Core Viewpoint - Zhejiang Commercial Bank (浙商银行) announced a long-term cleaning operation for inactive personal bank accounts to ensure the safety of customer funds and improve service quality [1] Group 1: Account Cleaning Policy - The bank will clean personal accounts that have not had any active transactions (such as deposits, withdrawals, or transfers) for over one year as of December 31, 2025, and have a balance of 100 yuan or less [1] - Accounts that fall within this cleaning scope must complete at least one transaction by February 12, 2026, to confirm their retention; otherwise, the account will have its payment functions suspended [1] - During the cleaning period, the bank will not request sensitive information such as passwords or verification codes via SMS or phone calls, advising customers to protect their account information [1] Group 2: Customer Support - Customers with questions or suggestions can contact the bank's national service hotline at 95527 or visit local branches for assistance [2]

Core Viewpoint - The Dongguan Financial Regulatory Bureau has approved Liang Yongjian's appointment as the Deputy General Manager of the Dongguan Branch of Zheshang Bank, emphasizing compliance with regulatory requirements and the importance of risk awareness in financial operations [1] Group 1 - The approval of Liang Yongjian's appointment is officially documented in the notice from the Dongguan Financial Regulatory Bureau [1] - Zheshang Bank is required to ensure that Liang Yongjian adheres to the relevant regulatory provisions and reports his appointment status within 10 days after taking office [1] - The bank must also encourage continuous learning of economic and financial laws and regulations for the appointed personnel, highlighting the need for a strong risk compliance awareness [1]

Group 1 - The company will suspend large subscriptions, regular investment, and transfer-in services for the Ping An CSI Satellite Industry Index Fund starting from January 13, 2026, with a maximum single-day subscription limit of 1 million yuan per account [1] - The company reserves the right to reject any subscription requests exceeding the limit unless it deems that such requests will not affect the fund's stable operation [1] - The resumption of large subscriptions and related services will be announced separately at a later date [1] Group 2 - Starting from January 13, 2026, Zheshang Bank will be added as a sales institution for the company's funds, allowing investors to open accounts, subscribe, redeem, and perform other transactions through the bank [3] - Investors can enjoy fee discounts when subscribing, regularly investing, or converting funds through Zheshang Bank, with the bank having the discretion to set the discount rates [5] - The company will not set discount limits on subscription fees, regular investment fees, or conversion fees, and any changes to the discount activities will be based on Zheshang Bank's announcements [5]

Group 1 - The banking sector saw a slight increase of 0.26% on January 12, with CITIC Bank leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] - The trading volume and turnover for major banks were significant, with CITIC Bank's closing price at 7.47, reflecting a 1.08% increase and a turnover of 541 million yuan [1] Group 2 - The net outflow of main funds from the banking sector was 1.083 billion yuan, while retail investors saw a net inflow of 579 million yuan [1] - CITIC Bank had a net inflow of 53.24 million yuan from main funds, despite a net outflow from retail investors [1] - The overall fund flow indicated a mixed sentiment, with some banks experiencing significant net outflows from main funds, such as Industrial Bank with a net outflow of 75.54 million yuan [1]

Core Viewpoint - Zhejiang Zheshang Bank (601916) announced a scheduled maintenance of its computer system from January 20, 2026, 00:00 to 03:30, which will affect various electronic banking services [1] Group 1: Service Impact - During the maintenance period, online banking, mobile banking, WeChat banking, and other electronic channels will experience service interruptions [1] - Services affected include ATM cash withdrawals, POS transactions, personal debit and credit card operations, interbank transfers, and various self-service functions [1] - Notifications sent via SMS or mobile banking app may experience delays during this time [1] Group 2: Customer Support - The bank will strive to minimize the downtime and encourages customers to contact its 24-hour customer service hotline at 95527 for any inquiries during the maintenance [1] - The bank apologizes for any inconvenience caused by the service interruptions [1]

本期，课题组重点关注理财公司发行的"固收+"产品，从代销渠道为投资者筛选出表现较优的在售产品。 为提供有效的选品参考，榜单展示了产品近一月、近三月及近六月的年化业绩，并按照近三月年化收益率进行排序，以此反映 其在近期市场波动中的多维度收益表现。 统计代销机构（28家）：工商银行、中国银行、农业银行、邮储银行（601658）、建设银行、交通银行、招商银行、中信银 行、光大银行、民生银行、兴业银行、浦发银行、广发银行、浙商银行（601916）、华夏银行、平安银行、恒丰银行、渤海银 行、北京银行、宁波银行、江苏银行（600919）、上海银行（601229）、南京银行、杭州银行（600926）、徽商银行、微众银 行、网商银行、百信银行。 需要特别提醒的是：本榜单对理财产品"在售"状态的判断基于其投资周期推算。但实际情况中，部分产品可能因额度售罄，或 银行针对不同客户展示的产品清单存在差异而无法购买。因此，建议投资者以代销银行APP的实际展示为准。 | ਲਿ 름 | 代销机构 | 产品名称 | 发行机构 | Harris 周期 | | 年化收益率 | | | --- | --- | --- | --- | --- | ...

Core Viewpoint - Zhejiang Zheshang Bank has undergone a significant executive reshuffle, marking a strategic transition as it prepares for the next phase of its "Deepening Zhejiang" strategy, which is crucial for maintaining its competitive edge in the local banking market [1][3][5]. Executive Changes - The bank's chairman Chen Haiqiang has officially stepped down as president, with Lu Linhua appointed as the new president and nominated as an executive director candidate [1]. - Several other executives, including vice president Lin Jingran and assistant presidents Wang Chaoming and Hou Bo, have also resigned, while Zhou Weixin and Pan Huafeng have been promoted to vice presidents [1][2]. Strategic Context - The timing of these changes suggests a conclusion to the previous "three leaders" adjustment, as the bank prepares for a new strategic cycle starting in 2025 [2][5]. - The restructuring aims to align the executive team with the bank's strategic upgrades, focusing on efficiency and effectiveness by reducing redundant positions [6][7]. Talent Selection - The new leadership team is characterized by a younger demographic, with an average age below 50, reflecting a shift towards a more dynamic management style [11]. - Chen Haiqiang's background in the bank's core management and Lu Linhua's experience in financial regulation and local operations are seen as assets for the bank's strategic continuity and local market penetration [7][10]. Competitive Landscape - Zhejiang Zheshang Bank faces increasing competition from city commercial banks and rural commercial banks in its home market, which is impacting its market share [13][15]. - Financial data indicates that while the bank has shown strong growth in several metrics, it is still lagging behind competitors like Ningbo Bank and Hangzhou Bank in profitability and market performance [16][17]. Strategic Initiatives - The bank's new strategy emphasizes "deepening" its presence in Zhejiang, with initiatives aimed at enhancing local financial services and supporting regional economic development [18]. - The bank has reported significant growth in its inclusive loan balance and has exceeded its annual targets for serving individual businesses, indicating early success from the strategic adjustments [18]. Future Challenges - The new leadership, particularly Lu Linhua, will need to effectively integrate the flexible, localized approaches of the rural banking system with the standardized practices of a national bank to avoid internal friction [19].

Core Viewpoint - The chief economist of Zheshang Bank, Yin Jianfeng, expressed optimism about Chinese assets in 2026, suggesting that strategic emerging industries are maturing and traditional sectors are recovering from various shocks [1] Group 1: Historical Context - Historically, years of the horse in the Chinese zodiac have coincided with economic stabilization: 1978 marked the beginning of reform and opening up; 1990 was the lowest point after turmoil; 2002 was the first year after joining the WTO, leading to a decade of growth; and 2014 was on the eve of a new investment cycle [1] - The year 2026 is expected to follow this trend, indicating a potentially favorable economic environment [1] Group 2: Industry Insights - Traditional industries are gradually recovering from impacts, while cyclical industries may enter a new cycle [1] - Strategic emerging industries are transitioning from infancy to strength, with new growth drivers capable of revitalizing older sectors [1] Group 3: Investment Opportunities - Investment opportunities are identified in cyclical sectors, particularly in energy cycles, with oil, petrochemicals, and coal industries closely aligned with the London crude oil price index [1] - Additionally, the non-ferrous metals and chemical products sectors are noted for their strong correlation with the London copper price [1]

Group 1 - The 2026 China Chief Economist Forum Annual Meeting will be held in Shanghai on January 10-11, with the theme "Chess in the Middle Game: Building a Strong Nation" [1][4] - Yin Jianfeng, Chief Economist of Zheshang Bank, expressed a less pessimistic outlook for the real estate market in 2026, particularly in first-tier and core second-tier cities [3][6] - In the top ten cities, the number of housing transactions in first-tier cities has stabilized since last year, with sales dropping from 320,000 units two years ago to only 260,000 units now, indicating a reduction in inventory [3][6] Group 2 - The stock market outlook is also not as bleak, as historical trends show that every Year of the Horse has been a stabilizing year since the reform and opening up [3][6] - Traditional industries are gradually recovering from various shocks, while cyclical industries may enter a new cycle, and strategic emerging industries are transitioning from infancy to strength, with new momentum capable of driving old momentum [3][6]

Core Insights - The article emphasizes the importance of financial support for "hard technology" companies to thrive, highlighting innovative financial models that facilitate precise credit allocation to tech innovation sectors [1][7]. Group 1: Financial Models and Innovations - The "joint credit" model and "common growth plan" are examples of innovative financial strategies that guide resources towards technology innovation, enabling financial institutions to share in the growth of tech companies [1][2]. - The "Zhejiang Science Leading Joint Loan" was introduced by multiple banks to address the diverse financing needs of tech companies, allowing for risk-sharing and resource complementarity among banks [2][3]. - The "Common Growth Plan" allows banks to share the growth benefits of tech companies while managing early-stage risks through strategic cooperation agreements [5][6]. Group 2: Regional Success Stories - In Hangzhou, Yundongchu Technology Co., Ltd. successfully raised over 500 million yuan in C-round financing, aided by a 5 million yuan credit loan from Hangzhou Bank [1][2]. - In Hefei, Zhongke Haoyin Intelligent Technology Co., Ltd. received an 8 million yuan credit loan under the "Common Growth Plan," enabling its growth into a specialized small giant enterprise [5][6]. - In Suzhou, a new digital credit platform has facilitated the collection of over 1.6 billion enterprise operation data points, helping nearly 6,000 companies secure 265.8 billion yuan in credit [6][7]. Group 3: Industry Growth and Trends - The high-tech manufacturing sector has shown significant growth, with a 9.6% increase in value added in the first three quarters of 2025, outpacing overall economic growth [3][7]. - As of September 2025, technology loans in China grew by 11.8%, with loans to small and medium-sized tech enterprises reaching 3.6 trillion yuan, reflecting a 22.3% year-on-year increase [7][8]. - The establishment of a multi-layered financial service system has led to the issuance of 669.1 billion yuan in technology innovation bonds, indicating a robust support framework for tech enterprises [8][9]. Group 4: Future Directions - The "14th Five-Year Plan" emphasizes the need to develop a technology finance system that supports innovation and industry development, aiming for a market-oriented and policy-supported financial ecosystem [8][9]. - Industry experts suggest enhancing financial services for tech innovation through lifecycle support, tailored financial tools, and digital transformation to foster a virtuous cycle between technology, industry, and finance [9].