中资金融股方面，中国银行涨0.89%，收报4.52港元；建设银行涨1.03%，收报7.85港元；工商银行涨 1.6%，收报6.34港元；中国平安涨1.24%，收报69.55港元；中国人寿跌2.87%，收报31.76港元。 国企指数跌48.7点，收报9266.86点，跌幅0.52%。恒生科技指数跌79.91点，收报5828.35点，跌幅 1.35%。 蓝筹股方面，腾讯控股跌1.74%，收报622港元；香港交易所涨0.87%，收报438.6港元；中国移动跌 0.25%，收报80.6港元；汇丰控股涨0.94%，收报128.2港元。 香港本地股方面，长实集团涨1.89%，收报43.08港元；新鸿基地产涨2.21%，收报111.1港元；恒基地产 涨1.8%，收报31.68港元。 新华社香港1月15日电 香港恒生指数15日跌76.19点，跌幅0.28%，收报26923.62点。全日主板成交 2904.55亿港元。 石油石化股方面，中国石油化工股份涨0.21%，收报4.83港元；中国石油股份涨0.48%，收报8.3港元； 中国海洋石油涨2.49%，收报22.2港元。 【纠错】 【责任编辑:薛涛】 ...

Group 1 - The core viewpoint of the article highlights the attractiveness of Hong Kong dividend low-volatility assets compared to A-shares, with a focus on their better investment cost-performance ratio [2][10] - As of December 31, 2025, the S&P Hong Kong Stock Connect Low Volatility Dividend Index had a 12-month dividend yield of 5.6% and a PE (TTM) of 5.7 times, indicating a comparative advantage in valuation and dividend yield [2][10] - The banking sector is expected to achieve a "good start" in January 2026, with new credit additions projected between 5.2 trillion to 5.5 trillion yuan, an increase of 100 billion to 400 billion yuan year-on-year [2][10] Group 2 - The impact of the Spring Festival on January credit is expected to be relatively small, with a gradual increase in credit activity anticipated in the first half of the month [2][10] - The banking sector's asset-liability gap has increased, but the pressure on liquidity is manageable, and CD pricing will continue to follow a "budget line" principle [2][10] - The dividend yield rankings for various sectors show that coal mining has a yield of 5.55%, white goods at 5.36%, and rural commercial banks at 4.86% [11][12]

每经头条（nbdtoutiao）——不到20万元，就能买特斯拉了？"廉价版"Model 3或进入中国市场，续航里 程480公里！关于自动驾驶，美国市场也有大调整 （记者 王晓波） 每经AI快讯，兰州银行1月15日晚间发布公告称，公司限售股份约375.08万股将于2026年1月19日解禁并 上市流通，占公司总股本比例为0.0659%。 ...

新华社北京1月15日电（记者吴雨、任军）中国人民银行副行长邹澜1月15日在国新办举行的新闻发布会 上介绍，根据当前经济金融形势需要，中国人民银行将推出八项政策措施，提高银行重点领域信贷投放 的积极性，加大结构性货币政策工具支持力度，进一步助力经济结构转型优化。 一是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从目前的1.5%下调到 1.25%，其他期限档次利率同步调整。 二是合并使用支农支小再贷款与再贴现额度，增加支农支小再贷款额度5000亿元，总额度中单设一项民 营企业再贷款，额度1万亿元，重点支持中小民营企业。 三是增加科技创新和技术改造再贷款额度并扩大支持范围，将科技创新和技术改造再贷款额度从8000亿 元，增加4000亿元至1.2万亿元，并将研发投入水平较高的民营中小企业等纳入支持领域。 四是合并设立科技创新与民营企业债券风险分担工具，将此前已经设立的民营企业债券融资支持工具、 科技创新债券风险分担工具合并管理，合计提供再贷款额度2000亿元。 五是拓展碳减排支持工具的支持领域，纳入节能改造、绿色升级、能源绿色低碳转型等更多具有碳减排 效应的项目，引导银行支持全面绿色转型。 【 ...

Core Viewpoint - The report from China Merchants Bank Research Institute provides a comprehensive overview of their published research for 2025, highlighting key insights and analyses relevant to the banking and financial sectors [1]. Summary by Sections - The report is a public version of the original research published by China Merchants Bank Research Institute, emphasizing the originality of the content [4]. - It includes a directive for proper citation and authorization for any reproduction of the report, ensuring that the integrity of the original work is maintained [4].

Core Viewpoint - The article emphasizes the need for China to transition from an investment and export-driven growth model to one focused on innovation and consumption during the 14th Five-Year Plan period, highlighting structural changes in the economy [6][45]. Consumption Structure - China is not yet a consumption powerhouse, with consumption accounting for 20 percentage points less of GDP compared to the global average [8][11]. - To become a consumption-driven economy, China must correct this structural deviation and enhance both domestic and international consumption [11]. - The focus on consumption is shifting from investment-driven growth to consumer-driven growth, particularly in sectors like education, healthcare, and cultural services [11]. Industrial Structure - The manufacturing sector's share of GDP may decline, but this does not indicate a lack of transformation; rather, it reflects a shift towards high-tech, knowledge-intensive service industries [12]. - The development of related productive services is crucial for supporting innovation and enhancing human capital [12][14]. - The government must foster a fair competitive environment to address the complexities of industrial transformation and reduce excess capacity in heavy industries [14]. Foreign Trade - Despite a challenging international environment, China's exports have remained strong, indicating improved technological and industrial competitiveness [17]. - A significant trade deficit suggests a reduction in domestic consumption, which is unsustainable in the long term [17][20]. - The strategy should shift towards balancing imports and exports, with an emphasis on using the RMB for international transactions [20]. Financial Structure - As industries evolve, the importance of capital markets is increasing, with a projected annual increase of at least 30 trillion yuan in social net assets if GDP grows at 4%-5% [23]. - The capital market should support the growth of large, innovative enterprises and increase the proportion of institutional investors to address the challenges of an aging society [24]. Urban-Rural Structure - Urbanization will slow as the population approaches 70%, leading to more internal migration within urban areas rather than from rural to urban [26][30]. - Addressing disparities in public services between urban and rural populations is essential for achieving balanced urban-rural development [31][32]. Income Distribution - To avoid the middle-income trap, China should aim to reduce the Gini coefficient to around 0.4, doubling the middle-income population from 400 million to 800-900 million [33][36]. - Policies should focus on increasing labor compensation's share of GDP and improving social security for low- and middle-income groups [36][38]. Macroeconomic Policy - While macroeconomic policies can provide short-term stability, they cannot replace the need for structural reforms to drive long-term growth [39][41]. - The reliance on macroeconomic policies may increase as the economy transitions to a lower growth phase, necessitating a clear understanding of the limits of such policies [41][45].

Core Viewpoint - The article highlights the evolution of Jilin Bank over the past 30 years, emphasizing its transformation into a key regional financial institution in Jilin Province, reflecting both the bank's growth and the broader challenges and future directions of urban commercial banks in China [1]. Group 1: Historical Development - Jilin Bank, originally Changchun City Commercial Bank, was renamed in 2007 and has since expanded its network across Jilin Province and into Dalian and Shenyang, with 369 institutions and 11,856 employees by the end of 2024 [2]. - The bank has undergone three rounds of capital increase since 2024, raising a total of 8.06 billion yuan, with the total share capital increasing from 11.15 billion shares to 12.09 billion shares, primarily supported by local government and state-owned enterprises [2]. - The bank has experienced governance challenges, with several past chairmen facing disciplinary issues, indicating a need for improved governance and internal control mechanisms [2]. Group 2: Regional Economic Impact - Jilin Bank plays a crucial role in supporting local economic development, maintaining a symbiotic relationship where the bank empowers the region while being nourished by it [3]. - The bank's market share in deposits increased from 12.42% to 14.46% and in loans from 12.64% to 15.37% from the end of 2022 to the end of 2024, solidifying its position as a core participant in the regional financial market [3]. - The bank aims to become the "first retail bank in Jilin" and the "best service company bank," focusing on digital transformation and rural revitalization [3]. Group 3: Financial Performance - Jilin Bank's total assets grew from 561.41 billion yuan at the end of 2022 to 745.84 billion yuan by the end of 2024, marking a 32.85% increase over two years [6]. - By the end of 2024, customer deposits reached 572.17 billion yuan, with the proportion of savings deposits rising from 53.21% in 2022 to 56.16% [6]. - The bank's non-performing loan ratio was stable at 1.5% by the end of 2024, with a slight increase from 1.39% at the end of 2023, while the provision coverage ratio improved from 124.79% in 2022 to 136.05% in 2024 [7]. Group 4: Future Outlook - As 2025 approaches, Jilin Bank is positioned at a critical juncture for governance restructuring and strategic deepening, aiming to align closely with the regional economic recovery [9]. - The bank's future growth will depend on effective governance optimization, risk management, and business transformation, with aspirations to become a leading urban commercial bank in China [9].

国家外汇管理局2026年1月15日发布的数据显示，2025年12月，银行结汇22446亿元人民币，售汇15382 亿元人民币。2025年，银行累计结汇185227亿元人民币，累计售汇171314亿元人民币。 按美元计值，2025年12月，银行代客涉外收入8244亿美元，对外付款7109亿美元。2025年，银行代客累 计涉外收入79725亿美元，累计对外付款76704亿美元。 数据显示，2025年12月，银行代客涉外收入58197亿元人民币，对外付款50186亿元人民币。2025年，银 行代客累计涉外收入569405亿元人民币，累计对外付款547906亿元人民币。 按美元计值，2025年12月，银行结汇3180亿美元，售汇2179亿美元。2025年，银行累计结汇25949亿美 元，累计售汇23983亿美元。 ...

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index down by 0.33%, while the Shenzhen Component Index and the ChiNext Index rose by 0.41% and 0.56% respectively [3] - The trading volume in the Shanghai and Shenzhen markets approached 3 trillion yuan, significantly decreasing by over 1 trillion yuan compared to the previous day [3] Policy Implications - The regulatory intent is clear, aiming to cool down the market due to rapid index increases and high trading volumes, particularly in speculative sectors, by adjusting margin financing ratios [4] - The market's response was evident, with the Shanghai Composite Index declining as expected, and the Shenzhen market showing a higher number of declining stocks compared to advancing ones, approximately 1700 to 1200 [4] Market Sentiment - The trading volume dropped to 2.9 trillion yuan, reflecting a cooling market sentiment and reduced willingness to buy, while selling pressure remained moderate [4] - Notably, previously popular sectors such as commercial aerospace and AI applications experienced significant corrections, with 71 stocks hitting the daily limit down compared to only 63 stocks hitting the limit up [4] Stock Performance - The targeted regulatory approach is evident, with specific stocks under investigation and others suspended for review, avoiding a blanket policy [5] - At the close, the trading volumes for major ETFs like the CSI 500 ETF and the CSI 300 ETF surged to historical highs of 25.6 billion yuan and 26.3 billion yuan respectively, indicating a clear intent to stabilize the market [5] Future Outlook - The market is expected to continue cooling, particularly in overhyped sectors, as the current state of speculative trading is deemed unhealthy [5] - Large-cap stocks remain undervalued and have not completed their valuation recovery, while speculative stocks are experiencing intense trading, increasing the risk of market pullbacks [6] Monetary Policy - The new spokesperson for the central bank announced a targeted interest rate cut of 0.25 percentage points on various credit tools to enhance liquidity and reduce financing costs for enterprises [6] - However, this policy does not include a reduction in deposit rates, which negatively impacts bank stocks, reflecting a policy direction that prioritizes broader economic benefits over individual sector performance [6]

Report Title - 2026 Annual Hong Kong Stock Fund Investment Strategy [5] 1. 2025 Review of the Hong Kong Stock Market 1.1 Index Performance - The Hang Seng Index rose 27.77% in 2025, with monthly fluctuations including a 13.43% increase in February and a 4.33% decrease in April [11]. - The Hang Seng Tech Index increased by 23.45% in 2025, with significant gains in February (17.88%) and September (13.95%) [11]. - Among industries, the raw materials industry had the highest annual increase of 161.34%, followed by the healthcare industry at 57.24% [11]. 1.2 Capital Flows - The report presents data on southbound capital inflows by year and week in 2025, but specific numerical summaries are not provided in the text [14]. 1.3 Stock Performance - Top 10 net - bought stocks through the Hong Kong Stock Connect in 2025 include Alibaba - W (177.87 billion), Meituan - W (73.30 billion), etc., while top 10 net - sold stocks include Sunny Optical Technology Group Co., Ltd. (- 6.06 billion) [16]. 2. Technology Index - Type Hong Kong Stock Funds 2.1 Fund Performance - In 2025, the annual returns of technology - themed Hong Kong stock funds varied. For example, Invesco Great Wall CSI Hong Kong Stock Connect Technology ETF had an annual return of 30.63%, while China Southern Asset Management Co., Ltd. Hang Seng Tech Index A had an annual return of 17.75% [24][26]. 2.2 Index Details - Different technology indices such as CSI Hong Kong Stock Connect Technology, Guozheng Hong Kong Stock Connect Technology, etc., have different selection methods, sample spaces, and weighting methods. For example, CSI Hong Kong Stock Connect Technology selects 50 components from the CSI Hong Kong Stock Connect Composite Index [30]. 2.3 Industry Allocation and Valuation - Technology indices have different industry allocations, with software + internet accounting for a relatively high proportion. For example, the CSI Hong Kong Stock Connect Technology index has a software + internet allocation of 43% [33]. - The PE - TTM and historical percentile valuations of technology indices are provided. For example, the CSI Hong Kong Stock Connect Technology index has a PE - TTM of 24.53 and a historical percentile of 47.12% [38]. 3. Internet Index - Type Hong Kong Stock Funds 3.1 Fund Performance - Internet - themed Hong Kong stock funds also showed different performance in 2025. For example, E Fund CSI Overseas China Internet 50 ETF had an annual return of 28.44%, while China Asset Management Co., Ltd. Hang Seng Internet Technology Industry ETF had an annual return of 24.51% [42]. 3.2 Index Details - Internet indices have different sample spaces and selection methods. For example, the CSI Hong Kong Stock Connect Internet index selects 30 components from the CSI Hong Kong Stock Connect Composite Index [45]. 3.3 Industry Comparison and Valuation - Internet indices have different industry allocations, with media and retail trade accounting for a relatively high proportion. For example, the CSI Hong Kong Stock Connect Internet index has a media allocation of 30.11% [46]. - The PE - TTM and historical percentile valuations of internet indices are presented. For example, the CSI Hong Kong Stock Connect Internet index has a PE - TTM of 24.43 and a historical percentile of 24.61% [50]. 4. Hong Kong Stock Dividend Index - Type Funds 4.1 Fund Performance - Dividend - themed Hong Kong stock funds had different returns in 2025. For example, GF CSI Hong Kong Stock Connect Non - Bank Financial Theme ETF had an annual return of 45.82%, while China Southern Asset Management Co., Ltd. Hang Seng Hong Kong Stock Connect High - Dividend - Yield ETF had an annual return of 22.27% [58]. 4.2 Index Details - Dividend indices have different selection methods and industry allocations. For example, the CSI Hong Kong Stock Connect High - Dividend index has a bank allocation of 29.40% [62]. 4.3 Dividend Yield and Valuation - The dividend yields of dividend indices are provided. For example, the Hang Seng Hong Kong Stock Connect China Central - State - Owned Enterprises Dividend index has a dividend yield of 6.94% [65]. 5. Actively Managed Hong Kong Stock Funds 5.1 Fund Performance - Actively managed Hong Kong stock funds showed different performance in 2025. For example, China Southern Hong Kong Stock Connect Advantage Enterprises A had an annual return of 51.75%, while Great Wall Hong Kong Stock Connect Value Selective Multi - Strategy A had an annual return of 31.46% [78]. 5.2 Investment Style and Industry Allocation - Different fund managers have different investment styles and industry allocations. For example, the investment style of China Southern's fund manager Luai focuses on technology and resources, with a high allocation to industries such as non - ferrous metals and media [85].