央广网北京12月22日消息（记者 冯方）12月22日，12月贷款市场报价利率（LPR）出炉，1年期LPR为 3.0%，5年期以上LPR为3.5%，均较上月维持不变。受访专家指出，目前实现全年经济增长目标已没有 悬念，年底前逆周期调节加力的迫切性不高。展望2026年，LPR有望稳中有降，并更加注重发挥结构性 货币政策工具作用，引导金融资源更多流向科技创新、绿色发展、提振消费。 LPR连续7个月保持不变 央行数据显示，自今年5月份1年期和5年期以上LPR双双下降10个基点以来，两个期限品种LPR均已连 续7个月保持不变。 "12月LPR继续'按兵不动'，连续7个月保持不变，符合预期。"招联首席研究员、上海金融与发展实验室 副主任董希淼对央广财经记者表示，从LPR报价机制看，LPR定价主要参考的7天期逆回购操作利率并 未发生变化，因此LPR较难下降。从银行方面看，随着持续向实体经济减费让利，银行息差缩窄压力仍 然不小。三季度末商业银行净息差为1.42%，尽管与二季度持平，但较去年四季度末下降了10个基点。 因此，银行缺乏压降LPR报价加点的动力。 董希淼进一步表示，数据显示，无论是企业新发放贷款还是个人住房贷款加权 ...

中央经济工作会议明确要求，"要继续实施适度宽松的货币政策"，并提出将"灵活高效运用降准降 息等多种政策工具""保持流动性充裕""引导金融机构加力支持扩大内需、科技创新、中小微企业等重点 领域"。 一系列部署不仅为2026年货币政策的制定与实施确立了清晰的主基调，也预示了新一年政策发力的 具体路径：在维持流动性合理充裕背景下，通过适时降准降息等总量工具与聚焦重点领域的结构性工具 协同发力，并加强与财政政策的协调配合，共同为经济持续回升向好营造适宜的货币金融环境。 总量工具保持灵活 "要继续实施适度宽松的货币政策"的提法，与此前中央政治局会议"继续实施更加积极的财政政策 和适度宽松的货币政策"的定调一脉相承，进一步明确了新一年宏观政策的总体方向。 业界专家普遍认为，"适度宽松"的基调并非简单重复，其内涵在新形势下更为丰富和精准。民生银 行首席经济学家温彬指出，一方面，它意味着货币政策将延续支持性取向，为经济持续复苏与高质量发 展营造必要的流动性环境。另一方面，"适度"二字也强调了对政策力度、节奏和重点的精准把握，注重 在稳增长、防风险、促改革等多重目标中寻求动态平衡，避免"大水漫灌"。 如何实施好适度宽松的货币政 ...

Core Viewpoint - The Central Economic Work Conference emphasizes the continuation of a moderately loose monetary policy, indicating a clear direction for macroeconomic policy in 2026, with a focus on maintaining ample liquidity and supporting key sectors such as domestic demand, technological innovation, and small and micro enterprises [1][2]. Group 1: Monetary Policy Tools - The conference calls for the flexible and efficient use of various monetary policy tools, including potential interest rate cuts and reserve requirement ratio (RRR) reductions, to support economic recovery and high-quality development [2][3]. - Experts suggest that the term "moderately loose" reflects a nuanced approach, balancing growth, risk prevention, and reform objectives, avoiding excessive liquidity [2]. Group 2: Structural Policy Focus - The monetary policy will increasingly emphasize structural guidance, directing financial institutions to support key areas such as domestic demand and technological innovation, aligning with previous financial work conference goals [4]. - Structural monetary policy tools are expected to expand in volume and decrease in cost, with potential interest rate cuts of 0.2 to 0.4 percentage points for these tools [4]. Group 3: Policy Coordination - The conference highlights the need for enhanced coordination between monetary and fiscal policies to stabilize market expectations and boost confidence, which is crucial for effective economic management [6][7]. - The emphasis on counter-cyclical and cross-cyclical adjustments indicates a systematic approach to macroeconomic regulation, particularly in the context of the 14th Five-Year Plan [6].

Core Viewpoint - The central theme of monetary policy remains "supportive," with a focus on enhancing financial support for the real economy and maintaining financial market stability in 2025 and beyond [1][3]. Group 1: Monetary Policy Implementation - The central bank has implemented a moderately loose monetary policy, utilizing various tools such as reserve requirement ratio cuts and open market operations to ensure ample liquidity in the financial system [1][2]. - In May, the central bank reduced the reserve requirement ratio by 50 basis points, releasing approximately 1 trillion yuan in long-term liquidity, which has effectively supported the real economy [2]. - The average interest rate for newly issued corporate loans was about 3.1% in November, down approximately 30 basis points year-on-year, indicating a historical low in financing costs [2]. Group 2: Future Monetary Policy Outlook - The supportive monetary policy stance is expected to continue into 2026, with an emphasis on flexible and precise implementation of tools like rate cuts and reserve requirement adjustments [3][4]. - Experts suggest that the central bank will focus on stabilizing economic growth and promoting reasonable price recovery, with rate cuts remaining a key option in the monetary policy toolkit [3][5]. Group 3: Structural Monetary Policy Tools - The central bank aims to enhance the effectiveness of structural monetary policy tools to direct financial resources towards key sectors and vulnerable areas of the economy [4][5]. - By increasing the quotas for loans supporting agriculture and small enterprises, as well as for technological innovation, the central bank is targeting specific areas to boost financial support [4]. Group 4: Financial Market Stability - The central bank has prioritized maintaining stable financial markets amid increasing global uncertainties, implementing measures to support stock market stability and enhance investor confidence [6][7]. - The yuan has shown a stable appreciation against the dollar, with a year-to-date increase of approximately 3.51% in the onshore market, reflecting a solid foundation for long-term currency stability [6][7]. - The restoration of government bond trading operations has improved market conditions, with the 10-year government bond yield stabilizing around 1.8%, facilitating financing for the real economy [6][7].

Investment Rating - The industry investment rating is "Market Weight" indicating that the industry index is expected to perform within -10% to 10% relative to the CSI 300 index over the next six months [25]. Core Insights - The report highlights that the growth rate of social financing has stabilized for the first time in the second half of the year, supported by short-term corporate financing [5]. - The report emphasizes that credit growth will focus on structural optimization, with policies aimed at supporting technology innovation and consumption infrastructure [4]. - The overall asset quality of the banking sector is expected to remain stable, with the retail asset risk turning point yet to be confirmed [5]. Summary by Sections Section: Investment Highlights - The People's Bank of China reported that the social financing scale increased by 8.5% year-on-year as of the end of November, with RMB loans growing by 6.3% [4]. - Corporate short-term loans and bond financing performed well, while household credit demand remained weak [4]. - The report notes that the issuance of corporate bonds improved significantly, with a monthly increase of 416.9 billion yuan, up 178.8 billion yuan year-on-year [4]. Section: Credit and Monetary Policy - The report indicates that the growth of M2 and M1 slowed down, with M2 growing by 8.0% and M1 by 4.9% year-on-year [4]. - It is expected that loan interest rates will remain stable, with pressure on interest margins easing [4]. - The report suggests that the focus of credit will shift towards supporting small and micro enterprises, technology innovation, and green sectors [4]. Section: Investment Recommendations - The report recommends focusing on large state-owned banks and leading small and medium-sized banks for medium to long-term investments [5]. - It is anticipated that the downward pressure on interest margins in 2025 will be significantly less than in 2024 [5]. - The banking sector has entered a correction phase, with increasing dividend advantages making it attractive for long-term capital allocation [5].

Investment Rating - The report maintains a "Buy" rating for the banking industry, indicating an expected investment return exceeding the market benchmark index by more than 15% over the next 6-12 months [1]. Core Insights - The central economic work conference held on December 10-11, 2025, emphasized a continuation of "moderately loose" monetary policy, with a focus on flexible and efficient policy tool application to support economic growth and stability [2][3]. - The report highlights four main areas of focus from the conference: monetary policy, credit growth, risk management in key sectors, and structural financial tools to support economic recovery [3][9][17]. Summary by Sections Monetary Policy - The monetary policy will continue to adopt a "moderately loose" stance, with an emphasis on using various policy tools flexibly to maintain liquidity and support key sectors such as domestic demand and technology innovation [3][4]. - The report anticipates 1-2 interest rate cuts in 2026, with a cumulative reduction of 10-20 basis points, to stimulate demand and support economic recovery [4][5]. Credit Growth - Credit and social financing growth are expected to stabilize with slight declines, driven by government investment and policy support [9][10]. - The report forecasts new credit issuance of approximately 16.5 trillion yuan in 2026, with a year-end growth rate around 6.1% [10][24]. Risk Management - The report emphasizes the need for proactive measures to manage risks in key areas such as real estate and local government debt, with a focus on stabilizing the real estate market through targeted policies [17][23]. - It highlights the importance of addressing risks in small and medium-sized financial institutions, suggesting a shift towards quality over quantity in their expansion strategies [17][25]. Structural Financial Tools - The report notes an expected expansion of structural monetary policy tools to support sectors like technology innovation and small and micro enterprises, with a significant portion of these tools already in place [8][9]. - It anticipates that the use of new policy financial tools will further stimulate private investment and support high-quality urban renewal projects [8][9].

Group 1 - The central economic work conference held on December 10-11 in Beijing emphasized the continuation of a moderately loose monetary policy to support high-quality development of the real economy in the first year of the 14th Five-Year Plan [1] - The conference highlighted the importance of maintaining ample market liquidity and indicated that price stability and economic growth will be key considerations for monetary policy [2] - The use of various policy tools such as reserve requirement ratio (RRR) cuts and interest rate reductions will be flexibly and efficiently implemented to ensure liquidity remains abundant [3] Group 2 - The possibility of interest rate cuts and RRR reductions occurring at the end of this year or the beginning of next year was mentioned, particularly to stabilize the macroeconomic environment in Q1 of next year [4] - The conference pointed out the need to enhance the transmission mechanism of monetary policy and guide financial institutions to support key areas such as domestic demand expansion, technological innovation, and small and micro enterprises [5] - Structural monetary policy tools are expected to continue to be effective, with potential reductions in interest rates for these tools to improve support for key sectors and enhance policy effectiveness [5]

来源：@华夏时报微博 华夏时报记者 刘佳 北京报道 2026年货币政策权威方向，由中央经济工作会议正式定调。 12月10日至11日，中央经济工作会议在北京举行。会议分析当前经济形势，部署2026年经济工作，为全年宏观调 控划定核心方向。 会议指出，明年经济工作在政策取向上，要坚持稳中求进、提质增效，发挥存量政策和增量政策集成效应，加大 逆周期和跨周期调节力度，提升宏观经济治理效能。要继续实施适度宽松的货币政策。把促进经济稳定增长、物 价合理回升作为货币政策的重要考量，灵活高效运用降准降息等多种政策工具，保持流动性充裕，畅通货币政策 传导机制，引导金融机构加力支持扩大内需、科技创新、中小微企业等重点领域。保持人民币汇率在合理均衡水 平上的基本稳定。 在多位受访人士看来，此次会议为2026年经济工作定下"稳中求进、提质增效"的总基调，明确传递出宏观政策将 更加积极有力，以推动宏观经济实现"质的有效提升和量的合理增长"。 值得关注的是，关于总量型货币政策工具，会议将去年的"适时降准降息"调整为"灵活高效运用降准降息等多种政 策工具"，这一表述变化意味着降准降息仍是明年货币政策操作的可选项，同时强调灵活性与实效性，既 ...

本报（chinatimes.net.cn）记者刘佳 北京报道 2026年货币政策权威方向，由中央经济工作会议正式定调。 12月10日至11日，中央经济工作会议在北京举行。会议分析当前经济形势，部署2026年经济工作，为全 年宏观调控划定核心方向。 会议指出，明年经济工作在政策取向上，要坚持稳中求进、提质增效，发挥存量政策和增量政策集成效 应，加大逆周期和跨周期调节力度，提升宏观经济治理效能。要继续实施适度宽松的货币政策。把促进 经济稳定增长、物价合理回升作为货币政策的重要考量，灵活高效运用降准降息等多种政策工具，保持 流动性充裕，畅通货币政策传导机制，引导金融机构加力支持扩大内需、科技创新、中小微企业等重点 领域。保持人民币汇率在合理均衡水平上的基本稳定。 在多位受访人士看来，此次会议为2026年经济工作定下"稳中求进、提质增效"的总基调，明确传递出宏 观政策将更加积极有力，以推动宏观经济实现"质的有效提升和量的合理增长"。 值得关注的是，关于总量型货币政策工具，会议将去年的"适时降准降息"调整为"灵活高效运用降准降 息等多种政策工具"，这一表述变化意味着降准降息仍是明年货币政策操作的可选项，同时强调灵活性 ...

"在有效需求不足、物价持续低迷的背景下，明年降准降息可期，结构性货币政策工具有望持续发 力。"管涛表示。此外，通过完善利率自律机制、综合治理金融体系的内卷式竞争、建立健全做好金 融"五篇大文章"的体制机制，能够引导金融资源更多支持科技创新、中小微企业等重点领域，进一步畅 通货币政策传导。 中央经济工作会议还指出，保持人民币汇率在合理均衡水平上的基本稳定。 "在内外部不确定因素综合影响下，明年人民币汇率有望延续双向波动态势。"管涛表示，这是中央经济 工作会议连续第四年强调"保持人民币汇率在合理均衡水平上的基本稳定"，体现了既要防范汇率过度贬 值、也要防范汇率过度升值的政策取向，有助于遏制外汇市场的顺周期单边羊群效应，为明年推动经济 持续回升创造一个平稳的外汇金融环境。 来源：上海证券报·中国证券网 上证报中国证券网讯（记者 范子萌）中央经济工作会议指出，要继续实施适度宽松的货币政策。把促 进经济稳定增长、物价合理回升作为货币政策的重要考量，灵活高效运用降准降息等多种政策工具，保 持流动性充裕，畅通货币政策传导机制，引导金融机构加力支持扩大内需、科技创新、中小微企业等重 点领域。 对此，中银证券全球首席经济学家管 ...