医保基金作为保障人民群众健康权益的重要资金池，其安全、合理、高效运行成为全社会关注的焦点。然而，传统的基金监管方式已难以适应 数字化、智能化治理的要求，医保基金智能监管逐渐成为推进医保精细化管理、防范基金风险、构建可持续医疗保障体系的重要抓手。 2024 年，全国医保系统共追回医保基金275亿元，其中通过智能监管子系统挽回损失31亿元，充分彰显了智能监管的显著成效。笔者结合医保基金 监管的政策背景、现实需求，探讨医保基金智能监管的核心特征及未来发展路径，以期为医保基金安全高效运行提供参考。 医保基金智能监管的政策背景 医保基金使用涉及主体多、链条长、风险点多，监管难度大。为应对这些挑战，国家出台了一系列政策文件， 推动医保基金监管的数字化转 型。2021年，国家医保局等七部门联合印发《医疗保障基金使用监督管理条例》，构建了依法依规、全链条、全流程的基金监管制度体系。 2023年，国家医保局发布《关于进一步深入推进医疗保障基金智能审核和监控工作的通知》，明确提出到2023年底前全部统筹地区上线智能监 管子系统，初步实现全国智能监控"一张网"。此外，《医疗保障基金智能审核和监控知识库、规则库框架体系（1.0版）》 ...

稳定币不仅是法定货币信用在数字空间的延伸，更是连接加密世界的关键入口。在欧盟、美国、中国香港相继出台监管法规，大力发展稳定币的背景下，稳定币成 为国家数字金融话语权的战略博弈。本报告系统梳理稳定币运行机制和应用场景，分析其与央行数字货币的差异以及对传统金融体系的影响。 ■ 稳定币是国家数字金融话语权的战略博弈。 稳定币是基于区块链技术、价格相对稳定的加密数字货币。在DeFi生态、RWA交易、跨境支付等新兴领域高速发展的 背景下，发展稳定币已成为各国抢占Web3时代制高点、强化数字金融话语权的战略博弈。中国香港《稳定币条例》的核心创新在于 严准入、强储备、保赎回。 中 美欧三大司法管辖区的监管制度呈现差异化战略导向： 中国香港侧重开放与兼容，美国强化美元主导地位，欧盟追求统一与安全。 ■ 稳定币的运行机制及应用场景。 （1） 基于锚定机制的不同，稳定币主要有法币抵押型、加密资产抵押型和算法型三种类型，其中法币抵押型占据稳定币市场主 导地位。 （2） 稳定币市场呈现出"一超一强，百花齐放"的格局，USDT与USDC合计占比86%，两者又因发展轨迹和运行机制的差异，具有不同的应用场景。 （3） 稳定币生态由发行、运 ...

巴黎大区工商会会长Dominique Restino在欢迎辞中表示："在价值链重组、可持续发展挑战加剧、经济主权日益受到重视等诸多快速变革下，法中关 系正开启全新篇章。法国企业亟须顺应时代变局，而中国是诸多领域至关重要的战略要地，也是法国企业的重要市场——对法国优势产业企业而言更 是如此。" 第十一届中欧"欧洲论坛"现场。 2025年正值中欧建交50周年重要节点，中法两国作为东西方文明对话的典范，正以开放为锚点，深化战略协同，探索重塑增长的重心。本次论坛 以"不确定时代：开放重塑增长"为主题，特邀中法两国政商学界重磅嘉宾共同探讨两国如何实现优势互补、双方产业如何在不确定时代实现可持续增 长等关键议题。 新京报贝壳财经讯（记者丁爽）"在地缘政治和全球经济充满不确定性的时代，唯有'开放'才能在不确定中创造确定性。时值中欧建交50周年之际， 中国和欧洲作为全球两大力量、两大市场、两大文明，可为当前不确定性的时代注入更多的确定性。"6月30日，第十一届中欧国际工商学院"欧洲论 坛"在巴黎举办，论坛致辞环节，中欧国际工商学院院长汪泓表示。 法国前外交部长于贝尔·韦德里纳（Hubert Vedrine）则在主旨演讲中指出 ...

Core Viewpoint - The National Medical Products Administration (NMPA) is accelerating the establishment of quality management system inspection points for high-end medical products, including surgical robots and recombinant collagen, to support the innovation and development of high-end medical devices [1] Group 1: Regulatory Measures - The NMPA has announced measures to optimize the lifecycle supervision of high-end medical devices, focusing on innovative products [1] - Regulatory discussions will be held for representative innovative medical devices, guiding local supervision in provinces with concentrated innovation [1] - The NMPA aims to analyze innovation points and risk points, and develop targeted regulatory measures [1] Group 2: Quality Management System - The NMPA is expediting the formulation of inspection points for quality management systems for various innovative products, including carbon ion/proton therapy systems and animal-derived artificial heart valves [1] - High-end products such as surgical robots, AI medical devices, and recombinant collagen will also have specific quality management system inspection points established [1] Group 3: Capacity Building - The NMPA plans to strengthen the selection and training of national-level inspectors for high-end medical devices [1] - There will be efforts to validate the quality management systems of provincial inspection agencies and enhance their capabilities [1] - The goal is to improve the quality and efficiency of inspections conducted by provincial agencies [1]

Core Viewpoint - The National Medical Products Administration (NMPA) is enhancing the regulation of botulinum toxin to prevent its illegal distribution, responding to recent media exposure of issues related to unregulated medical beauty training and injection practices [1] Regulatory Actions - The NMPA has established a national drug traceability supervision system to monitor the distribution of botulinum toxin products and promptly alert risks [1] - The regulatory body emphasizes the importance of public medication safety and is committed to strengthening the oversight of drug quality and safety [1] Enforcement Measures - The NMPA plans to continue its efforts in addressing illegal activities related to drug use and will collaborate with law enforcement agencies to combat crime [1] - The focus is on ensuring the safety and health of the public regarding medication use [1]

Core Viewpoint - The chairman of Jiangsu Baichuan High-tech New Materials Co., Ltd., Zheng Tiejiang, has been placed under investigation and detention by the Jiangyin Municipal Supervisory Committee, leading to a significant drop in the company's stock price and raising concerns about its financial stability and ongoing projects [2][9]. Company Overview - Jiangsu Baichuan High-tech New Materials Co., Ltd. was founded in 2002, with Zheng Tiejiang holding a 75% stake initially. The company has undergone several changes in ownership structure, with Zheng and his family remaining the primary shareholders [4]. - The company has faced financial difficulties, with a significant drop in revenue from 2014 to 2016, but saw a recovery in subsequent years, primarily driven by its traditional chemical business rather than its newer energy materials segment [6][7]. Financial Performance - In 2023, Baichuan's new materials and energy businesses reported negative gross margins of -4.76% and 0.51%, respectively, contributing to an overall net loss of 466 million yuan [6]. - The company reported a gross margin of -1.95% for its new materials business and -38.69% for its energy business in 2024, although its chemical business improved to a gross margin of 16.90%, allowing the company to return to profitability [7]. Shareholding and Financial Issues - As of March 2023, Zheng Tiejiang had pledged 36,397,500 shares, representing 6.12% of the company's total shares and 43.16% of his holdings, primarily for personal financing needs [8]. - Baichuan's financial situation is strained, with a significant liquidity gap, as its current assets of 3.016 billion yuan are overshadowed by current liabilities of 7.637 billion yuan, indicating a need for financial restructuring [8]. Impact of Leadership Changes - The detention of Zheng Tiejiang introduces uncertainty to ongoing projects, particularly in the energy sector, which has already been underperforming [9]. - The increasing regulatory scrutiny in the capital market reflects a broader trend of tightening oversight, which may impact investor confidence and the company's operational stability [9].

Core Viewpoint - German Chancellor Merz stated that the U.S. is pushing for more banking regulations to be implemented in Germany while not applying the same rules to itself, indicating a need for a reevaluation of this issue [1] Group 1 - The U.S. is advocating for increased banking regulations in Germany [1] - There is a perceived inconsistency in regulatory application between the U.S. and Germany [1] - The need for Germany to reconsider its approach to banking regulations is emphasized [1]

Group 1 - Major European companies, including ASML, SAP, and Mistral AI, are urging the EU to postpone the implementation of the landmark AI Act, citing potential risks to Europe's ambitions in the AI sector [1][2] - A public letter signed by 44 CEOs calls for a two-year delay in regulations concerning powerful AI models and high-risk AI systems, advocating for a more innovation-friendly regulatory approach [1][2] - The letter emphasizes that delaying the regulations and prioritizing regulatory quality over speed would send a strong signal to global innovators and investors about Europe's commitment to deregulation and enhancing competitiveness [1] Group 2 - The AI Act, passed last year, aims to prevent serious misuse of AI technology, requiring developers to disclose training methods and comply with copyright policies [2] - Companies are frustrated with the EU Commission's failure to issue key guidelines and standards, including a compliance guideline for advanced AI companies that was supposed to be released in May but has faced delays and criticism [2] - The US government has expressed concerns regarding the current version of the guidelines, urging the EU to abandon the existing draft due to its perceived overreach beyond the scope of the AI Act [2]

Core Viewpoint - The Guangdong market regulatory system has introduced credit repair initiatives to support enterprises, showcasing ten typical cases and innovative grassroots credit regulation measures, emphasizing the importance of credit in the market economy and business environment [1][3]. Group 1: Credit Repair Initiatives - From January to May 2025, the market regulatory system in Guangdong has repaired credit for 5.604 million business entities, facilitating financing of 1.67 billion yuan and releasing registered capital of 30.88 billion yuan [1]. - The ten typical cases of credit repair include various sectors, such as a kindergarten receiving loan approval, a land development company completing equity transfer registration, and a media company recovering funds [2]. Group 2: Regulatory Innovations - The establishment of a unified credit repair system is a key measure for building a national unified market, enhancing the regulatory and governance mechanisms based on credit to foster a better development environment [3]. - Innovative grassroots regulatory measures include the implementation of a "credit + whitelist" management system in Guangzhou, the exploration of inclusive financing reforms in Shenzhen, and the development of a "credit sandbox" regulatory model in Shantou [4].

美国国债需求短期内不会因稳定币增长而大幅提升？ 据追风交易台信息，花旗在6月20日的报告中表示，美元稳定币的崛起更多是美元储备地位的反映，而非推动因素。美国国债需 求短期内不会因稳定币增长而大幅提升，非美稳定币的相对增长将成为去美元化趋势的重要观察指标。 稳定币增长难以实质性推动美债需求 GENIUS稳定币法案已在参议院通过，众议院的STABLE法案也已出委员会。花旗认为这是为美国数字资产提供监管明确性的重 要步骤，对整个行业构成利好。立法通过是数字资产监管框架完善的关键里程碑，有助于加速稳定币的广泛应用。 市场普遍关注稳定币是否将成为美国国债需求的新增长点（提升美元地位）。 花旗分析认为，该问题的答案是有条件的 "既是又不是"。背后的关键在于资金来源：如果新发稳定币来自现有银行存款或货币 市场基金的转移，实际上不会产生净新增美债需求。 目前泰达币（Tether）和 Circle 主要持有美国国债，并通过回购交易来支撑资产。 花旗认为，短期内在稳定币普及度提升之前，其增长不会显著增加美国国债需求。当前稳定币的增长可能会分流银行存款（降 低银行对美国国债的需求）和 / 或货币市场基金（直接减少美国国债需求）。如 ...