新华财经北京2月25日电（记者吴雨、任军）马年新春，消费市场暖意融融。 在南京秦淮区，2.17万个"满100元减50元"数字人民币红包上线即被"秒光"；在黑龙江，借助云闪付App 发放的超2亿元消费券，点燃假期消费热情；在河南，2亿元新春消费券通过微信小程序、支付宝App面 向公众发放，精准聚人气、旺市场、促消费……各类支付工具助力，成为推动春节消费的"加速器"。 围绕扩内需、促消费，金融机构也在积极响应，送上"春节消费礼包"。工商银行推出"新春数字消费平 台"，整合支付、信贷、理财等一站式服务便捷群众消费；建设银行启动2026年春节促消费专项活动， 推出支付满减、利率优惠等措施，切实降低居民消费成本；农业银行推出"乡村年货节"专项行动，打通 农村消费服务"最后一公里"…… 与此同时，互联网平台同步加码，"政策+金融+科技"协同发力，带来显著成效。 千问App宣布投入30亿元启动"春节请客计划"，元宝App推出10亿元现金红包……多家互联网平台借助 AI，将金融支持与科技赋能深度绑定，打造促进消费的"引流器"。中国人民银行提供的数据显示，除夕 晚至初一凌晨，在红包发放高峰时段，网络支付最高峰为每秒14.47万 ...

让老百姓"好吃、好住、好行、好游、好购、好玩"需要哪些支持措施？加大金融支持是关键环节。《方案》 鼓励金融机构与重点商户合作，策划春节专属活动，推出消费红包、消费立减等优惠，扩大活动覆盖面。例 如，中国建设银行以"福享舌尖、福暖新家、福行天下、福购到家、福乐生活"为主题，策划开展了15项惠民 活动，并集中推出微信立减金、消费券、数字人民币智能合约红包、支付满减、利率优惠等多重权益，助力 实现马年消费"开门红"。 随着"春节档"电影市场热度持续升温，消费者观影热情也持续高涨。记者从中信银行获悉，中信银行信用卡 中心响应市场需求，全新升级"9元享看"，活动期间，持卡12个月以上的中信银行信用卡主卡持卡人消费达标 后，即可在动卡空间抢兑"19元双人电影票"权益。与此同时，全国各地"以旧换新"补贴政策陆续落地，春节 作为传统消费旺季，消费者对家具家电、电子设备等大件购置需求旺盛。对此，中信银行信用卡推出"以旧换 新，优惠加码"专项优惠活动，用户在领取最高1500元政府补贴之外，还可额外叠加享受中信银行银联信用卡 加码活动优惠。 图为中国农业银行浙江温州分行营业部员工为客户讲解消费贷款财政贴息政策。（资料图片） 每逢新 ...

马年春节开市以来，港股市场震荡调整，科技新势力表现活跃，半导体板块上涨趋势明显。 ● 本报记者 刘英杰 指数成分股中，伟志控股大涨13.79%，兆易创新（603986）涨11.91%，普达特科技涨10.91%，天岳先 进、澜起科技、华虹半导体等跟涨。 对于近期半导体板块走强的原因，中信建投（601066）证券机械首席分析师许光坦认为，主要受多重利 好共振推动：一方面，AI算力需求持续升温，全球半导体景气周期开启，带动设备及零部件需求增 长；另一方面，国内设备及零部件企业持续取得突破，市场对半导体国产化率提升的产能释放预期逐渐 升温。此外，部分龙头企业在高端零部件领域的量产进展也进一步提振了市场信心。 展望2026年，随着国内产业政策持续发力，叠加"反内卷"相关举措有望推动制造业盈利水平修复，行业 景气度或逐步回升，进而带动上游零部件设备整体需求稳步改善。在半导体设备、上游零部件国产化率 持续提升并加速推进的驱动下，半导体设备零部件板块有望迎来业绩与估值双升的"戴维斯双击"。 分析人士认为，随着AI大模型加速落地、人形机器人产业不断催化，叠加上市公司业绩披露期渐近， 中国资产有望持续获得投资者关注。尽管短期市场 ...

从行业板块方面看，马年春节以来，港股市场行业板块普遍上涨，电讯业、能源业、工业领涨市场，分 别累计上涨2.62%、2.48%、2.43%，原材料业累计涨幅超1%，资讯科技业、金融业、非必需性消费等 小幅上涨；而必需性消费、综合企业、医疗保健业下跌。 个股方面，整个港股市场马年春节以来近半数股票上涨，大昌微线集团累计涨幅超100%，玖源集团、 普天通信集团、亚博科技控股等累计涨幅超50%，中国信息科技、迅策、智谱等累计涨幅超20%。 ● 本报记者 刘英杰 马年春节开市以来，港股市场震荡调整，科技新势力表现活跃，半导体板块上涨趋势明显。 分析人士认为，随着AI大模型加速落地、人形机器人产业不断催化，叠加上市公司业绩披露期渐近， 中国资产有望持续获得投资者关注。尽管短期市场有所波动，但在估值优势、产业趋势与资金流向等多 重积极因素共振下，港股春季行情有望渐次展开。 指数震荡分化 马年春节开市以来（2月20日至2月24日）的三个交易日，港股市场主要股指震荡，恒生指数累计下跌 0.43%，恒生中国企业指数累计下跌0.69%，恒生科技指数累计下跌1.80%。但从2026年1月以来，港股 三大指数仅恒生科技指数累计下跌超4 ...

假日经济活力足的背后，是多部门打出政策"组合拳"，为新春消费注入强劲动力。 马年新春，消费市场暖意融融。 中国人民银行2月24日发布的数据显示，2026年春节假期支付交易持续增长，2月15日至2月23日，银联、网联共处理交易393.02亿笔、金额 13.12万亿元，日均交易笔数和金额较2025年春节假期分别增长37.45%和19.26%。 这组数字背后，是千家万户在"吃住行游购玩"全场景中的消费热情，勾勒出"十五五"开局之年中国经济的蓬勃生机。 在这个最长春节假期里，海南离岛免税购物金额27.2亿元，较去年春节假期增长30.8%；微信支付旅行、生活娱乐类线下交易笔数同比涨幅均 超20%；支付宝"AI付"用户数突破1亿，入境游客用支付宝消费金额比去年春节增长超80%……人潮涌动、消费活跃，生动诠释了中国市场的强劲 韧性。 2月16日，顾客在海口日月广场免税店购物。春节假日，海南的免税店迎来四面八方的游客，免税消费火热。新华社记者 郭程 摄 与此同时，互联网平台同步加码，"政策+金融+科技"协同发力，带来显著成效。 千问App宣布投入30亿元启动"春节请客计划"，元宝App推出10亿元现金红包……多家互联网平台借 ...

February 13, 2026 12:53 PM GMT China Financials | Asia Pacific 4Q25 data shows still decent consumption payment growth despite some moderation Key Takeaways Still decent payment growth in NetsUnion and UnionPay despite some moderation in 4Q25: NetsUnion and UnionPay payment growth – a good proxy for consumption payment – has accelerated from low single digits or negative growth in 2024. In 4Q25, both NetsUnion and UnionPay payment growth moderated to 9.3% yoy and 8.7% yoy, down from 17.9% yoy and 15.4% yoy ...

自启动申建工作以来，茂名始终坚持"不等不靠、边申边建、以建促申、以申促建"的工作思路，坚持高 质量推进辖区普惠金融改革创新，先行先试探索在全国或全省层面可复制可推广的改革模式。一是高站 位打造政策支持体系。出台"金融支持'百千万工程'"指导意见、"金融支持'五棵树一条鱼'特色农业产 业"发展指导意见等系列政策，夯实政策支撑体系。组建"乡村振兴贷""转贷资金""政银保"等财政金融 协同平台，撬动金融资源向乡村振兴领域集聚。二是创新货币政策支持工具。用好用足支农支小再贷款 等普惠性货币政策工具以及碳减排支持工具、科技创新等专项再贷款，推动"三个100亿"再贷款再贴现 专项额度政策落地茂名，探索创新"再贷款+特色产业""再贷款+应收账款供应链"等创新模式，推动金融 活水精准滋养产业末梢。三是打造特色信贷产品矩阵。立足茂名特色农业资源，推出"荔枝贷""橘红 贷""罗非鱼贷"等23个"茂"字号信贷产品，率先发放全省首笔农房风貌贷、土地生产托管贷款、肉鸡活 体抵押贷款，擦亮茂名特色农业"亮丽名片"。四是创新普惠金融特色服务模式。创新推广"数智化物权 信用"模式，构建"确权-评估-授信-风控"全链条闭环机制，落地全国首笔农 ...

Core Viewpoint - The People's Bank of China and the National Financial Regulatory Administration have assessed the systemically important banks for 2025, identifying 21 banks, with notable changes in the rankings and classifications of certain banks [1][2]. Group 1: Systemically Important Banks - A total of 21 domestic systemically important banks have been recognized, including 6 state-owned commercial banks, 10 joint-stock commercial banks, and 5 city commercial banks [1]. - The latest list shows that Zhejiang Commercial Bank has been newly included, while Industrial Bank has been reclassified from the third group to the second group [1][2]. - The banks are categorized into five groups based on their systemic importance scores, with the first group containing 11 banks, the second group 4 banks, the third group 2 banks, the fourth group 4 banks, and no banks in the fifth group [1]. Group 2: Zhejiang Commercial Bank - As of September 2025, Zhejiang Commercial Bank has an asset scale of approximately 3.4 trillion yuan, with capital adequacy ratios of 12.15%, 9.61%, and 8.40% for total capital, tier 1 capital, and core tier 1 capital respectively, all maintaining reasonable levels [2]. - The bank reported an operating income of approximately 48.9 billion yuan and a net profit attributable to shareholders of approximately 11.7 billion yuan for the first three quarters of the previous year [2]. - In the 2025 Global Bank 1000 ranking published by The Banker magazine, Zhejiang Commercial Bank ranked 82nd by tier 1 capital and 75th by total assets, both improving by 2 positions from the previous year [2]. Group 3: Regulatory Framework - Systemically important banks are defined as large, complex institutions with significant interconnections to other financial entities, necessitating stricter regulatory measures to ensure financial stability [2]. - The regulatory framework established in October 2021 mandates additional capital requirements for these banks, ranging from 0.25% to 1.5% based on their group classification [2]. - The authorities plan to enhance macro-prudential management and micro-prudential supervision to ensure the safe and sound operation of systemically important banks, thereby supporting high-quality development of the real economy [3].

Investment Rating - The report assigns a "Buy" rating for the banking sector, indicating an expectation of stock performance exceeding the market by more than 10% over the next 12 months [58]. Core Insights - In 2025, the banking sector's asset growth is projected to be 8.01%, an increase from 6.52% in 2024, driven by factors such as fiscal stimulus, cross-border capital inflows, and the activation of maturing deposits [5][13]. - The report identifies two key cycles affecting asset pricing in banking: the bank expansion cycle and the interest margin cycle, suggesting a comprehensive analysis of these cycles [5][13]. - The debt cycle is characterized as a fundamental aspect of the bank expansion cycle, with a model proposed by Dalio outlining seven stages of a typical debt cycle, which can be influenced by external debt reliance [16][19]. - The report anticipates limited upward space for the debt cycle in 2026, with government leverage expected to increase by 5.89%, lower than the 7.6% projected for 2025 [35][36]. - The banking interest margin cycle is expected to stabilize in 2025, following two complete cycles since 2010, with a correlation observed between bank interest margins and the 30Y-10Y government bond spread [41][45]. Summary by Sections Bank Expansion Cycle - The asset growth rates for different types of banks in 2025 are projected as follows: state-owned banks at 11%, joint-stock banks at 4.74%, city commercial banks at 9.68%, and rural commercial banks at 5.17%, all exceeding the average growth rate [5][13]. - The report emphasizes the importance of understanding the relationship between bank assets and liabilities, highlighting that credit and debt expansion are cyclical and self-reinforcing [15][16]. Debt Cycle Analysis - The report outlines that the current debt cycle, which began in 2022, has lasted 16 quarters, surpassing previous cycles, and indicates a shift in leverage dynamics among enterprises, government, and households [35][36]. - The analysis includes a comparison of deflationary and inflationary debt cycles, noting that the U.S. faces greater inflationary pressures due to higher external debt reliance compared to China [21][19]. Interest Margin Cycle - The report notes that the banking interest margin has experienced significant fluctuations since 2010, with a stabilization phase expected to begin in 2025 [41][45]. - It highlights the impact of loan repricing cycles on interest margins, with a notable decline in loan rates observed in recent years [49][50].

来源：@智通财经APP微博 智通财经2月24日讯（记者 梁柯志） 今年春节期间，针对青少年儿童的金融业务营销活动明显升温。不 仅国有大行和股份制银行积极布局，多家地方性银行亦纷纷入局，相关产品密集上线，引发市场关注。 例如，北京银行微信公众号显示，当客户通过"小京卡"办理三年期定期存款时，利率可达1.75%，较该 行同期限一般存款利率有所上浮；鄞州银行发布公告称，该行推出的"儿童存单"产品中，3年期新客资 金最高可享1.88%的定期存款利率。 智通财经记者从业内了解到，多家银行不惜以相对高息吸引"压岁钱""红包"资金入账，其背后更深层的 意图在于"以小搏大"——从儿童阶段切入，提前培育对银行品牌与服务的忠诚度，抢占家庭零售业务的 入口。 华东某城商行零售业务人士对智通财经表示，国内青少年压岁钱金额长期处于较高水平，多数在万元左 右，甚至达到数万元。如果逐年留存至成年，将是一笔不容忽视的积蓄。此外，近年来青少年权利意识 增强，希望压岁钱实现专款专户管理，这为银行提供了切入家庭资产服务的新契机。 压岁钱权利意识觉醒，金融服务提前介入 广州一位中学生对智通财经表示，以往压岁钱多以现金形式交由父母"用于学习"，但在实 ...