12月26日金融一线消息，国家金融监督管理总局办公厅印发《银行业保险业数字金融高质量发展实施方 案》。方案提出，深化小微企业金融服务。拓展小微企业物流、资金流、信息流数据应用，结合工商税 务等外部数据完善智能授信算法模型。建设小微金融线上化综合服务平台，合规开展审批、签约、抵质 押办理等线上化业务流程。鼓励中小金融机构充分发挥比较优势，构建符合自身特色的小微企业数字金 融生态圈。 责任编辑：王馨茹 12月26日金融一线消息，国家金融监督管理总局办公厅印发《银行业保险业数字金融高质量发展实施方 案》。方案提出，深化小微企业金融服务。拓展小微企业物流、资金流、信息流数据应用，结合工商税 务等外部数据完善智能授信算法模型。建设小微金融线上化综合服务平台，合规开展审批、签约、抵质 押办理等线上化业务流程。鼓励中小金融机构充分发挥比较优势，构建符合自身特色的小微企业数字金 融生态圈。 责任编辑：王馨茹 ...

Core Viewpoint - The National Financial Supervision Administration has issued a plan to promote high-quality development in digital finance within the banking and insurance sectors, focusing on supporting the innovation and growth of technology-based enterprises [1][2]. Group 1: Support for Technology Enterprises - The plan emphasizes the importance of supporting technology-based enterprises, particularly those characterized by "high technology, high growth, and light asset" features [1][2]. - A large data set will be established to create profiles for these enterprises, aiding in their identification and assessment [1][2]. Group 2: Approval Efficiency and Risk Management - The implementation of intelligent approval credit models is proposed to enhance the efficiency of the approval process [1][2]. - For clients who do not pass online approval, a supplementary offline application channel will be provided [1][2]. - The plan also explores the development of insurance products related to data assets and cybersecurity to provide risk protection for technological innovations [1][2].

责任编辑：王馨茹 12月26日金融一线消息，国家金融监督管理总局办公厅印发《银行业保险业数字金融高质量发展实施方 案》。其中提出，加快发展"人工智能+金融"。鼓励有条件的金融机构加强人工智能安全开发应用，建 设企业级人工智能平台，对模型需求开发、训练测试、部署运行、评估退出等实施集中管理和运营，支 持算法模型系统化和平台化服务，提高人工智能建模及安全应用能力。积极构建人工智能金融领域开发 应用生态，加快形成金融应用优势领域。 责任编辑：王馨茹 12月26日金融一线消息，国家金融监督管理总局办公厅印发《银行业保险业数字金融高质量发展实施方 案》。其中提出，加快发展"人工智能+金融"。鼓励有条件的金融机构加强人工智能安全开发应用，建 设企业级人工智能平台，对模型需求开发、训练测试、部署运行、评估退出等实施集中管理和运营，支 持算法模型系统化和平台化服务，提高人工智能建模及安全应用能力。积极构建人工智能金融领域开发 应用生态，加快形成金融应用优势领域。 ...

Core Viewpoint - The People's Bank of China, along with the Ministry of Agriculture and Rural Affairs and the Financial Regulatory Administration, has issued a notification to promote financing through collateral of agricultural facilities and live poultry [1] Group 1: Financial Innovation - The notification emphasizes the innovation of financial products and service methods, encouraging financial institutions to effectively utilize agricultural insurance in credit evaluation and risk management models [1] - It explores the "agricultural insurance + financing" model to enhance financial support for the agricultural sector [1] Group 2: Risk Management - The notification aims to establish a sound credit risk-sharing and monitoring mechanism to enhance risk protection capabilities [1] - It calls for the improvement of insurance policies for facility agriculture and live poultry, promoting the innovation of insurance products and expanding coverage to reduce production risks for operating entities [1] - Insurance companies are encouraged to reasonably determine the premium rates for collateralized agricultural facilities and live poultry [1]

Core Viewpoint - The joint notice issued by the People's Bank of China, the Ministry of Agriculture and Rural Affairs, and the Financial Regulatory Administration aims to promote the use of agricultural facilities and live poultry as collateral for financing, enhancing the registration and management of such assets [1] Group 1: Policy Implementation - The notice emphasizes the need to improve the registration model for agricultural facilities and live poultry collateral, establishing a list of collateral items tailored to local conditions [1] - It encourages the use of the unified registration and public disclosure system for movable property financing managed by the People's Bank of China [1] Group 2: Digital Management and Innovation - The notice supports the construction of digital management platforms for agricultural facilities and live poultry collateral in qualified regions, allowing for the assignment of unique QR codes to collateral assets [1] - Financial institutions are encouraged to innovate financial products and service methods, exploring the "agricultural insurance + financing" model [1] Group 3: Risk Management and Information Sharing - The establishment of a sound credit risk sharing and monitoring mechanism is highlighted, along with the exploration of innovative guarantee service paths [1] - The notice calls for the expansion of insurance coverage and the use of smart technologies, such as IoT platforms, to enhance the management of pledged assets [1]

12月23日，英大泰和人寿保险股份有限公司（以下简称"英大人寿"）发布公告称，经第五届董事会第三十九次会议选举，并经国家金融监督管理总局北京监 管局任职资格核准（京金复﹝2025﹞841 号），俞华军于2025年12月18日正式担任董事长职务。同日，侯培建不再担任董事长。 公开信息显示，俞华军曾任原保监会财务会计部财务监管处主任科员，长江养老保险财务部副总经理，他于2011年6月出任英大财险总精算师，2016年5月出 任英大财险副总经理。2020年10月，俞华军加入英大国际信托，2021年出任总经理。 偿付能力报告显示，2025年前三季度，英大人寿实现保险业务收入146.96亿元，同比下滑9.43%，净利润为10.47亿元，较去年同期强势扭亏。 ...

Group 1 - The core theme of the news is the rapid development of humanoid robots and the role of insurance in supporting this innovation, particularly in the context of the Greater Bay Area's financial empowerment and technological advancement [1][3][6] - The humanoid robot named "Xiaqi," developed by Shenzhen-based Digital Huaxia, showcases significant advancements in bipedal robot motion control, attracting public attention and demonstrating Shenzhen's capabilities in this field [1][3] - The insurance sector, particularly Ping An Property & Casualty, is highlighted as a stabilizing force for emerging industries, providing comprehensive financial solutions that cover the entire lifecycle of technology innovation, from research and development to production and sales [2][4][5] Group 2 - The market for embodied intelligence, including humanoid robots, is projected to reach 5.295 billion yuan by 2025, indicating a significant growth opportunity for the industry [3] - Ping An Property & Casualty has developed tailored insurance products that address various risks associated with humanoid robots, including research and development costs, product liability, and operational risks, thereby creating a safety net for companies [4][5] - The company has launched over 20 technology-related insurance products to meet the needs of high-tech enterprises, promoting a virtuous cycle of technology, industry, and finance [7][8] Group 3 - Ping An Property & Casualty has provided insurance coverage for over 150,000 drones, with risk protection exceeding 90 billion yuan, showcasing its commitment to supporting the low-altitude economy and technological innovation [8] - The company has also introduced specialized insurance solutions for specific technologies, such as a product liability insurance for AI-powered exoskeletons and comprehensive insurance for AI model enterprises, filling gaps in the insurance market [7][8] - As China transitions to a new phase of economic development, the role of resilient and innovative financial services in supporting modernization is emphasized, with Ping An Property & Casualty poised to contribute significantly to this transformation [8]

Group 1 - The "2025 Financial Annual Conference" was held in Beijing, focusing on the theme of "New Starting Point, New Momentum, New Journey," with over 100 guests and more than 500 financial institutions and listed companies in attendance [1] Group 2 - Liang Tao, former Vice Chairman of the China Banking and Insurance Regulatory Commission, emphasized the insurance industry's role as patient capital, suggesting the establishment of specialized technology innovation investment funds targeting "specialized, refined, distinctive, and innovative small giant" enterprises during their startup and growth phases [3] - The insurance sector should engage in venture capital and private equity, embedding itself in the value cultivation of the technology industry through direct and follow-on investments, helping companies overcome funding bottlenecks in capacity expansion and market development [3] - Innovative models combining insurance and equity investment should be developed, granting priority investment rights to high-quality companies that purchase technology insurance, creating a virtuous cycle of risk coverage and capital support for growth [3] - The insurance industry should focus on five major areas to provide high-quality services, aiding economic enhancement and reasonable growth, including efficient service for modern industrial systems, promoting green insurance and low-carbon transitions, and developing data asset and cybersecurity insurance [4] - Emphasis on intelligent, green, and integrated directions is necessary to optimize traditional industries and nurture emerging and future industries, providing more insurance resources [4]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the credit bond market, focusing on the outlook for 2026 and the performance of various sectors within the industry, including local government financing platforms (城投) and non-bank financial institutions. Core Insights and Arguments 1. **2025 Credit Bond Market Performance**: The credit bond market in 2025 is expected to be stable, with coupon yields providing solid returns, particularly during the March allocation window. However, long-term credit bonds face challenges as the credit spread for long-term bonds is expected to widen, making trading more difficult [3][5]. 2. **Investment Opportunities in 2026**: The focus for 2026 will be on the value of coupon yields in a volatile market, with attention on the transformation of local government financing platforms, risks in financial and industrial bonds, and opportunities arising from the expansion of southbound investment channels [6][11]. 3. **Risks in a Low-Interest Environment**: There is a need to be cautious of tail risks in the current low-interest environment, emphasizing the importance of fundamental research to understand valuation fluctuations and liquidity loss [7][49]. 4. **Transformation of Local Government Financing Platforms**: The transformation of local government financing platforms is accelerating, which will significantly impact local government construction. The focus will be on policy guidance to ensure the successful resolution of hidden debt issues [8][9][12]. 5. **Regional Disparities**: Investment demand is increasing in coastal regions and first-tier cities, while some southwestern and northern regions face significant debt pressure and limited financing support [2][14]. 6. **Institutional Behavior Impact**: The expansion of wealth management scale has increased demand for short-term credit bonds, while the decline in fund sizes has reduced allocations for medium to long-term bonds. This shift in institutional behavior significantly affects pricing and demand structures [10][11]. 7. **Future of Local Government Financing**: Local government financing platforms are expected to gradually de-platform, no longer assuming debt responsibilities, yet they will remain crucial for local government operations in the next 5-10 years [12][13]. 8. **Policy Adjustments**: Recent policy adjustments have aimed to alleviate fiscal pressures, including the resumption of issuing special bonds and flexible adjustments in their usage [16]. 9. **Credit Risk in Non-Bank Financial Institutions**: Non-bank financial institutions face various risks, including market, liquidity, credit, and refinancing risks. The central bank's new liquidity support mechanism aims to prevent individual liquidity issues from escalating into systemic risks [4][27][29]. 10. **Investment Strategy for 2026**: The investment strategy should focus on identifying coupon yield opportunities, recognizing credit risks based on fundamentals, and observing structural changes and opportunities from the product and institutional behavior perspectives [11][60]. Other Important but Potentially Overlooked Content - The credit bond market is expected to face a significant gap in high-yield assets in 2026, with a large volume of high-yield deposits maturing, which could push credit spreads and yields higher [47][48]. - The performance of the real estate sector remains uncertain, with ongoing liquidity and credit risk issues, particularly highlighted by the Vanke incident, which has affected overall market sentiment [40][43]. - The future of the credit bond market will likely see a rise in credit risk premiums due to potential unexpected risk events, necessitating careful monitoring and strategic adjustments [52][68]. This summary encapsulates the key points discussed in the conference call, providing insights into the credit bond market's current state and future outlook, as well as the implications for investment strategies.

【内容摘要】12月25日，资金面维持稳中偏宽态势；债市窄幅震荡，短债偏暖，中长债表现偏弱；转债市场主要指数集体跟涨，转债个券多数上涨。 一、债市要闻 （一）国内要闻 【金融监管总局强化三类资管产品信披管理】12月25日，金融监管总局发布《银行保险机构资产管理产品信息披露管理办法》，立足"同类业务、相同标 准"，统一明确了资产管理信托产品、理财产品、保险资管产品信息披露的基本原则、责任义务、共性内容及内部管理要求，对三类产品的信息披露行为进 行了系统规范，督促机构严格履行信义义务，充分保障投资者的知情权和选择权。《办法》相关规定将自2026年9月1日起施行。 【离岸人民币汇率升破"7"关口】12月25日，外汇市场迎来标志性时刻——离岸人民币对美元汇率开盘升破"7"关口，2024年10月以来首次收复这一重要整数 关口，盘中最高触及6.9985，创15个月以来新高。与此同时，在岸人民币对美元汇率同步走强，逼近"7"关口，报7.0066，创2024年9月以来新高。2025年以 来，伴随美元走弱，人民币汇率开启显著升值通道，11月下旬后更是呈现明确单边升值态势。 【央行：支持西部陆海新通道沿线省区市参与多边央行数字货币 ...