多家外资机构一致认为，2026年将是中国经济与资本市场关键的一年。宏观政策的协同发力、新旧 动能的顺畅转换，以及全球资金对分散配置的需求，共同构成了外资机构看好A股的核心逻辑。 瑞银全球金融市场部中国主管房东明对中国资产的前景颇为看好。他表示："我们认为中国资产吸 引力在今年会进一步提升。在全球日益重视分散投资的背景下，中国有望成为国际资金多元配置的重要 增量市场。"在他看来，国际投资者选择中国，越来越基于对其产业转型升级和增长潜力的看好。"自 DeepSeek问世以来，国际市场对中国创新实力逐渐认可，对中国科技赛道的信心进一步增强。可以看 到，传统行业正积极地拥抱新技术，高端制造等其他战略性新兴产业也在不断推动中国市场的投资和叙 事逻辑，为中国发展勾勒出崭新的蓝图。"房东明总结道，"中国经济的稳定性、强韧的创新能力，叠加 支持性的政策、充裕的流动性以及国内外机构投资者潜在资金的流入，将有力支撑中国股市。" 外资公募宏利基金从宏观层面分析了市场的支撑因素。该机构认为，2026年A股市场的投资机会需 结合宏观经济环境、政策导向及产业趋势综合判断。在国内经济层面，宏利基金预计，传统房地产行业 对经济的拖累效应预计 ...

Core Insights - The trust industry is entering a new phase of differentiated competition, with a "1+N" regulatory system taking root and the "three-category" policy being deepened, leading to a stabilization and recovery in revenue and asset scale for 2025 [1][4] Performance Differentiation - The performance of the trust industry in 2025 shows a clear distinction based on transformation effectiveness, with institutions that have strengthened compliance and risk control leading the market, while others lag behind under performance pressure [2] - Among the disclosed companies, 23 reported revenues exceeding 1 billion yuan, with CITIC Trust leading at 6.326 billion yuan, a growth of over 17% from the beginning of the year [2] - Conversely, 13 trust companies reported revenues below 500 million yuan, with Minmetals Trust being the only company with negative revenue at -203 million yuan [2] Net Profit Disparity - The top five companies by net profit in 2025 are CITIC Trust, Yingda Trust, Jiangsu Trust, Huaren Trust, and Huaxin Trust, with CITIC Trust achieving a net profit of 3.052 billion yuan [3] - Yingda Trust's net profit of 2.950 billion yuan represents a growth of over 60% year-on-year [3] - However, 11 trust companies reported net profits below 100 million yuan, indicating significant operational challenges [3] Business Ecosystem Restructuring - The performance differentiation is a result of the restructuring of the business ecosystem, with trust companies focusing on asset management and asset services, moving away from traditional financing roles [4] - By mid-2025, the balance of asset management trusts reached 24.43 trillion yuan, accounting for 75.33% of total trust assets, while asset service trusts accounted for 24.67% [4] Asset Service Trusts - Asset service trusts have expanded beyond traditional wealth management to include diverse scenarios such as public service and risk management, forming a second growth curve [5] - By mid-2025, wealth management service trusts totaled 4.37 trillion yuan, with administrative management and risk disposal trusts also contributing significantly [5] Innovation and Differentiation - Trust companies are innovating in service trust areas, with CITIC Trust increasing its service trust proportion to 47% in 2025 [6] - Companies like Kunlun Trust and Zhongcai Trust are focusing on specific industries, achieving significant revenue and profit growth through specialized financial services [6] Industry Transition Challenges - The industry is still experiencing transitional pains, with annual operating income fluctuating between 80 billion and 95 billion yuan since 2022, and total profits remaining unstable [7]

"50万元大额存单刚刚到期，我跟多家银行咨询了一下，现在3年期大额存单利率连2%都不到，正愁资金没地方放呢。"储户晓晓（化名）拿着到期的存 单，向《金融时报》记者道出了当下不少投资者的困惑。 记者注意到，在银行定期存款利率持续下行、大额存单吸引力减弱的当下，与黄金挂钩的结构性存款产品却在年初一路走俏。多家银行密集推出相关产 品，凭借其相对突出的利率优势，成功吸引了个人投资者乃至上市公司的目光。 中外资银行同台发力 利率最高达5% 今年以来，随着黄金市场的一路走高，黄金挂钩结构性存款顺势崛起，成为多家银行产品矩阵中的"明星产品"。 此外，渣打银行、汇丰银行、星展银行等外资银行也纷纷推出了挂钩黄金的结构性存款产品，相比之下，外资银行推出的此类产品预期年化收益率更高。 例如，渣打银行推出了挂钩SPDR黄金信托的结构性存款，最低认购金额5万元，预期年化收益率最高可达5.0%；星展银行推出了挂钩黄金的美元即时价 格的结构性存款，预期年化收益率最高为4%。 "本金保障+浮动收益" 在业内人士看来，黄金挂钩结构性存款在今年年初迅速走俏，是市场环境、银行策略与投资者需求共同作用的结果。 《金融时报》记者注意到，在国有大行中， ...

Core Insights - The overall performance of exclusive commercial pension insurance products for 2025 is strong, with over 80% of stable accounts showing settlement rates exceeding 3%, and some products surpassing 4% [1][2] Group 1: Settlement Rate Performance - A total of 38 exclusive commercial pension insurance products have disclosed their 2025 settlement rates, with stable account rates ranging from 2% to 4.35% and progressive account rates from 2.5% to 4.55% [2] - Among stable accounts, 30 products have rates of 3% or higher, accounting for nearly 80% of the total, while only one progressive account product has a rate below 3% [2] Group 2: Company and Product Highlights - Three insurance companies have seven exclusive commercial pension insurance products with settlement rates reaching 4% or higher, including two products from Agricultural Bank of China Life Insurance with rates of 4.35% for stable accounts and 4.55% for progressive accounts [3] - National Pension's products "National Common Prosperity C01" and "C02" have stable account rates of 4.01% and 4.02%, respectively, while Xinhua Pension's products also exceed 4% for stable accounts [3] Group 3: Market Context and Trends - Exclusive commercial pension insurance products are designed for long-term pension security, with a dual-account structure to cater to different risk preferences, featuring a mix of fixed-income assets and equity investments [4] - As of January 17, there are 165 personal pension insurance products available, with 21 being exclusive commercial pension insurance products, indicating a growing market [5] - Despite a general decline in guaranteed rates for various insurance products, many exclusive commercial pension insurance products have still achieved considerable annual settlement returns, reflecting strong asset allocation and risk management capabilities [6]

Core Viewpoint - The "Yulan Bond" market is experiencing significant growth, driven by China's financial market opening policies, strong offshore RMB liquidity, and increasing international investor demand for quality RMB assets [1][2]. Group 1: Issuance Growth - In 2025, a record 11 "Yulan Bonds" were issued, totaling approximately 8 billion RMB, marking a year-on-year growth rate exceeding 40% [1]. - As of early 2026, two "Yulan Bonds" have already been issued, with a total scale of 3.3 billion RMB [1]. - Cumulative issuance of "Yulan Bonds" has surpassed 25 billion RMB, covering both financial and non-financial institutions [2][3]. Group 2: Strategic Importance - "Yulan Bonds," named after Shanghai's city flower, are a unique issuance model for Chinese issuers to access international markets, supporting multiple currencies [2]. - The bonds enhance cooperation between domestic and international financial infrastructures, providing a new financing option for domestic entities [2]. Group 3: Market Dynamics - The issuance of "Yulan Bonds" is supported by the strengthening of China-Europe economic relations, with lower financing costs in RMB compared to EUR and USD [3]. - The first "Yulan Bond" from a free trade zone issuer was launched in January 2026, raising 3 billion RMB with a 1.95% interest rate, reflecting strong market demand [4][5]. Group 4: Future Outlook - The Shanghai Clearing House aims to further enhance the "Yulan Bond" market by introducing market-making systems and developing innovative products like green bonds [6]. - Expectations for 2026 include continued growth in issuance scale and diversification of participants, contributing to the internationalization of the RMB and the opening of financial markets [6].

Core Viewpoint - Multiple securities investment advisory firms, including Shenzhen Luojia Investment Consulting Co., Ltd., Beijing Tianxiang Wealth Management Consulting Co., Ltd., and Huiyan Zhito Technology Co., Ltd., have received regulatory penalties for misleading promotions, leading to a suspension of new client acquisitions [1][6][9]. Group 1: Shenzhen Luojia Investment Consulting - Shenzhen Luojia Investment Consulting has been ordered to suspend new client acquisitions for six months due to five identified issues, including false and misleading marketing content and inadequate internal controls [3][4]. - The firm must enhance compliance management during the suspension period and report on rectification efforts to the Shenzhen Securities Regulatory Bureau before resuming new client acquisitions [4][5]. Group 2: Beijing Tianxiang Wealth Management - Beijing Tianxiang Wealth Management has been penalized with a three-month suspension of new client acquisitions due to misleading promotions and failure to effectively implement previous regulatory measures [6][7]. - The firm is required to take corrective actions and submit monthly reports on its progress during the suspension period [7]. Group 3: Huiyan Zhito Technology - Huiyan Zhito Technology has faced multiple regulatory penalties for misleading promotions and inadequate compliance management, leading to a three-month suspension of new client acquisitions [9][12]. - The company must conduct comprehensive rectification and improve internal controls, with monthly reporting on progress during the suspension [12].

6G第一阶段技术试验形成超300项关键技术储备。 集成电路、电子专用材料等行业增加值同比分别增长26.7%、23.9%，工业机器人产量同比增长28%，新 能源汽车新车销量达1649万辆、同比增长28.2%。 1月21日，国新办举行新闻发布会，工业和信息化部介绍2025年工业和信息化发展成效。 2025年成绩单速览： 规模以上工业增加值同比增长5.9%，制造业增加值占GDP比重保持稳定，制造业规模有望连续16年保 持全球第一。 制造业数智化转型扎实推进，累计建成3.5万余家基础级、8200余家先进级、500余家卓越级智能工厂， 培育15家领航级智能工厂。 累计培育国家绿色工厂超8000家，规模以上工业单位增加值能耗、水耗不断降低。 张云明表示，一是底座持续夯实。国内企业发布多款人工智能芯片产品，智能算力规模达1590EFLOPS （每秒百亿亿次运算），行业高质量数据集加速涌现，国内大模型引领全球开源生态。据有关机构测 算，2025年我国人工智能企业数量超过6000家，核心产业规模预计突破1.2万亿元。 二是产品日益丰富。AI手机、AI电脑、AI眼镜等人工智能终端产品加快走进千家万户。2025年前三季 度，智能眼 ...

1月20日，中国人民银行网站发布《中国人民银行公告（2026）第1号》。公告称，根据国库资金经收支付服务工作实际，《国库资金 经收支付服务管理办法（试行）》（银发〔2019〕292号文印发）自本公告发布之日起废止。 ...

Core Viewpoint - The Ministry of Finance, the People's Bank of China, and the Financial Regulatory Administration have extended the implementation period of the personal consumption loan interest subsidy policy until the end of 2026, including credit card installment payments in the support scope [1] Group 1: Policy Implementation - The personal consumption loan interest subsidy policy will now be effective from September 1, 2025, to December 31, 2026, with credit card installment subsidies effective from January 1, 2026, to December 31, 2026 [1] - Agricultural Bank of China has announced that customers who have already processed credit card installments between January 1, 2026, and the policy announcement date can apply for subsidies [1] Group 2: Changes in Subsidy Standards - The policy removes the restriction on consumption transactions of 50,000 yuan and above, allowing these transactions to qualify for subsidies regardless of their category [2] - The annual subsidy rate is set at 1%, with a maximum subsidy of 3,000 yuan per borrower for all personal consumption loans and credit card installments combined [2] - The policy eliminates the previous limits on single transaction subsidies and the cumulative subsidy cap for loans below 50,000 yuan [2] Group 3: Application Process and Monitoring - Customers can apply for personal consumption loan subsidies through standard loan processes, and banks will calculate subsidies based on actual consumption [2] - If the system cannot identify the loan usage, customers can provide proof of consumption for manual review [3] - Banks are required to monitor loan usage and fund flow, with strict penalties for fraudulent activities or misuse of funds [3]

在广西柳州的乡村，金融不再是抽象的数字，而是看得见的果园、摸得着的稻浪。农行柳州分行围绕地 方特色农业，探索出一条"产业需求导向、金融精准适配"的服务新路径，让资金活水沿着产业链毛细血 管精准滴灌到田间地头。 农行融安县支行推出的"金桔贷"和专为电商设计的"金桔商贸贷"对当地的种植户兼电商来说，意味着可 以提前备好包装材料、支付物流费用，确保最新鲜的金桔能以最快速度送达消费者。截至2025年12月， 该行为当地金桔电商产业注入信贷资金4800万元，支持41户金桔生产和电商销售经营者。 农行鹿寨县支行的客户经理在驻村服务时了解到，当地种粮主体在开展规模化经营时需要地租、人工、 农机、农资等更大资金投入，资金周转常遇困难。客户经理随即向农户们推荐了"粮农e贷"，这款产品 针对种粮大户需求设计，手续简便、审批快捷，从申请到贷款到账只需3个工作日，能够迅速填补农业 生产资金缺口。在鹿寨，已有超过5200户种粮主体获得了总计超4.5亿元的信贷支持。 农行柳州分行的金融服务正悄然改变着当地传统农业的生产与经营方式，精准的金融支持为乡村全面振 兴注入了持久而活跃的动能。 ...