2025年第四季度，中国人民银行对2家核实为拒收人民币现金的单位及相关责任人依法作出经济处罚。广大经营主体应强化法治观念，尊重公众支付选择 权，共同打造和谐现金流通环境。 中国人民银行将持续开展拒收人民币现金整治工作，切实保护消费者的合法权益，维护人民币法定货币地位。社会公众遇到拒收人民币现金行为，可依据 《人民币现金收付及服务规定》（中国人民银行国家发展改革委金融监管总局公告〔2025〕第29号发布），依法维权。 【导读】中国人民银行2025年第四季度拒收人民币现金行政处罚情况 | 序 行政相对人 | | 统一社会信用代码 | 行政处罚决定 | 违法行为 | 违法事实 | 处罚依据 | 处罚类 | 处罚内容 | 罚款金 额(万 | | 处罚决定 处罚机 数据来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 를 | 名称 | | 书文号 | डेट्सिक | | | 别 | | | 日期 | 关 源单位 | | | | | | | | | | | 元) | | | | | | | | 违反《中华 拒 ...

Core Viewpoint - The six major state-owned banks in China have collectively announced the implementation of the latest fiscal interest subsidy policy for personal consumption loans, following the Ministry of Finance, the People's Bank of China, and the Financial Regulatory Bureau's notification regarding the optimization of this policy [1] Group 1: Policy Optimization - The Industrial and Commercial Bank of China (ICBC) outlines four main areas of optimization for the fiscal interest subsidy policy: extending the policy period to the end of 2026, including credit card installment payments in the support scope, removing the restriction on consumption fields above 50,000 yuan, and raising the subsidy standard by eliminating the 500 yuan cap on single consumption subsidies and the 1,000 yuan cap for individual borrowers at the same financial institution [3] - The China Construction Bank (CCB) specifies that customers must sign the "China Construction Bank Personal Consumption Loan Fiscal Interest Subsidy Service Agreement" to enjoy the subsidy, allowing the bank to access transaction information for eligible consumption transactions [3] Group 2: Implementation and Compliance - The Bank of China (BOC) states that loans with completed subsidy applications will not require a new subsidy agreement, and transactions occurring from January 1, 2026, will automatically apply the latest fiscal interest subsidy policy [4] - Agricultural Bank of China (ABC) emphasizes that fraudulent activities related to credit card usage will not be eligible for fiscal subsidies, and any previously granted subsidies may be deducted or reclaimed [4] - The Bank of Communications (BCOM) will adhere to market-oriented and legal principles for eligible personal consumption loans and credit card installments, with violations affecting the borrower's credit record [4] - Postal Savings Bank of China (PSBC) warns that personal consumption loans will not incur additional fees beyond the agreed interest, and any fees collected under the bank's name for intermediary services are fraudulent [4]

招联首席研究员、上海金融与发展实验室副主任董希淼分析称，本月有2000亿元1年期MLF到期，央行于23日左右开展9000亿元MLF操作，为加量续作， 净投放7000亿元，继续向市场投放中期流动性，满足春节前后的资金需求，对冲年初信贷投放和政府债券发行加快等因素对流动性的扰动，并进一步改善 市场流动性的期限结构。 "净投放7000亿元，总量上介于降准0.25个百分点到0.5个百分点之间。"董希淼表示，近期市场对降低存款准备金率有一定预期，本月MLF实现较大规模净 投放后，春节之前降准的可能性在降低。但降准是政策信号比较强烈的措施，不但释放长期流动性，还将降低金融机构资金成本，提振市场信心，稳定预 期。目前，我国加权平均存款准备金率为6.3%，降准还有一定空间。因此，未来一段时间，降准仍有较大可能和必要。 【导读】央行将开展9000亿元MLF操作，期限为1年期 1月22日，央行发布消息称，为保持银行体系流动性充裕，1月23日，中国人民银行将以固定数量、利率招标、多重价位中标方式开展9000亿元中期借贷便 利（MLF）操作，期限为1年期。 | 中国人民银行 | | | THE PEOPLE'S BANK OF CH ...

Core Viewpoint - The Central Bank of Turkey has lowered the one-week repo rate by 100 basis points to 37%, indicating a continued easing of monetary policy despite ongoing inflation concerns [1][3]. Monetary Policy Actions - The Central Bank's decision to reduce the policy rate from 38% to 37% reflects a commitment to maintain a tight monetary policy stance until price stability is achieved [3]. - The bank will adjust the policy rate based on actual inflation data, fundamental trends, and expectations to align with medium-term targets [3]. - Following the announcement, Turkey's main banking index fell by over 2% [3]. Historical Context - The Central Bank has a history of rate cuts, having reduced the policy rate from 43% in July 2025 to 37% in January 2026, with several significant cuts occurring throughout 2025 [4]. - The recent rate cut continues a trend of easing that began in mid-2025, with cumulative reductions totaling 1,000 basis points over several months [4]. Economic Outlook - Turkey has allocated 1.92 trillion lira (approximately $443.6 billion) for public investment projects in 2026, covering 3,857 major projects with a total estimated cost of 13.99 trillion lira [5]. - The International Monetary Fund (IMF) has raised its growth forecasts for Turkey, projecting a 4.2% growth in 2026 and 4.1% in 2027, up from previous estimates of 3.7% [5]. - The IMF highlighted a significant difference between service and goods inflation, noting that service prices are more resilient to exchange rate shocks but exhibit persistent inflation patterns [5].

【导读】商务部等9部门发布关于促进药品零售行业高质量发展的意见 1月22日，商务部、国家发展改革委、工业和信息化部、国家卫生健康委、市场监管总局、金融监管总局、国家医保局、国家中医药局、国家药监局发布 《关于促进药品零售行业高质量发展的意见》（以下简称《意见》）。 为推动药品零售行业专业化、集约化、数字化、规范化发展，从"药品销售终端"转型为服务人民医药健康需求的"健康驿站"，《意见》围绕完善药事服 务、创新健康服务、强化应急服务、优化行业结构、规范行业秩序等五个方面提出18项具体举措。 基金君整理要点如下： 商务部等9部门关于促进药品零售行业高质量发展的意见 药品零售行业是国家医药卫生事业的重要组成部分，关系人民健康和生命安全。为贯彻落实党中央、国务院有关决策部署，强化药品零售行业专业服务、 健康促进、应急保供等功能，打造更好服务人民医药健康需求的"健康驿站"，现提出如下意见： 一、总体要求 坚持以习近平新时代中国特色社会主义思想为指导，全面贯彻党的二十大和二十届历次全会精神，坚持政府引导与市场主导相结合、创新驱动与规范发展 并重，积极优化政策环境，培育和壮大经营主体，推动药品零售行业专业化、集约化、数字化 ...

Group 1 - EQT announced the acquisition of Coller Capital for a base consideration of $3.2 billion, marking a significant move in the private equity secondary market [1][3] - Coller Capital recently completed its largest fund, Coller International Partners IX (CIP IX), with a total size of $14.2 billion, and manages assets totaling $50 billion [1][3] - The acquisition is part of EQT's strategy to expand its presence in the rapidly growing secondary market, which saw a 41% increase in transaction volume to $226 billion in 2025, with expectations to double by 2030 [3] Group 2 - The transaction will involve EQT acquiring 100% of Coller Capital's management company and controlling the general partner entity of Coller Capital funds, including a 10% performance fee from CIP IX [3][4] - The deal is subject to regulatory approval and consent from Coller Capital's fund investors, with an expected completion in Q3 2026 [4] - Following the acquisition, a new business platform named "Coller EQT" will be established, maintaining independent investment processes while integrating into EQT's existing structure [4]

中国基金报记者 忆山 1月21日晚间，申通快递发布关于诉讼事项的公告称，公司实控人之一陈小英被前夫奚春阳告上法院，要求分得超2000万股股份。截至1月21日收盘，申通 快递每股报13.78元。按此估算，奚春阳希望分得的股份市值约2.8亿元。 前夫要求分得超2000万股股份 公告显示，公司于近日收到玉环市人民法院送达的《民事起诉状》《应诉通知书》等有关诉讼材料，自然人奚春阳以股东资格确认纠纷为由对公司、公司 实际控制人之一陈小英提起民事诉讼。 原告奚春阳认为，直接登记在陈小英名下的公司40568472股，系双方离婚时约定分割的特定夫妻共同财产并经重组上市而转化形成的财产之一。根据双方 离婚时对财产分割的约定，公司与陈小英均应就前述40568472股的50%（即20284236股）归属于原告，并向中国证券登记结算有限责任公司申请办理非交 易过户至原告奚春阳名下的手续。 公开资料显示，陈小英出生于1976年，为申通快递的创始人之一。1993年，她与第一任丈夫聂腾飞等人在杭州创办了神通综合服务部，不久后成立上海盛 彤实业有限公司，为申通快递前身。 1998年，聂腾飞因车祸离世，陈小英和哥哥陈德军接手申通快递，并在20 ...

Group 1 - A number of high-performing funds have disclosed their quarterly reports, revealing their investment strategies focusing on AI, non-ferrous metals, dividends, and new consumption [2][5] - The AI industry is currently considered the most prosperous sector, with expectations for accelerated development in domestic computing power, models, and applications by 2026 [3][22] - The construction of global data centers is driving demand for commodities like copper and aluminum, influenced by ongoing investments in AI in North America [7][12] Group 2 - The fund "Hongtu Innovation Emerging Industry" reported a stock position of 87.85% as of the end of last year, with significant increases in holdings of stocks like Yuanjie Technology and Zhongji Xuchuang [5][6] - The fund achieved a net value growth rate of 148.64% in 2025, ranking third among actively managed equity funds [5] - The fund manager, Liao Xinghao, emphasized the impact of AI on the global economy and the expected recovery in the semiconductor and consumer electronics sectors due to supportive policies [7][12] Group 3 - The "Hengyue Advantage Select" fund reduced its exposure to certain sectors while maintaining a stock position of 92.20%, with significant increases in holdings of stocks like Dongshan Precision and Demingli [9][10] - This fund achieved a net value growth rate of 147.85% in 2025, ranking fourth among actively managed equity funds [12] - The fund manager, Wu Haining, noted the increasing influence of storage chip companies and the optimization of their profit models due to AI demand [12] Group 4 - The "Xinao Performance Driven" fund reported a net value growth rate of 143.09% in 2025, ranking fifth among actively managed equity funds [14] - The fund manager, Liu Xiaoming, highlighted the growing focus on AI-related sectors and the potential for investment opportunities in metals like gold and copper [16] - The fund reduced its holdings in stocks like Zhongji Xuchuang and New Yi Sheng, with a notable reduction of 32.10% in Zhongji Xuchuang [14] Group 5 - The "Huatai Bairui Quality Select" fund maintained a stock position of 89.56% and focused on overseas computing power leaders and upstream sectors [18][19] - This fund achieved a net value growth rate of 136.79% in 2025, ranking well among actively managed equity funds [21] - The fund manager, Chen Wenkai, expressed confidence in the domestic AI sector's growth trajectory and highlighted three promising sub-sectors: light industry brands going global, high-end manufacturing, and new consumption [22][23]

【导读】外资银行加速布局，汇丰中国落地首单本地公募基金托管业务 外资银行加速布局基金托管业务 中国证券投资基金业协会数据显示，截至2025年11月底，境内公募基金管理机构共165家，公募基金资 产净值合计37.02万亿元。托管业务作为资管生态链的关键环节，战略价值日益凸显。 记者从汇丰中国处了解到，该行此次作为托管银行，为易方达基金管理有限公司港股通消费混合型证券 投资基金提供了包括资金清算、资产估值、合规监督等在内的托管服务。 据悉，该基金也是易方达基金首只由外资银行托管的境内公募基金产品。此外，汇丰中国还是该基金首 次公开募集的代销银行之一。 汇丰中国副行长兼资本市场及证券服务部联席总监张劲秋表示："中国已成为全球第二大资产和财富管 理市场，大资管行业发展机遇广阔。汇丰加入公募基金托管这一黄金赛道，将发挥外资托管行'本地+全 球'的服务能力，积极支持中国本地基金的全球资产配置和海外业务布局，同时，推动全球资管机构深 耕中国市场，以跨境服务资源支持中国资本市场高质量发展。" 易方达基金副总裁王骏表示："近年来，公募基金行业正在加快实现高质量发展，此次与汇丰中国合 作，成功发行易方达基金首只由外资银行托管的境 ...

（文章来源：中国基金报） 针对美国领导人在瑞士达沃斯发表关于中国风力发电机的言论，外交部发言人郭嘉昆22日在例行记者会 上答问时表示，中国在应对气候变化、推动全球可再生能源发展应用方面所做努力有目共睹。作为负责 任发展中大国，中方愿同各方一道继续推动全球绿色低碳转型，共同建设清洁美丽的世界。 ...