转自：新华财经 新华财经北京1月16日电（记者 翟卓）新年伊始，一揽子增量货币政策便火速来袭，结构性降息配合工具扩容，先行加力支持实体经济。 根据当前经济金融形势需要，中国人民银行副行长邹澜在15日举行的新闻发布会上宣布了8项举措，同时在总量层面释放出积极信号，明确年内降准降息 均有空间。 业内人士表示，本次会议的主要落脚点在于结构性政策工具增量，若再考虑到当前的资本市场环境，人民银行对结构性降息和总量工具的积极表态，既有 利于有效支持实体经济，也可在一定程度上兼顾稳定市场预期和避免推升金融泡沫的目标。 ——8项举措同步发力 结构性工具降息25个基点 据邹澜介绍，此次推出的8项举措，一方面是下调各类结构性货币政策工具利率，提高银行重点领域信贷投放的积极性。另一方面是完善结构性工具并加 大支持力度，进一步助力经济结构转型优化。 "这意味着今年人民银行将优化用好各类结构性货币政策工具，通过加量、降价、创新等多种模式，引导金融资源更多流向国民经济重点领域和薄弱环 节，体现了人民银行对于支持金融五篇大文章的政策立场和力度。"业内专家说。 具体来看，8项举措中的首项，便是自1月19日起正式下调各类结构性货币政策工具利率 ...

Group 1: Macro Overview - The report indicates that in 2025, credit expansion showed marginal improvement, with a notable reliance on fiscal expansion, as the proportion of government bonds in social financing reached a historical high [3] - Monthly data reveals that new credit has decreased year-on-year for six consecutive months, with corporate credit performing better than household credit, driven mainly by the implementation of policy financial tools [3] - Looking ahead, the report suggests that the economy remains in a "weak reality," with significant downward pressure, and anticipates proactive policy measures in 2026 to stimulate economic growth [3] Group 2: Fixed Income Analysis - The report discusses the recent volatility in 30-year government bonds, which rose from approximately 1.85% in early July to around 2.3%, an increase of 45 basis points, while local government bonds remained stable [4] - The fitted model indicates that the current 10-year and 30-year local government bond to government bond spreads are at 16 basis points, with upper limits of approximately 23 and 21 basis points, respectively, suggesting limited room for further increases in spreads [4] Group 3: Industry Performance - The report highlights the top-performing industries in January, with Media leading at 25.5%, followed by Non-ferrous Metals at 23.2%, and Defense Industry at 20.5%, while the bottom performers included Banks at -2.5% and Food & Beverage at -1.8% [1] - Over the past year, Non-ferrous Metals showed a remarkable increase of 112.4%, indicating strong sector performance [1] Group 4: Company Insights - The report emphasizes that SenDa Group is a leading player in China's overseas expansion into Africa, leveraging its capabilities to empower the brand LeShuShi through channel, product, and market structure enhancements [5] - Key success factors for SenDa Group include early identification of the direction for industrial and trade integration, local factory establishment, product localization, and deep channel development [5] - The report draws parallels with the operations of Charoen Pokphand Group in China, suggesting that there are valuable lessons to be learned from their century-long operational history [5] Group 5: Strategic Partnerships - The report details a strategic cross-holding agreement between SF Express and J&T Express, where SF will acquire 10% of J&T's shares, while J&T will hold approximately 4.29% of SF's shares, enhancing long-term cooperation [7] - This partnership aims to leverage both companies' strengths in logistics networks and operational capabilities, facilitating better resource allocation and market coverage in key regions [8]

2025年适度宽松的货币政策发力显效，为经济稳定增长和高质量发展创造了适宜的货币金融环境。2025 年货币信贷呈现什么特征？2026年金融举措将在哪些方面发力？在1月15日国新办举行的新闻发布会 上，中国人民银行、国家外汇管理局有关负责人详解2025年金融统计数据，并回应热点问题。 中国人民银行调查统计司司长闫先东介绍，2025年货币信贷呈现"总量增长、结构优化"的特征。2025年 企（事）业单位贷款增加15.47万亿元，是信贷增长主体。其中中长期贷款是企（事）业单位贷款增加 的主要构成，表明金融持续为实体经济提供稳定的资金来源。 记者从发布会上了解到，在金融"五篇大文章"领域，信贷总量增长较快，融资成本明显下降。截至去年 11月末，金融"五篇大文章"贷款余额107.7万亿元，同比增长12.8%；当年11月新发放贷款利率比上年同 期低0.42个百分点。 闫先东表示，2026年中国人民银行将综合运用多种货币政策工具，健全完善金融市场体制机制，推动金 融资源更精准、更高效地流向重点领域和薄弱环节。 继续实施适度宽松的货币政策 今年货币政策走向备受关注。邹澜表示，2026年要继续实施适度宽松的货币政策，加大逆周期和 ...

Core Insights - The financial data for 2025 indicates a robust performance, with new loans totaling 16.27 trillion yuan, reflecting the effectiveness of moderately loose monetary policies and sustained credit demand from businesses and households [1][2] - The total social financing scale increased by 35.6 trillion yuan, with M2 money supply exceeding 340 trillion yuan and RMB loan balance surpassing 270 trillion yuan, showcasing a solid financial system supporting economic stability and internal demand [1] Monetary Policy Impact - The past year saw precise monetary policy actions, including a 0.5 percentage point reduction in the reserve requirement ratio and a 0.1 percentage point cut in policy interest rates, which have led to reasonable growth in social financing and maintained low loan interest rates [1][3] - By December 2025, the weighted average interest rate for newly issued corporate loans was around 3.1%, a decrease of 2.5 percentage points since the second half of 2018, reducing financing costs for businesses [1] Loan Distribution and Economic Trends - In 2025, new loans to enterprises amounted to 15.47 trillion yuan, indicating that over 90% of new loans were aligned with corporate needs, with more than half of these being medium to long-term loans, reflecting stable expectations for future development [2] - Key sectors attracting loans included technology (11.5% growth), green initiatives (23% growth), inclusive finance (10.3% growth), elderly care (60.2% growth), and digital fields (14.6% growth), all surpassing the overall loan growth rate [2] Structural Policy Enhancements - Continuous optimization of structural monetary policy tools has been observed, including increased quotas for loans supporting technological innovation and agricultural financing, as well as the introduction of risk-sharing tools for technology innovation bonds [3] - The financial sector is supporting rapid growth in industries such as humanoid robotics, biomedicine, and high-end equipment manufacturing, contributing to the high-quality development of the economy [3] Future Outlook - The People's Bank of China has committed to maintaining a moderately loose monetary policy in 2026, focusing on counter-cyclical adjustments to expand domestic demand and optimize supply, thereby fostering a stable economic growth environment [3] - As financial support quality improves, the alignment between financial supply and high-quality development of the real economy is expected to strengthen, contributing to a positive economic trajectory [3]

广州足球公园项目在售平层及复式公寓。 南都记者 邱永芬 摄 今年降准降息还有空间 在1月15日国新办新闻发布会上，央行送出的首个政策礼包，是全面下调各类结构性货币政策工具利 率。邹澜宣布，下调各类结构性货币政策工具利率0.25个百分点。各类再贷款一年期利率从目前的1.5% 下调到1.25%，其他期限档次利率同步调整。 所谓结构性货币政策工具，即央行通过再贷款、再贴现等形式向银行体系定向提供资金的工具，目的是 引导金融机构加大对重点领域、重点行业和薄弱环节的信贷支持，例如支农支小再贷款、科技创新和技 术改造再贷款等。 1月15日，中国人民银行在国新办新闻发布会上送出"开年大礼包"。中国人民银行新闻发言人、副行长 邹澜在发布会上宣布八项重磅政策措施，进一步助力经济结构转型优化。 八项利好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，设立专项民营企业再贷款额度1万 亿元，增加科技创新和技术改造再贷款额度至1.2万亿元，以及拓展服务消费与养老再贷款的支持领 域，降低商用房最低首付比例至30%等，相关措施的政策文件将于近日发布。同时，邹澜指出，2026年 降准降息还有一定空间。 邹澜介绍，2025年12月，国 ...

Group 1 - The People's Bank of China (PBOC) announced a reduction in the re-lending and re-discount rates by 0.25 percentage points, effective from January 19 [1] - The new rates for re-lending to support agriculture and small enterprises are 0.95% for 3 months, 1.15% for 6 months, and 1.25% for 1 year, while the re-discount rate is set at 1.5% [1] - The PBOC will increase the re-lending quota for agriculture and small enterprises by 500 billion yuan, and establish a 1 trillion yuan re-lending quota specifically for private enterprises [1] Group 2 - The PBOC decided to increase the re-lending quota for technological innovation and technological transformation by 400 billion yuan, bringing the total to 1.2 trillion yuan [2] - From 2026, private small and medium-sized enterprises with high R&D investment levels will be included in the support for technological innovation and transformation [2] - Projects related to energy-saving renovations, green upgrades, and low-carbon energy transitions will be included in the carbon reduction support tool, with an annual operation limit of 800 billion yuan [2]

1月15日，国务院新闻办公室在北京举行新闻发布会，中国人民银行新闻发言人、副行长邹澜，国家外 汇局新闻发言人、副局长李斌，中国人民银行货币政策司司长谢光启，中国人民银行新闻发言人、调查 统计司司长闫先东，国家外汇局资本项目管理司司长肖胜介绍货币金融政策支持实体经济高质量发展成 效，并答记者问。 中新社记者 杨可佳/摄 证券时报记者 孙璐璐 贺觉渊 为继续实施适度宽松的货币政策，中国人民银行在2026年开年便先行打出结构性货币政策工具的"组合 拳"。1月15日，央行在国新办新闻发布会上宣布，自1月19日起，下调各类结构性货币政策工具利率 0.25个百分点，完善结构性工具并加大支持力度。 除聚焦一系列结构性工具外，央行对降准降息等总量工具的进一步宽松同样释放积极信号。央行新闻发 言人、副行长邹澜在会上表示，今年降准降息还有一定的空间。下一步，央行将综合考虑基础货币投放 需要、债券市场供求情况、收益率曲线形态变化等因素，灵活开展国债买卖操作，与其他流动性工具一 起，保持流动性充裕，为政府债顺利发行创造适宜的货币金融环境。引导隔夜利率在政策利率水平附近 运行。 发布会上，央行、国家外汇局有关负责人还就财政货币政策加强 ...

在1月15日国新办举行的新闻发布会上，中国人民银行副行长邹澜释放了今年降准降息有一定空间的信 号。他表示，2026年人民银行将继续实施适度宽松的货币政策，发挥存量政策和增量政策的集成效应， 加大逆周期和跨周期调节力度，为经济稳定增长和高质量发展创造适宜的货币金融环境。 同时，邹澜宣布，人民银行将先行推出两方面政策措施：一方面，是下调各类结构性货币政策工具利 率，提高银行重点领域信贷投放的积极性；另一方面，是完善结构性工具并加大支持力度，进一步助力 经济结构转型优化。 ● 本报记者 彭扬 欧阳剑环 对于备受市场关注的降准降息问题，邹澜表示，从今年看还有一定的空间。从法定存款准备金率看，目 前金融机构的法定存款准备金率平均为6.3%，降准仍然有空间。 促进社会综合融资成本低位运行 加快落地民企再贷款等支持举措 作为先行推出的两项政策举措之一，下调各类结构性货币政策工具利率的安排已明确。邹澜表示，下调 各类结构性货币政策工具利率0.25个百分点。各类再贷款一年期利率从目前的1.5%下调到1.25%，其他 期限档次利率同步调整。 当日，人民银行宣布，自1月19日起下调再贷款、再贴现利率0.25个百分点。下调后，3个月 ...

1月15日下午，国务院新闻办公室举行新闻发布会，中国人民银行新闻发言人、副行长邹澜介绍了货币金融政策支持实体经济高质量发展成效，并发布了一 批年初先行出台的政策措施。邹澜表示，从今年看，降准降息还有一定空间。 邹澜在发布会上指出，目前金融机构的平均法定存款准备金率为6.3%，降准仍然有空间。在政策利率方面，外部约束方面，目前人民币汇率比较稳定，美 元处于降息通道，汇率不构成很强的约束；内部约束方面，2025年以来银行净息差已经出现企稳迹象，2026年还有规模较大的长期存款到期，此次下调各项 结构性货币政策工具利率有助于降低银行付息成本、稳定净息差，为降息创造一定空间。 同日，中国人民银行发布公告，决定自2026年1月19日起，下调再贷款、再贴现利率0.25个百分点。下调后，3个月、6个月和1年期支农支小再贷款利率分别 为0.95%、1.15%和1.25%，再贴现利率为1.5%，抵押补充贷款利率为1.75%，专项结构性货币政策工具利率为1.25%。邹澜在发布会上确认，此举旨在下调各 类结构性货币政策工具利率0.25个百分点，引导金融机构加大对重点领域的支持力度。 此外，邹澜还宣布了一系列完善结构性工具并加大支持 ...

Core Viewpoint - The People's Bank of China (PBOC) is implementing eight policy measures to enhance bank lending in key areas, support structural monetary policy tools, and assist in the optimization of economic structure transformation [1]. Group 1: Monetary Policy Adjustments - The PBOC will lower the interest rates of various structural monetary policy tools by 0.25 percentage points, reducing the one-year re-lending rate from 1.5% to 1.25% [1]. - The PBOC will merge the re-lending and rediscount quotas for agriculture and small enterprises, increasing the re-lending quota for agriculture and small enterprises by 500 billion yuan, with a dedicated quota of 1 trillion yuan for private enterprises [1]. Group 2: Support for Innovation and Technology - The re-lending quota for technological innovation and technological transformation will be increased from 800 billion yuan to 1.2 trillion yuan, expanding the support to include private small and medium-sized enterprises with high R&D investment levels [1]. - A combined risk-sharing tool for bonds of technological innovation and private enterprises will be established, providing a total re-lending quota of 200 billion yuan [1]. Group 3: Environmental and Consumer Support - The PBOC will expand the support areas for carbon reduction tools to include energy-saving renovations and green upgrades, guiding banks to support comprehensive green transformation [1]. - The support areas for service consumption and elderly care re-lending will be expanded to include the health industry, based on health industry recognition standards [2]. Group 4: Housing and Financial Services - The minimum down payment ratio for commercial property loans will be lowered to 30% in collaboration with the financial regulatory authority [3]. - Financial institutions are encouraged to enhance foreign exchange risk management services and diversify foreign exchange hedging products for enterprises [3].