近日，平安财产保险股份有限公司深圳分公司（以下简称"平安产险深圳分公司"）与深圳市中医肛肠 （福田）医院签署创新合作协议，标志着全国首个"医疗设备全生命周期保障保险"正式落地。该项目成 功将80万医疗设备维修费用转化为保险保障，纳管全院2200+台套设备，首次将医疗设备维修费用补偿 与使用安全保障纳为一体，也是"保险+服务+科技"三位一体的风险管理模式在医疗装备领域的首次实 践，推动医疗设备风险管理正式迈入专业化、数字化新阶段。 省心： "1+N"生态发展模式，做实全周期保障 监护仪突然电路故障，呼吸机出现气路泄漏，CT设备停机无法使用……如果医疗设备出现问题，应该 怎么办？作为设备维修风险转移的重要方式，平安产险深圳分公司开发的全国首个"医疗设备全生命周 期维修费用损失补偿条款"，聚焦因设备出现故障、隐患而产生的维修、重置损失，并附加第三者责 任。全面保障因设备维修过程中，发生意外事故导致第三者的人身伤亡或财产损失。医疗设备全生命周 期保障保险的成功落地，不仅填补了医疗设备风险管理领域的市场不足，更开创性构建了"1+N"生态发 展模式。以设备保险为战略支点，通过专业化服务团队、数智化管理平台、原厂级供应链体 ...

Financial Data and Key Metrics Changes - In Q3 2025, loan volume reached RMB 50.89 billion, revenue was RMB 3.42 billion, and net profit was RMB 521 million, reflecting a 2% increase quarter-over-quarter and a 68% increase year-over-year [5][22] - The net profit take rate increased to 2.01%, up by 9 basis points quarter-over-quarter and 92 basis points year-over-year [5][22] - Total revenue decreased by 5% quarter-over-quarter, primarily due to a 29% decrease in e-commerce platform service income [32] Business Line Data and Key Metrics Changes - Net revenue from the credit business decreased by 3% to RMB 1.9 billion, attributed to increased credit costs [22][23] - E-commerce business net revenue increased by 14% to RMB 111 million, while total net revenue from both credit and e-commerce business decreased by 2% to RMB 2.1 billion [23][32] - E-commerce GMV for essential daily consumer goods grew 58.5% quarter-over-quarter and 133.8% year-over-year [11] Market Data and Key Metrics Changes - The company ceased facilitating loans with APRs above 24% starting October 1, impacting both business volume and average loan pricing [39] - The industry-wide liquidity tightened further in Q4, affecting credit risk and operational dynamics [15][19] Company Strategy and Development Direction - The company is focused on enhancing risk management capabilities and adapting to new regulations, which are expected to raise industry entry barriers [6][15] - A customer-centric approach is emphasized, with initiatives to improve user experience and satisfaction [9][12] - The company plans to continue investing in its ecosystem businesses to drive steady growth and capture opportunities arising from industry adjustments [12][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving stable performance growth despite industry fluctuations and regulatory changes [13][33] - The company anticipates moderate loan volume decline in Q4 due to regulatory impacts, but expects to see stabilization in risk indicators towards the end of the quarter [54][56] - The long-term outlook remains positive, with expectations for gradual recovery as the regulatory environment stabilizes [57] Other Important Information - The dividend payout ratio was increased from 25% to 30% of net profit, and share repurchase programs are progressing well [6][35] - The company has maintained a solid financial position with cash reserves of approximately RMB 4.3 billion and shareholders' equity of about RMB 11.8 billion [32] Q&A Session Summary Question: Impact of new regulation on business operations - Management confirmed that the new regulation has led to a shift in business practices, including ceasing loans with APRs above 24%, which has affected business volume and pricing [39] Question: Development strategy and outlook for e-commerce business - The e-commerce business is focused on expanding product categories and improving risk management, with significant growth in transaction volumes during shopping festivals [43][44] Question: Managing credit risk during transitional period - The company has enhanced its risk management system to identify vulnerable customers and control risk fluctuations effectively [48][49] Question: Outlook for Q4 and full year 2026 performance - Management expects a moderate decline in loan volume for Q4 due to regulatory impacts but anticipates significant year-over-year growth for the full year 2025 [55][56]

当市场被短期涨跌裹挟，当追涨杀跌的声音淹没理性，总有一群人选择站在时间的这一侧。不追逐转瞬即逝的热点，不沉迷短期排 名的狂欢，而是以深入研究为锚，以坚定信念为帆，将目光投向企业成长的本质与经济前行的长期趋势。智通财经推出"绩优长跑 者谈长期主义"专栏，深度访谈这些坚守长期主义的基金经理，拆解他们如何在市场波动中筛选优质资产，如何用耐心对抗焦虑， 如何让时间成为投资路上最坚实的盟友，最终让复利的力量结出丰硕果实。 智通财经11月24日讯（记者 吴雨其）十四年时间，在多数基金经理的职业轨迹中已足以经历多次产品更迭、风格切换与角色变动。但对杜猛 来说，这十四年只有一件事值得坚持：在摩根新兴动力这只基金上，专注做好成长股投资。自2011年开始管理摩根新兴动力基金至今，在行业 内日益减少的长期陪伴者中，杜猛显得格外沉静，也格外笃定。 这份坚持并非出于惯性，而是一种深思熟虑的选择。他始终坚信，真正能穿越周期、兑现长期回报的，是那些能够不断为社会创造价值、具备 核心竞争力的企业，而非一时受追捧的热点标的。"成长股的价值兑现，本身就是一个长期过程。"在他看来，投资最关键的不是踩准节奏，而 是与伟大企业并肩前行，把时间交给价值 ...

11月21日，由大商所、徽商期货联合主办，安徽证券期货业协会支持的"DCE·产业行"——商品期权赋 能安徽实体经济高质量发展活动在安徽合肥成功举行。本次活动聚焦商品期权服务实体经济的实践与创 新，吸引了50余名产业企业代表和期货从业人员参与。 据期货日报记者了解，大商所自2017年3月31日推出国内首个商品期权——豆粕期权以来，持续丰富品 种体系、优化合约规则。 期权策略实现精准风险管理 活动中，厦门建发股份农产品集团期货部总经理刘涛进行了题为"商品期权在农产品风险管理中的运 用"的经验分享，详细阐述了企业在期权策略应用方面的具体案例。 刘涛介绍，贸易商可以通过单腿买入看跌期权保护库存。2020年6月1日，某玉米贸易商持有库存且已有 150元/吨浮盈，担心未来价格回调，但又不愿错过上涨机会。企业以30元/吨的权利金买入执行价为 2050元/吨、期限为2个月的看跌期权。到期时，若玉米期货价格跌至1800元/吨，期权端盈利220元/吨， 有效对冲现货损失；若价格上涨，仅损失权利金，仍可享受现货价格上涨收益。 "含权贸易是期权利用方面的一个创新。"上海徽丰实业衍生品部负责人卢仕峰介绍，在塑化产业链中， 上游企业可以 ...

近日，广期所联合江苏证监局、江苏省委金融办和江苏省工信厅在江苏南京开展"助绿向新"期货服务产 业培训。近100名新能源企业以及期货公司相关负责人参加培训。 下一步，广期所将加强与地方政府的交流，强化与地方证监局和其他交易所合作，持续宣传风险管理理 念，推进"助绿向新"产业培训及各项服务措施落地见效，以期货赋能绿色低碳转型，助力新能源行业健 康稳定发展。 据期货日报记者了解，本次培训旨在充分发挥期货市场服务绿色转型与新质生产力的功能，帮助新能源 产业企业更好利用期货衍生工具管理生产经营风险，邀请中国有色金属工业协会、上海证券交易所和期 现贸易公司等的专家，就新能源行业市场供需现状及展望、企业利用期货衍生工具的基本方法与典型案 例、期现贸易与产业合作模式实操分享、实体企业衍生品业务内控及风险体系搭建、期货与衍生品交易 信息披露监管规则等议题进行了深入讲授。此外，广期所讲师为参会企业介绍了广期所品种运行情况及 套期保值业务相关情况。 作为新能源产业集聚的经济大省，江苏省内光伏、锂电等企业面临阶段性供需错配、原材料和产成品价 格波动、内外部政策存在不确定性等多重市场风险，亟须期货风险管理工具为企业平稳经营保驾护航。 ...

Core Viewpoint - The article emphasizes the importance of risk management and a bottom-up approach in investment strategies, focusing on identifying high-quality companies rather than following market trends or macroeconomic indicators [1][2]. Group 1: Investment Philosophy - The core investment philosophy of Fenghe Fund prioritizes risk management, asserting that understanding one's own risk profile is essential for successful investing. The focus is on managing drawdowns and maintaining a diversified portfolio with low correlation among assets [1]. - The fund has achieved an average annual return of over 18% since its inception in 2009, with a maximum historical drawdown of only -6.5% [1]. Group 2: Company Focus - The investment strategy is centered on a bottom-up analysis of companies, disregarding macroeconomic trends and focusing instead on a company's innovation and competitiveness. The evaluation of a company's value is based on cash flow, realizable assets, and its ability to generate future cash [1]. - The fund seeks to identify high-quality companies ("eagles") that can dominate their markets, while also being willing to short companies with deteriorating fundamentals, avoiding mediocre companies altogether [1]. Group 3: Market Perspective - The article advocates for a cyclical understanding of the market, encouraging a contrarian investment approach that aligns with long-term fundamentals rather than short-term performance fluctuations. This philosophy allows for strategic investments in companies with strong future prospects during periods of market pessimism [2]. - Key insights include the importance of observation and analysis over prediction, emphasizing that survival in volatile markets relies on solid fundamentals rather than speculative forecasts [2].

Core Insights - The metal market in 2023 is characterized as "full of changes" and "exciting," with significant trading activity in gold, silver, and cobalt, driven by various market dynamics [1][4]. Trading Activity - CME Group's gold futures have seen an average daily nominal trading volume of approximately $85 billion in 2023, with projections of around $60 billion per day for 2024 [1]. - The trading volume for micro silver futures has increased by 22% year-on-year, averaging 22,000 contracts per day [1]. - Overall, CME's gold futures and options trading volume has increased by 20% compared to last year, reaching record levels [2]. Retail Investor Participation - Retail investors are significantly returning to the gold market, with micro gold futures and newly launched one-ounce gold futures seeing trading volumes more than doubling [2]. - The average daily trading volume for micro gold futures exceeds 1 million contracts, while one-ounce gold futures average around 180,000 contracts [2]. Central Bank Demand - Continuous gold purchases by global central banks, including those from China, the U.S., Europe, and Japan, are driving demand for physical gold, which also positively impacts other precious metals like silver and platinum [2]. Market Health and Activity - Despite increased volatility in gold prices since October, the overall performance of the gold futures market is described as healthier than before, with new positions being established alongside some profit-taking [3]. - The participation rate in the precious metals market remains strong, particularly in the Asia-Pacific region, where the trading volume during Asian hours has increased from 25% to nearly one-third of the global total [3]. Cobalt Market Dynamics - The cobalt market has experienced significant fluctuations due to export restrictions from the Democratic Republic of Congo, leading to a rise in cobalt prices [4]. - The demand for cobalt is driven by companies looking to lock in costs and hedge risks, with current positions in CME's cobalt products reaching approximately 20,000 contracts [4]. Risk Management Tools - The frequency of black swan events has increased the demand for risk management tools, prompting CME to introduce short-term options for gold and silver [5]. Chinese Market Participation - Chinese clients are increasingly influential in CME trading, showing a preference for regulated trading environments and contributing significantly to global demand, particularly in copper, where they account for over 40% of global consumption [6]. - The ongoing transition to carbon neutrality is expected to sustain long-term demand for both industrial and precious metals, with a focus on infrastructure and energy storage needs [6]. - The recycling of metals is anticipated to gain momentum, with China making notable progress in enhancing resource utilization efficiency through large-scale recycling initiatives [6].

Hi, I'm Yiannis. Spotting winners before they break out is what I do best.Experience: Previously worked at Deloitte and KPMG in external/internal auditing and consulting. Education: Chartered Certified Accountant, Fellow Member of ACCA Global, with BSc and MSc degrees from U.K. business schools. Investment Style: Spotting high-potential winners before they break out, focusing on asymmetric opportunities (with at least upside potential of 3-5X outweighing the downside risk). By leveraging market inefficienci ...

11月20日，2025深圳国际金融大会以"全球金融市场与政策创新"为主题，汇聚行业重磅嘉宾共话金融发 展新路径。 中国证监会原副主席屠光绍、原中国保险监督管理委员会副主席周延礼、中保投资有限责任公司董事长贾飙等业内人 士，分别从科技赋能金融、保险保障创新、保险资金股权投资等维度发表主旨演讲，为"十五五"时期经济社会高质量 发展建言献策。 屠光绍在演讲中强调，科技创新既是国家战略，更是重塑金融行业业态与生态的核心引擎。他通过多维度数据与国际 比较，系统剖析了科技对金融体系的变革作用。 从金融市场功能来看，科技领域的风险资本投资占比、高新技术企业贷款余额占比、A股科技行业市值占比及全国并购 交易中科技行业占比均持续攀升，凸显科技已成为金融市场服务实体经济的关键驱动力。在金融行业发展基础层面， 金融机构对金融科技的投入不断加大，行业核心竞争力已从传统的"拼网点"转向"拼科技"，数字化转型成为金融业高 质量发展的必由之路。 人才结构方面，我国金融机构科技人才总量及占比稳步增长，但与纽约等国际金融中心及头部国际金融机构相比仍有 差距。屠光绍建议，未来需通过高校与市场联动，重点培养交叉型、复合型金融人才，为应对激烈的国际 ...

一、期权有什么好处？期权交易对投资者有哪些优势？ 期权提供更多的机会和策略，期权交易中，无论是期货价格处于牛市、熊市或盘整，均可以为投资者提供获利的机会。期货交 易只能是基于方向性的。而期权的交易策略既可以基于期货价格的变动方向，也可以进行基于期货价格波动率进行交易，下文 介绍做期权的好处对于投资者友好吗？ 期权作为金融市场中的一种重要工具，为投资者带来了诸多好处和优势。 首先，期权提供了灵活性和多样性。投资者可以根据自身的风险偏好和市场预期，选择不同的期权合约和策略。例如，买入看 涨期权可以在预期标的资产价格上涨时获利，而买入看跌期权则能在价格下跌时获益。这种多样化的选择使得投资者能够适应 各种市场环境。 其次，期权有助于风险管理。与期货合约不同，期权的买方最大损失仅限于支付的权利金。这意味着投资者可以通过购买期权 来对冲现有投资组合的风险，而不必担心出现巨大的亏损。 再者，期权能够提高资金使用效率。相较于直接购买标的资产，购买期权所需的资金通常较少。以较小的成本控制较大价值的 资产，为投资者提供了以小博大的机会。 此外，期权还具有策略丰富性的特点。投资者可以通过组合不同的期权合约，构建复杂的投资策略，如蝶 ...