为实现医保制度更公平、更可持续，根据《意见》精神，我省采取分步实施路径推进基本医保省级统 筹。为提高全省医保基金抗风险能力，研究制定贵州省基本医疗保险省级统筹风险调剂金管理制度，从 城乡居民医保起步，逐步覆盖职工医保，分步稳妥推进省级统筹。从2026年起，省级将筹集部分基金建 立省级风险调剂机制，引导市（州）规范基金运行管理，为推动省级统筹政策落地见效、最终实现统收 统支夯实基础。 在医保待遇保障政策方面，今年9月，省医保局会同省财政厅印发《关于统一贵州省城乡居民基本医疗 保险待遇保障政策的通知》，推动城乡居民基本医保待遇政策全省统一，其中部分政策自今年11月1日 起实施，预计2026年将基本实现城乡居民医保待遇政策全省统一。新政策巩固了慢性病保障水平，强化 急诊抢救、生育医疗等方面的保障政策。明确居民医保"连续参保"与"医保基金零报销"双激励机制，鼓 励引导广大居民持续参保、稳定参保。政策设计体现"三医"协同，待遇政策向基层倾斜，异地就医与本 地就医保持适度差距，引导参保人合理就医。 支付机制改革同步深化。全面执行国家统一的医保药品目录，持续推进医保支付方式改革，全省80个县 域医共体纳入医保基金总额付费管 ...

12月26日，记者从省政府新闻办召开的新闻发布会上获悉，近年来，贵州省深入实施全民参保计划，建 成"一人一档"全民参保数据库，推动参保提质扩面，参保人数保持在4100万人以上。同时，织密扎牢多 层次医疗保障网，巩固提升慢特病门诊、住院保障水平，健全重特大疾病医疗保险和救助制度，职工医 保、居民医保住院政策范围内平均报销比例稳定在83%、73%左右。 闻发布会现场 尽管贵州省医疗保障事业取得长足进步，但也面临区域间政策和服务不均衡、分散的基金池抵御风险能 力弱、跨区域人口流动与属地化管理制度之间的不完全匹配等困难，为有效解决这一困境，按照国家安 排，结合贵州实际，2024年12月，贵州省印发《关于推进基本医疗保险省级统筹的意见》，明确了推进 基本医保省级统筹的工作要求。贵州省医疗保障局按照目标任务，推动各项医保改革取得积极进展。 分步实施省级统筹，推动基金稳健可持续运行。为提高全省医保基金抗风险能力，研究制定贵州省基本 医疗保险省级统筹风险调剂金管理制度，按照分级管理、责任共担、统筹调剂、预算考核的思路，采取 风险调剂模式，从城乡居民医保起步，逐步覆盖职工医保，分步稳妥推进基本医保省级统筹。从2026年 起，省 ...

Core Viewpoint - The acceleration of provincial-level coordination in basic medical insurance is a significant step towards improving the universal medical insurance system in China, enhancing the mutual assistance and risk-sharing capabilities of the insurance system [1][3]. Summary by Sections Policy Development - The State Council's recent meeting emphasized the importance of provincial-level coordination in basic medical insurance as a means to enhance the insurance system's capacity and efficiency [1]. - The historical context of China's medical insurance reform dates back to 1994, with gradual expansions leading to the establishment of a nationwide basic medical insurance system in 1998 [2]. Implementation Path - The path for advancing provincial-level coordination has become clearer, with encouragement from various government documents since 2020 to promote this initiative [3]. - The core advantages of provincial-level coordination include improved fairness in insurance benefits, better resource allocation, and enhanced administrative efficiency [3][4]. Regional Responses - Various provinces, including Liaoning, Fujian, and Sichuan, have incorporated provincial-level coordination into their annual work plans, indicating a proactive approach to this reform [5]. - Specific timelines have been set by provinces like Yunnan and Hunan for implementing provincial-level coordination, with a focus on both employee and resident medical insurance [5][6]. Operational Models - Current provincial-level coordination primarily involves two models: full provincial collection and distribution of medical insurance funds and a provincial adjustment fund mechanism [6]. - The adjustment fund is designed to balance the financial disparities between different regions, enhancing the overall stability of the medical insurance system [6]. Challenges and Considerations - Despite the progress, challenges remain, including the potential concentration of patients in urban centers and the need for clear responsibility-sharing between provincial and municipal governments [7][8]. - Experts suggest a gradual approach to implementing provincial-level coordination, ensuring that local conditions are suitable for such changes to avoid adverse outcomes [8].

Core Points - The State Council meeting, chaired by Premier Li Qiang, focused on promoting high-quality development and discussed various legislative measures [2][3] Group 1: High-Quality Development - The comprehensive inspection on promoting high-quality development aims to implement the important directives from General Secretary Xi Jinping and the decisions of the Party Central Committee, achieving positive results in economic and social development [2] - The meeting emphasized the need to utilize the results of the comprehensive inspection to address major issues identified, ensuring that relevant departments and localities rectify problems systematically [2] Group 2: Basic Medical Insurance - The promotion of provincial-level coordination in basic medical insurance is seen as a crucial step in improving the national insurance system, enhancing the insurance mutual assistance advantage, and increasing the insurance system's capacity [2] - The meeting called for tailored strategies for different regions to improve fund management models and enhance fund utilization efficiency [2] Group 3: National Reading Promotion - The meeting highlighted the importance of providing legal support for national reading initiatives, aiming to enhance the public's knowledge and wisdom through reading [3] - It was noted that there should be an increase in the supply of quality content and the development of reading facilities, with a focus on services for various demographics [3] Group 4: CPA Law Revision - The meeting discussed and approved the draft revision of the Certified Public Accountant Law, which will be submitted to the National People's Congress for review [3] - The revision aims to strengthen legal constraints, enhance industry regulation, and promote the healthy development of the CPA industry, thereby protecting investor rights and improving corporate governance [3]

Core Points - The State Council meeting, chaired by Premier Li Qiang, focused on promoting high-quality development and discussed various legislative and policy measures [1][2] Group 1: High-Quality Development - The comprehensive inspection on promoting high-quality development aims to implement the important directives from General Secretary Xi Jinping and the decisions of the Party Central Committee, achieving positive results in economic and social development [1] - The meeting emphasized the need to utilize the results of the comprehensive inspection to address identified issues and improve policies and work practices [1] Group 2: Basic Medical Insurance - Advancing provincial-level coordination of basic medical insurance is a crucial step in improving the universal medical insurance system, enhancing the insurance mutual assistance mechanism, and increasing the insurance system's capacity [2] - The meeting called for tailored strategies for different regions to optimize fund management models and improve fund utilization efficiency [2] Group 3: National Reading Promotion - The meeting discussed the need for legal guarantees to support national reading initiatives, aiming to enhance public knowledge and wisdom through reading [2] - It highlighted the importance of increasing the supply of quality content and improving reading services for various demographics, including youth and the elderly [2] Group 4: CPA Law Revision - The meeting reviewed and approved the draft revision of the Certified Public Accountant Law, which will be submitted to the National People's Congress for deliberation [2] - It stressed the importance of strengthening legal constraints and industry supervision to promote integrity and responsibility within the CPA profession, thereby protecting investor rights and enhancing corporate governance [2]

Report Industry Investment Ratings No relevant information provided. Core Views of the Report - The A - share market shows a trend of rising and then falling, with the stock index facing issues such as insufficient trading volume and weak short - term technical trends. The bond market is affected by factors like Vanke's bond default and new regulations on public fund sales, and is expected to maintain a wide - range oscillation. [9][10] - In the black metal market, steel and ore are expected to oscillate in the short - term and remain bearish in the medium - to - long - term. Coal and coke prices may continue their weak oscillation in the short - term. For ferroalloys, there are opportunities to go long on ferrosilicon and engage in the "long ferrosilicon, short manganese silicon" arbitrage. [12][14][15] - In the non - ferrous and new materials market, zinc and lead prices are in a downward oscillation trend, with suggestions to hold short positions cautiously. Lithium carbonate shows wide - range oscillations, while industrial silicon and polysilicon continue to oscillate. [19][20][22] - In the agricultural products market, cotton oscillates and rebounds, sugar is under pressure but with cost support, eggs are expected to oscillate, apples are expected to be slightly bullish, and corn, dates, and live pigs have their own market characteristics and trends. [27][28][31] - In the energy and chemical market, crude oil is in a long - term downward trend, fuel oil follows oil price fluctuations, plastics are in a weak oscillation, and other energy and chemical products also have their own market outlooks. [40][41][43] Summaries by Directory Macro News - The State Council executive meeting chaired by Premier Li Qiang discussed multiple important matters, including promoting high - quality development, medical insurance, and relevant regulations. Vanke's stocks and bonds declined sharply. China and Malaysia communicated on the "Malaysia - US Equivalent Trade Agreement". The China Council for the Promotion of International Trade will organize a business delegation to visit the US in early December. From January to October, the national industrial enterprise profits increased year - on - year, but decreased in October. The NDRC studied price - related work. Putin stated that the US delegation will visit Moscow, and the ECB strengthened the expectation of the end of the interest - rate cut cycle. [6][7] Macro Finance Stock Index Futures - Adopt an oscillation strategy and temporarily wait and see. The A - share market rose and then fell, with issues such as insufficient trading volume. The selection of the Fed chairman is in the final stage. The short - term decline may lead to a rebound, but the market's anti - fragility is insufficient. [9] Treasury Bond Futures - The bond market is affected by Vanke's bond default and new regulations on public fund sales. The current capital situation is generally loose, and the bond market is expected to maintain a wide - range oscillation. [10] Black Metal Steel and Ore - In terms of policy, pay attention to the impact of the Politburo meeting and the Central Economic Work Conference on the macro - expectations of the market next year. On the fundamental side, the demand for building materials is weak, while the demand for coils is good. The supply side may see a decline in molten iron production, and the inventory is still at a high level compared to last year. The valuation of iron ore is relatively strong, and steel prices are likely to remain weak. In the short - term, it is expected to oscillate, and in the medium - to - long - term, it is bearish. [11][12] Coal and Coke - Prices may continue their weak oscillation in the short - term. Pay attention to the impact of coal mine production, safety supervision, and changes in molten iron production. [14] Ferroalloys - The ferrosilicon market has opportunities to go long in the medium - to - long - term, and pay attention to the "long ferrosilicon, short manganese silicon" arbitrage. In the short - term, pay attention to the impact of electricity settlement in Ningxia and Inner Mongolia on the market. [15] Non - ferrous and New Materials Zinc - The domestic zinc inventory has decreased. It is recommended to hold short positions at high levels or take profits temporarily and operate cyclically. The zinc price is in a downward oscillation trend with the possibility of a phased rebound. [19] Lead - The domestic lead inventory has decreased, and it is recommended to hold short positions cautiously. The lead price has a slight rebound, and the import lead trading activity is not high. [20][21] Lithium Carbonate - The short - term trend is in wide - range oscillations, with a game between short - term bearishness and long - term optimism. The recent demand shows signs of weakening, but the long - term demand is still promising. [22] Industrial Silicon and Polysilicon - Industrial silicon has limited downward adjustment space and continues to oscillate. Polysilicon also continues to oscillate, and it is necessary to be cautious when chasing long positions. [23] Agricultural Products Cotton - Affected by factors such as large supply pressure and weak demand, it oscillates and rebounds. The USDA report is bearish, and the domestic supply pressure remains. The valuation of Zhengzhou cotton futures is lower than the spot price, supporting its rebound. [27][28] Sugar - The domestic and international sugar markets are under pressure from supply surplus, but cost support limits the decline. It is recommended to wait and see. [28][29] Eggs - The inventory of laying hens is high, and consumption has not improved significantly. The spot price is expected to be weak. The 01 contract is expected to oscillate, and it is recommended to short at high levels with proper position control. [31] Apples - The apple market is expected to be slightly bullish. The apple storage is nearly finished, and the出库 has started. The inventory is lower than last year, and attention should be paid to consumption dynamics. [33] Corn - Pay attention to the upper pressure on the futures price. The current price increase is due to "supply - demand mismatch", and the spot price may回调, but the decline space is limited. [35] Dates - It is recommended to wait and see. The prices in production and sales areas are stable at a low level, and the futures price is weak. [36][37] Live Pigs - In the short - term, the supply pressure increases, and the demand is limited. It is recommended to short at high levels for near - month contracts. In the long - term, the decline in the number of breeding sows is beneficial to future pig prices. [38] Energy and Chemical Crude Oil - The oil price is in a long - term downward trend, affected by factors such as EIA inventory accumulation and geopolitical negotiations. It is recommended to short at high levels. [40] Fuel Oil - It follows the oil price fluctuations. The supply is loose, and the demand is weak. Pay attention to the impact of sanctions on Russia and the OPEC+ meeting. [41] Plastics - The supply pressure is large, and the demand is weak. It is recommended to adopt a weak - oscillation strategy. [43] Rubber - It is recommended to take profits appropriately for the ru - nr spread. It is short - term bullish due to weather factors, and it is necessary to be cautious when chasing high prices. [44] Synthetic Rubber - It may still have downward space. It is recommended to short at high levels. The restart of maintenance devices at the end of the month and in December may put further pressure on the price. [45] Methanol - The near - month and far - month contracts are recommended to adopt an oscillation strategy. If the inventory reduction is smooth, a slightly long - position configuration can be considered. [46] Caustic Soda - The spot price is weak, and it is recommended to adopt an oscillation strategy. [47] Asphalt - The price fluctuation is expected to increase, and attention should be paid to the price bottom after the winter storage game. [48] Polyester Industry Chain - It is expected to continue the oscillation adjustment in the short - term, affected by factors such as the decline in blending oil sentiment and weakening terminal demand. [50] Liquefied Petroleum Gas (LPG) - It may turn from strong to weak. The supply is abundant, and the demand is limited. The weakening of oil prices may accelerate its decline. [50] Pulp - The fundamentals are stable, and it is expected to enter an oscillation stage. It is recommended to wait and see. [51] Logs - The fundamentals are weakly bearish, and the price is under pressure. The inventory is expected to increase, and the market is in the off - season. [52] Urea - The现货 price may oscillate strongly, and the futures market may have short - term emotional trading. It is recommended to adopt a wide - range oscillation strategy. [53]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - A-share market experienced a volume - shrinking adjustment with the Shanghai Composite Index rising 0.29% to 3875.26 points, the Shenzhen Component Index falling 0.25%, and the ChiNext Index falling 0.44%. The daily trading volume was 1.72 trillion yuan, down from 1.8 trillion yuan the previous day. In October, the revenue and profit growth rates of industrial enterprises turned negative, with quantity dropping, price stabilizing, and profit margins shrinking [14][15]. - The U.S. stock market was closed for Thanksgiving, and the stock index futures closed flat with light trading. Putin's statement on the peace plan had limited impact on the U.S. stock market [2]. - After a sharp decline in the bond market, the odds of going long improved, and there would be a repair, but the adjustment pressure still existed after the rebound [3]. - For agricultural products like soybeans, the supply - demand situation changed little, with Brazil's expected new - crop output hitting a record high. The market focused on U.S. soybean export sales [4]. - In the black metal sector, the overall inventory data of steel was okay, but the slow destocking of coils suppressed steel prices. Steel prices were expected to fluctuate in the short term [5]. - For energy - chemical products such as float glass, the inventory of float glass manufacturers decreased slightly this week, and the futures price rose due to rumors of production line shutdowns [6]. Summary by Directory 1. Financial News and Comments 1.1 Macro Strategy (U.S. Stock Index Futures) - Putin publicly discussed the peace plan but there was no final solution. The U.S. stock market was closed for Thanksgiving, and the market trading was light with the stock index futures closing flat. The progress of Russia - Ukraine negotiations had limited impact on the U.S. stock market. It was recommended to maintain a bullish view overall and observe if the 50 - day moving average could provide strong support [11][12]. 1.2 Macro Strategy (Stock Index Futures) - The State Council executive meeting deployed the promotion of provincial - level overall planning of basic medical insurance. A - shares had a volume - shrinking adjustment. In October, the profits of industrial enterprises above designated size decreased by 5.5% year - on - year. It was recommended to evenly allocate long positions in various stock indexes [13][14][15][16]. 1.3 Macro Strategy (Treasury Bond Futures) - In October, the profits of industrial enterprises above designated size decreased by 5.5% year - on - year. The central bank conducted a 3564 - billion - yuan 7 - day reverse repurchase operation, with a net investment of 564 billion yuan. After a sharp decline, the bond market might have a short - term repair, but it was still bearish overall [17][18]. 2. Commodity News and Comments 2.1 Agricultural Products (Soybean Meal) - The USDA would release the weekly export sales report. The market expected U.S. soybean export sales to increase by 60 - 200 million tons. Brazil's soybean production in the 25/26 season was expected to reach a record 178 million tons. It was recommended to view the futures prices of both domestic and foreign markets with a range - bound perspective and focus on China's soybean purchases and South American weather [19][20]. 2.2 Black Metals (Steam Coal) - On November 27, the price of low - calorie steam coal in Indonesia was weak. After the end of winter stockpiling, coal prices were driven by actual supply and demand. It was recommended to pay attention to whether the daily consumption would turn positive after December to support coal prices [21]. 2.3 Black Metals (Iron Ore) - A Canadian mining company was advancing iron ore projects in Ukraine and Canada. Iron ore prices continued to fluctuate widely. With port inventories piling up and demand seasonally declining, iron ore was expected to maintain a range - bound trend [22]. 2.4 Black Metals (Coking Coal/Coke) - The spot market of port coke fluctuated. For coking coal, supply was increasing while iron - making output decreased slightly. For coke, the market expectation weakened due to falling coking coal prices. It was recommended to focus on downstream restocking [23][24]. 2.5 Agricultural Products (Corn Starch) - The开机 rate of corn starch increased, and inventory continued to decline significantly. It was recommended that starch would likely remain strong in the short term, and mid - short - term spread trading should be range - bound, while it might strengthen in the long - term [24][25]. 2.6 Agricultural Products (Corn) - The corn inventory of major processing enterprises continued to decline counter - seasonally. The spot price was strong, and the futures price was oscillating at a high level. The 01 contract was expected to be difficult to fall, and it was not recommended to short the 03 and 05 contracts against the trend [26]. 2.7 Black Metals (Rebar/Hot - Rolled Coil) - The production schedule of major white - goods in December 2025 decreased. The steel inventory data was okay, but the slow destocking of coils suppressed steel prices. It was recommended to view steel prices with a range - bound perspective [27][28][29][30]. 2.8 Non - ferrous Metals (Polysilicon) - A 30,000 - ton polysilicon plant would be built in Morocco. The spot price of polysilicon was mainly determined by the game between policy and fundamentals. It was recommended that the futures main contract might trade between 50,000 - 56,000 yuan/ton, and attention should be paid to range - bound trading opportunities [31][32][34]. 2.9 Non - ferrous Metals (Industrial Silicon) - The first - phase project of an industrial silicon project in Inner Mongolia reached an important milestone. The supply and demand situation of industrial silicon deteriorated, and it was recommended that the short - term futures price might oscillate between 8800 - 9500 yuan/ton [35][36]. 2.10 Non - ferrous Metals (Lead) - The LME lead cash - 3 - month spread was at a discount. The social inventory of lead ingots decreased. It was recommended that short - position holders should look for opportunities to stop losses on dips, and it was better to wait and see for arbitrage and cross - border trading [37][38]. 2.11 Non - ferrous Metals (Zinc) - The LME zinc cash - 3 - month spread was at a premium. The domestic social inventory of zinc decreased. It was recommended to wait and see for single - side trading, hold long - short spread positions for spread trading, and exit cross - border arbitrage positions in a timely manner [39][40][41]. 2.12 Non - ferrous Metals (Nickel) - Indonesia simplified the RKAB approval process. A project's production was expected to decline. The nickel market was still in surplus, but the current futures price was below the cost. It was recommended that previous short - position holders could gradually stop losses and consider going long at low prices [42][43][44]. 2.13 Non - ferrous Metals (Lithium Carbonate) - A lithium project in Ghana made progress. The production of domestic lithium carbonate decreased, and the inventory also decreased. It was not recommended to chase long positions, and short positions could be lightly established on the right - hand side if production resumed and demand declined in the off - season. A long - position strategy was recommended in the long - term [45][46]. 2.14 Energy - Chemical Products (Natural Gas) - U.S. natural gas inventory decreased more than expected, but further price increases were difficult due to warm - weather forecasts and weak overseas demand. NYMEX natural gas still faced downward pressure [47][48]. 2.15 Energy - Chemical Products (Carbon Emissions) - The closing price of CEA increased by 1.02% on November 27. The impact of the carry - over policy might be more emotional than real. It was recommended to wait and see [49][50][51]. 2.16 Energy - Chemical Products (Styrene) - The weekly production and capacity utilization of styrene decreased. The trading focus shifted back to domestic supply and demand. The inventory in East China was expected to increase, and it was recommended to pay attention to the implementation of pure - benzene maintenance plans and treat it as range - bound in the short term [51][52][53]. 2.17 Energy - Chemical Products (Caustic Soda) - The price of liquid caustic soda in Shandong decreased due to weak demand. The supply was abundant, and inventory continued to accumulate. The short - term futures price was expected to remain weak, and attention should be paid to whether supply would shrink due to profit compression [54][55][56]. 2.18 Energy - Chemical Products (PVC) - The price of PVC powder had a narrow - range adjustment. The supply was expected to increase, and demand was suppressed by the weak real - estate market. It was recommended to short near - month contracts on rallies [57][58][59]. 2.19 Energy - Chemical Products (Soda Ash) - The inventory of soda ash manufacturers decreased this week. The supply decreased slightly, and demand increased. In the short term, the fundamentals of soda ash had some support, but it was recommended to take a bearish view in the medium - term and short far - month contracts on rallies [60][61][62]. 2.20 Energy - Chemical Products (Float Glass) - The inventory of float glass manufacturers decreased slightly this week. The futures price rose due to rumors of production line shutdowns. Attention should be paid to the risk of short - covering rebounds caused by news - related disturbances [63].

Group 1 - The State Council meeting, chaired by Premier Li Qiang, focused on promoting high-quality development and addressing issues identified in comprehensive inspections [1] - The meeting emphasized the importance of provincial-level coordination in basic medical insurance to enhance the insurance system's capability and efficiency [1] - The meeting discussed the draft of the "National Reading Promotion Regulations" to ensure legal support for nationwide reading initiatives and improve cultural literacy [2] Group 2 - The meeting highlighted the need for diverse reading promotion activities and the development of new technologies and facilities to enhance reading services for different demographics [2] - The draft amendment to the "Certified Public Accountant Law" was discussed, aiming to strengthen industry regulation and promote ethical practices among accountants [2]

Group 1: High-Quality Development and Medical Insurance - 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 promotion of provincial-level coordination in basic medical insurance is highlighted as a crucial step to enhance the national insurance system, improve fund management, and better meet public healthcare needs [1] Group 2: National Reading Promotion and Legal Framework - The meeting discussed the need for legal support for national reading initiatives, aiming to enhance knowledge acquisition and cultural literacy among the population [2] - A draft amendment to the Certified Public Accountant Law was approved for submission to the National People's Congress, focusing on strengthening industry regulation and promoting ethical practices within the accounting profession [2]

Group 1 - The comprehensive inspection for promoting high-quality development aims to implement the important instructions from General Secretary Xi Jinping and the decisions of the Party Central Committee, achieving positive results in economic and social development [2] - The promotion of provincial-level coordination in basic medical insurance is a crucial measure to improve the universal medical insurance system, enhancing the insurance mutual assistance and solidarity advantages [3] - The draft of the National Reading Promotion Regulation was reviewed and aims to legally guarantee the public's access to knowledge and wisdom through reading [4] Group 2 - The inspection results should be effectively utilized, with a focus on rectifying major issues identified during the inspection and improving policies and work based on the suggestions provided [5] - Local governments are encouraged to adopt tailored strategies for provincial-level coordination of funds, improving fund utilization efficiency and enhancing grassroots medical service capabilities [6] - There is a push to increase the supply of quality content and improve reading services for different demographics, fostering a culture of reading to enhance the overall moral and cultural literacy of the nation [8] Group 3 - The draft amendment of the Certified Public Accountants Law was discussed and approved in principle, aiming to strengthen legal constraints and enhance industry regulation and financial supervision [8]