1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The domestic economic fundamentals showed marginal slowdown in industrial growth and social retail in November, with fixed investment in continuous negative growth and stable unemployment. Financial data in November was structurally differentiated, with social financing increment exceeding expectations due to direct financing, but credit continued to weaken, and the demand for long - term corporate investment remained weak. CPI continued to improve, while the decline of PPI widened slightly. Overseas, the US economy maintained resilience with strong consumption, but the job market cooled. The market's expectation of future interest - rate cuts increased. The central bank's monetary policy in the next year will continue the moderately loose tone, but the urgency of short - term interest - rate cuts is low. It is expected that interest rates will continue to fluctuate in the short term [99]. 3. Summary According to the Directory 3.1. Market Review - **Weekly Data**: The 30 - year, 10 - year, 5 - year, and 2 - year Treasury bond futures' main contracts rose by 0.27%, 0.14%, 0.08%, and 0.06% respectively. The trading volume of the TS main contract increased, while the trading volumes of the TF, T, and TL main contracts decreased slightly. The open interest of the TF, T, TS, and TL main contracts all increased [13][16][22][30]. 3.2. News Review and Analysis - **Domestic News**: On December 22, the 1 - year and 5 - year - plus LPR remained unchanged, with cumulative decreases of 10 basis points this year. The National Housing and Urban - Rural Development Work Conference proposed to optimize real - estate policies. The central bank's Monetary Policy Committee meeting in the fourth quarter emphasized maintaining capital - market stability. The Ministry of Finance and other 9 departments formulated the enterprise climate - information disclosure guidelines. The National Development and Reform Commission proposed to regulate the "new three items" industries [33][34]. - **Overseas News**: The US GDP in Q3 2025 increased by 4.3% quarter - on - quarter annually, and consumer spending was the main driving force. Japan's 2026 fiscal - year preliminary budget reached 122.3092 trillion yen, a record high [34][35]. 3.3. Chart Analysis - **Spread Changes**: The spreads between 10 - year and 5 - year, 10 - year and 1 - year Treasury bond yields widened. The spreads between the TF and TS, T and TF main contracts widened. The 10 - year, 30 - year, 5 - year, and 2 - year Treasury bond futures' near - far month spreads all widened [43][49][53][60]. - **Treasury Bond Futures Main - Position Changes**: The net short positions of the top 20 holders in the T Treasury bond futures main contract decreased [67]. - **Interest - Rate Changes**: Overnight and 2 - week Shibor rates decreased, while 1 - week and 1 - month Shibor rates increased. The DR007 weighted average rate rebounded to around 1.52%. The short - end yields of Treasury bond cash bonds were strong, with 1 - 7Y yields decreasing by 1.10 - 6.75bp, and 10Y and 30Y yields decreasing by about 0.5bp to 1.84% and 2.22% respectively. The spreads between Chinese and US 10 - year and 30 - year Treasury bond yields narrowed slightly [69][74]. - **Central Bank's Open - Market Operations**: The central bank conducted 422.7 billion yuan in reverse repurchases and 210 billion yuan in treasury - cash fixed deposits this week, with 457.5 billion yuan in reverse - repo maturities and 120 billion yuan in treasury - cash fixed - deposit maturities, resulting in a net withdrawal of 244.8 billion yuan. The DR007 weighted average rate rebounded to around 1.52% [78]. - **Bond Issuance and Maturity**: This week, the total bond issuance was 983.033 billion yuan, and the total repayment was 1081.165 billion yuan, with a net financing of - 98.132 billion yuan [82]. - **Market Sentiment**: The central parity rate of the RMB against the US dollar was 7.0358, with a cumulative increase of 192 basis points this week. The spread between the offshore and onshore RMB narrowed. The 10 - year US Treasury bond yield decreased slightly, the VIX index decreased, the 10 - year Chinese Treasury bond yield increased slightly, and the A - share risk premium decreased slightly [85][91][96]. 3.4. Market Outlook and Strategy - The domestic economic internal driving force needs to be boosted. The central bank's monetary policy in the next year will continue the moderately loose tone, but the short - term urgency of interest - rate cuts is low. It is expected that interest rates will continue to fluctuate in the short term [99].

12月26日央行开展930亿元7天期逆回购操作 中新网12月26日电 据央行网站消息，2025年12月26日中国人民银行以固定利率、数量招标方式开展了 930亿元7天期逆回购操作。具体情况如下： 来源：中国新闻网 编辑：付健青 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 | | | 逆回购操作情况 | | | --- | --- | --- | --- | | 期限 | 操作利率 | 投标量 | 中标量 | | 7天 | 1.40% | 930亿元 中国人民银行公开市场业务操作室 | 930亿元 | 图片来源：央行网站截图 ...

Summary of Digital Renminbi Conference Call Industry Overview - The conference call focuses on the development and future opportunities of the digital renminbi (e-CNY) in China, highlighting its current status, challenges, and potential reforms. Key Points and Arguments Current Development Status - As of June 2025, the trial transaction amount of digital renminbi has reached 12.4 trillion yuan, with a monthly transaction amount of 894.13 billion yuan in June 2025 [2][1] - The digital renminbi app has facilitated the opening of 218 million personal wallets, widely used in various scenarios such as tax payments, subsidies, retail payments, corporate settlements, government services, and public transportation [2][1] Challenges in Promotion - The issuance mechanism is not smooth, as the digital renminbi is positioned as M0, which limits direct issuance to the public and requires 100% reserve from operating institutions [3][4] - User stickiness is low, with insufficient unique advantages in core payment scenarios leading to infrequent usage compared to third-party payment tools [4][3] - The ecosystem is still underdeveloped, requiring more merchant access, payment terminal proliferation, and enhanced cooperation among financial institutions [4][5] Core Reforms Proposed - The core of the digital renminbi reform involves adjusting the currency level from M0 to M1, optimizing the management system, and establishing economic incentive mechanisms [5][6] - The reform aims to transform digital currency from cash substitutes to a part of the modern monetary system, allowing for more flexibility and innovation among market participants [5][6] Future Ecosystem Participants - Future participants in the digital renminbi ecosystem will include around 20 commercial banks, wallet operators, professional service providers, clearing systems, and end-users [6][5] Impact on Monetary Supply and Credit Activities - Currently, the digital renminbi has a negligible impact on overall monetary supply, with a monthly average balance of approximately 15 billion yuan compared to an M2 balance of about 300 trillion yuan [7][1] - The mechanism may have a contractionary effect on monetary supply, necessitating careful consideration of its potential tightening effects during large-scale promotion [7][1] Transaction-Level Issues - The design of the digital renminbi considers anonymity for user privacy, but this has led to challenges in financial integrity and increased risks of fraud [8][1] - To meet anti-money laundering requirements, a shift towards a strong real-name account system is necessary [8][1] Enhancing Operational Sustainability - To enhance the sustainability of operating institutions, several measures are proposed, including changing the M0 designation to M1, allowing interest on reserves, and enabling loan issuance through digital renminbi [9][1] - The establishment of a management committee and the separation of management and operation are also part of the strategy to improve efficiency [9][1] User Engagement and Experience - Current user engagement is low, with an average of 30 million active personal wallets per month, representing only 20% of total wallets opened [10][1] - To increase user engagement, enhancing user experience through innovative products and services is essential [11][1] Relationship with Other Digital Currencies - The digital renminbi is a central bank digital currency (CBDC) and differs significantly from stablecoins and virtual currencies, which are privately issued and considered illegal financial activities in China [10][1] Future Internationalization and Collaboration - The internationalization of the digital renminbi is a key strategic goal, aiming to reduce cross-border payment costs and enhance its role as an international reserve currency [16][1] - Collaboration with stablecoins is being explored to optimize global financial infrastructure and improve cross-border transaction efficiency [17][1] Additional Important Content - The digital renminbi's transition from M0 to M1 and eventually to M2 signifies its evolution from a payment tool to a more comprehensive financial instrument [13][1] - The potential impact on non-bank payment institutions like Alipay and WeChat Pay could reshape their roles in the payment ecosystem, creating both challenges and opportunities [14][1][15]

12月26日金融一线消息，央行今日开展930亿元7天逆回购操作，投标量930亿元，中标量930亿元，操作 利率为1.40%，与此前持平。 12月26日金融一线消息，央行今日开展930亿元7天逆回购操作，投标量930亿元，中标量930亿元，操作 利率为1.40%，与此前持平。 责任编辑：秦艺 责任编辑：秦艺 | 公开市场业务交易公告 [2025]第252号 | | | | | --- | --- | --- | --- | | 字号 | 文章来源:货币政策同 | 2025-12-20 09:20:30 | | | 打印志页 关闭窗口 | | | | | 2025年12月26日中国人民银行以固定利率、数量招标方式开展了900亿元7天期逆回购操作。具体情况如下: | | | | | 逆回购探作情况 | | | | | 目那只 | 操作利率 | 投标量 | 中标量 | | 930 77 | 930 元元 | 7天 | 1.40% | | 中国人民银行公开市场业务提作室 | | | | ...

Group 1 - The People's Bank of China (PBOC) will conduct a 400 billion MLF operation on December 25 to maintain liquidity in the banking system, with a one-year term [1] - In December, the MLF maintained excess rollover, with a net injection of 100 billion, contributing to a total mid-term liquidity release of 300 billion [1] - The net liquidity injection in December decreased by 300 billion compared to the previous month, indicating a tightening of liquidity in the banking system [1] Group 2 - The PBOC's method of short-term liquidity injection has become fixed, with operations scheduled around the 5th, 15th, and 25th of each month [2] - In 2025, the PBOC's net MLF injection was 11.61 trillion, while in 2024, the net injection was -19.86 trillion [3] - The combination of policy tools has supported stable market operations, with a total net liquidity injection of 49.61 trillion since 2025 [4] Group 3 - The central economic work conference emphasized maintaining ample liquidity, with expectations of increased government bond purchases to counter seasonal liquidity fluctuations [5]

中国人民银行伊春市分行得知后，组织辖区银行机构走进企业，深入项目现场座谈交流。在中国人民银 行伊春市分行的统筹协调下，农业银行伊春市分行迅速入驻企业开展考察评估，一路畅通审批流程，及 时投放2亿元项目贷款，为项目建设注入金融"活水"，保障项目如期竣工、顺利投产。据介绍，该项目 投产后，企业陆续淘汰了原有部分落后工艺装备，每年可减少碳排放5.1万吨，烟气量可降低 30%~40%，节约煤气使用量6000Ｎm³/h。 据了解，2025年中国人民银行伊春市分行对支持建龙西钢发展进行了1次专题部署、组织开展2次现场走 访、推动银行机构完成了2轮全面对接，下沉金融服务资源，探索差异化支持方案，农业银行伊春市分 行等8家银行机构为企业提供贷款29.33亿元，有力地支持了企业绿色化转型。 建龙西钢仅是金融支持绿色转型升级的一个侧面，为全面推动绿色金融赋能伊春高质量发展，中国人民 银行伊春市分行牵头构建多维发力、协同推进的绿色金融发展体系。政策层面，印发5项专项文件搭建 发展路线图，推动成立市级工作专班统筹推进，建立信息共享机制提升服务效能，为绿色金融发展筑牢 制度根基。银企对接上，编制绿色企业和项目名录，搭建全链条支持体系， ...

Core Viewpoint - The People's Bank of China and eight other departments jointly released the "Opinions on Financial Support for Accelerating the Construction of the Western Land-Sea New Corridor," emphasizing a development approach that integrates logistics, trade, and industry [1][2] Group 1: Key Measures - The "Opinions" propose 21 key measures focusing on six areas: improving organizational collaboration, enhancing financial services, optimizing cross-border fund settlement, supporting digital transformation in financial services, promoting financial openness, and strengthening financial risk prevention [1] - The measures aim to optimize the financial service system for the land-sea new corridor and enhance financial support for the real economy in the corridor's regions [1] Group 2: Implementation Strategy - The People's Bank of China will work with relevant departments to ensure the implementation of the proposed measures, aiming to elevate the financial service capabilities of the land-sea new corridor [1] - There will be a focus on strengthening collaboration between financial and industry sectors, encouraging fiscal-financial cooperation, and supporting financing and financial innovation in key areas and weak links of corridor development [2]

Core Viewpoint - The People's Bank of China (PBOC) has introduced a set of 21 key measures to support the high-quality development of the Western Land-Sea New Corridor, focusing on expanding the use of the Renminbi in cross-border transactions [1][2] Group 1: Key Highlights of the Opinion - The Opinion emphasizes regional collaborative development as a primary focus [1] - It aims to strengthen institutional innovation for open finance [1] - The initiative includes enhancing digital intelligence capabilities [1] - It promotes open leadership in financial practices [1] Group 2: Digital Currency Initiatives - The Opinion outlines the advantages of digital Renminbi in payment and settlement, highlighting its low-cost and programmable features [2] - It proposes the exploration of digital Renminbi smart contracts to create innovative solutions for various financial applications [2] - The plan includes expanding the cross-border application of digital Renminbi to reduce costs and improve efficiency in corridor payments [2]

Core Viewpoint - The People's Bank of China and several government agencies have jointly issued guidelines to enhance financial support for the construction of the Western Land-Sea New Corridor, focusing on infrastructure, logistics efficiency, industrial development, and inclusive financial services [1][2][3]. Group 1: Infrastructure Support - The guidelines emphasize strong financial backing for infrastructure projects, including railways and ports, which are crucial for the corridor's strategic function. Innovative financial support models and products will be developed to meet the diverse financing needs of various operational entities [1]. - A specific fund will be established in Chongqing to aggregate capital from domestic and international sources, facilitating equity and debt financing to address funding challenges for infrastructure and cross-regional industrial development [1]. Group 2: Logistics Efficiency - The initiative aims to enhance logistics efficiency through financial innovation, focusing on cross-border settlement and financing services. This includes the development of specialized financial products to alleviate issues such as financing difficulties and slow settlement processes for enterprises [2]. - A multi-city joint transport financial insurance service will be accelerated, allowing for streamlined logistics operations and enabling goods in transit to be used as collateral for financing, thereby improving credit accessibility for logistics and foreign trade enterprises [2]. Group 3: Industrial Development - Financial institutions are encouraged to support the development of pillar industries, specialty industries, and strategic emerging industries along the corridor, promoting a transformation towards a "logistics + trade + industry" economic model [2]. - A comprehensive credit service system will be established for industrial parks along the corridor, integrating various financial services to provide tailored solutions for projects and enterprises, fostering new business models that combine industry and finance [2]. Group 4: Inclusive Financial Services - The guidelines support the development of specialized financial products for small and micro enterprises in the trade sector, which are vital for the corridor's operation. This will significantly enhance the timeliness and convenience of financing for these businesses [3]. - The initiative aims to ensure smooth operations along the logistics nodes, promoting the growth of small and micro enterprises that contribute to the corridor's efficiency [3].

Core Viewpoint - The People's Bank of China held a press conference to discuss financial support for accelerating the construction of the Western Land-Sea New Corridor, highlighting the importance of the pilot program for railway transport document financial services in supporting cross-border trade development [1][2]. Group 1: Financial Support Initiatives - The pilot program for railway transport document financial services is a crucial part of both domestic and foreign trade financial services, aimed at helping enterprises explore diverse markets and develop land trade [1][2]. - Since the pilot's launch, relevant provinces and financial institutions have made significant progress, including the improvement of the product system to better meet enterprises' financial needs and provide more support and benefits [1][2]. Group 2: Future Directions - Financial regulatory authorities will continue to strengthen policy guidance and regulatory oversight to promote railway transport document financial services as a distinctive financial product for trade development, thereby better supporting enterprise operations [1][2].