基金运行情况差异也导致各地市逐渐形成了"蜂窝状"的政策区域，同一省内不同城市的参保缴费标 准、报销比例存在差异。这种同省不同政策、待遇参差不齐的割裂状态，不仅削弱了基本医保制度的互 助共济本质，在人口频繁流动的今天，也导致了参保人就医不便和医保待遇的不平衡。近年来，随着异 地就医需求不断释放，这种政策差异给参保人带来的不良体验愈发显现，群众对统筹层次提升的需求日 益强烈。 民之所盼，政之所向。近年来，多个省份顺应群众期待，陆续提升统筹层次。改革中，不少省份致 力于规范政策标准作为为参保人释放公平红利的基石。这意味着，无论是省会城市居民还是偏远县的农 民，都将适用同一套规范的缴费和待遇规则。例如，山西去年就明确提出，到2025年实现居民医保"六 统一"。湖南在11月刚公布的征求意见稿中提出，要统一全省住院和门诊的起付线、支付比例、最高支 付限额；并统一全省医保药品、医疗服务项目、医用耗材目录管理，统一乙类药品和医疗服务项目的个 人先行自付比例。这种"全省一把尺子"的刚性约束，让参保地差异不再成为影响保障水平的关键变量。 当然，各地情况千差万别，一些省份在改革过程中即便不能用同一把标尺，也在努力消除省域内各 地区 ...

11月27日，国务院常务会议部署推进基本医疗保险省级统筹，标志着我国医保制度从"地方分散"向"省 级统管"迈出关键一步。 民之所盼，政之所向。近年来，多个省份顺应群众期待，陆续提升统筹层次。改革中，不少省份致力于 规范政策标准作为为参保人释放公平红利的基石。这意味着，无论是省会城市居民还是偏远县的农民， 都将适用同一套规范的缴费和待遇规则。例如，山西去年就明确提出，到2025年实现居民医保"六统 一"。湖南在11月刚公布的征求意见稿中提出，要统一全省住院和门诊的起付线、支付比例、最高支付 限额；并统一全省医保药品、医疗服务项目、医用耗材目录管理，统一乙类药品和医疗服务项目的个人 先行自付比例。这种"全省一把尺子"的刚性约束，让参保地差异不再成为影响保障水平的关键变量。 当然，各地情况千差万别，一些省份在改革过程中即便不能用同一把标尺，也在努力消除省域内各地区 医保待遇差距。实际上，此次国务院常务会议也明确提出"要指导各地因地制宜分类施策"，虽然各地采 用的模式可能不相同，但提高基金使用效率、为参保人提供更公平、更可及、更便捷的医疗服务，是一 致的追求。 与此同时，省级统筹后，如何平衡省级统一管理与地方积极性； ...

（文章来源：证券日报） 证券日报网讯 12月10日，国际医学在互动平台回答投资者提问时表示，国家推进基本医保省级统筹是 健全全民医保制度的重要举措，有利于增强医保制度的保障能力，提高基金使用效率，满足群众的多元 化医疗需求。省级统筹强化了基金在区域内的统一调度与支付能力。公司旗下医院打造了脑科、心血 管、消化、胸科、肿瘤、血液病、骨科等多个优势专科，开展了一系列技术含量高、难度大的复杂型医 疗项目，构建了坚实的医疗"护城河"。经过近几年的发展，公司旗下医疗机构外地患者占比从刚开诊时 的不足10%增长至2025年第3季度的42%。公司在服务本地患者的同时，也在发挥辐射作用，加快构建 立足西安，覆盖陕西，辐射中西部的综合医疗服务版图。在此背景下，公司作为区域内优质医疗资源提 供者的价值将更加凸显。面对行业变革，公司积极调整业务结构，增强服务附加值，在医美整形、康 复、妇儿、健康管理、中医、辅助生殖、精神心理、特需服务、老年护理、质子治疗等板块进行布局， 满足群众日益增长的多样化健康需求。 ...

1. Report Industry Investment Ratings - Iron Ore: Volatile [2] - Coking Coal and Coke: Volatile and Weakening [2] - Rolled Steel and Rebar: Volatile [2] - Glass: Volatile [2] - Shanghai Composite 50 Index Futures/Options: Volatile [3] - CSI 300 Index Futures/Options: Volatile [3] - CSI 500 Index Futures/Options: Rebounding [3] - CSI 1000 Index Futures/Options: Rebounding [3] - 2 - Year Treasury Bonds: Volatile [3] - 5 - Year Treasury Bonds: Volatile [3] - 10 - Year Treasury Bonds: Upward [3] - Gold: Volatile and Bullish [4] - Silver: Volatile and Bullish [4] - Logs: Bottom - Hunting [4] - Pulp: Volatile and Weakening [7] - Offset Paper: Volatile and Weakening [7] - Soybean Oil: Range - bound [6] - Palm Oil: Range - bound [6] - Rapeseed Oil: Range - bound [6] - Soybean Meal: Volatile [6] - Rapeseed Meal: Volatile [6] - Soybean No. 2: Volatile [6] - Soybean No. 1: Volatile [6] - Live Pigs: Volatile and Bullish [8] - Rubber: Volatile [10] - PX: Volatile [10] - PTA: Volatile [10] - MEG: Widely Volatile [10] - PR: Wait - and - See [10] - PF: Wait - and - See [10] 2. Core Views of the Report - The overall market shows a complex situation with different trends in various industries. Some industries are facing supply - demand imbalances, while others are affected by policy, geopolitical, and seasonal factors. The market is generally in a state of volatility, and short - term and long - term influencing factors need to be comprehensively considered for investment decisions [2][3][4] 3. Summary by Relevant Catalogs Black Industry - **Iron Ore**: Global iron ore shipments decreased by 238.0 tons to 3278.4 tons, while 47 - port foreign ore arrivals increased by 569.6 tons to 2939.5 tons. Daily hot metal production decreased by 1.6 tons to 234.68 tons. The demand core lies in the real estate sector, with new construction starts at 2005 levels and weak domestic demand. Port iron ore inventories rose slightly to an 8 - month high. The supply - demand surplus pattern is hard to reverse, and although steel mill profits are squeezed, short - term self - initiated production cuts are unlikely, so iron ore prices will mainly fluctuate at high levels [2] - **Coking Coal and Coke**: Affected by Mongolia's import target and the heating - season supply guarantee meeting, the coking coal and coke futures prices dropped significantly. Although the fourth round of price increases by coking enterprises has been implemented, profit repair is limited, and there are obvious differences in sentiment regarding the fifth round. Pit - mouth coking coal prices are high, and coking plants are under cost pressure and have low production intentions. Supply concerns in the coking coal industry are intensifying, and the supply - demand situation may become loose again, with prices adjusting weakly in the short term [2] - **Rolled Steel and Rebar**: Downstream demand is sluggish, and winter storage replenishment has not started. The core lies in steel demand, with real estate new construction at 2005 levels and weak domestic demand. Steel prices will stop falling depending on the implementation of a more than 5% production cut in Q4 2025 and the intensity of anti - "involution" policies. Currently, steel prices will remain at the bottom and fluctuate, and attention should be paid to the impact of December's macro - policy expectations on winter storage [2] - **Glass**: News of cold repairs in Hubei continued to ferment, which will reduce delivery pressure. Real - estate completion is declining, dragging down demand, and enterprise inventories are increasing. To solve the industry - wide surplus problem, the daily melting volume needs to drop to about 15.4 tons by the end of the year. Attention should be paid to whether macro - factors and production - line cold repairs can bring a turning point for prices to stop falling and stabilize [2][3] Financial - **Stock Index Futures/Options**: The previous trading day saw the CSI 300 index down 0.05%, the SSE 50 index up 0.02%, the CSI 500 index down 0.20%, and the CSI 1000 index up 0.12%. Some sectors had capital inflows or outflows. The State Council held a meeting to discuss relevant work, and the NDRC introduced infrastructure REITs expansion and addressed the development of the embodied - intelligence industry. The market is in short - term adjustment but remains optimistic in the medium term, with the high - tech industry growing [3] - **Treasury Bonds**: The yield of 10 - year treasury bonds was flat, and the central bank conducted 3564 billion yuan of 7 - day reverse repurchase operations, with a net investment of 564 billion yuan. Treasury bond spot rates were consolidating, and the market showed a slight rebound [3] Precious Metals - **Gold and Silver**: In the context of high - interest rates and globalization reconstruction, the pricing mechanism of gold is shifting from being centered on real interest rates to central - bank gold purchases. Gold's de - fiat - currency attribute is prominent, and its sensitivity to US Treasury real interest rates has decreased. Geopolitical risks and Chinese physical - gold demand support prices. The logic driving the current gold - price increase remains unchanged, and the Fed's interest - rate policy and risk - aversion sentiment may be short - term disturbances. Silver shows a similar trend to gold [4] Light Industry - **Logs**: Last week, the average daily port shipment of logs decreased by 0.12 cubic meters to 6.44 cubic meters, and the national average daily outbound volume was stable above 6 cubic meters. In October, the volume of logs shipped from New Zealand to China increased by 2%, while China's coniferous - log imports decreased by 4.67% month - on - month and 7.14% year - on - year. This week's expected arrival volume increased by 48%. Port inventories increased by 8 cubic meters to 303 cubic meters, with high inventory pressure. Spot prices were stable, but the cost support weakened, and log prices are expected to continue to decline [4][7] - **Pulp**: The previous trading day's spot prices were stable. The latest outer - market prices of coniferous pulp decreased by 20 dollars to 680 dollars/ton, and those of broad - leaved pulp increased by 20 dollars to 540 dollars/ton. The cost support for pulp prices weakened. The papermaking industry's profit level was low, and paper mills had high inventory pressure and low acceptance of high - priced pulp. Pulp prices are expected to fluctuate weakly [7] - **Offset Paper**: The previous trading day's spot prices increased slightly in some cases. Supply was stable, and production decreased slightly compared to last week. Publishing tenders were ongoing, but market expectations were cautious. Paper prices were at low profit levels, and the enthusiasm for high - price stockpiling was low. Prices are expected to fluctuate weakly [7] Oils and Fats - **Oils**: US soybean crushing reached a record high, but the US biodiesel policy is uncertain. In October, Malaysian palm oil production and inventory were higher than expected, and from November 1 - 20, production increased by 3.24% month - on - month. However, floods in Southeast Asia may affect palm - oil harvesting and transportation. Malaysian palm - oil exports from November 1 - 25 decreased by 16.4% - 18.8% month - on - month. In China, a large amount of soybeans are arriving, oil - mill operating rates are high, and oil inventories are rising, while demand is weak. Oil prices are expected to continue to move in a range, and attention should be paid to weather in the Brazilian soybean - producing areas and Malaysian palm - oil production and sales [6] - **Meals**: US soybean production, exports, and ending stocks have all been adjusted downward, with a structurally tight supply, but the global soybean supply remains relatively loose. The China - US trade agreement may promote US soybean exports to China, but US soybean prices lack export advantages. Brazilian soybean planting progress has improved, and Argentina is experiencing drought. Domestic oil - mill operating rates are high, and soybean - meal supply is abundant. Although demand from the breeding industry supports feed consumption, feed enterprises are cautious in purchasing. Soybean - meal prices are expected to fluctuate in the short term, and attention should be paid to South American soybean weather and China - US trade progress [6] Agricultural Products - **Live Pigs**: The average trading weight of live pigs varies in different regions, with some areas seeing a decline due to farmers reducing losses or early slaughter, and others seeing an increase due to bullish expectations or passive pressure on inventory. The average settlement price of live pigs by key slaughtering enterprises is 12.34 yuan/kg, down 2.58% from the previous period. Terminal pork demand has recovered, but as the supply of suitable - weight pigs increases, the settlement price may face downward pressure. Slaughtering - enterprise operating rates are slowly rising, and live - pig prices are expected to fluctuate with a bullish bias [8] Soft Commodities - **Rubber**: In Yunnan, raw - material prices are stable, and factory price increases drive up raw - material prices. In Hainan, continuous rain, typhoons, and temperature drops affect rubber tapping, resulting in lower - than - expected glue production. In Thailand, rain has increased, and raw - material prices have risen, while in Vietnam, raw - material supply has gradually recovered. Total inventory is low. The capacity utilization rates of China's semi - steel and full - steel tire sample enterprises decreased, but as maintenance enterprises resume production, capacity will be gradually released. Automobile production and sales in October increased. Natural - rubber inventory is gradually increasing, and prices are expected to fluctuate widely [10] - **PX, PTA, MEG, PR, PF**: PX prices fluctuate due to geopolitical uncertainties and Thanksgiving - holiday - affected trading. PTA's cost side is unstable, and although short - term supply - demand is improving, the industry will weaken seasonally. MEG has long - term inventory - accumulation pressure, and short - term prices will fluctuate. PR and PF lack clear direction, and the market is expected to move sideways [10]

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The downstream real estate sector shows a slight recovery, while the service industry's domestic flight frequency experiences a minor decline [1][3]. - Upstream nickel and egg prices rise, while international crude oil and liquefied natural gas prices fluctuate downward. Mid - stream PX, urea, and PTA prices fall, power plant coal consumption is at a low level, and asphalt construction is in the off - season [3]. 3) Summary by Related Catalogs A. Mid - view Event Overview - **Production Industry**: At the National Development and Reform Commission's November press conference on November 27, the commission responded to market hot - spot issues such as humanoid robots and the expansion of infrastructure REITs project issuance. It aims to prevent high - repetition humanoid robot products from flooding the market and promote the healthy and standardized development of the embodied intelligence industry [1]. - **Service Industry**: Li Qiang chaired an executive meeting of the State Council to deploy the promotion of provincial - level overall planning of basic medical insurance. This is an important measure to improve the universal medical insurance system [1]. B. Industry Data - **Upstream**: - **Non - ferrous Metals**: Nickel prices rise slightly, with the spot price on November 27 at 119,366.7 yuan/ton, a 1.98% year - on - year increase [3][38]. - **Agriculture**: Egg prices recover, with the spot price on November 27 at 6.4 yuan/kg, a 2.74% year - on - year increase [3][38]. - **Energy**: International crude oil and liquefied natural gas prices fluctuate downward. On November 27, the spot price of WTI crude oil is 58.7 dollars/barrel, a 1.33% year - on - year decrease; the spot price of Brent crude oil is 62.5 dollars/barrel, a 1.53% year - on - year decrease; and the spot price of liquefied natural gas is 4,084 yuan/ton, a 2.34% year - on - year decrease [3][38]. - **Mid - stream**: - **Chemical Industry**: PX, urea, and PTA prices fall. On November 27, the spot price of PTA is 4,628.3 yuan/ton, a 0.61% year - on - year decrease; the spot price of polyethylene is 6,980 yuan/ton, a 0.26% year - on - year decrease [3][38]. - **Energy**: Power plant coal consumption is at a low level [3]. - **Infrastructure**: Asphalt construction is in the off - season [3]. - **Downstream**: - **Real Estate**: The sales of commercial housing in first - tier cities rise slightly [3]. - **Service**: The number of domestic flights decreases slightly [3].

Core Points - The State Council, led by Premier Li Qiang, held a meeting to discuss the promotion of high-quality development and the implementation of various policies, including basic medical insurance and reading promotion [1][2] Group 1: High-Quality Development - The comprehensive inspection for promoting high-quality development aims to implement the important directives from General Secretary Xi Jinping and the decisions of the Central Committee, ensuring effective economic and social development across regions and departments [1] - The meeting emphasized the need to utilize the results of the comprehensive inspection to address identified issues and improve policies and work processes [1] Group 2: Basic Medical Insurance - The promotion of provincial-level coordination in basic medical insurance is seen as a crucial step in improving the universal medical insurance system, enhancing the insurance mutual assistance mechanism, and increasing the insurance system's capacity [1] - The meeting called for tailored strategies for different regions to improve fund management models and enhance fund utilization efficiency [1] Group 3: Reading Promotion - The meeting highlighted the importance of providing legal support for universal reading, encouraging the supply of quality content, and developing reading services for various demographics [2] - It aims to enhance the moral and cultural literacy of the population, contributing to the modernization of China [2] Group 4: Accounting Profession Regulation - The meeting discussed the draft amendment to the Certified Public Accountant Law, aiming to strengthen legal constraints and enhance industry regulation and financial supervision [2] - The focus is on promoting integrity and legal compliance within the accounting profession to protect investor rights and improve corporate governance [2]

Company Movements - Wahaha Group has completed a core personnel change, with Zong Fuli officially stepping down as legal representative, chairman, and general manager, succeeded by Xu Simin [8] - DeepSeek launched a new mathematical reasoning model, DeepSeekMath-V2, which utilizes a self-verifying training framework and continuously optimizes performance through high-difficulty samples [8] - After 12 years of listing, Joy City Property officially delisted from the Hong Kong Stock Exchange on November 27, due to its privatization plan [8] - Jinfutech announced that its existing business and Blue Origin Technology's business belong to different industries, presenting certain industry integration risks [8] - Toyota reported a 2.1% year-on-year increase in global sales for October, reaching 922,700 units, with a significant 26.4% increase in U.S. sales, while sales in China declined by 6.6% to 160,900 units [8] - Avita Technology (Chongqing) Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange, with joint sponsors being CITIC Securities and CICC. The prospectus shows that Avita's revenue for the first half of this year was 12.208 billion yuan, a year-on-year increase of 98.52%, with vehicle sales revenue of 11.49 billion yuan [8] Investment News - On November 27, the A-share market experienced a pullback, with the Shanghai Composite Index closing up 0.29% at 3,875.26 points, while the Shenzhen Component Index and the ChiNext Index fell by 0.25% and 0.44%, respectively, with a market turnover of 1.72 trillion yuan [7] - Vanke's stock and bonds saw further declines, with "21 Vanke 02" closing down over 57%, "21 Vanke 06" down over 46%, and "22 Vanke 02" down over 42%, leading to temporary suspensions of six Vanke bonds due to significant declines. H-shares of Vanke fell nearly 8%, hitting a historical low, while Vanke A shares dropped over 7%, marking an 11-year low [7] - JPMorgan has upgraded its investment rating for the Chinese stock market to "overweight," suggesting a greater likelihood of substantial gains next year due to multiple supporting factors, including the implementation of AI applications, consumer stimulus measures, and governance reforms [7] - The Asset Management Association of China reported that by the end of October, the scale of private equity funds reached 22.05 trillion yuan, an increase of 1.31 trillion yuan from the end of September, setting a historical high. In October, 1,389 new private equity funds were registered, with a new registered scale of 67.01 billion yuan [7]

Group 1 - The State Council meeting emphasized the importance of high-quality development and the need for comprehensive supervision to address economic and social development issues [1] - The meeting highlighted the significance of provincial-level coordination in basic medical insurance as a crucial step towards improving the universal medical insurance system [1] - The meeting called for tailored strategies for provincial-level coordination, enhancing fund management efficiency, and improving grassroots medical service capabilities [1] Group 2 - The meeting discussed the need for legal support for nationwide reading initiatives to enhance knowledge and cultural literacy among the population [2] - It was proposed to strengthen industry regulation and oversight in the accounting profession through the amendment of the Certified Public Accountant Law [2] - The meeting aimed to promote the healthy development of the accounting profession to protect investor rights and improve corporate governance [2]

Group 1 - The State Council meeting, chaired by Premier Li Qiang, focused on promoting high-quality development and emphasized the importance of addressing issues identified in the comprehensive inspection to enhance economic and social development efforts [2] - The meeting highlighted the need for provincial-level coordination in basic medical insurance as a crucial step towards improving the universal healthcare system, aiming to enhance the insurance mutual assistance benefits and increase the insurance system's capacity [3] - The meeting discussed the draft of the "National Reading Promotion Regulations," aiming to legally support nationwide reading initiatives and enhance the public's access to knowledge and cultural literacy [4] Group 2 - The meeting reviewed the draft amendment to the "Certified Public Accountant Law," emphasizing the need for stronger legal constraints and enhanced industry regulation to ensure the integrity and accountability of the accounting profession [4] - The meeting also addressed the importance of improving the distribution of quality medical resources and strengthening grassroots healthcare services to better meet public medical needs [3]

Core Points - The State Council has emphasized the importance of advancing provincial-level coordination of basic medical insurance as a significant measure to improve the universal medical insurance system [1] - This initiative aims to enhance the mutual assistance advantages of insurance and strengthen the保障能力 of the medical insurance system [1] Summary by Categories - **Policy Implementation** - The meeting calls for tailored strategies by local governments to determine appropriate fund management models for provincial-level coordination [1] - It emphasizes the need to improve fund utilization efficiency [1] - **Healthcare Resource Management** - The coordination of basic medical insurance and the establishment of a hierarchical medical service system are to be promoted [1] - There is a focus on accelerating the balanced distribution of high-quality medical resources [1] - **Service Improvement** - Strengthening the capacity of grassroots medical services is highlighted as a priority [1] - The need to refine medical insurance payment and service pricing adjustment mechanisms is also noted to better meet the healthcare needs of the public [1]