罚单显示，中国人民人寿保险股份有限公司九江中心支公司及的主要违法违规事实（案由）为：利用保险业务为他人牟取不正当 利益；给予客户合同外利益。 蓝鲸新闻1月17日讯，近日，国家金融监督管理总局九江监管分局发布罚单，剑指中国人民人寿保险股份有限公司九江中心支公司 及及其相关责任人。 针对上述违法违规行为，国家金融监督管理总局九江监管分局责令其改正，处20万元罚款；对易海娟给予警告，并处２万元罚 款。 ...

Core Viewpoint - The implementation plan for the digital financial high-quality development emphasizes the dual drive of digital technology and data elements, focusing on risk prevention and data security as key components [1] Group 1: Implementation Plan Overview - The plan outlines 33 tasks aimed at achieving high-quality development while ensuring high-level security, with a focus on preventing systemic financial risks [1] - Specific tasks include constructing a secure and trustworthy data ecosystem, enhancing data security protection, and improving network security resilience [1] Group 2: Security Challenges in Digital Finance - The banking and insurance sectors face four systemic security challenges: lack of comprehensive asset awareness, insufficient threat intelligence effectiveness, imbalance between technological innovation and security capability, and regulatory challenges in data flow and compliance [2][3][4] - The absence of a unified security management view leads to operational and management goal disconnection, creating governance difficulties [2] - The industry struggles with high volumes of alerts due to low-quality intelligence and inadequate verification tools, resulting in a passive response to advanced threats [2][3] Group 3: Transition to Intelligent Security Operations - Financial institutions are urged to shift towards a comprehensive security operation system that includes full asset awareness, intelligence-driven operations, and practical verification capabilities [4] - The focus should be on proactive identity verification in critical business interactions to prevent identity theft and transaction disputes [4][5] - A smart security operation platform should integrate comprehensive visibility, asset awareness, intelligence-driven actions, automated verification, and compliance management [5] Group 4: Implementation of Governance Framework - The execution of security governance requires both standard guidance and technical implementation, transforming strategic requirements into practical technical specifications [5][6] - The integration of digital certificates, electronic signatures, and timestamps can automate compliance with principles such as minimal authorization and auditable processes [6]

筑牢安全防线：专业讲解守护居民"钱袋子" 在积极普及金融知识的同时，中银三星人寿烟台中支始终不忘保险业保障民生、扶危济困的行业本色。活动期间，在社区工作人员的指引下，宣教团队组 成慰问小组，走访慰问社区内的困难家庭，送上生活必需品与诚挚问候，彰显保险行业"扶危济困、守望相助"的温暖底色。 彰显企业温度：走访慰问传递保险大爱 1月16日，中银三星人寿烟台中支联合厚安社区及医疗机构共同举办"岁寒情深送温暖义诊金融惠民生"主题公益活动，以专业、温暖的行动普及金融保险 知识，提升居民风险防范意识，传递企业社会责任与人文关怀。 在社区党群服务中心活动现场，"金融知识普及与风险防范"宣传专区吸引了众多居民驻足。宣传区悬挂着"守住钱袋子过好幸福年""天上不会掉馅饼高利 保本是陷阱"等警示条幅，中银三星人寿烟台中支工作人员通过发放宣传手册、案例讲解、互动问答等形式，重点围绕防范非法集资、反洗钱法律法规、 识别养老骗局等，开展金融保险知识普及活动。针对当前金融诈骗手法不断翻新的特点，工作人员揭露了"高收益理财""保本保息""养老项目投资""假冒 保险代理"等常见非法金融活动的作案手法，同时特别提醒老年群体守好"钱袋子"，增强自 ...

北京商报讯（记者 李秀梅）1月16日，江苏金融监管局、江苏省科技厅等七部门联合印发《江苏银行业 保险业支持科技创新与产业创新深度融合行动方案》，其中提到，优化科技保险保障服务，引导保险公 司完善科技保险产品体系，围绕技术研发、成果转化及其应用推广、知识产权运用保护等关键环节保障 需求，丰富研发、中试、知识产权、网络安全等领域保险供给，提供与科技型企业生命周期阶段相适 应、覆盖科技创新活动全流程的保险产品。鼓励保险公司为科技企业提供综合性保险解决方案，通过承 保大型商业保险和统括保单等方式，更好服务大型科技企业保险需求。加大科技创新人才和相关从业人 员保险供给。 ...

Core Insights - A significant wave of 50 trillion yuan in fixed-term deposits is set to mature in China by 2026, raising concerns among depositors about asset allocation strategies as interest rates decline [1][3][4] - The term "caged tiger" is used to describe the potential impact of this massive capital shift on the market, with various experts weighing in on how these funds might be reallocated [3][4] Group 1: Deposit Maturity and Market Impact - The upcoming maturity of fixed-term deposits is expected to create substantial pressure on banks' liability management, with estimates suggesting that around 50 trillion yuan will mature in 2026, marking a 10 trillion yuan increase from 2025 [5][6] - Different research institutions have provided varying estimates of the total amount of maturing deposits, with a consensus that the impact on banks and asset allocation will be significant [6][8] - The majority of maturing deposits will come from long-term fixed deposits, with state-owned banks facing the largest volume of maturing funds [5][6] Group 2: Potential Fund Allocation - The reallocation of maturing funds is a key concern, with expectations that a significant portion will remain within the banking system rather than flowing into capital markets [8][9] - Current trends indicate that depositors are likely to seek higher interest rates, leading to competitive rate offerings from smaller banks to attract funds [9][10] - Consumer spending, housing repayments, and bank wealth management products are anticipated to be primary destinations for the reallocated funds [9][10] Group 3: Market Conditions and Future Projections - The current environment of declining interest rates and the potential for further monetary easing by the People's Bank of China may influence banks' ability to manage their liabilities effectively [19][20] - Analysts predict that the pressure on banks' net interest margins will ease starting in the second half of 2025, potentially leading to improved revenue and profit growth for the banking sector [20] - The overall strategy for banks will involve optimizing their liability structure while encouraging a gradual release of maturing funds into the market [20]

Core Viewpoint - The 2026 financial regulatory work meeting emphasizes a comprehensive deployment of financial regulation, focusing on risk prevention, strong regulation, and promoting high-quality development to support the "14th Five-Year Plan" [1] Group 1: Risk Prevention and Resolution - The meeting prioritizes the effective resolution of risks in small and medium-sized financial institutions, aiming to manage existing risks and prevent new ones, particularly in the real estate sector [2][3] - A systematic approach will be adopted for risk prevention, focusing on high-risk institutions through coordinated efforts between central and local authorities [2][3] - The regulatory focus will shift from mere scale expansion to substantive risk control, enhancing classification and tiered regulation [3] Group 2: Promoting High-Quality Development - The meeting calls for improving the capacity for high-quality development in the financial sector, emphasizing the need for orderly competition and optimizing institutional layout [4] - The strategy of "reducing quantity and improving quality" will guide the restructuring of financial institutions, focusing on eliminating inefficient and high-risk entities [4][5] - Regulatory measures will target disordered competition, ensuring financial institutions concentrate on their core businesses and adhere to capital constraints [4][5] Group 3: Strengthening Financial Regulation - The meeting outlines the need to enhance and perfect financial regulation, focusing on substantive risks and improving the capacity for lawful regulation [6][7] - The "Golden Supervision Project" will be accelerated, marking a shift towards digital and intelligent regulation to improve risk identification and oversight capabilities [6][7] - The regulatory framework will evolve towards precision, differentiation, and collaboration, ensuring effective consumer protection and preventing cross-market risks [7] Group 4: Enhancing Financial Services for Economic and Social Quality - The meeting emphasizes the need to improve financial services for the economy, focusing on major strategies and sectors, including support for consumer demand and small enterprises [8][9] - Financial institutions will be encouraged to develop integrated financial solutions that link investments in physical assets with human capital [9][10] - Internal mechanisms will be optimized to enhance service delivery, particularly for technology-driven and small enterprises, through improved credit evaluation and risk management [10]

【内容摘要】 1月15日，资金面明显改善；债市整体偏强震荡；转债市场主要指数集体上涨，转债个券多数上涨；各期限美债收益率普遍上行，主要欧洲经 济体10年期国债收益率走势分化。 一、债市要闻 （一）国内要闻 【《求是》杂志发表习近平总书记重要文章《在中央城市工作会议上的讲话》】1月16日出版的第2期《求是》杂志将发表中共中央总书记、国家主席、中央 军委主席习近平的重要文章《在中央城市工作会议上的讲话》。文章提出了当前和今后一个时期城市工作的总体要求，强调要以新时代中国特色社会主义思 想为指导，深入贯彻党的二十大和二十届二中、三中全会精神，坚持和加强党的全面领导，认真践行人民城市理念，坚持稳中求进工作总基调，坚持因地制 宜、分类指导，以建设创新、宜居、美丽、韧性、文明、智慧的现代化人民城市为目标，以推动城市高质量发展为主题，以坚持城市内涵式发展为主线，以 推进城市更新为重要抓手，大力推动城市结构优化、动能转换、品质提升、绿色转型、文脉赓续、治理增效，牢牢守住城市安全底线，走出一条中国特色城 市现代化新路子。 【央行打出政策优化"组合拳"，八项措施加力支持经济】为继续实施适度宽松的货币政策，央行在2026年开年便先 ...

本报讯 记者余嘉欣 孙榕报道 1月15日，国家金融监督管理总局召开2026年监管工作会议，深入贯 彻党中央、国务院决策部署，系统总结2025年工作，统筹安排2026年重点任务。金融监管总局党委书 记、局长李云泽出席会议并讲话，总局党委班子成员出席会议。 会议指出，2025年，金融监管总局系统上下紧紧围绕防风险、强监管、促高质量发展工作主线，迎 难而上、真抓实干，牢牢守住不发生系统性金融风险的底线，各项工作取得积极进展。一是坚定不移推 进全面从严治党。严格落实"第一议题"制度。深入学习宣传贯彻党的二十届四中全会精神。从严从实推 进中央巡视整改。扎实开展深入贯彻中央八项规定精神学习教育。二是有力有序防范化解重点风险。中 小金融机构改革化险取得重大进展。城市房地产融资协调机制扩围增效。积极支持融资平台经营性金融 债务接续置换重组。防非打非工作机制实现省市县三级全覆盖。三是强监管严监管氛围逐步形成。金融 监管法制加快健全。严厉惩治违法违规行为。会同公安等部门坚决打击金融领域"黑灰产"。四是综合施 策引领行业改革转型。持续推进保险业"报行合一"和预定利率调整，加力推动银行业提质增效。支持金 融机构多渠道补充资本。五是精 ...

Core Viewpoint - The A-share market is expected to welcome a significant amount of incremental funds in 2026, which may sustain a slow bull market. The first quarter is projected to be the peak period for the maturity of fixed deposits, with funds likely flowing from insurance and wealth management channels into the equity market, marking the most abundant time for incremental funds throughout the year [3][4][62]. Group 1: Incremental Funds Sources - Incremental funds are primarily sourced from the migration of household deposits and pressures from asset scarcity, with insurance premium income continuing to grow significantly. By Q3 2025, the equity allocation ratio is expected to rise to 15.5%, nearing historical highs, which could release over 840 billion yuan into the market [4][6][66]. - The total amount of fixed deposits maturing in 2026 is estimated to be around 45 trillion yuan, which will likely lead to increased allocations in wealth management and "fixed income+" products, contributing over 900 billion yuan in medium to long-term funds to the A-share market [4][14][17]. - Public funds are expected to see a net inflow of approximately 230 billion yuan in 2026, driven by the recovery of fund net values and the enhanced motivation of individual investors to enter the market [4][33][34]. Group 2: Market Dynamics - The market's main contradictions in 2026 will shift towards verifying economic prosperity and performance realization, with medium to long-term funds providing a safety net. Active funds from public and private sectors are anticipated to further strengthen the "technology + resource products" dual mainline market, with accelerated sector rotation [4][62][64]. - The "national team" funds are expected to see a significant reduction in inflows, with a projected net inflow of about 200 billion yuan in 2026, as their role shifts in a bull market environment [19][22][23]. - High-risk funds, represented by margin trading and private equity, are expected to remain active, with margin trading net inflows estimated at around 450 billion yuan and private equity assets projected to grow to 8.5 trillion yuan, contributing approximately 700 billion yuan in incremental funds [4][26][31]. Group 3: Global and Domestic Influences - Overseas funds are anticipated to strategically allocate to Chinese assets, with northbound capital expected to net inflow around 100 billion yuan in 2026, although this impact on the overall market is expected to be limited [4][36][39]. - The macro liquidity environment is favorable, with a global interest rate cut cycle entering its later stages, but the marginal improvement in policies is expected to gradually converge. The micro-funding situation is likely to improve significantly, supporting a strong performance in equities over fixed income [4][45][49].

Core Viewpoint - The upcoming regulations on the management of company secretaries in listed companies aim to enhance risk awareness and governance quality, which is expected to increase the demand for Directors and Officers Liability Insurance (D&O insurance) in the A-share market [1][3]. Group 1: Regulatory Changes and Market Trends - New regulations for company secretaries are being drafted to improve their performance and risk awareness, which will likely stimulate the demand for D&O insurance [1][3]. - A report indicates that by the end of 2025, over 1,750 A-share listed companies are expected to disclose their D&O insurance purchase plans, reflecting a rapid increase in market penetration [2][3]. Group 2: Industry Insights and Growth - The manufacturing sector leads in the number of companies purchasing D&O insurance, particularly in the computer, communication, and electronic equipment manufacturing industries [3]. - The implementation of new securities and company laws has significantly contributed to the rising penetration of D&O insurance in the A-share market [3][4]. Group 3: Financial Aspects and Pricing - The average premium for D&O insurance remains low, with some policies having coverage limits exceeding 100 million yuan and premiums around 300,000 yuan [6][5]. - The average D&O insurance rate is currently below 0.5%, with expectations of an increase in rates due to rising litigation risks and more claims being reported [6][7]. Group 4: Future Outlook and Recommendations - The D&O insurance market is currently in a "soft cycle," characterized by an oversupply and low prices, but this is expected to change as more claims emerge [7][8]. - To enhance the D&O insurance market, it is recommended to establish mandatory disclosure of insurance details by listed companies and improve the understanding of D&O insurance's role in corporate governance [8][9].