行业 国债日报 日期 2025 年 12 月 24 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 宏观金融团队 请阅读正文后的声明 ＃summary＃ 每日报告 | | | 表1：国债期货12月23日交易数据汇总 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算价 | 开盘价 | 收盘价 | 结算价 | 涨跌 | 涨跌幅 （%） | 成交量 | 持仓量 | 仓差 | | TL2603 | 111.840 | 111.930 | 112.830 | 112.820 | 0.990 | 0.89 | 140734 | 1 ...

Core Viewpoint - The People's Bank of China has initiated a one-time credit repair policy aimed at helping individuals rebuild their credit, with major state-owned banks actively responding to this initiative [1][2][3]. Group 1: Policy Implementation - Major banks such as Bank of China, China Construction Bank, and Bank of Communications have issued announcements detailing the conditions for the new credit repair policy and how individuals can check their eligibility [2][3]. - The policy is designed to automatically identify and process eligible overdue information in the credit system, allowing customers to easily verify their status through bank apps [2][3]. Group 2: Industry Response - All five major state-owned banks have publicly responded to the new credit repair policy, indicating a unified approach to its implementation [3]. - Industry insiders view the credit repair initiative positively, as it is expected to provide significant support for personal consumers, particularly young individuals, aligning with the national strategy to boost domestic demand [1][4]. Group 3: Risk Management and Limitations - Banks will maintain their risk control principles and are expected to exercise discretion in issuing new loans to individuals benefiting from the credit repair policy [4][5]. - The policy primarily targets young consumers with small-scale debts, and it does not apply to all defaulting customers, particularly those with larger loans such as mortgages [4][5].

对内银而言，通过信用修复激励，政策引导逾期借款人主动清偿欠款，有助于金融机构加快不良资产回 收，改善资产质量；同时，政策明确为一次性实施，未设置长期延续机制，从制度设计上防范了后续的 道德风险。信用修复后，此前部分受到信用记录影响的潜在融资需求得以释放，该行预计能够一定带动 消费贷、房贷、经营贷等个人信贷产品的新增投放，提振信贷需求。但在总体居民宏观杠杆率下降、信 贷需求仍有待复苏的环境下，改善信贷需求也需要财政、房地产等领域的进一步政策支持。 中金发表报告指，人民银行发布《关于实施一次性信用修复政策有关安排的通知》，针对2020年1月1日 至2025年12月31日期间单笔金额1万元以下的个人逾期信息，借款人于2026年3月31日前足额清偿即可免 予征信展示。该行指在扩内需的金融政策下，本次政策通过消除受到疫情等因素影响的特定信用违约记 录，能够帮助信用记录受损但具备还款能力和意愿的群体改善个人信用，间接释放消费与经营融资需 求，是金融领域扩大内需的政策举措。 ...

Core Viewpoint - The People's Bank of China has announced a one-time credit repair policy aimed at supporting individuals with damaged credit who are actively repaying their debts, allowing certain overdue information to be excluded from personal credit reports [1][3]. Group 1: Policy Details - The policy applies to overdue information from January 1, 2020, to December 31, 2025, for individual overdue amounts not exceeding 10,000 yuan, provided that debts are fully repaid by March 31, 2026 [3]. - If individuals repay their overdue debts by November 30, 2025, the overdue information will not be displayed from January 1, 2026; if repaid between December 1, 2025, and March 31, 2026, the information will be updated to reflect normal repayment status by the end of the following month [3][4]. - The policy does not differentiate between types of loans, such as credit cards, mortgages, or consumer loans, as long as the relevant conditions are met [3][4]. Group 2: Implementation Measures - The People's Bank of China has introduced three measures to ensure the policy is effectively communicated and reaches eligible individuals [6]. - A three-month grace period has been established, allowing individuals to repay overdue debts within this timeframe to qualify for the policy, extending to after the Spring Festival until March 31, 2026 [6]. - An additional two free credit report inquiries will be provided in the first half of 2026 to accommodate increased demand for credit report checks following the policy's implementation [6]. Group 3: Changes in Credit Reporting - The retention period for overdue information in the credit reporting system is five years, after which it will no longer be displayed [8]. - Following the policy's implementation, the "repayment status" for eligible overdue information will change from overdue to normal, and the overdue amount will be adjusted from a non-zero value to zero [8].

Core Viewpoint - The new policy introduced by the central bank is expected to benefit banks by encouraging overdue debtors to repay their debts, improving asset quality, and potentially boosting consumer spending, creating a positive cycle in the economy [1][7]. Group 1: Policy Details - The central bank's new policy allows for a one-time credit repair opportunity for overdue debts not exceeding 10,000 RMB, applicable to debts incurred between January 1, 2020, and December 31, 2025, provided that the debts are fully repaid by March 31, 2026 [3][6]. - The policy applies to various types of loans, including personal business loans, housing loans, consumer loans, and credit cards, regardless of the lending institution [3][6]. Group 2: Impact on Banks - The policy is anticipated to enhance banks' asset quality by incentivizing overdue borrowers to repay their debts, thus accelerating the recovery of non-performing assets [7][8]. - There is a potential increase in credit demand as previously affected borrowers regain access to financial services, which could lead to an uptick in consumer loans, housing loans, and business loans [7][8]. Group 3: Risk Considerations - Concerns have been raised regarding the potential increase in default risk when banks lend to borrowers who have undergone credit repair; however, experts believe the likelihood of significant defaults remains low due to the borrowers' willingness to repay and the nature of their previous defaults [2][8]. - The policy is designed to maintain the integrity of the credit system by allowing credit repair only for minor overdue amounts, thus preserving constraints on larger overdue debts [6][8]. Group 4: Implementation Preparations - Banks are preparing for the policy's implementation by ensuring their systems for credit report inquiries are functioning properly and enhancing the management of credit data reporting [4][5]. - Financial institutions are also focusing on educating customers about the policy and the risks of potential fraud related to credit repair [4][5].

2025.12. 23 本文字数：2578，阅读时长大约4分钟 作者 | 第一财经 亓宁 12月22日，央行重磅推出一次性信用修复政策。政策不区分贷款机构、贷款类型，不设置申请程序 和复杂的条件，公平公正、简便易行地为在规定日期前履行还款义务的个人提供信用重建的机会。 对部分非恶意失信者来说，这无疑是一个好消息。那么，对银行来说，政策将给信贷需求、资产质量 带来哪些影响？ 在受访人士看来，新政整体对银行形成利好，能够有效鼓励逾期债务人归还欠款，提高资产质量，同 时有望提振消费形成良性循环。"是件好事，很多人之前因为小的征信瑕疵做不了银行贷款，（信用 一次性修复以后）能提振这些人的信贷需求，最终也能达到促进消费的作用。"一位股份行人士对第 一财经表示，整体来看，此次新政落地将带来多方共赢。 不过，市场上也有担忧的声音，比如：银行贷款给信用修复的借款人，会不会增加违约风险？对此， 招联首席研究员、上海金融与发展实验室副主任董希淼表示，这确实是值得讨论的风险点，但综合来 看发生概率不高。 银行备战新政落地 根据央行通知，对于2020年1月1日至2025年12月31日期间，单笔金额不超过1万元人民币的逾 期，借款人将 ...

Core Viewpoint - The People's Bank of China has introduced a one-time credit repair policy aimed at individuals with damaged credit who have actively fulfilled their repayment obligations, balancing leniency and strictness in governance [1][2][4] Group 1: Policy Intent and Design - The policy aims to provide a "reset" opportunity for individuals who have defaulted due to force majeure events, such as the COVID-19 pandemic, and have since repaid their debts [1][3] - It allows all eligible individuals to benefit from the policy without differentiation between loan institutions or types, implementing an "automatic recognition" mechanism to simplify the process [1][2] Group 2: Strictness and Limitations - The policy strictly defines the timeframe from January 1, 2020, to December 31, 2025, focusing on defaults caused by the pandemic and its aftermath [2] - A cap of 10,000 yuan on single overdue amounts is set to cover common small overdue situations while preventing large-scale malicious defaults from evading restrictions [2] Group 3: Social and Economic Implications - The policy reinforces the value orientation of the credit system, ensuring that honest individuals who have made timely remedies are not penalized, thus fostering a positive credit ecosystem [3][4] - By allowing eligible individuals to regain access to financial services, the policy aims to stimulate consumption and investment, thereby injecting vitality into the economy [3][4]

Group 1 - The central point of the news is the introduction of a one-time credit repair policy by the central bank, aimed at improving credit demand and asset quality for banks by allowing individuals with overdue debts to restore their credit status if they repay by a specified date [1][2][5] - The policy applies to overdue amounts not exceeding 10,000 RMB for loans taken between January 1, 2020, and December 31, 2025, and will be effective from January 1, 2026 [2][5] - The policy is expected to encourage overdue debtors to repay their debts, thereby improving banks' asset quality and potentially stimulating consumer spending [1][6][7] Group 2 - Banks are preparing for the implementation of the new policy by ensuring their credit report query functions are operational and enhancing the management of credit data reporting [3][4] - Financial institutions are advised to maintain a comprehensive approach to credit assessments, considering various factors beyond credit reports, to mitigate risks associated with the new policy [3][4][7] - The policy is designed to support small overdue amounts while maintaining credit constraints on larger overdue debts, ensuring the integrity of the credit system [5][6] Group 3 - The policy is expected to release pent-up financing demand from individuals previously affected by credit issues, leading to increased issuance of personal loans, including consumer loans and mortgages [6][7] - Concerns exist regarding the potential increase in default risk for banks when lending to individuals who have undergone credit repair, although experts believe the likelihood of significant defaults remains low [1][7] - The policy is seen as a strategic move to enhance consumer credit management and stimulate financial support in the consumption sector, aligning with broader economic recovery efforts [7]

Banking Sector - As of November 2025, the central bank's credit reporting system has recorded 810 million individual credit information entries, with an average of 20 million queries provided daily upon consent from the individuals involved [1][5] - The vice president of the central bank, Zou Lan, announced this information during a press conference regarding the one-time credit repair policy [1][5] - Zhongyuan Bank's Nanyang branch was fined 300,000 yuan due to inadequate internal controls leading to incidents [2][5] Corporate Developments - Huawei's payment subsidiary, Huaban Payment, has changed its legal representative from Zheng Liying to Zhu Yonggang, with the company's address relocated to Huawei's research building in Longgang District, Shenzhen [4][6] - Chongqing Dongding Microfinance plans to transfer 80% of its equity, amounting to 240 million shares, with a minimum transfer price of 20 million yuan [4][7] - Dongding Microfinance, established in December 2009 with a registered capital of 300 million yuan, reported total assets of 6.0848 million yuan and a net profit of -1.4153 million yuan for the year ending 2024 [3][7] Regulatory Actions - Nanchang Sichuang Network Microfinance was fined 410,000 yuan for violating regulations related to credit information collection, provision, and management [6][7]

从"惩戒"到"修复"，标志着治理逻辑的转变。此次政策明确要求必须还清欠款，它奖励的是虽有失误但 积极改正的人。这种转变，区分了"恶意逃废债"与"一时困难"，体现了信用管理的精准与智慧。此次政 策调整恰如其分地平衡了市场规则与人文关怀，为构建更有韧性的社会信用体系提供了新思路。 12月22日，中国人民银行对外发布一次性信用修复政策有关安排，符合相关条件的逾期信息，将不会在 个人信用报告中予以展示。 多方共赢的惠民政策打破"一朝失信，终生受限"的困境。此次信用修复政策坚持"一定期限、一定金 额、一定条件"三大原则，只要在规定时间内还清欠款，符合条件的逾期记录就会自动从信用报告中消 除。这样便捷的"免申即享"省了许多麻烦，体现了民生治理的温度和成熟度。 新政策最大的亮点是"免申即享"。不用跑银行，不用填表格，不用开证明，也不用花一分钱——银行系 统可以做到自动识别，自动修复。这一"民生礼包"精准对接了普通人的急难愁盼，既体现应有的温度， 又堵上信用修复可能产生的漏洞。 当然，政策落地还需警惕诈骗陷阱。央行已经提醒：不收费、不需要中介。任何声称"帮你修复信用"收 费的，都是骗局。老百姓要擦亮眼睛，通过正规渠道查询个人 ...