Core Viewpoint - Major Chinese banks have announced the implementation of an optimized personal consumption loan subsidy policy, extending its duration and expanding its scope to support consumer spending [1] Group 1: Policy Implementation - The implementation period for the personal consumption loan subsidy policy has been extended to December 31, 2026 [1] - The scope of support has been expanded to include credit card installment payment services [1] Group 2: Subsidy Expansion - The subsidy field has been broadened by removing the restriction on single transactions of 50,000 yuan and above [1] - The subsidy standard has been improved by eliminating the cap of 500 yuan on single transaction subsidies and the previous limit of 1,000 yuan for cumulative subsidies under 50,000 yuan per borrower at a single institution [1] Group 3: Existing Agreements - For loans that have already signed the personal consumption loan subsidy service agreement, any consumption occurring after January 1, 2026, will automatically apply the latest subsidy policy without the need to re-sign the agreement [1]

1月22日金融一线消息，工商银行公告称，该行已向香港联合交易所有限公司提交200 亿美元全球中期 票据计划上市申请，并于 2026 年 1 月 22 日完成上市。根据计划，拟发行的票据仅供专业投资者购买。 责任编辑：李琳琳 1月22日金融一线消息，工商银行公告称，该行已向香港联合交易所有限公司提交200 亿美元全球中期 票据计划上市申请，并于 2026 年 1 月 22 日完成上市。根据计划，拟发行的票据仅供专业投资者购买。 证券代码:601398 证券简称:工商银行 中国工商银行股份有限公司(简称本行)已向香港联合交易所有限公司提交 200 亿美 元全球中期票据计划上市申请,并于2026年1月22日完成上市。根据计划,拟发行的票 据仅供专业投资者 购买,详情请参考本行 2026年1月22日刊载于香港联合交易所有限公 司"披露易"网站(www.hkexnews.hk)的相关公告。 特此公告。 中国工商银行股份有限公司董事会 二〇二六年一月二十二日 责任编辑：李琳琳 公告编号:临 2026-003 号 ICBC 国 中国工商银行 中国工商银行股份有限公司 关于发布 200 亿美元全球中期票据计划发售通函的公告 ...

证券代码：601398 证券简称：工商银行 公告编号：临 2026-003 号 中国工商银行股份有限公司 关于发布 200 亿美元全球中期票据计划发售通函的公告 中国工商银行股份有限公司董事会及全体董事保证本公告内容不存在任何虚 假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 中国工商银行股份有限公司（简称本行）已向香港联合交易所有限公司提交 200 亿美 元全球中期票据计划上市申请，并于 2026 年 1 月 22 日完成上市。根据计划，拟发行的票 据仅供专业投资者 1购买，详情请参考本行 2026 年 1 月 22 日刊载于香港联合交易所有限公 司"披露易"网站（www.hkexnews.hk）的相关公告。 特此公告。 中国工商银行股份有限公司董事会 二〇二六年一月二十二日 1 根据香港联合交易所有限公司证券上市规则第 37 章定义，专业投资者指(a)如属香港人士，按《证券及期货 条例》附表 1 第 1 部所界定的专业投资者（包括按该条例第 397 条所制定的规则所指的人士）；或(b)如属非香 港人士，根据有关司法权区对公开发售的相关豁免可向其出售证券的人士。 ...

Core Viewpoint - The Chinese government has introduced a new personal consumption loan interest subsidy policy, which aims to enhance consumer spending and stimulate the economy by providing financial incentives through interest subsidies on personal loans and credit card installments [1][3]. Group 1: Policy Implementation - The new subsidy policy will be effective from September 1, 2025, to December 31, 2026, for personal consumption loans, while the credit card installment subsidy period will be from January 1, 2026, to December 31, 2026 [3]. - The policy expands the support scope by including credit card installment payments for the first time, with a subsidy rate of 1% per annum, and removes previous restrictions on consumption areas [3][4]. Group 2: Bank Responses - Major banks such as ICBC, ABC, BOC, CCB, and others have quickly responded by issuing operational guidelines and clarifications regarding the implementation of the subsidy policy [2][3]. - Banks have confirmed that customers who have already signed consumption loan subsidy agreements will automatically benefit from the new policy without needing to re-sign agreements [4][5]. Group 3: Customer Guidance - Customers are required to sign a supplementary agreement for credit card installment subsidies, with each card needing a separate agreement to benefit from the subsidy during the policy period [5][6]. - Banks are advised to streamline the process for customers to access the subsidy, including online application portals and clear communication of interest rates and subsidy limits [6][7]. Group 4: Market Impact - The minimum execution interest rate for consumption loans remains at 3%, but with the subsidy, the effective interest rate for eligible borrowers could potentially drop to the "2% range" [7].

Group 1 - The core viewpoint of the article indicates that the state-owned large bank sector experienced a decline of 1.3% on January 22, with Agricultural Bank leading the drop [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - The trading volume and turnover for major state-owned banks are detailed, showing varying performance among individual banks [1] Group 2 - Agricultural Bank's stock price fell by 2.16% to 6.81, with a trading volume of 476.51 million shares and a turnover of 32.60 billion [1] - The net outflow of main funds from the state-owned large bank sector was 209 million, while retail investors saw a net inflow of 38.81 million [1] - The table shows the net inflow and outflow of funds for individual banks, highlighting the performance of each bank in terms of main, retail, and speculative funds [2]

Investment Rating - The report provides a "Buy" rating for all major banks analyzed, indicating a positive outlook for the banking sector [7]. Core Insights - The digital renminbi has entered its 2.0 era, transitioning from a central bank liability (M0) to a commercial bank liability (M1), allowing it to earn interest and be included in deposit insurance and reserve requirements [6][14]. - This transformation positions China as the first economy to offer interest on its central bank digital currency (CBDC), fundamentally altering its monetary attributes and creating a new financial paradigm in the digital economy [27]. - The digital renminbi's interest-bearing feature enhances user motivation to hold it, shifting its perception from a mere payment tool to a viable store of value, thus promoting its integration into everyday financial activities [27][28]. Summary by Sections 1. Digital Renminbi 2.0 Era - The digital renminbi (e-CNY) is now classified as a digital deposit currency, which can earn interest and is managed under a new regulatory framework [14]. - Major state-owned banks have begun offering interest on digital renminbi wallet balances, marking a significant shift in its utility and appeal [14][27]. 2. Development Progress and Application Status - The development of the digital renminbi began in 2014, with significant milestones including pilot tests in various cities and the establishment of a comprehensive operational framework by 2025 [32][33]. - As of November 2025, the digital renminbi has processed 34.8 billion transactions amounting to 16.7 trillion yuan, with extensive coverage across multiple provinces and cities [37]. 3. Global CBDC Development Trends - The report identifies three main trends in global CBDC development: active retail CBDC initiatives, innovation in payment systems, and cautious approaches in some countries like the U.S. [6]. - China's proactive stance in developing its CBDC positions it favorably in the global digital economy landscape, particularly in cross-border trade applications [30].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 本公告僅供參考之用，並不構成收購、購買或認購任何證券的邀請或要約。本公告不構成或形成任何要約購買在 美國銷售的證券的一部分。除非另有規定，任何根據計劃（定義見下文）將予發行的票據將不會根據經不時修訂之 1933年美國聯邦證券法（「證券法」）進行登記，而且不得在未登記或獲豁免遵守證券法的登記規定的情況下於美國 境內或向任何美國人士（定義見證券法）或出於美國人士的利益進行發售或出售。將不會在美國進行證券的公開發 售。 於香港聯合交易所有限公司 上市之通告 20,000,000,000美元全球中期票據計劃 安排行和交易商 中國工商銀行股份有限公司 INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED （於中華人民共和國註冊成立的股份有限公司） 股份代號：1398 * 由中國工商銀行股份有限公司通過其相關持牌附屬機構執行。 中國工商銀行* 中國工商銀行股份有限公司已向香 ...

本公告不構成或形成任何要約購買在美國銷售的證券的一部分。除非另有規定，任何根據計劃（定義見下文）將予 發行的票據（「票據」）將不會根據經不時修訂之1933年美國聯邦證券法（「證券法」）進行登記，而且不得在未登記或 獲豁免遵守證券法的登記規定的情況下於美國境內或向任何美國人士（定義見證券法）或出於美國人士的利益進行 發售或出售。將不會在美國進行證券的公開發售。 香港投資者謹請注意：本行確認票據擬僅供專業投資者（定義見上市規則第37章）（「專業投資者」）購買，計劃已按 該基準於香港聯合交易所有限公司上市，並且將於香港聯合交易所有限公司上市的票據亦將按該基準於香港聯合 交易所有限公司上市。據此，本行確認票據不適合作為香港零售投資者之投資。投資者應審慎考慮所涉及的風險。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 本公告及隨附的上市文件乃按香港聯合交易所有限公司證券上市規則（「上市規則」）規定刊發僅供參考之用，並不 構成收購、購買或認購任何證券的邀請或要 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In 2025, the bond market may mainly rely on increased allocation by bank self - operations. The balance of China's bond market increased by 19.7 trillion in the first 11 months of 2025, and the incremental investment in self - operated bonds by the banking industry in the same period reached 14.3 trillion, accounting for 72.7% of the bond scale increment [2][31]. - Bank self - operated bond investment is mainly in interest - rate bonds, which have a significant impact on the pricing of interest - rate bonds. As of Q3 2025, the proportion of interest - rate bond holdings in bank self - operated bonds was 80.7% [36]. - The bond investment behavior of banks is mainly affected by three types of indicators: capital adequacy ratio requirements, liquidity regulatory indicators, and bank book interest rate risk indicators [3][45]. - Joint - stock banks are the main players in the secondary trading of interest - rate bonds, while the trading scale of large - state - owned banks and policy banks is relatively small. Since Q1 2023, the overall market trading activity has increased, especially significantly after 2025 [3][52]. 3. Summary by Relevant Catalogs 3.1 Bank Self - Operated Financial Investment Composition, Scale Changes, and Structural Characteristics - **Composition and Scale Changes**: As of Q3 2025, the total financial investment scale of 42 listed banks was 101.5 trillion yuan. By statement account, the FVTPL account was 13.23 trillion yuan (13.0%), the FVOCI account was 29.87 trillion yuan (29.4%), and the AC account was 58.40 trillion yuan (57.5%). By asset category as of Q2 2025, bond investment was 79.08 trillion yuan (84.46%), equity investment was 0.86 trillion yuan (0.91%), and funds and other investments were 13.07 trillion yuan (13.96%). From Q4 2023 to Q3 2025, the investment scale of the FVOCI account increased significantly, mainly due to the growth of bond investment [8]. - **Structural Characteristics**: Credit bonds are mainly placed in the FVOCI account, and interest - rate bonds are mainly placed in the AC account. Among different types of banks, the proportion of the three accounts of large - state - owned banks and joint - stock banks is relatively stable, while the proportion of the AC category of city and rural commercial banks has decreased, and the FVOCI category of city commercial banks has increased, indicating a shift from allocation to trading thinking [2][14]. 3.2 Bond Market in 2025 - In 2025, the bond market may rely on increased allocation by bank self - operations. The government issued more bonds in 2025, and the weak credit demand led banks to significantly increase their bond investment. The year - on - year growth rate of the bond investment balance of various types of banks has increased significantly, and bond investment may become the main driving force for the expansion of bank asset scale [31][33]. 3.3 Bank Bond Investment Characteristics - **Investment Portfolio**: As of Q3 2025, bank self - operated bond holdings were 96.5 trillion yuan, mainly interest - rate bonds. Interest - rate bonds accounted for 80.7%, credit bonds accounted for 11.7%, negotiable certificates of deposit accounted for 5.7%, and other bonds accounted for 1.8%. Among interest - rate bonds, treasury bonds accounted for 33.3%, local government bonds accounted for 48.3%, and policy - bank bonds accounted for 17.8% [36]. - **Pricing Influence**: As of Q3 2025, bank self - operated bond holdings accounted for 48.21% of the total bond custody, having a significant impact on the bond market pricing, but the degree of influence varies by bond type. Bank self - operated interest - rate bond holdings accounted for 63.6% of the total interest - rate bond custody, having a significant impact on pricing [44]. 3.4 Bank Bond - Allocation Indicator Constraints - **Capital Adequacy Ratio Requirements**: The risk weights of treasury bonds and policy - bank bonds are 0, the risk weights of local general bonds and special bonds are 10% and 20% respectively, and the risk weights of general corporate bonds and non - bank financial institution ordinary bonds are 75% - 100% [3][47]. - **Liquidity Regulatory Indicators**: The liquidity coverage ratio is relatively relevant to bank self - operated bond investment behavior. Treasury bonds are included in qualified high - quality liquid assets at market price, while credit bonds are given a discount coefficient according to credit ratings [47]. - **Bank Book Interest Rate Risk Indicators**: For large - state - owned banks, joint - stock banks, and Postal Savings Bank, when the maximum economic value change exceeds 15% of their Tier - 1 capital (ΔEVE > 15%), regulatory attention will be drawn [47]. 3.5 Bank Self - Operated Secondary Trading Characteristics - **Interest - Rate Bond Secondary Trading**: Joint - stock banks are the main players in the secondary trading of interest - rate bonds. The trading activity of the whole market has increased since Q1 2023, especially significantly after 2025. The trading scale of large - state - owned banks and policy banks is relatively small [3][52]. - **Credit Bond Secondary Trading**: The trading scale of credit bonds is relatively limited, and the single - quarter trading amount of bank self - operations is generally below 1 trillion yuan [54]. - **Ultra - Long - Term Interest - Rate Bond Secondary Trading**: The secondary trading of ultra - long - term interest - rate bonds in the banking system shows the characteristics of "net reduction trend remains unchanged, and selling pressure converges marginally". Different types of banks have different trading behaviors [56].

中国工商银行东莞南城支行营业部排起了兑换纪念币的长队。 其中东莞工行承担了各36万枚/张的兑换任务，占比达地区总额的60%。为应对兑换高峰，确保流程顺 畅，东莞工行全辖网在显著位置设置"贺岁纪念币、纪念钞兑换专区"，工作人员营业前即向排队市民派 发专属兑换排号单。同时，根据实际客流动态调配窗口资源，必要时适当延长服务时间，全力保障当日 排队客户顺利兑换。 刚刚成功兑换纪念币钞的市民张先生高兴地表示："工行的安排非常贴心周到！专属排号让大家心里有 底，不用盲目排队；热茶水暖身又暖心；工作人员的引导很清晰，虽然人多，但整个过程特别顺畅，服 务体验非常好！" 东莞工行相关负责人表示，贺岁纪念币钞承载着新春祝福，是弘扬中华优秀传统文化的重要载体。市民 的踊跃兑换，既是对传统文化的热爱，也是对工行服务的信任。该行将持续优化服务流程，提升客户体 验，确保此次纪念币钞兑换工作圆满顺利完成，让广大市民在喜迎马年祥瑞的同时，真切感受到工商银 行高效、便捷、温暖的金融服务，为营造欢乐祥和的节日氛围贡献金融力量。 2026年1月20日，承载着马年"马到成功""龙马精神"美好寓意的2026年贺岁普通纪念币和纪念钞正式开 启兑换。中国 ...