Group 1 - The Shanghai and Shenzhen Stock Exchanges announced a series of fee reduction measures for 2026, with a total expected reduction of over 19 billion yuan, benefiting investors across various financial products [1] - The Shanghai Stock Exchange will waive listing fees for companies, reduce transaction unit usage fees, and exempt certain bond transaction fees, while also reducing fees for its subsidiaries [1] - The National Venture Capital Guidance Fund has officially launched, with three regional funds established to promote venture capital investment in technology and long-term projects [1] Group 2 - The National Investment UBS Silver Futures Fund announced a limit on regular investment amounts for its A-class fund shares, effective December 29, 2025, due to high premium rates [2] - The China Securities REITs Total Return Index increased by 1.56% from December 22 to 26, with over 80% of products rising, although some experienced significant declines due to accounting treatment concerns [2] - The first water power REIT in Xinjiang successfully concluded its issuance, attracting over 160 billion yuan in subscription funds [3] Group 3 - The total scale of the ETF market reached 6.03 trillion yuan as of December 26, marking a significant growth of nearly 2.3 trillion yuan in 2023, the first time the annual increase surpassed 2 trillion yuan since the inception of ETFs in China [5] - The public fund industry in China reached a record high of 36.96 trillion yuan by the end of October 2023, driven by continuous optimization of the industry ecosystem and increased demand for wealth management [6] - The report from the People's Bank of China indicated that the financial system remains stable, with overall financial risks under control, and highlighted the need for continued reforms and improvements in the financial sector [7] Group 4 - Recent leadership changes occurred in several fund companies, including the appointment of new executives at Xinda Australia Fund and Nord Fund, indicating ongoing shifts in management within the industry [9][10] - The establishment of specialized subsidiaries by fund companies aims to enhance their core public fund business while promoting differentiated development [10] - The investment outlook for 2026 remains positive, with expectations for growth in both A-shares and Hong Kong stocks, particularly in sectors like AI, consumption, and manufacturing [11]

Group 1 - The Shanghai and Shenzhen Stock Exchanges announced a series of fee reduction measures for 2026, with a total expected reduction of over 19 billion yuan, benefiting investors across various financial products [2] - The National Venture Capital Guidance Fund has officially launched, with regional funds established in key areas such as Beijing-Tianjin-Hebei, the Yangtze River Delta, and the Guangdong-Hong Kong-Macao Greater Bay Area [3][4] - The public fund industry in China reached a total scale of 36.96 trillion yuan by the end of October 2025, marking a continuous increase and reflecting a shift towards high-quality development [10] Group 2 - The ETF market in China has surpassed 6.03 trillion yuan as of December 26, 2025, with a significant growth of nearly 2.3 trillion yuan in 2025 alone, indicating strong investor interest and market expansion [8][9] - The central bank's financial stability report indicates that the financial system in China is generally stable, with a focus on deepening interest rate marketization and improving the investment environment for long-term capital [11] - The establishment of specialized subsidiaries by major fund companies, such as E Fund and GF Fund, aims to enhance their competitive edge and promote diversified development in wealth management [16][17]

【导读】央行发布《中国金融稳定报告（ 2025 ）》 中国基金报记者 张玲 《报告》通过多篇专栏，对利率市场化改革、上市公司市值管理、中长期资金入市、房地产 市场平稳健康发展等进行述评，提出持续深化利率市场化改革，推动利率 " 形得成 "" 调得 了 " ；着力健全有利于 " 长钱长投 " 的制度政策环境，显著提高各类中长期资金实际投资 A 股的规模和比例；加强房地产金融宏观审慎管理，稳妥有序完善房地产信贷基础性制度等。 展望后续，《报告》指出，将坚持稳中求进工作总基调，实施更加积极有为的宏观政策，加 大逆周期和跨周期调节力度，持续防范化解重点领域风险，实现 " 十五五 " 良好开局。 持续深化利率市场化改革，推动利率 " 形得成 "" 调得了 " 《报告》指出，中国人民银行按照 " 放得开、形得成、调得了 " 的总体思路，稳步推进利率 市场化改革。 " 放得开 " 目标已基本实现。目前，对利率的行政性管制已经放开，基本建立了市场化的利 率形成和传导机制，以及较为完整的市场化利率体系。 " 形得成 " 和 " 调得了 " 仍任重道远。贷款市场报价利率（ LPR ）改革以来，由于银行定 价能力不足、 " 内卷式 ...

《报告》共设有十三个专栏和四个专题，谈及了金融支持融资平台债务风险化解、防范化解保险业风 险、公募基金流动性压力测试、拓展中央银行宏观审慎与金融稳定职能等金融领域的热点问题。 备受关注的是，《报告》在"推动中长期资金入市"的专栏中表示，下一步，中国证监会、财政部、人力 资源社会保障部、中国人民银行、金融监管总局等相关部门将立足大局，加强协作，形成合力，在中央 金融办统筹协调下，进一步提升工作的前瞻性、主动性和针对性，着力健全有利于"长线长投"的制度政 策环境，显著提高各类中长期资金实际投资A股的规模和比例，努力实现中长期资金保值增值、资本市 场平稳健康运行与实体经济高质量发展的良性循环。 登录新浪财经APP 搜索【信披】查看更多考评等级 12月26日，中国人民银行（下称"央行"）发布《中国金融稳定报告（2025）》（下称《报告》），对中 国金融体系的稳健性状况进行全面评估。《报告》指出，当前，我国金融业运行总体稳健，金融风险整 体收敛、总体可控，金融机构经营指标和监管指标处于合理区间。 21世纪经济报道记者注意到，《报告》还在"做好科技金融大文章 精准支持科技创新重点领域""金融支 持融资平台债务风险化解取得 ...

12月26日，中国人民银行（下称"央行"）发布《中国金融稳定报告（2025）》（下称《报 告》），对中国金融体系的稳健性状况进行全面评估。《报告》指出，当前，我国金融业运行 总体稳健，金融风险整体收敛、总体可控，金融机构经营指标和监管指标处于合理区间。 《报告》共设有十三个专栏和四个专题，谈及了金融支持融资平台债务风险化解、防范化解保 险业风险、公募基金流动性压力测试、拓展中央银行宏观审慎与金融稳定职能等金融领域的热 点问题。 备受关注的是，《报告》在"推动中长期资金入市"的专栏中表示，下一步，中国证监会、财政 部、人力资源社会保障部、中国人民银行、金融监管总局等相关部门将立足大局，加强协作， 形成合力，在中央金融办统筹协调下，进一步提升工作的前瞻性、主动性和针对性，着力健全 有利于"长线长投"的制度政策环境，显著提高各类中长期资金实际投资A股的规模和比例，努 力实现中长期资金保值增值、资本市场平稳健康运行与实体经济高质量发展的良性循环。 21世纪经济报道记者注意到，《报告》还在"做好科技金融大文章 精准支持科技创新重点领 域""金融支持融资平台债务风险化解取得阶段性成效""建立市值管理制度 推动上市公司投资 ...

结果显示，评级结果1—7级的银行有3217家，资产占全部参评银行总资产的98%。评级结果处于"红 区"的银行312家，资产规模9.4万亿元(占比2.1%)。由此可见，我国银行机构整体经营稳健，风险总体可 控。分机构类型看，全国性银行评级结果较好，部分地方中小银行存在一定风险。分区域看，绝大多数 省份存量风险已明显压降，区域金融生态持续优化。 《报告》还提出，坚持市场在汇率形成中的决定性作用，保持汇率弹性，强化预期引导，防范汇率超调 风险，保持人民币汇率在合理均衡水平上的基本稳定。扎实做好金融"五篇大文章"，大力发展科技金 融、绿色金融、普惠金融、养老金融、数字金融，加力支持国家重大战略、经济社会发展的重点领域和 薄弱环节。健全覆盖全面的宏观审慎管理体系，加强系统性金融风险的监测、评估，强化重点领域的宏 观审慎管理。防范化解重点领域金融风险，坚定推进金融支持融资平台债务风险化解工作，积极稳妥处 置中小金融机构风险，做好房地产金融宏观审慎管理，牢牢守住不发生系统性金融风险的底线。 《报告》指出，当前，我国金融业运行总体稳健，金融风险整体收敛、总体可控，金融机构经营指标和 监管指标处于合理区间。 此外，2025年上 ...

针对房地产金融，报告指出，中国人民银行将继续认真贯彻落实党中央、国务院部署，密切关注房地产市场及金融形势边际变化，抓好保障性住房再贷款等 已出台金融政策落实，加强房地产金融宏观审慎管理，稳妥有序完善房地产信贷基础性制度，促进房地产市场平稳健康发展，助力构建房地产发展新模式。 【环球网财经综合报道】近日，中国人民银行发布《中国金融稳定报告（2025）》，全面总结我国金融稳定工作进展，并对下一阶段重点任务作出部署。报 告提出，中国证监会、财政部、人力资源社会保障部、中国人民银行、金融监管总局等相关部门将立足大局，加强协作，形成合力，在中央金融办统筹协调 下，进一步提升工作的前瞻性、主动性和针对性，着力健全有利于"长钱长投"的制度政策环境，显著提高各类中长期资金实际投资A股的规模和比例，努力 实现中长期资金保值增值、资本市场平稳健康运行与实体经济高质量发展的良性循环。 在利率市场化改革方面，报告明确，中国人民银行将持续深化利率市场化改革，更好发挥利率自律机制作用，推动利率"形得成"和"调得了"。在"形得成"方 面，引导金融机构切实提升自主理性定价能力，增强资产端和负债端利率调整的联动性；在"调得了"方面，引导金融机 ...

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the need for collaboration among various financial regulatory bodies to enhance the investment environment for long-term capital in A-shares, aiming for a virtuous cycle between capital market stability and high-quality economic development [1] Group 1: Financial Policy and Market Reforms - The PBOC plans to deepen interest rate marketization reforms to enhance the self-discipline of interest rates, ensuring that financial institutions improve their pricing capabilities and maintain a balance between asset returns and liability costs [2] - The PBOC will strengthen macro-prudential management of real estate finance and improve foundational credit systems to promote a stable and healthy real estate market [3] Group 2: Macroeconomic Policies and Risk Management - The report highlights the complex changes in the development environment during the 14th Five-Year Plan period, noting the coexistence of strategic opportunities and risks, while emphasizing the resilience and potential of the Chinese economy [4] - The PBOC will implement proactive macro policies, enhance counter-cyclical adjustments, and focus on stabilizing economic growth and reasonable price recovery, while maintaining ample liquidity and low financing costs [5] - The PBOC aims to strengthen the macro-prudential management system to monitor and assess systemic financial risks, ensuring that systemic financial risks do not materialize [5]

人民财讯12月26日电，中国人民银行发布《中国金融稳定报告(2025)》，其中指出，下一步，中国人民 银行将持续深化利率市场化改革，更好地发挥利率自律机制作用，推动利率"形得成"和"调得了"。"形 得成"方面，引导金融机构切实提升自主理性定价能力，增强资产端和负债端利率调整的联动性。"调得 了"方面，引导金融机构通过市场化方式保持合理的资产收益和负债成本，维护良性的竞争秩序，把握 好支持实体经济和可持续经营的平衡。 ...

加快建设金融强国是实现中国式现代化重要保障 NBD："十五五"规划建议提出加快建设金融强国，这也是五年规划历来首次。请问如何看待加快建设金 融强国的战略意义？ 岁序更替之际，启赋新章之时。 2026年是"十五五"规划开局之年。"十五五"规划建议提出加快建设金融强国，立足新的五年规划实施起 点，展望未来，加快建设金融强国应当如何推进？ 近日，《每日经济新闻》记者（以下简称NBD）对全国人大代表、清华大学国家金融研究院院长、清 华大学五道口金融学院副院长田轩进行了专访，听取他关于金融强国的深度思考。 田轩表示，加快建设金融强国需以制度创新为核心，深化金融供给侧结构性改革，优化金融结构布局。 他强调，加快建设金融强国，还需持续推进利率市场化改革，完善市场化利率形成和传导机制，提高金 融资源配置效率。 田轩：建设金融强国是提升国家综合竞争力的关键举措，有助于增强我国在全球经济治理中的话语权。 通过完善金融市场体系、强化金融机构竞争力、推动金融科技创新，能够更高效配置资源，服务实体经 济高质量发展。 在"十五五"期间，金融强国建设将更加注重质量提升与结构优化，推动多层次资本市场发展，增强金融 服务普惠性。通过加强金融科 ...