A股，重磅利好！

Group 1 - The China Securities Regulatory Commission (CSRC) Chairman Wu Qing emphasized the need to optimize evaluation indicators for quality institutions, appropriately expand capital space and leverage limits, and enhance capital utilization efficiency [2][6] - The Financial Regulatory Bureau announced adjustments to risk factors for insurance companies' investments in specific indices, which will lower capital occupation and improve solvency ratios, encouraging long-term investment by insurance funds [2][8][10] - The new performance assessment guidelines for fund managers link their compensation closely to fund performance, with significant penalties for underperformance [3][15] Group 2 - The People's Bank of China has increased its gold reserves for the 13th consecutive month, with reserves reaching 7.412 million ounces as of the end of November [5] - The CSRC is pushing for a shift from price competition to value competition among securities firms, encouraging resource integration and the development of internationally influential benchmark institutions [6] - The CSRC is seeking to enhance corporate governance and investor protection through new regulations on market capitalization management, cash dividends, and share buybacks [7] Group 3 - The new drug directory for basic medical insurance and commercial health insurance will be implemented starting January 1, 2026, with strict compliance required from local authorities [16] - The 2025 drug directory includes 114 new drugs, of which 50 are classified as innovative drugs, highlighting a focus on high-quality development in the pharmaceutical sector [17] Group 4 - Major airlines have extended free ticket changes and cancellations for flights to and from Japan until March 28, 2026, reflecting ongoing adjustments in the travel sector [18] - This week, five new stocks are available for subscription, indicating ongoing market activity [19][20]