Core Viewpoint - The Xinjiang Production and Construction Corps' Business Bureau has facilitated a 100 million yuan cross-border financing for a company investing in neighboring countries, marking a significant step in addressing the financing challenges faced by small and medium-sized private enterprises in overseas projects [1] Group 1: Financing Initiatives - The financing of 100 million yuan is the first export buyer's credit withdrawal for a subsidiary in Uzbekistan, showcasing a successful case for solving the overseas financing difficulties of private enterprises [1] - This project represents the first self-approved and disbursed export buyer's credit commercial project by the Industrial and Commercial Bank of China Xinjiang Branch [1] Group 2: Collaborative Efforts - The initiative involved collaboration between the Industrial and Commercial Bank of China Xinjiang Branch and the China Export Credit Insurance Corporation Xinjiang Branch, highlighting effective coordination in cross-border trade and international finance [1] - The project utilizes a linked model of buyer's credit, overseas investment insurance, and export trade insurance, demonstrating a comprehensive support system for integrated agricultural projects [1] Group 3: Market Expansion - The financing initiative supports the expansion of advantageous agricultural products and technologies from the Xinjiang Production and Construction Corps into international markets, reflecting a successful practice in deepening international capacity cooperation [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 财通资管量化选股股票型发起式证券投资基金基金合同全文和招募说明书全文于2026年1月19日在本公 司网站（www.ctzg.com）和中国证监会规定网站披露，供投资者查阅。如有疑问可拨打本公司客服电话 （400-116-7888）咨询。 本基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证本基金一定盈利，也不 保证最低收益。请充分了解本基金的风险收益特征，审慎做出投资决定。 特此公告。 财通证券资产管理有限公司 2026年1月19日 财通资管量化选股股票型 发起式证券投资基金基金份额 发售公告 [重要提示] 1、财通资管量化选股股票型发起式证券投资基金（以下简称"本基金"）的募集申请经中国证监会2025 年12月19日证监许可【2025】2837号文准予注册。中国证券监督管理委员会（以下简称"中国证监会"） 对本基金的注册并不代表中国证监会对本基金的风险和收益做出实质性判断、推荐或者保证。 2、本基金的基金类型为股票型证券投资基金，本基金的运作方式为契约型、开放式。 3、本基金管理人为财通证券资产管理有限公司（以下简称"本公司"或"基金管理人 ...

报告导读： AI应用板块迎来催化，带动金融科技板块上涨。细分行业方面：九方智投收购完 成，金融IT系统持续升级，大模型基准相继落地。 2026/1/4-2026/1/16，金融科技涨幅7.4%，港股金融科技指数上涨6.95%。 金融信息服务和金融IT涨幅在金融科技指数中表现突出，主因AI应用板块迎来催 化，AI在金融领域的应用标的受益。 金融科技IT持续升级，市场运行稳定性强化。 金融IT领域银联商务携手工商银行以数币智能合约赋能养老金融；华为与交通银行合作推动金融运维迈入人机 协同 "对话新时代"；金融信息服务行业合规监管持续趋紧，沪深北交易所将融资保证金最低比例从 80% 提至 100%，防范市场杠杆风险，证监会强调 "稳字当 头"，以防范风险；第三方支付央行发布《反洗钱特别预防措施管理办法》，强化风控与违法打击，财付通下调微信零钱提现最低收费至0.01元/笔，优化用户 体验；消费金融：大连金州联丰村镇银行因多项严重违规被吊销金融许可证，属地方首例因贷款业务不审慎的吊销处罚，凸显行业严监管常态化。 以上内容节选自国泰海通证券已发布的证券研究报告。 报告名称： AI应用加速落地，利好金融科技板块 ；报告日期 ...

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - The pressure on CDs to "increase prices for volume" is relatively controllable, and there's no need to overly worry about banks' liability - side. Despite a significant increase in CD maturities this week and short - term fluctuations in capital prices, CDs did not "increase prices for volume", indicating a strong continuation of long - term bank deposits after maturity. The current capital frictions are mainly short - term, such as new share subscriptions on the Beijing Stock Exchange and delayed reverse repurchase placements. The central bank actively smoothed out capital fluctuations, and CDs are expected to fluctuate around 1.65% with limited price - increasing pressure [2][46]. 3. Summary According to the Table of Contents Supply: Net financing declines, and the term structure lengthens - This week (January 12 - January 18), CD issuance was 553.58 billion yuan, with a net financing of - 254.88 billion yuan (compared to - 153.30 billion yuan from January 5 - January 11). The issuance proportion of state - owned banks decreased from 19% to 18%, while that of joint - stock banks increased from 11% to 14%, city commercial banks from 44% to 57%, and rural commercial banks from 7% to 9%. The 1M CD issuance proportion dropped from 26% to 8%, while the 3M, 6M, and 9M proportions increased. The weighted issuance term of CDs lengthened to 7.70 months (previously 7.45 months) [2][5]. - Next week (January 19 - January 25), the maturity scale will decline to 681.57 billion yuan, a weekly reduction of 123.80 billion yuan. Maturities are mainly concentrated in state - owned, joint - stock, and city commercial banks. In terms of term, the 3M, 6M, and 1Y CDs have higher maturity amounts, at 163.34 billion yuan, 174.02 billion yuan, and 266.28 billion yuan respectively [2][5]. Demand: Small and medium - sized banks and insurance companies are the main secondary - market allocators, and the primary - market subscription rates vary - In the secondary market, large - scale banks had a net purchase of 26.76 billion yuan this week, small and medium - sized banks had a net purchase of 97.621 billion yuan, wealth management shifted from a net sale of 2.412 billion yuan to a net purchase of 10.777 billion yuan, and money market funds' net sales increased from 57.166 billion yuan to 137.391 billion yuan [2][14]. - In the primary market, the overall market subscription rate (15DMA) decreased from 88% to 87%. Among different institutions, the subscription rate of city commercial banks increased from 81% to 82%, that of joint - stock banks decreased from 89% to 84%, and that of state - owned banks remained at 91% [2][14]. Valuation: The primary - market pricing of CDs shows a divergent trend, and most of the secondary - market pricing declines - In primary - market pricing, the weighted issuance rate of 1Y state - owned bank CDs remained around 1.62%. Specifically, the 1M variety decreased by 9bp, the 3M increased by 3bp, the 6M increased by 1bp, and the 9M and 1Y remained unchanged. The 1Y - 3M term spread of joint - stock banks decreased by 5bp, at the 9% historical quantile. The 1Y credit spread between city commercial banks and joint - stock banks widened from 8.88BP to 9.46BP, at around the 12% quantile, while that between rural commercial banks and joint - stock banks narrowed from 16.17BP to 7.33BP, also around the 12% quantile [2][17]. - In secondary - market yields, most yields of AAA - rated CDs declined. The 1M, 6M, 9M, and 1Y varieties each decreased by 1BP compared to last week, the 3M remained unchanged, and the 1Y remained at the 2% historical quantile since 2019. The 1Y - 3M term spread of AAA - rated CDs remained at the 11% historical quantile [2][29]. Comparison: The spread between CDs and treasury bonds widens - The spread between the 1Y AAA - rated CD yield and the DR007:15DMA capital spread narrowed from 12.32BP to 8.91BP, and the spread with the R007:15DMA capital spread narrowed from 1.56BP to - 0.52BP. The 1Y treasury bond yield decreased by 4.63BP, and the spread between CDs and treasury bonds widened from 34.38BP to 38.26BP, with the quantile rising to around 39%. The spread between CDs and China Development Bank bonds narrowed from 5.46BP to 3.08BP, with the quantile dropping to around 2%. Additionally, the spread between AAA medium - and short - term commercial paper and CDs widened from 6.13BP to 7.36BP, with the quantile rising to around 34% [2][34].

Core Insights - The global stock market experienced slight fluctuations this week, with US markets showing a minor decline while non-US markets overall increased [3][4]. - The Hong Kong Hang Seng Index rose by 2.34%, leading global markets [4]. - A-shares also saw an overall increase this week, reaching a rating of 3 stars [5][6]. Group 1: Market Signals - A-shares have shown signs typical of the later stages of a bull market, including a significant single-day subscription exceeding 100 billion yuan for stock funds on January 12 [8]. - On January 14, major exchanges announced an increase in the margin requirement from 80% to 100%, aimed at curbing leveraged investments in A-shares [9][10]. - Between January 14-16, several large ETFs experienced substantial net outflows, amounting to hundreds of billions, indicating potential profit-taking by institutional investors [11][12]. Group 2: Valuation Comparisons - As of 2024, A-shares and Hong Kong stocks were valued approximately 50% lower than the global market at a rating of 5.9 stars [20]. - Since then, A-shares and Hong Kong stocks have surged by 50-60%, outperforming the global stock market, which saw a rise of about 30% [21][22]. - The global stock index currently stands at around 23.3 times earnings, with A-shares' valuation closely approaching this level [23][24]. Group 3: Investment Strategies - The current overall valuation of A-shares and Hong Kong stocks is not considered cheap, suggesting that while there are some undervalued options, large capital investments in stock funds may not be advisable [16][17]. - Active selection and index enhancement funds have completely suspended subscriptions at the current 3-star rating, with plans to reopen once ratings reach 4-5 stars [18]. - The company has introduced a "Global Index Advisory Portfolio" that diversifies investments across multiple stock markets, including US, UK, Hong Kong, and A-shares [35]. Group 4: New Publications - The company has launched a new book titled "Dividend Index Fund Investment Guide," which quickly became a bestseller on major platforms [40]. - This book aims to address common investor questions regarding dividend-related products and is designed to be accessible for beginners [42].

Investment Rating - The industry rating is maintained at "Overweight" [7][36] Core Views - The recent structural policy tool interest rate cut aims to stabilize bank funding costs, with a reduction in various relending rates from 1.5% to 1.25% and an increase in the scope and amount of structural tools [6][33] - The total relending quota for supporting agriculture and small enterprises has been increased by 500 billion yuan, with a separate quota of 1 trillion yuan for private enterprises [33] - The relending quota for technological innovation and transformation has been raised by 400 billion yuan to 1.2 trillion yuan, expanding support to private SMEs with high R&D investments [33] - The balance of structural policy tools is expected to be 5.9 trillion yuan by March 2025, with the interest rate cut of 0.25% anticipated to impact commercial banks' funding costs by approximately 0.4 basis points [33] Summary by Sections Market Review - The banking index has decreased by 3.03% from January 12, 2025, to January 18, 2026, underperforming the CSI 300 index by 2.46 percentage points [11] - The performance of different bank categories shows large banks down by 2.20%, joint-stock banks down by 4.08%, city commercial banks down by 2.40%, and rural commercial banks down by 2.20% [11] Investment Recommendations - The report suggests focusing on state-owned banks with stable asset deployment and joint-stock and regional banks with growth potential amid economic recovery [9][36] - Recommended banks include Industrial and Commercial Bank of China, Bank of China, CITIC Bank, Jiangsu Bank, Shanghai Rural Commercial Bank, Chongqing Rural Commercial Bank, and Suzhou Bank [9][36]

数字人民币存款新规：告别"数字现金"，拥抱生息时代 2026年1月16日，各商业银行数字人民币账户的最新利息政策正式公布，标志着数字人民币发展历程中 的一个重要里程碑。从2026年1月1日起，数字人民币不再仅仅是现金的电子化替代品，而是正式步入了 一个崭新的"生息"时代。 此前，数字人民币被定位为M0，即流通中的现金，因此不具备产生利息的功能。但随着新规的实施， 实名制数字人民币钱包中的余额，将开始按照一定利率计息，并纳入存款保险制度的保障范围，最高赔 付额度为人民币50万元，大大提升了用户的资金安全感。 聚焦当前：活期计息，稳健起步 目前，数字人民币钱包余额主要以活期存款的形式计息，暂未推出定期存款产品。用户钱包中的数字人 民币，将默认按照活期存款利率进行计息。 当前，数字人民币钱包余额的年化利率为0.05%，与传统银行活期存款的挂牌利率保持一致。这部分利 息的运作模式是：运营银行（例如中国工商银行、中国建设银行、中国邮政储蓄银行等）将用户存入的 数字人民币向中央银行缴纳准备金，然后通过自主的资产负债管理，最终将利息支付给用户。 3. 结息方式： 数字人民币的结息方式与普通活期存款基本一致。每季度末月的20 ...

Core Viewpoint - The article discusses the significant decline in large-denomination certificate of deposit (CD) interest rates, with many banks offering rates below 1% for one-year and shorter products, while a substantial amount of deposits, approximately 75 trillion yuan, is set to mature in 2026, leading to a "deposit migration" trend among savers [3][10]. Group 1: Interest Rate Trends - Large-denomination CD rates are rapidly entering the "0% era," with most banks' new one-year and shorter products falling below 1%, and three-year rates generally below 2% [3][4]. - The trend towards shorter-term products is evident, with five-year options nearly disappearing, and some banks raising minimum deposit requirements to 1 million yuan [4][6]. - The average interest rates for various terms have dropped significantly, with the average rate for three-month deposits at 0.944% and one-year deposits at 1.277% as of September 2025 [8]. Group 2: Deposit Maturity and Migration - An estimated 75 trillion yuan of residential fixed-term deposits will mature in 2026, with a notable increase in the amount maturing compared to 2025 [10][11]. - Many savers are opting to transfer their funds from large banks to smaller banks, which typically offer slightly higher rates, rather than moving to equity markets [11][12]. - Younger savers are creatively splitting their deposits among different banks to take advantage of promotional offers, likening it to a game [12]. Group 3: Bank Strategies to Retain Deposits - In response to the pressure of deposit outflows, banks are launching various initiatives to retain funds, including temporarily raising interest rates to around 2% and enhancing customer service through personalized strategies [13][14]. - Some banks are offering promotional products with rates above 2% to attract new customers, while others are implementing pre-reminder mechanisms and tailored renewal plans for existing customers [16][17]. - The focus has shifted from merely selling products to deepening customer relationships and providing precise recommendations based on competitive analysis of deposit rates [17].

Core Viewpoint - The large-denomination certificate of deposit (CD) rates are rapidly approaching the "0% era," with many banks offering rates below 1% for products with a maturity of one year or less, and three-year rates generally below 2% [1][3][6] Group 1: Interest Rate Trends - The majority of banks have seen one-year and shorter-term CD rates drop below 1%, with some even lower than the yields of money market funds [1][3] - The average interest rates for various terms have significantly decreased, with one-year rates mostly below 1.5% and three-year rates not exceeding 2% [3][6] - The average interest rate for bank deposits across all terms fell below 2% as of September 2025, with three-month rates at 0.944% and one-year rates at 1.277% [6][8] Group 2: Deposit Maturity and Customer Behavior - Approximately 75 trillion yuan of deposits are set to mature in 2026, with a notable increase in the volume of one-year and longer-term deposits maturing [9][10] - Many depositors are opting to transfer their funds between banks rather than moving to equity markets, seeking slightly higher yields from smaller banks [10][11] - Younger depositors are creatively diversifying their funds across multiple banks to take advantage of promotional offers [11] Group 3: Bank Strategies to Retain Deposits - In response to the pressure of deposit outflows, banks are implementing various strategies, including temporarily raising interest rates to around 2% to attract and retain funds [1][15] - Some banks are enhancing customer service and offering tailored solutions to improve customer retention, such as pre-reminder mechanisms and personalized renewal plans [16] - Marketing campaigns and customer engagement activities are being intensified to maintain deposit levels, with some banks offering rewards based on asset growth [15][16]

Core Viewpoint - The banking sector is facing a "deposit defense war" as large deposit certificate rates are rapidly declining, with many banks offering rates below 1% for one-year products and below 2% for three-year products, while a significant amount of deposits is set to mature in 2026 [1][2][3][8]. Group 1: Deposit Rate Trends - The trend of large deposit certificates is shifting towards shorter terms, with most banks now promoting products with a maturity of one year or less, while five-year products are nearly extinct [2][3]. - The average interest rates for newly issued one-year and shorter large deposit certificates have dropped below 1%, with many three-year products not exceeding 2% [3][5]. - The interest rates for large deposit certificates from major banks, such as Industrial and Commercial Bank of China and Agricultural Bank of China, have significantly decreased, with one-month and three-month rates at 0.9% [4][5]. Group 2: Deposit Maturity and Customer Behavior - Approximately 75 trillion yuan of deposits are expected to mature in 2026, with a notable increase in the amount of one-year and longer-term deposits maturing compared to 2025 [8][11]. - Many depositors are opting for "cross-bank transfers" rather than moving to equity markets, seeking better rates from smaller banks, which often offer rates higher than those of larger banks [9][10]. - A survey indicated that a significant portion of depositors plan to renew their deposits, with expectations of renewal rates varying between 20% to 60% [11]. Group 3: Bank Strategies to Retain Deposits - In response to the pressure of deposit outflows, banks are implementing various strategies, including temporarily raising interest rates to around 2% to attract and retain funds [1][13]. - Some banks are enhancing customer service through personalized strategies and promotional activities to increase customer loyalty and retention [13][14]. - Regional banks are focusing on improving service processes, such as establishing pre-reminder mechanisms for maturing deposits and offering tailored renewal plans [14].