3、中指研究院报告显示，2025年，餐饮收入增速放缓，叠加优质购物中心的冲击，多数商业街经营承压，租金下行。根据全国15个重点城市主要商业街商 铺样本的调查数据，由重点城市100条商业街商铺为样本标的，构成百大商业街（百街）商铺租金指数。2025下半年，百街商铺平均租金为24.05元/平方米/ 天，环比下跌0.47%，跌幅较2025上半年扩大0.12个百分点，全年累计下跌0.81%，跌幅较2024年累计跌幅扩大0.39个百分点。 登录新浪财经APP 搜索【信披】查看更多考评等级 导读：智通财经2月24日投资避雷针，近日，A股及海外市场潜在风险事件如下。国内经济信息方面包括：1）财通证券指出，春节后首周流动性缺口显著扩 张；2）2026年春节档总票房突破57亿元，2025年春节档票房为95.10亿元；公司方面重点关注包括：1）正元智慧实控人陈坚犯操纵证券市场罪，被判处有 期徒刑三年；2）创识科技控股股东、实控人张更生犯单位行贿罪，被判处有期徒刑二年；海外市场重点关注包括：1）美股三大指数收盘均跌超1%，IBM 创2000年以来最大跌幅；2）美联储理事沃勒表示，若2月就业数据强劲，可能倾向于暂停降息。 经济信息 ...

Group 1: Investment Rating - No information provided about the industry investment rating Group 2: Core Viewpoints - There is a possibility of RRR cuts and interest rate cuts in Q1 2026, but the likelihood of a rate cut is lower than that of an RRR cut [3] - The bond market is in a headwind period, and the downward space for interest rates driven by loose policies is limited [3] Group 3: Summary by Related Catalogs Event - The Central Economic Work Conference held from December 10th to 11th, 2025, set the tone for policies in 2026. The implementation timing of RRR cuts and interest rate cuts has become a point of contention in Q1 [1] Factors for RRR Cuts - To supplement the seasonal liquidity gap, the liquidity gap in January 2026 is about 190 billion yuan after considering fiscal deposits, cash flow, and bank reserve requirements [3] - The local government bond issuance plan in Q1 2026 is front - loaded compared to the previous year, with the total quarterly issuance decreasing but a need to hedge the high issuance in January [3] - To reduce bank liability costs, RRR cuts have the lowest capital cost for banks, and can help stabilize the net interest margin and create conditions for subsequent interest rate cuts [3] Factors for Interest Rate Cuts - From the fundamental perspective, the economy in 2025 showed a "high - first - then - low" trend, and an interest rate cut can help achieve a good start in 2026 [3] - If an RRR cut is implemented, it can reduce bank liability costs and open up space for interest rate cuts [3]

Core Viewpoint - The People's Bank of China (PBOC) is expected to maintain liquidity through various monetary policy tools, indicating a continued loose monetary stance in January 2026 [1][3][4] Group 1: Liquidity Operations - On January 8, the PBOC conducted a 99 billion yuan reverse repo operation with a fixed rate of 1.4%, resulting in a net injection of 99 billion yuan due to the maturity of other repos [1] - The PBOC is likely to continue using tools such as government bond transactions and Medium-term Lending Facility (MLF) to ensure ample liquidity in the market [1][3] Group 2: Factors Affecting Liquidity - Multiple factors are expected to disturb liquidity in January, including fiscal deposits and credit issuance, with a projected net increase in fiscal deposits of approximately 620 billion yuan [2] - The liquidity gap for January 2026 is estimated to be around 1.9 trillion yuan, influenced by cash withdrawals and bank reserve requirements [2] Group 3: Policy Tool Utilization - The market anticipates that the PBOC will intensify the use of policy tools to stabilize the funding environment, with expectations of a more proactive approach [3] - The PBOC is expected to employ a combination of reverse repos, MLF, and government bond transactions to inject medium-term liquidity, reflecting a continued "moderately loose" monetary policy [3][4] Group 4: Long-term Monetary Policy Signals - The PBOC's recent work meeting emphasized the importance of maintaining ample liquidity to support high-quality economic development and reasonable price recovery [4] - The overall monetary policy for 2026 is expected to exhibit characteristics of "quantity expansion and price stability," with a cautious approach towards tools like reserve requirement ratio (RRR) cuts and interest rate reductions [4][5]

Report Industry Investment Rating There is no information provided in the content about the report industry investment rating. Core Viewpoints of the Report The report analyzes the liquidity situation in December 2025 and makes a forecast for January 2026. In December, the central bank actively injected liquidity, and the funds across the year were stable. The monetary policy emphasizes cross - cycle balance and flexible and efficient use of reserve requirement ratio cuts and interest rate cuts. In January, the liquidity gap pressure is relatively large, and the potential disturbances on the bank's liability side may increase in the middle and late months, but the funds fluctuation may be relatively mild, and attention should be paid to the marginal changes in the bank's liability pressure after the increase in fiscal factor disturbances [1][3][4]. Summary According to the Directory 1. December 2025 Funds and Liquidity Review: Active Injection, Stable across the Year (1) Funds Review: Narrow - range Fluctuation Continued In December 2025, the overnight fluctuation range narrowed compared with the previous month, and the 7D funds fluctuation range widened. The overnight funds basically ran stably around 1.28%, and the 7D funds were stable around 1.45% from the beginning of the month to the 23rd, then rose continuously until reaching 1.9821% on the 31st. The overnight and 7D funds did not show an inversion. The funds were loose at the beginning of the month, the central bank carried out 100 billion yuan of 3M repurchase on the 5th, and 60 billion yuan of 6M repurchase in the middle of the month, continuing the "short - term contraction and long - term expansion" operation. At the end of the year, affected by seasonal factors, the 7D funds price fluctuated slightly. The funds across the year were relatively stable [11][12]. (2) Liquidity Review: The Central Bank Actively Injected in December, Continuing the "Short - term Contraction and Long - term Expansion" - **Liquidity Aggregate**: In December, the base money may have increased by 1.7 trillion yuan, with government deposits supplementing about 1 trillion yuan, the central bank's net injection totaling 752.8 billion yuan, and foreign exchange funds continuing to withdraw slightly by 7 billion yuan. After deducting the consumption of excess reserves, the excess reserves at the end of the month may have increased by about 1 trillion yuan, and the excess reserve ratio may be around 1.5%, at a seasonal level. The narrow - sense excess reserve level after deducting reverse repurchases may be around 0.8%, close to the seasonal level [36]. - **Open - market Operations**: In December, the central bank's open - market reverse repurchases slightly increased, with a net injection of 28.19 billion yuan. The MLF was injected with 40 billion yuan and 30 billion yuan matured, with a balance of 6.25 trillion yuan. The net injection of the outright reverse repurchase was 20 billion yuan, with a balance of 6.5 trillion yuan. The central bank also net - bought 5 billion yuan of national debt, carried out 26 billion yuan of treasury time deposits, and 15.94 billion yuan of PSL and other structural tools [46][51][54]. 2. December 2025 Monetary Policy Tracking: Focus on Cross - cycle Balance, Flexibly and Efficiently Use Reserve Requirement Ratio Cuts and Interest Rate Cuts In December 2025, important meetings emphasized "flexibly and efficiently using reserve requirement ratio cuts and interest rate cuts." The overall loosening may be relatively prudent, but the idea of liquidity protection continues. The central bank emphasizes cross - cycle balance to avoid large - scale policy expansion and contraction. The central economic work conference takes promoting stable economic growth and reasonable price recovery as important considerations. The fourth - quarter monetary policy meeting first proposed to "give play to the integrated effect of incremental and existing policies." In a neutral scenario next year, the policy interest rate is likely to be cut once, with a range of 10bp [3][57][63]. 3. January 2026 Gap Prediction: Disturbances May Increase in the Middle and Late Months (1) Rigid Gap: Reserve Requirement Slightly Consumes Excess Reserves, and MLF Maturities Decrease Marginally In January, the increase in general deposits may consume about 32.96 billion yuan of excess reserves. The MLF matures at 20 billion yuan, and the outright reverse repurchase matures at 1.7 trillion yuan (1.1 trillion yuan for 3M and 600 billion yuan for 6M), of which 1.1 trillion yuan of the 3M outright reverse repurchase was renewed on the 7th [69]. (2) Exogenous Shocks: Cash Withdrawal and Non - financial Institution Deposits Consume Liquidity at the End of the Year In January, cash withdrawal and non - financial institution deposits slightly consume excess reserves. Cash withdrawal may consume about 67.87 billion yuan of excess reserves, and non - financial institution deposits may consume about 16.36 billion yuan [71]. (3) Fiscal Factors: A Big Month for Taxation, Coupled with Government Bond Issuance, May Partially Consume Reserves In January, government bond issuance pressure increases. Considering factors such as payment and refund, taxation, and fiscal expenditure, government deposits may consume about 1.2 trillion yuan of liquidity [4][75][76]. (4) Comprehensive Judgment: Stable at the Beginning of the Month, Disturbances May Increase in the Middle and Late Months In January, the liquidity gap pressure is relatively large, but the bank's liquidity level at the beginning of the month may be relatively abundant. Affected by factors such as the maturity of high - interest deposits and the renewal of large - scale certificates of deposit, the potential disturbances on the bank's liability side may increase in the middle and late months. However, considering the current relatively low excess reserve level, the central bank has no intention of large - scale withdrawal, and the Spring Festival is later, so the funds fluctuation may be relatively mild. Attention should be paid to the marginal changes in the bank's liability pressure after the increase in fiscal factor disturbances [4][80].

今天，亚太市场中有两大市场表现乏力，其一是港股集体下跌，其二是日本股市全天走弱。并由此导致 了A50一度下跌近1%。受此影响，虚拟币市场亦有趋弱的势头。那么，究竟发生了什么？首先，有外 资机构下调阿里巴巴评级，给恒生科技股带来了一定的利空；其次，有色金属股（特别是贵金属）集体 杀跌，亦成为市场杀跌之助力；第三，经中信证券测算，1月由于政府债融资、M0季节性波动、缴准基 数扩大等原因，存在一定的流动性缺口。然而，更值得关注的是大量结汇对流动性的影响。（券商中 国） ...

Core Viewpoint - The article discusses recent fluctuations in the equity markets, particularly focusing on the performance of the Hong Kong and Japanese stock markets, and highlights three main variables affecting market sentiment, including Alibaba's rating downgrade, the decline in precious metals, and liquidity concerns [2][4][6]. Group 1: Market Performance - The Asia-Pacific markets showed weakness, with Hong Kong stocks collectively declining and the Japanese market also underperforming, leading to a drop in the A50 index by nearly 1% [2]. - The Nikkei 225 index closed down 1.06% at 51,961.98 points, with significant declines in major stocks such as Nintendo (-4.65%) and Sony (-3.28%) [3]. - The Hang Seng Index fell significantly, losing over 355 points and dropping below 26,400 points, while the Hang Seng Tech Index declined by over 2% [3]. Group 2: Alibaba's Rating Downgrade - Freedom Capital Markets downgraded Alibaba's rating from "Buy" to "Hold," reducing the target price from $180 to $140 per share [4]. - This downgrade occurred despite Alibaba reporting quarterly earnings that exceeded expectations, with cloud services being a key growth driver [5]. - Concerns were raised regarding the rapid increase in capital expenditures related to the cloud business and the relatively moderate growth of its retail business compared to competitors [5]. Group 3: Precious Metals Decline - Precious metals prices fell as investors took profits, compounded by a strengthening dollar ahead of key employment data releases [5]. - The market sentiment for precious metals was pressured, with expectations that the Federal Reserve may cut interest rates at least twice this year [5]. - The adjustment in the stock of Zijin Mining, which had previously surged, contributed to pressure on the Shanghai Composite Index [5]. Group 4: Liquidity Concerns - According to CITIC Securities, there is a liquidity gap due to seasonal fluctuations and increased government debt financing, which could tighten liquidity in the banking system [6]. - The central bank's actions, including reverse repos and medium-term lending facilities, will determine whether the liquidity situation will trend towards tightening [6]. - The ongoing foreign exchange settlement by commercial banks may consume excess reserves in the banking system, leading to structural liquidity pressures [6].

Core Viewpoint - The article discusses recent fluctuations in the equity markets, particularly focusing on the performance of the Hong Kong and Japanese markets, and highlights three main variables affecting market sentiment, including Alibaba's rating downgrade, the decline in precious metals, and liquidity concerns [1][3][4]. Group 1: Market Performance - The Asia-Pacific markets showed weakness, with Hong Kong stocks collectively declining and the Japanese market also underperforming, leading to a nearly 1% drop in the A50 index [1][2]. - The Nikkei 225 index closed down 1.06% at 51,961.98 points, with significant declines in major stocks such as Nintendo (-4.65%) and Sony (-3.28%) [2]. - The Hang Seng Index fell significantly, losing over 355 points and dropping below 26,400 points, while the Hang Seng Tech Index saw a decline of over 2% [2]. Group 2: Alibaba's Rating Downgrade - Freedom Capital Markets downgraded Alibaba's rating from "Buy" to "Hold," reducing the target price from $180 to $140 per share, despite the company reporting better-than-expected quarterly earnings [3]. - Concerns were raised regarding the rapid increase in capital expenditures related to Alibaba's cloud business, with uncertain return prospects [3]. - The company's ability to expand its retail and cloud businesses without significantly increasing costs will be a key factor influencing its performance in the coming quarters [3]. Group 3: Precious Metals Market - Precious metals experienced a decline as investors took profits, compounded by a strengthening dollar ahead of key employment data releases [3]. - The market sentiment for precious metals was pressured, with expectations that the Federal Reserve may cut interest rates at least twice this year [3]. - The adjustment in the stock of Zijin Mining, which had previously surged, contributed to some pressure on the Shanghai Composite Index [3]. Group 4: Liquidity Concerns - According to CITIC Securities, there is a liquidity gap due to seasonal fluctuations in M0 and increased government debt financing, which could lead to structural tightening in the banking system [4]. - The central bank's actions, including reverse repos and medium-term lending facilities (MLF), will determine whether the liquidity situation trends towards tightening [4]. - Continuous foreign exchange settlements by commercial banks may consume excess reserves in the banking system, impacting overall liquidity [4].

人民财讯1月7日电，中信证券指出，经测算，1月由于政府债融资、M0季节性波动、缴准基数扩大等原 因，存在一定的流动性缺口。然而，中信证券认为更值得关注的是大量结汇对流动性的影响。如果商业 银行持续结汇，但央行不购汇，资金面可能会面临摩擦，需要央行通过其他货币政策工具予以对冲。 转自：证券时报 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ ...

Core Viewpoint - The People's Bank of China (PBOC) announced measures to maintain ample liquidity in the banking system, including a significant reverse repurchase operation of 1 trillion yuan scheduled for December 5, 2025 [1] Group 1: Reverse Repo Operations - PBOC will conduct a fixed quantity, interest rate tender, multi-price bidding reverse repo operation amounting to 1 trillion yuan with a term of 3 months (91 days) [1] - On the same day, PBOC also conducted a 7-day reverse repo operation amounting to 180.8 billion yuan at an interest rate of 1.4% [4][5] Group 2: Market Interest Rates - Recent data indicates a decline in funding rates, with the overnight Shanghai Interbank Offered Rate (Shibor) down by 0.1 basis points to 1.301%, and the 7-day Shibor down by 0.8 basis points to 1.426% [6] - The weighted average rate of DR007 decreased to 1.4409%, while the 1-day government bond reverse repo rate (GC001) fell to 1.407% [6] Group 3: Liquidity Assessment - According to a report from CITIC Securities, there is essentially no liquidity gap in December when excluding the factors of MLF and reverse repo maturities, indicating limited risk to the bond market [6] - However, it is noted that fiscal spending may be delayed, which could lead to disturbances at certain points in the middle of the month [6]

中信证券研报称，经测算，12月基本不存在流动性缺口，资金面对债市的风险有限。参考2021年以来 10Y国债收益率各月表现，年末债市利率整体趋于下行。随着今年11月债市调整，10年国债收益率回升 至1.75%~1.85%区间的偏上位置，交易机会也开始浮现。然而，中信证券认为年末行情的空间可能仍然 较为有限，建议结合债市边际变化灵活调整策略节奏。 ...