Core Viewpoint - The banking sector is experiencing a significant shift as deposit rates decline, leading to a "deposit migration" where residents are moving their funds from traditional deposits to diversified assets like wealth management products, insurance, and gold. This trend is expected to continue into 2026, with further adjustments in the deposit market anticipated [1][7]. Group 1: Interest Rate Changes - In 2025, the personal deposit and wealth management markets showed a clear structural differentiation, with long-term fixed deposit rates generally falling into the "1" range, and high-interest products like large-denomination certificates of deposit being withdrawn [2]. - Major state-owned banks initiated a round of interest rate cuts on May 20, 2025, reducing the interest rate on demand deposits by 5 basis points to 0.05%, and cutting rates on short-term fixed deposits by 15 basis points [2]. - Smaller banks have been more aggressive in their rate cuts, with some reducing three-year fixed deposit rates from 2.8% to 2.15% and five-year rates from 2.8% to 2.1% [2]. Group 2: Withdrawal of Long-Term Deposit Products - Many private banks have already removed five-year fixed deposit products, while state-owned banks have significantly reduced the availability of three and five-year large-denomination certificates of deposit [3]. - The trend of withdrawing long-term deposit products is evident across various banks, with major state-owned banks no longer offering five-year large-denomination certificates of deposit on their mobile banking apps [3]. Group 3: Net Interest Margin Pressure - The prolonged low macro interest rate environment has led to a decrease in loan market quoted rates (LPR), resulting in lower bank loan yields while deposit costs remain rigid, compressing net interest margins [4]. - As of the end of Q3 2025, the net interest margin for commercial banks was reported at 1.42%, with state-owned banks at 1.31% and joint-stock banks at 1.56%, all at historical lows [4]. - Many smaller banks have paused new business for three to five-year fixed deposits and large-denomination certificates of deposit to reduce high-cost long-term funding, thereby enhancing funding flexibility [4]. Group 4: Impact on Resident Asset Allocation - Data from the central bank indicates that from January to November 2025, the growth of resident fixed deposits slowed significantly, with a noticeable shift towards higher-yielding assets such as wealth management products, insurance, and gold [5]. - The interaction between non-bank institutions and resident deposits has increased market trading activity, reflecting a trend towards diversified asset allocation [5]. - In 2025, local banks employed gift marketing and loan-deposit linkage strategies to maintain customer loyalty, while state-owned banks focused on optimizing liability structures and cost control [5]. Group 5: Outlook for 2026 - Industry experts predict that the adjustment in the deposit market will deepen in 2026, with the "deposit migration" trend expected to persist as residents continue to shift savings towards diversified assets [7]. - By the end of Q3 2025, the total scale of outstanding wealth management products reached 32.13 trillion yuan, marking a year-on-year growth of 9.42% [7]. - Analysts forecast that retail deposit average rates will decrease by approximately 30 basis points in 2026, with a significant increase in the growth of non-fixed deposit investments [7]. Group 6: Differentiated Strategies Among Banks - In 2026, different types of banks are expected to adopt varied strategies, with state-owned banks focusing on wealth management to offset net interest margin pressures, while smaller banks may be more sensitive to deposit rates [8]. - Smaller banks are likely to attract deposits through differentiated pricing, flexible term products, and innovative offerings linked to gold, foreign exchange, or stock indices [8]. - Banks are encouraged to enhance service levels and innovate product designs to improve the proportion of demand and short-term deposits, thereby optimizing deposit maturity structures [8].

来源｜中新经纬 编辑｜钉钉 (头图由AI生成) 31日上午，支付宝方面回应称：支付宝的各项功能和服务一切正常，用户可正常使用。网传"支付宝暂 停服务"为谣言，请大家不信谣不传谣。 近日，在一些社交平台上，"12月30日、31日支付宝、微信支付不能使用"的消息流传。 同日，微信团队回应称，微信支付服务一切正常，"微信支付暂停"为谣言，请大家不信谣不传谣。 ...

Core Insights - The AI industry is experiencing significant changes as companies like Manus are acquired by Meta, and startups like Zhiyu and MiniMax are preparing for IPOs in Hong Kong, indicating a shift in the competitive landscape [1][3] - The "Little Six Dragons" concept in the domestic market has faded, with a clear differentiation in the foundational model startup arena, as major internet companies ramp up their efforts [1][3] - The exploration of new technological paradigms is underway as the industry faces a slowdown in the Scaling Law, with a focus on monetization and industrialization of AI by 2026 [2][12] Industry Dynamics - The AI startup landscape is undergoing a "survival of the fittest" phase, with companies either pushing for IPOs, focusing on niche applications, or exiting the competition [3][4] - Major players are leveraging their computational power, data, and ecosystem advantages to capture market share, with Tencent and Alibaba making significant strides in the AI app market [7][8] - The competition among large firms is intensifying, with Tencent and Alibaba investing heavily in AI infrastructure and applications, while also focusing on user engagement and product iteration [7][8] Market Trends - The user engagement metrics for AI applications show a competitive landscape, with Doubao and DeepSeek leading in active user numbers, while Kimi is focusing on enhancing its web-based capabilities [4][6] - The funding strategies for companies like Zhiyu and MiniMax indicate a trend towards high R&D investments in foundational AI models, with significant portions of their IPO proceeds allocated for this purpose [6] - The industry is witnessing a shift towards multi-modal integration and deeper model capabilities, as companies aim to redefine user experiences and address the limitations of current AI tools [5][6] Future Outlook - The industry anticipates that 2026 will shift focus from what AI models can do to how they can generate revenue, emphasizing the need for sustainable business models [2][13] - Despite discussions of a potential technological ceiling, experts believe that the AI sector will continue to evolve, with new innovations emerging to address existing challenges [12][13] - The competitive landscape remains dynamic, with both startups and established firms vying for leadership in a rapidly changing environment, suggesting that the race for AI dominance is far from over [9][13]

| | | 油附加费下 迎调价窗口 所上市 12月CPI、 PPI 调 2026年博 美国2025 整全球数字 年12月失业 消费大会 率及非农就 (1/3-1/5) 业数据 2026年国际消费电子展(CES 2026)(1/6-1/9) 阿里云通义智能硬件展(1/8-1/11) 02 甘五 13 甘六 14 甘七 15 甘火 16 甘九 17 三十 18 甘四 上海迪士尼|美国2025 中国2025 2026 Google 第 五 盾 乐园正式实|年12月CPI 年12月贸 Cloud出海 AIGC中国 开发者大会 行阶梯式退 易帐 峰会 凯K 美国2025 年11月PPI 2026三亚 · 国际种业科学家大会暨国际种业科技 博览会(1/13-1/16) 第二届中国eVTOL创新 发展大会(1/15-1/16) 25 19 初二 20 初三 21 初四 22 初五 28 初六 24 初七 腊月 初一 日本央行公 国家统计局|中国1月 发布2025 LPR 布利率决议 年国民经济 运行数据 国内成品油 第21届中国会展经济国际合作论坛 迎调价窗口 (1/21-1/23) 美股休市 2026北京国际商业航天展览 ...

| | | 财经目历 E 17777 LSU P INT/D i TV I 217 t 60 日后 中国2025 加拿大央行 美联储公布 中国1月PMI 年规模以上 公布利率决 利率决议 工业企业利 议 润 第十九届亚洲金融论坛 (1/26-1/27) 编辑 | 高明妍 制图丨方舟 x | 2026年 月 January | | | | | | | | | | 重大事件 重要数据 重点公司 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | = | B | | 五 | | 六 日 | | | | 初十 | 29 | + | 30 | 十二 | 37 | 十三 | 1 | 十四 | 2 | 十五 3 | 十六 | 4 | | | | | | | | 我国调整部 | 分商品关税 港股上市 | 壁仍科技在 | | 2026年博鳌全球数字消 费大会(1/3-1/5) | | | | | | | | | | 税率税目 | | A股休市 | | | | | | | | | | | ...

Core Viewpoint - The Hong Kong stock market closed early on December 31 due to the New Year holiday, with the Hang Seng Index falling by 0.87% and the Hang Seng Tech Index declining by 1.12%. Despite this, the overall performance for 2025 was strong, with the Hang Seng Index up 27.77%, marking its best performance since 2017, and the Hang Seng Tech Index up 23.45% [1]. Group 1: Market Performance - The Hang Seng Index closed at 25,630.54, down by 224.06 points or 0.87%, with a total trading volume of HKD 119 billion and a year-to-date increase of 27.77% [2]. - The Hang Seng Tech Index ended at 5,515.98, decreasing by 62.40 points or 1.12%, with a trading volume of HKD 30.4 billion and a year-to-date increase of 23.45% [2]. - The Hang Seng Biotech Index saw a decline of 1.40%, closing at 14,178.48, with a year-to-date increase of 64.46% [2]. Group 2: Capital Inflows - Southbound capital net purchases of Hong Kong stocks reached over HKD 1.4 trillion this year, setting a record high [2]. - The total net inflow for the year amounted to HKD 14,013.95 million, with contributions from both the Shanghai and Shenzhen stock connect programs [3].

Group 1 - The article reports a significant drop in the stock prices of several high-profile companies as of December 31, with Luyuan Pharmaceutical hitting the daily limit down [1] - Luyuan Pharmaceutical's stock price decreased by 9.99%, closing at 21.18, while Yangzi New Materials fell by 9.38% to 3.96 [2] - Other companies that experienced declines include Unification Holdings (-8.52% to 26.64), Saiwei Electronics (-6.68% to 58.00), Baida Group (-5.32% to 16.36), and Shanghai Jiubai (-6.19% to 10.61) [2]

Market Overview - The A-share market opened with all three major indices rising, with the Shanghai Composite Index up by 0.09%, the Shenzhen Component Index up by 0.17%, and the ChiNext Index up by 0.15% [2] - The advanced packaging, memory, consumer electronics, and photovoltaic sectors showed strength, while commercial aerospace and energy metal stocks weakened [3] Stock Performance - The Shanghai Composite Index is currently at 3968.73, with an increase of 3.61 points or 0.09% [3] - The Shenzhen Component Index is at 13627.26, up by 23.20 points or 0.17% [3] - The ChiNext Index stands at 3247.74, gaining 4.83 points or 0.15% [3] - N Huadong's stock surged over 1000% upon its listing on the Beijing Stock Exchange [3] Notable Stocks - Dongjie Intelligent experienced a significant drop of nearly 19% after announcing the termination of a major asset restructuring plan [5] - Aobo Ceiling's stock hit the daily limit up, following the announcement of a change in its actual controller to Shi Qiming [6] Monetary Policy - The central bank conducted a 7-day reverse repurchase operation of 528.8 billion yuan at an interest rate of 1.40%, with 26 billion yuan of reverse repos maturing today [6] Hong Kong Market - The Hong Kong stock market opened lower, with the Hang Seng Index down by 0.21% and the Hang Seng Tech Index down by 0.22% [7] - Stocks of Ctrip Group, JD Group, and NetEase showed weakness, while new energy vehicle stocks like NIO, Xpeng Motors, and Li Auto saw gains [7]

12月31日，港股恒生指数低开0.21%，恒生科技指数跌0.22%。 | 名称 | 现价 | 涨跌幅 ◆ | | --- | --- | --- | | 携程集团-S | 559.500 | -2.01% | | 9961.HK | | | | 京东集团-SW | 112.100 | -1.32% | | 9618.HK | | | | 网易-S | 219.000 | -1.26% | | 9999.HK | | | | 快手-W | 63.800 | -1.09% | | 1024.HK | | | | 京东健康 | 55.900 | -1.06% | | 6618.HK | | | | 百度集团-SW | 128.700 | -0.77% | | 9888.HK | | | | 同程旅行 | 22.100 | -0.72% | | 0780.HK | | | | 美团-W | 103.700 | -0.58% | | 3690.HK | | | | 阿里巴巴-W | 143.700 | -0.55% | | 9988.HK | | | 编辑 ｜ 钉钉 | 名称 | 现价 | 涨跌幅 ◆ | | --- ...

12月31日，现货白银在前一个交易日大幅反弹涨近8%后，再度走弱，目前跌逾2%。 更多最新消息： ...