结构性降息助力企业轻装上阵 自1月19日起，中国人民银行下调再贷款、再贴现利率0.25个百分点。对此，长飞先进半导体(武汉)有限公司财务总监钱皓格外关注。 "去年在科技创新和技术改造再贷款支持下，我们从建设银行拿到的贷款利率大幅下降，每年能节省资金成本约445万元，希望今年利用低成 本资金加快项目建设进度。"钱皓说。 新华社北京1月21日电 题：多项金融举措加速落地，对企业发展有哪些利好？ 新华社记者吴雨、任军 结构性货币政策利率迎来年内首降，增加支农支小再贷款额度5000亿元，单设民营企业再贷款……近日，围绕结构性货币政策工具，中国人 民银行出台一系列政策举措，支持企业抢抓先机，更好前行。 图为长飞先进半导体(武汉)有限公司技术人员在进行晶圆制造。（受访单位供图） 根据政策安排，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%。 这意味着银行从中国人民银行"借钱"更便宜，有望带动重点领域贷款利率下行。 "结构性降息有利于强化对商业银行的政策激励作用。"西南财经大学中国金融研究 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 股指： （王东灜，从业资格号：F03087149；交易咨询资格号：Z0019537） 昨日，A股市场继续震荡，Wind全A下跌0.58%，成交额2.8万亿元。中证1000指数下跌1%，中证500指 数下跌0.48%，沪深300指数下跌0.33%，上证50指数下跌0.17%。近期各部位密集出台经济调控政策， 对指数形成基本面支撑。近日，发改委召开国新办发布会，表示：（1）研究设立国家级并购基金 加强 政府投资、基金布局规划；（2）综合整治"内卷式"竞争，将进一步规范地方经济促进行为；（3）正在 谋划推进一批"十五五"时期高技术产业标志性引领性重大工程等内容。上周，央行将下调各类结构性货 币政策工具利率25BP。结构性货币政策工具以定向支持社会特定融资需求为主，科技创新、普惠养 老、碳减排等近期股市热点题材均涵盖其中。本次降息体现了央行在保持总量稳定的基础上，对于特定 领域的进一步资金支持，在本轮流动性牛市中，有助于引导资金进入相关板块，推升板块估值。长期来 看，有助于相关板块降低融资成本，提升资本开始，实施更加积极的发展战略。此前，沪深交易所发布 ...

下调各类结构性货币政策工具利率0.25个百分点，增加支农支小再贷款额度5000亿元，将科技创新和技 术改造再贷款额度增至1.2万亿元……新年伊始，中国人民银行推出一系列结构性政策措施，增减之间 彰显适度宽松的货币政策取向，加大逆周期和跨周期调节力度，进一步助力经济结构转型优化。 利率是资金的价格，决定着资金流向以及金融资源能否得到合理配置。结构性货币政策工具是央行重要 的基础货币投放渠道。继2025年5月央行首次全面下调结构性货币政策工具利率后，不到1年时间再次全 面下调0.25个百分点，意味着商业银行从央行"借钱"将更便宜。这有利于提升商业银行的积极性，充分 发挥结构性货币政策工具对商业银行的牵引带动作用，激励商业银行加强对重大战略、重点领域和薄弱 环节的信贷投放。 高质量发展阶段不需要片面追求垒高信贷规模。如果只盯着贷款增速，既不符合经济规律，也可能带 来"僵尸企业"难以出清、资金空转等问题。中央金融工作会议提出，盘活被低效占用的金融资源，提高 资金使用效率。这是对新形势下做好金融宏观调控的深刻阐述，未来重点是盘活存量金融资源，提升信 贷资产质效。 深化金融供给侧结构性改革，优化信贷资源的投向，也有助于金 ...

近期，中国人民银行（以下简称"央行"）对包括支农支小再贷款在内结构性货币政策工具实施了单独降 息，一方面通过低成本资金畅通普惠金融渠道，支持地方农村金融机构"敢贷、愿贷"，另一方面也避免 了"大水漫灌"可能带来的副作用。 湖南省农信联社一级高级经理彭树军对《中国经营报》记者指出："支农支小再贷款额度增加、利率降 低的政策有利于农商行进一步增加市场竞争能力。同时，也有利于农商行提升合规能力，一是正向激励 力度更大；二是争取了再贷款要接受更严的审核监督。" 某农商行人士在此前的采访中向记者坦言："农村金融机构在贷款市场竞争能力弱，假设支农支小再贷 款政策不再延续，农商行在涉农贷款业务上因为资金成本的原因导致贷款利率与全国性银行相比不占优 势，要如何吸引并留存客户？" 此次支农支小再贷款政策出台，在某种程度上来说通过货币工具支撑起中小农村金融机构的贷款市场竞 争力。此次政策调整并非普惠性红利，同时也是对农商行经营导向与服务能力的"筛选"，积极下沉市 场、合规经营的机构将享受政策红利。 缓解息差压力 2026年1月15日，国新办发布会上，央行披露增加支农支小再贷款额度5000亿元，将支农支小再贷款额 度与再贴现额度打 ...

Group 1 - The core viewpoint of the news is that the central bank's recent monetary policy adjustments aim to support key sectors and enhance financial stability while managing inflation expectations [1][2][3] - In January, the bond market experienced fluctuations, initially declining due to stronger-than-expected economic indicators, including a manufacturing PMI above 50% and CPI rising to its highest level since March 2023 [1] - The central bank implemented a structural interest rate cut of 0.25 percentage points on January 15, optimizing various monetary policy tools to support strategic sectors and small private enterprises [1][2] Group 2 - The overall economic resilience and the acceleration of high-quality transformation are emphasized, with the central bank's policies focusing on targeted support rather than broad measures [2] - The central bank conducted a 900 billion yuan six-month reverse repurchase operation on January 15, indicating a continued injection of medium-term liquidity into the market [2] - The bond market is expected to remain supported by a reasonable liquidity environment, with short-term bonds stabilizing while long-term bonds face more negative factors due to rising inflation signals [3]

每经记者｜张寿林 每经编辑｜张益铭 昨日（1月19日）起，中国人民银行正式下调再贷款、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%。 中国民生银行首席经济学家温彬指出，一季度是银行信贷投放高峰，在2026年初及时推出一系列结构性 工具改革举措，有利于降低银行负债成本，提高结构性工具的吸引力，在保证银行息差的同时，增强对 重点领域信贷投放的积极性。 继续加大流动性投放力度 中国人民银行副行长邹澜日前表示，还将继续加大流动性投放力度，灵活搭配公开市场操作各项工具， 保持流动性充裕，引导隔夜利率在政策利率水平附近运行。 温彬分析，一季度是银行信贷投放高峰，在2026年初及时推出一系列结构性工具改革举措，有利于降低 银行负债成本，提高结构性工具的吸引力，在保证银行息差的同时，增强对重点领域信贷投放的积极 性；同时最大程度发挥货币政策的结构性调节功能，实现精准滴灌，进一步助力经济结构转型优化。 此外，中国人民银行决定增加支农支小再贷款额度5000亿元，将 ...

2026年1月17日，第二十七届北大光华新年论坛在北京大学百周年纪念讲堂举行，本届论坛主题为"内需主导，聚力增长，开启'十五五'新征程"。 北京大 学光华管理学院院长、金融学系教授刘俏以《如何提升居民消费》为题发表主旨演讲。 刘俏深入解析了"中国居民消费率之谜"：我国居民消费的GDP占比远低于发达国家平均水平，但人均实物消费量却远超全球平均，部分商品甚至超过美 日。这一矛盾的核心在于低价格与消费结构失衡，强大产能引发的激烈竞争导致产品低价低利润，进而限制居民收入增长，形成结构性循环。他强调，提 振消费的政策应真正作用于居民内生消费决策，将"投资于人"与"投资于物"紧密结合。他建议，政策应优化GDP核算导向，增加居民收入与消费率考核指 标；通过分配制度改革、财产性收入提升、新型城镇化等举措增加居民可支配收入；以更加积极的财政政策提升消费支持力度；推动企业从"规模扩张"转 向"创新驱动"，结合出海战略改善盈利与分配。同时，他以电子消费券为例，强调应包容消费领域创新实践，以系统性改革激活居民消费内生动力，为经 济增长注入持久动能。 中国居民消费率之谜 评估中国消费的现状，一个直观矛盾在于数据与实物消费存在的"温差" ...

Core Viewpoint - The central bank has introduced a series of monetary policy measures aimed at reducing the cost of obtaining policy funds for banks, encouraging them to lend more to key sectors such as small and micro enterprises, technological innovation, and green industries. However, it will take time for these measures to benefit the real economy [2]. Group 1: Monetary Policy Measures - The central bank announced a targeted interest rate cut of 0.25% for various structural monetary policy tools, with the one-year interest rate reduced from 1.50% to 1.25% [2][3]. - The measures include expanding the support scope and funding scale of structural policy tools and lowering the down payment ratio for commercial properties [3]. Group 2: Structural Monetary Policy Tools - Five structural monetary policy tools have been expanded to focus on supporting private enterprises, technology, green development, and consumption [7][12]. - Specific measures include increasing the quotas for agricultural and small enterprise loans, establishing a dedicated "re-loan for private enterprises," and enhancing support for technology innovation and transformation [8]. Group 3: Impact on Enterprises and Individuals - The cost of borrowing for banks has decreased, incentivizing them to offer cheaper loans to small and micro enterprises, technology companies, and farmers. While this does not directly lower mortgage or deposit rates, it signals a downward trend in loan rates [6][11]. - The central bank aims to create a favorable financial environment for consumption and domestic demand through structural tools that direct credit to consumption-related sectors [10]. Group 4: Future Monetary Policy Outlook - The central bank has indicated that there is still room for further interest rate cuts and reserve requirement ratio reductions, as the average reserve requirement ratio is currently at 6.3%, which is above historical levels [13][14]. - The stability of the RMB exchange rate and the bank's profitability provide a conducive environment for potential future rate cuts [14].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - In 2026, the central bank's monetary policy may continue to focus on structural measures, with "structural easing" as the priority direction, aiming to support the real economy and address structural weaknesses [2]. - The "stabilizer" role of banks remains effective, while the trading behavior of securities firms and other trading desks may develop new characteristics [2]. - Looking ahead to the bond market in Q1 2026, short - term interest rates are expected to maintain their advantage, and the trading logic of long - term interest rates may be further deepened. The performance of 10 - year treasury bonds may continue to be better than that of 30 - year treasury bonds [2][89]. Summary by Relevant Catalogs 1. Important Matters - On January 15, 2026, the central bank conducted a 900 - billion - yuan 6 - month (181 - day) buy - back reverse repurchase operation, with a net investment of 300 billion yuan. The outstanding scale in January reached 6.8 trillion yuan [5]. - On January 15, 2026, the central bank announced a series of policies, including a 0.25 - percentage - point cut in the interest rates of various structural monetary policy tools, and measures to support the private economy, technological innovation, green transformation, and the real estate market [8]. 2. Money Market 2.1 Open Market Operations and Fund Interest Rate Trends - From January 12 to 16, 2026, the central bank conducted 7 - day reverse repurchase operations, with a total investment of 951.5 billion yuan and a maturity of 138.7 billion yuan, resulting in a net investment of 812.8 billion yuan. From January 19 to 23, it is expected that 1.1015 trillion yuan of base money will mature and be withdrawn [11]. - In mid - January, the money market tightened first and then loosened. The central bank maintained its stance of protecting liquidity. The DR001 remained in the range of 1.3% - 1.4% throughout the week [13]. 2.2 Certificate of Deposit Interest Rate Trends and Repurchase Transaction Situations - In the primary market, last week, the issuance scale of inter - bank certificates of deposit was 553.58 billion yuan, with a net financing of - 254.88 billion yuan. The city commercial banks had the largest issuance scale and a net financing of 65.36 billion yuan [17][23]. - The issuance interest rates of inter - bank certificates of deposit increased compared with the previous week. In the secondary market, the yields of inter - bank certificates of deposit decreased overall last week [25][28]. 3. Bond Market Primary Market - At the beginning of 2026, the issuance rhythm of treasury bonds accelerated compared with the same period in 2025, mainly due to the increase in the issuance of discounted treasury bonds and short - term treasury bonds. As of January 16, the cumulative net financing scale of various treasury bonds was about 0.2 trillion yuan, and that of local bonds was about 0.19 trillion yuan [31]. - The supply scale of interest - rate bonds decreased last week. The net financing of treasury bonds was - 299.21 billion yuan, local bonds was 73.717 billion yuan, and policy - bank financial bonds was 51.1 billion yuan [38]. - As of last week, the issuance scale of special refinancing bonds reached 0.05 trillion yuan, mainly with long - term and ultra - long - term maturities [41]. Secondary Market - Last week, large - scale banks bought a large amount of treasury bonds within 10 years, supporting medium - and short - term interest rates. The overall performance of treasury bonds within 10 years was excellent. The yields of 30 - year treasury bonds increased [44]. - The average daily turnover rate of the 10 - year treasury bond active bond (250016) decreased, while that of the 10 - year CDB bond active bond (250215) increased [48]. - The average spread between the 10 - year treasury bond active bond (250016) and the secondary active bond (250022) was 1.61BP, indicating a possible change in liquidity premium [51]. - The 10 - 1 - year and 30 - 1 - year treasury bond term spreads widened. The long - term and ultra - long - term local - treasury bond spreads narrowed [58][62]. 4. Institutional Behavior Tracking - Last week, the scale of leveraged trading increased as the money market eased, with an average of about 8.62 trillion yuan [65]. - In the cash bond market, large - scale banks increased their holdings of 5 - 10 - year treasury bonds, small - and medium - sized banks reduced their holdings of 5 - 10 - year treasury bonds, insurance companies bought long - term treasury bonds and local bonds, securities firms sold long - term treasury bonds, and funds increased their holdings of policy - bank financial bonds within 5 years [65][72]. - The leverage ratios of banks, securities firms, and other institutions decreased in November 2025 [66]. 5. High - Frequency Data Tracking - Last week, the settlement prices of rebar and cathode copper futures increased, while those of wire rod futures, cement price index, and South China Glass Index decreased. The CCFI index increased, and the BDI index decreased [87]. - The wholesale prices of pork increased, and those of vegetables decreased. The settlement prices of Brent and WTI crude oil futures increased. The central parity rate of the US dollar against the RMB was 7.01 [87]. 6. Market Outlook - In Q1 2026, short - term interest rates are expected to maintain their advantage, and the trading logic of long - term interest rates may be further deepened. The performance of 10 - year treasury bonds may continue to be better than that of 30 - year treasury bonds [2][89]. - Investors can consider gradually building positions in ultra - long - term bonds. Initially, they should hold medium - and short - term treasury bonds and policy - bank financial bonds, and then adjust the strategy according to market conditions [90][91].

针对提振消费、扩大内需，人民银行货币政策司司长谢光启日前表示，下阶段，人民银行将继续实施好 适度宽松的货币政策，为提振消费、扩大内需创造适宜的货币金融环境，在此基础上，进一步发挥好货 币信贷政策的结构引导功能，不断提升金融支持消费的适配性、有效性。 1月19日起，人民银行正式下调再贷款、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%。 中国民生银行首席经济学家温彬指出，一季度是银行信贷投放高峰，在2026年初及时推出一系列结构性 工具改革举措，有利于降低银行负债成本，提高结构性工具的吸引力，在保证银行息差的同时，增强对 重点领域信贷投放的积极性。 将与财政贴息、担保和风险成本分担等财政政策协同配合 人民银行副行长邹澜日前表示，还将继续加大流动性投放力度，灵活搭配公开市场操作各项工具，保持 流动性充裕，引导隔夜利率在政策利率水平附近运行。 中国民生银行首席经济学家温彬分析，一季度是银行信贷投放高峰，在2026年初及时推出一系列结构性 工具改革举措， ...