Core Viewpoint - The China Bank is implementing a financial subsidy policy for service industry loans to support domestic demand and enhance the supply of quality services, with specific adjustments and clarifications provided for customers [1][8]. Group 1: Policy Implementation - The implementation period for the financial subsidy policy for service industry loans has been extended to December 31, 2026, with potential for further extension based on future assessments by relevant authorities [1][8]. Group 2: Subsidy Standards - The maximum loan amount eligible for subsidies has been increased from 1 million to 10 million yuan for new loans issued in 2026, while the subsidy rate and duration remain unchanged at 1% per annum for a maximum of one year [2][9]. Group 3: Supported Areas - Starting January 1, 2026, the subsidy policy will expand to include three additional consumption sectors: digital, green, and retail, alongside the existing eight sectors such as catering, health, and tourism [3][10]. Group 4: Customer Inquiry - Customers will receive timely updates on their subsidy status via SMS, and they can also check their subsidy information through the mobile banking app [4][11]. Group 5: Loan Conditions - Loans that are overdue or classified as non-performing are not eligible for subsidies. Subsidies can only be accessed once all outstanding principal and interest have been repaid and the loan status is normalized [5][12]. Group 6: Fees and Security - The bank will not charge any service fees for processing the subsidy applications and will not delegate this process to any third parties, emphasizing the importance of safeguarding customer information and assets [6][14].

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。 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"基于同步代码块的报文处理方法及装 置、设备及存储介质"的专利，授权公告号CN116633872B，申请日期为2023年4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1473条，专利信息5000条，此 外企业还拥有行政许可255个。 来源：市场资讯 ...

Macro Overview - The global economy is expected to continue a weak recovery in 2026, with growth projected at 3.1% and inflation decreasing to 3.7% [1][4] - China's economy is anticipated to stabilize and rebound with a growth rate of 4.7% to 5.0% due to supportive macro policies [1][4] - The US economy is likely to maintain potential growth, with the Federal Reserve expected to cut interest rates three more times and expand its balance sheet [1][4] Equity Market Insights - The A-share market is expected to maintain a slow bull market, potentially evolving into a long bull market supported by policy dividends, profit recovery, and long-term capital inflows [1][6] - The Hong Kong stock market will benefit from the internationalization of RMB assets and external liquidity easing, continuing its value reassessment [1][6] - Non-US stock markets are projected to outperform US markets, with European and Japanese stock markets expected to rise moderately, while emerging markets present structural opportunities [1][6][9] Bond Market Analysis - The bond market is influenced by the Federal Reserve's interest rate cuts and balance sheet expansion, leading to a downward shift in US Treasury yields [1][7] - China's 10-year government bond yields are expected to fluctuate between 1.6% and 1.9%, with a moderately loose funding environment but limited downward yield movement [1][7] - UK bonds present high allocation value, while German bonds are expected to perform relatively weakly [1][7] Commodity Market Trends - Gold is expected to continue its long-term upward trend, potentially reaching new historical highs, while silver's price is supported by multiple attributes but may experience increased volatility [2][5] - Copper and aluminum prices are anticipated to rise due to demand from AI development and new energy sectors [2][5] - The oil market remains in a state of oversupply, with prices expected to fluctuate around cost levels [2][5] Currency Market Dynamics - The foreign exchange market shows a downward shift in the US dollar, with non-US currencies exhibiting differentiation [2][6] - The Chinese yuan is likely to experience two-way fluctuations, appreciating against the US dollar [2][6] - The euro and Malaysian ringgit are expected to perform strongly, while the Canadian dollar is anticipated to weaken due to tariffs and oil price impacts [2][6]

Core Viewpoint - A new force characterized by regional deepening is rapidly rising in China's banking industry, with Chengdu Rural Commercial Bank becoming the fifth rural commercial bank to surpass an asset scale of 1 trillion yuan, joining the ranks of other major urban rural commercial banks [1][2]. Group 1: Growth of Rural Commercial Banks - The five rural commercial banks that have crossed the 1 trillion yuan mark are all based in major national cities, which are characterized by high urbanization levels and strong economic radiation capabilities [1][2]. - These banks have successfully achieved leapfrog development by deeply understanding and closely binding with the regional economy, creating a growth path centered on localized services [1][2]. Group 2: Strategic Focus on Local Markets - The success of these banks is attributed to their strategic focus on local markets, aligning their development with regional economic growth, which is consistent with regulatory guidance emphasizing local service [2][3]. - Regulatory bodies have encouraged rural financial institutions to focus on serving local communities and the agricultural sector, reinforcing the importance of localized banking [2]. Group 3: Unique Development Models - Each of the trillion-yuan rural commercial banks has developed unique models based on local characteristics, such as Beijing Rural Commercial Bank focusing on "three rural" services and Shanghai Rural Commercial Bank developing technology and pension finance [3]. - Chengdu Rural Commercial Bank aims to be a bank that understands rural revitalization and local industries, optimizing its branch layout to enhance service breadth and depth [3][4]. Group 4: Financial Performance - Chengdu Rural Commercial Bank's asset scale has grown from less than 500 billion yuan in 2019 to over 1 trillion yuan in early 2026, with an annual growth rate significantly higher than the industry average [4]. - The bank maintains a stable asset quality, with a non-performing loan ratio of 1.02% and a provision coverage ratio of 441.83%, indicating strong financial health compared to peers [4]. Group 5: Challenges and Transformation - Surpassing the 1 trillion yuan mark signifies a new development stage for these banks, necessitating a restructuring of their development models and management capabilities [6]. - The banks face three core challenges: pressure on profit growth due to narrowing net interest margins, accelerated capital consumption, and increased difficulty in risk management amid regional economic adjustments [6][7]. Group 6: Pathways for Transformation - Transformation strategies should focus on capital replenishment through both internal and external means, diversifying income sources beyond traditional lending, and enhancing risk management capabilities [7]. - Chengdu Rural Commercial Bank's approach includes innovating products in green finance and technology finance, with its green loan balance nearing 50 billion yuan, reflecting a significant growth engine [7][8]. Group 7: Digitalization and Local Service - The bank's strategy to address digital challenges involves focusing on local scenarios and enhancing digital platforms, with over 4 million mobile banking users and a community service platform linking 110 communities [8]. - The emergence of trillion-yuan rural commercial banks indicates that impactful financial institutions can be cultivated in the regional economic service sector, emphasizing the importance of local roots and sustainable development [8].

Core Viewpoint - A new force characterized by regional deepening is rapidly emerging in China's banking industry, with Chengdu Rural Commercial Bank becoming the fifth rural commercial bank to surpass 1 trillion yuan in assets, highlighting a structural change in the industry towards localized service models [1][2]. Group 1: Emergence of Regional Banks - Chengdu Rural Commercial Bank officially announced its asset scale surpassed 1 trillion yuan on January 1, 2026, joining the ranks of four other major rural commercial banks [1]. - The five banks that have reached this milestone are all urban rural commercial banks headquartered in national central cities, which have high urbanization levels and strong economic radiation capabilities [1]. - The success of these banks is attributed to their deep understanding of local economies and a strategic focus on localized services, aligning with regulatory guidance emphasizing support for local communities and agriculture [2]. Group 2: Development Strategies - Each of the trillion-yuan rural commercial banks has developed unique advantages based on local characteristics, such as Beijing Rural Commercial Bank focusing on "three rural" services and Shanghai Rural Commercial Bank developing technology and elderly finance [3]. - Chengdu Rural Commercial Bank aims to be a bank that understands rural revitalization and local industries, optimizing its branch layout to enhance service breadth and depth [3]. - The bank has achieved over 80% account opening rates for new agricultural operators and over 72% credit coverage for major grain producers, demonstrating its effective local engagement [3][4]. Group 3: Financial Performance - Since the end of 2019, Chengdu Rural Commercial Bank's asset scale has grown from less than 500 billion yuan to over 1 trillion yuan by early 2026, with an annual growth rate significantly above the industry average [4]. - The bank maintains a stable asset quality, with a non-performing loan ratio of 1.02% and a provision coverage ratio of 441.83% as of mid-2025, indicating strong financial health compared to peers [4]. Group 4: Challenges and Transformation - Surpassing the 1 trillion yuan mark signifies a new development stage for these regional banks, necessitating a restructuring of their development models and management capabilities [6]. - The banks face three core challenges: pressure on profit growth due to narrowing net interest margins, accelerated capital consumption from risk-weighted asset expansion, and increased difficulty in risk management amid economic adjustments [6][7]. - To address these challenges, banks must diversify their income structures, enhance capital accumulation, and strengthen risk management through digital means [7][8]. Group 5: Digitalization and Future Outlook - Chengdu Rural Commercial Bank is focusing on digitalization by enhancing mobile banking and online service platforms, with over 4 million mobile banking users and a community service platform linking 110 communities [8]. - The emergence of trillion-yuan rural commercial banks indicates that impactful financial institutions can be cultivated in regional economies, emphasizing the importance of local engagement for sustainable development [8].

根据中国银行股份有限公司深圳市分行（下称"中国银行"）与中国信达资产管理股份有限公司深圳市分 公司（下称"中国信达深圳分公司"）于2025年9月22日签署的《不良资产批量转让协议》，中国银行已 将其对《公告清单》（详见附件）所列借款人及其担保人享有的主债权及担保合同项下的全部权利，依 法批量转让给中国信达深圳分公司。中国银行及信达资产特联合公告通知各借款人及担保人以及相关债 务承继人（如有）。 中国信达深圳分公司作为上述债权的受让方，现公告要求《公告清单》中所列借款人及其担保人（包括 相关债务承继人），从公告之日起立即向中国信达深圳分公司履行主债权合同及相关文件约定的还本付 息义务及其他相应义务。本公告未尽事宜，以双方签订的转让合同为准。 特此公告。 中国银行股份有限公司深圳市分行 中国信达资产管理股份有限公司深圳市分公司 2026年1月23日 注：1.《公告清单》仅列示截至转让基准日（转让基准日为2025年8月6日）的债权本金余额，借款人和 担保人（包括相关债务承继人）及义务主体应支付的利息、罚息、复利、违约金及其它应付款，按借款 合同、担保合同及中国人民银行的有关规定或生效法律文书确定的为准。已经进入诉讼 ...

Core Viewpoint - Saudi Arabian Mining Company (Maaden) has initiated the issuance of USD-denominated sukuk under its International Sukuk Issuance Program to meet its general corporate needs [2][6]. Group 1: Sukuk Issuance Details - The sukuk will be offered to qualified investors both inside and outside Saudi Arabia, with the size and terms of the issuance to be determined based on market conditions [3]. - The minimum subscription for the sukuk is set at $200,000, with increments of $1,000 [5]. - The issuance is scheduled to start on January 22, 2026, and end on January 29, 2026 [5]. Group 2: Management and Structure - The sukuk issuance will be managed by a consortium of financial institutions including Albilad Capital, AlJazira Capital, and others, with joint lead managers such as BNP Paribas, Citigroup Global, and Goldman Sachs International [5]. - The issue price and return of the sukuk will also be determined based on market conditions [5]. Group 3: Program Background - Maaden's International Sukuk Issuance Program was established on February 4, 2025, following a board decision made on December 15, 2025 [6].

Core Viewpoint - The article emphasizes the need for a comprehensive system to address non-performing real estate assets in China's banking sector during the 14th Five-Year Plan period (2026-2030), focusing on market-oriented, professional, legal, and social approaches, while drawing lessons from successful experiences in the US, Japan, South Korea, and Ireland [1]. Group 1: Policy Recommendations for Asset Disposal - Establish a national joint conference for the disposal of real estate non-performing assets, led by the Ministry of Finance, involving key financial and regulatory bodies, with a mandate for the four major Asset Management Companies (AMCs) to acquire and manage these assets [1]. - The Ministry of Finance will inject 500 billion yuan into each of the four major AMCs to facilitate the acquisition of non-performing real estate assets, with a target of acquiring at least 3 million units within three years [1]. - Create a cooperative mechanism between AMCs and local governments, establishing a special fund of approximately 2 trillion yuan to support the "guarantee delivery" of housing projects and the revitalization of quality assets [1]. Group 2: Legal and Policy Framework - Introduce a specific legislative framework for the disposal of non-performing real estate assets, including clear pricing rules and streamlined judicial processes to reduce disposal time from 18-24 months to 6-8 months [3]. - Implement differentiated tax incentives, including a 50%-100% reduction in taxes related to the disposal of non-performing assets, to lower costs and attract market participation [3]. - Establish a unified national real estate mortgage registration platform to enhance transparency and simplify property transfer processes [3]. Group 3: Market-Oriented Disposal Tools - Promote bulk transfers and asset securitization, expanding the scale of real estate asset securitization to attract long-term capital from insurance and pension funds [4]. - Develop a combination model of "debt restructuring + asset development" to support quality developers and revive stalled projects [4]. - Introduce international advanced disposal tools and experiences, including a fixed price plus performance sharing model to incentivize asset value enhancement [4]. Group 4: Targeted Risk Mitigation Strategies - Differentiate disposal strategies for developers based on risk levels, employing rapid recovery methods for high-risk assets and supportive measures for medium-risk assets [5]. - Implement humane solutions for individual housing loan defaults, prioritizing non-judicial methods and providing debt relief options for families in distress [5]. - Enhance the value of commercial real estate through transformation and professional management, utilizing asset securitization for efficient exits [5]. Group 5: Risk Prevention and Long-term Mechanisms - Establish a comprehensive risk management system for real estate loans, limiting concentration ratios for banks to prevent excessive risk accumulation [6]. - Encourage financial innovation in real estate, such as developing Real Estate Investment Trusts (REITs) to reduce reliance on bank credit [6]. - Create a monitoring and early warning mechanism for real estate market risks, including a risk indicator system to prevent risk accumulation [6]. Group 6: Balancing Financial Stability and Social Welfare - Prioritize the "guarantee delivery" of housing projects, establishing a collaborative mechanism among government, banks, developers, and contractors to protect buyers' rights [7]. - Guide the banking sector towards supporting affordable housing and new real estate development models, reducing reliance on traditional development loans [7]. - Allocate 30% of net proceeds from the disposal of non-performing assets to a housing security fund to support affordable rental housing and subsidies for struggling families [7].

Core Viewpoint - The Guangdong branch of the Bank of China is actively promoting the development of technology finance to support the transformation of scientific research into production, creating a comprehensive financial ecosystem for technology enterprises [1][2]. Group 1: Institutional and Organizational Developments - The Bank of China Guangdong branch has revised its guidelines to ensure compliance without moral risk, integrating technology finance into core assessments and forming dedicated approval teams to address lending challenges [2]. - The establishment of a primary technology finance center and five secondary centers in key innovation cities aims to enhance the bank's service capabilities for technology enterprises [2]. - A total of 34 technology branches have been set up in innovation zones to provide specialized services, with 9 branches recognized as "commitment-based technology branches" [2]. Group 2: Technological Empowerment - The bank has developed an intelligent service system based on data and models, launching the "Innovation Credit Loan" product to create precise credit assessments based on technological capabilities [2]. - As of September 2025, the credit balance for technology enterprises exceeded 270 billion, serving approximately 19,000 companies with a non-performing loan rate of less than 1% [2]. Group 3: Collaborative Ecosystem Building - The "Bank of China Innovation Ecosystem Partner Program" aims to create a collaborative financial service system involving government, research institutions, and investment entities, transitioning from isolated efforts to coordinated actions [3]. - A memorandum of cooperation was signed with the Guangdong Productivity Promotion Center to provide comprehensive lifecycle services for technology enterprises [3]. - Initiatives include a provincial technology credit risk compensation fund and tailored services for innovation hotspots like Dongguan and Zhuhai [3]. Group 4: Dual-Driven Financing Model - The bank has introduced a "production investment + credit" dual-driven model to provide long-term, low-cost capital for technology enterprises [4]. - A 14 billion equity investment fund has been established to support advanced manufacturing, with over 1 billion already invested in technology enterprises [4]. - A specialized service plan for pilot testing platforms has been launched, with significant loans approved for semiconductor research projects and related enterprises [4].

格隆汇1月21日｜中国银行在北京、香港同步推出个人金融全球服务方案，依托"全球账户"功能，在境 内外多地开展推广。该方案聚焦跨境客户需求，提供全球账户概览、资产配置、便捷汇划、发薪便利及 尊享权益等五大核心服务，实现手机银行跨境可视、多币种资产配置与高效汇款等功能。现场还发布了 《2026中国银行个人金融全球资产配置白皮书》和《2026中国高净值人群财富管理白皮书》，持续为客 户的全球资产布局提供专业支持。中国银行表示，将继续优化全球服务，助力客户实现价值。 ...