为支持信用受损但积极还款的个人高效便捷重塑信用，中国人民银行12月22日对外发布一次性信用修复 政策有关安排，符合相关条件的逾期信息将不会在个人信用报告中予以展示。 提供容错纠正机会，避免因一次失误而长期受限 根据政策安排，对于2020年1月1日至2025年12月31日期间，单笔金额不超过1万元的个人逾期信息，个 人于2026年3月31日(含)前足额偿还逾期债务的，金融信用信息基础数据库(即央行征信系统)将不予展 示。其中： 个人于2025年11月30日(含)前足额偿还逾期债务的，央行征信系统自2026年1月1日起不予展示相关逾期 信息； 邹澜表示，政策出台后，将在3个层面发挥作用：个人层面，为曾经失信的个人提供容错纠正机会，有 助于社会公众有效改善信用状况，激发微观主体活力；金融机构层面，有助于更加精准地识别个人信用 状况，进一步提升普惠金融服务质效；经济社会层面，有利于强化个人在后续经济活动中的履约守信意 识，有效发挥征信系统"守信激励、失信惩戒"的基础性作用，构建崇信向善的诚信社会。 个人无需申请、操作、提交证明材料，央行征信系统自动识别 中国人民银行征信管理局局长任咏梅介绍，人民银行制定3项措施，让政 ...

有记者问：近期有媒体报道称，安世东莞厂的晶圆库存目前处于较低水平，开始导致包括在中国的中外 汽车制造商出现芯片短缺。请问您对此有何评论？此外，上周闻泰科技（37.620， 0.41， 1.10%）（维 权）与安世荷兰进行了协商，请问协商进展如何？ 答：我注意到你提到的媒体报道。中国政府本着对全球半导体产供链负责任的态度，已采取切实措施， 对合规的、用于民用用途的芯片出口予以豁免，为半导体供应链稳定畅通创造了必要条件，同时督促企 业尽快通过协商解决内部纠纷。 不区分贷款机构、贷款类型 央行面向个人推出信用修复政策 专题：短期扰动近尾声 逢低布局成长风格 【头条要闻】 中方最新发声：荷政府应立即撤销行政令 商务部新闻发言人就安世半导体问题答记者问 2026年1月1日起，中国人民银行将实施一次性信用修复政策。对于部分已还清欠款的违约者，征信记 录"一朝逾期、展示五年"的情况将有所改变。 12月22日，中国人民银行发布一次性信用修复政策，明确对满足一定条件的个人信贷逾期信息，在金融 信用信息基础数据库（即"中国人民银行征信系统"）中不再展示。本次政策适用时间覆盖2020年年初至 2025年年底，适用范围覆盖所有已经还 ...

央视网消息：22日，中国人民银行发布通知，实施一次性信用修复政策。支持信用受损但积极还款的个人高效便捷重塑信用。哪些逾期信 息可以适用一次性信用修复政策？又该如何修复呢？ 一次性信用修复需满足四方面条件 这次出台的一次性信用修复政策并非针对所有的逾期信贷，它主要有四个方面的适用条件： 适用对象限定于个人在央行征信系统中展示的信贷逾期信息。适用时间区间要求逾期信息产生于2020年1月1日至2025年12月31日期间， 2026年新产生的逾期信息不包括在内。适用金额为单笔逾期金额不超过1万元。适用前提是个人在2026年3月31日（含）前足额偿还逾期债务。 北京银行行长戴炜称："以每月10日偿还1000元等额本息贷款为例，若截止到2025年12月31日尚有2000元的逾期欠款，则借款人需要在 2026年1月10日前同时结清往期的欠款2000元以及当月应还款1000元，合计3000元。" 解决群众"信用困境" 绝非"债务豁免" 央行表示，此次政策核心是解决群众"信用困境"，绝非债务豁免，只有全额结清逾期债务，才能享受信用记录调整的政策红利，债务偿还 的核心责任并未免除；"守信激励、失信惩戒"始终是中国信用体系的重要原 ...

人民日报记者 吴秋余 为支持信用受损但积极还款的个人高效便捷重塑信用，中国人民银行12月22日对外发布一次性信用 修复政策有关安排，符合相关条件的逾期信息将不会在个人信用报告中予以展示。 提供容错纠正机会，避免因一次失误而长期受限 根据政策安排，对于2020年1月1日至2025年12月31日期间，单笔金额不超过1万元的个人逾期信 息，个人于2026年3月31日（含）前足额偿还逾期债务的，金融信用信息基础数据库（即央行征信系 统）将不予展示。其中： 个人于2025年11月30日（含）前足额偿还逾期债务的，央行征信系统自2026年1月1日起不予展示相 关逾期信息； 个人于2025年12月1日至2026年3月31日期间足额偿还逾期债务的，央行征信系统于次月月底前不予 展示相关逾期信息。比如，个人在2026年1月还清欠款，相关逾期信息在2月底前即可展示为正常还款状 态。 "过去，一旦产生不良信用记录，个人可能会在贷款、求职、租房、出行等多方面受限，影响持续 数年。"招联首席研究员、上海金融与发展实验室副主任董希淼表示，信用修复政策为那些非恶意失信 且已积极改正的人提供"出路"，避免因一次失误而长期受限。 邹澜表示，政 ...

Group 1 - The core viewpoint of the article is the implementation of a one-time credit repair policy by the People's Bank of China, which will not display overdue information for eligible individuals in the credit reporting system [2] - The policy applies to overdue information generated between January 1, 2020, and December 31, 2025, for individual overdue amounts not exceeding 10,000 RMB, provided that the overdue debts are fully repaid by March 31, 2026 [3][6][7][8] - The policy is automatic, meaning individuals do not need to apply; the credit reporting system will identify and process eligible overdue information [9] Group 2 - There are two potential changes in the personal credit report based on the overdue situation: if all overdue information meets the policy conditions, it will not be displayed; if only some information qualifies, the number of overdue accounts or historical overdue months may decrease [10] - The article provides examples of credit report changes before and after the policy implementation, indicating that overdue accounts may be removed from the report [12][13] - Individuals can check their credit reports through various channels, including online via the China Construction Bank app or offline at any bank branch [14][15][16]

| | | | | 申银万国期货研究所 唐广华（从业资格号：F3010997；交易咨询号：Z0011162） tanggh@sywgqh.com.cn 021-50586292 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | TS2603 | TS2606 | TF2603 | TF2606 | T2603 | T2606 | TL2603 | TL2606 | | | 昨日收盘价 | 102.464 | 102.504 | 105.860 | 105.860 | 107.980 | 108.005 | 111.98 | 112.2 | | | 前日收盘价 | 102.490 | 102.526 | 105.970 | 105.965 | 108.150 | 108.175 | 112.66 | 112.84 | | | 涨跌 | -0.026 | -0.022 | -0.110 | -0.105 | -0.170 | -0.170 | -0.680 | -0.640 | | | 涨跌幅 | -0. ...

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The market may have entered a small year - end rally. Overseas liquidity has improved with the Bank of Japan's dovish rate hike and the Fed's dovish stance. A - share liquidity has also been enhanced by large - scale ETF subscriptions and the trend of RMB appreciation. The operation strategy is to focus on the policy mainline, use dips for layout, take profits during rallies, and keep a flexible position [18]. 3. Summary by Relevant Catalogs 3.1 Chemical and Agricultural Product Price Changes - **Chemical Products**: On December 23, 2025, among chemical products, PVC had the largest increase with a rise of 2.679% to 4,714.00 yuan, while yellow soybean 2 had the largest decrease in the agricultural products sector, dropping 7.489% to 3,434.00 yuan [4]. 3.2 Macro - economic News - The central bank introduced a one - time credit repair policy for small - amount personal overdue information. Vanke's 20 - billion - yuan bond extension plan was rejected again, but it won a 30 - trading - day grace period. Precious metals soared on December 22, with gold breaking through $4,440 per ounce and silver exceeding $69 per ounce [6]. - The State Council held a meeting on the preparation of the "15th Five - Year Plan". China's December LPR remained unchanged for the 7th consecutive month. The National People's Congress heard a report on the rectification of audit problems in the 2024 central budget [7]. - The Central Economic Work Conference deployed multiple key reform tasks. The draft of the Childcare Service Law was submitted for its first review [8]. 3.3 Morning Meeting Views on Main Varieties 3.3.1 Agricultural Products - **Sugar**: On December 22, the sugar price rose 0.75%. In the short term, it may show a volatile and slightly stronger pattern, with support near the cost line. One can consider going long on dips [11]. - **Corn**: The corn futures price was flat on December 22. It has entered a volatile pattern, and short - term interval trading can be considered [11]. - **Pigs**: The current hog futures market shows a contradiction between weak reality and strong expectations. There is a weak rebound opportunity, and one can focus on the reverse spread of monthly spreads [11]. - **Eggs**: The egg market is still bearish, and the reverse spread of monthly spreads can be held [11]. - **Cotton**: On December 22, the cotton price rose 0.39%. In the short term, positive factors dominate, and one can go long on dips with support at 14,000 yuan [13]. 3.3.2 Energy and Chemicals - **Urea**: The domestic urea market price is stable. The supply - demand pattern shows a double - reduction, and the UR2605 contract may run in the range of 1,650 - 1,750 yuan [12]. - **Caustic Soda**: The caustic soda market is in an oversupply situation, and the main contract continues to be weak [14]. - **Coking Coal and Coke**: The coking coal supply is relatively loose, and the coking coal and coke market tends to be volatile [13]. - **Logs**: The log market shows a pattern of weak supply and demand, and the price oscillates between 760 - 800 yuan [14]. - **Pulp**: The pulp price has broken through the previous range, but the supply exceeds demand. One should not chase the high price and can pay attention to the support near 5,550 - 5,580 yuan [14]. - **Offset Printing Paper**: The offset printing paper price has broken through the previous pressure level. One should not chase the high and can pay attention to the support at 4,000 yuan [14]. 3.3.3 Non - ferrous Metals - **Copper and Aluminum**: The copper and aluminum market is strong, and they continue to run at high levels, but macro risks should be noted [14]. - **Alumina**: The alumina market is in an oversupply situation and continues to be weak [15]. - **Rebar and Hot - Rolled Coil**: The rebar and hot - rolled coil market maintains an interval oscillation pattern, with rebar in the range of 3,000 - 3,200 yuan and hot - rolled coil in the range of 3,200 - 3,300 yuan [15]. - **Ferroalloys**: The ferroalloy market follows the trend of the black series. One should not chase the high price at the current high level [15]. - **Lithium Carbonate**: The lithium carbonate futures price has broken through the previous range. The short - term upward trend is strong, but the risk of high - level fluctuations increases [15]. 3.3.4 Options and Finance - **Stock Index Futures and Options**: On December 22, the A - share market was strong. Trend investors can focus on the strength - weakness arbitrage opportunities among varieties, and volatility investors can short volatility through the short straddle strategy [16]. - **Stock Index**: The A - share market has shown signs of stabilization. The market may have entered a small year - end rally. One should focus on the policy mainline and keep a flexible position [18].

Group 1: Industry Developments - The Civil Aviation Administration of China has approved two mandatory national standards for civil unmanned aerial vehicles, which will be implemented starting May 1, 2026, promoting safer and more orderly industry development [6] - Dinglong Co. is set to begin trial production of high-end wafer photoresist, having received orders from major domestic wafer manufacturers, accelerating the domestic substitution process in semiconductor materials [6] - Significant advancements in quantum computing have been reported, with the "Zu Chongzhi 3.2" superconducting quantum processor achieving key technological progress, which is expected to accelerate the practical application of quantum computing [6] - Baidu is collaborating with Uber and Lyft to conduct trial runs of autonomous taxis in the UK, marking progress in the export of autonomous driving technology, attracting market attention to related domestic industries such as lidar and onboard algorithms [6] - Chasing Technology has launched the world's first AI health glasses, which monitor health indicators such as heart rate and blood oxygen levels, with expectations for rapid growth in the AI glasses market by 2026 [6] Group 2: Company News - MiniMax and Zhiyu Huazhang, AI model startups, have received approval for their overseas IPO plans, with MiniMax aiming to raise up to $700 million by issuing up to 33,577,240 shares [7] - Wallen Technology has begun accepting subscriptions for its Hong Kong IPO, with the first day of oversubscription reaching nearly 47 times, aiming to raise up to HKD 4.85 billion [7] - Liying Intelligent Manufacturing has signed a share transfer agreement to acquire a 35% stake in Liminda for CNY 875 million, gaining control over 52.78% of the voting rights [7] - Sanhua Intelligent Control expects a net profit of CNY 3.874 billion to CNY 4.649 billion for the year, representing a year-on-year growth of 25% to 50% [7] - Huaxia Happiness announced that its board of directors will not submit a temporary proposal from Ping An Life for shareholder meeting review, as the proposal was not approved [7] - Yongding Co.'s subsidiary plans to raise CNY 55 million through external investment, involving several investors [7] - Duoke Culture has announced a potential change in control, leading to a temporary suspension of its stock trading for up to two trading days [7] - Lingyun Optical's subsidiary plans to invest up to $5 million in the IPO of Zhiyu on the Hong Kong Stock Exchange [7] - Vanke has disclosed an extension of the grace period for its mid-term notes, increasing the grace period from 5 to 30 trading days without penalty interest [7] - Kuaishou has experienced a severe cybersecurity incident, leading to the spread of inappropriate content, with the platform currently addressing the issue [7] - Apple has been fined €98 million by the Italian antitrust authority for alleged abuse of market dominance regarding its app tracking transparency policy, with plans to appeal the decision [10] - Paramount has modified its acquisition offer for Warner Bros, with Oracle co-founder Larry Ellison providing $40.4 billion in equity financing guarantees to alleviate concerns about the stability of the acquisition funds [10]

（央视财经《经济信息联播》）22日，中国人民银行出台一次性信用修复政策，支持信用受损但积极还 款的个人高效便捷重塑信用。新政策将于明年1月1日起实施。 适用前提：为个人在2026年3月31日前（含3月31日）足额偿还逾期债务。 符合上述条件的逾期信息，将作不予展示处理，在政策实施后，个人信用报告中的"还款状态"将由逾期 标识调整为正常标识。 中国人民银行副行长 邹澜：目前央行征信系统已经成为我国一项重要的金融基础设施，日均对外提供 查询服务达到两千万笔。 本次信用修复政策主要有四个方面的适用条件： 适用对象：限定于个人在中国人民银行征信系统中展示的信贷逾期信息 适用时间区间：要求逾期信息产生于2020年1月1日至2025年12月31日期间 适用金额：为单笔逾期金额不超过1万元 央行表示，这项政策是精准修复，绝非"征信洗白"，核心是解决群众"信用困境"，绝非债务豁免，只有 全额结清逾期债务，才能享受信用记录调整的政策红利，债务偿还的核心责任并未免除；"守信激励、 失信惩戒"始终是我国信用体系的重要原则，这条"底线"也从未动摇。 中国人民银行副行长 邹澜：在个人层面，政策为曾经失信的个人提供容错纠正的机会，有助于 ...

Morning session notice | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 昨日焦煤主力合约 Jm2605 收于 1114.0，环比日盘开盘上涨 0.54%；焦炭主力合约 J2605 收于 1743.5，环比日盘开盘上涨 0.20%。昨日夜盘，Jm2605 收于 1123.0，环比日盘收 盘上涨 1.67%；J2605 合约收于 1740.0，环比日盘收盘下跌 0.20%。 【重要资讯】 1、央行发布一次性信用修复政策有关安排，针对特定时期内、单笔金额在 1 万元以下 | | --- | --- | --- | --- | | 黑色 | 焦煤、 | 区间震荡 | 的小额个人逾期信息，将实施一次性信用修复，"免申即享"，信用卡、房贷、消费贷 等均可适用。 2、焦炭第三轮提降落地：自 2025 年 12 月 22 日 0 时起，河北市场钢厂对焦炭采购价下 调，山东市场主流钢厂对焦炭采购价湿熄下调 50 元/吨，干熄下调 55 元/吨。 3、2025 年 12 月 22 日山西太原市华润联盛原相焦煤（A9.5 S0.45 V21 G85）竞拍，起 拍价 1465 元/吨，数量 0.2 ...