Core Viewpoint - The implementation of a one-time credit repair policy by the People's Bank of China aims to provide relief for borrowers with overdue credit information, effective from January 1, 2026 [1]. Group 1: Eligibility and Application - The one-time credit repair policy applies to overdue information under four conditions: it must be displayed in the financial credit information database, generated between January 1, 2020, and December 31, 2025, involve a single overdue amount not exceeding 10,000 yuan, and the borrower must fully repay the overdue debt by March 31, 2026 [5][6]. - The policy does not differentiate between types of loans, including personal business loans, housing loans, consumer loans, and credit cards, as long as they meet the eligibility criteria [7]. - The application process is automatic, meaning individuals do not need to apply or submit any documentation; the credit information system will identify and process eligible overdue information [8]. Group 2: Costs and Timeline - There are no fees associated with this policy, and any requests for payment or personal information under the guise of this policy are considered scams [9]. - Changes to the display of overdue information will occur based on the repayment timeline: if debts are settled by November 30, 2025, the information will not be displayed from January 1, 2026; if settled between December 1, 2025, and March 31, 2026, the information will be updated by the end of the following month [10]. Group 3: Information Verification - Individuals can verify whether their overdue information has been adjusted through various channels, including online platforms like banking apps and the official credit reporting website, as well as offline methods such as self-service query machines [11].

Group 1 - The core viewpoint is that the market is not likely to experience a significant downturn due to strong support from continuous ETF buying behavior [1] - As of December 15, the total ETF shares reached 3.3 trillion, with a total scale of 5.78 trillion yuan, an increase of 2 trillion yuan since the beginning of the year, indicating substantial inflow of funds into the market [1] - The stability of the LPR, with a one-year rate at 3.0% and a five-year rate at 3.56%, has positively impacted economic growth and market expectations, contributing to market stability [1] Group 2 - The market is seeing continuous buying and selling of the CSI 500 ETF, which has reached a scale of 245.935 billion yuan, with a net inflow of 32.7 billion yuan last week, accounting for 70% of the net inflow of stock ETFs [2] - Major ETFs from companies like Huaxia, Guotai, and E Fund have scales exceeding 20 billion yuan, indicating ongoing capital inflow rather than outflow [2] - The analysis suggests that the market is likely to continue oscillating at its current position and may gradually break upwards, with a focus on the performance around the 3900-point mark [2]

Group 1 - The one-year and five-year Loan Prime Rate (LPR) in China will be announced on December 22 [2] - Domestic oil prices are expected to experience a "triple decline" as the new pricing window opens on December 22, with a total of 24 adjustments this year, resulting in a decrease of 745 yuan/ton for gasoline and 715 yuan/ton for diesel compared to the end of last year [2] - A total of 19 companies will have their restricted shares unlocked today, with a combined market value of 78.543 billion yuan, including significant unlocks from Huadian Energy, Shouchuang Securities, and Ankuo Technology [2] Group 2 - One company has disclosed its stock repurchase progress, with Zhongheng Group completing a repurchase amounting to 18.8144 million yuan [3] - Two A-shares will undergo stock registration today, with China Railway and Western Securities offering dividends of 0.82 yuan and 0.20 yuan per 10 shares, respectively [4]

记者丨 江佩佩 见习记者张嘉钰 编辑丨谢珍 出品丨2 1财经客户端 2 1世纪经济报道 部分来自2 1世纪 经济报道（记者： 边万莉、唐婧 ） 广州第一芯IPO重大进展，拟募资75亿，国资入局 央行发布一次性信用修复政策 A股家装第一股重整获批！搭上算力，曾狂揽24个涨停 SFC 21君荐读 21 SFC 悦 读 · 智 能 权 威 . 0 o 扫码点击下载 值得关注的是，LPR报价已连续七个月保持不变。究其原因，一方面是作为LPR定价"锚"的7天期逆回购利率连续多月保持稳定；另一方面，银 行受净息差等因素影响，下调LPR报价加点的动力不足。 当前，市场对降准降息预期已有减弱。中国邮政储蓄银行研究员娄飞鹏向21世纪经济报道记者表示，"目前市场流动性总体较为充裕，央行通 过公开市场操作精准调控流动性，利率水平也处于较低水平，银行净息差本身较低，也需要维持合理的净息差更好服务实体经济。" 12月22日9时， 中国人民银行授权全国银行间同业拆借中心公布，2025年12月22日贷款市场报价利率（LPR）为 ：1年期LPR报3%，上次为 3%；5年期以上品种报3.5%，上次为3.5% 。 | | | 中国人民银行 TH ...

Group 1: China Economic Indicators - The People's Bank of China announced the Loan Prime Rate (LPR) for December, with the 1-year LPR remaining at 3.00% and the 5-year LPR at 3.50%, both unchanged from previous values [1] - On December 24, the National Bureau of Statistics will release important production material market prices, covering 50 products across nine categories, including metals and agricultural products [6] - The Central Bank is expected to roll over 300 billion yuan in Medium-term Lending Facility (MLF) on December 25, continuing a trend of increasing MLF for nine consecutive months [8] - The National Bureau of Statistics will publish industrial enterprise profit data for January to November, with profits for the first ten months down by 5.5% year-on-year, but showing a 1.9% increase in October [9] Group 2: US Economic Indicators - The US Commerce Department will release the final GDP value for Q3 2025, with an expected annualized growth rate of 3.2% and a price index increase of 2.7% [2] - The initial value of US durable goods orders for November is expected to show a decline of 1.4%, down from a previous increase of 0.5% [3] - The Federal Reserve will announce the industrial production figures for November, with expectations of a 0.1% month-on-month change, consistent with the previous month [4] - The Conference Board's consumer confidence index for December is anticipated to rise to 91.7 from 88.7, which could positively impact industrial commodity prices [5] - The US Labor Department will report initial jobless claims for the week ending December 20, with expectations of a decrease to 215,000 from 224,000 [7]

12月5年期以上LPR为3.5%，1年期LPR为3%。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 ...

Core Viewpoint - The recent actions of major banks indicate a significant tightening of deposit options, particularly with the removal of long-term fixed deposit products and a decrease in interest rates, leading to a challenging environment for savers [1][5][17] Group 1: Changes in Deposit Products - Major state-owned banks have discontinued 5-year fixed deposits as of December 1, and the threshold for 3-year deposits has been raised to 1 million yuan at some banks [1][11] - The interest rate for 1-year fixed deposits has dropped to 0.95%, with expectations of further declines in the coming year [1][14] Group 2: Impact on Banks - The increase in long-term deposits over the past two years has put pressure on banks, as they are obligated to pay higher interest rates on these deposits despite falling market rates [3][5] - Banks are facing a situation where the interest rates on existing deposits exceed the rates they can charge on new loans, leading to reduced profitability [5][9] Group 3: Profitability Concerns - The net interest margin for banks has decreased from 2.6% in 2014 to a projected drop below 1.5% in 2025, which is a critical threshold for bank operations [9] - Factors contributing to the decline in loan rates include continuous interest rate cuts by the central bank and the implementation of floating mortgage rates, which further compress bank income [6][12] Group 4: Future Outlook for Depositors - The tightening of deposit options and declining interest rates means that traditional savings methods are becoming less viable for maintaining purchasing power against inflation [12][14] - Investors are encouraged to explore alternative investment options, such as stocks, funds, and high-rated financial products, as reliance on fixed deposits for stable returns is no longer feasible [16][17]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - In October, multiple domestic economic indicators softened, indicating significant downward pressure on the economy and suppressing the stock market. The LPR has remained unchanged for six consecutive months, reflecting a prudent monetary policy with a low possibility of significant reserve - requirement ratio cuts or interest rate cuts this year. Currently, the market is in a vacuum period of macro - data, performance, and policies. Without clear trading guidance, the market is expected to move randomly, and stock indices will maintain a volatile trend [2]. 3. Summary by Relevant Catalogs 3.1 Futures Contract Data - **IF Contracts**: The latest price of the IF (CSI 300) main contract (2512) is 4435.2, down 5.6 from the previous period; the next - main contract (2603) is 4406.0, down 3.8. The net position of the top 20 in IF is - 24,375.00, down 65.0. The basis of the IF main contract is - 12.9, up 12.4 [2]. - **IH Contracts**: The latest price of the IH (SSE 50) main contract (2512) is 2944.4, down 5.8; the next - main contract (2603) is 2941.4, down 4.0. The net position of the top 20 in IH is - 10,799.00, down 60.0. The basis of the IH main contract is - 6.2, up 3.3 [2]. - **IC Contracts**: The latest price of the IC (CSI 500) main contract (2512) is 6827.6, up 37.4; the next - main contract (2603) is 6666.8, up 46.6. The net position of the top 20 in IC is - 23,171.00, down 630.0. The basis of the IC main contract is - 41.4, up 6.0 [2]. - **IM Contracts**: The latest price of the IM (CSI 1000) main contract (2512) is 7095.2, up 59.0; the next - main contract (2603) is 6886.0, up 67.0. The net position of the top 20 in IM is - 35,140.00, down 1776.0. The basis of the IM main contract is - 61.2, down 11.7 [2]. - **Contract Spreads**: Various spreads such as IF - IH, IC - IF, IM - IC, etc. for the current - month contracts have shown different degrees of increase. For example, the IF - IH current - month contract spread is 1490.8, up 8.8 [2]. 3.2 Market Sentiment Data - **Trading Volume and Balance**: A - share trading volume is 17,403.50 billion yuan, down 2432.49 billion yuan; margin trading balance is 24,614.50 billion yuan, down 302.53 billion yuan. North - bound trading volume is 2334.02 billion yuan, up 413.48 billion yuan [2]. - **Other Indicators**: The proportion of rising stocks is 77.61%, up 71.17 percentage points. Shibor is 1.316%, down 0.004 percentage points. IO at - the - money call option closing price is 75.60, down 11.80; the implied volatility is 16.23%, down 2.33 percentage points [2]. 3.3 Market Strength and Weakness Analysis - The strength of all A - shares is 7.30, up 5.40; the technical aspect is 7.80, up 7.20; the capital aspect is 6.80, up 3.60 [2]. 3.4 Industry News - A - share major indices generally rose at the close. The three major indices opened higher and then declined in the morning, and rebounded after hitting the bottom in the afternoon. Small and medium - cap stocks were stronger than large - cap blue - chip stocks. The Shanghai Composite Index rose 0.05%, the Shenzhen Component Index rose 0.37%, and the ChiNext Index rose 0.31%. The trading volume of the two markets decreased significantly. Over 4200 stocks in the whole market rose. Most industry sectors rose, with national defense and military industry and media sectors strengthening significantly, while petroleum and petrochemical, and coal sectors leading the decline [2]. 3.5 Key Data to Focus On - November 25, 21:30: US September PPI, core PPI, retail sales. - November 26, 21:30: US November 22 weekly initial jobless claims. - November 26, 23:00: US October PCE, core PCE. - November 27, 9:30: China's October industrial enterprise profits above designated size. - November 30, 9:30: China's November manufacturing, non - manufacturing, and composite PMI [3].

Core Viewpoint - The trend of small and medium-sized banks discontinuing long-term deposit products is highlighted, with the recent announcement from Meizhou Commercial Bank regarding the cessation of five-year fixed deposits and automatic renewal services marking a significant shift in the banking landscape [1][2]. Group 1: Discontinuation of Long-term Deposit Products - Meizhou Commercial Bank announced the discontinuation of its five-year fixed deposit product due to policy adjustments, affecting customers who can no longer benefit from automatic renewal services [2]. - Several small and medium-sized banks have also removed five-year fixed deposits from their offerings, with notable examples including the announcement from Tuyuqi Mengyin Village Bank, which explicitly stated the cancellation of five-year fixed deposits [7]. - A total of seven banks, including Meizhou Commercial Bank and Zhongguancun Bank, have removed five-year fixed deposits from their platforms, with some banks also discontinuing three-year fixed deposits [8]. Group 2: Interest Rate Adjustments - In response to pressure on net interest margins, many small and medium-sized banks have begun a new round of interest rate cuts, with significant reductions observed in deposit rates since October [9]. - For instance, Pingyang Pudong Village Bank reduced its three-year and five-year fixed deposit rates from 2.1% and 2.15% to 1.3% and 1.35%, respectively, marking a drop of 80 basis points [9]. - The overall trend indicates that small banks are aligning their deposit rates with larger banks, leading to a flattening of what were previously higher interest rates [10]. Group 3: Market Implications - The ongoing adjustments in deposit products and interest rates reflect the challenges faced by small and medium-sized banks in managing their funding costs while trying to attract deposits [10]. - Analysts suggest that the current low net interest margins may lead to further reductions in loan rates if the Loan Prime Rate (LPR) is cut again, which would subsequently drive down deposit rates [11][12]. - The banking sector is under pressure to balance deposit attraction with cost management, especially as the year-end approaches and banks seek to optimize their funding structures [10].

Core Viewpoint - The trend of small and medium-sized banks discontinuing long-term deposit products is highlighted, with a combination of product withdrawals and interest rate cuts signaling the end of the "interest-earning era" for depositors [3][4]. Group 1: Discontinuation of Long-Term Deposit Products - Meizhou Commercial Bank announced the discontinuation of its five-year fixed deposit product and the termination of automatic renewal services due to policy adjustments [5]. - Several small and medium-sized banks have also removed five-year fixed deposits, with notable examples including the announcement from Tuyuqi Mengyin Village Bank and Zhongguancun Bank [10]. - A total of seven banks have removed five-year fixed deposits from their offerings, while some banks have listed them as sold out [11]. Group 2: Interest Rate Cuts - A new wave of interest rate cuts is occurring among small and medium-sized banks to address net interest margin pressures, with many banks reducing deposit rates since October [13]. - For instance, Pingyang Pudong Village Bank cut its three-year and five-year deposit rates from 2.1% and 2.15% to 1.3% and 1.35%, a reduction of 80 basis points [13]. - The average net interest margin for various types of banks has narrowed, with state-owned banks, joint-stock banks, private banks, and foreign banks experiencing declines of 14 basis points, 5 basis points, 27 basis points, and 7 basis points respectively [15]. Group 3: Future Outlook - Analysts predict that if the Loan Prime Rate (LPR) is further reduced, deposit rates will likely follow suit, leading to a new round of widespread cuts [17]. - The possibility of new monetary policy measures, including interest rate cuts and reserve requirement ratio reductions, may stimulate internal financing demand [16].