95%以上 新华社权威快报 7月14日 国家医保局发布 《2024年全国医疗保障事业发展统计公报》 全国基本医疗保险参保 约13.27亿人 参保率稳定在 国家医保局7月14日发布《2024年全国医疗保障事业发展统计公报》，从基本医疗保险运行、生育保险 制度保障、异地就医服务、医保基金监管等方面介绍2024年医保事业发展相关情况。 公报显示，我国基本医疗保险运行安全稳健。截至2024年底，全国基本医疗保险参保约13.27亿人，参保 率稳定在95%以上。2024年全国基本医疗保险基金总收入34913.37亿元，基金总支出29764.03亿元。 国家医保局成立以来，医保基金累计支出16.48万亿元，年均增速达11%，为广大人民群众看病就医提供 了坚实保障，也为医药行业发展、医药技术进步、产业能力提升提供了有力支持。 来源：新华社 责编：叶舒筠 校对： 王锦程 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小 ...

Core Viewpoint - The National Healthcare Security Administration (NHSA) has released the "2024 National Medical Security Development Statistical Bulletin," indicating a stable growth in basic medical insurance coverage and a focus on improving service quality and fund management [2][4]. Group 1: Basic Medical Insurance Coverage - As of the end of 2024, approximately 1.327 billion people are enrolled in basic medical insurance in China, maintaining a coverage rate of 95% [4][5]. - The number of employees covered by medical insurance has increased to 379 million, reflecting a 2.3% growth compared to the previous year [5]. Group 2: Fund Revenue and Expenditure - The total revenue and expenditure of the national basic medical insurance fund (including maternity insurance) for 2024 are projected to be approximately CNY 3.49 trillion and CNY 2.98 trillion, respectively [4]. - The employee medical insurance fund revenue is estimated at CNY 2.373 trillion, a 3.5% increase year-on-year, while expenditures are expected to reach CNY 1.910 trillion, marking a 7.6% increase [7][11]. Group 3: Medical Treatment and Benefits - The number of treatment beneficiaries under employee medical insurance is projected to reach 5.308 billion in 2024, a 9.9% increase from the previous year [13]. - The average hospitalization cost for employee medical insurance participants is estimated at CNY 11,707, with varying costs across different levels of medical institutions [15][18]. Group 4: Resident Medical Insurance - By the end of 2024, the number of participants in urban and rural resident medical insurance is expected to reach approximately 947 million [20]. - The revenue for resident medical insurance is projected to be CNY 1.118 trillion, with expenditures of CNY 1.066 trillion, resulting in a cumulative balance of CNY 818.3 billion [21]. Group 5: Maternity Insurance - The number of participants in maternity insurance is expected to reach 25.3 million in 2024, with a 30.2% increase in the number of beneficiaries enjoying maternity benefits [32]. - Maternity insurance fund expenditures are projected to be CNY 140.293 billion, reflecting a 19.2% increase from the previous year [32]. Group 6: Medical Assistance - In 2024, medical assistance expenditures are expected to reach CNY 79.232 billion, providing support to approximately 79.16 million people participating in basic medical insurance [34]. - The average assistance for hospitalization and outpatient services is projected to be CNY 1,254 and CNY 92, respectively [34]. Group 7: Drug and Medical Supply Management - The 2024 National Basic Medical Insurance Drug List includes 3,159 drugs, with 91 new additions this year [38]. - The implementation of centralized procurement for drugs and high-value medical consumables continues, with 62 drugs included in the latest round of procurement [43]. Group 8: Cross-Region Medical Services - In 2024, the total number of cross-region medical visits is expected to reach 397 million, with associated costs of CNY 786.774 billion [44]. - Employee medical insurance accounts for 262 million of these visits, while resident medical insurance accounts for 134 million [44].

Group 1 - Guorong Fund's Guorong Tieli 6-Month Bond Fund failed to meet registration conditions upon the expiration of its fundraising period, resulting in the fund contract not taking effect [1][3] - This marks the fourth public fund to announce a failed issuance in 2025, with two of them being bond funds [2][3] - The fund was launched on April 11, 2025, with managers Li Qinghua and Jia Yuxuan, but both have faced poor performance rankings in their respective categories [3][4] Group 2 - Guorong Fund's total management scale as of July 14 is 2.965 billion, a decrease of 206 million from the end of the previous year, with both mixed and bond funds hovering around 1.5 billion each [4][5] - The fund is also experiencing shareholder changes, with Guorong Securities set to be acquired by Western Securities, which could lead to indirect control of Guorong Fund [5] - Despite two capital increases totaling 50 million this year, the fund has not been able to reverse the trend of failed new fund issuances [5] Group 3 - The trend of failed fund issuances is not limited to Guorong Fund, as other funds like Shenwan Lingxin's Shenwan Lingxin Yuanjian Growth Fund also failed to take effect [6][9] - Shenwan Lingxin Fund's management scale has decreased significantly from over 100 billion in 2015 to 75.16 billion as of July 14, 2025, a drop of approximately 9.5 billion from the end of the previous year [9]

在乌苏市时珍堂大药房深入了解企业涉企检查、价格公示、医保基金专项整治；在御景湾小区查看充电 桩价格公示、计量检定，乌苏市共有9家电动自行车充电桩经营主体，分布在全市80个住宅小区，充电 桩设置195个点位，充电端口1952个，乌苏市充电桩已全部实现价费分离，建立长效监管机制，定期开 展"回头看"，形成闭环管理，巩固成果，让消费者明明白白消费；在乌苏市汇仁粮油购销有限责任公司 查看价格公示、在用的电子汽车衡、谷物容重器、水分测定仪等计量器具按时检定，并建立计量器具档 案，深入了解夏粮收购专项整治工作努力营造诚信、守法、公正、和谐的市场计量秩序，打好夏粮收 购"主动仗"推进情况；前往乌苏市祥庆烟花爆竹有限责任公司查看企业落实工业产品质量安全主体责 任、价格公示、"日管控、周排查、月调度"制度，提升产品质量管控能力，严把烟花爆竹产品质量进货 检查验收关，进一步规范烟花爆竹产品质量安全和价格经营行为给予充分肯定和高度评价，就进一步加 强推进涉企检查、价格公示、计量检定、夏粮收购、医保基金、旅游市场专项整治、质量监管提出了指 导性的意见，为新疆经济高质量发展贡献力量。 （杜志锋 张春齐 景道燕 ） 7月10日上午，自治 ...

继云南省高原特色农业高质量发展基金成功落地后，在省工业和信息化厅、省财政厅的指导下，云 南省政府投资基金体系下第二只重点产业母基金取得实质性进展，云南省先进制造业股权投资母基 金合伙企业（有限合伙）完成注册登记，基金规模50.08亿元，经营范围包含：以私募基金从事股 权投资、投资管理、资产管理等活动。 下一步，云南金控集团将及时推动制造业母基金完成中国基金业协会备案工作，充分发挥政府投资 基金的引导、放大和撬动作用，推动传统产业转型升级，促进战略性新兴产业发展和前沿企业培 育，提升工业和信息化产业竞争力，赋能云南制造业高质量发展。 来源 ： 云南金控集团 榜单： 「2025投资机构软实力排行榜」评选启动 峰会： 「2025母基金年度论坛」报名启动：汇聚中国力量！ 热文： 一纸新规，炸出一级市场的管理费焦虑 热文： 今年，上市公司热衷做并购基金 对接需求请扫码 每日｜荐读 ...

Core Viewpoint - The article highlights a significant trend of fund extensions in the investment industry, driven by mismatches between fund durations and the growth of invested companies, leading to widespread delays in exits and fund liquidations [1][5][14]. Group 1: Fund Extension Trends - A notable number of funds are currently in extension, with many having already undergone multiple extensions due to the challenges in exiting investments [1][3]. - The majority of active investment institutions were established between 2011 and 2015, indicating a high concentration of older funds facing exit difficulties [3][14]. - The trend of fund extensions is particularly pronounced among government-guided funds, which are often under pressure to meet performance metrics [6][9]. Group 2: Challenges in Exiting Investments - The difficulty in exiting investments is underscored by the fact that nearly 19 trillion yuan in funds are currently in extension or exit phases, reflecting a liquidity crisis in the primary market [14][15]. - The pressure on funds to return capital to Limited Partners (LPs) is increasing, with many funds facing scrutiny from regulatory bodies [6][10]. - The average duration for a fund to fully exit in the U.S. is around 19 years, while many domestic funds struggle to meet their shorter timelines [8][9]. Group 3: Market Dynamics and Future Outlook - The article suggests that the current environment necessitates a shift towards more patient capital, as the tech innovation cycle requires long-term investment strategies [15][16]. - Recent IPO activity, particularly in the A-share market, has created a sense of urgency among investors to capitalize on potential exits [16][17]. - The evolving landscape indicates a new cycle beginning, with expectations for improved exit opportunities as market conditions change [18].

Group 1 - The public fund market has seen a total of 31 new fund issuance plans from 26 institutions during the week of July 14 to July 20, with an average fundraising period of 12.55 days, maintaining a strong momentum with over 30 new products for three consecutive weeks [1] - Equity funds dominate the issuance, accounting for 24 out of the 31 new funds, which is 77.42% of the total issuance for the week. Among these, 18 are stock funds and 6 are equity-mixed funds [1] - Bond fund issuance has significantly decreased, with only 3 new bond funds launched this week, representing a 76.92% drop from the previous week’s 13 funds [1] Group 2 - The QDII fund market has shown a notable recovery since July, driven by two main factors: strong performance in the capital market, particularly a 20% increase in the Hong Kong stock market in the first half of the year, and supportive policies that have eased foreign exchange quota constraints for fund managers [2] - The REITs fund market is also experiencing a significant revival, supported by an improved policy environment and strong market performance, with REITs overall yields outperforming major stock indices, enhancing their appeal due to stable dividend characteristics [2]

沪深300：资本市场的"晴雨表" 纳斯达克100指数：科技巨头的"集结号" 在投资的江湖中，指数基金一直以其独特的魅力吸引着众多投资者的目光。它们像是一艘艘稳健航行的 巨轮，在市场的波涛中为投资者带来相对稳定的收益。今天，就让我们一起盘点几只高收益、低回撤的 宽基指数基金，看看它们为何能在众多基金中脱颖而出，成为投资组合中的"定海神针"。 沪深300指数，可以说是A股市场的"老大哥"。它由沪深市场中规模大、流动性好的300只最具代表性的 证券组成，涵盖了各个行业，能够整体反映A股的大致趋势。正如原文所述，沪深300在资产配置中可 以起到定海神针的作用。它就像是一位经验丰富、沉稳可靠的长者，虽然可能不会给你带来惊人的短期 收益，但在长期投资中，它的稳定性和分散性能够为你的投资组合提供坚实的基础。投资沪深300，就 像是在投资整个A股市场，它让你能够分享中国经济增长的红利，同时又避免了单一股票的风险。 央视财经50指数：独特编制的优势 央视财经50指数的编制方式可谓是独具匠心。它是由中央电视台财经频道联合五大高校以及多家专业机 构共同推出的，旨在反映中国A股市场中治理完善、财务稳健、具备持续成长能力与社会责任感的 ...

Core Viewpoint - The public fund sales institutions are undergoing a transformation due to the shrinking of trailing commissions and upcoming sales fee reforms, shifting from a "sell-side sales" model to a "buy-side service" model [1][2][5]. Group 1: Impact of Fee Reforms - The first impact on fund sales institutions is the reduction of trailing commissions, with management fees and custody fees decreasing since the initiation of the public fund fee reform in July 2023. The projected management fee income for 2024 is 124.73 billion yuan, an 8.1% decrease from 2023, with trailing commissions expected to be 35.48 billion yuan, down 8.7% [3]. - Many fund sales institutions, such as China Merchants Bank and Tiantian Fund, reported a significant decline in their distribution income, with reductions around 20% [4]. - The second impact is the anticipated reduction in sales fees, which is expected to be implemented by 2025, further constraining the revenue space for sales institutions [5]. Group 2: Transformation Strategies - Fund sales institutions are actively seeking transformation strategies in response to the dual pressures of commission shrinkage and upcoming sales fee reductions [6]. - Companies like Jiyu Fund are adjusting their product structures to focus more on multi-asset and equity products, enhancing their service offerings to meet diverse investor needs [7]. - Yingmi Fund is adopting a buy-side advisory model, aiming to align its interests with those of clients and reduce reliance on sales fees by developing a comprehensive advisory service system [8]. Group 3: Evaluation and Performance Metrics - The regulatory framework is shifting towards evaluating fund sales institutions based on investor returns, emphasizing the importance of maintaining investor profitability and long-term performance [9][10]. - Companies are adjusting their internal assessment mechanisms to focus more on the long-term stability and goal achievement of institutional clients, rather than just overall scale [11]. - The industry consensus is moving towards enhancing the investor experience through comprehensive advisory services, addressing the historical focus on initial sales rather than ongoing client engagement [12][13].

Market Overview - The Shanghai Composite Index rose by 1.09% to close at 3510.18 points, with a weekly high of 3555.22 points [1] - The Shenzhen Component Index increased by 1.78% to 10696.1 points, reaching a peak of 10757.24 points [1] - The ChiNext Index saw a 2.36% rise, closing at 2207.1 points, with a maximum of 2223.31 points [1] - In contrast, major global indices mostly declined, with the Nasdaq Composite down by 0.08%, the Dow Jones Industrial Average down by 1.02%, and the S&P 500 down by 0.31% [1] - In the Asia-Pacific region, the Hang Seng Index increased by 0.93%, while the Nikkei 225 fell by 0.61% [1] New Stock Issuance - One new stock was issued last week: Huadian New Energy (600930.SH) on July 7, 2025 [2] Margin Financing and Securities Lending - The total margin financing and securities lending balance in the Shanghai and Shenzhen markets reached 18698.91 billion yuan, with a financing balance of 18566.83 billion yuan and a securities lending balance of 132.08 billion yuan [3] - This represents an increase of 228.3 billion yuan from the previous week [3] - The Shanghai market's margin balance was 9469.95 billion yuan, up by 121.87 billion yuan, while the Shenzhen market's balance was 9228.96 billion yuan, increasing by 106.43 billion yuan [3] - A total of 3413 stocks had margin buying, with 74 stocks seeing over 1 billion yuan in buying, led by Dongfang Caifu, Shenghong Technology, and Zhongji Xuchuang with 93.56 billion yuan, 50.39 billion yuan, and 47.9 billion yuan respectively [3][4] Fund Issuance - Seventeen new funds were issued last week, including various mixed funds and bond funds from multiple fund companies [5][6] Share Buybacks - Twenty-three companies announced share buybacks last week, with the highest amounts executed by ST Huadong (22.81 million yuan), Tian'ao Yezhi (20.69 million yuan), and Hanwujing (20.06 million yuan) [7] - The sectors with the highest buyback amounts were defense and military, electronics, and automotive [7][8]