投顾周刊：央行行长表示2026年降准降息有空间

Monetary Policy - The central bank will implement a moderately loose monetary policy in 2026, with room for rate cuts and reserve requirement ratio reductions. The focus will be on maintaining ample liquidity and managing expectations for the RMB exchange rate [1] - The central bank aims to support the stable development of the capital market through specific monetary policy tools [1] Fund Management - Multiple funds have announced fee reductions to lower investment costs for investors. For instance, 华夏基金 reduced the management fee of its financial technology ETF from 0.50% to 0.15% [1] - 天弘基金 also announced a reduction in management and custody fees for its mixed fund from 0.7% and 0.15% to 0.3% and 0.05% respectively [1] Banking Sector - The interest rates on large time deposits from local small and medium-sized banks have fallen below 2% due to ongoing declines in deposit rates [2] - Recent reports from several banks indicate that their wealth management business is experiencing a decline in the scale of funds raised compared to the scale of maturing products [2] Real Estate Market - The second-hand housing market has shown signs of recovery at the beginning of 2026, particularly in first-tier and strong second-tier cities, with a notable decrease in the number of listings in Shanghai [2] Fiscal and Financial Policies - A comprehensive policy package has been introduced to promote domestic demand, including a 500 billion yuan special guarantee plan for private investment and interest subsidies for loans to small and micro enterprises [3] Global Market Trends - Concerns over the Greenland crisis and fiscal pressures have triggered a global bond market sell-off, with significant increases in yields for long-term bonds in Japan and the U.S. [3] - The CEO of NVIDIA highlighted that AI has initiated the largest infrastructure buildout in human history, requiring substantial investments and skilled labor [4]