Core Viewpoint - The approval of Gao Chenyang's appointment as the Vice President of the Zhoushan Branch of CITIC Bank has been granted by the Shaoxing Financial Regulatory Bureau, emphasizing the importance of compliance with financial regulations and the necessity for continuous learning in economic and financial laws [1] Group 1 - The Shaoxing Financial Regulatory Bureau has approved Gao Chenyang's qualification for the position of Vice President at CITIC Bank's Zhoushan Branch [1] - CITIC Bank's Zhoushan Branch is required to ensure that the approved personnel comply with relevant regulatory requirements and report their appointment status within three months [1] - The bank must encourage the approved personnel to continuously learn and understand economic and financial laws, maintain risk compliance awareness, and be familiar with their job responsibilities [1]

Group 1 - The company, Yinhua Fund Management Co., Ltd., will resume large-scale subscriptions (over 100,000 yuan) for the F-class fund shares of Yinhua Active Money Market Fund for institutional investors from January 12, 2026, and will suspend these subscriptions starting January 13, 2026 [1] - During the suspension period, institutional investors can still make subscriptions (up to 100,000 yuan) through various banks and financial institutions, including Industrial Bank Co., Ltd. and China Postal Savings Bank Co., Ltd. [2] - The company will continue to process redemptions and conversions for all classes of fund shares, including A, B, C, D, E, and F classes, as well as large-scale subscriptions for individual investors during the suspension period [3]

项目牵头人、江苏省金融学会会长周诚君在会上介绍，该项目作为我国首个面向银行关键基础设施抗量 子迁移的国家级重点研发计划，已在核心理论、技术攻关、标准规范与开放合作层面取得重大成果。周 诚君表示，量子科技与金融安全的深度融合，是涉及技术迭代、标准重构、产业升级、生态程序的系统 性工程。下一步将加速成果转化，推动核心算法、设备标准化产品化进程；深化协同创新，构建"产学 研用金"融合新生态；从而为筑牢金融"新基建"安全底座、构建"产学研用金"融合新生态和服务国家金 融安全全局贡献力量。 西交利物浦大学副校长丁忆民表示，西交利物浦大学始终认为高校在国家科技创新体系中不仅要追求学 术前沿，更要回应国家所需、行业所急。西交利物浦大学依托后量子迁移交叉实验室推动多学科协同研 究与金融场景的深度融合，致力于将科研成果转化为可落地、可推广的安全解决方案 。 会上，建设银行、中信银行和江苏银行作为首批"试水者"，在会上展示了相关应用验证成果。来自中国 科学院、中国电子科技集团的专家组对项目成果进行了研讨，认为该技术在格密码安全性分析领域具备 国际领先水平，为金融基础设施应对量子计算挑战提供了技术储备。 转自：南京晨报 晨报讯（南 ...

Investment Rating - The industry rating is maintained at "Overweight" [10][37] Core Insights - The central bank's 2026 work meeting emphasized a stable interest margin expectation, indicating a shift in focus from reducing financing costs to maintaining them at low levels [7][34] - The meeting highlighted the importance of enhancing financial services for high-quality economic development, directing funds towards key areas such as technological innovation and small and medium enterprises [7][34] - The credit market is showing signs of stabilization, with a shift from quantity to quality in credit issuance, and a reduction in the pace of loan rate declines [8][34] Summary by Sections Market Review - The banking index fell by 1.90%, underperforming the CSI 300 index by 4.69 percentage points [12] - The performance of various banking sectors showed declines, with large banks down by 2.94% and regional banks performing relatively better [12] Monetary Policy - The central bank's monetary policy will remain moderately accommodative, focusing on both counter-cyclical and cross-cyclical adjustments [7][34] - The emphasis will be on stabilizing corporate financing cost expectations and preventing significant interest rate fluctuations [7][34] Investment Recommendations - The report suggests focusing on state-owned banks with stable asset deployment and regional banks with growth potential, recommending specific banks such as ICBC, Bank of China, and others [10][37]

Group 1 - The event "One Chain, One Policy, One Batch" for financing small and medium enterprises in the electric equipment sector was held in Zhengzhou, organized by the Henan Provincial Department of Industry and Information Technology and hosted by the Zhengzhou branch of CITIC Bank [1][3] - The representative from CITIC Bank Zhengzhou branch expressed the hope that the event would deepen collaboration among government, financial institutions, and enterprises to support the development of the real economy [3] - During the event, representatives from State Grid Yingda Group's "Dian e Jinfu" and CITIC Bank Zhengzhou branch introduced their respective financial products and services, fostering a lively atmosphere for one-on-one discussions between product experts and enterprise representatives [3] Group 2 - The event served as a communication bridge for enterprises in the electric equipment industry chain in Henan Province [3] - CITIC Bank Zhengzhou branch plans to continue innovating financial products and service models to contribute to high-quality economic development [3]

Core Viewpoint - Citic Bank is committed to enhancing service quality and efficiency by implementing tailored financial services that address customer needs, particularly for those facing challenges such as mobility issues [1][2] Group 1: Service Initiatives - Citic Bank has developed a "Four Special" service process focusing on special periods, special customers, special businesses, and special scenarios to provide customized solutions [1] - The bank has established clear procedures for providing door-to-door services for customers who are unable to visit branches in person, ensuring compliance and risk management [1] Group 2: Customer-Centric Approach - The bank emphasizes a customer-centric approach, aiming to respond swiftly to customer demands and deliver convenient, efficient, and caring financial services [2] - A recent case involved a team from Citic Bank traveling over 6 hours to assist an elderly customer with account issues, demonstrating the bank's commitment to personalized service [1]

Investment Ratings - Banking: Overweight (Maintain) [1] - Securities: Market Weight (Maintain) [1] - Insurance: Overweight (Maintain) [1] Core Insights - The banking sector shows a continued growth trend in social financing, with a marginal decrease in the contribution of government bonds. Corporate bonds increased by 178.8 billion yuan year-on-year, becoming the main increment in social financing. However, the demand for loans remains weak, with a year-on-year decrease of 190 billion yuan in new RMB loans in November [5][44]. - The securities industry has seen multiple core indicators reach historical highs in 2025, with total stock fund transaction volume exceeding 500 trillion yuan, a year-on-year increase of over 70%. The primary market has rebounded, with IPO and refinancing scales increasing by 95.64% and 326.17% respectively, indicating improved market liquidity and financing conditions [3][46]. - The insurance sector reported a total original premium income of 57,629 billion yuan in the first 11 months of 2025, a year-on-year growth of 7.6%. Life insurance companies saw a 9.1% increase in premium income, while property insurance companies grew by 3.9% [4][47]. Summary by Sections Market Review - As of January 8, 2026, the banking, securities, and insurance indices changed by -0.87%, +0.91%, and +1.95% respectively, while the CSI 300 index increased by +2.05%. Among 31 industries, the banking and non-banking sectors ranked 29th and 21st in performance [5][13]. Valuation Situation - As of January 8, 2026, the PB ratio for the banking sector is 0.74, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks having PB ratios of 0.79, 0.61, 0.71, and 0.63 respectively. Notably, China Merchants Bank, Agricultural Bank of China, and Ningbo Bank have the highest valuations at 0.96, 0.95, and 0.87 [22][24]. Recent Market Indicators - The one-year MLF operation rate is 2.0%, with LPR rates at 3.0% for one year and 3.50% for five years. The average interbank borrowing rates for one day, seven days, and fourteen days are 1.33%, 1.50%, and 1.60% respectively [29][30]. Industry News - The China Banking and Insurance Regulatory Commission has released guidelines for data classification and grading in the insurance asset management industry, effective January 1, 2026, aimed at enhancing data security management standards [39][40].

Core Viewpoint - Major state-owned banks in China have launched new large-denomination time deposit products in early 2026, but short-term product interest rates have generally entered the "0" range, indicating a downward trend in deposit rates across the banking sector [1][2]. Group 1: State-Owned Banks - The annual interest rates for 1-month and 3-month large-denomination time deposits from major state-owned banks such as Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China, and China Construction Bank are all at 0.9%, with a minimum deposit requirement of 200,000 yuan [1]. - Some products from these banks have interest rates lower than those of regular fixed-term deposits of the same duration [1]. - Since December 2025, these banks have collectively removed 5-year large-denomination time deposits, with available products now generally limited to 3 years or less, and interest rates ranging from 1.10% to 1.55% [1]. Group 2: Other Banks - In contrast to state-owned banks, some joint-stock banks, city commercial banks, and rural commercial banks are still offering short-term large-denomination time deposits with interest rates above 1%. For instance, Citic Bank's 1-month large-denomination time deposit has an interest rate of 1.1% [1]. - Tianjin Bank's first 3-month large-denomination time deposit for 2026 has an interest rate of 1.15%, while Liu'an Rural Commercial Bank offers a similar product at 1.1% [1]. - However, smaller banks are also experiencing downward pressure on short-term interest rates, with some entering the "0" range, such as Yunnan Tengchong Rural Commercial Bank, which has set a 3-month deposit rate at 0.95% [2]. Group 3: Market Analysis - Industry experts suggest that the recent interest rate adjustments are closely related to banks' ongoing efforts to manage net interest margins and reduce funding costs [2]. - The current market environment indicates that the downward trend in deposit rates may continue [2].

Group 1 - Major state-owned banks have launched new large-denomination time deposit products, but short-term product interest rates have generally entered the "0" range, with rates for 1-month and 3-month deposits at 0.9% [1] - Compared to state-owned banks, some joint-stock banks and city commercial banks still offer short-term large-denomination time deposits with interest rates above 1%, such as CITIC Bank's 1.1% for a 1-month deposit [1] - The interest rates for large-denomination time deposits from state-owned banks have been reduced, with the current rates for products with a term of 3 years or less ranging from 1.10% to 1.55% [1] Group 2 - Smaller banks are also experiencing downward pressure on short-term interest rates, with some entering the "0" range, as seen with Yunnan Tengchong Rural Commercial Bank offering a 0.95% rate for a 3-month deposit [2] - The adjustment in interest rates is closely related to banks' ongoing efforts to manage net interest margins and reduce funding costs, indicating a potential continuation of the downward trend in deposit rates in the current market environment [2]

Core Insights - The event "Electric Chain Financial Bridge, Henan Province" aims to address financing challenges for small and medium-sized enterprises (SMEs) in the power equipment industry through collaboration among government, banks, enterprises, and platforms [3][4] - The initiative is part of the "One Chain, One Policy, One Batch" financing promotion activity, emphasizing the importance of SMEs in the high-quality development of the real economy [4][6] Group 1: Event Overview - The event was hosted by the Henan Provincial Department of Industry and Information Technology and organized by CITIC Bank Zhengzhou Branch, with support from State Grid Henan Electric Power Company and other partners [3] - Over 70 representatives from key enterprises in the power equipment industry attended the event to discuss new paths for industry-finance cooperation [3] Group 2: Policy and Financial Empowerment - The event highlighted the significance of the power equipment industry as a pillar of manufacturing and energy security in Henan Province, crucial for the province's industrial chain development [4] - CITIC Bank aims to provide comprehensive financial solutions to support the entire cycle of enterprises in the power industry, enhancing the resilience and competitiveness of the industrial chain [6][7] Group 3: Financial Solutions and Collaboration - The financial solutions presented include a "1+N" comprehensive service plan tailored for the power equipment industry, covering supply chain financing, cash management, and cross-border finance [7] - Real-life examples from industry leaders demonstrated how CITIC Bank's customized financial services helped overcome funding bottlenecks and support technological innovation and market expansion [9] Group 4: Future Directions - The event served as a platform for effective dialogue and precise services, showcasing the commitment of government and financial institutions to empower SMEs [9] - CITIC Bank plans to continue deepening the "One Chain, One Policy" service mechanism and innovate financial products to inject stronger financial momentum into the modernization of Henan's industrial system [9]