（文章来源：中国新闻网） 中国央行此举能够向银行体系注入中期流动性，引导资金面处于较为稳定的充裕状态。东方金诚首席宏 观分析师王青认为，这在助力政府债券发行，支持金融机构货币信贷投放的同时，也释放了数量型政策 工具持续加力的信号。这是2026年中国货币政策延续"适度宽松"基调，保持流动性充裕的具体体现。 (完) 中新社北京2月12日电中国央行12日发布消息称，将于2月13日以固定数量、利率招标、多重价位中标方 式开展10000亿元(人民币，下同)买断式逆回购操作，期限为6个月(182天)。 数据显示，2月有5000亿元6个月期买断式逆回购到期。因此，中国央行将于13日开展的操作为加量续 作，加量规模5000亿元。 ...

业内专家表示，上年适度宽松的货币政策具有累积效应，存量政策效果还会持续显现。2026年初，央行 又推出了一揽子支持实体经济高质量发展的货币金融举措，这些增量政策也会和存量政策发挥协同效 应，进一步为实体经济平稳增长和物价合理回升营造适宜的货币金融环境。 直接融资加快发展 2025年，社会融资规模中，政府债券融资、企业债券融资和非金融企业境内股票融资均较上年明显增 多。特别是，通过创新推出债券市场"科技板"，全年发行科技创新债券超过1.5万亿元，资本市场投融 资新生态也在加速形成，专精特新企业、战略性新兴产业首发募集资金额占比显著提升。 2月10日，央行发布2025年第四季度货币政策执行报告。报告显示，从金融总量、价格、结构等多维指 标看，2025年适度宽松的货币政策效果已逐步显现。金融总量保持较快增长，年末社会融资规模存量、 广义货币供应量（M2）同比分别增长8.3%和8.5%，明显高于名义GDP（国内生产总值）增速。 人民币贷款增速还原地方化债影响后也在7%左右，信贷支持力度持续较强。社会综合融资成本低位下 行，2025年12月新发放企业贷款和个人住房贷款利率均在3.1%左右。信贷结构也在持续优化，2025 ...

第四季度报告作为年度收官和"十五五"开局前瞻，对国内外经济形势的分析更为全面，西南证券首席经 济学家叶凡认为，应积极主动把握以下几点内容：一是确认全年GDP增长5%等主要目标顺利实现，"十 四五"圆满收官。金融数据表明，适度宽松的货币政策有效支持了实体经济，融资成本低位下行，信贷 结构持续优化。这为下一阶段政策延续提供了实证基础，也坚定了政策定力。二是明确"继续实施好适 度宽松的货币政策"，确保社会融资条件"相对宽松"，使金融总量增长与经济增长、物价预期目标"相匹 配"。这传递了政策连续性和稳定性的明确信号，旨在稳定市场预期。三是将"扎实做好金融'五篇大文 章'"置于突出位置。不仅回顾了科技、绿色、普惠、养老、数字金融等领域贷款的快速增长，更通过专 栏和具体工具描述，揭示了政策重心从总量宽松向结构优化深化的路径。特别是通过再贷款、风险分担 工具与财政贴息、担保的协同，直接激励和引导金融资源流向科技创新、中小微企业、服务消费等扩大 内需和高质量发展的关键领域。四是强调深化利率市场化改革，引导融资成本"低位运行"。重申有管理 的浮动汇率制度，强调"风险中性"和"基本稳定"。宏观审慎与金融稳定委员会的设立、对重点领 ...

Investment Rating - The report maintains an "Accumulate" rating for the banking sector [6]. Core Insights - The central bank continues to implement a moderately loose monetary policy, focusing on stabilizing economic growth and ensuring reasonable price recovery [1][9]. - The average weighted interest rate for new loans dropped to 3.15% in December 2025, with expectations for further stabilization at low levels [2][14]. - The report emphasizes the importance of expanding domestic demand as a key focus for monetary policy in 2026, with structural financial support for priority areas [3][12]. Summary by Sections Monetary Policy - The report reiterates the commitment to a moderately loose monetary policy, aiming to maintain liquidity and ensure that the growth of social financing and money supply aligns with economic growth and price level expectations [8][9]. - The central bank aims to enhance the effectiveness of monetary policy tools and support key areas such as technology innovation and consumption [9][10]. Interest Rates - The average weighted interest rate for new corporate loans decreased to 3.10%, while personal housing loan rates remained stable at 3.06% [2][14]. - The adjustment in policy language reflects a shift towards maintaining low financing costs rather than further reductions [2][3]. Domestic Demand Expansion - The report highlights the need for structural monetary policy tools to support domestic demand, with a focus on collaboration between the central bank and the Ministry of Finance [3][12]. - Specific measures include re-loan and interest subsidy policies aimed at equipment upgrades, small and micro enterprises, and consumption [12]. Banking Sector Stability - The report discusses the impact of deposit outflows on the banking sector, indicating that while there is a shift in deposit structure, overall liquidity remains stable [4]. - The implementation of a one-time credit repair policy is expected to improve the asset quality of banks and enhance personal loan issuance [4][12]. Investment Recommendations - The report suggests that 2026 will see a large-scale repricing of bank deposits, which is likely to optimize liability costs and support a narrowing of interest margins [5]. - It recommends focusing on high-dividend stocks in the current low-interest-rate environment [5].

Investment Rating - The report maintains an "Accumulate" rating for the banking sector, indicating a positive outlook for the industry in the near term [6]. Core Insights - The central bank continues to implement a moderately loose monetary policy, focusing on stabilizing economic growth and ensuring reasonable price recovery. The report emphasizes the need to monitor domestic and international economic conditions closely for potential adjustments in policy tools such as reserve requirement ratio (RRR) cuts and interest rate reductions [1][9]. - The average weighted interest rate for new loans dropped to 3.15% in December 2025, with expectations for further stabilization at low levels. This adjustment reflects a shift in focus from reducing financing costs to maintaining them at manageable levels, which is crucial for the health of the banking system [2][3]. - The report highlights a structural focus on expanding domestic demand, with financial support for key areas expected to strengthen. The central bank plans to collaborate with the Ministry of Finance to implement policies aimed at boosting consumption and investment [3][12]. Summary by Sections Monetary Policy - The report reiterates the commitment to a moderately loose monetary policy, aiming to keep liquidity ample and social financing conditions relatively loose. It emphasizes the importance of aligning monetary supply growth with economic growth and price stability [8][9]. Interest Rates - The report notes a further narrowing of the decline in new loan interest rates, with the average for corporate loans at 3.10% and personal housing loans remaining stable at 3.06%. This trend is expected to alleviate pressure on banks' net interest margins [2][4]. Structural Support - The report introduces new measures to support domestic demand, including a focus on structural monetary policy tools. It highlights the importance of fiscal and monetary policy coordination to enhance the effectiveness of measures aimed at stimulating consumption and investment [3][12]. Banking Sector Dynamics - The analysis indicates that the outflow of deposits does not significantly impact the overall liquidity of the financial system, with a shift towards diversified funding sources for banks. This change is expected to support the growth of banks' wealth management and fund distribution services [4][10]. - The implementation of a one-time credit repair policy is expected to benefit personal loan issuance by improving banks' ability to assess creditworthiness and support borrowers with repayment capacity [4][12].

中国人民银行发布的最新货币政策执行报告，再次明确"继续实施好适度宽松的货币政策" 央行在《2025年第四季度中国货币政策执行报告》中重申了适度宽松的立场 同时，报告首次在货币政策执行报告中明确要求"发挥增量政策和存量政策集成效应" "适度宽松"政策在2026年被赋予了新的内涵。除了保持流动性充裕外，报告特别强调 "保持社会融资条件相对宽松" 这意味着央行将更加关注企业实际融资成本，而不仅仅是货币供应量。报告还删除了"注重盘活存量金融资源、提高资金使用效率"的表述 央行将重点放在"做优增量、盘活存量"上 本次报告一个突出特点是强调了财政金融协同。报告通过专栏文章详细介绍了中国货币政策与财政政策的三种协同方式 第一种协同是央行通过公开市场操作保持市场流动性充裕，支持政府债券顺利高效发行 第二种是"再贷款 财政贴息"方式，从信贷市场供需两端协同发力，优化金融资源配置 央行最新发布的《2025年第四季度中国货币政策执行报告》传递了明确信号。报告指出将继续实施好适度宽松的货币政策 报告强调货币政策的核心考量是"促进经济稳定增长、物价合理回升" 报告首次在货币政策执行报告中明确要求"发挥增量政策和存量政策集成效应"，显示 ...

研究员: 蔡跃辉 期货从业资格号F0251444 期货投资咨询从业证书号Z0013101 螺纹钢产业链日报 2026/2/11 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | RB主力合约收盘价(元/吨) | 3,054.00 | +2↑ RB主力合约持仓量(手) | 2063660 | -1877↓ | | | RB合约前20名净持仓(手) | -27641 | -2495↓ RB5-10合约价差(元/吨) | -49 | -4↓ | | | RB上期所仓单日报(日，吨) | 25003 | -5107↓ HC2605-RB2605合约价差(元/吨) | 174 | +6↑ | | 现货市场 | 杭州 HRB400E 20MM(理计，元/吨) | 3,250.00 | 0.00 杭州 HRB400E 20MM(过磅，元/吨) | 3,333 | 0.00 | | | 广州 HRB400E 20MM(理计，元/吨) | 3,420.00 | 0.00 天津 HRB400E 20MM( ...

国家统计局公布的数据显示，2026年1月份我国居民消费价格指数（CPI）环比上涨0.2%，同比上涨 0.2%；扣除食品和能源价格的核心CPI同比上涨0.8%。工业生产者出厂价格指数（PPI）环比上涨 0.4%，同比下降1.4%，同比降幅有所收窄，反映出物价温和回升与需求边际改善。 从CPI表现看，同比涨幅回落主要受春节错月影响，但核心CPI仍保持温和上涨态势。上年1月为春节月 份，食品及部分服务价格上涨较多，导致上年同期对比基数偏高，从而带动本月同比涨幅回落。今年春 节在2月份，预计2月份CPI可能出现一定回升。 总体看，1月份物价温和回升有助于改善市场对需求端的预期，也对资本市场信心形成一定支撑。货币 政策方面，2月10日中国人民银行发布2025年第四季度货币政策执行报告，强调适度宽松的货币政策有 效支撑经济稳中有进，金融总量合理增长，融资成本显著下降，重点领域支持更为精准有力。 报告提出，下一阶段将继续实施好适度宽松的货币政策，强调逆周期与跨周期调节，并灵活高效运用降 准、降息等多种政策工具，保持流动性充裕和社会融资条件相对宽松。2025年末社会融资规模存量与广 义货币供应量（M2）同比增速分别为8.3% ...

宏观日报 | 2026-02-11 关注AI上游供需 中观事件总览 生产行业：1）工信部等五部门发布《关于加强信息通信业能力建设支撑低空基础设施发展的实施意见》。其中提 到，提升产业供给能力。积极推进5G-A产业发展，进一步升级完善现有地面基站设施功能，加快通感融合等技术 产业成熟，逐步降低设备成本。加强低空装备与低空信息通信的融合创新与设备研发，推进5G/5G RedCap模组与 低空航空器的适配验证。探索低空通信、导航、监视功能融合模组研发，加速技术和产业成熟。2）周二，全球最 大的芯片代工企业台积电公布了最新的月度营收报告。数据显示，台积电1月营收环比增长近20%，同比增长近40%。 这表明，全球对人工智能（AI）芯片的需求仍然强劲，AI热潮仍在持续。尽管存在AI泡沫担忧，但全球科技巨头 并未减少芯片订单。具体来看，台积电1月营收为4012.6亿元台币（约合127.1亿美元），同比增长36.8%，较2025年 12月增长19.8%。这是该公司史上最强单月营收，也是其月度营收首次突破4000亿元台币大关。 服务行业：1）央行发布2025年第四季度中国货币政策执行报告。继续实施好适度宽松的货币政策。把促进经 ...

Group 1 - The A-shares market showed slight fluctuations with the three major indices opening lower but gaining strength, particularly in sectors like new energy batteries, computing leasing, chemicals, gaming, and rare metals [1] - The A500ETF fund (512050) recorded a trading volume exceeding 5.8 billion yuan, ranking first among its peers, with notable stock performances including a rise of over 11% for Wangsu Science & Technology [1] - The People's Bank of China indicated a continuation of moderately loose monetary policy, emphasizing the integration of incremental and stock policies to maintain ample liquidity and relatively loose social financing conditions [1] Group 2 - The A500ETF fund (512050) offers investors a streamlined way to invest in core A-share assets, benefiting from low fees (0.2%), strong liquidity, and a large scale exceeding 40 billion yuan [2] - The fund tracks the CSI A500 Index, employing a dual strategy of industry-balanced allocation and leading stock selection, covering all 35 sub-industries and integrating value and growth attributes [2] - Compared to the CSI 300, the A500ETF fund is overweight in new productivity sectors such as AI, pharmaceuticals, new energy power equipment, and national defense, showcasing a natural "dumbbell" investment characteristic [2]