来源：21世纪经济报道 其次，更好保障金融消费的知情权和选择权。明示成本核心是提供个人贷款的机构清晰展示年化综合融 资成本，将所有利息、服务费、担保费等加总计算，让"低息""免息"噱头背后的真实成本一目了然，在 保障消费者知情权的基础上，让消费者货比三家，理性选择，从而推动降低消费者融资成本，保障消费 者合法权益。 董希淼。资料图 董希淼（招联首席研究员、上海金融与发展实验室副主任） 江迪（上海金融与发展实验室研究员） 近日召开的2026年中国人民银行工作会议首次提出，"推动明示个人贷款综合融资成本"。在明示企业贷 款综合融资成本试点取得积极进展后，明示贷款综合融资成本工作向个人金融领域延伸，具有重要意 义。下一步应采取有力有效措施，先试点再推广，推进个人贷款综合融资成本工作有序实施。 2021年3月，中国人民银行发布公告，明确所有从事贷款业务的机构在进行营销时，应当以明显方式向 借款人展示年化利率，在保护金融消费者合法权益方面取得明显成效。 明示企业贷款综合融资成本的主要内容是，银行会同企业填写《企业贷款综合融资成本清单》，即我们 通常说的"贷款明白纸"，逐项填写企业获得贷款所需承担的利息和非利息成本，按统 ...

（来源：数据GO） 总体而言，委内瑞拉股市此次大幅上涨虽吸引眼球，却也再次提示全球投资者：在参与规模有限、制度尚不完善的市场时，必须警惕其潜在的波动风险与 信息不对称问题。真正可持续的市场发展，仍需依托于透明的监管、健全的法制与稳定的经济社会环境。 （来源：数据GO） 近日，委内瑞拉股市出现罕见剧烈波动，其核心基准指数——委内瑞拉IBC指数在1月6日单日涨幅超过50%，引发全球财经观察者高度关注。这一走势并 非偶然，近期该指数持续表现强势，屡次成为新兴市场数据中的异动焦点。然而，分析人士指出，这场引人瞩目的涨幅背后，暴露出的是委内瑞拉股市规 模小、流动性匮乏的结构性问题，甚至不排除存在市场操纵的可能。 市场特性：规模有限，流动性低下 加拉加斯证券交易所（BVC）成立于1947年，虽是委内瑞拉唯一的证券交易平台，却是南美洲规模最小的交易所之一。据统计，目前在该所上市交易的 公司仅约15家，而作为国家经济"晴雨表"的IBC指数，其成分股只有11只。市场参与者高度集中，股票多由本地银行、金融机构及少数高净值投资者持 有，日常交易活跃度很低。在这种流动性匮乏的环境中，即使是一笔规模不大的资金进出，也容易引发股价显著波 ...

12月12日，山东省发展改革委等多部门联合印发《山东省电力零售市场价格风险防控实施细则》（以下 简称《实施细则》）。随后，4天内连续发布4批《价格预警函》并附上价格预警用户名单，要求地方主 管部门"立即对接企业法定代表人""明确告知风险"，行动之迅速、措施之具体、指向之明确，充分展现 了其将制度蓝图转化为治理实景的执行效率与坚定决心及其对营商环境的深切关注。其通过实际行动向 所有市场经营主体传递出一个清晰的信号：《实施细则》不是"纸老虎"，山东维护市场秩序、保护用户 权益是动真格的。 为零售用户筑起"防护堤"，破解信息不对称困局 电力零售市场存在的一个核心痛点，便是售电公司与海量中小用户之间的信息严重不对称。部分售电公 司利用专业壁垒，通过"虚构事实、模糊表述、隐瞒市场信息等方式与用电用户签订不公平合同，获得 高额价差收益"，而海量中小用户或因对复杂的市场规则理解有限，或因对电费不敏感，往往在交易中 处于被动地位，甚至将账号、密码交由售电公司全权操作，自身权益难以保障。 此次山东省采取的一系列举措，直指这一痛点。价格封顶机制如同为用户安装了一枚"价格熔断器"，其 设计并非简单的行政限价，而是基于零售市场分时参 ...

近年来，中国普惠金融在政策引导与科技赋能下跑出"加速度"，但"风险防控、覆盖广度、机构动力"三 大难题仍待破解，这一"不可能三角"更是行业普遍面临的挑战。 日前，南都湾财社记者专访广州市普惠金融发展促进会秘书长林晓琳，聚焦广州普惠金融的实践路径， 探寻行业发展的现状痛点与突破方向，同时分享广州市普惠金融发展促进会在链接政银企、赋能实体经 济过程中的探索思考。 与此同时，我们也必须清醒认识到，部分深层次问题尚未彻底解决，这也是后续需要持续发力的核心方 向。在服务对象层面，涉农主体、初创科技型企业等仍是薄弱环节，由于缺乏传统抵押物、信用信息不 健全等问题，融资可得性有待进一步提升；在风险防控层面，存在依赖"事后补偿"的现象，事前预警和 事中管控能力需要进一步强化；在业务可持续性层面，部分机构的普惠业务仍处于"政策驱动"向"市场 驱动"的转型阶段，可持续发展路径仍需明晰。 针对这些问题，后续要重点聚焦三个环节发力：第一，以信用体系建设为核心，推动政务数据、产业数 据与金融数据的深度共享，从根源上破解"信息不对称"难题，为精准画像提供数据支撑；第二，推动风 险防控链条升级，从"单一补偿"转向"预警+分散+补偿"的全流 ...

引子 最近特朗普又搞事情了，这次居然拿美联储理事的签名笔说事。看着新闻里那些政客们为了一支笔的签名方式争得面红耳赤，我不禁想起A股市场上 那些让人哭笑不得的现象。说到底，金融市场永远是个权力游戏场，只不过在美国是政客和央行掰手腕，在我们这儿是机构和散户玩猫捉老鼠。 一、政治闹剧背后的金融真相 特朗普这出戏码看似荒诞，实则揭示了金融市场的一个永恒主题：信息不对称。就像他质疑自动签名笔的合法性一样，我们散户在股市里也经常被各 种"假动作"耍得团团转。那些看似利好的消息、漂亮的K线图，有多少是资金故意让我们看到的障眼法？ 记得2005年白宫律师就自动签名笔咨询司法部时得到的回复吗？"总统无需亲自完成在法案上签字的物理动作即可完成签署"。这让我想到股市里的一 个残酷现实：真正决定股价走势的大资金行为，往往隐藏在表面现象之下。 二、慢牛时代的投资困境 说到市场走势，今年的A股真是让人大开眼界。从8月25日到10月17日，整整35天的震荡行情，这在以往是不可想象的。2014-2015年那波行情中，真正 的无方向横盘只有可怜的8天。 这种变化意味着什么？管理层显然在打造一个前所未有的"慢牛"。时间拉长看似给了大家更多机会， ...

央视网消息：12月7日国家医保局公布了医保目录，跟之前七年公布的目录相比，这一次增加了商保的创新药的目录，这次涉及到的是19种药品，包括治疗 肿瘤、罕见病，还有阿尔茨海默的药品，它们共同的特点是创新程度高、临床价值大、患者获益显著，并且超出基本医保保障范围。值得一提的是，这19种 药品是并非强制性的名录。这个目录对于患者、用药人、医院、医保、商业保险来说，都会带来什么样的影响？另外基本保险和商保之间应当如何协同，才 能够更好的发挥效用？ 首个商保创新药目录，为何现在推出？ 上海财经大学金融学院保险系教授 粟芳：整个保险行业对于这个创新药的目录已经期盼很久了，消费者也希望保险行业能有一个标准的目录出现，这次集 合了保险公司、国家相关部门、药企的共同努力，才在第8次出台了这份目录。这份目录的出台，对各方来说都是一个利好。对于消费者来，将来购买保险 就有据可查，在过去没有这个目录的时候，可能各保险公司的赔付标准完全不同，消费者就会不知道哪家保险公司的产品会更好，以及该买哪家保险公司的 产品。有了这个标准之后，各家公司的在设计保险产品的时候，也可以根据这个标准来执行。其次国家的这个目录其实具有大规模采购的效应，所以药 ...

Group 1 - The core viewpoint of the article highlights the misinterpretation of market adjustments as opportunities, emphasizing that many retail investors are still trapped in the illusion of a bull market despite significant underperformance among stocks [1][2][6] - A report from CITIC Securities indicates that only 62% of stocks outperformed the index in the first eleven months of 2025, suggesting that 4 out of 10 stocks are quietly lagging behind [2] - The article discusses the phenomenon of retail investors mistakenly believing that all adjustments in a bull market are buying opportunities, leading to significant losses during market downturns [2][4] Group 2 - The article describes a "cat-and-mouse game" in the market, where the ability to predict policy changes is crucial for investment success, contrasting the current environment with past market behaviors [6][10] - Data shows that stocks favored by insurance capital have outperformed the market by an average of 17 percentage points over the past five years during year-end rallies, indicating a disconnect between retail investors and institutional movements [6][10] - The article emphasizes the importance of quantitative analysis in understanding market dynamics, suggesting that modern investors need to focus on data-driven insights rather than speculative trends [10][12] Group 3 - The article identifies three key traits of successful investors who can navigate through market fluctuations: sensitivity to policy shifts, precision in tracking capital flows, and a deep understanding of their cognitive limitations [13] - It suggests that the ability to interpret market language through quantitative data is more valuable than traditional research methods, highlighting the evolution of information asymmetry in financial markets [10][12] - The author shares a personal insight about the importance of a long-term quantitative system in understanding real market transactions, reinforcing the need for data literacy among investors [12][13]

Core Insights - The Nasdaq 100 Index is currently hovering above a critical technical support level after experiencing significant volatility, reflecting the conflicting dynamics of strong fundamental data and structural concerns over the "AI bubble" [1] - The Federal Reserve's policy focus has shifted from "anti-inflation" to "growth preservation," with the market pricing in an approximately 80% probability of a 25 basis point rate cut in December [2] - Nvidia reported impressive Q3 2025 fiscal year earnings of $57 billion, but the market's reaction indicates new anxieties regarding "circular revenue" risks and the sustainability of capital expenditures among large tech companies [2][7] Market Dynamics - The absence of key economic indicators due to the recent government shutdown has created a "data vacuum," complicating macroeconomic assessments and leading to increased reliance on private sector data [1][5] - The September non-farm payroll report showed a lower-than-expected job addition of 119,000, with an increase in the unemployment rate to 4.4%, raising concerns about the cooling labor market [3] - The private sector data, such as the S&P Global PMI, indicates rising input cost inflation, further complicating macroeconomic judgments amid the absence of official data [5] AI Sector Concerns - Nvidia's financial performance has raised questions about the sustainability of its revenue model, particularly regarding its investments in AI startups that may create a misleading perception of revenue growth [7][8] - The market is transitioning from an "emotion-driven" narrative to a more stringent "ROI validation" phase for AI stocks, reflecting a shift in investor sentiment [2] - Concerns about inventory levels and accounts receivable have emerged, as Nvidia's management indicated rising inventory to meet demand, which could signal potential channel inventory buildup [7] Seasonal Trends - The Thanksgiving week historically shows strong seasonal characteristics in the stock market, with an average increase of 0.37% despite lower trading volumes [11][12] - The current market environment, characterized by data absence and valuation disputes in the AI sector, necessitates a cautious approach to investment strategies during this period [12]

Group 1 - The article discusses the misconception of a bull market among retail investors, highlighting that many do not understand the true nature of a bull market, as evidenced by the fact that only about 50% of individual stocks have risen despite high financing balances [2] - It emphasizes the phenomenon of "short covering," where institutional investors may accumulate shares while the stock price appears to be declining, leading to significant gains later, as demonstrated by a stock that rose 70% after appearing to be on the verge of collapse [7][10] - The article suggests that retail investors should learn basic quantitative analysis, focusing on financing data, block trading data, and market leader data to better understand the movements of large funds in the market [11] Group 2 - The article notes that the inflow of 256 million into the Fidelity China Bond ETF indicates that institutions are strategically investing in bond ETFs during a declining interest rate cycle, while the surge in the Hang Seng Tech ETF suggests a bet on the valuation recovery of Hong Kong stocks [11] - It highlights the persistent information asymmetry in the market, asserting that data does not lie and that understanding real trading behaviors is more beneficial than following rumors and chasing price increases [11]

Core Insights - The article discusses the challenges entrepreneurs face regarding valuation during fundraising, emphasizing the information asymmetry between founders and investors [3][4][5] - It suggests strategies for entrepreneurs to effectively communicate their valuation expectations without jeopardizing negotiations [6][7][8] Group 1: Valuation Challenges - Entrepreneurs often fear the question of valuation during fundraising, as it can significantly impact the negotiation atmosphere [3] - There is a stark contrast in valuation knowledge between seasoned investors, who review hundreds of projects annually, and founders, who may only have limited experience [3][4] - Investors possess extensive industry valuation databases, making them highly sensitive to valuation metrics compared to entrepreneurs [3][4] Group 2: Communication Strategies - Founders are advised to provide a valuation range instead of a specific number to maintain flexibility and gauge investor expectations [4][5] - In situations with strategic investors, clear valuation figures are necessary for internal assessments and decision-making [7] - When multiple investors are involved without a lead investor, providing a specific valuation can streamline communication and expedite the fundraising process [8] Group 3: Logical Approach to Valuation - Successful founders articulate the underlying logic behind their valuation rather than just presenting a number, which helps investors assess the company's future potential [9] - The article compares the negotiation process to dating, highlighting the importance of balance in assertiveness and receptiveness during discussions [9] - Key questions for entrepreneurs to consider include their growth milestones, industry benchmarks, and the probability of reaching the next funding round [10]