责任编辑：杨喜亭 《决定》主要内容之一是完善受理条件。根据国务院《证券期货行政执法当事人承诺制度实施办 法》第七条第六项规定，《决定》规定，有下列情形之一的，中国证监会对适用行政执法当事人承诺的 申请不予受理：当事人拒绝、阻碍中国证监会或其派出机构依法对其涉嫌违法行为进行调查；当事人缺 乏交纳承诺金的能力；当事人被列入证券期货市场严重失信主体名单且未修复；当事人曾因涉嫌证券期 货违法行为适用行政执法当事人承诺制度，自承诺认可协议履行完毕之日起未逾1年；中国证监会基于 审慎监管原则认为不适用行政执法当事人承诺制度的其他情形。另外，《决定》明确了"经过必要的调 查"的执行标准，完善了申请材料要求、补正申请的程序规范，以及内部征求意见程序等。 为贯彻落实中央金融工作会议精神和新"国九条"关于完善行政执法当事人承诺制度的要求，进一步 明确行政执法当事人承诺受理条件，规范办理程序，中国证监会对《证券期货行政执法当事人承诺制度 实施规定》进行修改完善，发布了《关于修改〈证券期货行政执法当事人承诺制度实施规定〉的决定》 （以下简称《决定》），自2026年2月1日起施行。 ...

Group 1 - The core viewpoint of the articles highlights a significant transformation in the banking sector, characterized by a net increase in bank branches for the first time in three years, despite a large number of closures [1][2][3] - In 2025, a total of 7,871 bank branches were closed, while 8,494 new branches were established, resulting in a net increase of 623 branches [1][3] - The closures were primarily concentrated in rural financial institutions, with 5,400 branches from rural commercial banks shutting down, while state-owned banks closed over 900 branches [1][2] Group 2 - The reduction in bank branches is linked to the large-scale consolidation of the rural credit system, with 377 banks being dissolved or merged by December 2025, surpassing the total for 2024 [2] - New branches are strategically located in key areas such as county regions and community services, focusing on specialized services like elderly care and government collaboration [3][4] - The banking sector is moving towards a model of "dynamic stability" in branch numbers, with ongoing structural adjustments and functional upgrades to better meet regional economic needs and customer characteristics [3][4]

Core Viewpoint - The commercial aerospace sector is gaining significant attention and investment, with a projected acceleration in industrialization and commercialization by 2026, driven by policy, technology, and capital support [1][2][8]. Group 1: Market Performance - The Wind Commercial Aerospace Theme Index has seen a cumulative increase of over 60% since December 2025, reflecting the rising interest in commercial aerospace stocks such as Aerospace Electric, Parker New Materials, and Aerospace Electronics [1]. - Analysts predict that the commercial aerospace industry will experience a "triple resonance" of policy, technology, and capital in 2026, indicating a vast market potential [1][2]. Group 2: Policy Support - The importance of commercial aerospace has transcended its industry boundaries, becoming a strategic priority for national power and security, with a focus on self-sufficiency [2]. - The Central Economic Work Conference has identified commercial aerospace as a strategic emerging industry, with continuous support outlined in government work reports for 2024 and 2025 [2][3]. Group 3: Technological Advancements - The commercial aerospace industry encompasses satellite manufacturing, rocket launches, and satellite applications, characterized by a market-driven approach and clear profit models [2]. - In 2025, China is expected to achieve multiple breakthroughs in manned spaceflight, deep space exploration, and commercial aerospace, with a total of 92 rocket launches, an increase from 68 in 2024 [4]. Group 4: Capital Market Activity - Blue Arrow Aerospace's IPO application has been accepted, aiming to raise 7.5 billion yuan for reusable rocket capacity and technology enhancement projects [7]. - Several commercial rocket companies are preparing for IPOs, indicating a robust interest in capitalizing on the commercial aerospace sector [7][8]. Group 5: Future Outlook - The commercial aerospace industry is projected to enter a golden development period from 2025 to 2030, with the market size expected to reach 8 trillion yuan by 2030 [6]. - The emergence of "space computing" is anticipated to complement ground-based computing, addressing challenges related to energy consumption and resource allocation [6].

Core Viewpoint - The article discusses the ongoing reforms in the foreign exchange (FX) sector in China, highlighting the expansion and improvement of bank FX operations, capital account opening, and support for key regional developments, aiming for a more efficient and open FX market by 2026 [1][2][3]. Group 1: Bank FX Operations Reform - The State Administration of Foreign Exchange (SAFE) is promoting reforms to enhance the quality and scope of bank FX operations, with a focus on efficient processing of FX transactions [2][3]. - By the end of 2025, banks processed FX transactions worth $440 billion based on client instructions, with 30 banks participating and covering 32,000 clients [3]. - The SAFE has established a regulatory framework for bank FX operations, including the release of the "Bank FX Operations Management Measures (Trial)" to standardize procedures and enhance operational capabilities [2][3]. Group 2: Capital Account Opening - The promotion of the integrated currency pool for multinational corporations has been expanded nationwide, facilitating centralized fund management for large companies [4]. - As of the third quarter of 2025, 98 multinational companies participated in the currency pool pilot, benefiting nearly 5,000 domestic and foreign member enterprises, with cross-border transactions amounting to approximately $150 billion from January to September 2025 [4]. - The SAFE is also working on policies to streamline the management of funds for domestic companies listed overseas, simplifying processes and enhancing efficiency [5]. Group 3: Support for Key Regional Developments - The SAFE is implementing a series of facilitation policies to support the construction of free trade pilot zones and enhance cross-border financial services in major financial centers like Shanghai and Hainan [1][5]. - The issuance of $30.8 billion in Qualified Domestic Institutional Investor (QDII) investment quotas aims to meet reasonable investment demands in a stable foreign exchange market [5].

Group 1 - The emergence of the domestic large model DeepSeek has sparked a wave of investment in artificial intelligence (AI) in the capital market [1] - By 2025, the AI sector in China has seen significant breakthroughs in model performance and multimodal learning applications, driven by supportive policies and rapid development of computing infrastructure [1] - The AI index in A-shares rose by 31.09% in 2025, with a total transaction volume of 19.58 trillion yuan and a turnover rate of 950.41%, indicating high market attention and trading enthusiasm [1] Group 2 - UBS noted that DeepSeek has changed the perception of China's AI technology, with strong government support and capital expenditure from leading companies driving rapid innovation [2] - Concerns about an "AI bubble" have increased amid the global investment wave, which may affect investment judgments in 2026 [2] - Historical experience suggests that new technologies often experience speculative booms before significantly boosting labor productivity, but current high growth trends and liquidity make it premature to declare a bubble [2] Group 3 - Galaxy Securities highlighted the complex characteristics of the current AI market, where significant capital inflows reflect a consensus on technological breakthroughs and real application demands [3] - AI leading companies are achieving record high valuations, and capital expenditures across the industry chain are unprecedented [3] - The current AI capital market is more aligned with the early stages of an industrial revolution than the internet bubble of 2000 [3] Group 4 - The "14th Five-Year Plan" emphasizes the development of new productive forces, accelerating advancements in AI, advanced manufacturing, aerospace, renewable energy, and quantum technology [4] - Investment in AI hardware is expected to outperform application sectors, as the most advanced models have not yet reached AGI levels, indicating uncertainty in application deployment [4] - Continuous investment and upgrades in underlying AI hardware are essential for the sustained improvement of model capabilities [4] Group 5 - The manager of Ping An Technology Innovation Mixed Fund stated that AI infrastructure construction has not yet reached a stage where bubble discussions are warranted, with capital expenditure expected to reach $600 billion by 2026 [5] - The current scale of AI capital expenditure is still below historical peaks during previous productivity revolutions [5] - The AI ecosystem in China is developing in parallel with the U.S., with the U.S. leading in large model research while China shows stronger competitiveness in industry model applications [5] Group 6 - Huatai Securities anticipates that AI-related investments will maintain high intensity over the next 1 to 2 years, with tech giants continuing to increase capital expenditures [6] - There is still significant room for growth in AI application penetration [6] - While optimistic sentiment in the AI sector is supported by fundamentals, rising valuations may lead to increased volatility and sensitivity to interest rate changes [6]

Core Viewpoint - The People's Bank of China emphasizes the high-quality construction and development of the bond market "Technology Board" to enhance financial support for technological innovation [1] Group 1: Performance of the Technology Board - The bond market "Technology Board" has issued a total of 1.8 trillion yuan in technology innovation bonds within 8 months, with 390 entities in the interbank bond market contributing over 1 trillion yuan [2] - 264 enterprises have issued approximately 660 billion yuan in technology innovation bonds, covering 28 provinces and cities, with an average issuance interest rate of 2.10%, which is a decrease of 17 basis points compared to the period before the board's implementation [2] - 60% of the enterprises have issued bonds with a maturity of over 3 years, indicating a high participation rate from private enterprises, which account for over 20% [2] Group 2: Support for Early-stage Enterprises - The Technology Board has innovative mechanisms to support early-stage technology enterprises by allowing equity investment institutions to issue bonds, thus attracting more social capital for early, small, long-term, and hard technology investments [3] - 53 equity investment institutions have issued 45.2 billion yuan in technology innovation bonds, while 73 financial institutions have issued 305.4 billion yuan, enhancing the liquidity and activity of the Technology Board [3] Group 3: Cost and Market Maturity - The median issuance interest rate for technology bonds is 1.99%, significantly lower than the average weighted interest rate for current loans, effectively reducing financing costs in the technology sector [4] - The average maturity of non-financial enterprise technology bonds has increased from 3.37 years in Q2 2025 to 3.53 years in the second half of 2025, reflecting a trend towards longer-term financing [4] - The diversity of issuers has increased, with a steady rise in the proportion of non-state-owned enterprises participating in the bond market [4] Group 4: Institutional Design and Future Development - The successful performance of the Technology Board is attributed to a series of institutional arrangements, including the inclusion of commercial banks, securities firms, and equity investment institutions as issuers, along with simplified disclosure and tax incentives [5] - The People's Bank of China has created a risk-sharing tool for technology innovation bonds to support equity investment institutions in issuing long-term bonds, with 22.5 billion yuan issued and an average interest rate of 2.20% [6] - Future developments of the Technology Board will focus on expanding the range of issuers, issuance scale, and types of bonds to effectively support high-quality development of the real economy [6]

Core Viewpoint - The restructuring of China Petroleum & Chemical Corporation (Sinopec) and China Aviation Oil Group aims to create the world's largest aviation fuel supply chain enterprise, enhancing energy security and reducing aviation fuel supply costs [3][4]. Group 1: Company Overview - China Petroleum & Chemical Corporation (Sinopec) was established on September 14, 1983, with a registered capital of 326.5 billion RMB, headquartered in Beijing, and is the largest aviation fuel producer in China [3]. - China Aviation Oil Group was founded on October 11, 2002, also headquartered in Beijing, and is the largest aviation fuel supplier in Asia, providing services at over 280 airports globally for more than 400 airline customers [3][4]. Group 2: Strategic Importance - The merger will leverage Sinopec's upstream production capacity and China Aviation Oil's nationwide refueling network, forming a core aviation fuel supply chain for the civil aviation industry [4]. - This restructuring is part of a broader strategy by central enterprises to enhance operational efficiency and respond to international competition and green transformation initiatives [4].

2025年，银行网点变革颇具看点。 单从数量上看，根据国家金融监督管理总局数据，2025年，国内商业银行累计关停线下网点约7871家。 与此同时，全年新设商业银行线下网点数量达8494家。也就是说，虽然关停网点数量巨大，但却实现净 增加623家，近三年来首次正增长。 "网点出现净增长的现象，其深层原因在于银行业正经历从'规模扩张'到'结构优化'的战略转型。这也并 非简单的数量回升，而是结构性重构。"苏商银行特约研究员薛洪言在接受《金融时报》记者采访时表 示。 "一退一进"之间，银行网点并未"消失" 2025年全年关停网点7871家，是什么概念？ 可以从数据对比中窥见一斑。2024年，商业银行线下网点关停2483家，2023年的数据为2649家。这意味 着，2025年关停网点总数超过前两年数量的总和。 "银行新设网点通常重点布局县域、社区与养老、政务等场景，推动网点向轻型化、智能化、功能复合 型转型。"中国邮政储蓄银行研究员娄飞鹏在接受《金融时报》记者采访时表示。 记者大致梳理关停网点发现，从银行类型角度看，农商行分支机构退出数量最多，约5400家；国有大型 银行退出900余家；城商行与股份制银行则相对较少。 ...

Core Viewpoint - Beijing Zhiyu Huazhang Technology Co., Ltd. (Zhiyu) has officially listed on the Hong Kong Stock Exchange, marking a significant milestone as the world's first publicly traded company focused on large language models, with an initial share price of HKD 116.20 [1][11]. Investment Background - Zhiyu received early investment from Zhongke Chuangxing, which recognized the potential of the AI team even before the company was established, investing CNY 40 million during its angel round [1][4]. - The investment was made during a challenging period for the AI sector, with Zhongke Chuangxing's average investment typically around CNY 10 million, highlighting the confidence in Zhiyu's long-term potential [5][6]. Growth and Development - Zhiyu has shown rapid growth, with revenue increasing from CNY 57.4 million in 2022 to CNY 312.4 million in 2024, achieving a compound annual growth rate of 130% [11]. - The company has developed a series of advanced models, including GLM-10B and GLM-130B, and has shifted its focus towards intelligent agents since 2025 [7][8]. Market Position and Strategy - As of 2024, Zhiyu holds the largest market share among independent general-purpose large model developers in China, with a market share of 6.6% [11]. - The company has adopted an open-source strategy, empowering over 12,000 enterprise clients and 45 million developers globally [9]. Future Outlook - The listing of Zhiyu is seen as a new beginning, indicating a shift in China's hard technology investment landscape from academic research to capital market engagement [12]. - The AI industry is transitioning into a new phase of commercialization, with significant opportunities for innovation in AI software and hardware emerging from the advancements in large model capabilities [13].

新年伊始，银行存款利率调整大幕再度拉开。 《金融时报》记者注意到，1月以来，已有安徽新安银行、辽宁振兴银行、山西浑源农商行等多家中小银行密集发布存款利率调整的公告。其中，多数银 行延续了降息的趋势，也有少数区域中小银行有针对性上调部分定期存款利率。 从降息阵营的具体动向来看，多家中小银行的调整呈现出"全期限覆盖、差异化降幅"的特征，民营银行与村镇银行成为本次调整的主力。 在民营银行中，新安银行于2025年12月26日在官方微信公众号发布公告称，将于1月16日起下调储蓄存款产品利率。其中，该行二年期定期存款利率从 2.35%降至2.25%，降幅为10个基点。 | 存期 | 调整后利率 (%) | | --- | --- | | 三个月 | 1.45 | | 六个月 | 1.65 | | 一年 | 1.85 | | 二年 | 2.25 | | 三年 | 2.20 | 1月3日，辽宁振兴银行发布了《关于调整人民币存款利率的公告》，自1月4日起，该行整存整取定期存款二年期、三年期利率均调整为1.80%，五年期存 款利率调整为1.70%。 经另一家民营银行营销人员证实，自1月5日起，该行全期限定期存款利率均下调20个基 ...