责任编辑：山上 股票频道更多独家策划、专家专栏，免费查阅>> 截至12月31日收盘，A股总市值(仅包括A股部分)超过108万亿元，按年末计算，创下历年新高。A股7只 股票市值超过1万亿元，分别为农业银行、工商银行、贵州茅台、中国石油、宁德时代、中国银行、工 业富联。农业银行今年首次超越工商银行，拿下A股市值冠军宝座，目前A股市值达到2.45万亿元。 ...

Core Insights - As of December 31, seven A-shares have a market capitalization exceeding 1 trillion yuan, including Agricultural Bank of China, Industrial and Commercial Bank of China, Kweichow Moutai, China Petroleum, CATL, Bank of China, and Industrial Fulian [1][2] Group 1 - Agricultural Bank of China has surpassed Industrial and Commercial Bank of China for the first time this year, claiming the title of A-share market capitalization champion [1][2] - The current market capitalization of Agricultural Bank of China is 2.45 trillion yuan [1][2]

Core Viewpoint - The total market capitalization of A-shares has exceeded 108 trillion yuan, reaching a record high by the end of the year [1] Group 1: Market Capitalization - As of December 31, the total market capitalization of A-shares (excluding other shares) surpassed 108 trillion yuan, marking a historical peak [1] - Seven stocks have a market capitalization exceeding 1 trillion yuan, including Agricultural Bank of China, Industrial and Commercial Bank of China, Kweichow Moutai, China Petroleum, CATL, Bank of China, and Industrial Fulian [1] - Agricultural Bank of China has overtaken Industrial and Commercial Bank of China to become the market capitalization leader among A-shares, with a market value of 2.45 trillion yuan [1]

Core Viewpoint - Agricultural Bank of Inner Mongolia Branch is focusing on empowering rural revitalization through financial services, achieving a balance of 149.9 billion yuan in agricultural loans, with an increase of 13.2 billion yuan, demonstrating its commitment to rural development [1] Group 1: Financial Empowerment and Support - The bank integrates financial services into the entire supply chain of key industries such as dairy, beef, sheep, and cashmere in Inner Mongolia, establishing a comprehensive financial support system [2] - A "smart grass feeding" cloud platform was developed in collaboration with Caodu Group, facilitating online transactions and financial services, resulting in 82 transactions worth 3.72 million yuan and the issuance of 2.05 million yuan in government procurement loans [2] - The bank provided 6.468 million yuan in customized financial solutions to a cashmere company in Ordos, helping it achieve recognition as a technology-based SME [2] Group 2: Innovative Financing Solutions - The bank introduced a frozen meat collateral loan of 10 million yuan to support the development of a key agricultural enterprise, enabling production expansion and technology upgrades [3] - The bank's innovative service model includes a five-in-one service system to enhance accessibility to financial services for farmers, including mobile banking and rural service stations [4] - New financial products such as "Grain Farmer e-loan" and "Rural Travel Loan" have been launched, along with support for special groups through "Wealthy People Loan" and "Solid Border Loan" [4]

Core Insights - Agricultural Bank of Inner Mongolia has played a crucial role in enhancing the income of farmers and herdsmen through financial services, innovative products, and optimized service models, resulting in a loan balance of 79.2 billion yuan and an annual increase of 14.1 billion yuan as of the end of October this year [1] Group 1: Support for Farmers - The bank has provided targeted financial support to entrepreneurs like Shi Jian, who transformed his livestock business by investing in quality breeding and modern farming techniques, leading to significant economic benefits [2][3] - Shi Jian received a loan of 5 million yuan from Agricultural Bank, which alleviated his financial pressure and supported his business expansion [3] Group 2: Innovation in Traditional Industries - The unique fermented mare's milk product, known as "Cegge," has gained popularity due to its health benefits, leading to the establishment of standardized production facilities by local herders [4] - The bank supported the expansion of a local mare's milk producer, Sai Henqi Mu Ge, with a loan of 500,000 yuan, enabling the upgrade of production equipment and facilities, resulting in annual sales exceeding 2 million yuan and increased income for surrounding herders [4]

Core Viewpoint - The digital renminbi will officially end its "interest-free era" as of January 1, 2026, with major banks announcing that interest will be paid on the balances of real-name digital renminbi wallets based on the current deposit rates [1][6][10]. Group 1: Interest Payment Policy - Starting January 1, 2026, the balance in real-name digital renminbi wallets will earn interest according to the People's Bank of China's current deposit interest rate [6][7]. - The interest calculation will follow the same rules as regular savings accounts, with interest credited on the 21st of each quarter [6][10]. - Balances in anonymous wallets will not earn interest, maintaining a distinction between different wallet types [6][10]. Group 2: Transition to Digital Deposit Currency - The implementation of the interest payment policy marks the transition from "digital cash" to "digital deposit currency," indicating a significant evolution in the digital renminbi's role [7][10]. - The digital renminbi will now be considered a liability of commercial banks, allowing it to earn interest and be subject to deposit insurance, similar to traditional bank deposits [10]. - This change enhances the monetary elasticity of the digital renminbi, enabling it to support credit activities and deposit expansion mechanisms [10]. Group 3: Background and Development - The policy change is part of a broader initiative by the People's Bank of China to strengthen the management and service system for digital renminbi [7]. - The digital renminbi has been in development for over ten years, expanding its pilot programs from select cities to entire provinces [8]. - As of November 2025, the digital renminbi has processed 3.48 billion transactions, amounting to 16.7 trillion yuan, indicating significant adoption and usage [9].

Core Viewpoint - Major Chinese banks including Industrial and Commercial Bank of China, Agricultural Bank of China, Postal Savings Bank of China, Bank of Communications, and China Construction Bank will start paying interest on digital RMB wallet balances at the same rate as current deposit rates from January 1, 2026, marking a significant transition in the digital currency landscape in China [1][4][5] Group 1: Bank Announcements - Industrial and Commercial Bank of China, Agricultural Bank of China, and Postal Savings Bank of China will apply interest to digital RMB wallet balances according to the current deposit rate, with interest calculation rules consistent with those for current deposits [4] - Bank of Communications will also apply the current deposit rate to digital RMB wallet balances, including various types of personal and corporate wallets, while balances in type four wallets will not earn interest [4] - China Construction Bank will revise its customer service agreement to reflect that digital RMB wallet balances will earn interest based on the current deposit rate starting January 1, 2026 [4] Group 2: Digital RMB Framework - The People's Bank of China has introduced a plan to enhance the management and service system for digital RMB, which will officially implement a new measurement framework and operational mechanism on January 1, 2026 [5] - This transition signifies a shift from the "digital cash era" to the "digital deposit currency era" after a decade of research and pilot programs [5]

转自：新华财经 谷澍 （2025年12月6日） 谢谢晓慧副会长的介绍。 尊敬的各位来宾，首先借这个机会，感谢各位领导、各位同仁对农业银行的帮助和支持！ 党的二十届四中全会审议通过的"十五五"规划建议，8次提及"人工智能"，指出要全面实施"人工智能+"行动，全方位赋能千行百业。今年8月，国务院印发 的《关于深入实施"人工智能+"行动的意见》明确要通过"三步走"，不断提升新一代智能终端、智能体等应用普及率。金融业应主动融入"人工智能+"发展进 程，当好提升AI应用普惠性的践行者，推动技术创新与业务应用深度融合。当前，人工智能技术迭代演进速度非常快，下一步往哪个方向发展、发展成什 么样，难以形成统一的共识。但普惠是人类始终应当坚持的价值取向。今天我想就提升AI应用的普惠性，谈几点体会。 提升AI应用普惠性的路径，我认为有四方面问题需要考虑。 在12月6日举行的2025中国金融学会学术年会暨中国金融论坛年会上，中国金融学会理事会副会长，中国农业银行董事长谷澍发表"提升AI应用普惠性的若干 思考"主题演讲。 全文如下： 提升AI应用普惠性的若干思考 —在中国金融学会学术年会暨中国金融论坛年会上的发言 从发展趋势看，随着 ...

Group 1 - The core point of the news highlights the top short-selling stocks in the market, with Hang Seng Bank-R, Sun Hung Kai Properties-R, and Lenovo Group-R leading in short-selling ratios at 100% each [1][2] - Alibaba-W, China Merchants Bank, and Baidu Group have the highest short-selling amounts, with figures of 1.242 billion, 1.018 billion, and 746 million respectively [1][2] - The deviation values for Hang Seng Bank-R, Hong Kong Exchanges-R, and Alibaba-W are the highest, recorded at 61.59%, 55.31%, and 48.34% respectively [1][2] Group 2 - The top ten short-selling ratio rankings show that Hang Seng Bank-R, Sun Hung Kai Properties-R, and Lenovo Group-R all have a short-selling ratio of 100% [2] - The top ten short-selling amounts list indicates Alibaba-W leading with 1.242 billion, followed by China Merchants Bank at 1.018 billion and Baidu Group at 746 million [2] - The top ten deviation values list features Hang Seng Bank-R with a deviation of 61.59%, followed by Hong Kong Exchanges-R at 55.31% and Alibaba-W at 48.34% [2]

Core Viewpoint - The bank supervisory board system, in operation for nearly 30 years, is approaching its end as banks begin to abolish this structure in favor of audit committees, following new regulations from the China Securities Regulatory Commission (CSRC) and the Financial Regulatory Bureau [2][3][4]. Regulatory Framework for Reform - The new Company Law, effective from July 2024, allows financial institutions to replace supervisory boards with audit committees, fundamentally changing the requirement for supervisory boards as mandatory entities [3][4]. - The Financial Regulatory Bureau has issued policies that support the transition, allowing financial institutions to choose between retaining supervisory boards or establishing audit committees to perform supervisory functions [3][4]. Differences in Implementation - There is a differentiation in the approach to abolishing supervisory boards between listed and non-listed banks, with listed banks required to eliminate supervisory boards by 2026, while non-listed banks have the option to retain them [4][5]. - Major state-owned banks have already initiated the process of abolishing supervisory boards, with the five largest banks voting to remove them in April 2025 [5]. Effectiveness and Challenges of Supervisory Boards - The supervisory board has been criticized for its lack of independence, professionalism, and efficiency, often leading to overlapping functions and ineffective oversight [6][7]. - The costs associated with maintaining a supervisory board are significant, with estimates suggesting that listed banks could save millions annually by abolishing this structure [7]. Transition Paths for Supervisory Board Members - Former supervisory board members may transition to roles within the audit committee, take on positions in other financial institutions, or retire from the industry [8]. - The governance mechanism is expected to become more efficient, with fewer decision-making layers and a more direct oversight structure through audit committees [8].