"却顾所来径，苍苍横翠微。" 2025年这一年，全球经济复苏乏力与地缘博弈交织的外部环境，同国内高质量发展与金融强国建设的内在要求相互碰撞，共同推动中国金融体 系加速告别规模扩张的旧范式，迈入以质量提升、结构优化、风险可控为核心的新周期。 2025年10月28日，《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下简称"十五五"规划建议）正式公布，为未来五年 中国经济社会发展擘画了宏伟蓝图。这份纲领性文件将金融提升到前所未有的战略高度，"金融"一词被提及17次，并首次将"加快建设金融强 国"确立为核心目标，标志着金融发展从"大"到"强"的历史性跨越。 "十五五"规划建议为金融强国建设明确了清晰的实施路径与核心任务。在对内改革层面，明确提出完善中央银行制度、货币政策与宏观审慎管 理体系"双支柱"框架；将科技金融、绿色金融、普惠金融、养老金融、数字金融这"五篇大文章"确立为金融服务实体经济的核心抓手；并致力 于提高资本市场制度的包容性与适应性。 在对外开放与监管层面，规划强调"稳"与"进"的平衡：一方面要求全面加强金融监管，强化央地协同，丰富风险处置工具，构建坚实的风险防 范化解体系；另一方面则明确 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry [25]. Core Insights - Accelerating the development of digital RMB is a core path to respond to international monetary system competition and promote the internationalization of the RMB [2][7]. - The People's Bank of China (PBOC) has introduced a new action plan to strengthen the management service system and related financial infrastructure for digital RMB, with a new measurement framework and operational mechanism set to be implemented on January 1, 2026 [2][7]. - The digital RMB will transition from being classified as digital cash (M0) to a deposit liability of commercial banks (M1), allowing banks to pay interest to real-name customers and participate in monetary creation [7][8]. Summary by Sections Development Achievements and Challenges - Since the launch of the first pilot in 2019, digital RMB has expanded nationwide, with a cumulative transaction amount of 16.7 trillion yuan and 230 million personal wallets opened by the end of November 2025 [6]. - Challenges include the maturity of domestic third-party payment systems, which reduces public enthusiasm for using digital RMB, and the dual-layer operation system that limits commercial banks' incentives to promote digital RMB due to unequal responsibilities and benefits [6]. Policy Background for Digital RMB Upgrade - The recent upgrade of digital RMB is aimed at enhancing its monetary creation and interest-bearing functions, as highlighted by the PBOC's action plan [7]. - The current M0 scale is 13.74 trillion yuan, with digital RMB first included in M0 statistics in December 2022, showing a balance of 13.61 billion yuan at that time [7]. Transition from Cash to Deposit - The shift to a deposit model is expected to increase the holding willingness of customers if digital RMB can earn interest, thus boosting transaction volumes [8]. - For commercial banks, treating digital RMB as a stable deposit liability could enhance their willingness to promote it by allowing them to earn interest rate spreads [8]. Future Development Focus - Key areas to monitor include the formal release of the action plan detailing the measurement framework and management system for digital RMB [9]. - Cross-border payments are identified as a significant area for development, with ongoing efforts to enhance efficiency and reduce costs, including partnerships with countries along the Belt and Road Initiative [9]. Mixed Architecture Development Route - Unlike many overseas practices, the digital RMB adopts a mixed architecture of "account system + blockchain + smart contracts," balancing centralized management advantages with decentralized transparency [10].

Group 1 - The central economic work conference has outlined comprehensive plans for economic work in 2026, emphasizing the need for financial institutions to support key areas such as domestic demand, technological innovation, and small and micro enterprises [1] - The national local finance cooperation exchange meeting focused on the theme of "integration of industry and talent, financial empowerment for high-quality development," gathering over 300 representatives from various provinces to discuss pathways for high-quality local financial development during the 14th Five-Year Plan period [1][2] - The meeting highlighted the importance of creating a favorable business environment to support financial innovation and the integration of financial services with the real economy [3] Group 2 - The conference emphasized the necessity for local finance to align with the "five major articles" of financial development, which include technology finance, green finance, inclusive finance, pension finance, and digital finance [2] - Local financial institutions are encouraged to integrate resources and develop innovative financial products to better serve small and micro enterprises, particularly in rural areas [3][4] - The integration of digital technology in financial services is seen as crucial for enhancing service efficiency and risk management [6][7] Group 3 - The establishment of a "government-industry-academia-research-finance" ecosystem is deemed essential for fostering high-quality development and innovation [8] - Local financial institutions are urged to collaborate with research institutions to develop specialized financial products that meet the needs of emerging industries [8][9] - The meeting concluded with a commitment to implement the central economic work conference's directives, aiming to provide precise and efficient financial support for technological innovation, industrial upgrading, and rural revitalization [9]

12月26日，在金融时报社举办的以"以金融之力 筑强国之基"案例分享会上，《农银人寿践行"五篇大文 章" 谱写高质量发展新篇章》案例入选2025年度金龙·金融力量"金融'五篇大文章'"案例名单。 农银人寿积极响应监管号召，围绕着力做好科技金融、绿色金融、普惠金融、养老金融、数字金融"五 篇大文章"进行全方位战略布局与创新实践，通过构建多元化养老服务体系、深化普惠金融服务、推动 数字化转型、支持绿色与科技产业发展等系列举措，展现了银行系险企在服务国家战略、推动行业高质 量发展方面的积极探索与显著成效。 在养老金融方面，公司着力构建"一优一强一稳"的养老服务体系，做优养老保险产品供给、做强养老保 险服务保障、做稳养老保险资产管理。 在普惠金融方面，公司以服务"三农"为核心，建立"三农"专属产品体系、面向小微企业、新市民等推出 普惠性产品，并通过线上线下结合的方式推进服务下沉与知识宣教，同时加强涉农投资支持乡村经济。 完善养老产品体系。面对日益增长的多样化、个性化养老需求，传统保险产品和服务模式难以有效满 足。农银人寿通过产品创新和服务延伸，致力于为完善养老产品体系，加强养老服务便利性作出贡献。 加强普惠金融下沉。 ...

在风险管理方面，《方案》要求，着力建设智能风控体系，重点强化数字化形势下的战略风险、合规风 险、操作风险、外包风险、流动性风险等重点风险防控，加强数据安全和网络安全防护，提升人工智能 技术的安全应用能力，有效管理算法模型风险，防范数字生态外部合作风险。《方案》同时明确，高效 推动监管数字化智能化转型，推动监管流程数字化再造，推进智能分析工具研发，加强监管大数据建 设，强化监管基础设施和数字化人力资源建设。 《方案》立足当前形势，推动金融机构深化数字化转型工作，以"数字技术与数据要素双轮驱动"为核 心，将工作目标定位为实现数字金融高质量发展，在延续原银保监会2022年印发的《关于银行业保险业 数字化转型的指导意见》框架基础上，新增"人工智能+""数据要素×"等工作内容，从健全治理机制、赋 能金融服务、发挥新技术引领作用、激发数据要素潜能、强化风险防控、监管数字化智能化转型六个方 面提出具体工作要求。 对此，中国邮政储蓄银行研究员娄飞鹏表示，《方案》将"人工智能+金融"与"数据要素×"纳入政策主 轴，将推动技术应用从流程优化向价值创造跃迁。同时，《方案》首次明确提出"数字技术与数据要素 双轮驱动"的战略主线，意味 ...

近年来，中信银行坚持以服务实体经济为根本宗旨，将金融"五篇大文章"作为履行国有金融企业使命责 任的关键抓手，全力打造"五篇大文章"的中信银行样本，监管评价、市场影响力及品牌口碑表现优异， 实现经济效益和社会效益的同频共振，为中国式现代化贡献中信银行力量。 战略引领统筹布局，体系推进实施"促实效" 中信银行坚定践行金融工作的政治性、人民性，锚定金融强国建设目标，将做好金融"五篇大文章"作为 首要任务，强化组织推动，提升工作成效。强化融入战略，将金融"五篇大文章"内容写进规划，构建涵 盖"五篇大文章"总体方案及各篇专项方案的"1+5"实施体系，将党和国家大政方针深度融入到银行经营 发展中。强化过程管理，完善领导小组及五个专项小组工作机制，积极研究解决工作中的重点难点，持 续监测"五篇大文章"重要指标进展，加强过程督导，加快提升做好"五篇大文章"的合力、动力和能力。 强化配套保障，加强考核引导，加大资源配置，培育专业人才，推广典型案例，提供体系化、制度化的 配套措施，全力保障各项工作有效落地。 科技金融高效赋能，贯通股贷债保"全链条" 中信银行贯彻国家创新驱动发展战略，强化对企业科技创新的支持力度，助力新质生产力发 ...

Core Viewpoint - In 2025, Xinhua Insurance achieved record-breaking performance amidst a complex environment characterized by low interest rates, evolving customer demands, and technological disruptions, marking a significant milestone as it approaches its 30th anniversary [2][4]. Group 1: Comprehensive Strength - By the end of Q3 2025, Xinhua Insurance's total assets exceeded 1.83 trillion yuan, an increase of 8.3% from the beginning of the year, reaching a historical high [3]. - The company's embedded value approached 280 billion yuan, reflecting an 8.1% growth year-to-date, also a historical peak [3]. - Core solvency ratio and comprehensive solvency ratio stood at 154.27% and 234.15%, respectively, indicating strong capital adequacy [3]. Group 2: Development Efficiency - In the first three quarters of 2025, Xinhua Insurance reported a net profit of 32.857 billion yuan, a year-on-year increase of 58.9%, setting a new historical record [4]. - Total premium income reached 172.7 billion yuan, up 19% year-on-year, maintaining industry-leading growth [4]. - The first-year premium income for long-term insurance was 34.9 billion yuan, reflecting a 41% increase [4]. - New business value surged to 6.18 billion yuan in the first half, a significant year-on-year increase of 58%, with a continued growth of 50.8% in the first three quarters [4]. Group 3: Strategic Development Model - Xinhua Insurance is committed to a development vision of becoming a leading financial service group centered on insurance, providing comprehensive risk protection and wealth planning services [5][6]. - The company has adopted a collaborative model of "Insurance + Service + Investment," focusing on enhancing customer-centric strategies and building a robust service ecosystem [6][7]. - Investment performance remains strong, with an annualized total investment return of 8.6% and a comprehensive investment return of 6.7%, leading the industry [7]. Group 4: Contribution to National Strategy - Xinhua Insurance emphasizes its political mission and social responsibility, aligning its operations with national strategies in areas such as technology finance, green finance, inclusive finance, pension finance, and digital finance [8][9]. - The company has invested over 60.5 billion yuan in supporting technology-driven enterprises, with a year-on-year growth of 29.3% [9]. - In green finance, investments exceeded 31.6 billion yuan, marking a 28.8% increase, while providing insurance services to over 6,300 green enterprises [9][10].

Core Viewpoint - The implementation plan for high-quality development of digital finance in the banking and insurance sectors emphasizes a dual-driven approach of digital technology and data elements, aiming to enhance the integration of the insurance industry into the real economy and national strategies [1][2]. Group 1: Digital Financial Development Goals - The plan outlines major goals for the insurance industry's digital financial development over the next five years, focusing on significant progress in digital transformation and the enhancement of capabilities driven by digital technology and data elements [2]. - It encourages the exploration of innovative applications of digital technology and data elements, aiming to improve financial service quality in key areas such as technology, green finance, inclusive finance, and elderly care [2]. Group 2: Organizational Structure and Governance - The plan prioritizes establishing a robust governance mechanism for digital finance, requiring insurance institutions to strengthen top-level design and build a digital operation system [3]. - It mandates the formation of leadership groups or committees responsible for digital finance, emphasizing the need for unified metrics that align digitalization with business growth and service quality [3]. Group 3: Risk Management and Service Integration - The plan identifies eight key areas for digital financial empowerment, highlighting the evolution of insurance from post-event compensation to risk reduction and insurance protection [4][5]. - It proposes the development of insurance products that provide risk coverage for technology enterprises, focusing on network security and data asset risks, thereby opening new opportunities for the insurance sector [4]. Group 4: Enhancing Financial Services - The plan calls for the development of personalized digital financial products to improve financial services in healthcare and elderly care, while addressing the digital divide [6]. - It emphasizes the importance of data collaboration between insurance institutions and healthcare providers to enhance consumer experience and compliance with data protection regulations [6]. Group 5: Support for Rural Revitalization - The plan encourages the use of IoT and AI technologies to broaden the scope of agricultural insurance products, enhancing efficiency in loss assessment and reducing moral hazard [6]. - It aims to integrate remote sensing and mobile internet data into agricultural insurance, thereby improving the overall risk management capabilities of the insurance industry [6].

为进一步帮助小微企业提升投标效率，民生银行推出小微电子保函服务并上线中国招标投标网。在传统 业务模式下，小微企业办理投标保函需反复提交材料、多次往返银行。如今企业可通过登录中国招标投 标网办理民生小微电子保函业务，最快2小时完成保函开立。民生银行小微电子保函服务已在全国推 广。企业还可通过"民生小微"APP办理保函业务，享受便捷的金融服务。 近期召开的中央经济工作会议提出，"引导金融机构加力支持扩大内需、科技创新、中小微企业等重点 领域"。作为金融"五篇大文章"之一，普惠金融关系小微企业等经营主体的发展，关系民生福祉。 2025年，普惠型小微企业贷款增长较快，国家金融监督管理总局发布的2025年三季度银行业保险业主要 监管指标数据情况显示，三季度末，银行业金融机构普惠型小微企业贷款余额36.5万亿元，同比增长 12.1%。普惠型涉农贷款余额14.1万亿元，较年初增加1.2万亿元。 创新服务 做好普惠金融大文章，要"眼睛向下"。基层的融资需求是普惠金融发展所向。金融机构需要解决好边远 地区、农村地区的金融服务空白，积极创新服务小微企业融资，提升普惠金融的下沉深度、覆盖广度、 服务力度，更好满足人民群众和实体经济 ...

服务于民，是青海金融的重要职责。 "十四五"以来，持续推动养老金融与消费者权益保护工作稳发展，引导居民合理规划养老资金，加强金 融知识宣传教育，常态化开展防范电信网络诈骗等宣传教育，健全金融消费者权益保护机制，切实维护 消费者合法权益。金融机构有效提振消费市场，增强经营主体活力。 科技金融与数字金融方面，青海金融有效提升金融服务的精准度，促进科技成果转化和产业数字化升 级。 从守护绿水青山到推动经济发展，从助力乡村振兴到增进民生福祉，青海金融强化绿色特色优势，以高 质量金融服务助力青海高质量发展，让新能源产业持续壮大、绿色优势持续释放、发展活力持续增强。 绿水青山就是金山银山。 "十四五"以来，青海金融锚定产业"四地"建设战略蓝图，立足青海资源禀赋与产业基础，以绿色金融为 主线，持续做强金融"五篇大文章"，紧紧围绕推动高质量发展这一核心目标，在高原大地绘就一幅金融 助力发展、金融惠泽民生的生动画卷。 新能源发展是青海最大的产业优势，5年来，青海金融围绕国家清洁能源产业高地建设，把支持新能源 发展作为服务大局的重要工作，让绿色产业成为带动青海经济增长的重要引擎。 在绿色有机农畜产品输出地建设方面，金融机构依托青 ...