Core Viewpoint - The major Chinese banks, including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communications, announced that starting from January 1, 2026, they will pay interest on the balances of digital RMB real-name wallets at the same rate as their demand deposit rates, with interest calculation rules consistent with those for demand deposits [1][3][4][7][10]. Group 1 - Industrial and Commercial Bank of China will apply the demand deposit rate for interest on digital RMB wallet balances starting January 1, 2026 [3]. - Agricultural Bank of China will also implement the same interest payment policy for digital RMB wallets from January 1, 2026 [4][6]. - Bank of China will follow suit, applying the demand deposit rate for digital RMB wallet balances effective January 1, 2026 [7][10]. Group 2 - China Construction Bank will pay interest on digital RMB wallet balances at the demand deposit rate starting January 1, 2026 [10]. - Bank of Communications will apply the demand deposit rate for interest on various types of digital RMB wallets, except for the fourth category personal wallets, which will not earn interest [10].

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。 ...

12月31日金融一线消息，截至12月31日收盘，7只股票A股市值超过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。 责任编辑：秦艺 责任编辑：秦艺 12月31日金融一线消息，截至12月31日收盘，7只股票A股市值超过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 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 Insights - The People's Bank of China has announced that starting January 1, 2026, interest will be paid on the balances of real-name digital RMB wallets at the current demand deposit rate of 0.05% [2][3] - Digital RMB wallets are categorized into four types, with only the first three types (real-name wallets) eligible for interest payments, while the fourth type (anonymous wallets) will not earn interest [2] - The digital RMB management service system and related financial infrastructure will officially launch on January 1, 2026, with banks required to comply with self-regulatory agreements on deposit interest rates [3] Group 1 - The current demand deposit rate is set at 0.05% [2] - Six major state-owned banks will implement interest payments on digital RMB real-name wallet balances according to the demand deposit rate [2] - The designated operating institutions for digital RMB currently include 10 banks, comprising six state-owned commercial banks, two joint-stock commercial banks, and two internet banks [2] Group 2 - The new digital RMB management framework will include a measurement framework, management system, operational mechanism, and ecosystem [3] - Banks will be allowed to conduct asset-liability management for digital RMB wallet balances, with deposit insurance providing the same level of security as traditional deposits [4]

Group 1 - The core viewpoint of the news is the successful completion of the first counter bond transaction between China and Singapore, marking a significant step in cross-border financial connectivity and the opening of the capital market [1][2] - China Galaxy Securities' overseas subsidiary, Galaxy Overseas, has become the first institution to participate in the newly established counter bond market between China and Singapore, showcasing its execution and innovation capabilities [1] - The transaction is part of a broader initiative to enhance financial cooperation between China and Singapore, as outlined in the 2025 financial cooperation document, which emphasizes the interconnectivity of the bond markets [1][2] Group 2 - Bank of China, as the only authorized Chinese bank for the counter bond project, has created an efficient channel for qualified foreign investors to access the Chinese interbank bond market, providing comprehensive services including account opening, trading, registration, and settlement [2] - The initiative aligns with China's Belt and Road strategy, promoting cross-border financial innovation and market connectivity, while supporting the internationalization of the Renminbi [2] - China Galaxy Securities aims to leverage its international presence to actively participate in Belt and Road projects, contributing to the dual opening of financial markets and the establishment of a higher-level open economy [2]

Group 1 - The core point of the article is that from January 1, 2026, Bank of China will start paying interest on the balances of real-name digital RMB wallets at the same rate as its current deposit rates [1] - The interest calculation rules will be consistent with those of current deposits [1]

Group 1 - The Ningbo Agricultural Expo was successfully held from December 26 to 29, 2025, at the Ningbo International Convention and Exhibition Center, with the Bank of China Ningbo Branch providing financial services on-site to enhance the event [1] - The bank established a "Financial Service Station" to cater to the needs of farmers, agricultural cooperatives, and related enterprises, offering detailed introductions to inclusive financial products such as "Zhongyin Quick Loan" and business loans [3] - A "Consumer Protection Awareness Zone" was set up to educate the public on consumer rights, fraud prevention, and financial safety, with a focus on elderly clients through tailored services [3] Group 2 - The bank's initiatives aimed to connect financial services with agricultural development needs, enhance financial safety knowledge, and promote consumer benefits through various activities [4] - Future plans include strengthening collaboration with the local agricultural and rural affairs bureau to further develop inclusive finance and support rural revitalization, contributing to high-quality agricultural development [4]

Group 1 - The meeting emphasized the importance of state-owned financial enterprises in the overall work of the Party and the country, urging China Bank to clarify its positioning and responsibilities [1] - China Bank is tasked with enhancing its core functions and competitiveness, aiming to become a world-class enterprise while serving the real economy and maintaining financial stability [1] - The bank is expected to contribute to the construction of a modern industrial system, major infrastructure projects, and the green transformation of the real economy, aligning with national strategies for expanding domestic demand [1] Group 2 - The meeting highlighted the need to strengthen the Party's leadership and integrate it with corporate governance, ensuring that Party leadership is reflected in decision-making, execution, and supervision [2] - There is a commitment to uphold the centralized and unified leadership of the Party over financial work and to improve mechanisms for implementing major Party decisions [2] - The bank aims to foster a clean political environment by promoting strict governance and anti-corruption measures [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].