整治拒收人民币现金行为、强化直播电商行业监管……2026年2月起，这些新规将施行。 商业银行托管业务迎来监管新规 国家金融监督管理总局近期制定《商业银行托管业务监督管理办法(试行)》，自2026年2月1日起施行。办法明确了商业银行托管业务的概 念和开展业务的基本原则，规定了商业银行开展托管业务应当符合的要求。商业银行需要建立健全托管业务治理架构和管理体系制度，根 据自身能力和服务水平提供适当的托管服务。同时，办法也进一步强化了持续监管措施、监管处罚、数据报送和自律管理等相关制度安 排。 《行政执法监督条例》自2026年2月1日起施行。条例对行政执法监督范围进行明确，规定对行政执法机关贯彻落实党中央、国务院关于 行政执法工作重大决策部署，落实行政执法各项制度，依法开展行政执法等进行监督。同时，加强行政执法主体和人员资格管理。强化对 是否存在违规异地执法、趋利性执法以及乱收费、乱罚款、乱检查、乱查封等行为的监督。 任何单位和个人不得擅自解除反洗钱特别预防措施 金融机构产品适当性管理有了"硬约束" 金融监管总局发布的《金融机构产品适当性管理办法》自2026年2月1日起施行。办法明确适当性规则，根据不同产品属性特征提 ...

2月起，一批涉及一老小、网络消费、投资安全乃至公共服务等领域的法律规范将落地实施。新规直指日常生活痛点，着力维护消费 者权益与市场公平。 细化适老家具设计原则 《适老家具设计指南》国家标准2月1日起实施。标准明确,适老家具外 观材料设计时应考量潜在的风险。提倡引入适合老年人的智能设计,智能 应用的交互形式需易于学习和理解。 |中小学生午休课桌椅"国标"实施 《中小学生午休课桌椅通用技术要求》国家标准2月1日起实施。标准 根据学生身体发育特点,从设计、生产、检验、使用全流程作出规定,让午休 课桌椅更舒适,安全,耐用。 网络交易平台有新规 2月1日起,《网络交易平台规则监督管理办法》施行,明确平台不得利用 平台规则,强制平台内商家"仅退款";不得强制平台内商家开通运费险等非必 需的增值服务;不得对消费者实施大数据"杀熟"等。 据人民目报 央视 ■铁路静音车厢服务升级 国铁集团透露,自2月1日,"静音车厢"服务将拓展至除动卧列车之外 的"D"字头、"G"字头动力分散动车组列车。交通领域,除动卧外,铁路"静音 车厢"服务范围将扩展至全国超8000列动车组列车。此外,北京全市收费公 路全面启用电子发票,提升通行效率。 ...

整治拒收人民币现金行为、强化直播电商行业监管……2026年2月起，这些新规将施行。 商业银行托管业务迎来监管新规 国家金融监督管理总局近期制定《商业银行托管业务监督管理办法(试行)》，自2026年2月1日起施行。 办法明确了商业银行托管业务的概念和开展业务的基本原则，规定了商业银行开展托管业务应当符合的 要求。商业银行需要建立健全托管业务治理架构和管理体系制度，根据自身能力和服务水平提供适当的 托管服务。同时，办法也进一步强化了持续监管措施、监管处罚、数据报送和自律管理等相关制度安 排。 金融机构产品适当性管理有了"硬约束" 金融监管总局发布的《金融机构产品适当性管理办法》自2026年2月1日起施行。办法明确适当性规则， 根据不同产品属性特征提出针对性要求。对于投资型产品，要求划分产品风险等级、进行投资者风险承 受能力评估，将投资者分为专业投资者与普通投资者，进行差异化的适当性管理。对于保险产品，要求 开展分类分级、对保险销售资质进行分级管理，对投保人进行需求分析和财务支付水平评估等。 网络交易平台不得实施大数据"杀熟" 市场监管总局、国家网信办联合公布《网络交易平台规则监督管理办法》，于2026年2月1日起 ...

为确保学习实效，滨州中支通过晨会宣导、专题培训、部门研讨等形式，让员工结合工作场景交流实操难点；配套线上专项考试，消保委通过考前提醒、 考中督促、考后复核的闭环管理，确保全员100%参与、100%通过考核，实现以考促学。 此次培训有效提升了员工的消保责任意识与实操能力，明确了各业务环节的合规边界。下一步，新华保险滨州中支将以此为契机，建立消保培训长效机 制，推动产品适当性管理要求融入保单服务、理赔、投诉处理等全链条，同时创新培训形式、丰富学习内容，持续践行金融机构社会责任，为消费者保驾 护航。 - 9 g (保险山东分公司阳信站 全生命周期规划师(WLP)发布会 好产品 好服务 W.B (专业:全生 眼爱: 5+N以碰 : ARE大8P留家 提划师 5+N 5 8 te 消保学堂进一线 road and the country of 国安全球 20.04 1.0 197 S y 为落实金融监管新规要求，将消费者权益保护融入经营全流程，1月20日，新华保险（601336）滨州中支启动2026年首期"消保学堂"，以产品适当性管理 为专题开展集中学习，覆盖中支全体内勤员工，筑牢岁末年初金融消费安全防线。 本次专题学 ...

Group 1 - The "Financial Education Promotion Week" is being conducted nationwide under the guidance of the National Financial Supervision Administration, the People's Bank of China, and the China Securities Regulatory Commission, with a focus on enhancing public financial literacy [1] - The Beijing Financial Regulatory Bureau organized a "Financial Market" event at the Financial Street Shopping Center, where Guangfa Bank's Beijing branch actively participated, providing an engaging financial knowledge experience for the public [1] Group 2 - Guangfa Bank's Beijing branch launched an original educational video titled "National Music Talks Appropriateness," which creatively illustrates the core content of the "Financial Institutions Product Appropriateness Management Measures" using traditional Chinese music instruments [2] - The performance included various musical interpretations to explain key concepts such as product appropriateness management, consumer responsibility, and special protection for elderly consumers [2] Group 3 - A self-composed and performed "Kuaiban" (a form of Chinese storytelling) by Guangfa Bank's Beijing branch employees highlighted financial fraud traps and the benefits of deposit insurance, aiming to raise public awareness about investment risks [3] - The performance emphasized the importance of national policies in safeguarding depositor rights and maintaining financial stability [3] Group 4 - The "Financial Consumer Rights Treasure Account" booth featured an interactive game called "Appropriateness Matching," which was highly popular among participants, combining fun and educational elements to teach about financial product risk ratings and consumer risk tolerance [4] - The booth also included knowledge displays and explanations from financial managers, reinforcing the idea that "the suitable is the best" [4] - Guangfa Bank integrates traditional culture with consumer rights protection in its financial education efforts, emphasizing the importance of consumer rights in its operational strategy [4]

Core Viewpoint - The company is proactively enhancing consumer protection in the insurance sector by implementing a comprehensive consumer suitability management system in response to new regulatory frameworks [1][2] Group 1: Regulatory Framework and Implementation - The implementation of the "Insurance Sales Behavior Management Measures" by the National Financial Supervision Administration in March 2024 marks a significant step in consumer rights protection [1] - The upcoming "Financial Institutions Product Suitability Management Measures" set to be introduced in July 2025 indicates a deeper development phase for consumer rights protection [1] Group 2: Core Initiatives - The company is focusing on three core initiatives: establishing a scientific product grading management system based on product complexity, premium burden, and policy risk [1] - A "Insurance Demand Analysis Questionnaire" is being introduced at the underwriting stage to assess clients' insurance needs, risk tolerance, and premium burden [1] - The company is developing a sales capability qualification grading management system to ensure differentiated authorization for sales products, enhancing the quality of sales services [1] Group 3: Quality Assurance Mechanisms - The company has implemented a three-tier verification mechanism consisting of "dual recording quality inspection + follow-up verification + complaint tracing" to ensure the suitability principle is integrated into every business process [2] - Future efforts will focus on deepening the standard system construction to provide higher quality services that protect consumer rights [2]

Regulatory and Industry Dynamics - The China Securities Association (CSA) has released "28 Measures for High-Quality Development of the Securities Industry," emphasizing the need for effective communication with relevant departments to facilitate more compliant brokerages in obtaining licenses for selling bank wealth management and insurance products, thereby better meeting diverse investor needs [2][5] - The National Financial Regulatory Administration has issued the "Product Appropriateness Management Measures," which will take effect on February 1, 2026. The core of these measures is to ensure a proper match between product characteristics and customer needs [6] - The marketing of bank wealth management products is accelerating towards diversification, digitalization, and precision, while maintaining existing offline channel advantages and actively expanding all-channel layouts [7] Yield Performance - For the week of July 7 to July 13, 2025, cash management products recorded an annualized yield of 1.40%, down 4 basis points (BP) from the previous week, while money market funds reported a yield of 1.22%, down 5 BP. The yield difference between cash management products and money market funds increased by 1 BP [3][9] - The "see-saw effect" between stocks and bonds continues, with various term interest rates generally rising by 2-3 BP, reflecting market expectations of low inflation and ongoing pressure in the real estate sector [10] Break-even Rate Tracking - The break-even rate for bank wealth management products was 0.81% for the week, up 0.07 percentage points, remaining at a low level. The credit spread continued to narrow by 2.33 BP [17] - The break-even rate and credit spread are positively correlated, with a break-even rate exceeding 5% and a credit spread adjustment over 20 BP indicating potential redemption pressure on wealth management products [17] Product Innovation - Xingyin Wealth Management has launched a new index-themed wealth management product, the "Fuli Stock-Bond Index Theme 1M Holding No. 1," which employs a constant proportion allocation strategy between stocks and bonds to help investors maintain discipline and control risk [8]

Core Viewpoint - The new regulation "Product Appropriateness Management" issued by the Financial Regulatory Bureau emphasizes that insurance institutions must understand both the products and the customers to ensure suitable product sales [7][8]. Group 1: Product Appropriateness Management - Insurance institutions are required to match products with customers based on their financial needs and risk tolerance, ensuring that the products sold are appropriate for the customers [14][21]. - The regulation categorizes insurance products separately from other financial products like wealth management, highlighting the unique characteristics of insurance [12][19]. - The management of product appropriateness will be included in the annual consumer protection regulatory evaluation [60][63]. Group 2: Sales Process and Personnel Management - The regulation mandates a tiered sales approach, where life insurance products are classified into five levels, and sales personnel must have the appropriate qualifications to sell corresponding products [27][30]. - Sales personnel are required to undergo continuous training to ensure they understand the products they are selling, and their performance will be evaluated based on compliance and customer feedback, not just sales figures [29][30]. - Financial institutions must not replace customers in assessments or provide misleading information regarding product risks [43][44]. Group 3: Customer Understanding and Risk Assessment - Institutions must conduct thorough assessments of customer needs and financial situations before recommending products, especially for products with floating returns like dividend insurance [54][56]. - If a product is deemed inappropriate for a customer, the institution must advise against purchasing it, and if the customer insists, a written confirmation of understanding the risks must be obtained [50][54]. - Specific conditions, such as annual premiums exceeding four times the household income, require additional confirmation from the customer before proceeding with the insurance [46][54]. Group 4: Regulatory Compliance and Consumer Protection - The new regulation aims to enhance consumer rights protection by ensuring that the sales process is transparent and that customers are well-informed about the products they are purchasing [64][65]. - Financial institutions are required to establish internal systems to support the management of product appropriateness and ensure compliance with the new regulations [61][62]. - Violations of the appropriateness management regulations may lead to regulatory actions against the institutions and responsible personnel [62][63].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View On July 11, the capital market showed a complex situation. The capital side slightly tightened, the bond market was weakly volatile, the convertible bond market had mixed performance, and the yields of U.S. and European government bonds generally increased. There were also significant events in domestic and international policies, as well as price changes in commodities [1]. 3. Summary by Directory 3.1 Bond Market News - **Domestic News** - The Ministry of Finance requires state - owned insurance companies to implement long - cycle assessment from 2025, adjusting ROE and capital preservation and appreciation rate to "annual + three - year + five - year" indicators [3]. - The Financial Regulatory Administration issued the "Measures for the Suitability Management of Financial Institution Products", which will take effect on February 1, 2026 [4]. - The NAFMII launched a self - regulatory investigation into 6 lead underwriters [4]. - The first batch of 10 science - innovation bond ETFs raised a total of 289.88 billion yuan and will be listed on July 17. Fund companies are preparing for the second batch [5]. - **International News** - Trump announced that the U.S. will impose a 30% tariff on products from Mexico and the EU starting from August 1, 2025, and other trading partners may face 15% - 20% tariffs [6]. - **Commodities** - On July 11, international crude oil futures prices turned up, and natural gas prices continued to rise. WTI August crude oil futures rose 2.8%, Brent September crude oil futures rose 2.5%, COMEX gold futures rose 1.41%, and NYMEX natural gas prices rose 0.24% [7]. 3.2 Capital Side - **Open Market Operations** - On July 11, the central bank conducted 847 billion yuan of 7 - day reverse repurchase operations, with a net investment of 507 billion yuan after deducting the maturity amount [9]. - **Funding Rates** - On July 11, the capital side slightly tightened. DR001 rose 2.00bp to 1.343%, and DR007 fell 2.27bp to 1.472% [10]. 3.3 Bond Market Dynamics - **Interest - rate Bonds** - **Spot Bond Yield Trends**: On July 11, the bond market was weakly volatile. The yield of the 10 - year treasury bond active bond 250011 rose 0.65bp to 1.6660%, and the yield of the 10 - year CDB bond active bond 250210 rose 0.50bp to 1.7430% [13]. - **Bond Tendering**: Information on the tendering of 25 Attached - interest Treasury Bond 12 (re - issuance) and 25 Attached - interest Treasury Bond 10 (second re - issuance) is provided [15]. - **Credit Bonds** - **Secondary Market Transaction Abnormalities**: On July 11, the transaction prices of 3 industrial bonds deviated by more than 10%. "19 Baolong MTN002" fell more than 67%, "H0 Baolong 04" rose more than 122%, and "H1 Bidi 02" rose more than 192% [15]. - **Credit Bond Events**: Multiple companies such as Gome Electric Appliance, Orient Fashion, and Jiaoda Angli announced significant events including new enforcement information, pre - reorganization, and being investigated by the CSRC [16]. - **Convertible Bonds** - **Equity and Convertible Bond Indexes**: On July 11, the three major A - share indexes rose. The convertible bond market was divided, with the CSI Convertible Bond and Shenzhen Convertible Bond indexes rising 0.03% and 0.20% respectively, and the Shanghai Convertible Bond index falling 0.08% [18]. - **Convertible Bond Tracking**: Information on the listing, conversion price adjustment, and early redemption of multiple convertible bonds is provided [24]. - **Overseas Bond Markets** - **U.S. Bond Market**: On July 11, the yields of U.S. bonds across all maturities generally increased, and the yield spreads of some maturities widened. The 10 - year inflation - protected Treasury bond (TIPS) break - even inflation rate rose 3bp to 2.37% [20][22]. - **European Bond Market**: On July 11, the 10 - year government bond yields of major European economies generally increased [23]. - **Chinese - funded U.S. Dollar Bonds**: The daily price changes of Chinese - funded U.S. dollar bonds as of July 11 are presented, including the price changes of bonds of companies such as Ideal Auto and CNOOC [25].

Group 1 - The manufacturing industry of smart consumer devices in China has achieved rapid growth [3] - The national railway construction investment in the first half of the year has maintained a high level of operation [9] - The Ministry of Human Resources and Social Security has launched a seasonal activity for entrepreneurship resource matching services [10] Group 2 - The financial regulatory authority has released the "Management Measures for the Appropriateness of Financial Institution Products" [12]