增强行动自觉 一枝独秀不是春，百花齐放春满园。 展望打造一流投资银行和投资机构的宏伟蓝图，证券行业不仅需要功能全面、实力雄厚的"航母级"证券 公司，也需要在细分领域、特色客群、重点区域等方面集中资源、深耕细作的特色机构。作为中国最 大、国际化程度最高的金属矿业企业集团——中国五矿旗下证券公司，五矿证券党委书记、董事长、总 经理郑宇感悟颇多。 日前在接受中国证券报记者专访时，郑宇详细介绍了五矿证券在"十五五"时期的发展规划。作为一家具 有鲜明产业背景的央企旗下证券公司，五矿证券始终牢记"央企姓党、国企为国"的政治本色，聚焦金融 服务实体经济使命，着力推动党建工作与生产经营深度融合；未来五矿证券将继续秉持"矿业报国、矿 业强国"的初心，坚定"奋发有为、迈向一流"的决心，深化"特而精、小而美"的发展路径，将资源高效 配置到保障金属矿产资源安全、培育壮大战略性新兴产业等重点领域，在服务国家战略与实体经济的过 程中实现更高质量、更可持续的发展。 ● 本报记者 徐昭 胡雨 在党建工作与业务发展融合层面，五矿证券聚焦金融服务实体经济使命，着力推动党建工作与生产经营 锚定建设金融强国使命 随着"加快建设金融强国"写入"十五五 ...

● 本报记者 张佳琳 隐私泄露、骚扰不断、暴力催收……个人消费贷款规模快速增长的同时，信贷催收乱象也随之凸显。为 规范行业发展，中国银行业协会日前发布的《金融机构个人消费类贷款催收工作指引（试行）》明确， 未经债务人同意，严禁在每日22时至次日8时进行电话催收、外访催收及其他催收。同时，针对催收频 次、联系信息获取及联系第三人等模糊问题，指引也设立了量化标准与具体说明。业内人士认为，指引 将推动个人信贷催收从野蛮生长走向规范发展，并促使金融机构提升精细化管理能力。 细化催收行为规范 "我同学欠钱了，催收电话深夜打到我这里，让我帮他还款。他们说我和这位同学的姓氏相同，有亲属 关系。但我们只是普通同学关系，已经10多年没联系了，催收机构按照欠钱同学的通讯录挨个打电 话。"哈尔滨市民王伟向记者讲述了他的经历。 无辜者深夜被催收电话惊醒，亲朋好友因债务关系遭"通讯录轰炸"，如今这些催收行为被关进了制度 的"笼子"。业内人士告诉记者，指引强调抓痛点、难点、堵点，着力解决催收行为缺乏明确标准、外部 催收机构管理缺失等一系列长期困扰行业的疑难杂症。细化了催收行为规范，对社会关注的催收时间、 频次、联系信息获取等热点问题进行 ...

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session is a significant meeting that outlines how the financial industry can better serve the national agenda during a new development phase, emphasizing the importance of high-quality development in finance [1] Group 1: Understanding the Meeting's Significance - The meeting summarizes the achievements of the new era and provides a top-level design for economic and social development during the "14th Five-Year Plan" period, highlighting its far-reaching significance for advancing Chinese-style modernization [2] - The financial industry must align its strategies with national strategies, taking on the responsibility of supporting high-quality development and contributing to the construction of a financial powerhouse [2] Group 2: Commitment to People-Centric Development - The meeting emphasizes a people-centered development approach, which is crucial for the financial sector as it must serve the public and create value for investors [2] - The company aims to enhance its investment experience and returns for investors by adhering to a long-term value-oriented philosophy and improving its investment research system [2] Group 3: Strategic Development and Long-Term Focus - Achieving socialist modernization is a gradual process that requires sustained effort, indicating that improvements in asset management and brand building take time [3] - The company focuses on quality and sustainability rather than short-term gains, emphasizing the importance of building core capabilities across various aspects of investment and risk management [3] Group 4: Professional Service to the National Agenda - The company plans to actively engage in technology and green finance to support the real economy, directing capital towards key sectors and promoting industrial upgrades [4] - It aims to enhance inclusive finance and pension finance to contribute to common prosperity, providing tailored financial products for different investor needs [4] Group 5: Long-Term and Value Investment - The company is committed to long-term and value investing, focusing on deep fundamental research and developing a range of investment products to meet diverse investor needs [5] - It is responding to industry reforms by launching performance-linked fee structures for its funds, aiming to align interests with investors [5] Group 6: Internal Reform and Risk Management - The company is deepening internal reforms to align with high-quality development standards, enhancing its investment framework and risk management systems [6] - It emphasizes the importance of compliance and risk control to ensure sustainable development and prevent major risks [6] Group 7: Implementation of Meeting Outcomes - The financial industry must continuously enhance its capabilities to contribute to the construction of a financial powerhouse and Chinese-style modernization [7] - The company will focus on serving the real economy, managing risks, and improving investor experiences as part of its commitment to the meeting's spirit [7]

● 本报记者 石诗语 近日，拉卡拉、新国都等多家支付机构或支付机构母公司陆续发布2025年业绩预告。数据显示，部分公 司归母净利润凭借非经常性损益实现增长，但扣非后净利润普遍下滑，传统收单业务受市场竞争、交易 规模收缩等因素影响持续承压。展望2026年，探索跨境支付、AI融合等转型方向成为支付行业突围的 重要抓手。 多家公司扣非净利润预计亏损 拉卡拉、新国都等6家支付机构或支付机构母公司近日发布了2025年业绩预告，在扣除非经常性损益 后，一些公司核心业务净利润出现不同程度下滑。 其中，拉卡拉在业绩预告中表示，该公司2025年归属于上市公司股东的净利润预计为10.6亿元至12亿 元，较上年同期增长202%至242%。值得注意的是，该公司扣除非经常性损益后的净利润预计为3亿元 至4.1亿元，较上年同期下降46%至26%。 嘉联支付母公司新国都在业绩预告中披露，该公司2025年归属于上市公司股东的净利润预计为4亿元至5 亿元，较上年同期增长70.79%至113.49%，扣除非经常性损益后的净利润预计为3.5亿元至4.5亿元，较 上年同期下降28.91%至8.60%。 翠微股份在分析业绩亏损原因中提到，该公司控股子 ...

● 本报记者 郝健 近期黄金价格上演过山车式行情。实物黄金交易中，回购柜台前投资者因价格波动或获利了结或陷入浮 亏纠结，而销售区却因投资需求与刚需消费持续火爆；金融市场上，黄金主题类ETF上演"跌停后反 弹"，资金在恐慌与淡定之间反复切换。机构表示，黄金价格短期波动加剧，长期牛市逻辑虽未改变， 但需警惕市场动荡风险。 卖金各有考量 虽已是中午十二点半，北京某商场办理黄金回购业务的柜台前依然排着长队。 "周日人多，队伍绕着圈排，根本看不到头，等三个小时是常事。"一位住在附近的大爷告诉中国证券报 记者，他今天已是第二次过来，"儿子结婚急用钱，看着金价从高点下来了，怕再跌，赶紧来卖掉一部 分，落袋为安。" 这种"怕再跌"的心理，在投资者中颇具代表性。投资者魏女士从去年底开始分批购入投资金条，面对当 前的高位震荡，她选择先卖出一部分锁定利润。"涨的时候总觉得还能涨，跌的时候又怕一直跌。人性 就是这样。反正现在卖也是赚的。" 次日，剧情再次反转。2月3日，这20只ETF收盘全部上涨。黄金股票型ETF中，国泰中证沪深港黄金产 业股票ETF领涨，当日涨幅4.24%；商品型黄金ETF中，华安易富黄金ETF上涨5.19%，表现 ...

Core Insights - The health insurance sector fell short of the long-anticipated "trillion yuan premium" milestone in 2025, achieving a total premium income of 997.3 billion yuan, just shy of the target [1] - The growth rate of health insurance premiums has slowed significantly, with a mere 2% increase in 2025 compared to 8% in 2024, indicating a shift in the growth dynamics of the insurance industry [1][2] - The decline in the sales of critical illness insurance, which has historically been a major driver of growth, has led to a stagnation in the overall health insurance market [2][3] Premium Growth and Market Dynamics - In 2023, health insurance premiums surpassed 900 billion yuan, reaching 903.5 billion yuan, and increased to 977.4 billion yuan in 2024, but the growth has significantly decelerated in 2025 [1] - The primary reason for the slowdown is attributed to the declining sales of critical illness insurance, which has seen stagnant or even shrinking premium scales, adversely affecting the overall market growth [2] - Rising premiums and decreasing coverage for the same premium amount have led consumers to forgo purchasing critical illness insurance [2] Shift to Medical Insurance - As critical illness insurance growth stagnates, medical insurance is expected to take the lead in the health insurance sector, with anticipated high growth rates driven by innovations in payment methods and product offerings [3][4] - The current trend in medical insurance is evolving from standard hospitalization coverage to more comprehensive plans that include outpatient services, special needs, and health management [3] - The commercial health insurance sector is projected to see a total payout of 14.7 billion yuan for innovative drugs and devices by 2025, reflecting a compound annual growth rate of 70% [3] Future Growth Engines - The aging population and the associated risks of "longevity but disability" are expected to drive the growth of nursing insurance, which is shifting from savings-type to protection-type products [4] - Industry experts emphasize the need for continuous innovation to address specific consumer needs, with medical and nursing insurance becoming key growth drivers [4][5] - The competitive landscape is shifting towards not just pricing and policy terms but also the integration of medical resources and health service ecosystems [4][5] Strategic Directions - The health insurance sector is moving towards a model where a competitive policy is not just a contract but a comprehensive health solution that includes various services and benefits [4][5] - The upcoming regulatory frameworks, such as the "Guiding Opinions on Promoting High-Quality Development of Health Insurance," are expected to provide new directions for specialized development in the industry [5] - Companies are encouraged to develop differentiated products tailored to various demographics and scenarios, enhancing collaboration with medical institutions to create a holistic health management service [5][6]

Core Viewpoint - The regulatory authorities have mandated fund sales institutions and third-party platforms to conduct self-examinations and remove misleading features that could confuse investors, aiming to promote long-term investment strategies over short-term trading behaviors [1][2][4]. Group 1: Regulatory Actions - Regulatory bodies have observed that some fund sales institutions and unlicensed third-party platforms have reinstated "real-time valuation" features, which could mislead investors and dilute fund product returns [2][4]. - Fund sales institutions and third-party platforms are required to remove features such as "real-time valuation," "increased position rankings," and "actual performance rankings" to prevent misleading investor behavior [2][3]. - Major platforms like Ant Wealth and Tonghuashun Fund have already announced the suspension of real-time valuation and related ranking features, with specific timelines for these adjustments [2][3]. Group 2: Industry Response - Various platforms have begun to remove features that could negatively impact investor behavior, such as "simulated valuation" and "ranking lists" [3][4]. - Despite regulatory requirements, some platforms continue to display real-time valuations under different formats, indicating a need for further compliance [4][5]. - The industry is undergoing a self-assessment process to ensure compliance with new regulations, including reviewing partnerships with unqualified internet influencers for fund sales activities [3][4]. Group 3: Market Implications - The removal of real-time valuation and ranking features is part of a broader effort to guide fund sales away from short-term trading and encourage investors to focus on long-term asset management [4][5]. - The use of real-time valuation has been criticized for facilitating frequent trading and market speculation, which contradicts the fundamental purpose of public funds aimed at ordinary investors [5].

AI技术深度融入 与往年单纯依赖流量竞争的模式不同，今年年货节期间，AI技术已深度融入商家选品、用户匹配、供 应链履约、直播销售等全流程，各大平台也依托AI技术走出差异化的创新路径。 在用户需求匹配与品牌种草领域，阿里妈妈通过AI实现需求匹配的"深度下钻"。阿里妈妈市场部总监兮 静介绍，通过动态追踪全域种草效果，深度挖掘赛道中的趋势人群与高转化人群，并智能输出最优的资 源组合方案与人群推荐策略，帮助品牌实现从淘外种草到淘内追投、搜索转化的闭环，开辟精准种草新 路径。 ● 本报记者 王舒嫄 年味渐浓，消费升温。"2026全国网上年货节"自1月19日启动以来，线上消费市场活力持续释放。中国 证券报记者在采访中了解到，今年网上年货节呈现出AI技术深度融入、情绪消费加速崛起等新特征， 既重构了新春年货的消费场景，更折射出我国消费市场向品质化、个性化升级的鲜明趋势，尽显新春消 费的全新活力。 除了供应链领域的创新，京东还将AI技术延伸至直播销售场景，丰富消费体验。1月26日起，今年年货 节期间，京东AI原生数字人正式上线。年货节期间，海尔、VAIO、a2、WHC等品牌的超百位总裁，将 以定制数字人分身的形式亮相京东直播 ...

北京安贞医院作为北京市政府指定的首家"机器人+医疗"应用示范单位，现已有25款医疗机器人在临床 试用，覆盖了门诊、药房、病房、手术室、导管室等多个区域。机器人"员工"作为医生的智慧助手，正 成为北京安贞医院智慧化转型升级的力量。 图为2月3日拍摄的北京安贞医院通州院区库发核一体化智慧药房。 新华社图文 ...

● 本报记者 李梦扬 2月3日，上海市第十六届人大四次会议开幕，上海市市长龚正作《政府工作报告》。龚正表示，综合各 方面因素，建议今年全市经济社会发展的主要预期目标为全市生产总值增长5%左右。上海将聚焦"五个 中心"建设，强化"四大功能"，不断巩固拓展经济稳中向好势头；加快构建现代化产业体系，制定实施 脑机接口、量子计算、硅光、6G等领域未来产业培育方案；深入实施"人工智能+"行动，新增50家以上 先进智能工厂；更大力度培育壮大长期资本、耐心资本，完善产融对接机制，推动更多金融资源用于支 持扩大内需、科技创新、先进制造、绿色发展和中小微企业。 报告表示，过去一年，上海聚力落实国家重大战略任务，"五个中心"建设扎实推进。加快构建现代化产 业体系，有力推进集成电路装备、零部件、材料、EDA软件等全产业链攻关，深入实施"模塑申城"工 程，完善高端医疗器械、智能终端、智算云、具身智能、商业航天等产业发展政策，推进大飞机规模化 系列化发展，制定实施脑机接口、量子计算、硅光、6G等领域未来产业培育方案，多措并举促进服务 业创新发展，产业基础高级化、产业链现代化水平进一步提升。 报告提出，今年要推进临港科创城建设，加快打造 ...