今年的政府工作报告提出，进一步扩大高水平对外开放。坚持合作共赢，稳步扩大制度型开放，拓展 国际循环，以开放促改革促发展。其中，不仅更加重视服务业开放，而且增加了"扩大人民币跨境使 用""引导企业优化全球市场布局""推动贸易投资一体化""推动跨境电商加海外仓模式扩容升级"等新 提法和具体部署。 以服务业为重点扩大市场准入和开放领城 根据政府工作报告，今年将积极扩大自主开放。以服务业为重点扩大市场准入和开放领城，进一步扩 大增值电信、生物技术、外商独资医院等领城开放试点，有序扩大数字领域开放，压减跨境服务贸易 负面清单。建好国家服务业扩大开放综合示范区。推动商签更多区域和双边贸易投资协定，积极推动 加入《数字经济伙伴关系协定》和《全面与进步跨太平洋伙伴关系协定》进程。 2026.03. 05 本文字数：2200，阅读时长大约4分钟 作者 | 第一财经 缪琦 面对地缘政治紧张局势和贸易保护等不利因素，中国的大门越开越大，其中外贸展现出强大韧性，其 规模再创新高。 白明认为，和去年相比，如今的外部形势更加错综复杂，受到的冲击点也很多，其中，中东问题的外 溢效应以及主要经济体政策的不确定性，正在严重干扰全球贸易环境，" ...

央行有关负责人指出，通知出台背景在于，支持和规范银行开展人民币跨境同业融资业务，更好服务实体经济，引导银行树立风 险中性的理念。 记者注意到，2025年9月，央行围绕上述业务曾发布《通知》的征求意见稿（下简称征求意见稿），前后对比可见，正式文件并未 全面禁止农村金融机构开展人民币跨境同业融出业务，而是明确符合一定资质的农村金融机构可以开展人民币跨境同业融出业 务。 近日，央行出台通知，明确境内银行开展人民币跨境同业融资业务时，只对人民币跨境同业融资净融出余额提出上限要求，不对 单向的融出余额提要求。 "" 通知还明确，将境内银行人民币跨境同业融资净融出余额与其资本水平、资金实力挂钩，通过跨境业务调节参数、宏观审慎调节 参数进行调节。 关于如何同已有的人民币跨境同业融资管理政策进行衔接，央行有关负责人表示，《通知》旨在按照"实质重于形式"的原则，将 各类人民币跨境同业融资业务纳入覆盖范围，不涉及创设新的业务。 明确5项业务不纳入净融出余额计算 相对此前征求意见稿，《通知》存在几项变化。征求意见稿提出人民币跨境同业融资业务最长期限不超过一年，而《通知》明 确，人民币跨境同业融资业务期限遵循相关业务规定。即正式文件 ...

下一步，中国人民银行将稳步推进《通知》落地实施，切实发挥跨境同业融资业务服务实体经济、 促进人民币离岸市场健康发展的积极作用。 责任编辑：杨喜亭 《通知》覆盖人民币跨境同业融资各类业务，将银行业金融机构人民币跨境同业融资净融出余额与 其资本水平、资金实力挂钩，促进合理开展业务。设置宏观审慎管理相关参数，根据市场形势进行逆周 期调节。相关参数设定充分考虑了市场需求与银行业金融机构经营情况，有利于为人民币离岸市场提供 稳定的流动性，推动人民币跨境使用。 为深入贯彻落实党的二十届四中全会精神，提升资本项目开放水平，发展人民币离岸市场，完善跨 境资本流动宏观审慎管理，2026年2月26日，中国人民银行发布《关于银行业金融机构人民币跨境同业 融资业务有关事宜的通知》（以下简称《通知》），支持境内银行业金融机构与境外机构规范开展人民 币跨境同业融资业务。《通知》自发布之日起实施。 ...

Core Insights - In 2025, Shanghai's cross-border RMB payment amount exceeded 30 trillion yuan for the first time, reaching 32.4 trillion yuan, a year-on-year increase of 9%, accounting for 46% of the national total [1] - The securities investment category contributed 24.2 trillion yuan, representing over 70% of the total, significantly enhancing Shanghai's status as a global RMB asset allocation center [1] Group 1: Cross-Border RMB Usage - The People's Bank of Shanghai has implemented extensive measures to expand the use of RMB in cross-border transactions, focusing on key enterprises, sectors, and regions [1] - The FT account function upgrade pilot launched on December 5, 2025, has seen participation from 11 banks and 29 enterprises, with a total cross-border payment scale of nearly 50 billion yuan [2] Group 2: Financial Support for the Real Economy - In 2025, Shanghai's social financing scale increased by 1.1632 trillion yuan, a year-on-year increase of 102.1 billion yuan [2] - RMB loans remained the primary source of financing, with an increase of 658.9 billion yuan, accounting for 56.6% of the total financing increment [2] - The weighted average interest rate for newly issued corporate loans in December 2025 was 2.64%, a decrease of 38 basis points from the previous year, marking a historical low [2] Group 3: Foreign Economic Performance - Shanghai's foreign-related economy remained robust in 2025, with total foreign-related receipts and payments reaching 5.66 trillion USD, accounting for over 36% of the national total [3] - The total amount of bank foreign exchange transactions exceeded 1.15 trillion USD, representing over 23% of the national total [3] - The total goods trade balance exceeded 1 trillion USD, with a year-on-year growth of 7.0%, outpacing the national growth rate of 2.6 percentage points [3]

Core Insights - The overall financial operation in Shanghai remains stable in 2025, with several key indicators showing positive changes and structural improvements despite a complex external environment and ongoing domestic economic recovery [1] Financial Support to the Real Economy - In 2025, Shanghai's social financing scale increased by 1,163.2 billion RMB, with a year-on-year increase of 102.1 billion RMB [2] - Direct financing rose by 341.9 billion RMB, accounting for 29.4% of the total financing increase, which is an improvement of approximately 15 percentage points compared to the previous year [2] - The balance of loans in both domestic and foreign currencies reached 13.07 trillion RMB, with a year-on-year growth of 6.5%, slightly above the national average [2] Financing Costs and Structure - The weighted average interest rate for newly issued corporate loans in Shanghai was 2.64% in December 2025, a decrease of 38 basis points year-on-year [3] - The increase in direct financing and the decrease in financing costs reflect a significant structural change in Shanghai's financial market, indicating a shift towards high-quality development [3] Deposit Structure Changes - By the end of December 2025, the balance of deposits in Shanghai reached 24.5 trillion RMB, with a year-on-year growth of 11.3%, surpassing the national growth rate by 2.3 percentage points [4] - The growth rate of demand deposits for households and non-financial enterprises increased significantly, indicating a trend towards more active fund circulation [5] FT Account Function Upgrade - The FT account function upgrade pilot launched in December 2025 has seen stable operations, with cross-border fund payment volumes nearing 50 billion RMB [6] - The upgrade aims to balance convenience and risk management in cross-border fund usage, reflecting Shanghai's efforts to align financial regulations with international standards [6] Cross-Border Financial Activities - In 2025, Shanghai's banks recorded a total foreign-related income and expenditure of 5.66 trillion USD, a year-on-year increase of 14.3%, accounting for over 36% of the national total [7] - The total amount of cross-border RMB transactions reached 32.4 trillion RMB, representing a 9% year-on-year growth and maintaining a 46% share of the national total [7]

Summary of Key Points from Conference Call Records Industry Overview - The stock market performance on January 27, 2026, showed the Shanghai Composite Index at 4139.90 points, up 0.18%, the Shenzhen Component Index at 14329.91 points, up 0.09%, and the ChiNext Index at 3342.60 points, up 0.71% [1] - The brokerage index decreased by 1.11%, while the insurance index increased by 1.95% [1] - The total trading volume for stocks was 28,949.81 billion yuan, with the SW Securities II industry accounting for 391.88 billion yuan, representing 1.35% of the total trading volume [1] - The margin trading balance from the previous trading day was 27,254.11 billion yuan [1] - The yield on ten-year government bonds was measured at 1.8311% [1] Company Announcements - **Shenwan Hongyuan**: Completed the principal and interest payment for the short-term corporate bonds issued on October 23, 2025, on January 23, 2026 [1] - **Yuexiu Capital**: Announced the issuance of corporate bonds for professional investors, with a face value not exceeding 800 million yuan, starting from February 2, 2026. The inquiry range for the first type is 1.4%-2.4%, and for the second type, it is 1.7%-2.7% [2] - **Huaxin Co., Ltd.**: Projected a net profit attributable to shareholders of approximately 648 million yuan for 2025, an increase of 77.48% year-on-year. The net profit after deducting non-recurring gains and losses is expected to be around 625 million yuan, up 73.44% year-on-year [2] - **China Pacific Insurance**: The independent director Huang Xianrong's qualification has been approved by the National Financial Supervision Administration, officially replacing Jiang Xuping as an independent director of the company's tenth board [2] - **Ruida Futures**: The "Ruida Convertible Bonds" issued by the company triggered conditional redemption during the term and will be fully redeemed, delisting from the Shenzhen Stock Exchange starting January 27, 2026 [2] Important News - **Central Bank**: Conducted a 402 billion yuan 7-day reverse repurchase operation at a fixed rate of 1.40%. A total of 324 billion yuan in 7-day reverse repos matured today, resulting in a net cash injection of 78 billion yuan [3] - **Central Bank**: Announced improvements to the cross-border use of the renminbi, promoting trade facilitation, optimizing the layout of renminbi clearing banks, and supporting the development of the offshore renminbi market [3] - **Ministry of Commerce**: Initiated pilot reforms in automotive circulation consumption to further unleash automotive consumption potential and is promoting a prize invoice pilot program [3]

1. Report Industry Investment Rating - No relevant information found 2. Core Viewpoints of the Report - The Indian government will significantly reduce tariffs on EU imports, which is expected to save about 4 billion euros in annual tariffs for European products [2] - The People's Bank of China plans to expand the scope of macro - prudential policies and improve RMB cross - border use policies [2] - Trump plans to raise tariffs on South Korean imports, and South Korea is discussing countermeasures [3] - The increase in US core capital goods orders in November exceeded expectations, indicating a strong performance of the US economy in Q4 2025 [3] - The short - term upward space of the bond market is limited, but there may be room for compression of the long - term spread. It is recommended to wait and see in the short term and consider a small - position layout for the long - end spread compression strategy [4][5] - The precious metals market has strong upward momentum, but the operation is difficult due to high volatility. It is recommended to enter or replenish long positions after the volatility decreases [6][8] - The container shipping index is expected to fluctuate weakly. Hedging positions should be held, and forward arbitrage profits between EC2604 and EC2608 contracts can be gradually reduced [9] 3. Summary by Relevant Content 3.1. Daily News - India will gradually reduce the tariff on EU automobiles from 110% to 10% with a quota of 250,000 vehicles per year, and will completely cancel auto parts tariffs in 5 - 10 years. Tariffs on machinery, chemicals, and pharmaceuticals will also be mostly removed. High tariffs on EU agricultural products will also be reduced or removed, saving about 4 billion euros in annual tariffs for European products [2] - The People's Bank of China will expand the scope of macro - prudential policies, judge potential financial risks, and improve RMB cross - border use policies [2] - Trump plans to raise tariffs on South Korean cars, timber, and pharmaceuticals to 25%, and South Korea is discussing countermeasures [3] - US core capital goods orders in November increased by 0.7% month - on - month, exceeding the expected 0.3%, indicating a strong performance of the US economy in Q4 2025 [3] 3.2. Variety Views 3.2.1. Treasury Futures - On Tuesday, the treasury bond market continued to fluctuate narrowly. Trump's plan to raise tariffs on South Korea had a muted impact on the bond market. The central bank conducted 402 billion yuan of 7 - day reverse repurchases, with 324 billion yuan of reverse repos maturing, resulting in a net injection of 78 billion yuan. The money market was loose, with DR001 down 5BP to 1.36% and DR007 up 1BP to 1.58% [4] - Since mid - January, treasury bonds have been on a recovery path, mainly driven by the correction of pessimistic expectations. At the beginning of the year, treasury futures were under pressure due to expectations of stable growth and concerns about supply. After the regulatory authorities cooled the equity market in mid - January, the impact of risk appetite on the bond market weakened. The central bank's net injection of 700 billion yuan through MLF and the slower - than - expected issuance of local bonds have supported the bond market in the short term [4] - Currently, the bond market recovery is nearing its end, and the valuation is relatively neutral. Without new positive drivers, the short - term upward space may be limited. It is recommended to wait and see. The long - term spread between 30 - year and 10 - year treasury bonds is high, and investors can consider a small - position layout for the long - end spread compression strategy [5] 3.2.2. Precious Metals - In the Asian session today, the precious metals sector opened lower and moved higher, but with increased volatility and significant divergence. Domestic gold and silver rose 1.52% and 7.25% respectively, while platinum and palladium fell 4.61% and 2.08% respectively [6] - In the past two weeks, the precious metals sector has shown strong performance. Domestic gold, silver, platinum, and palladium have risen 17%, 65%, 32%, and 20% respectively since the beginning of the year. The short - term fluctuations of silver are affected by factors such as commodity position adjustment, Trump's "TACO" policy, and the issue of the Fed's independence [6] - Trump's "TACO" policy has little impact on the upward trend of precious metals. The issue of the Fed's independence remains complex, and the inventory shortage in the market continues. Although silver may have reached a short - term peak, the adjustment space is expected to be limited. It is recommended to enter or replenish long positions after the volatility decreases [7][8] 3.2.3. Container Shipping Index - On Tuesday, the main contract of the container shipping index closed slightly lower with reduced trading volume, and trading sentiment became more cautious. Before the Spring Festival, export transportation demand decreased, and shipping companies continued to cut prices to attract customers, putting pressure on the index. However, geopolitical risks in the Red Sea and the potential for pre - policy - adjustment export rush may support the index. Fundamentally, the spot market faces pressure from pre - Spring Festival cargo collection and sufficient capacity supply, and the index is expected to fluctuate weakly. Hedging positions should be held, and forward arbitrage profits between EC2604 and EC2608 contracts can be gradually reduced [9] 3.3. Future Key Data - Tonight at 23:00, the US January Conference Board Consumer Confidence Index will be released, with a previous value of 89.1 and a forecast of 90.6 [13] - Tomorrow at 23:30, the change in US EIA crude oil inventories for the week ending January 23 will be released, with a previous value of 3.602 million barrels [14]

Economic Overview - In 2025, the overall business development is stable and progressing, contributing positively to the economic recovery, with total retail sales of consumer goods exceeding 50 trillion yuan, reaching 50.1 trillion yuan, a growth of 3.7%, and consumption contributing 52% to economic growth [2] - Over 70,000 new foreign-funded enterprises were established, marking a growth of 19.1%, with foreign investment absorption reaching 747.69 billion yuan, of which high-tech industries accounted for 32.3% [2] Consumer Market Highlights - The consumer market in 2025 showed four main highlights: 1. Rapid growth in durable goods consumption, with retail sales of home appliances, communication devices, and furniture increasing by 11%, 20.9%, and 14.6% respectively, and passenger car retail volume rising by 3.8% [3] 2. New consumption types, including digital, green, and health consumption, continued to thrive, with online retail sales of physical goods growing by 5.2% and the penetration rate of new energy passenger vehicles reaching 53.9% [3] 3. Active rural consumption, with retail sales in rural areas reaching 6.8 trillion yuan, growing by 4.1%, outpacing urban growth by 0.5 percentage points [3] 4. Increased inbound consumption, with sales of tax refund goods nearly doubling and a 30% increase in foreign visitors due to expanded visa-free policies [3] Policy Initiatives - The Ministry of Commerce plans to implement a special action to boost consumption in 2026, focusing on policy issuance, event organization, and improving consumption scenarios [4] - Key initiatives include optimizing the old-for-new consumption policy, promoting automotive consumption, and launching various promotional activities to enhance consumer atmosphere [4] - The Ministry will also accelerate the cultivation of international consumption center cities and improve the consumption environment through pilot projects [4] Trade and Investment - The Ministry of Commerce aims to innovate and develop digital trade, starting the construction of a national digital trade demonstration zone and promoting the integration of domestic and international standards [18] - Plans to expand service trade include improving the negative list management system for cross-border service trade and establishing national service trade innovation development demonstration zones [18] Corporate Developments - JD Property submitted an A1 application to the Hong Kong Stock Exchange, managing 285 modern infrastructure assets with a total area of approximately 27.1 million square meters and an asset management scale of 121.5 billion yuan [19] - Zijin Mining announced plans to acquire Allied Gold Corporation at a price of 44 Canadian dollars per share, totaling approximately 5.5 billion Canadian dollars (about 28 billion yuan) [19][20]

Core Viewpoint - The People's Bank of China emphasizes the importance of macro-prudential management and cross-border RMB business for 2026, aiming to enhance financial stability and support the new development pattern [1] Group 1: Macro-Prudential Management - The macro-prudential work for 2026 will focus on building a comprehensive management system and strengthening the central bank's macro-prudential management functions [1] - There will be a continuous improvement of the macro-prudential and financial stability committee's working mechanism [1] - The scope of macro-prudential policies will be gradually expanded, with a forward-looking assessment of systemic financial risks [1] Group 2: Policy Tools and Financial Stability - The central bank plans to innovate and enrich the policy toolbox to maintain the stable operation of financial markets and the overall stability of the financial system [1] - The work will be guided by the goal of supporting the construction of a new development pattern [1] Group 3: Cross-Border RMB Usage - There will be further improvements in policies regarding the cross-border use of RMB to facilitate goods trade [1] - The layout of RMB clearing institutions will be optimized to better leverage currency swap functions [1] - Development of the offshore RMB market will be supported to meet various entities' needs for RMB transaction settlement, investment, financing, and risk management [1]

Core Insights - The total amount of cross-border RMB transactions in Yunnan Province is projected to reach 100.179 billion yuan by 2025, representing a year-on-year growth of 13% [1] Group 1: Regional Cooperation - Regional cooperation is identified as a significant driver for the cross-border use of RMB [1] - By 2025, cross-border RMB transactions with countries involved in the Belt and Road Initiative will account for 80% of the total in Yunnan Province, with transaction volumes to Myanmar, Laos, and Thailand increasing by 8%, 14%, and 42% respectively [1] Group 2: Key Sectors - Notable growth in RMB settlements is observed in key sectors, with cross-border RMB settlements for mineral products and soybeans increasing by 14% and 120% year-on-year respectively [1] - There is a significant year-on-year increase in RMB settlement amounts for specialty industries such as coffee, flowers, fruits, and vegetables [1] Group 3: Border Trade - The main channel for RMB settlements in border trade remains strong, with over 90% coverage of electronic settlements in border markets and RMB settlements [1] - By 2025, cross-border RMB settlements in Yunnan's border trade are expected to account for 15% of the total [1] Group 4: Financial Institutions - Financial institutions in Yunnan Province are continuously deepening cooperation with neighboring countries to steadily promote the use of RMB in cross-border trade and investment [1]