4月CPI同比超预期增长0.3% PPI同比降幅收窄至2.5%；央行：保持货币信贷供给与经济高质量发展有效融资需求相适配；证监会严管上市券商 聚焦主责主业、激励约束合理

随着信贷结构优化、资金沉淀现象缓解，庞大的货币总量增长可能放缓，这并不意味着金融支持实体经济的力度减少，反而是金融支持质效提升的体现

• The insurance industry faces significant challenges in managing investment returns due to persistent declines in equity markets and low-risk interest rates, with the CSI 300 index falling by approximately 11.4% in a year, impacting net profits of insurance companies.
• In response to these challenges, insurance funds have increased their bond holdings to over 45% in 2023, reaching a ten-year high, as bonds serve as a stabilizing force amidst volatile equity markets and help bridge asset-liability duration gaps.
• Insurance companies are also adapting by reducing liability costs through lower product predetermined rates and expenses, while diversifying investments into foreign bonds and equities based on practices observed in international markets like the US, Japan, and the UK.

【本文系数据通用户提前专享】低利率环境下，保险业投资端与负债端持续存在平衡难局

低利率环境下，保险业投资端与负债端持续存在平衡难局

• Social security payment bases are increasing across various regions due to annual adjustments based on local average wages, which have been rising in recent years. This increase is causing higher costs for businesses and individuals, adding pressure to employment costs.
• In response to economic challenges and calls from businesses for reduced burdens, some local governments have implemented measures such as temporarily lowering medical insurance rates for employees. For example, Shanghai has reduced the rate from 10% to 9%, effective March 2024.
• Despite these reductions in medical insurance contributions, the overall burden of social security payments remains high due to the rigid increases in pension contribution bases. This situation is particularly challenging for small and medium-sized enterprises and flexible employment individuals who face significant financial strain from these adjustments.

【本文系数据通用户提前专享】企业减负和基本养老制度的可持续性如何兼顾？

风口浪尖中的万科，在本周出面回应了部分传闻，并反思了自己因为扩张惯性而调整不及时。与此同时，国家统计局的3月份70城房价数据出炉，又一次量价齐跌。在销售端持续萎靡的情况下，万科以及房企们要靠什么走出困境？

相较2022年，基本医疗保险基金（含生育保险）总收入和总支出分别增加7.9%和14.4%；参加职工和城乡医保人数分别增长2.3%和下降2.1%

推荐：微短剧备案新规出台 6月起上线需持证；纯电轿车市场继续卷 华为智界S7再次发布调降售价；华为强化技术独立性和生态壁垒 鸿蒙生态再迎重要进展；美国新列6家中国企业入实体清单 涉人工智能、无人机等领域；欧盟更新中国经济“扭曲”报告 新增电信半导体铁路新能源行业

国家医保局称，参保大盘稳定，未出现“退保潮”；今年将新增3—5种门诊慢特病病种

2023年，居民医保个人缴费标准涨至380元；前七个月到前十一个月，居民医保基金的累计支出都大于收入

沪指开盘报3026.92点；深成指报9413.26点

推荐：四地关闭金交所 各地将全面关停；民航局受理小鹏飞行汽车适航申请 监管技术审查呈提速趋势；美企要求对中国、日本和德国光纤组件企业进行337专利调查；宁德时代曾毓群：电动车安全性将优于油车

推荐：宁德时代曾毓群：电动车安全性将优于油车；票房｜《功夫熊猫4》口碑新低但票房过亿 沈腾马丽成中国票房最高男女主演；图集｜莫斯科恐袭4名直接参与者被正式批捕 或面临终身监禁但无法判处死刑（更新）

国家医保局称，医保筹资标准上涨的背后是医保服务水平的大幅度提高；清理重复参保数据和参加居民医保群众转为职工医保，是近年来居民医保人数下滑的主要原因

• Financial consumers are attracted to the guaranteed returns of insurance products, despite the increasing risks and moral hazards in the financial market due to problematic insurance companies. The restructuring of Yi'an Property Insurance, part of the "Tomorrow Group," highlights these issues but also shows that its risk and difficulty in resolution were relatively minor compared to other troubled insurers with much larger deficits.
• The Chinese insurance industry faces challenges such as a growing amount of high-risk assets estimated at least 600 billion yuan, pressure from interest rate spreads, and difficulties in disposing of risk assets amid economic downturns. Regulatory bodies emphasize the importance of reforming small and medium-sized financial institutions and establishing a normalized mechanism for handling financial risks.
• Suggestions for addressing the challenges include conducting industry-wide stress tests, revising rules for setting aside liability reserves, enhancing investment returns for insurers, and differentiating between protective and investment-oriented insurance products. Effective governance and accountability for shareholders and management are crucial for preventing mismanagement within insurance companies.

保险业数千亿元窟窿如何快速处置？风险谁来分担？如何分担？

督察组指出，海南省存在红树林保护仍不到位、自然岸线破坏时有发生、部分海湾潟湖生态退化、部分督察整改不彻底、热带雨林国家公园存在破坏行为等问题