Report Summary 1. Report Industry Investment Rating - No information provided on the report industry investment rating. 2. Core View of the Report - The adjustment of risk factors for insurance companies' related businesses by the National Financial Regulatory Administration has brought incremental funds to the A - share market and boosted market sentiment. Traders can consider gradually establishing long positions during market adjustments and leveraging the discount structure of stock index futures to increase the probability of long - term investment success [5]. 3. Summary by Relevant Catalogs Market and Liquidity - Last week, the central bank conducted 663.8 billion yuan of reverse repurchase operations in the open market. With 1511.8 billion yuan of reverse repurchase maturing, there was a net withdrawal of 848 billion yuan. Additionally, 1 trillion yuan of 91 - day term repurchase expired, and the central bank conducted 1 trillion yuan of 91 - day term repurchase operations. This week, 663.8 billion yuan of reverse repurchase will mature, with daily maturities of 107.6 billion yuan, 156.3 billion yuan, 79.3 billion yuan, 180.8 billion yuan, and 139.8 billion yuan from Monday to Friday [2][3]. - Interest rate changes: DR001 closed at 1.30 with a 0.06 - basis - point increase; DR007 at 1.44 with a 0.04 - basis - point increase; GC001 at 1.45 with a 25 - basis - point increase; GC007 at 1.51 with a 2 - basis - point increase; SHBOR 3M at 1.58 with no change; LPR 5 - year at 3.50 with no change; 1 - year treasury bond at 1.40 with a 0.5 - basis - point decrease; 5 - year treasury bond at 1.63 with a 1.39 - basis - point decrease; 10 - year treasury bond at 1.85 with a 2.34 - basis - point decrease; 10 - year US treasury bond at 4.14 with a 3 - basis - point increase [3]. Stock Index and Market Performance - Index closing prices and changes: CSI 300 closed at 4585, up 0.84%; SSE 50 at 3002, up 0.93%; CSI 500 at 7098, up 1.21%; CSI 1000 at 7342, up 1.29%. Futures contracts: IF current - month at 4574, up 1.0%; IH current - month at 2997, up 1.0%; IC current - month at 7083, up 1.4%; IM current - month at 7320, up 1.5% [4]. - Trading volume and open interest changes: IF trading volume was 124,819, up 34.8%, and open interest was 277,131, up 5.8%; IH trading volume was 56,681, up 44.3%, and open interest was 99,128, up 13.2%; IC trading volume was 131,971, up 32.2%, and open interest was 260,378, up 6.6%; IM trading volume was 220,452, up 28.1%, and open interest was 376,973, up 5.5% [4]. - Last week, the CSI 300 rose 1.28% to 4584.5; the SSE 50 rose 1.09% to 3002; the CSI 500 rose 0.94% to 7097.8; the CSI 1000 rose 0.11% to 7342.5. Among the Shenwan primary industry indices, non - ferrous metals (5.3%), communication (3.7%), national defense and military industry (2.8%), machinery and equipment (2.8%), and non - bank finance (2.3%) led the gains, while media (- 3.9%), real estate (- 2.2%), food and beverage (- 1.9%), computer (- 1.7%), and textile and apparel (- 1.6%) led the losses. The daily trading volumes of A - shares last week were 1701.6 billion yuan, 1467.1 billion yuan, 1546.5 billion yuan, 1419.2 billion yuan, and 1567.8 billion yuan, with the average daily trading volume decreasing by 24.7 billion yuan compared to the previous week [4]. Futures Premium and Discount Situation - IF premium/discount rates: 3.97% for the current - month contract, 5.48% for the current - quarter contract, 3.77% for the next - quarter contract, and 6.73% for the next - month contract; IH premium/discount rates: 3.47% for the current - month contract, 1.65% for the current - quarter contract, 1.72% for the next - quarter contract, and 4.67% for the next - month contract; IC premium/discount rates: 6.27% (not fully clear from the text); IM premium/discount rates: 12.72% for the current - month contract, 12.35% for the current - quarter contract, 9.40% for the next - quarter contract, and 12.41% for the next - month contract [5].

重要的消息有哪些 1.2025年《国家基本医疗保险、生育保险和工伤保险药品目录》12月7日发布，本次目录调整新增114种药品，其中50 种为1类创新药。首版《商业健康保险创新药品目录》同日发布，共纳入19种药品，既有CAR-T等肿瘤治疗药品，也 有社会关注度较高的阿尔茨海默病治疗药品。新版药品目录自2026年1月1日起正式执行。 据证券时报记者统计，12月7日晚间，共有15家A股药企公告其相关产品被纳入目录，尤其是不少创新药企创新药产品 被纳入目录。 科创板创新药企泽璟制药公告显示，其自主研发的盐酸吉卡昔替尼片通过国家医保谈判，被纳入国家医保药品目录。 该药品用于治疗中危或高危原发性骨髓纤维化（PMF）、真性红细胞增多症继发性骨髓纤维化（PPV-MF）和原发性 血小板增多症继发性骨纤维化（PET-MF）的成人患者。 泽璟制药表示，盐酸吉卡昔替尼片被纳入2025年国家医保药品目录将有利于产品的销售，有助于公司进一步提高该药 物在患者中的可负担性和可及性，有利于进一步推动该药物的市场推广、提升销售规模，对公司的长期经营发展具有 积极影响，预计短期内不会对经营业绩产生重大影响。 君实生物、智翔金泰、艾力斯等创新药企 ...

Group 1: Core Insights - The 2025 National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List was released on December 7, 2023, adding 114 new drugs, including 50 innovative drugs [1] - A new Commercial Health Insurance Innovative Drug List was also published, including 19 drugs, such as CAR-T therapies and Alzheimer's disease treatments [1] - The updated drug list will take effect on January 1, 2026 [1] Group 2: Company Announcements - On December 7, 15 A-share pharmaceutical companies announced that their products were included in the new drug list, particularly many innovative drug companies [2] - Zai Lab announced that its self-developed drug, Jikaxitinib, was included in the National Medical Insurance Drug List, which is expected to enhance sales and market accessibility [2] - Junshi Biosciences and other innovative drug companies also had products included, with Junshi's products gaining new indications in the National Medical Insurance List [2][3] Group 3: Market Impact - Heng Rui Medicine reported that the total sales of its newly included drugs are estimated to be approximately 8.66 billion yuan for 2024 and about 7.55 billion yuan for the first three quarters of 2025 [3] - The inclusion of these drugs in the National Medical Insurance List is expected to positively impact sales and long-term business development for the companies involved [2][3]

为完善保险公司偿付能力监管标准，充分发挥保险资金作为耐心资本的优势，提升服务实体经济质效，近日金融监管总局发布《关于调整保险公司相关业 务风险因子的通知》（以下简称《通知》）。 《通知》积极贯彻落实防风险、强监管、促高质量发展要求，在严守风险底线的基础上，适度调整保险公司相关业务风险因子。一是调整保险公司投资相 关股票的风险因子，培育壮大耐心资本。二是调整保险公司出口信用保险业务和中国出口信用保险公司海外投资保险业务的风险因子，鼓励保险公司加大 对外贸企业支持力度、有效服务国家战略。 下一步，金融监管总局将指导保险公司认真贯彻执行《通知》要求，推动保险公司提高长期资金投资管理能力，加强偿付能力管理，确保偿付能力数据真 实、准确、完整。 通知全文： 国家金融监督管理总局 关于调整保险公司相关业务风险因子的通知 各金融监管局，各保险集团（控股）公司、保险公司： 经研究，现就保险公司相关业务风险因子事项通知如下： 一、保险公司持仓时间超过三年的沪深300指数成分股、中证红利低波动100指数成分股的风险因子从0.3下调至0.27。该持仓时间根据过去六年加权平均持 仓时间确定。 四、保险公司应完善内部控制，准确计量投资 ...

智通财经APP获悉，12月5日，国家金融监督管理总局发布关于调整保险公司相关业务风险因子的通 知。通知提到，保险公司持仓时间超过三年的沪深300指数成分股、中证红利低波动100指数成分股的风 险因子从0.3下调至0.27。该持仓时间根据过去六年加权平均持仓时间确定。保险公司持仓时间超过两年 的科创板上市普通股的风险因子从0.4下调至0.36。该持仓时间根据过去四年加权平均持仓时间确定。 原文如下： 国家金融监督管理总局关于调整保险公司相关业务风险因子的通知 金规〔2025〕24号 各金融监管局，各保险集团(控股)公司、保险公司： 经研究，现就保险公司相关业务风险因子事项通知如下： 本文编选自"国家金融监督管理总局"官网，智通财经编辑：刘家殷。 二、保险公司持仓时间超过两年的科创板上市普通股的风险因子从0.4下调至0.36。该持仓时间根据过去 四年加权平均持仓时间确定。 三、保险公司出口信用保险业务和中国出口信用保险公司海外投资保险业务的保费风险因子从0.467下 调至0.42，准备金风险因子从0.605下调至0.545。 四、保险公司应完善内部控制，准确计量投资股票持仓时间，持续提高长期资金投资管理能力。 五 ...

（原标题：国家金融监督管理总局调整保险公司相关业务风险因子） 人民财讯12月5日电，国家金融监督管理总局发布关于调整保险公司相关业务风险因子的通知，经研 究，现就保险公司相关业务风险因子事项通知如下： 一、保险公司持仓时间超过三年的沪深300指数成分股、中证红利低波动100指数成分股的风险因子从 0.3下调至0.27。该持仓时间根据过去六年加权平均持仓时间确定。 二、保险公司持仓时间超过两年的科创板上市普通股的风险因子从0.4下调至0.36。该持仓时间根据过去 四年加权平均持仓时间确定。 三、保险公司出口信用保险业务和中国出口信用保险公司海外投资保险业务的保费风险因子从0.467下 调至0.42，准备金风险因子从0.605下调至0.545。 四、保险公司应完善内部控制，准确计量投资股票持仓时间，持续提高长期资金投资管理能力。 五、保险公司应加强偿付能力管理，准确计量各类风险资本要求，确保各项偿付能力数据真实、准确、 完整。 六、其他文件关于上述业务风险因子的规定与本通知不一致的，以本通知为准。 ...