第 548 期 2026-01-27 焦点关注 河南金融监管局召开2026年监管工作会议，支持融资平台债务风险化解 1月26日，河南金融监管局召开2026年监管工作会议。会议强调，有力有序有效推进中小金融机构改革 化险，严防风险快速反弹。坚决做好信用风险降旧控新，查控并举加快案件风险处置。推动城市房地产 融资协调机制常态化运行，优化房地产领域金融服务。按照市场化法治化原则支持融资平台债务风险化 解。 宏观动态 央行今日开展4020亿元7天逆回购操作，净投放780亿元 中国央行今日开展4020亿元7天逆回购操作，投标量4020亿元，中标量4020亿元，操作利率为1.40％。 今日有3240亿元逆回购到期，当日实现净投放780亿元。 2025年人民币贷款增加16.27万亿元 1月27日，中国人民银行公布2025年四季度金融机构贷款投向统计报告。 2025年四季度末，金融机构人民币各项贷款余额271.91万亿元，同比增长6.4%，全年人民币贷款增加 16.27万亿元。 分期限看，短期贷款及票据融资余额64.16万亿元，同比增长11.0%，全年增加6.37万亿元。中长期贷款 余额118.39万亿元，同比增长7.9%， ...

金融监管总局在1月15日召开的2026年监管工作会议上，统筹安排了5项今年的重点任务。其中， 中小金融机构风险化解仍位列各项任务首位，对于其他重点领域的风险防控，会议指出，要推动 城市房地产融资协调机制常态化运行，依法合规支持融资平台债务风险化解。 在今年监管工作的重点任务中，会议首先强调，要有力有序有效推进中小金融机构风险化解。着 力处置存量风险，坚决遏制增量风险，牢牢守住不"爆雷"底线。金融监管总局自成立以来，已连 续三年在年度工作部署中将中小金融机构改革化险置于各项工作首位。其中，2024年工作会议强 调，要全力推进中小金融机构改革化险，把握好时度效，有计划、分步骤开展工作；2025年监管 工作会议则强调，要加快推进中小金融机构改革化险，坚持上下统筹、分工包案、凝聚合力，全 力处置高风险机构，促进治理重塑、管理重构、业务重组。 金融监管总局局长李云泽此前曾介绍，无论高风险机构数量还是高风险资产规模，都较峰值大幅 压降。同时，相当部分省份已实现高风险中小机构"动态清零"。 中小机构化险连续三年位列年度工作首位。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END "守牢底线， ...

三是切实提高行业高质量发展能力。做好统筹规划，稳妥推进中小金融机构减量提质，合理优化机构布 局。深入整治无序竞争，持续规范行业秩序。督促银行保险机构专注主业、错位发展。推进金融高水平 对外开放。 四是全面加强和完善金融监管。聚焦实质风险、解决实际问题，不断强化"五大监管"，提高依法监管能 力，做实分类分级监管。加快推进"金监工程"设计和建设。扎实履行统筹金融消费者保护职责。有效发 挥"四级垂管"整体效能。积极参与国际金融治理改革。 金融监管总局1月15日召开2026年监管工作会议。会议要求，要切实提高政治站位，强化责任担当，主 动作为、靠前谋划，扎实推动监管工作取得更大成效。 一是有力有序有效推进中小金融机构风险化解。着力处置存量风险，坚决遏制增量风险，牢牢守住 不"爆雷"底线。 二是严密防范化解相关领域风险。推动城市房地产融资协调机制常态化运行，助力构建房地产发展新模 式。依法合规支持融资平台债务风险化解。严防严打严处非法金融活动。 五是不断提升金融服务经济社会质效。做好金融"五篇大文章"，坚持投资于物和投资于人紧密结合，持 续加大对重大战略、重点领域和薄弱环节的支持力度。强化促消费、扩投资的金融供给，高效 ...

会议要求，要切实提高政治站位，强化责任担当，主动作为、靠前谋划，扎实推动监管工作取得更大成 效。一是有力有序有效推进中小金融机构风险化解。着力处置存量风险，坚决遏制增量风险，牢牢守住 不"爆雷"底线。二是严密防范化解相关领域风险。推动城市房地产融资协调机制常态化运行，助力构建 房地产发展新模式。依法合规支持融资平台债务风险化解。严防严打严处非法金融活动。三是切实提高 行业高质量发展能力。做好统筹规划，稳妥推进中小金融机构减量提质，合理优化机构布局。深入整治 无序竞争，持续规范行业秩序。督促银行保险机构专注主业、错位发展。推进金融高水平对外开放。四 是全面加强和完善金融监管。聚焦实质风险、解决实际问题，不断强化"五大监管"，提高依法监管能 力，做实分类分级监管。加快推进"金监工程"设计和建设。扎实履行统筹金融消费者保护职责。有效发 挥"四级垂管"整体效能。积极参与国际金融治理改革。五是不断提升金融服务经济社会质效。做好金 融"五篇大文章"，坚持投资于物和投资于人紧密结合，持续加大对重大战略、重点领域和薄弱环节的支 持力度。强化促消费、扩投资的金融供给，高效服务扩大内需战略。优化科技金融服务，积极培育耐心 资本， ...

Investment Rating - The industry rating is maintained at "Overweight" [9][39]. Core Insights - The financial stability report indicates that the asset quality of banks continues to consolidate, with significant progress in resolving debt risks associated with financing platforms and managing risks in small and medium-sized financial institutions [8][36]. - As of the end of 2024, approximately 40% of financing platforms have exited the platform sequence through market-oriented transformations, with the scale of operational financial debt for these platforms around 14.8 trillion yuan, a decrease of about 25% from early 2023 [9][36]. - The average interest rate for newly issued bonds by financing platforms dropped to 2.67% in Q4 2024, a reduction of over 2 percentage points compared to Q1 2023, indicating a significant decrease in financing risk premiums [9][36]. - The overall risk status of national banks is stable, with 71% of the asset scale concentrated in 21 national banks, and the majority of ratings falling within levels 1-5 [9][36]. - The report highlights that there are no "red zone" banks in nine provinces, and the number of "red zone" banks in 13 provinces remains in single digits, indicating a significant reduction in existing risks across most regions [10][36]. Summary by Sections Market Performance - Over the past 12 months, the industry has shown a relative return of -10.7% and an absolute return of 7.0% [6]. Investment Recommendations - The banking sector's profitability is stabilizing at the bottom, with ongoing risk management in key areas such as urban investment and real estate, creating conditions for valuation recovery [12][39]. - In a low-interest-rate environment, the high dividend advantage of bank stocks is expected to continue, highlighting their investment value [12][39]. - Recommended banks include Industrial and Commercial Bank of China, Bank of China, CITIC Bank, Jiangsu Bank, Shanghai Rural Commercial Bank, Chongqing Rural Commercial Bank, and Suzhou Bank [12][39].

Core Viewpoint - The People's Bank of China (PBOC) released the "China Financial Stability Report (2025)", indicating that the financial system is generally stable, with overall risks under control and financial institutions operating within reasonable parameters [1]. Group 1: Financial System Stability - The report emphasizes the need for increased counter-cyclical and cross-cyclical adjustments to continuously prevent and mitigate risks in key areas, aligning with the directives from the Central Economic Work Conference and the Central Financial Work Conference [3]. - It highlights the importance of maintaining ample liquidity and promoting stable growth in social financing costs, while ensuring the stability of the RMB exchange rate [3]. Group 2: Long-term Capital Market Development - The report outlines a collaborative effort among various regulatory bodies to enhance the institutional environment for long-term investments, aiming to significantly increase the scale and proportion of long-term capital invested in A-shares [2][16]. - It stresses the importance of a healthy cycle between the preservation and appreciation of long-term capital, stable capital market operations, and high-quality development of the real economy [2][16]. Group 3: Support for Technology and Innovation - The PBOC plans to deepen financial supply-side structural reforms to support technology finance, focusing on early, small, long-term, and hard technology investments [6]. - It aims to enhance credit support for technology SMEs and promote high-quality development in the venture capital sector [6][7]. Group 4: Financing Platform Risk Mitigation - The report indicates that significant progress has been made in mitigating financing platform debt risks, with a notable reduction in the scale of operating financial debt by approximately 25% compared to the beginning of 2023 [8]. - It emphasizes the need for continued support for debt restructuring and maintaining financing for key areas and projects [9]. Group 5: Interest Rate Marketization - The PBOC is committed to advancing interest rate marketization reforms, focusing on improving the pricing capabilities of financial institutions and ensuring a balance between supporting the real economy and sustainable operations [10][11]. Group 6: Market Value Management for Listed Companies - The China Securities Regulatory Commission (CSRC) has introduced a market value management system to guide listed companies in enhancing their quality and investment value [12]. - The report outlines four key areas for future work, including regular visits to listed companies, promoting quality improvements, enforcing management responsibilities, and increasing regulatory oversight to prevent market risks [12][14]. Group 7: Liquidity Risk Monitoring - The PBOC has conducted liquidity stress tests on open-ended bank wealth management products, finding that overall liquidity risks are manageable [15]. - It plans to enhance daily monitoring of liquidity risks and address potential risks arising from external shocks [15]. Group 8: Macro-Prudential and Financial Stability Functions - The PBOC aims to expand its macro-prudential and financial stability functions, continuously optimizing existing tools and exploring new financial instruments to maintain market stability [17][18].

Core Viewpoint - The People's Bank of China emphasizes the importance of preventing and mitigating financial risks in key areas to maintain financial stability and promote high-quality economic development [1] Group 1: Financial Risk Management - The meeting highlights the need to balance economic growth, structural adjustments, and financial risk prevention at the macro level [1] - There is a commitment to maintaining stable financial market operations and ensuring the sound management of micro financial institutions [1] Group 2: Support for Financial Institutions - The establishment of mechanisms to provide liquidity to non-bank financial institutions under specific scenarios is emphasized [1] - The bank is determined to advance the resolution of debt risks associated with financing platforms [1] Group 3: Market Principles and Real Estate Management - The principles of marketization and rule of law will guide the proactive and prudent handling of risks in small and medium-sized financial institutions [1] - The importance of macro-prudential management in the real estate finance sector is underscored [1]

Core Viewpoint - The People's Bank of China emphasizes the importance of preventing and mitigating financial risks in key areas to maintain financial stability and support high-quality economic development [1] Group 1: Financial Risk Management - The meeting highlights the need to balance economic growth, structural adjustments, and financial risk prevention at the macro level [1] - Strengthening the monitoring, assessment, and early warning systems for financial risks is a priority [1] - A mechanism for providing liquidity to non-bank financial institutions under specific scenarios will be established to mitigate moral hazards in the financial market [1] Group 2: Support for Financial Institutions - The bank is committed to advancing the resolution of debt risks associated with financing platforms [1] - The principles of marketization and rule of law will guide the proactive and prudent handling of risks in small and medium-sized financial institutions [1] - Macro-prudential management of real estate finance will be emphasized to ensure stability [1]