Group 1 - The People's Bank of China conducted a 365 billion yuan 7-day reverse repurchase operation, resulting in a net withdrawal of 433.6 billion yuan [1] - The People's Bank of China issued the "Non-Bank Payment Institutions Classification Rating Management Measures" to enhance supervision of non-bank payment institutions, effective from February 1, 2026 [2] - In 2025, the banking sector saw a net increase of 623 physical bank branches, marking the first positive growth in three years despite the closure of 7,871 branches [3] Group 2 - Ten digital RMB operating banks announced that starting January 1, 2026, they will pay interest on digital RMB wallets at the same rate as their demand deposit rates [4] - Chengdu Rural Commercial Bank announced that its total assets have surpassed 1 trillion yuan, becoming the fifth rural commercial bank in China to reach this milestone [5] - Xinjiang Bank received approval to increase its registered capital from 7.906 billion yuan to 12.222 billion yuan [6] Group 3 - Baoding Bank's plan to change its registered capital was approved, allowing it to raise 250 million shares [7] - Ningbo Tongshang Bank was approved to issue capital instruments not exceeding 2 billion yuan, including perpetual bonds and subordinated bonds [8][9] - The Dongguan Financial Regulatory Bureau and other departments will pilot real estate trust property registration in Dongguan to support the transformation of the trust business [10] Group 4 - New Era Trust's 100% equity is being offered for transfer for the third time, with a base price of approximately 1.851 billion yuan, consistent with previous offers [11]

Core Viewpoint - The implementation of the "Regulations on the Management of Sales Expenses for Publicly Raised Securities Investment Funds" marks a significant step in the fee rate reform of the public fund industry, aimed at reducing investor costs and enhancing their experience, thereby promoting high-quality industry development [1][5][10]. Group 1: Industry Impact - The fee rate reform is expected to lower investor costs significantly, with an overall reduction in sales expenses by 34%, potentially saving investors approximately 30 billion yuan annually [10][11]. - The reform encourages a shift from a "sell-side" to a "buy-side" service model, aligning industry development with investor interests [2][5]. - The new regulations include detailed provisions for reducing subscription and service fees, optimizing redemption arrangements, and promoting long-term holding of funds [5][10]. Group 2: Institutional Responses - Industrial and Commercial Bank of China (ICBC) emphasizes enhancing investor satisfaction and service quality through transparent communication and educational initiatives [2][3]. - Bank of China focuses on implementing regulatory requirements to ensure smooth reform execution while enhancing its service system and promoting long-term investment [5][6]. - Bank of Communications highlights the importance of the new regulations in reducing costs and fostering a customer-centric approach in wealth management [7][9]. Group 3: Specific Initiatives - ICBC plans to upgrade its customer service capabilities, including personalized investment advice and improved digital platforms for better user experience [3][4]. - Bank of China has implemented various fee discounts and is committed to improving service quality through training and digital tools [5][6]. - Traffic Bank is launching initiatives like the "Wode Wealth Journey" to enhance financial education and investor engagement [9]. Group 4: Future Directions - The reform is seen as a catalyst for the industry to focus on long-term returns rather than short-term gains, promoting a healthier market environment [10][11]. - The establishment of a direct sales service platform aims to enhance efficiency and service quality for fund management [11].

Core Insights - A significant trend observed in 2025 is the increase in large fines imposed on banks, reflecting compliance shortcomings and risk points during the transition to high-quality development in the banking industry [2][16] - In 2025, regulatory authorities issued a total of 454 fines exceeding one million yuan to banking institutions and personnel, an increase of 58 from the previous year, with the total amount of fines nearly doubling [2][16] - The main areas of violations in 2025 were concentrated in credit business, anti-money laundering, and internal control systems, with anti-money laundering violations seeing the most notable increase, reaching 894 fines, a rise of 185.09% compared to the previous year [2][16] Summary of Fines Over 20 Million Yuan - In 2025, there were 12 fines disclosed with amounts exceeding 20 million yuan, primarily related to compliance management issues in traditional business areas such as loans and bills, indicating deficiencies in basic business risk control and regulatory cooperation [4][17] - Common violations included issues with account management and anti-money laundering, highlighting flaws in customer identity verification and transaction monitoring processes [3][17] Summary of Fines Between 10 Million and 20 Million Yuan - This category of fines predominantly involved joint-stock banks, reflecting a conflict between business innovation and compliance management [6] - Violations were mainly related to compliance operations (account and anti-money laundering) and business management (internet loans and agency sales), with cross-border foreign exchange violations being a secondary concern [7] Summary of Fines Between 5 Million and 10 Million Yuan - Fines in this range were primarily concentrated among city commercial banks, joint-stock banks, and rural commercial banks [10] - The most common violations included anti-money laundering and customer identity verification issues, alongside traditional problems related to credit "three checks" failures [10]

中国基金报记者 方丽 李树超 陆慧婧 今年1月1日，《公开募集证券投资基金销售费用管理规定》（以下简称《规定》）正式实施，标志着公募基金行业历经两年多的费率改革 终于全面落地。 【导读】《公开募集证券投资基金销售费用管理规定》正式实施，构建公募行业 高质量发展新生态 加强培训传导。 组织全行基金销售人员、客服人员及运营支持人员进行专题培训，确保一线人员能够准确、清晰地向投资者传达政策变 化。 费率改革对工商银行基金销售业务模式提出了更高要求，也指明了转型方向。工商银行将以提升客户盈利体验为导向，加强专业力量，持 续优化建设科学严谨的基金评价筛选体系，在全市场范围内为投资者甄选真正优质的基金管理人和产品，强化资产配置能力，根据客户风 险承受能力与生命周期需求，提供多元化、个性化的基金投资组合建议。 该《规定》引发市场关注，工行、中行、交行、富国基金等头部机构积极发声。这些机构表示， 公募基金费率改革有助于稳步降低投资者 投资成本，提升投资者获得感，进一步推动行业转型和高质量发展。 工商银行：积极落实公募基金销售费率改革 切实提升投资者获得感 公募基金销售费率改革，是践行金融工作人民性的关键举措，核心在于提升投资 ...

Group 1 - From January 1, 2026, digital RMB real-name wallet balances will earn interest based on the current demand deposit rate set by the respective banks, which is currently 0.05% [1] - The digital RMB is categorized into four types of wallets, with only the first three types (real-name wallets) eligible for interest, while the fourth type (anonymous wallet) will not earn interest [1] - The interest will be calculated according to the People's Bank of China’s demand deposit interest rules, with interest credited on the 20th of each quarter's last month [1] Group 2 - There are currently 10 designated operating institutions for digital RMB, including six state-owned commercial banks, two joint-stock commercial banks, and two internet banks [2] - The central bank is working on expanding the number of operating institutions and has introduced a new action plan to enhance the management and service system for digital RMB, set to be implemented on January 1, 2026 [2] - Banks will manage the digital RMB wallet balances autonomously and provide the same level of security as traditional deposits through deposit insurance [2]

Core Viewpoint - The article discusses the importance of financial support for the real economy, emphasizing targeted financial assistance to key sectors and small and medium-sized enterprises (SMEs) rather than a broad approach. It highlights various financial institutions' efforts to provide customized financial solutions to meet the specific needs of businesses, particularly in technology and green manufacturing sectors [4][5][6][8]. Group 1: Focus on Key Areas - Financial institutions are encouraged to support sectors like technology innovation and SMEs, avoiding a "flooding" approach and instead implementing precise financial solutions [4][7]. - The Industrial Bank's customized financing plan for Luozhou Group demonstrates a successful case of targeted financial support, providing 137 million yuan in loans for equipment upgrades and green transformation [5][6]. - The collaboration between financial institutions and enterprises is crucial for achieving effective financial support, with a focus on long-term partnerships and tailored financial products [6][8]. Group 2: Innovative Services - The article highlights the challenges faced by technology companies in securing financing, particularly due to their asset-light nature and long R&D cycles. The Construction Bank's "Technology Transformation Loan" offers a solution by providing funding based on the company's high-tech qualifications rather than traditional collateral [9][10]. - The need for flexible financial solutions is emphasized, with banks encouraged to adapt their services to meet the dynamic needs of technology firms, including adjusting repayment plans during cash flow challenges [11]. Group 3: Technology Empowerment - Financial technology advancements are reshaping banking services, allowing for online, efficient, and accessible financial solutions for small and medium enterprises. The case of Fudiwei Technology Company illustrates how digital banking products can meet urgent funding needs without traditional collateral requirements [12][13][15]. - The shift from traditional banking to digital services enables banks to provide comprehensive financial ecosystems that support businesses throughout their lifecycle, integrating various financial services into a single platform [15][16]. Group 4: Collaborative Efforts - The article underscores the necessity of multi-party collaboration to effectively serve technology companies, moving beyond traditional collateral-based lending. Beijing Bank's partnership with equity investment institutions exemplifies this approach, facilitating a combined financing strategy [16][18]. - The integration of resources from government, industry, and academia is essential for supporting the growth of technology firms, providing a holistic service model that includes financing, expertise, and market access [19].

Core Viewpoint - Major Chinese banks, including ICBC, ABC, BOC, CCB, BOCOM, and PSBC, will start paying interest on the balances of digital RMB wallets at the rate of their respective demand deposit rates from January 1, 2026 [1][2][4][5][8][9]. Group 1: Bank Announcements - ICBC will pay interest on digital RMB wallet balances according to its demand deposit rate, with interest calculation rules consistent with those for demand deposits [1]. - ABC will also apply the same interest payment policy for digital RMB wallet balances starting January 1, 2026 [2]. - BOC will follow the same approach, paying interest on digital RMB wallet balances at its demand deposit rate from January 1, 2026 [4]. - CCB will implement interest payments on digital RMB wallet balances based on its demand deposit rate, with relevant service agreement updates [5]. - BOCOM will pay interest on digital RMB wallet balances according to its demand deposit rate, effective January 1, 2026 [8]. - PSBC will also apply the same interest payment policy for digital RMB wallet balances starting January 1, 2026 [9].

Core Viewpoint - The Chinese banking industry is undergoing a significant transformation, with banks redeeming high-cost preferred shares and issuing perpetual bonds as a more cost-effective financing alternative, driven by declining social financing costs and regulatory changes [2][4][11]. Group 1: Redemption of Preferred Shares - By the end of 2025, a total of 9 banks announced the redemption of preferred shares, amounting to 111.8 billion RMB in domestic preferred shares and 5.72 billion USD in foreign preferred shares [4]. - In December 2025 alone, five banks, including Changsha Bank and Beijing Bank, redeemed a total of 45.8 billion RMB in preferred shares [3]. - The redemption of preferred shares is facilitated by their lack of maturity dates but includes redemption clauses, allowing banks to manage capital flexibly [4]. Group 2: Issuance of Perpetual Bonds - As of December 31, 2025, Chinese commercial banks issued 69 perpetual bonds, raising a total of 821.8 billion RMB, marking a historical high in both issuance quantity and scale [5]. - The interest rates for newly issued perpetual bonds generally ranged from 2.0% to 2.9%, the lowest in nearly three years, with a significant issuance peak occurring in the second half of 2025 [5][6]. - The issuance of perpetual bonds is seen as a response to the urgent need for capital replenishment, especially among small and medium-sized banks facing declining capital adequacy ratios [2][6]. Group 3: Cost Savings and Financial Efficiency - By replacing preferred shares with perpetual bonds, banks can save at least 3% annually on interest expenses, significantly reducing their financing costs [8][10]. - For instance, the interest rate on newly issued perpetual bonds is substantially lower than that of previously issued preferred shares, with examples showing potential annual savings of 12.8 million RMB for banks like Industrial Bank [10]. - The transition from preferred shares to perpetual bonds is viewed as a strategic move to optimize capital structure and reduce interest payment burdens, aligning with regulatory requirements [8][10]. Group 4: Regulatory Environment and Market Dynamics - The shift towards perpetual bonds is influenced by regulatory changes that favor capital instruments with loss absorption capabilities, making traditional preferred shares less attractive [11]. - The approval process for issuing perpetual bonds is simpler and faster compared to preferred shares, which require dual regulatory approvals, thus enhancing their appeal to banks [11]. - The current low-interest-rate environment is expected to persist, allowing banks to lock in low financing costs for the next 5 to 10 years, effectively mitigating the pressure from narrowing net interest margins [10].

21世资管研究院研究员 杨梦雪 你知道自己购买的理财产品实际收益率，以及实际收益率与理财产品页面所展示的收益率有多少差距吗？ 不少银行理财投资者向《21世纪经济报道》反映称，冲着页面展示的高达5%甚至7%的收益率数据买进去，结果发现实际获得的收益并不高，但也不知道是 怎么回事、具体差异有多少。 "当时看到页面展示的收益率还可以就买了，后面也没在意过。我大概能知道我的收益率到不了页面展示的那么高，但实际到底差多少，我不会算也就没关 注过了。"某投资者对记者表示。 《21世纪经济报道》曾多次报道银行理财行业中部分理财公司存在的"打榜"现象，即，通过估值魔法以及其他方式包装出收益数据很高的新产品用于吸引客 户和资金，待"使命"完成便沦为庸常的老产品，前期被高收益数据吸引而来的投资者实际享受不到产品所展示的诱人业绩。 该现象背后，主要成因固然是银行理财产品管理层面的把戏，但是，一些渠道在客户持仓产品业绩展示上是一本糊涂账，导致投资者很难了解到真实情况， 这某种程度上也是推手之一。 银行理财是最具普惠性的财富管理工具，其绝大部分的客户都是个人投资者，产品展示功能和客户服务尤其重要。据银行业理财登记托管中心数据，理财市 ...

Core Points - Starting from January 1, 2026, interest will be paid on the balances in real-name digital RMB wallets [1] - Ten official designated operating institutions, including major banks like ICBC, ABC, BOC, and CCB, have announced this adjustment [1] - The interest rate will be based on the bank's current deposit benchmark rate, which is currently 0.05% annually [1] Summary by Categories Interest Payment Implementation - The interest payment feature is a result of the People's Bank of China's recent action plan to enhance the management and service system for digital RMB [1] - Banks are required to comply with self-discipline agreements on deposit rate pricing [1] Wallet Classification and Eligibility - The interest payment feature is only available to users of real-name wallets [1] - Digital RMB wallets are categorized into four types based on customer identity verification strength, with only authenticated wallets eligible for interest [1] - Balances in anonymous wallets, which can be opened with just a phone number, will not earn interest [1] Digital RMB App Upgrade - The digital RMB App has been upgraded to version 2.0 to support the new interest payment functionality [1] - Users can check interest details on the wallet asset page after the quarterly interest settlement date [1]