消费贷贴息政策持续加码！1月20日，财政部、中国人民银行、金融监管总局三部门联合印发通知，明 确优化实施个人消费贷款财政贴息政策。新政发布后，多家银行迅速响应，密集发布实操细则与答疑指 引，部分机构同步开启信用卡分期贴息补申请通道，确保政策红利快速落地。 1月22日，北京商报记者梳理发现，目前已有工商银行、农业银行、中国银行、建设银行、交通银行、 邮储银行、招商银行、浦发银行、民生银行、兴业银行、平安银行等多家机构发文，对相关贴息服务落 地安排进行介绍和答疑。 从贴息期限来看，个人消费贷款贴息周期为2025年9月1日至2026年12月31日；信用卡账单分期贴息期则 为2026年1月1日至12月31日。 支持范围的扩容更是此次新政的核心亮点。新政首次将信用卡账单分期纳入贴息范畴，执行1个百分点 的年贴息比例；同时全面取消原政策中对消费领域的限制性条款。 针对具体业务操作，多家银行明确，在此前已签订消费贷款贴息服务协议的客户无需重新签署。工商银 行表示，对于2025年已签订个人消费贷款贴息协议的客户，将自动适用最新财政贴息政策（包括个人消 费贷款与信用卡账单分期），无需重新签订协议；中国银行称，为最大程度便利客户 ...

贴息标准提高、期限延长 财政部、金融监管总局、中国人民银行联合印发《关于优化实施个人消费贷款财政贴息政策有关事项的 通知》后，相关经办银行及时发布公告，回答客户关心的问题。 "信用卡也可以享受贴息了！"近日，不仅个人消费贷款贴息政策期限延长了，信用卡账单分期同样被纳 入贴息范围中。 对于不会特意申请某款消费贷产品、更多通过信用卡预支一定金额消费的群体来说，这次的优化政策将 使信用卡分期成为他们的首选。 多家经办银行已在各渠道发布公告，详细介绍有关个人消费贷款贴息服务的具体细节，并就"如何申请 信用卡账单分期贴息"问题作出解答。 为最大程度便利客户，中国银行明确，已完成贴息申请的贷款无须重新签署贴息协议，自2026年1月1日 起发生的消费交易，将自动适用最新财政贴息政策。 中国邮政储蓄银行也提醒，客户在该行办理个人消费贷款或账单分期享受贴息后，可通过短信消息、邮 储银行手机银行APP等方式知晓享受财政贴息的具体情况，不需要其他额外操作。 信用卡账单分期年贴息比例为1个百分点 本次政策优化的亮点之一在于将信用卡账单分期业务纳入支持范围，年贴息比例为1个百分点。 本次政策优化的主要内容之一是提高贴息标准——取消单笔 ...

Group 1 - The core viewpoint of the article indicates that the state-owned large bank sector experienced a decline of 1.3% on January 22, with Agricultural Bank leading the drop [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - The trading volume and turnover for major state-owned banks are detailed, showing varying performance among individual banks [1] Group 2 - Agricultural Bank's stock price fell by 2.16% to 6.81, with a trading volume of 476.51 million shares and a turnover of 32.60 billion [1] - The net outflow of main funds from the state-owned large bank sector was 209 million, while retail investors saw a net inflow of 38.81 million [1] - The table shows the net inflow and outflow of funds for individual banks, highlighting the performance of each bank in terms of main, retail, and speculative funds [2]

融资景气度保持平稳 分维度来看，12月，融资景气度指数为54.82点，较11月下降0.01点。信贷规模持续增长，融资成本 维持在历史低位，信贷结构优化趋势显著。中国人民银行数据显示，2025年全年新增贷款16.27万亿 元，适度宽松的货币政策发力显效，企业和居民有效信贷需求持续释放。其中，企（事）业单位贷款新 增15.47万亿元，金融服务精准对接了企业需求，科技、绿色、普惠、养老产业和数字经济产业等重点 领域贷款都保持了两位数增长。 经营景气度温和回升 12月，经营景气度指数为48.44点，较11月上升0.16点。12月制造业PMI、非制造业PMI、综合PMI 均升至扩张区间，市场主体经营活力增强，为上下游小微企业带来订单增量。同时，12月全国居民消费 价格指数同比上涨0.8%，一定程度上改善了企业的盈利预期，提振了市场信心。在政策红利持续释放 与市场内生动力逐步修复的双重驱动下，小微企业的经营韧性正逐步增强。 行业景气度：九大行业6升3降 2025年12月，普惠金融-景气指数达49.48点，较11月上升0.12点，高于去年同期0.61点。融资端政 策效能持续释放，金融支持精准有效，信贷规模稳步增长，为小微企 ...

Core Viewpoint - HSBC Holdings is facing a critical technical test as it approaches resistance levels, with mixed signals indicating potential short-term downward pressure [1][2]. Technical Analysis - On January 21, HSBC closed at HKD 128.2, a slight decline of 0.16%, with a trading volume of HKD 9.17 billion, showing no abnormal spikes in volume [1]. - The RSI indicator recorded at 69, nearing the overbought zone, suggests that previous upward momentum is waning, increasing short-term correction pressure [1]. - Moving averages (MA10, MA30, MA60) are at HKD 126.69, HKD 121.88, and HKD 115.50 respectively, indicating a bullish arrangement; however, the overall technical summary signals a "sell" rating with a strength of 10, alongside multiple oscillators maintaining a "neutral" stance [1]. - The banking sector showed weak performance on the same day, with Standard Chartered down 1.09% and Bank of China (Hong Kong) up 0.97%, but with conflicting technical signals [1]. Market Sentiment - As of January 22, HSBC's latest price is HKD 128.6, reflecting a 0.31% increase, with resistance levels at HKD 132.2 and HKD 136.3, indicating a challenging short-term breakthrough [2]. - The first support level is at HKD 124.3 and the second at HKD 120.1; a drop below the first support could lead to testing the stronger support below [2]. Product Review - A review of HSBC-related derivatives from January 16 shows notable performance, with a 5% increase in a bearish product and an 8% increase in a put option, highlighting the effectiveness of bearish products during stock fluctuations [4]. - Two differentiated products are recommended: 1. Bank of China call option (22630) with an actual leverage of 8.3 times, suitable for investors expecting long-term growth [6]. 2. UBS bear certificate (68187) with a leverage of 9.4 times, aligning with current bearish technical signals, suitable for short-term bearish investors [6].

Core Insights - The Inclusive Finance Prosperity Index reached 49.48 points in December 2025, an increase of 0.12 points from November and 0.61 points higher than the same period last year, indicating a stable financial support for small and micro enterprises [1] Financing Dimension - The financing prosperity index stood at 54.82 points in December, a slight decrease of 0.01 points from November, with continuous growth in credit scale and historically low financing costs [2] - In 2025, new loans totaled 16.27 trillion yuan, with corporate loans accounting for 15.47 trillion yuan, reflecting effective credit demand from enterprises and residents [2] Operating Dimension - The operating prosperity index increased to 48.44 points in December, up by 0.16 points from November, with manufacturing and non-manufacturing PMIs indicating expansion [3] - The consumer price index rose by 0.8% year-on-year in December, improving corporate profit expectations and boosting market confidence [3] Industry Prosperity - Among nine major industries, six showed an increase in operating prosperity, particularly in agriculture and transportation due to seasonal demand, while three industries experienced a decline [6] - The real estate sector showed some improvement, while industrial, construction, and wholesale retail sectors saw a decrease in operating prosperity [6] Regional Prosperity - Among seven regions, three experienced an increase in operating prosperity, specifically Northeast, South China, and Southwest regions, while four regions saw a decline [7] - The indices for North China, East China, Central China, and Northwest regions were lower, indicating regional disparities in economic performance [7]

Investment Rating - The report provides a "Buy" rating for all major banks analyzed, indicating a positive outlook for the banking sector [7]. Core Insights - The digital renminbi has entered its 2.0 era, transitioning from a central bank liability (M0) to a commercial bank liability (M1), allowing it to earn interest and be included in deposit insurance and reserve requirements [6][14]. - This transformation positions China as the first economy to offer interest on its central bank digital currency (CBDC), fundamentally altering its monetary attributes and creating a new financial paradigm in the digital economy [27]. - The digital renminbi's interest-bearing feature enhances user motivation to hold it, shifting its perception from a mere payment tool to a viable store of value, thus promoting its integration into everyday financial activities [27][28]. Summary by Sections 1. Digital Renminbi 2.0 Era - The digital renminbi (e-CNY) is now classified as a digital deposit currency, which can earn interest and is managed under a new regulatory framework [14]. - Major state-owned banks have begun offering interest on digital renminbi wallet balances, marking a significant shift in its utility and appeal [14][27]. 2. Development Progress and Application Status - The development of the digital renminbi began in 2014, with significant milestones including pilot tests in various cities and the establishment of a comprehensive operational framework by 2025 [32][33]. - As of November 2025, the digital renminbi has processed 34.8 billion transactions amounting to 16.7 trillion yuan, with extensive coverage across multiple provinces and cities [37]. 3. Global CBDC Development Trends - The report identifies three main trends in global CBDC development: active retail CBDC initiatives, innovation in payment systems, and cautious approaches in some countries like the U.S. [6]. - China's proactive stance in developing its CBDC positions it favorably in the global digital economy landscape, particularly in cross-border trade applications [30].

Core Viewpoint - The People's Bank of China has implemented a series of structural monetary policy measures, including a rate cut and increased loan quotas, to support enterprises in seizing opportunities and advancing their operations [1]. Group 1: Structural Monetary Policy Measures - Starting January 19, the People's Bank of China reduced the re-lending and re-discount rates by 0.25 percentage points, leading to significant cost savings for companies [2]. - The new rates for re-lending to support agriculture and small enterprises are set at 0.95%, 1.15%, and 1.25% for 3-month, 6-month, and 1-year terms, respectively, with a re-discount rate of 1.5% [2]. - The structural rate cut is expected to lower the financing costs for key sectors, enhancing the incentive for commercial banks to lend at lower rates [3]. Group 2: Impact on Enterprises - Companies like Changfei Advanced Semiconductor have benefited from lower loan rates, saving approximately 4.45 million yuan annually, which allows for accelerated project development [2]. - The total quota for re-lending aimed at technological innovation and transformation has been increased to 1.2 trillion yuan, expanding support to consumption, elderly care, and carbon reduction initiatives [4]. - Financial institutions are actively engaging with enterprises to ensure that the benefits of these policies reach them effectively, with significant loan support already provided to tech companies [4]. Group 3: Support for Private Enterprises - A dedicated quota of 1 trillion yuan for private enterprise re-lending has been established, which is expected to further reduce loan rates for these businesses [6]. - The average loan rate for a private enterprise is projected to decrease to 3.2%, resulting in interest savings of approximately 25,000 yuan [6]. - Recent measures aim to enhance the financing environment for private enterprises, encouraging innovation and investment, thereby stimulating economic recovery [6].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 本公告僅供參考之用，並不構成收購、購買或認購任何證券的邀請或要約。本公告不構成或形成任何要約購買在 美國銷售的證券的一部分。除非另有規定，任何根據計劃（定義見下文）將予發行的票據將不會根據經不時修訂之 1933年美國聯邦證券法（「證券法」）進行登記，而且不得在未登記或獲豁免遵守證券法的登記規定的情況下於美國 境內或向任何美國人士（定義見證券法）或出於美國人士的利益進行發售或出售。將不會在美國進行證券的公開發 售。 於香港聯合交易所有限公司 上市之通告 20,000,000,000美元全球中期票據計劃 安排行和交易商 中國工商銀行股份有限公司 INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED （於中華人民共和國註冊成立的股份有限公司） 股份代號：1398 * 由中國工商銀行股份有限公司通過其相關持牌附屬機構執行。 中國工商銀行* 中國工商銀行股份有限公司已向香 ...

本公告不構成或形成任何要約購買在美國銷售的證券的一部分。除非另有規定，任何根據計劃（定義見下文）將予 發行的票據（「票據」）將不會根據經不時修訂之1933年美國聯邦證券法（「證券法」）進行登記，而且不得在未登記或 獲豁免遵守證券法的登記規定的情況下於美國境內或向任何美國人士（定義見證券法）或出於美國人士的利益進行 發售或出售。將不會在美國進行證券的公開發售。 香港投資者謹請注意：本行確認票據擬僅供專業投資者（定義見上市規則第37章）（「專業投資者」）購買，計劃已按 該基準於香港聯合交易所有限公司上市，並且將於香港聯合交易所有限公司上市的票據亦將按該基準於香港聯合 交易所有限公司上市。據此，本行確認票據不適合作為香港零售投資者之投資。投資者應審慎考慮所涉及的風險。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 本公告及隨附的上市文件乃按香港聯合交易所有限公司證券上市規則（「上市規則」）規定刊發僅供參考之用，並不 構成收購、購買或認購任何證券的邀請或要 ...