1月23日金融一线消息，央行公告，为提高中央国库现金使用效益，加强财政政策与货币政策的协调配 合，财政部、中国人民银行定于2026年1月28日上午9：00至9：30，通过中国人民银行中央国库现金管 理商业银行定期存款业务系统进行2026年中央国库现金管理商业银行定期存款（一期）招投标。本期操 作量1500亿元，期限1个月（28天），起息日为2026年1月28日，到期日为2026年2月25日（遇节假日顺 延），以利率招标、单一价位中标方式面向中央国库现金管理商业银行定期存款业务参与银行进行招投 标。 1月23日金融一线消息，央行公告，为提高中央国库现金使用效益，加强财政政策与货币政策的协调配 合，财政部、中国人民银行定于2026年1月28日上午9：00至9：30，通过中国人民银行中央国库现金管 理商业银行定期存款业务系统进行2026年中央国库现金管理商业银行定期存款（一期）招投标。本期操 作量1500亿元，期限1个月（28天），起息日为2026年1月28日，到期日为2026年2月25日（遇节假日顺 延），以利率招标、单一价位中标方式面向中央国库现金管理商业银行定期存款业务参与银行进行招投 标。 责任编辑：王馨茹 ...

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！ 1月15日，财通基金2026年投资策略会于上海举办，财通证券首席经济学家、研究所所长孙彬彬发表 《展望2026：确定性与不确定性》主题演讲。 孙彬彬在财通基金2026投资策略会上指出，在当前宏观环境不确定难预料因素增多的背景下，财政政策 与货币政策之间的协调配合，已成为市场运行中最确定的宏观因素。他强调，积极财政仍需进一步发 力，同时降息仍有必要，共同推动宏观再平衡。 1月15日，财通基金2026年投资策略会于上海举办，财通证券首席经济学家、研究所所长孙彬彬发表 《展望2026：确定性与不确定性》主题演讲。 孙彬彬在财通基金2026投资策略会上指出，在当前宏观环境不确定难预料因素增多的背景下，财政政策 与货币政策之间的协调配合，已成为市场运行中最确定的宏观因素。他强调，积极财政仍需进一步发 力，同时降息仍有必要，共同推动宏观再平衡。 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 责任编辑：常福强 新浪声明：此消 ...

Group 1 - The State Council emphasizes the need for all departments to implement the overall requirements and policy orientation for economic work in the coming year, accelerating the formulation of specific implementation plans [1][2] - The meeting highlights the importance of cross-departmental collaboration to form a joint effort in promoting development, ensuring a good start for the 14th Five-Year Plan [1][2] - The fiscal policy is expected to moderately expand, with an increase in fiscal deficit and government debt to provide sustainable financial support for the implementation of the 14th Five-Year Plan [2][3] Group 2 - In terms of debt replacement, 2 trillion yuan of special refinancing bonds will be issued in the first and second quarters to alleviate local government hidden debt pressure [3] - The new quota for special bonds is expected to be 5 trillion yuan, with approximately 1.6 trillion yuan allocated for debt clearance and 2.9 trillion yuan for project construction, accelerating in the second quarter [3] - The issuance of ordinary government bonds will be slowed down to avoid concentrated supply shocks, ensuring balanced issuance of various bonds [3] Group 3 - The meeting approved the draft implementation regulations for the Value-Added Tax (VAT) Law, emphasizing the need for effective implementation and legal guidance to protect taxpayer rights and create a fair competitive environment [4] - The VAT Law is set to take effect on January 1, 2026, maintaining the current tax system framework and overall tax burden levels [4][5] - The VAT rates will remain at three levels: 13%, 9%, and 6%, with zero tax rates applied in certain situations, ensuring stability in tax revenue [4][5]

Core Viewpoint - The Ministry of Finance and the People's Bank of China are conducting a tender for the 2025 Central Treasury Cash Management Commercial Bank Time Deposit (Phase 12) to enhance the efficiency of central treasury cash usage and strengthen the coordination between fiscal and monetary policies [1] Group 1: Tender Details - The tender will take place on November 24, 2025, from 9:50 to 10:20 AM [1] - The operation amount for this phase is set at 80 billion yuan, with a term of 21 days [1] - The interest rate will be determined through a bidding process, utilizing a multiple price bidding method [1] Group 2: Operational Guidelines - The tender will be conducted in accordance with the "Central Treasury Cash Management Commercial Bank Time Deposit Business Operation Regulations" and the "Central Treasury Cash Management Commercial Bank Time Deposit Tender Rules" [1] - The start date for the deposit is November 24, 2025, and the maturity date is December 15, 2025, with adjustments for holidays [1]

Group 1 - The core viewpoint of the article emphasizes the collaboration between the Ministry of Finance and the People's Bank of China to enhance the coordination of fiscal and monetary policies, which is crucial for supporting economic recovery in a complex market environment [1] - The joint working group has agreed to leverage its advantages to promote the stable and healthy development of China's bond market, ensuring effective implementation of fiscal and monetary policies [1] - Since the launch of the new monetary policy tool for government bond trading in August last year, the People's Bank of China has effectively enriched its monetary policy toolbox and strengthened liquidity management capabilities [1] Group 2 - The Ministry of Finance plans to complete the issuance of 1.3 trillion yuan in ultra-long special government bonds as scheduled, which will provide sufficient funding for major projects and new infrastructure initiatives [2]

Core Viewpoint - The meeting of the joint working group between the Ministry of Finance and the People's Bank of China emphasized the importance of coordinating fiscal and monetary policies to support economic recovery and stability in the current complex market environment [1][5]. Group 1: Meeting Outcomes - The meeting acknowledged the achievements made since the establishment of the joint working group last year, particularly in the areas of financial market operations and government bond issuance management [1]. - Discussions included the operation of the bond market, central bank's bond trading operations, and the improvement of offshore RMB bond issuance mechanisms [1][5]. - Both parties agreed that the collaboration between fiscal and monetary policies is crucial for ensuring effective implementation and achieving desired economic outcomes [1]. Group 2: Future Directions - The next steps involve continuing to leverage the joint working group mechanism to deepen cooperation and enhance coordination between the Ministry of Finance and the People's Bank of China [1]. - There is a focus on promoting the stable and healthy development of the bond market while ensuring that fiscal and monetary policies are effectively executed [1][5].

Core Viewpoint - The article discusses the recent meeting between the Ministry of Finance and the People's Bank of China, emphasizing the importance of coordinating fiscal and monetary policies to support economic recovery and stability in the current complex market environment [1]. Group 1 - The meeting highlighted the achievements of the joint working group established last year, focusing on the collaboration between the Ministry of Finance and the People's Bank of China [1]. - Key topics discussed included the operation of financial markets, management of government bond issuance, central bank operations in government bonds, and the improvement of offshore RMB government bond issuance mechanisms [1]. - Both parties agreed that the coordinated efforts of fiscal and monetary policies provide strong support for addressing the current market challenges and promoting sustained economic recovery [1]. Group 2 - The next steps involve continuing to leverage the joint working group mechanism to deepen cooperation and enhance coordination [1]. - There is a commitment to promoting the stable and healthy development of China's bond market, ensuring that fiscal and monetary policies are effectively implemented [1].