多家银行密集推出2026年首期大额存单产品。 《证券日报》记者梳理中国货币网数据发现，截至1月8日，今年已有超40家银行发布2026年第一期大额 存单发行公告。从期限结构看，产品短期化特征显著，多数银行主打一年期及以下短期品种，三年期大 额存单发行量锐减，五年期产品近乎绝迹；利率方面，大额存单收益率持续走低，多数三年期产品利率 不超过2%，一年期利率普遍不足1.5%，个别短期大额存单利率更是跌至1%左右，迈入"0字头"区间。 对于大额存单市场呈现的短期化与利率下行双重趋势，中国邮政储蓄银行研究员娄飞鹏在接受《证券日 报》记者采访时表示，核心原因是银行净息差持续承压，为降低长期高成本负债，银行主动压降三年期 以上产品。这一趋势主要受三方面因素驱动：银行负债成本压降需求、高息存款集中到期以及货币政策 导向。 受访专家表示，未来银行净息差仍将处于低位，资产端收益率存在下行压力，仍需进一步降低负债成 本。2026年全年，大额存单期限短期化、结构优化的趋势将持续，利率大概率维持在较低水平区间。 利率低位运行或成常态 从宏观政策层面看，这一变化也是利率市场化改革与适度宽松货币政策传导的必然结果。近日召开的 2026年中国 ...

央行在最新发布的《金融稳定报告》中指出，利率市场化改革进入深水区，需更好发挥利率自律机制重 要作用，将"综合收益不能为负"作为每笔贷款业务的定价底限。 央行在报告中认为，近几年利率市场化改革取得了重大进展，对利率的行政性管制已经放开，基本建立 了市场化的利率形成和传导机制，也就是"放得开"的目标基本实现。但是"形得成"和"调得了"仍任重道 远。 贷款市场报价利率（LPR）改革以来，由于银行定价能力不足、"内卷式"竞争等因素，贷款利率降幅明 显超过政策利率，而存款利率降幅则明显低于政策利率。央行认为，这在一定程度上导致银行净息差收 窄、盈利能力下降，不利于银行稳健经营和可持续支持实体经济，也不利于引导金融资源优化配置。 金融监管总局数据显示，截至2005年三季度末，商业银行净息差为1.42%，环比保持稳定，同比虽下降 11个基点，但已终结此前持续收窄态势。分银行类型来看，三季度息差呈现"一升一降多持平"的分化格 局。其中，股份制商业银行净息差较上季度微升1个基点至1.56%；民营银行净息差为3.83%，环比下降 8个基点；国有大型商业银行、城市商业银行、农村商业银行净息差分别维持在1.31%、1.37%、 1. ...

记者丨唐婧 编辑丨张星 1月5日至6日，2026年中国人民银行工作会议在北京召开。会议总结2025年工作，分析当前形 势，研究中国人民银行"十五五"改革发展规划，部署2026年工作。 会议明确， 2026年中国人民银行要重点抓好以下七项工作 ：一是持之以恒推进全面从严治 党；二是继续实施好适度宽松的货币政策；三是提升金融服务实体经济高质量发展质效；四是 稳妥化解重点领域金融风险；五是持续深化金融改革和对外开放；六是积极推动全球金融治理 改革；七是进一步提升金融管理和服务能力。 备受关注的是，在谈及如何"继续实施好适度宽松的货币政策"时，会议指出，把促进经济高质 量发展、物价合理回升作为货币政策的重要考量， 灵活高效运用降准降息等多种货币政策工 具 ，保持流动性充裕，保持社会融资条件相对宽松，引导金融总量合理增长、信贷投放均 衡，使社会融资规模、货币供应量增长同经济增长和价格总水平预期目标相匹配。 谢光启表示，总量方面，将灵活高效运用降准降息等多种货币政策工具，保持流动性充裕，使 社会融资规模、货币供应量增长同经济增长、价格总水平预期目标相匹配。同时，要做好政策 沟通和预期引导，加强货币政策和财政、产业等政策在 ...

会议明确，2026年中国人民银行要重点抓好以下七项工作：一是持之以恒推进全面从严治党；二是继续实施好适度宽松的货币政策；三是提升 金融服务实体经济高质量发展质效；四是稳妥化解重点领域金融风险；五是持续深化金融改革和对外开放；六是积极推动全球金融治理改革； 七是进一步提升金融管理和服务能力。 备受关注的是，在谈及如何"继续实施好适度宽松的货币政策"时，会议指出，把促进经济高质量发展、物价合理回升作为货币政策的重要考 量，灵活高效运用降准降息等多种货币政策工具，保持流动性充裕，保持社会融资条件相对宽松，引导金融总量合理增长、信贷投放均衡，使 社会融资规模、货币供应量增长同经济增长和价格总水平预期目标相匹配。 对此，远东资信首席宏观研究员张林解读称，本次央行工作会议提出的"把促进经济高质量发展、物价合理回升作为货币政策的重要考量"，与 中央经济工作会议中"把促进经济稳定增长、物价合理回升作为货币政策的重要考量"的表述略有不同。这一调整意味着，货币政策将更加强调 增量货币供给对经济增长的带动作用，尤其是通过结构性货币政策，加强对新质生产力等重点领域的精准支持。同时，推动物价温和回升仍将 是2026年货币政策的重要目标 ...

2026年中国人民银行工作会议1月5日—6日召开。会议指出，继续实施好适度宽松的货币政策。把促进 经济高质量发展、物价合理回升作为货币政策的重要考量，灵活高效运用降准降息等多种货币政策工 具，保持流动性充裕，保持社会融资条件相对宽松。 会议提到，畅通货币政策传导机制，发挥好政策利率引导作用，做好利率政策执行和监督，促进社会综 合融资成本低位运行。 业内专家指出，在发挥好货币政策工具总量和结构双重功能的同时持续畅通货币政策传导机制，这既需 要加强对货币政策执行情况的评估和监督，也需要做好货币政策与其他宏观政策的协同配合，还需要有 效实施政策沟通和预期管理。 专家：2026年货币政策不会大放大收 会议提出，引导金融总量合理增长、信贷投放均衡，使社会融资规模、货币供应量增长同经济增长和价 格总水平预期目标相匹配。 东方金诚首席宏观分析师王青判断，2026年央行将主要依靠MLF和买断式逆回购向市场注入中期流动 性，同时结合国债买卖和降准向市场注入长期流动性，数量型宽松政策工具丰富，灵活搭配，将保持市 场流动性处于较为稳定的充裕状态，确保政府债券顺利发行，引导金融机构加大信贷投放力度。 王青同时强调，"十五五"期间央行 ...

21世纪经济报道记者唐婧 北京报道 1月5日至6日，2026年中国人民银行工作会议在北京召开。会议总结 2025年工作，分析当前形势，研究中国人民银行"十五五"改革发展规划，部署2026年工作。 会议明确，2026年中国人民银行要重点抓好以下七项工作：一是持之以恒推进全面从严治党；二是继续 实施好适度宽松的货币政策；三是提升金融服务实体经济高质量发展质效；四是稳妥化解重点领域金融 风险；五是持续深化金融改革和对外开放；六是积极推动全球金融治理改革；七是进一步提升金融管理 和服务能力。 备受关注的是，在谈及如何"继续实施好适度宽松的货币政策"时，会议指出，把促进经济高质量发展、 物价合理回升作为货币政策的重要考量，灵活高效运用降准降息等多种货币政策工具，保持流动性充 裕，保持社会融资条件相对宽松，引导金融总量合理增长、信贷投放均衡，使社会融资规模、货币供应 量增长同经济增长和价格总水平预期目标相匹配。 对此，远东资信首席宏观研究员张林解读称，本次央行工作会议提出的"把促进经济高质量发展、物价 合理回升作为货币政策的重要考量"，与中央经济工作会议中"把促进经济稳定增长、物价合理回升作为 货币政策的重要考量"的表述 ...

Group 1 - The core viewpoint of the articles is that dividend insurance is transitioning to become a key focus in the life insurance industry, driven by regulatory encouragement and market demand in a low-interest-rate environment [1][2][12]. - Dividend insurance is characterized as a floating income product that combines protection and investment attributes, with dividends derived from positive surpluses generated by interest rate differences, mortality differences, and expense differences, with at least 70% of these surpluses distributed to policyholders [1][2][21]. - The development of dividend insurance in mainland China has experienced several phases, including a peak in the early 2010s when it accounted for 75% of industry premiums, followed by a decline from 2013 to 2023 due to market reforms, and a resurgence since 2024 as regulatory policies have favored floating income products [1][2][8][12]. Group 2 - The current transformation of dividend insurance has shown significant results, with over 50% of new policies in the first half of 2025 being dividend insurance, and China Pacific Insurance exceeding 90% [2][12]. - The core logic behind this transformation is that dividend insurance has lower rigid costs, stronger stability under new accounting standards, and shorter effective liability durations, which can effectively alleviate interest rate loss pressures [2][12]. - The expected increase in the proportion of dividend insurance in new policies will enhance the reliability of life insurance embedded value (EV) and gradually increase the proportion of equity allocation in insurance funds, benefiting from long-term stock market returns [2][12]. Group 3 - In overseas markets, floating income products dominate, particularly in mature markets like Europe and the U.S., where the focus has shifted towards universal and investment-linked insurance, while in Hong Kong, dividend insurance remains a core product with significant market share [2][12][4]. - The experience from overseas markets suggests that in a low-interest-rate environment, there are substantial growth opportunities for floating income products, and dividend insurance is seen as a more suitable solution for domestic investors in China [2][12]. - The industry faces challenges such as long-term interest rate declines, equity market volatility, and pressure on new policy premiums, but the shift towards dividend insurance is expected to reshape the liability structure of the industry and promote high-quality development [2][12].

岁末年初往往是银行揽储的关键时期。然而，与往年火热喧嚣的揽储氛围不同，当前时点，国有大行普 遍低调，少有主动营销；更多中小银行则选择通过实物奖励、积分翻倍、抽奖活动等"非价格手段"开展 揽储活动，也有部分中小银行推出"新客专享利率存款"，比如1.75%的3年期存款利率，虽略高于国有大 行普遍1.55%的存款年利率，但与此前动辄3%以上的存款利率相比已不可同日而语。曾经火热的"揽储 大战"熄火了吗？ 策略分化 "2025年年末开始，银行业揽储总体呈现'稳中偏冷、结构分化、成本约束更强'的特征。"上海金融与发 展实验室首席专家、主任曾刚指出，新年伊始，银行业揽储仍在进行，但营销声量和利率刺激力度弱于 往年：一方面存款仍在回流与沉淀，居民风险偏好偏谨慎，定期化倾向仍较明显，使得银行负债 端"量"的压力不大；另一方面，部分中小银行更强调"控价、控结构、控期限"，不再追求简单的规模冲 刺。 银行业整体揽储氛围趋于理性。苏商银行特约研究员薛洪言分析，银行不再普遍采用大幅推高利率的激 进策略争抢存款，而是更加注重对负债成本和期限结构的优化管理。比如，近期6家国有大型商业银行 集体下架了5年期大额存单产品。以工商银行为例，通 ...

Investment Rating - The report maintains a stable outlook for the banking industry, indicating a controlled decline in net interest margins and stable asset quality [4][7]. Core Insights - The banking sector in China has shown steady development in the first three quarters of 2025, with stable credit asset quality and sufficient provisions and capital [4][22]. - The People's Bank of China is expected to continue implementing a moderately loose monetary policy, ensuring ample liquidity in the banking system [4][22]. - The report highlights the challenges faced by commercial banks due to a declining net interest margin and the need for active management of asset quality [7][27]. Summary by Sections Industry Data - As of Q3 2025, the non-performing loan (NPL) rate for commercial banks was 1.52%, a slight increase from the previous year, while the ratio of attention loans decreased to 2.20% [9][27]. - The total amount of non-performing loans reached 35,224.78 billion yuan, with a provision coverage ratio of 207.15% [9][28]. - The net profit for commercial banks in the first three quarters of 2025 was 18,702.58 billion yuan, reflecting a 7.19% decrease year-on-year [9][31]. Regulatory Policies - The People's Bank of China has introduced measures to optimize the financial services for the real estate sector, although the market remains sluggish [8][12]. - Ongoing reforms for small and medium-sized banks are aimed at enhancing their risk resistance and operational quality [8][12]. Bond Issuance Statistics - By December 15, 2025, 100 commercial banks issued a total of 227 financial bonds, raising 14,566 billion yuan, a 44.38% increase from the previous year [15][16]. - The issuance of tier-2 capital bonds totaled 8,727.60 billion yuan, while perpetual bonds raised 8,218 billion yuan, indicating a diverse funding strategy among banks [15][17]. Credit Quality and Profitability - The report notes that while the asset quality remains stable, there are pressures from the real estate market and external trade uncertainties that could affect repayment capabilities [7][27]. - The net interest margin for commercial banks was recorded at 1.42% in Q3 2025, with a trend of narrowing expected to slow down [30][31].

Group 1 - The Shanghai and Shenzhen Stock Exchanges announced a series of fee reduction measures for 2026, with a total expected reduction exceeding 1.9 billion yuan [1] - The Shanghai Stock Exchange anticipates a fee reduction of approximately 1.113 billion yuan, while the Shenzhen Stock Exchange expects over 800 million yuan in reductions [1] - The fee reductions will cover various financial instruments including stocks, funds, and bonds, benefiting retail investors [1] Group 2 - The National Venture Capital Guidance Fund has officially launched, with three regional funds established to promote venture capital investment [2] - These funds aim to guide financial capital towards early-stage, small, long-term investments in hard technology [2] Group 3 - The ETF market in China has reached a total scale of 6.03 trillion yuan, marking a significant milestone [5] - The ETF market has seen an increase of approximately 2.3 trillion yuan this year, the first time annual growth has surpassed 2 trillion yuan since the inception of ETFs in 2004 [5] Group 4 - The public fund industry in China has reached a total scale of 36.96 trillion yuan, with equity products showing a significant increase [6] - The growth in public funds is attributed to ongoing optimization of the industry ecosystem and increased demand for wealth management [6] - Equity products, including stock and mixed funds, have seen a combined scale increase of 22.21 billion yuan compared to the end of last year [6] Group 5 - The People's Bank of China released the "China Financial Stability Report (2025)," indicating a generally stable financial system with controllable risks [7] - The report emphasizes the need for continued reform in interest rate markets and the promotion of long-term investment policies [7] Group 6 - A new chairman has been appointed at Xinda Australia Fund, with the previous vice president of business review taking over the role [8] - Xinda Australia Fund has surpassed 110 billion yuan in managed public fund assets [8] Group 7 - The People's Bank of China announced the nationwide promotion of the integrated currency pool business for multinational corporations [9] Group 8 - A significant loss was reported by Shengyuan Environmental Protection due to a private equity fund investment, with a net value decline of 81.54% [14] - The company has initiated a redemption process and reported the case to law enforcement [14]