中新社北京1月16日电 (陶思阅)根据当前经济金融形势需要，中国央行打开政策"工具箱"，宣布推出八 项结构性货币政策措施，并透露今年降准降息"还有一定空间"。后续政策怎么走，受到市场高度关注。 此番结构性货币政策措施包括：下调各类结构性货币政策工具利率0.25个百分点，单设额度1万亿元(人 民币，下同)的民营企业再贷款，下调商业用房购房贷款最低首付比例至30%等。这套"组合拳"旨在提 高银行重点领域信贷投放的积极性，进一步助力经济结构转型优化。 面对市场的流动性需求，中国央行并未直接调整公开市场操作利率，而是下调各类结构性货币政策工具 利率。分析认为，这种结构性"降息"虽非全面降息，但其信号意义不容忽视。 "结构性货币政策工具利率下调，将直接降低银行从中国央行获取再贷款资金的成本，激励银行以更低 的利率向科技创新、绿色转型等重点领域发放贷款，降低实体经济综合融资成本。"招联首席研究员董 希淼说。 中信证券研究团队认为，考虑到当前的金融市场环境，中国央行以结构性"降息"和对全面降息的积极表 态，兼顾了稳定市场预期和避免推升金融泡沫的目标。 本轮结构性"降息"计划于1月19日落地。市场将继续关注，全面降准降息还有 ...

Group 1 - The core viewpoint of the articles highlights that both Pudong Development Bank and CITIC Bank have successfully surpassed the 10 trillion yuan asset threshold, expanding the "10 trillion asset club" in China's banking industry to 10 members, which includes six major state-owned banks and four national joint-stock banks [1] - The total asset scale of the 10 banks now accounts for 60% of the entire banking industry, indicating a growing concentration of resources among leading institutions [1] - Chen Guowang, director of the Financial Industry Research Institute, noted that the significant changes in asset scale among banks have created a clear disparity with the classification standards established in 2015, which need to be updated to better reflect the current industry landscape [2] Group 2 - The classification standards for banks, established in 2015, categorize institutions based on asset size, but the threshold for large banks is no longer applicable as multiple institutions have surpassed the 10 trillion yuan mark [2] - The current classification includes various types of banks, such as policy banks, state-owned commercial banks, joint-stock banks, urban commercial banks, rural small banks, and private banks, indicating a diverse banking landscape [2] - Chen Guowang suggests that the asset scale classification standards should be revised to adapt to the new developments in the banking industry [2]

Group 1 - The 2026 Beijing Commercial Brand Conference and the announcement of the 2025 Top Ten Commercial Brands took place in Beijing, focusing on the theme "New Demand, New Supply" [1] - The event was guided by the Beijing Municipal Bureau of Commerce and co-hosted by the Beijing Daily Media Group and the Beijing Commercial Association, highlighting the highest level of commercial brands in Beijing [1] Group 2 - The consumer market is undergoing continuous transformation and upgrading, with finance playing a crucial role by innovating products and service models to meet new consumer demands [3] - Financial innovations are effectively releasing consumption potential, enhancing payment convenience, and expanding consumer credit scenarios, thereby injecting strong momentum into the real economy [3] Group 3 - The annual special list "Outstanding Cases of Financial Product Innovation Empowering Consumption" was revealed, featuring various financial institutions and their innovative projects aimed at boosting consumption [5] - Notable projects include: - WeChat Pay's collaboration with banks on fraud prevention to boost consumption - Hangzhou Bank's full-chain consumer finance empowerment - Construction Bank's North Garden Street project - Ningbo Bank's "Beautiful Life Service Platform" - Xiamen International Bank's "Good Loan" - Postal Savings Bank's innovative financial services - Sunshine Property Insurance's support for the cultural industry - Citic Bank's digital finance initiatives [5][7]

Market Performance - The state-owned large bank sector declined by 1.08% compared to the previous trading day, with Agricultural Bank leading the decline [1] - The Shanghai Composite Index closed at 4101.91, down 0.26%, while the Shenzhen Component Index closed at 14281.08, down 0.18% [1] Individual Bank Performance - Postal Savings Bank closed at 5.17, down 0.19% with a trading volume of 1.52 million shares and a transaction value of 7.86 billion [1] - Bank of China closed at 5.40, down 0.55% with a trading volume of 2.86 million shares and a transaction value of 15.48 billion [1] - Bank of Communications closed at 6.87, down 0.87% with a trading volume of 1.97 million shares and a transaction value of 13.55 billion [1] - China Construction Bank closed at 8.95, down 0.89% with a trading volume of 1.22 million shares and a transaction value of 10.96 billion [1] - Industrial and Commercial Bank closed at 7.61, down 0.91% with a trading volume of 3.41 million shares and a transaction value of 25.99 billion [1] - Agricultural Bank closed at 7.21, down 1.64% with a trading volume of 3.72 million shares and a transaction value of 27.02 billion [1] Fund Flow Analysis - The state-owned large bank sector saw a net inflow of 146 million from institutional investors, while retail investors contributed a net inflow of 123 million [1] - The sector experienced a net outflow of 269 million from speculative funds [1] Detailed Fund Flow for Individual Banks - Bank of Communications had a net inflow of 172 million from institutional investors, while speculative funds saw a net outflow of 67.34 million [2] - Industrial and Commercial Bank had a net inflow of 73.01 million from institutional investors, with a significant net outflow of 363 million from speculative funds [2] - Postal Savings Bank had a net inflow of 65.23 million from institutional investors, while speculative funds had a net inflow of 37.30 million [2] - Bank of China had a net inflow of 6.76 million from institutional investors, with speculative funds contributing a net inflow of 43.81 million [2] - China Construction Bank experienced a net outflow of 18.52 million from institutional investors, while speculative funds had a net inflow of 66.99 million [2] - Agricultural Bank had a net outflow of 153 million from institutional investors, with a small net inflow of 13.28 million from speculative funds [2]

【文/羽扇观金工作室】 截至2025年三季度末，42家上市银行中，有8家银行资产总额过10万亿元，除了6家国有大行（工商银 行、农业银行、中国银行、建设银行、交通银行、邮储银行），还包括招商银行、兴业银行，前者于 2022年总资产突破10万亿元，后者在2023年成功跻身"10万亿俱乐部"。 浦发银行1月13日发布的2025年度业绩快报公告显示，该行资产总额正式突破10万亿元大关，达10.08万 亿元。 还有哪些银行有加入"10万亿俱乐部"的潜力？ 财报数据显示，总资产紧跟上述4家股份行之后的是民生银行和光大银行，2025年9月末总资产分别为 7.87万亿元、7.22万亿元，其余银行则均低于6万亿元。由此可见，除已晋级的四家之外，其他股份行距 离十万亿门槛仍有较远距离。 | 项目 | 本报告期 | 上年同期 | 增减变动幅度(%) | | --- | --- | --- | --- | | 营业总收入 | 2.124.75 | 2,136.46 | (0.55) | | 营业利润 | 836.74 | 809.29 | 3.39 | | 利润总额 | 840.43 | 808.63 | 3.93 | | 归属于 ...

中债估值中心有限公司本次推出该指数，核心是积极对接国家战略，聚力推动科技创新与绿色发展两大 关键领域提质增效。指数样本囊括科技创新债券与绿色债券两大品类，其中科创债券覆盖金融债、公司 债、企业债、非金融企业债务融资工具四大类；绿色债券全面覆盖绿色金融债、绿色企业债、绿色公司 债、绿色债务融资工具、绿色地方政府债五大类产品。该特色双主题债券指数的发布，为市场搭建起透 明、标准化的配置载体，助力资金向政策支持、具备长期可持续增长能力领域的精准投放搭建有效通 道。富达与中债估值中心均秉持高质量发展理念，高效协同，率先推出业内首只跟踪该创新指数的基金 产品。 富达基金总经理孙晨表示："富达始终高度重视'五篇大文章'为国家金融高质量发展提供的系统性战略 方向，我们不仅在养老金融领域长期深耕并参与中国养老投资体系建设，更通过此次双主题债券指数基 金的推出，进一步推动科技金融和绿色金融的持续发展。该基金的发行，也体现了我们与中国邮政储蓄 银行及各渠道伙伴在产品服务创新上的协同，以及通过金融支持实体经济的担当。未来，我们将继续结 合全球经验与本土需求，持续为中国投资者打造更多元化、符合时代发展趋势的创新投资解决方案，稳 步推 ...

Investment Rating - The report maintains a "Recommended" rating for the banking industry [1] Core Insights - The banking sector is experiencing a marginal recovery in medium to long-term loans, with a focus on the effectiveness of policy measures being released [1] - Social financing (社融) has shown a year-on-year decrease, with a month-on-month decline in growth rate. In December, new social financing amounted to 2.21 trillion yuan, a year-on-year decrease of 645.7 billion yuan [5] - The growth of RMB loans and corporate bonds has made a significant positive contribution to social financing increment, with RMB loans increasing by 975.7 billion yuan in December, a year-on-year increase of 135.5 billion yuan [5] - Corporate loans have shown a notable increase, with a total increase of 1.1 trillion yuan in December, a year-on-year increase of 580 billion yuan, indicating a marginal recovery in financing demand from the real economy [5] - The M2 growth rate has risen, with M1 and M2 increasing by 3.8% and 8.5% year-on-year, respectively [5] - The report suggests that the government bond's contribution to social financing has weakened towards the end of the year, while RMB credit shows signs of marginal improvement, primarily supported by corporate loans [5] Summary by Sections Social Financing - In December, the total social financing stock increased by 8.3% year-on-year, with a month-on-month decline of 0.2 percentage points [5] - The structure of corporate loans has improved, with medium to long-term loans increasing by 330 billion yuan and short-term loans by 370 billion yuan [5] Loan Data - As of the end of December, the balance of RMB loans from financial institutions increased by 6.4% year-on-year, remaining stable compared to the previous month [5] - The demand for loans from the household sector remains weak, with a decrease of 916 billion yuan in December, a year-on-year decrease of 4.416 trillion yuan [5] Investment Recommendations - The report emphasizes the continued attractiveness of the banking sector's dividend value, recommending specific banks such as Industrial and Commercial Bank of China, Agricultural Bank of China, and others [5]

2026年开年，存款市场迎来重要变化。曾作为银行"揽储利器"的大额存单，利率持续下行，部分中小银 行3个月期产品利率首次跌破1%，正式进入"0 字头"区间。 大额存单短期限产品利率跌破1%，成为近年来首次出现的市场现象。 这一变化，不仅正在改写储户对于"高息存款"的旧有认知，更推动整个理财市场迎来资产配置的重构浪 潮。 根据中国货币网公开信息，今年已有超40家银行发布2026年第一期大额存单发行公告。在"期限"和"利 率"两个方面都有明显不同于往年的变化。 记者登陆部分银行手机银行App看到，在大额存单转让专区，投资者可选择购买其他人正在转出的大额 存单，但并不支持所谓"定向转让"的操作。 市场普遍关注，未来大额存单市场走势如何？ 以往相较于国有大行在利率上有所优势的中小银行，在今年开年的新发产品中，也没有表现出"应有 的"优势。 例如，云南腾冲农商银行、隆阳农商行在1月初发行的期限3个月大额存单，利率均为0.95%。淮北农村 商业银行针对机构发行的3个月期单位大额存单，起存金额高达1000万元，利率也仅1%。 这意味着，从利率上看，大额存单新发行产品利率与普通定期存款差距进一步拉平。存款利率下行趋势 在进入 ...

Core Viewpoint - The banking sector is experiencing a "New Year" deposit rush, with small and medium-sized banks facing pressure to attract deposits despite a decrease in the overall enthusiasm compared to previous years [2][5]. Group 1: Deposit Rate Adjustments - Several small and medium-sized banks have recently raised their fixed deposit rates, albeit by limited margins compared to previous years, reflecting a balance between managing funding costs and maintaining market competitiveness [2][4]. - For instance, the DeShang Village Bank in Henan increased its one-year and three-year fixed deposit rates from 1.50% and 1.70% to 1.55% and 1.73%, respectively [3]. - Other banks, such as the Jiangsu Bank and Shenyang Bank, have also introduced higher interest rate products, with some three-year fixed deposits offering rates as high as 1.90% [3][4]. Group 2: Marketing Strategies and Competitive Pressures - To attract deposits, some banks are employing promotional strategies, such as offering shopping vouchers for depositors, indicating a competitive environment among small banks [4]. - Analysts suggest that the recent rate increases by small banks are primarily short-term marketing tactics to meet year-end deposit targets, rather than indicative of a long-term trend [5]. Group 3: Large Banks' Strategies - Major state-owned banks have not followed suit in raising deposit rates but have adjusted the minimum deposit thresholds for their products, indicating a strategic shift towards customer relationship management [6][7]. - For example, the Industrial and Commercial Bank of China has set a minimum deposit of 1 million for certain high-yield products, while the Agricultural Bank of China has varied its minimum deposit requirements significantly across different products [6]. Group 4: Future Outlook - Industry experts predict that banks may continue to lower funding costs, with potential downward adjustments in deposit rates as net interest margins remain under pressure [8]. - The average cost of deposits may decrease by approximately 35 basis points in 2026, potentially improving net interest margins by 10 to 15 basis points, which could provide more room for future interest rate cuts by the central bank [8].

Core Viewpoint - Several small and medium-sized banks in China have recently raised their deposit rates and launched various promotional activities to attract depositors, although the increase in rates is more restrained compared to previous years, indicating a cautious approach in the current market environment [1][11]. Group 1: Deposit Rate Adjustments - Multiple small and medium-sized banks have increased their fixed deposit rates, with Shanxi Zuoyun Rural Commercial Bank raising its three-year and five-year deposit rates from 1.45% and 1.50% to 1.65% [3]. - Baoying Rural Commercial Bank has also announced an increase in its three-year fixed deposit rate from 1.7% to 1.8%, reflecting a rise of 10 basis points [4]. - Shengjing Bank and Jilin Bank have also adjusted their deposit rates, with Jilin Bank raising its three-year fixed deposit annualized rate from 1.75% to 2% [5]. Group 2: Promotional Activities - To meet their deposit targets, many small and medium-sized banks have introduced various promotional activities, such as Beijing Shunyi Yinzuo Village Bank's lottery for new customers, where deposits can earn chances to win household items [6]. - Jiangsu Bank has launched a unique promotion where customers can receive free fresh eggs based on their existing deposits with other banks, allowing for multiple claims [8]. - Some bank staff have resorted to personal incentives, such as offering gift cards or small gifts to attract depositors, indicating a competitive environment for customer acquisition [10]. Group 3: Market Trends and Strategies - The increase in deposit rates this year is generally modest, with most adjustments ranging from 10 to 20 basis points, reflecting a more cautious strategy compared to previous years when increases were often larger [12]. - Analysts suggest that the current strategy of small increases in deposit rates and setting minimum deposit thresholds is aimed at precise customer acquisition without significantly raising costs, indicating a short-term marketing tactic rather than a long-term trend [12]. - Larger banks appear less affected by the need for aggressive deposit acquisition strategies, with fewer promotional activities observed compared to smaller banks [12].