格隆汇1月15日｜高盛第四财季净营收134.5亿美元，同比下降3%；投资银行业务营收25.8亿美元，同比 增长25%；净利息收入37.1亿美元，同比增长58%；每股收益14.01美元。 ...

证券日报网讯 1月15日，苏农银行发布公告称，公司2026年第一次临时股东会审议通过《关于吸收合并 江苏张家港渝农商村镇银行股份有限公司并设立分支机构的议案》。 （文章来源：证券日报） ...

Group 1 - The core viewpoint of the article highlights that Ningbo Bank is focusing on supporting key sectors such as private small and micro enterprises, manufacturing, import and export businesses, and consumer services to enhance financial services and support the real economy [2] - The company has been actively implementing government and regulatory decisions, increasing resource allocation and support for targeted industries, which has led to a steady growth in loan scale [2] - In the upcoming period, with the continuous release of policy dividends aimed at expanding domestic demand and promoting consumption, the company plans to further expand its financial service coverage to effectively meet the financing needs of the real economy [2]

在社会融资规模增量中，直接融资达到16.7万亿元，占比46.9%，比"十三五"的最后一年，也就是2020 年，高7.8个百分点。 1月15日，央行发布全年以及12月金融数据，M2（广义货币）和社会融资规模增速均保持在较高水平， 持续为经济回升向好创造适宜的货币金融环境。 东方金诚宏观首席分析师王青表示，总体上看，2025年新增社融结构呈现贷款与非贷款融资方式此消彼 长的特征，后者占全年社融规模增量的比重超过50%，这是金融供给侧改革成效的直接体现。 从单月数据看，2025年12月新增社融2.21万亿元，环比少增2851亿元，同比少增6462亿元。主要受政府 债券融资高基数效应影响，当月政府债券融资同比大幅少增，拖累了单月社融表现。 具体来看，2025年末社会融资规模存量为442.12万亿元，同比增长8.3%；全年社会融资规模增量累计为 35.6万亿元，比上年多3.34万亿元。2025年末，M2余额为340.29万亿元，同比增长8.5%，增速比上月高 0.5个百分点，比上年同期高1.2个百分点。 广开首席产业研究院首席金融研究员王运金分析，2025年社会融资需求整体呈现"政府强、企业稳、居 民弱"的结构性特征， ...

（文章来源：证券日报） 证券日报网讯 1月15日，国瓷材料发布公告称，公司近日取得中国民生银行股份有限公司东营分行出具 的《贷款承诺函》，同意为公司提供本次回购公司股份专项贷款融资支持，贷款额度不超过人民币18， 000万元，贷款期限为36个月，担保方式为信用。该事项不构成关联交易，亦不构成重大资产重组，不 会对公司的经营业绩产生重大影响。 ...

证券日报网讯 1月15日，浦发银行发布公告称，公司近日召开了第四届职工代表大会第八次会议，选举 赵万兵先生连任公司职工代表董事，任期与新一届董事会一致。 （文章来源：证券日报） ...

1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints of the Report - The "non - redemption" of secondary and perpetual bonds of small and medium - sized financial institutions is expected not to become a regular event causing systemic financial risks. After the restructuring of urban and rural commercial banks, key indicators may improve, and asset scale and quality may be systematically enhanced, effectively controlling "non - redemption" events [3]. - In 2025, the integration of small and medium - sized financial institutions across the country achieved remarkable results. The number of legal entities of banking financial institutions decreased compared to the end of 2024 and the end of the "13th Five - Year Plan". Urban commercial banks mainly used absorption and merger models to integrate rural banks, while rural commercial banks promoted the establishment of provincial - level rural commercial banks under four models [3][25]. - In the context of reform and risk mitigation in 2026, it is recommended to moderately dig for coupons along the two main lines of changes in the subject level and the strength of regional economies, combined with key indicators. Attention should also be paid to the positive impacts on regional rural commercial banks under the unified legal person model and the opportunities for secondary and perpetual bonds in provinces with a good economic foundation under the joint - bank model [3][4][53]. 3. Summary by Relevant Catalogs 3.1中小金融机构风险为何成为市场焦点 - In October 2025, relevant policies proposed to resolve risks of small and medium - sized financial institutions, making risk resolution a key focus in 2026. Small and medium - sized financial institutions face risks due to multiple factors, and the spread of relevant public opinions such as "delayed interest payment" of secondary and perpetual bonds and "non - redemption" of capital - supplementing bonds has attracted attention [9]. 3.2聚焦商业银行"不赎回"风险 - In 2025, regulatory authorities in Shandong and Tianjin required reporting of non - redemption of secondary capital bonds within 24 hours. Since the first case of non - redemption of secondary capital bonds by commercial banks, most non - redeeming entities have faced various problems. From 2018 to 2025, most non - redeeming entities were urban and rural commercial banks, and non - redemption cases were concentrated in northern and central provinces. Since 2023, non - redemption events have gradually decreased, and it is expected not to cause systemic financial risks [9][12]. - As of the end of 2025, banks that do not exercise the redemption right find it difficult to issue new bonds. Among the entities that have triggered "non - redemption" events, 7 have issued new bonds, including 2 urban commercial banks and 5 rural commercial banks. Since 2024, only Tianjin Bank, Jiujiang Bank, and Yinzhou Rural Commercial Bank, with AA + and above ratings, have issued new secondary and perpetual bonds, showing premiums compared to similar bonds [21]. 3.3城农商行整合成效几何 - In 2025, the number of small and medium - sized financial institutions such as urban and rural commercial banks continued to decrease. Urban commercial banks mainly used absorption and merger models to integrate rural banks, while rural commercial banks promoted the establishment of provincial - level rural commercial banks under four models. As of the end of 2025, 14 rural commercial banks had clear integration progress, mainly in the "unified legal person" and "joint - bank" models [25][27]. - In terms of asset scale, in 2025, the asset - scale growth rates of joint - stock and urban and rural commercial banks accelerated, with urban commercial banks having a significantly higher growth rate. Urban commercial banks' growth was mainly due to credit expansion in the Yangtze River Delta region, while rural commercial banks' asset scale increased slightly. In terms of asset quality, rural commercial banks' non - performing loans decreased significantly in the process of integration, and their provision coverage ratio increased, while urban commercial banks had an increase in non - performing loan balances and a weakening of the provision coverage ratio [30][33]. - In terms of capital adequacy, from 2023 - 2025, the core tier - 1 capital of commercial banks increased significantly. Since 2025, the capital adequacy ratio and core tier - 1 capital have shown a fluctuating downward trend. In 2025, only state - owned large - scale banks and rural commercial banks saw an increase in capital adequacy ratio. Rural commercial banks' capital adequacy ratio was optimized through integration, while urban commercial banks' capital adequacy ratio fluctuated between 12% - 13% [38]. - The important capital - supplementing channels for banks include capital increase and share expansion, shareholder injection, special treasury bonds, TLAC, special bonds for small and medium - sized banks, convertible bonds, secondary and perpetual bonds, and internal sources. Rural commercial banks may rely more on direct forms such as "shareholder injection" and "debt - to - equity swap" in the short term and need to strengthen asset quality and expand financing channels in the long term [43]. 3.4改革化险背景下如何挖掘 - In 2026, state - owned large - scale banks and joint - stock banks are the main entities for the exercise and maturity of secondary and perpetual bonds, and the maturity scale of urban and rural commercial banks' existing bonds is relatively small. It is recommended to moderately dig for coupons along the two main lines of changes in the subject level and the strength of regional economies. Attention should be paid to the positive impacts on regional rural commercial banks under the unified legal person model and the opportunities for secondary and perpetual bonds in provinces with a good economic foundation under the joint - bank model. For provinces in the early stage of integration, opportunities in regions such as Guangdong and Hunan can be considered [53].

Monetary Policy - The People's Bank of China (PBOC) confirmed that there is still room for interest rate cuts and reserve requirement ratio (RRR) reductions in 2026, maintaining a moderately accommodative monetary policy [1] - On January 19, 2026, the PBOC will lower the re-lending and re-discount rates by 0.25 percentage points, with new rates set at 0.95%, 1.15%, and 1.25% for 3-month, 6-month, and 1-year re-lending respectively [1] Liquidity Injection - The PBOC conducted a 900 billion yuan reverse repo operation on January 15, 2026, resulting in a net injection of 300 billion yuan, marking the fifth consecutive month of increased reverse repo operations [2] - This action is part of an ongoing effort to maintain adequate liquidity in the market ahead of the Spring Festival [2] Housing Loan Rates - Starting January 1, 2026, the national housing provident fund loan rates were adjusted to 2.6% for first homes and 3.075% for second homes, nearing historical lows [3] - Future adjustments to these rates will depend on the macroeconomic environment and the recovery of the real estate market [3] Deposit Market Trends - Short-term large-denomination time deposit rates have declined, with some banks offering rates that have entered the "0" range, reducing their attractiveness compared to regular fixed deposits [4] - This trend reflects the ongoing marketization of deposit rates and is influenced by the overall monetary policy environment [4] Wealth Management Industry - As of December 2025, 14 leading wealth management companies reported a combined scale of 25.41 trillion yuan, showing a year-on-year growth of approximately 13.3% despite a slight decline from the peak in November [5] - The overall wealth management industry reached a peak of nearly 34 trillion yuan in November 2025, marking a significant increase of over 4 trillion yuan since the beginning of the year [5] Bank Dividends - In early 2026, three banks distributed nearly 300 billion yuan in dividends, indicating a faster pace of dividend distribution compared to previous years [6] - This trend reflects the banks' operational stability and provides tangible returns to shareholders, boosting market confidence [6] Payment Services - Visa announced that Chinese cardholders can now link their Visa cards to Apple Pay, with eight banks initially supporting this service [7] - This development enhances the convenience of cross-border payments for domestic cardholders and aligns with the global trend of contactless transactions [7] Leadership Changes - Liang Yanbo has been nominated as the candidate for the chairman of Qingdao Rural Commercial Bank, pending approval from the shareholders' meeting [9] - Liang has extensive experience within the Shandong rural credit system, having held various leadership positions [9] Banking Operations - Sichuan Rural Commercial Bank addressed concerns regarding card transaction limits that triggered risk controls, clarifying that users can adjust these limits through mobile banking or at bank counters [10] - This response aims to alleviate customer concerns and streamline the process for adjusting transaction limits [10] Global Economic Outlook - The World Bank reported that global economic resilience has exceeded expectations, but the income gap between rich and poor countries continues to widen [11] - The projected growth rate for per capita income in developing economies is 3% for 2026, which is lower than the average growth rate from 2000 to 2019 [11]

1、央行：下调各类结构性货币政策工具利率0.25个百分点 人民银行新闻发言人、副行长邹澜1月15日在国新办新闻发布会上表示，下调各类结构性货币政策 工具利率0.25个百分点，各类再贷款一年期利率降至1.25%，其他期限档次利率同步调整。完善结构性 工具并加大支持力度，进一步助力经济结构转型优化。 2、中国人民银行决定下调再贷款、再贴现利率 为更好发挥结构性货币政策工具的激励作用，引导金融机构加大对重大战略、重点领域和薄弱环节 的支持力度，中国人民银行决定：自2026年1月19日起，下调再贷款、再贴现利率0.25个百分点。下调 后，3个月、6个月和1年期支农支小再贷款利率分别为0.95%、1.15%和1.25%，再贴现利率为1.5%，抵 押补充贷款利率为1.75%，专项结构性货币政策工具利率为1.25%。 3、中国人民银行新闻发言人、副行长邹澜：人民银行将先行推出两方面政策措施 根据当前经济金融形势需要，人民银行将先行推出两方面政策措施。一方面是下调各类结构性货币 政策工具利率，提高银行重点领域信贷投放的积极性。另一方面是完善结构性工具并加大支持力度，进 一步助力经济结构转型优化。具体包括以下几项：一是下调各类 ...

转自：证券时报 人民财讯1月15日电，1月15日，中国银行董事长葛海蛟在中国银行总行大厦会见加中贸易理事会董事会 主席奥利维耶·克雷蒂安·德马雷一行，围绕支持两国企业双向投资、深化中加经贸金融交流、推动绿色 金融合作、拓展人民币国际使用等话题深入交流。双方一致认为，中加经济互补性强、合作潜力巨大。 双方将以此次会见为契机，进一步加强多领域务实合作，持续服务两国企业交流，共享市场发展机遇， 为深化中加经贸关系注入新动力。 ...