作为扎根安徽、辐射全国的综合性期货经营机构，徽商期货始终将产学研一体化作为发展战略，构建了 多层次、常态化的校企合作体系，形成"实践实训、课题研发、人才共育"的协同育人模式。依托高校合 作平台，徽商期货将产业一线的实际需求转化为科研课题，让高校的智力资源对接行业发展痛点，实现 了"教学有靶向、科研有落地、产业有支撑"的良性循环。 本次获奖课题紧扣行业高质量发展脉搏，聚焦人工智能、交易咨询、数字金融等核心领域，充分展现理 论与实践深度融合的创新价值。其中，徽商期货作为申报单位与合肥工业大学计算机与信息学院联合申 报的《基于人工智能的高风险期货交易预警机制研究》，作为合作单位与安徽大学经济学院联合申报的 《数字金融赋能期货交易咨询业务高质量发展研究》均斩获"良好"评议；公司部分员工作为课题组成 员，与合肥工业大学经济学院联合开展的《"保收入"导向的"保险+期货"常态化运行机制研究》课题获 评"优秀"。 产学研深度融合结硕果 ——徽商期货在中期协联合研究计划（第十八期）中斩获佳绩 近日，中国期货业协会联合研究计划（第十八期）课题评审结果正式揭晓，徽商期货与高校联合攻关的 多项课题喜获佳绩。此前，公司与安徽大学合作申 ...

Core Insights - Guangdong's banking sector continues to lead nationally in key metrics such as assets, liabilities, and loans, with total loan balance reaching 19.64 trillion yuan, a year-on-year growth of 6.23% [2] - The sector has achieved both quantitative growth and qualitative improvements, particularly in manufacturing, strategic emerging industries, and infrastructure loans, which have outpaced average loan growth rates [2] Group 1: Financial Performance - By the end of 2025, Guangdong's banking sector reported a total loan balance of 19.64 trillion yuan, with an increase of 1.15 trillion yuan in new loans, representing a year-on-year increase of 179.4 billion yuan [2] - Loans to manufacturing, strategic emerging industries, and infrastructure reached 3.04 trillion yuan, 2.07 trillion yuan, and 3.15 trillion yuan respectively, with growth rates of 7.89%, 16.06%, and 7.42% [2] Group 2: Sectoral Developments - The sector has seen significant growth in technology loans, inclusive loans, green loans, digital economy loans, and elderly care loans, with respective balances of 3.64 trillion yuan, 2.97 trillion yuan, 3.14 trillion yuan, 876.4 billion yuan, and 9.2 billion yuan, reflecting year-on-year growth rates of 11.12%, 8.65%, 15.45%, 4.2%, and 53.2% [2] - Over 200 technology branches have been established, with loans to tech enterprises reaching 276.3 billion yuan, a year-on-year increase of 24.9% [3] Group 3: Digital and Green Finance - Guangdong is advancing its digital finance initiatives, with a focus on integrating digital technology into financial services and enhancing service quality in key areas [4] - Green finance initiatives have led to significant growth in loans for energy transition, infrastructure upgrades, and green consumption, with year-on-year increases of 10.79%, 14.55%, and 19.13% respectively [3] Group 4: Inclusive Finance - The county-level loan balance reached 1.83 trillion yuan, with a loan-to-deposit ratio of 78.22%, an increase of 4.29 percentage points year-on-year [5] - Loans to small and micro enterprises totaled 6.12 trillion yuan, while loans to private enterprises reached 6.8 trillion yuan [5] Group 5: Economic Support Measures - The average interest rate for newly issued corporate loans has decreased by 48 basis points, marking the lowest level on record [6] - Measures to support foreign trade have been implemented, with loans to foreign trade enterprises exceeding 1.8 trillion yuan, a year-on-year increase of 12.43% [6] Group 6: Regulatory and Safety Measures - The Guangdong Financial Regulatory Bureau has imposed penalties on 354 institutions, with fines increasing by 15.5% year-on-year [7] - The bureau has implemented a comprehensive risk prevention framework, particularly in the real estate sector, with significant credit support for "white list" projects [7] Group 7: Industry Restructuring - The province is actively promoting the consolidation of small financial institutions, with 15 village banks either dissolved or entering merger processes [8] - Efforts to curb "involution" competition in the banking sector have been initiated, focusing on self-regulation and market order [8]

Core Viewpoint - Shanghai aims to enhance financial services for the real economy during the 14th Five-Year Plan period, focusing on supporting domestic demand, technological innovation, green development, small and micro enterprises, and public welfare through five key initiatives [1][2]. Group 1: Financial Services for Economic Development - The city will accelerate the establishment of a comprehensive, diversified, and relay-style technology financial service system, promoting the development of the Sci-Tech Innovation Board and bond market "technology board," and supporting market-oriented merger funds and venture capital [1]. - High-quality financial supply will be provided for the comprehensive green transformation of economic and social development, expanding the functions of Shanghai's green financial service platform and optimizing the green financial standard system [1]. Group 2: Inclusive and Sustainable Financial Systems - A multi-level, widely covered, and sustainable inclusive financial system will be improved, increasing support for first-time and renewed loans, and enhancing financing connections for small and micro enterprises using technologies like blockchain [1]. - A pension financial system that aligns with the aging population will be established, supporting the design and investment management of savings, wealth management, funds, trusts, and insurance products with pension functions [1]. Group 3: Digital Financial Development - The development of digital finance will be promoted, with steady progress in the digital renminbi and support for the establishment of a digital renminbi international operation center in Shanghai, alongside the digital transformation of financial institutions [2].

证券研究报告 | 宏观专题研究 | 中国宏观 延续适度宽松，更加强调"以我为主" ——2025 年 Q4 货币政策执行报告解读 核心观点 2026 年 2 月 10 日，人民银行发布《2025 年第四季度中国货币政策执行报告》，我们认 为货币政策报告核心要点有：①延续适度宽松基调，更加强调"以我为主"；②财政金 融协同支持扩内需，重点关注再贷款+财政贴息&风险共担，而非购债；③重点关注绿 色金融，从做大规模转向做强机制；④从资管产品+银行存款合并视角看流动性总量， 单纯用传统存款派生框架容易误读流动性松紧；⑤支持个人高效便捷重塑信用。 对于后续货币政策，预计 2026 年有 25-50BP 降准、10BP 降息的总量性宽松操作，节 奏上预计小步慢跑，频度不会太高。此外预计结构性政策工具也将持续发力，同步强 化信贷的结构性引导，扩大内需、科技创新、中小微企业等领域是重点支持方向。 ❑ 一、延续适度宽松基调，更加强调"以我为主" 央行在三季度下一阶段主要思路里强调"实施好适度宽松…保持社融条件相对宽 松"，并且在同一段落中单列提示"密切关注海外主要央行货币政策变化"。四季 度央行同样提及"继续实施好适度宽松"，但 ...

Group 1 - The core viewpoint of the articles is the successful transformation of ecological value into economic value in Jining City through various innovative models [1][2] Group 2 - The "Water + Cultural Tourism Integration" model has shown immediate results, with projects like Long Lake Wetland Park and Niu Lou Town expected to attract 180 million visitors by 2025, generating nearly 70 million yuan in revenue [1] - The "Water + Specialty Agriculture" model combines beautiful river ecosystems with modern agriculture, leading to the development of over 20 types of selenium-rich agricultural products and creating over 100 jobs [1] - The "Cultural Empowerment + Value Accounting" innovative model in Qufu City aims to scientifically account for the ecological services provided by the Nishi Reservoir, laying the groundwork for future ecological compensation and green finance initiatives [2]

兴业银行 20260210 摘要 兴业银行过去五年在规模、客户和结构优化方面取得显著进展，尤其在 制造业、绿色和科技领域领先股份制银行，不良贷款率降至 1.08%，拨 备覆盖率升至 228%，为未来发展奠定基础。 兴业银行 2026 年战略聚焦产业金融，打造科技金融、绿色金融、财富 银行和投资银行四张名片，全年计划新增企业贷款约 3,000 亿，零售贷 款力争实现正增长，对公业务重点关注绿色与科技领域。 兴业银行 2025 年存款增速达 7%，总量增加近 4,000 亿，零售存款贡 献大。通过收单代发等交易结算场景建设，提升低成本结算性存款比例 至 40%，降低整体负债成本，预计 2026 年定期存款到期承接保持稳定。 面对 2026 年 5,400 多亿高成本定期存款到期，兴业银行计划通过续做 和推出零钱加、存款加、固收加、跨境加等多元化财富产品吸引资金， 实现资金在体系内沉淀。 兴业银行预计 2026 年息差降幅收窄，一季度或先下行后企稳，年底有 望回升。新发存款利率与存量利差约 150BP，通过做实场景和客户基础 建设，有望进一步降低负债成本 20BP 左右。 Q&A 兴业银行在 2026 年的资产和信 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 来源：金融时报 "在标准引领和政策激励下，我国绿色金融产品不断丰富，市场体系更加完善，有效满足绿色低碳发展 多样化融资需求，助力双碳目标更好实现。"《报告》指出，我国已建成全球规模领先的绿色贷款和绿 色债券市场，生态环境导向的开发项目（EOD）贷款、可持续发展挂钩贷款、碳中和债券、转型债券 等绿色金融产品更加丰富，有力支持我国绿色低碳产业快速发展，能源结构不断优化，生态环境持续改 善。 记者：马梅若 在央行刚刚公布的《2025年第四季度中国货币政策执行报告》（以下简称《报告》）中，专门开设了一 个专栏，详细梳理了"十四五"期间我国绿色金融发展的基本情况，展示了碳减排支持工具激励引导金融 机构支持经济绿色转型发展的成效。 持续提升绿色金融质效 《报告》指出，绿色发展是中国式现代化的鲜明底色。发展绿色金融，建立合理的政策机制，引导资金 精准投向绿色低碳领域，既是社会全面绿色低碳转型的需要，也是金融自身高质量发展的必然要求。 标准体系方面，从2016年印发《关于构建绿色金融体系的指导意见》，到2024年出台《关于进一步强化 金融支持绿色低碳发展的指导意见》《关于发挥 ...

Core Viewpoint - The central bank's report emphasizes the need to support domestic demand and ensure a good start for the "14th Five-Year Plan" amidst increasing external uncertainties and inflation risks [2][15]. Economic Situation Analysis - The report highlights deepening impacts of external environmental changes, with a focus on the uncertainty of inflation trends and monetary policy adjustments [2][15]. - It stresses the importance of strengthening domestic circulation and expanding domestic demand to maintain economic stability and growth [2][15]. Policy Tone - The report continues to advocate for a moderately loose monetary policy, emphasizing the flexible and efficient use of various policy tools such as reserve requirement ratio (RRR) cuts and interest rate reductions [3][16]. - It introduces the goal of promoting low financing costs for society and ensuring the health of the banking system [3][16]. Key Issues - The report discusses three types of fiscal and financial coordination measures to support domestic demand: maintaining ample liquidity, using re-loans with fiscal subsidies, and enhancing credit guarantees [4][17]. - It notes that the total assets of asset management products reached 120 trillion yuan by the end of 2025, reflecting a 13.1% year-on-year growth, primarily directed towards interbank deposits and certificates of deposit [4][17]. Specialized Topics - The report emphasizes the need for optimizing carbon reduction support tools and advancing carbon finance product innovation to support green finance [5][17]. - It outlines the implementation of a one-time credit repair policy, which is expected to positively impact individuals, financial institutions, and the broader economy [5][17].

2026年02月11日 国泰君安期货商品研究晨报-绿色金融与新能源 观点与策略 | 镍：印尼消息扰动再现，节前资金离场限制弹性 | 2 | | --- | --- | | 不锈钢：二月检修减产频出，成本支撑重心上移 | 2 | | 碳酸锂：下游补库暂告一段落，节前盘面波幅减小 | 4 | | 工业硅：上游少量复产，情绪面打压盘面 | 6 | | 多晶硅：现货真空期，关注节后成交情况 | 6 | 国 泰 君 安 期 货 研 究 所 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 2026 年 2 月 11 日 镍：印尼消息扰动再现，节前资金离场限制弹性 不锈钢：二月检修减产频出，成本支撑重心上移 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com 【基本面跟踪】 镍基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪镍主力（收盘价） | 133,350 | -1,170 | -1 ...

Investment Rating - The industry investment rating is "Overweight" [8] Core Insights - The report emphasizes the importance of personal credit repair policies and the collaboration between fiscal and monetary policies to support high-quality development [3][5] - The social comprehensive financing cost has decreased, with the weighted average interest rate for new loans at approximately 3.15%, down 10 basis points from September [2] - The report highlights the rapid growth of asset management products, which is changing the deposit structure and maintaining liquidity stability [4] Summary by Sections Section 1: Personal Credit Repair and Risk Prevention - The central bank has introduced a one-time personal credit repair policy to support individuals with overdue information under 10,000 yuan after full repayment, aiming to stimulate micro-entity vitality [4] Section 2: Financing Costs and Credit Structure - The weighted average interest rates for general loans and corporate loans have decreased to 3.55% and 3.10%, respectively, while personal housing loan rates remained stable at 3.06% [2] - Loans for technology, green finance, inclusive finance, and digital economy sectors have shown significant year-on-year growth, with increases of 11.5%, 20.2%, 10.9%, and 14.1% respectively [2] Section 3: Fiscal and Monetary Policy Collaboration - The central bank has increased the quotas for re-loans aimed at technological innovation and small enterprises by 900 billion yuan, alongside a dedicated 1 trillion yuan for private enterprises [3] - The green loan balance reached 44.8 trillion yuan, reflecting a 20.2% year-on-year growth, indicating a robust green finance market [3] Section 4: Liquidity and Credit Governance - The report suggests observing liquidity from a combined perspective of asset management products and bank deposits, noting an 8.1% year-on-year growth in total liquidity indicators [4] - The overall social financing environment remains loose, supporting the ongoing credit repair initiatives [4] Section 5: Future Monetary Policy Directions - The central bank aims to maintain reasonable growth in financial totals and implement moderately loose monetary policies, focusing on price recovery and risk prevention [5] - The report outlines the need for improved market-based interest rate formation and transmission mechanisms to better reflect loan market rates [5]