前两天和一个做房产中介的朋友聊天，他说了一句很实在的话： "这两年最怕的不是没客户，而是客户——明明收入不稳定、工作也不稳，却偏要砸光积蓄、背上三十 年房贷，去买一套'看着便宜'但根本没流动性的房子。以后他们不是在抱怨房价，是在抱怨自己当初脑 子一热。" 车子也类似。很多年轻人刚工作两三年，收入刚有点起色，第一件事就是贷款买车，觉得"有车才有面 子"。结果一算账，每年养车加车贷，能吃掉收入的一大半，日子一下子紧绷起来。 如果倒回到十年前，"买房买车=人生成功"的逻辑，可能还勉强说得过去。 但从现在往后看两三年，这句话真的要打个问号了。 不少内行人的建议很一致： 今明这两年，尽量不要盲目砸大钱在买房和车上，真正值得你重仓的，是这4样东西—— 身体健康、核心技能、稳定现金流、高质量人际关系。 第1样更值钱的东西：身体健康 有句话说得很直白：健康是1，后面的一切都是0；没有这个1，再多0也站不起来。 未来几年，医疗成本大概率只高不低，大家对健康的重视程度也在不断提高，很多分析都把"健康和体 能"列为未来最值钱的资产之一 。 换句话说，你未来能挣多少钱、能扛多大压力，很大程度取决于你的身体底子。 具体可以这样做： 少 ...

Core Viewpoint - The city’s social security system is actively innovating and improving services to provide more equitable and warmer social security for the public, under the service brand action "'Town' Heart Social Security, Sharing a Better Life" [1] Group 1: Reform and Mechanism Strengthening - The Social Security Center is committed to the core mission of safeguarding livelihoods and service development, steadily advancing various social insurance reforms, and has submitted a heartwarming performance report on people's livelihoods [2] - Under the provincial "Warm Heart Housing Insurance" three-year action plan, the city has established 23 provincial-level creation points and 33 pilot units for collective subsidies, achieving a dual improvement in quantity and quality [2] - A total of 75 workplace injury prevention projects have been implemented over the past five years, with a focus on high-risk industries and specialized training actions [2] Group 2: Welfare Policies and Coverage - The city has continuously improved the pension insurance system, expanding coverage and increasing benefits, with 929,100 people enrolled in basic pension insurance and 167,500 in urban and rural residents' pension insurance as of September 2025 [3] - The city has achieved a 100% participation rate in work injury insurance for newly started construction projects, demonstrating effective outreach to key industries [3] Group 3: Service Efficiency and Accessibility - The Social Security Center aims for zero errors in benefit distribution and timely policy implementation, achieving 100% accuracy in the distribution of pensions and other social security benefits [4] - The establishment of 149 service points through partnerships with banks allows citizens to access social security services conveniently within a 15-minute walking distance [4] Group 4: Comprehensive Services for the Elderly - The Social Security Center has developed a socialized management service system for retirees, ensuring 100% inclusion of enterprise retirees in socialized management services [6] - A "Silver Service Team" has been formed to provide bedside certification services for disabled elderly individuals, enhancing support for vulnerable groups [7] Group 5: Commitment to Continuous Improvement - The Social Security Center will continue to focus on the service brand construction of "'Town' Heart Social Security, Sharing a Better Life," aiming to enhance the sense of gain and happiness for insured units and individuals [7]

2025年1月，翟某被公安机关抓获，如实供述了自己的罪行。在两年多的时间里，翟某共骗取养老金16 万余元，全部用于个人日常消费。2025年3月底，翟某被提起公诉。 东城区人民法院经审理认为，被告人翟某以非法占有为目的，虚构事实，隐瞒真相，骗取公私财物，且 数额巨大，已构成诈骗罪。鉴于翟某到案后能够如实供述所犯罪行，认罪认罚，法院对其予以从轻处 罚。 2024年6月，因刘老太已超过12个月未进行养老金资格认证，东城区社会保险基金管理中心暂停了刘老 太的养老金发放。此后，街道曾多次联系翟某为其母亲办理资格认证。 眼看事情瞒不下去了，翟某通过路边小广告找到办假证的人员，伪造了母亲的火化证及死亡证明，死亡 日期改为2024年8月5日。随后，翟某向东城区社会保险基金管理中心提交了这份伪造的死亡证明。 社保中心工作人员通过与民政殡葬系统进行信息比对，发现系统记录刘老太的死亡时间为2022年4月12 日。社保中心与街道一起找到翟某进行核实，翟某却一口咬定母亲的死亡时间为2024年8月5日。社保中 心又联系了三河市殡仪馆，通过档案确认刘老太的实际死亡时间为2022年4月12日。至此，翟某冒领养 老金的事彻底败露。 （来源：新 ...

2025年是"十四五"规划收官之年，也是新华保险进一步全面深化改革的重要一年。回首2025，新华保险 以实际行动扛起国企担当，彰显保险价值，在内涵式、高质量发展的道路上迎难而上、只争朝夕，通 过"明战略、优服务、抓改革、激活力、练内功、强投资"，交出了一份"规模价值双提升、品质结构双 优化"的"全科优等生答卷"，综合实力更加强大，高能级发展阔步向前。让我们一起聚焦这一年的发展 足迹。 2025年是新华保险服务国家战略深化拓展年。作为国有大型寿险公司，新华保险坚守"报国为民"初心， 践行"大保险观"，将金融资源与专业服务精准注入金融"五篇大文章"，全力推动金融强国、中国式现代 化建设服务工作走深走实。 公司聚焦主责主业，推动保险、投资、服务三端协同发力。负债端深耕民生保障，重点推广长期护理保 险、惠民保、养老金等业务，创新多款惠民生产品，截至11月底，新华保险累计赔付133.95亿元，自公 司成立以来累计赔付超1354亿元，筑牢民生兜底防线。投资端锚定国计民生关键领域，截至11月底，服 务"五篇大文章"投资余额近3200亿元、同比增长约15%，通过保险资金长期投资模式，精准助力新质生 产力发展与绿色转型。服务端 ...

中国基金业协会最新发布的数据显示，截至2025年三季度末，基金管理公司及其子公司、证券公司 及其子公司、期货公司及其资管子公司、私募基金管理机构资产管理产品总规模达80.03万亿元。 中国基金业协会供图 其中，公募基金规模36.74万亿元，证券公司及其子公司私募资产管理产品规模6.37万亿元，基金管 理公司及其子公司私募资产管理产品规模5.70万亿元，基金管理公司管理的养老金规模6.85万亿元，期 货公司及其资管子公司私募资产管理产品规模0.39万亿元，私募基金规模21.99万亿元，资产支持专项计 划（ABS）规模2.18万亿元。（记者刘羽佳） 【纠错】 【责任编辑:谷玥】 ...

Core Insights - As of the end of Q3 2025, the total scale of asset management products by fund management companies, securities companies, futures companies, and private fund management institutions is projected to reach 80.03 trillion yuan [1] Group 1: Asset Management Product Breakdown - The scale of public funds is expected to be 36.74 trillion yuan [1] - Private asset management products by securities companies and their subsidiaries are projected to reach 6.37 trillion yuan [1] - Private asset management products by fund management companies and their subsidiaries are estimated at 5.70 trillion yuan [1] - The pension assets managed by fund management companies are anticipated to be 6.85 trillion yuan [1] - Private asset management products by futures companies and their subsidiaries are expected to be 0.39 trillion yuan [1] - The scale of private funds is projected to be 21.99 trillion yuan [1] - The scale of asset-backed special plans (ABS) is estimated at 2.18 trillion yuan [1]

Core Viewpoint - The development of pension funds and long-term life insurance is crucial for addressing aging population issues and creating a substantial supply of patient capital, which is essential for modern industrial system construction and technological innovation [2][3]. Group 1: Importance of Patient Capital - Patient capital refers to long-term investments that do not seek short-term returns, focusing instead on supporting the sustained development of the real economy [3]. - The Chinese government has emphasized the cultivation and development of patient capital in several key documents, including the Central Economic Work Conference and the "14th Five-Year Plan" [3]. - Industries such as high-end manufacturing, new energy, and biomedicine require long-term funding due to their extended research and development cycles, which short-term capital cannot adequately support [3]. Group 2: Current Challenges - There is a notable shortage of patient capital supply in China, as institutional funds like wealth management products and public funds typically have short holding periods for equity investments [3]. - The previous reliance on short-term funds as long-term investments has proven unsustainable, particularly highlighted by the impact of the "Asset Management New Regulations" introduced in 2018 [3]. Group 3: Role of Pension Funds and Long-term Life Insurance - Pension funds and long-term life insurance are identified as the primary sources of true patient capital due to their long liability durations, which align with the long-cycle demands of modern industrial systems [5]. - These funds can effectively support strategic industries such as semiconductors and new energy, which require years of continuous investment [5]. Group 4: Risk Management for Pension Funds - A comprehensive risk management framework is necessary for pension funds to ensure they meet long-term investment goals, focusing on long-term trend risks such as demographic changes and climate change [6]. - The risk management system should extend beyond traditional market and credit risks to include operational, ESG, geopolitical, reputational, and long-term liability matching risks [6]. - Continuous enhancement of asset-liability management and stress testing is essential to assess potential risks and ensure the financial health of pension funds [6].

来源：中泰证券研究所 原标题： 《为有源头活水来：从资金现象到负债行为》 今年，在宏观和流动性边际变化不大的情况下，机构负债行为的变化成为了权益市场趋势和结构的主要 驱动因子。 我们认为相比于机构买卖呈现的资金流现象，机构背后负债行为的变化更为本质。 回顾今年，市场投票到有业绩的科技股、流出利率敏感性资产超长债等，代表着持续了多年的"追逐无 风险资产交易"的逆转。 分红险占比的提高、理财固收多资产产品的提高，和定存到期的转换，负债行为的变化间接影响了机构 行为的长期变化。 今年我们坚定看好本轮牛市，看多的逻辑来自于负债端驱动机构配置向股市倾斜。 如果说2022-2024年是一轮周期，各路资金从股市流出，先后涌入定期存款、债券、红利、黄金等"低风 险资产"，那么2025年就是天平重新转向股票的转折点。 今年我们持续强调险资增配股票，这只是一个缩影，展望明年，负债端的力量还将继续发挥作用，并产 生势不可挡的力量。 分析牛市能持续多久，从负债驱动的视角，需要明确，第一，今年以来的牛市途中负债驱动形成了多少 流入股市的资金；第二，展望明年，负债驱动的力量还有多强？ 2025年股市已经实现了2.26万亿的净流入。 截至 ...

来源：中泰证券研究所 原标题： 《为有源头活水来：从资金现象到负债行为》 今年，在宏观和流动性边际变化不大的情况下，机构负债行为的变化成为了权益市场趋势和结构的主要 驱动因子。 我们认为相比于机构买卖呈现的资金流现象，机构背后负债行为的变化更为本质。 回顾今年，市场投票到有业绩的科技股、流出利率敏感性资产超长债等，代表着持续了多年的"追逐无 风险资产交易"的逆转。 分红险占比的提高、理财固收多资产产品的提高，和定存到期的转换，负债行为的变化间接影响了机构 行为的长期变化。 今年我们坚定看好本轮牛市，看多的逻辑来自于负债端驱动机构配置向股市倾斜。 如果说2022-2024年是一轮周期，各路资金从股市流出，先后涌入定期存款、债券、红利、黄金等"低风 险资产"，那么2025年就是天平重新转向股票的转折点。 今年我们持续强调险资增配股票，这只是一个缩影，展望明年，负债端的力量还将继续发挥作用，并产 生势不可挡的力量。 分析牛市能持续多久，从负债驱动的视角，需要明确，第一，今年以来的牛市途中负债驱动形成了多少 流入股市的资金；第二，展望明年，负债驱动的力量还有多强？ 2025年股市已经实现了2.26万亿的净流入。 截至 ...

Core Viewpoint - The article emphasizes the strategic shift in China's economic policy towards "investing in people," which aims to enhance the quality of life and stimulate domestic consumption through various social welfare initiatives [1][6]. Summary by Sections Social Welfare Investments - In 2025, China will increase investments in core social security areas such as pensions and medical insurance, with a 2% increase in basic pensions for retirees, marking the 21st consecutive year of pension increases [2]. - The per capita financial subsidy for urban and rural residents' medical insurance will rise by 30 yuan, reaching 700 yuan per person annually, alleviating the burden of medical expenses [2]. Fiscal Policy and Management - The fiscal policy for 2025 includes a historic increase in the general public budget deficit ratio to 4%, up by 1 percentage point from the previous year, and the issuance of 1.3 trillion yuan in special long-term bonds to support social welfare [2][3]. - Expenditures on social security, employment, education, and health have outpaced overall budget growth, with social security and employment spending increasing by 9.3% year-on-year [2]. Consumer Confidence and Spending - The "investment in people" strategy is expected to boost consumer confidence, with a consumer willingness index rising to 112.9, the highest in five quarters [5]. - The elderly care and childcare policies are designed to reduce household financial burdens, encouraging increased consumer spending [4]. Economic Growth and Structural Changes - The article highlights a shift from traditional social safety nets to strategic investments in human capital, indicating that future competition will focus on population quality and labor capabilities [3][6]. - The integration of "investment in material" and "investment in people" is anticipated to enhance domestic circulation and foster new growth drivers [7]. Future Outlook - Experts predict that the "investment in people" approach will enter a new phase in 2026, focusing on support for vulnerable groups and improving the social security system [6]. - Recommendations include building a robust guarantee system to reduce household risk exposure and creating a lifecycle policy framework for social welfare [6].