马年纪念钞热度远高于纪念币，北京、上海、河北等地兑换进度超95%

Core Insights - The final day for the centralized exchange of the Year of the Horse commemorative coins and notes was January 26, with significant progress reported in various regions [1][3] - The exchange rate for commemorative notes is notably higher than that for coins, indicating a public preference for notes [5][10] Exchange Progress - As of January 26, the exchange progress for commemorative notes in major cities like Beijing, Shanghai, Hebei, and Tianjin reached 98.02%, 97.80%, 95.56%, and 96.33% respectively, while the exchange progress for coins was lower [3][8] - In Chongqing, the exchange progress for coins was 67.81%, whereas the notes reached 89.37%; in Qinghai, coins were at 73.89% and notes at 90.84% [3][8] Market Demand and Pricing - The public's preference for commemorative notes is reflected in their resale prices, with notes being sold at a premium in the secondary market [5][10] - On January 20, the first day of exchange, the buyback price for coins was reported at 13 yuan each, while notes were priced at around 33 yuan depending on the serial number [10] - Listings on platforms like Xianyu show that a set of 20 notes with a face value of 400 yuan is being sold for between 1000 yuan and 3000 yuan, depending on the serial number [10] Extension of Exchange Period - Several regions, including Beijing, Shenzhen, Inner Mongolia, Shanxi, and Heilongjiang, announced extensions for the exchange deadline for the commemorative coins and notes [5][10] - The Shenzhen branch of the People's Bank of China extended the exchange deadline to February 1, 2026, while the Inner Mongolia branch extended it to February 2, 2026 [11]