Core Viewpoint - The implementation of the new merger and acquisition loan management regulations by the National Financial Supervision Administration has enabled major state-owned banks to quickly respond and support the real economy through targeted financing solutions, enhancing the effectiveness of financial services in the context of China's economic transformation [1][6]. Group 1: Regulatory Changes - The new regulations, effective from January 1, 2026, introduce several key features, including the inclusion of equity-based merger loans and an increase in the upper limit of controlling merger loans from 60% to 70% of the transaction price [1][6]. - The loan term for controlling merger loans has been extended from seven years to ten years, providing a compliant and efficient financing path for non-controlling strategic investments [1][6]. Group 2: Bank Responses - Major state-owned banks, including ICBC, ABC, BOC, and CCB, have quickly launched equity-based merger loans in various provinces, demonstrating their ability to adapt to regulatory changes and support local economic needs [2][5]. - ICBC's Anhui branch has focused on green industry investments, while ABC and BOC have successfully issued loans to support local enterprises in strategic sectors such as environmental protection and semiconductors [2][5]. Group 3: Market Impact - The new regulations are expected to stimulate the merger and acquisition market by facilitating industry consolidation and transformation, particularly as traditional industries undergo optimization and new industries continue to grow [6][7]. - The financial support for equity investments is seen as a crucial innovation to enhance capital flow, promote resource optimization, and improve the overall efficiency of financial services to the real economy [6][7].

1月21日，A股市场冲高回落，截至收盘，沪指涨0.08%，深成指涨0.7%，创业板指涨0.54%，科创综指 涨2.32%。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | the control control concession in the control of the controllers and | 4116.94c | 3.29 | 0.08% | | 399001 | 深证成指 | S | 14255.13c | 99.50 | 0.70% | | 399006 | 创业板指 | In | 3295.52c | 17.54 | 0.54% | | 000680 | 科创综指 | Non m | 1862.69c | 42.21 | 2.32% | 盘面上，半导体、AI算力产业链集体爆发，GPU、先进封装、CPO方向齐上涨。有色金属板块活跃，黄 金股掀涨停潮，锂矿、铜矿涨幅靠前。银行、煤炭、白酒、零售板块走弱。 具体来看，贵金属板块集体爆发，招金黄金、四川黄金、西部 ...

Core Viewpoint - The 2026 Year of the Horse commemorative coins and banknotes began centralized exchange from yesterday until the 26th, with the China Industrial and Commercial Bank and China Construction Bank in Beijing responsible for the exchange process [1] Group 1: Exchange Process - The exchange of the commemorative coins and banknotes is being conducted by the China Industrial and Commercial Bank and China Construction Bank in Beijing [1] - Customers have shown significant interest, with many arriving early to queue for the exchange [1] Group 2: Customer Sentiment - Customers expressed a desire to collect the commemorative coins and banknotes, highlighting their aesthetic appeal and craftsmanship [1] - One customer, Mr. Wang, shared his excitement after successfully exchanging for the commemorative items, indicating a positive sentiment towards the collection [1]

格隆汇1月21日｜A股市场银行股普跌，其中，农业银行、中信银行跌超3%，浦发银行、工商银行、兴 业银行、邮储银行、交通银行、中国银行跌超2%。 ...

每经AI快讯，1月21日午后，银行板块持续调整，农业银行跌近3%，工商银行、中信银行、浦发银行、 重庆银行、邮储银行等跌幅靠前。 （文章来源：每日经济新闻） ...

Core Viewpoint - Shenzhen's "15th Five-Year Plan" aims to establish itself as a global "industrial financial center," raising expectations for local financial institutions, particularly banks, in their roles and responsibilities [22][23]. Group 1: Leadership Changes in Shenzhen Banks - Over the past year, at least eight commercial banks in Shenzhen have changed their leadership, including major state-owned banks and leading joint-stock banks [2]. - The appointment of Xiong Tao as the head of the Industrial and Commercial Bank of China (ICBC) Shenzhen branch reflects a strategic move to enhance the bank's focus on technology and innovation [2][4]. - Similarly, Ma Mingjun has been appointed as the head of the Bank of China Shenzhen branch, indicating a strengthened commitment to the Guangdong-Hong Kong-Macao Greater Bay Area [4][7]. Group 2: Key Appointments and Their Implications - Wang Xinghai, a veteran of China Merchants Bank, has taken over as the head of the Shenzhen branch, showcasing the bank's internal talent development strategy [9]. - Ping An Bank has also seen significant leadership changes, with Zhang Chaohui becoming the head of the Shenzhen branch, emphasizing the importance of this branch within the bank's overall strategy [11]. - New leaders at various banks, such as Shang Wencheng of China Everbright Bank and Yuan Rui of Shanghai Pudong Development Bank, are focusing on technology finance and innovative service models to meet the needs of Shenzhen's tech-driven economy [12][15]. Group 3: Strategic Focus on Technology Finance - The new leaders are expected to align their banks' strategies with Shenzhen's identity as a technology innovation hub, emphasizing the importance of "investment-loan linkage" services [12][23]. - The financial institutions are being urged to develop comprehensive service models that support the entire lifecycle of technology enterprises, particularly in critical sectors like semiconductors and advanced manufacturing [12][15]. - The shift towards a more integrated financial service approach reflects a broader trend in which banks are expected to act as "deep partners" and "comprehensive service providers" rather than just capital providers [23]. Group 4: Challenges and Future Directions - The banks in Shenzhen face challenges in transitioning from traditional financing to more complex service models, requiring enhanced risk management and understanding of emerging technologies [23]. - There is a growing need for collaboration with venture capital, insurance, and other financial institutions to meet the comprehensive needs of enterprises [23]. - The emphasis on long-term investment strategies and the establishment of a long-term assessment mechanism are critical for supporting sustainable growth in the technology sector [23].

Group 1 - The Shanghai Free Trade Account (FT Account) has seen significant developments recently, with the approval of new financial institutions and upgrades to existing accounts, indicating a potential increase in foreign participation in China's cross-border financial activities [1][2] - Morgan Stanley Bank (China) Limited's Shanghai branch has been approved as the first new FT account financial institution in over five years, marking a notable opportunity for foreign banks in the region [1] - As of the latest update, there are 62 financial institutions with FT account qualifications in Shanghai, with 49 being banks, reflecting a growing trend in the FT system [1] Group 2 - The implementation of the "Implementation Measures for the Function Upgrade of Free Trade Accounts" by the People's Bank of China on December 5 has introduced significant policy upgrades, allowing for more flexible cross-border fund transfers [2][4] - The new regulations enable trial enterprises to conduct capital account business without the constraints of external debt quotas or prior registration with foreign exchange authorities, enhancing operational efficiency [2][4] - Major banks, including state-owned and foreign banks, have quickly responded to the new policy by facilitating the opening of upgraded FT accounts for clients, indicating strong market interest and potential for increased cross-border trade [3][4] Group 3 - The recent policy changes are expected to create a multiplier effect for cross-border trade and investment, improving the efficiency of capital allocation for enterprises [4] - The expansion of the FT account system is anticipated to continue, with more financial institutions likely to be added to the list of qualified entities in the future [5]

2026年1月16日，宁波金融监管局发布批复称，《关于谢成杰任职资格审查的请示》（工银甬〔2025〕 218号）收悉。经审核，现批复如下： 三、中国工商银行宁波鄞州分行应督促上述核准任职资格人员持续学习和掌握经济金融相关法律法规规 章等，牢固树立风险合规意识，熟悉任职岗位职责，忠实勤勉履职。 一、核准谢成杰中国工商银行股份有限公司宁波鄞州分行副行长的任职资格。 二、中国工商银行宁波鄞州分行应要求上述核准任职资格人员严格遵守金融监管总局有关监管规定，自 中国工商银行政许可决定作出之日起3个月内到任，并按要求及时报告到任情况。未在上述规定期限内 到任的，本批复文件失效，由宁波金融监管局办理行政许可注销手续。 ...

在新规正式发布后的第二天，建行安徽省分行采用"直接投资+基金投资"相结合的模式，成功为池州市 某国有投资平台投放1亿元并购贷款，专项支持其参股苏州某半导体领域企业。 《商业银行并购贷款管理办法》（以下简称"新规"）落地近一个月，多家银行纷纷落地"首单""首批"并 购贷款业务。 《金融时报》记者注意到，紧跟新规导向，工商银行（601398）、农业银行（601288）、中国银行 （601988）、建设银行（601939）等国有大行率先完成了新规发布后的首笔并购贷款。 "在新规印发后，工商银行第一时间推进落实，在山东、福建、安徽等地高效落地全国首单、首批符合 新规导向的并购贷款业务，涵盖参股型与控制型等业务模式。"工商银行表示。 1月5日，工商银行福建省分行为某企业发放并购贷款2.99亿元，专项用于支持该企业收购某产业园核心 资产。据悉，这是新规正式实施后，全国银行业落地的首笔 控制型 并购贷款。 作为服务"三农"的主力军，1月9日，中国农业银行南京分行针对江苏省内某大型粮食集团完善产业链、 提升运营效能的诉求，为企业量身定制并购贷款方案，助力企业提升粮食全链条运营及应急保供能力。 值得一提的是，各家银行在参股型并 ...

Group 1 - The Ministry of Finance and other departments have released five policy documents aimed at optimizing financial support for personal consumption loans, equipment updates, private investment guarantees, service industry loans, and small and micro enterprise loans [1][9][29] - The personal consumption loan subsidy policy has been extended until December 31, 2026, with adjustments to the subsidy standards and an expanded range of supported financial institutions [4][5][6] - The equipment update loan subsidy policy includes a 1.5% subsidy on fixed asset loans for equipment updates, applicable for up to two years, and has been expanded to include various sectors such as construction, aviation, and digital technology [10][11][12] Group 2 - The private investment guarantee plan has a total quota of 500 billion yuan, to be implemented over two years, focusing on supporting small and micro enterprises in various sectors including technology upgrades and service industry enhancements [17][18] - The plan includes a risk-sharing mechanism where banks will bear at least 20% of the loan risk, while the government guarantee fund will cover up to 80% [19] - The government will also reduce guarantee fees and increase the compensation limit for the guarantee fund to enhance support for private investments [20] Group 3 - The service industry loan subsidy policy has been extended to December 31, 2026, with an increased subsidy cap of 10 million yuan per loan and a 1% annual subsidy rate [23][24] - The policy now includes additional sectors such as digital, green, and retail industries, expanding the scope of financial support [24][25] - The implementation of these policies will involve streamlined processes for fund allocation and enhanced collaboration among financial institutions and regulatory bodies [26][28]