深耕细作金融"五篇大文章"，科技、绿色、养老等领域贷款高速增长，债券市场"科技板"落地见 效，为实体经济注入强劲动能……2025年，适度宽松的货币政策持续发力、适时加力，有力引导金融业 服务实体经济高质量发展。 "十五五"开局之年，金融如何进一步支持实体经济高质量发展？ 日前召开的2026年中国人民银行工作会议强调，"提升金融服务实体经济高质量发展质效""增强宏 观政策前瞻性针对性协同性，着力扩大内需、优化供给，防范化解风险、稳定社会预期，为经济稳定增 长、高质量发展和金融市场稳定运行营造良好的货币金融环境，为实现'十五五'良好开局提供有力的金 融支撑。" 进一步完善金融"五篇大文章"政策框架 2025年，中国人民银行增加科技创新和技术改造再贷款额度3000亿元，创设5000亿元服务消费与养 老再贷款、2000亿元科技创新债券风险分担工具，持续加大对科技创新、提振消费、稳定外贸等重点领 域的支持，引导信贷资源更多流向国民经济重点领域和薄弱环节。 相关政策工具发力显效，重点环节得到金融大力支持。从数据来看，截至2025年11月末，人民币各 项贷款余额271.00万亿元，同比增长6.4%。从结构上看，普惠小微贷款 ...

Core Viewpoint - The Chinese government is implementing a comprehensive set of policies to stabilize foreign trade and investment, enhance cross-border financing reforms, and support new trade formats like cross-border e-commerce, aiming for a more convenient, open, secure, and intelligent foreign exchange management system in 2026 [1][3]. Group 1: Foreign Trade and Investment Stability - In 2025, China's total import and export value reached 41.21 trillion yuan, a year-on-year increase of 3.6% [3]. - The number of newly established foreign-invested enterprises was 61,207, reflecting a 16.9% year-on-year growth [3]. - The actual use of foreign capital amounted to 693.18 billion yuan, supported by a package of foreign exchange policies [3]. Group 2: Cross-Border E-Commerce and New Trade Formats - In 2025, over 1 billion online foreign exchange transactions related to cross-border e-commerce were processed, serving more than 1.8 million small and micro businesses [4]. - The foreign exchange hedging ratio for enterprises reached a historical high of 30.2% [4]. Group 3: Financial Policies and Support for Innovation - The State Administration of Foreign Exchange (SAFE) has expanded cross-border financing channels for high-tech and specialized enterprises, allowing eligible companies to borrow up to $1 million in foreign debt without restrictions [5][6]. - The "Kehui Tong" pilot program for non-enterprise research institutions has been expanded nationwide to facilitate foreign investment [6]. - SAFE has initiated a green foreign debt business pilot, with a scale of approximately $1.1 billion, to support green and low-carbon projects [6]. Group 4: Future Work Focus - The focus for 2026 includes optimizing trade foreign exchange management, expanding high-level cross-border trade pilot programs, and enhancing support for new trade formats [4][6]. - SAFE aims to continue developing the cross-border financial service platform, expanding its application scenarios to better serve enterprises [6].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has drafted the "Regulatory Rules for Board Secretaries of Listed Companies (Draft for Comments)" to enhance the governance level of listed companies by clarifying the roles and responsibilities of board secretaries [1][2]. Group 1: Regulatory Framework - The draft is the first dedicated regulatory framework for board secretaries, aiming to address issues such as unclear responsibilities, insufficient capabilities, inadequate support, and ambiguous accountability [1][2]. - The rules are designed to transform board secretaries into core components of corporate governance by restructuring their roles across various dimensions, including responsibility lists, qualification thresholds, support mechanisms, and accountability [1][2]. Group 2: Responsibilities and Governance - The rules consist of 38 articles that systematically redefine the role of board secretaries, including clarifying their responsibilities in information disclosure, compliance with governance structures, and facilitating internal and external communications [3][4]. - Board secretaries are tasked with organizing information disclosure activities, ensuring compliance with corporate governance, and maintaining effective communication with stakeholders [3][4]. Group 3: Support Mechanisms - The rules establish mechanisms for information access, operational platforms, and remedies for board secretaries, ensuring they can perform their duties effectively [4][5]. - Board secretaries are granted rights to attend meetings, review documents, and request explanations from relevant departments, embedding their roles into daily management processes [4]. Group 4: Qualification and Accountability - The rules require that board secretaries possess relevant work experience or qualifications in finance, accounting, auditing, or legal compliance, and disclose any serious violations [5][6]. - A nomination committee must review the qualifications of board secretaries, and they are prohibited from holding positions that may lead to conflicts of interest [6]. - The rules mandate the establishment of internal accountability mechanisms, regular performance evaluations, and strict penalties for non-compliance, creating a comprehensive accountability framework [6].

Group 1 - The core issue is that Jintongling Technology Group Co., Ltd. has been placed under a delisting risk warning and its stock has been renamed to "*ST Jintongling" following a court decision to accept its restructuring [1] - The company faces significant financial liabilities, having been ordered to compensate approximately 43269 investors a total of about 775 million yuan due to securities fraud, alongside additional legal costs [1][2] - Jintongling has reported severe financial losses, with revenues of 1.407 billion yuan in 2024 and 548 million yuan in the first three quarters of 2025, and net profits of -1.314 billion yuan and -268 million yuan respectively, indicating a year-on-year decline of 160% and 91% [2] Group 2 - The company has been penalized for serious financial fraud over six years, with fines totaling 5.7 million yuan imposed by the Jiangsu Securities Regulatory Bureau, while the total inflated revenue exceeded 1.1 billion yuan and inflated profits over 400 million yuan [3] - Criminal charges have been filed against the company and its executives, with sentences of up to six years in prison and fines exceeding 13.4 million yuan imposed [3][4] - The auditing firm involved, Dahua CPA, has been fined over 44 million yuan and suspended from providing securities services for six months, reflecting a strict regulatory stance against negligence [4] Group 3 - The restructuring process is critical for determining the final compensation amount for investors, with the company planning to implement a debt repayment scheme approved by the court [2][8] - Key dates in the restructuring process include the deadline for creditor claims on February 1, 2026, and the first creditors' meeting on February 2, 2026, which will be pivotal for the success of the restructuring plan [8] - If the restructuring is successful, it could improve the company's financial situation and enhance its ability to compensate investors; however, failure could lead to bankruptcy and delisting [8]

Core Insights - The ETF market in China achieved remarkable growth in 2025, with the total product scale surpassing 6 trillion yuan and total dividends reaching a historical high of 45.013 billion yuan, representing a 113% increase from 2024 [1] Group 1: Dividend Distribution - Broad-based ETFs emerged as the main contributors to the total dividend increase, accounting for 31.288 billion yuan, or 69.51% of the total ETF dividends, a significant rise from approximately 55% in 2024 [2] - Several core broad-based ETFs saw their annual dividends exceed 1 billion yuan, with notable increases: Huatai-PB CSI 300 ETF at 8.394 billion yuan (up 236% from 2024), E Fund CSI 300 ETF at 7.15 billion yuan (up 260%), and others like Huaxia and Harvest ETFs also showing substantial growth [2][3] Group 2: Performance of Fund Companies - Leading fund companies increased both the frequency and amount of ETF dividends to attract long-term investors, resulting in a concentration of dividends among top firms [4] - In 2025, major fund companies like Huaxia, Huatai-PB, and E Fund reported significant growth in ETF dividends, with Huaxia Fund distributing 10.131 billion yuan (up 161%), Huatai-PB at 9.599 billion yuan (up 196%), and E Fund at 8.779 billion yuan (up 194%) [4][5] - The top five fund companies collectively distributed 38.174 billion yuan, accounting for 84.8% of total ETF dividends, indicating an expanding advantage for leading firms in the ETF market [5]

2025年，适度宽松的货币政策为经济回升向好和金融市场稳定运行营造了适宜的货币金融环境。中央经 济工作会议明确2026年要继续实施适度宽松的货币政策，人民银行将全面贯彻落实会议精神，加大逆周 期和跨周期调节力度，促进经济稳定增长和物价合理回升。一是总量方面，灵活高效运用降准降息等多 种货币政策工具，保持流动性充裕，使社会融资规模、货币供应量增长同经济增长、价格总水平预期目 标相匹配。2025年社会融资规模中，债券等贷款以外的融资方式占比已超过50%，预计2026年增速仍将 超过全部社会融资规模增速。二是价格方面，健全市场化的利率形成、调控和传导机制，理顺政策利率 向各类市场利率的传导关系，进一步做好明示贷款综合融资成本工作，推动规范融资中间费用，促进社 会综合融资成本低位运行。综合施策、稳定预期，保持人民币汇率在合理均衡水平上的基本稳定。三是 结构方面，发挥好结构性货币政策工具的激励引导作用，优化工具管理，继续做好金融"五篇大文章"， 加力支持扩大内需重点领域。四是传导方面，做好政策沟通和预期引导，加强货币政策和财政、产业等 政策在需求管理、结构调整方面的协调配合，进一步畅通传导机制。 1月5日至6日，中国人 ...

近日，市场监管总局和国家网信办联合发布《直播电商监督管理办法》（以下简称《办法》），加强直 播电商监督管理，保护消费者和经营者合法权益，促进直播电商健康发展。 《办法》聚焦直播电商平台经营者、直播间运营者、直播营销人员、直播营销人员服务机构四类主体， 压实责任义务，划定行为红线，完善监管机制。 在压实直播电商平台经营者责任方面： 《办法》明确，直播电商平台经营者应当通过平台规则建立健全直播间运营者分级分类管理制度，根据 直播间运营者合规情况、关注和访问量、交易规模、所销售的商品或者服务种类以及其他指标，采取相 应的管理措施。其中，对关注用户多、交易规模大、直播营销人员影响力强、多次出现违法行为或者从 事关系消费者生命健康的商品或者服务的直播电商活动的直播间运营者，应当采取技术监测、实时巡查 等管理措施。 建立健全平台内违法行为处置制度 《办法》明确了直播间运营者在信息公示、核验实际经营者信息和直播营销人员身份信息、实时管理直 播间互动内容、事前合规审核、实施明码标价等方面的义务，划定了直播间运营者、直播营销人员不得 进行虚假宣传、不得进行商业诋毁、不得销售或者提供违法商品或者服务等行为红线。 在压实直播营销人 ...

Core Viewpoint - The People's Bank of China (PBOC) will conduct a 1.1 trillion yuan reverse repurchase operation on January 8, 2026, to maintain ample liquidity in the banking system, marking the third consecutive month of this policy tool being implemented at the same amount [1][6]. Group 1: Reverse Repo Operations - On January 8, 2026, the PBOC will carry out a fixed quantity, interest rate tender, multi-price bidding reverse repurchase operation amounting to 1.1 trillion yuan, with a term of three months (90 days) [1]. - The operation on January 8 will coincide with the maturity of another 1.1 trillion yuan three-month reverse repurchase, indicating a continuation of the same amount for the third month in a row [6]. - The decision not to increase the amount of the three-month reverse repurchase may relate to the funding demand structure of financial institutions, and does not indicate a reduction in liquidity provision by the PBOC [6]. Group 2: Liquidity Management Tools - The PBOC has established a comprehensive set of liquidity management tools to effectively respond to short-term fluctuations in fiscal revenue, government bond issuance, and maintain overall stability in the monetary market [6]. - Recent innovations in liquidity management include incorporating government bond trading into the monetary policy toolbox and creating two new monetary policy tools to support the capital market, which will enhance the effectiveness of liquidity management [6]. - The liquidity tool system in China aligns with international practices, covering a range of tools that support daily liquidity supply and temporary liquidity needs, reflecting a professional and effective monetary policy adjustment [7].

1月7日，商务部发布公告称，对原产于日本的进口二氯二氢硅发起了反倾销调查。 商务部新闻发言人表示，调查机关将依法开展调查，充分保障各利害关系方权利，根据调查结果客观公 正作出裁决。 对此，商务部新闻发言人回应称，此次调查是应国内产业申请发起的。申请人提交的初步证据显示， 2022年至2024年，自日本进口的二氯二氢硅数量总体呈上升趋势，价格累计下跌31%，自日倾销进口产 品对我国内产业生产经营造成了损害。 商务部新闻发言人表示，调查机关收到申请后，根据中国有关法律法规并遵循世贸组织规则对申请书进 行了审查，认为申请符合反倾销调查立案条件，决定发起调查。 ...

自2025年11月以来，兴银投资、招银投资、信银金投三家股份制银行AIC（金融资产投资公司）相继开 业，且均在一个月内火速落地首笔对外投资。 据《金融时报》记者不完全统计，截至目前，三家机构对外投资资金近70亿元，且清一色瞄准新能源、 智能汽车等硬科技领域。 三家AIC"首投"快速落地 开业不到一个月的时间，三家股份行AIC均已完成首单投资。从开业到完成首笔投资，最短仅用8天。 作为最早开业的股份行AIC，兴银投资自2025年11月16日正式揭牌运营以来，截至2025年12月31日，已 累计投放规模超60亿元。 12月8日，兴银投资完成对福建恒申电子材料科技有限公司的投资，认缴出资额2515.1254万元，持股比 例为11.0926%；同月，兴银投资与兴业银行南昌分行携手共同完成了对江西赣锋锂电科技股份有限公 司的10亿元人民币C轮战略投资。 据兴银投资公司负责人透露，兴银投资首批落地的10余个项目资金投向半导体、光伏、锂矿、工程塑料 等新能源、新材料产业，涵盖福建、广东、上海、安徽、山东等地区科创企业、民营企业，有效助力企 业优化资本结构，深化转型发展，创造长期价值。 值得关注的是，作为国内第二家股份行AI ...