曾经小众的董责险，正以前所未有的速度涌入A股上市公司的视野，成为公司治理框架中一块备受瞩目的拼图。1月5日，北京商报记者了解到，近日发布的 《中国上市公司董责险市场报告（2026）》（以下简称《报告》）显示，截至2025年底，A股市场累计已有1753家上市公司公告披露购买董责险计划，相比 上一年的1509家增长16%。整体渗透率达到32%，相比上年同期提升4个百分点。 然而，与投保需求持续升温形成鲜明反差的是，作为风险定价核心指标的保险费率，并未如市场预期般同步上涨，反而悄然进入下行通道。这背后，究竟是 风险定价日趋理性，还是市场仍被信息不透明所困？ 近日发布的《报告》显示，将董责险加入购物车的A股上市公司数量继续保持快速增长趋势。2025年，共有643家A股上市公司发布公告披露购买董责险计 划，较上年同比增加19%。 若将时间轴拉长，变化更为显著。与2019年不足10%的渗透率相比，董责险市场在2025年迎来了历史性节点。截至2025年底，公告投保董责险的上市公司渗 透率（累积投保董责险公司数/当年上市公司总数）已经达到32%，相比上年同期提升4个百分点。 然而，与节节攀升的投保热情形成鲜明对比的是，市场费 ...

家电维修这潭水，到底有多深？ 根据中国消费者协会的数据，家用电子电器类投诉常年高居榜首，占比动不动就超过40%。在这里，"小病大修"是常态，"配件刺客"是地雷，消费者往往 像待宰的羔羊，进门前是求人修机器，出门后是怀疑人生。 这潭水，浑了几十年，谁也没能真正理顺。 但就在大家已经习惯了这块"灰色地带"的时候，京东突然跳出来当了那个"吹哨人"。 12月19日，京东突然宣布，推出一个号称"行业首创"的家电维修新模式"检修分离"。更骚的是，他们直接喊出了一个让所有维修师傅听了想打人的口 号："能不修就不修"。 好家伙，一个靠维修吃饭的业务，居然劝你别修了，这事儿瞬间就在家电和电商圈里炸了锅。 那么问题来了，京东这到底是年底的营销噱头，还是真要掀桌子革命？它这套"检修分离"的组合拳，究竟是怎么打的？ 更重要的是，牌桌上的另外三位巨头天猫、拼多多、抖音，面对京东的突然发难，是会选择跟注，还是假装无事发生？ 01 京东的阳谋，从割"流量"到割"留量" 所谓的"检修分离"，说白了，就是把传统维修里"检查诊断"和"动手修理"这两个环节给强行拆开，中间加了一道"用户确认"的防火墙。 传统的模式是"检修一体"。师傅上门，说你这冰 ...

Core Insights - The collaboration between Wind Information and regional equity trading centers in Beijing and Shanghai marks a significant advancement in shareholder registry services, enhancing transparency and information accessibility in the equity market [1][4]. Group 1: Strategic Collaboration - Wind Information has established strategic partnerships with Beijing Equity Exchange and Shanghai Equity Custody Trading Center, indicating a breakthrough in shareholder registry and transparency initiatives [1]. - This partnership allows companies to authorize the public disclosure of their shareholder registries, which will be updated in real-time through Wind's enterprise database, enhancing the recognition of shareholder rights [2][4]. Group 2: Information Transparency - The public disclosure mechanism of shareholder registries addresses information asymmetry issues faced by small and medium-sized enterprises during equity transfers and financing [2]. - The collaboration aims to create a more favorable market environment for corporate financing and capital matching by improving the efficiency of information retrieval [4][6]. Group 3: Wind Information's Role - Wind Information, established in 2016, offers a range of compliance-based credit products, including global enterprise databases, risk monitoring, and various credit reports, supporting financial institutions and large enterprises in due diligence and risk assessment [5][7]. - The company aims to further empower the capital market and support the real economy by enhancing the application of shareholder registries and information disclosure [6]. Group 4: Data and Technology Advantages - Wind Information boasts a vast database covering over 350 million enterprises globally, providing comprehensive corporate profiles that include ownership structures, executive teams, and financial data [7][8]. - The company emphasizes its commitment to data quality and timely updates, leveraging over 20 years of technological expertise in data management and analysis [8].

Core Viewpoint - The recent emphasis on "strengthening investment attraction information disclosure" by the Central Financial Committee aims to promote a more transparent and fair competitive environment in local investment attraction practices, reducing the space for "policy arbitrage" in fund attraction [1][2]. Group 1: Policy Changes - Over the past year, multiple policies have been introduced to regulate local investment attraction practices, including the prohibition of illegal tax reductions and subsidies [2][3]. - The implementation of the "Fair Competition Review Regulations" in August 2024 and other measures aims to guide local governments away from simplistic investment attraction methods, encouraging a focus on long-term development and improved investment quality [3]. Group 2: Impact on Venture Capital Institutions - The new directive on information disclosure is expected to bring three main benefits to venture capital institutions: easier due diligence, reduced post-investment risks, and the ability to identify "value gaps" in less publicized but promising cities [4]. - Venture capital institutions will need to shift their investment logic to focus more on fundamental aspects such as core technology, business models, team capabilities, and market prospects, rather than relying on short-term government subsidies [4]. Group 3: Adaptation Strategies for Venture Capital - Venture capital institutions should reassess their partnerships with government limited partners (LPs) by understanding local industrial plans and policy execution credibility [6]. - Developing a "national industrial map" investment strategy will help guide resource allocation for invested companies based on regional strengths [6]. - Strengthening the ability to provide strategic, market, and supply chain support will be crucial for helping invested companies succeed in a more equitable market environment [6].

Core Viewpoint - White Elephant Food Co., Ltd. has launched its first product named after the weight of the noodle cake, "Noodle Cake 120g," which aims to provide clear and transparent information to consumers, enhancing their decision-making process [1][4]. Group 1: Product Innovation - The renaming of the product to "Noodle Cake 120g" eliminates ambiguity, allowing consumers to easily understand the quantity they are purchasing [4]. - White Elephant has established a complete product innovation loop by recording consumer feedback, validating feasibility, and responding quickly to market demands [4]. - The company has introduced sub-brands and products tailored to specific consumer preferences, such as "Dala Jiao" for spicy food lovers and health-oriented options like "Old Hen Soup Noodles" [4]. Group 2: Consumer Engagement - In 2023, White Elephant leveraged a collaboration with Douyin e-commerce to launch "Coriander Noodles," responding to high consumer interest in unique flavors [5]. - The company has actively engaged with consumers on social media platforms, introducing products like "Ear-Root Noodles" and "Stinky Tofu Noodles" that resonate with younger audiences [5]. Group 3: Transparency and Safety - White Elephant has addressed consumer concerns about food safety by launching "Food Factory Live" on Bilibili, showcasing the production process and factory operations [7]. - The company has also organized offline events like "White Elephant Instant Noodle Factory" pop-ups to educate consumers about its production methods in an open and transparent manner [7]. - The evolving consumer mindset reflects a demand for transparency and quality, which White Elephant aims to meet through its initiatives [7].

Core Viewpoint - The newly proposed regulatory framework aims to enhance transparency and standardization in the disclosure of asset management products, addressing the common misconceptions among investors regarding performance benchmarks and actual returns [1][2][3]. Group 1: Regulatory Framework - The framework mandates that if performance benchmarks are disclosed, they must be consistent across different channels and maintained throughout the product's lifecycle, with specific requirements for disclosure during the fundraising, ongoing, and termination phases [2][3]. - It emphasizes the need for clear communication regarding the relationship between performance benchmarks, investment strategies, underlying assets, and market performance, including explicit warnings that benchmarks do not guarantee future returns [1][2]. Group 2: Industry Impact - The new regulations are expected to disrupt the existing market dynamics by breaking the "implicit guarantee" expectations and reshaping the evaluation system for wealth management products, leading to increased differentiation within the industry [3][4]. - Smaller institutions may face higher development costs, while larger firms could strengthen their market position due to technological advantages [3][4]. Group 3: Implementation Timeline - The proposed regulations are set to be implemented approximately six months after their official release, allowing financial institutions time to adjust their product documentation and systems accordingly [3]. Group 4: Market Transformation - The framework is described as an "information revolution" for the asset management industry, promoting a market-oriented risk pricing mechanism and leading to a comprehensive transformation across all operational levels of asset management firms [4]. - It is anticipated that the implementation of full lifecycle disclosure requirements will result in a significant expansion of post-investment service teams, potentially increasing their size by over 40% [4].