近日有媒体报道称，高瓴投资（Hillhouse Investment）已通过大宗交易收购港股上市公司现代牙科部分 少数股权，将持股比例由不足1%提升至17.24%。据香港联交所1月23日披露的文件，XX-I SHT Holdings Limited于1月19日以每股均价5.8港元场外增持现代牙科1.61亿股普通股股份，价值约9.35亿港 元。增持后，XX-I SHT Holdings Limited最新持股数目为1.61亿股股份，好仓比例由0.00%升至17.24%。 交易涉及其他关联方：Hillhouse Investment Management, Ltd.、Hillhouse Investment Management V, L.P. 和Hillhouse Fund V, L.P.。 智通财经APP获悉，香港联交所最新资料显示，1月26日，现代牙科(03600)股东将股票由中国银行(香 港)转入高盛(亚洲)证券，转仓市值5.08亿港元，占比10.5%。 ...

据香港交易所披露，贝莱德（BlackRock）对中国银行股份有限公司 - H股的多头持仓比例于2026年1月 20日从6.03%降至5.93%。 ...

Summary of Conference Call Notes Industry Overview - **Industry**: Chinese Banking and Property Sector - **Context**: Insights from the 2026 Greater China Conference (GCC) and subsequent macro, financial, and property tours Key Points on Economic Outlook - **2026 GDP Growth Target**: Expected to be set at 4.5-5.0%, with some experts optimistic about achieving close to 5% due to strong exports and easing deflationary pressures [2][8][10] - **Deflationary Pressure**: CPI expected to rise to 0.5%, while PPI may narrow its decline to a range of -1% to 0% [10] - **Consumption Growth**: Not seen as a key driver for 2026; trade-in subsidies are fading [2][19] Banking Sector Insights - **NIM Pressure**: Current stretched NIM levels are a constraint for rate cuts; a small rate cut of 10bps is anticipated [3][15] - **Loan Origination**: Decent loan origination observed in early January, primarily driven by corporate loans; retail loan recovery remains limited [5][48] - **Revenue Outlook**: Improved revenue outlook driven by less YoY NIM decline and ongoing fee income recovery; investment income may lag due to a less favorable bond market [5][50] Property Sector Outlook - **Bearish Sentiment**: Experts hold a bearish view on the property sector, expecting a 10% decline in property prices in 2026 and 5% in 2027 [4][27] - **Homebuyer Behavior**: Shift from buying to renting; potential 30-40% downside in property prices if rental yields align with mortgage rates [4][27] - **Policy Support**: Limited policy tools available to stabilize property prices; expectations for major new policies in 2026 are low [4][16][27] Specific Company Insights - **Chengdu MixC**: Strong sales growth with retail sales reaching approximately Rmb8.5 billion in 2025; proactive tenant changes attributed to outperformance [30] - **C&D Haiyao**: Luxury project demand remains, with a successful launch of a luxury residential project at an average price of over Rmb77,000 per sqm [31] Additional Considerations - **Geopolitical Risks**: Complicated geopolitical relations may impact export growth; however, solid external demand is expected [17] - **RMB Appreciation**: Potential for RMB to enter an appreciation cycle, with expectations of a 3-4% appreciation by the end of 2026 [18] - **Distressed Developers**: Many banks are allowing roll-over of existing project loans to distressed developers, delaying NPL recognition [22] Conclusion - The overall sentiment in the banking and property sectors is cautious, with expectations of limited growth and ongoing challenges. The focus remains on managing asset quality and navigating a complex macroeconomic environment.

截至2025 年末，银行业理财登记托管中心个人养老金理财产品行业信息平台共支持6 家理财公司发行37 只个人养老金理财产品；理财产品中央数据交换平台支持966 家理财产品发行机构和销售机构开展销售 数据交换，理财产品申购赎回业务发生额达142 万亿元；理财行业信息披露平台累计发布各类公告超50 万份，产品净值信息超270 万条。 截至2025 年末，银行理财市场存续规模33.29 万亿元，较年初增长11.15%，全年累计新发理财产品3.34 万只，募集资金76.33 万亿元；理财产品通过投资债券、非标准化债权类资产、权益类资产等，支持实 体经济资金规模约21 万亿元；持有理财产品的投资者数量达1.43 亿个，较年初增长14.37%；全年为投 资者创造收益7303 亿元。 2025 年是"十四五"收官、"十五五"开局的关键之年，在内外部压力交织的复杂局面下，我国经济顶压 前行、向新向优发展，保持了总体平稳、稳中有进的发展态势，展现出强大韧性和活力。过去5 年，党 和国家事业取得新的重大成就，我国经济、科技、国防等硬实力和文化、制度、外交等软实力明显提 升，中国式现代化迈出新的坚实步伐，第二个百年奋斗目标新征程实 ...

Core Viewpoint - The article discusses the increasing trend of personal non-performing loan (NPL) transfers in the banking sector, driven by regulatory changes and the rising pressure of bad debts on financial institutions [1][5]. Group 1: Market Dynamics - The personal NPL transfer market is experiencing a surge, with transaction volumes rising from 186.48 billion in 2021 to 965.30 billion in 2023, and projected to reach 1583.50 billion in 2024 [3][4]. - As of January 22, 2026, there were 20 new announcements for personal NPL transfers within the month, indicating heightened activity in the market [2][8]. - The average discount rate for personal NPL packages has significantly decreased, with rates dropping from 8%-10% before 2023 to around 5% in 2026 [10][11]. Group 2: Regulatory Impact - A regulatory notification extended the trial period for bulk transfers of personal NPLs until December 31, 2026, allowing a wider range of financial institutions to participate in the transfer process [2][4]. - The expansion of trial institutions to include city commercial banks and rural commercial banks has led to a notable increase in the volume of NPL transfers [5][17]. Group 3: Borrower Profile and Economic Context - The borrower demographic for personal NPLs includes failed entrepreneurs, unemployed individuals relying on credit cards for living expenses, and consumers with excessive debt [4][20]. - The economic backdrop, characterized by macroeconomic fluctuations and income instability, has exacerbated the bad debt situation, compelling banks to offload risk assets [5][20]. Group 4: Challenges in Asset Recovery - The recovery rates for NPLs have declined, with some packages facing average recovery rates below 6%, marking the lowest in five years [12][13]. - Financial institutions are facing challenges in asset valuation and recovery due to incomplete documentation and inefficient legal processes [26][28]. Group 5: Strategic Adjustments - Banks are adapting their strategies by improving the quality of NPL packages, such as reducing overdue times and increasing the concentration of borrowers in economically developed areas [24][25]. - There is a push for enhanced transparency and standardization in the NPL transfer process to improve market confidence and asset pricing [28].

Core Viewpoint - The report outlines the global asset allocation strategy for personal finance by Bank of China, predicting a slow recovery in the global economy in 2026, with a focus on the performance of various asset classes amid changing monetary policies and economic conditions. Economic Overview - In 2025, global economic growth is expected to slow down with inflation receding, leading G10 countries (excluding Japan) into a rate-cutting cycle. The Federal Reserve's continued rate cuts are anticipated to push the US dollar index down, resulting in strong global asset performance, particularly in gold and silver, while oil is expected to be the only asset with negative returns. The Chinese asset market is entering a phase of value reassessment, with a slow bull market forming and the RMB expected to appreciate against the USD [1][8]. - For 2026, the global economy may continue its weak recovery, with uncertainties remaining. China's economy is projected to stabilize and grow between 4.7% and 5.0% due to supportive macro policies. The US is expected to see reduced policy uncertainty, while the Eurozone's economic fundamentals remain robust, and the UK economy shows resilience [1][8][10]. Equity Market - The internationalization and value reassessment of Chinese assets are ongoing, with the A-share market expected to solidify its slow bull market and potentially evolve into a long bull market. Hong Kong stocks are positioned to benefit from global liquidity inflows as a core hub for RMB asset allocation. The US stock market is expected to rise but may underperform compared to non-US markets, while European and Japanese markets are anticipated to see moderate gains [1][9][12]. Bond Market - The bond market is influenced by the Federal Reserve's rate cuts and balance sheet expansion, leading to a downward shift in US Treasury yields. The UK bond market shows high allocation value, while German bonds are expected to perform slightly weaker. In China, the 10-year government bond yield is projected to fluctuate between 1.6% and 1.9% [2][10][11]. Foreign Exchange Market - The trend of "de-dollarization" is expected to continue, with the US dollar's central tendency likely to decline. Non-US currencies are showing mixed performance, with the Euro and Malaysian Ringgit slightly stronger, while the Japanese Yen, British Pound, Australian Dollar, and Indonesian Rupiah are in the middle range. The RMB is expected to fluctuate within a stable range against the USD and may depreciate slightly against other major non-US currencies [2][10][20]. Commodity Market - The long-term upward trend for gold remains solid, with expectations for new historical highs in 2026, albeit with increased volatility. Silver is also expected to trend upwards due to multiple support factors. The demand dynamics for copper and aluminum are being reshaped by AI developments, while oil is expected to remain in a supply surplus situation. Prices for polyester and industrial silicon are anticipated to recover due to supportive policies, and lithium carbonate is expected to see price fluctuations based on supply and demand changes [2][11][12]. Asset Allocation Strategy - The recommended global asset allocation order for 2026 is precious metals, non-ferrous metals, equities, and bonds. Gold and silver are expected to outperform copper and aluminum, while non-US equities are projected to outperform US stocks. In the bond sector, US Treasuries are favored over Chinese bonds, and oil is suggested for lower allocation [3][11][12].

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 天眼查资料显示，中国银行股份有限公司，成立于1983年，位于北京市，是一家以从事货币金融服务为 主的企业。企业注册资本29438779.1241万人民币。通过天眼查大数据分析，中国银行股份有限公司共 对外投资了16家企业，参与招投标项目5000次，财产线索方面有商标信息1474条，专利信息5000条，此 外企业还拥有行政许可255个。 国家知识产权局信息显示，中国银行股份有限公司取得一项名为"一种多交易达标计算方法、装置、系 统、设备及存储介质"的专利，授权公告号CN115099969B，申请日期为2022年6月。 来源：市场资讯 ...

Vi e w p o i n t | 16 Jan 2026 14:58:05 ET │ 12 pages China Banks Our take on recent monetary stimulus; Fiscal stimulus on the way; Time to revisit China banks +852-2501-2367 calvin.leung@citi.com See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations. CITI'S TAKE On Jan 15, PBoC held a press conference and announced new supportive monetary policies (summarized in Fig 1), including: i) expansion of relending facilities quota/coverage with additional relending quo ...

Core Viewpoint - The report emphasizes the dual opportunities presented by the global liquidity shift and the revaluation of Chinese assets in 2026, advocating for a resilient investment strategy that balances "risk aversion and growth" [1] Group 1: Chinese Equity Assets - In 2026, China's economic resilience positions it as a relatively stable choice for global asset allocation, with GDP surpassing 140 trillion yuan in 2025, reflecting a 5.0% year-on-year growth [2] - The A-share market is expected to transition from a valuation recovery driven by policy and liquidity to a solid increase supported by corporate profit improvements, establishing a "slow bull" market [2] - Chinese equity assets are shifting from "marginal allocation" to "core allocation," driven by external uncertainties and a transformation in domestic wealth structure, indicating a long-term trend towards equity investments [2] Group 2: Hong Kong Market - The Hong Kong market is poised to benefit from the U.S. interest rate cut cycle, with sectors like technology and innovative pharmaceuticals still at historical low valuations, suggesting a potential for value revaluation in 2026 [3] - In contrast, the U.S. stock market, despite the ongoing AI boom, is at historical high valuations, with profit growth concentrated among a few tech giants, indicating a "K-shaped" divergence [3] Group 3: Precious Metals (Gold) - Gold has emerged as a leading asset over the past three years, with a cumulative increase of nearly 150% from 2022 to 2025, driven by a reconstruction of trust, reassessment of monetary credit, and heightened demand for safe-haven assets [4] - The acceleration of de-dollarization, geopolitical risks, the U.S. Federal Reserve entering a rate-cutting cycle, and record-high holdings in gold ETFs support the continued recommendation for an "overweight" position in gold [5][6] - As of January 21, 2026, gold prices reached $4,835.07 per ounce, marking a significant increase of over 10% in the year, with a historical breakthrough of the $4,800 mark [5] Group 4: Investment Strategy - The report highlights the importance of a scientific approach to investment, utilizing tools like multi-asset allocation and risk assessment to navigate uncertainties [7] - The year 2026 is viewed as a pivotal year for wealth distribution over the next five years, with a focus on long-term investment strategies to capture systematic returns [7]

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 国家知识产权局信息显示，中国银行股份有限公司取得一项名为"交易报文处理方法、装置、设备及存 储介质"的专利，授权公告号CN116708584B，申请日期为2023年5月。 天眼查资料显示，中国银行股份有限公司，成立于1983年，位于北京市，是一家以从事货币金融服务为 主的企业。企业注册资本29438779.1241万人民币。通过天眼查大数据分析，中国银行股份有限公司共 对外投资了16家企业，参与招投标项目5000次，财产线索方面有商标信息1474条，专利信息5000条，此 外企业还拥有行政许可255个。 ...