025年综合整治"内卷式"竞争十大重大案件专题新闻发布会。市场监管总 局反垄断二司副司长谢方在会上表示，投资并购是经营者通过市场化机制实现资源整合、优势互补及市 场出清的重要方式。市场监管总局坚持"快审不降质、严审不增负"，加强汽车、光伏、锂电池等"内卷 式"竞争重要领域经营者集中审查，有效支持企业依法通过并购盘活闲置资产、提升经营效率，支持企 业通过并购重组走出"内卷式"竞争。 完善经营者集中审查制度规则 谢方表示，2025年共审结相关领域案件129起，所涉案件包括促进技术协同、实现优势互补，优化产能 布局、整合区域资源，盘活闲置产能、促进转型升级等多种类型。 谢方提出，十大重大案件中的中国石油集团济柴动力有限公司与宁德时代新能源科技股份有限公司新设 合营企业案就是一个典型的例子。2025年6月，市场监管总局收到该案经营者集中申报。双方设立合营 企业主要从事锂电池储能系统集成业务，产品主要供中石油体系内油田自用，目的在于围绕油田特定的 储能需求，开创"以场景定技术、以需求促创新"的合作方式，摆脱"内卷式"竞争。经过审查，市场监管 总局认为交易不会对相关市场产 ...

图为1月26日客货邮融合班船在霞浦县海岛乡的西洋岛码头靠泊（无人机照片）。 福建省宁德市海域面积辽阔，大小岛屿星罗棋布。近年来，该市通过有效整合交通、物流等资源，开 通"海上客货邮融合线路"，打通群众出行、货运物流、寄递服务需求"最后一公里"，推动"覆盖到村、 连接到户、高效运输、成本经济"的海岛客货邮流通体系建设，不仅给群众带来了便利，也为海岛的乡 村产业振兴提供保障。 新华社图文 ...

A07·公司纵横 1201家上市公司披露2025年全年业绩预告，其中107家公司预计全年归属于上市公司股东的 净利润同比翻倍。 ▲▲ ...