Core Insights - The high-interest deposits are set to mature starting from October 2025, with a significant amount of funds, estimated to be in the tens of trillions, facing a critical decision point in 2026 [1][2] - The current downward trend in deposit rates has led to a shift in investment strategies among different risk-averse customer segments, with over half expected to reinvest in deposits while others may explore wealth management products and capital markets [1][2] Group 1: Market Dynamics - The concentration of high-interest deposit maturities is expected to peak in the first quarter of 2026, aligning with traditional banking practices for attracting new business [1] - The estimated scale of maturing high-interest deposits this year is projected to reach tens of trillions, indicating a substantial liquidity event in the market [2] Group 2: Customer Behavior - There is a notable divergence in product selection among customer groups based on their risk tolerance, with 50%-60% of maturing deposits likely to be reinvested in deposit products [2][3] - Customers prioritizing safety over yield are likely to convert maturing fixed deposits into demand deposits before potentially reinvesting in fixed deposits again [2] Group 3: Industry Response - Banks are undergoing a systemic transformation in response to the pressures of deposit outflows, focusing on product innovation and marketing strategies to retain customers [3][4] - The shift in assessment metrics from solely deposit volume to a broader asset management perspective encourages banks to prioritize comprehensive customer asset management [4] - Financial institutions are developing deposit-replacement products that offer better returns than traditional deposits, catering to clients willing to accept slight fluctuations in net value [4]

● 张佳琳 李蕴奇 "这个贷款利率是近期最低价" 从事贷款中介多年的小李告诉记者："在不同的月份，从银行贷款的'含金量'和'难度'是不同的。每年1 月都是银行'开门红'的关键期，此时从银行贷款能够实现额度放水、利率最低、审批开绿灯。" 小李特意嘱咐，哪怕现在不急着用钱，也要在1月把贷款办下来，别拖到2月。原因在于，经过1月的贷 款投放，很多银行的阶段性额度已经消耗殆尽。到了2月，银行会收紧口子，贷款审批标准也会变得严 格。 随后，记者分别以经营贷客户和消费贷客户身份，咨询了多家银行的客户经理。成都银行个贷经理小于 表示，1月正值银行"开门红"期间，为了争夺客户，有些银行可能会在审批尺度上有所放松。目前，成 都银行消费贷最低利率是3.0%，并且有消费券补贴和贴息活动。 "现在申请消费贷，能够领取100元消费券，可以抵扣现金使用。而且有贴息活动，消费贷用于消费的 话，利息最高可以返1500元，十分划算。"小于说。 1月20日，招商银行贷款经理小全在得知记者有贷款需要后，力劝即刻申请贷款。小全说，目前该行经 营贷利率最低为2.7%，消费贷利率最低为3.0%。小全说："这个贷款利率是近期的最低价。如果您贷完 以后，我 ...

● 本报记者 王宇露 在全面建设社会主义现代化国家新征程上，党的二十届四中全会为推进国家治理体系和治理能力现代化 指明了方向，"十五五"规划建议擘画了经济社会发展的宏伟蓝图。作为现代金融体系的重要组成部分， 公募基金肩负着服务实体经济、促进共同富裕、助力金融强国建设的重要使命。汇安基金深刻领会全会 精神，紧密围绕国家发展战略，积极探索基金行业服务中国式现代化的实践路径。 聚焦主责主业 当前，我国正处于实现中华民族伟大复兴的关键时期，金融作为国家重要的核心竞争力，其健康发展关 系到经济社会发展全局。党的二十届四中全会强调，要坚持和完善社会主义基本经济制度，"十五五"规 划建议进一步明确了构建新发展格局、推动高质量发展的战略部署。公募基金作为连接资本市场与实体 经济的重要桥梁，必须深刻认识到自身在服务国家战略中的定位与责任。 能；另一方面，关注传统产业转型升级中的投资机会，支持企业通过技术创新、管理提升实现内涵式发 展。通过资本市场的价格发现和资源配置功能，促进要素向高效率领域流动，提升经济发展的质量和效 益。 同时，汇安基金注重投资行为的长期性和稳定性，避免短期投机对市场造成波动，努力成为资本市场的 稳定器和压 ...

Core Insights - The A-share market recovery in 2025 has led to outstanding performance in quantitative index enhancement strategies, with an average return of 45.08% across nearly a thousand products, and almost 90% of these products achieving positive excess returns [1][2] - The small-cap index enhancement strategies have significantly outperformed, particularly the CSI 1000 index enhancement products, which achieved an average return of 49.78% and a 95.93% positive excess return rate [2] - The industry is witnessing a "Matthew Effect," where larger firms with over 10 billion yuan in assets under management are dominating performance metrics, achieving an average return of 50.61% and a 96.65% positive excess return rate [3] Performance Analysis - In 2025, the average excess return for CSI 1000 index enhancement strategies reached 29.48%, outperforming the CSI 500 and CSI 300 index enhancements [2] - The performance disparity is attributed to structural market dynamics, with small-cap index enhancement products consistently outperforming large-cap varieties [2][3] - The top-tier private equity firms have shown a significant increase in both performance and scale, with many achieving returns exceeding 40% [3] Fundraising and Distribution Trends - The fundraising environment in 2025 has shown a dichotomy, with top-tier firms attracting more capital while smaller firms face increasing challenges [4] - A notable trend is the unprecedented wave of distributions, with private equity firms distributing over 173 billion yuan, a 236.59% increase from the previous year [4] - The focus on long-term stability and risk management has become crucial for attracting investor capital [4] Strategy Innovation - The industry is experiencing a wave of strategy innovation, with new products like micro-index enhancements and technology-themed enhancements emerging [5] - The integration of AI technology has become essential, shifting from optional to mandatory in strategy development [5][6] - Firms are increasingly adopting simpler models rather than complex ones, focusing on effective alpha capture through diverse data sources [6] Market Outlook - The outlook for 2026 is cautiously optimistic, with expectations of continued structural opportunities in small-cap index enhancements despite potential challenges from strategy crowding and market style shifts [6][7] - The industry is expected to evolve towards more diversified and refined strategies, with a growing demand for multi-asset and multi-strategy products [7][8] - The trend towards increased technical investment and a more mature investor structure suggests a positive long-term development trajectory for the quantitative investment sector [8]

一边是坚信"得算力者得未来"的产业老将，一边是高呼"应用为王、场景至上"的科技新锐，科技投资圈 正在悄然掀起一场关于人工智能（AI）发展路径的主线之争。在二级市场上，这种理念分化已映射为 股价表现和基金净值上的差异。公开数据显示，2026年以来，AI应用、航天、卫星等更具想象空间的 概念走强，而去年涨幅明显的算力板块却陷入调整。 有机构分析，科技股"老登""小登"之争本质是增量资金在"共识增长"与"非共识增长"间寻找估值弹性的 再平衡。被机构重仓的"老登"品种已进入业绩消化估值阶段，而"小登"主题则受到了短线增量资金的青 睐。 放眼望去整个市场，"投科技"几乎等同于"买AI"。在不少投资者看来，算力公司作为AI基础设施建设的 重要参与者，堪称AI行情的"旗手"。在2025年，这些公司的股价持续攀升，且被多家机构重仓。在2025 年的几轮科技成长行情启动时，这些股票都是重要的风向标，最先上涨。但如今，尽管算力板块的价值 仍被市场所重视，但中国证券报记者在近期的采访中发现，不少基金经理对算力板块的态度已经悄然发 生变化。 "算力板块的想象力已经没有那么丰富了。"一位深耕科技赛道多年的基金经理在近期采访时直言，"我 ...

与此同时，企业融资和居民信贷成本均保持低位运行。数据显示，2025年12月，新发放企业贷款加权平 均利率和新发放个人住房贷款加权平均利率均大约为3.1%，自2018年下半年以来，分别下降了2.5个和 2.6个百分点。 部分专家认为，在近期央行结构性"降息"后，今年全面降息时点可能后移。中信证券首席经济学家明明 表示，考虑到结构性"降息"对商业银行负债成本已有一定程度的压降，叠加年初信贷往往高增，总量降 息的紧迫性不高。 ● 本报记者 彭扬 中国人民银行授权全国银行间同业拆借中心公布2026年1月20日贷款市场报价利率（LPR），1年期LPR 为3.0%，5年期以上LPR为3.5%，均较上期维持不变。这也是LPR连续第8个月维持不变。 专家认为，今年第一期LPR继续"按兵不动"符合预期。从LPR报价机制看，作为LPR定价主要参考的7天 期逆回购操作利率并未发生变化，因此LPR较难下降。 "7天逆回购利率和LPR可能适时下调，稳息差是重要考量，降低银行负债成本先行。"兴业研究宏观市 场部高级研究员何帆认为，考虑到今年一季度是贷款重定价和存款到期较为集中的时点，出于稳息差的 考虑，人民银行首先下调了再贷款利率，这有 ...

● 本报记者 傅苏颖 1月20日，国家医保局印发《手术和治疗辅助操作类医疗服务价格项目立项指南（试行）》，将已有价 格项目规范整合为37项。下一步，国家医保局将指导各省医保局参考《立项指南》，制定全省统一的价 格基准，由具有价格管理权限的统筹地区对照全省价格基准，上下浮动确定实际执行的价格水平。业内 人士认为，《立项指南》首次从国家层面针对机器人手术、远程手术等相关辅助操作构建起价格管理框 架，有望推动行业从量变到质变发展。 引领医疗技术升级 据悉，此次《立项指南》聚焦医疗技术前沿成果，围绕3D打印、示踪增强成像、能量器械、术中影像 引导、机械臂与远程手术等医疗科技创新成果，进行统一价格立项，规范形成37项价格项目、5项加收 项、1项扩展项，以价格立项引领医疗技术升级，引导"传统治疗"向"精准医疗"转型。 华科精准（北京）医疗设备股份有限公司副总经理王兰芬介绍，《立项指南》的发布落地，将基本解决 精准导航、手术机器人等创新技术产品的临床转化问题，既让患者享受技术产品创新发展红利，又能推 动企业创新与医疗装备产业高质量发展。 美敦力（上海）管理有限公司中国骨科及神外业务商务副总裁许邦达认为，《立项指南》落地后， ...

Core Viewpoint - Shenzhen is emerging as a hub for immersive retail experiences, integrating advanced technology into consumer shopping environments [1] Group 1: Industry Trends - Multiple technology retail stores have recently opened in Shenzhen, showcasing the city's leadership in "Chinese manufacturing" [1] - Consumers can experience cutting-edge products such as embodied robots, 3D printing, and smart glasses in various shopping districts [1] Group 2: Consumer Experience - The retail environment allows shoppers to engage with technology, enhancing their sense of "technological and futuristic" experiences while shopping [1]

● 本报记者 熊彦莎 财政部1月20日消息，财政部、央行、金融监管总局等部门近日出台财政金融协同促内需一揽子政策措 施：针对提振消费，优化实施个人消费贷款和服务业经营主体贷款贴息政策；围绕支持民间投资，实施 中小微企业贷款贴息政策，优化实施设备更新贷款财政贴息政策，实施民间投资专项担保计划。 优化实施"双贴息"政策 根据《关于优化实施服务业经营主体贷款贴息政策的通知》和《关于优化实施个人消费贷款财政贴息政 策有关事项的通知》两项政策安排，服务业经营主体贷款政策、个人消费贷款贴息政策的优化主要体现 在贴息力度更大，消费领域更广，实施期限更长，机构覆盖面更宽。 从贴息力度来看，对于个人消费者，消费者在一家银行单笔消费可获得的贴息额由500元提高到3000 元。对于消费服务行业的企业，将单户享受贴息的贷款额度，从100万元大幅提高到1000万元，贴息金 额也从1万元相应提高到10万元。 从期限来看，上述两项政策的实施期限均延长至2026年底。政策到期后，将根据实施效果，视情研究延 长政策期限。 在消费领域方面，个人消费方面，将覆盖人群多、应用场景广泛的信用卡账单分期业务纳入到贴息范 围，并取消了原有政策中对消费领域 ...

Core Viewpoint - The Ministry of Finance will implement a more proactive fiscal policy in 2026, focusing on increasing total expenditure, optimizing structure, improving efficiency, and enhancing momentum to ensure a good start for the 14th Five-Year Plan [1] Group 1: Fiscal Policy and Expenditure - The total fiscal expenditure will be expanded, maintaining necessary levels of fiscal deficit and debt, ensuring that overall expenditure "only increases" and key areas are "only strengthened" [1] - In 2025, the fiscal revenue is expected to achieve a balanced budget, with public budget revenue showing a recovery growth trend [2] - The fiscal department will continue to optimize expenditure structure, ensuring strong support for key areas such as social security, employment, technology, education, and health [2] Group 2: Social Welfare and Employment - In 2025, the central government allocated 66.74 billion yuan for employment subsidies and increased standards for medical insurance and public health service funding [3] - The basic pension for retirees will be raised by 2%, and the minimum standard for urban and rural residents' pensions will increase by 20 yuan per month [3] - A new childcare subsidy system will be established, with 100 billion yuan allocated for subsidies for children under three years old [3] Group 3: Efficiency and Effectiveness - The focus will be on improving the efficiency of fund usage, ensuring that every penny generates expected benefits [4] - In 2025, 1.3 trillion yuan of ultra-long-term special bonds will be issued to support key projects, with 300 billion yuan allocated for consumer subsidies [4] - The use of bond funds will be accelerated, with a total expenditure of 5.15 trillion yuan in the first 11 months of 2025, a 45.5% increase from the previous year [4] Group 4: Fiscal and Tax Reforms - The Ministry of Finance aims to deepen fiscal and tax reforms to enhance local financial development and support the construction of a unified national market [5] - There will be a focus on clarifying fiscal responsibilities between central and local governments in public services, education, and healthcare [5] - Continuous efforts will be made to standardize fiscal subsidies and improve government procurement processes to foster a fair competitive environment [6]