Core Insights - Visa has officially announced support for Chinese cardholders to link their Visa cards to Apple Pay, enabling convenient payments in various scenarios such as overseas merchants, mobile applications, and online websites [1] - The global trend shows that 79% of offline transactions are completed through contactless payment methods [1] Group 1: Company Strategy - Visa aims to provide diverse payment options for Chinese cardholders, enhancing their payment experience globally [1] - The collaboration with Apple is a significant step in Visa's long-term commitment to the Chinese market, focusing on data and payment security [1] Group 2: Partnerships and Implementation - Initial banks supporting this service include major institutions such as Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China, and others [1] - Visa and Apple are working with additional banks like Shanghai Pudong Development Bank and China Construction Bank to advance system integration, with features expected to roll out in phases [1]

银行频道更多独家策划、专家专栏，免费查阅>> 责任编辑：钟离 为贯彻落实党中央、国务院决策部署，加大对中小微企业的金融支持力度，中国人民银行决定增加支农支小再贷款额度5000亿元，将支农支小再贷款额度与 再贴现额度打通使用。在支农支小再贷款项下设立民营企业再贷款，额度1万亿元，引导地方法人金融机构进一步聚焦重点，加力支持民营中小微企业。民 营企业再贷款的期限、利率、发放方式等与现行支农支小再贷款一致。 ...

四是金融市场平稳运行。综合施策维护外汇市场稳定，强化预期管理，外汇市场供求基本平衡，2025年 人民币对一篮子货币保持基本稳定，对美元汇率升值4.4%。债券市场平稳健康发展，债券市场代表性 的10年期国债收益率近期稳定在1.8%-1.9%附近。资本市场信心有效提振，交投活跃。 银行频道更多独家策划、专家专栏，免费查阅>> 责任编辑：钟离 1月15日，中国人民银行副行长邹澜在国新办新闻发布会上表示，2025年，人民银行实施适度宽松的货 币政策，在货币金融环境已经较为宽松的状态下，在存量政策接续发挥作用的基础上，5月又宣布实施 了一揽子金融支持举措，巩固经济回升向好势头。从全年金融数据看，货币金融政策支持实体经济的效 果是明显的。 一是金融总量较快增长。人民银行通过综合运用多种货币政策工具，保持流动性充裕，引导金融机构充 分满足实体经济有效融资需求。2025年12月末，社会融资规模存量同比增长8.3%，广义货币供应量M2 同比增长8.5%，明显高于名义GDP增速；人民币贷款余额272万亿元，同比增长6.4%，还原地方化债影 响后，增速在7%左右，信贷支持力度持续较强。 二是社会综合融资成本进一步降低。2018年下 ...

Core Viewpoint - The overall performance forecast for 2025 shows a cumulative disclosure rate of approximately 3.99% and a cumulative positive performance rate of about 40.83% among the disclosed companies [10][11]. Group 1: Overall Performance Forecast - Among the 218 companies that disclosed performance forecasts, 53 companies (24.31%) expect an increase in performance, 26 companies (11.93%) expect slight increases, 9 companies (4.13%) expect to turn losses into profits, and 1 company (0.46%) expects to maintain profitability [10]. - Conversely, 129 companies (59.17%) anticipate performance reductions, losses, or have uncertain forecasts [10]. Group 2: Performance by Sector - In the advanced manufacturing sector, the defense and military industry index has risen by 12.70%, correlating with a 26.50% growth in net profit attributable to the parent company [24]. - The machinery equipment sector shows a net profit growth of 39.63%, with an index increase of 6.06% [24]. - The pharmaceutical and medical sector has seen a significant decline, with net profit down by 36.59%, yet the index has increased by 9.85% [25]. - In the cyclical sector, upstream and midstream raw material industries have shown substantial improvement, with net profit growth exceeding 160% in construction materials, steel, and basic chemicals, although market reactions have been relatively stable [25]. - The consumer sector shows mixed results, with light industry manufacturing and agriculture experiencing net profit declines of -45.13% and -27.40%, respectively, while the automotive and home appliance sectors have seen net profit growth of 42.43% and 30.49% [25]. - The technology sector, particularly in media, has shown a significant divergence, with net profit down by 163.49% but an index increase of 24.65% [25]. - The real estate sector remains weak, with a net profit decline of 74.57%, while the banking sector has recorded a 5.98% profit growth but a 2.83% decline in the index [25]. Group 3: Performance Disclosure by Market Capitalization - The disclosure rate increases with market capitalization, with large-cap companies (over 100 billion) showing a disclosure rate of 7.95% and a positive performance rate of 64.29% [11][20]. - Mid-cap companies (500-1000 billion) have a disclosure rate of 8.70% and a positive performance rate of 56.25% [11][20]. - Small-cap companies (under 50 billion) have the lowest disclosure rate at 2.16% and a positive performance rate of 28.89% [11][20].

Core Insights - The introduction of the AI model DeepSeek by Deep Exploration Company in early 2025 has sparked a significant application boom in the financial industry, marking a transformative technological force comparable to the mobile internet [1] - The banking sector is leading the procurement of large models, with a notable increase in project numbers and funding, indicating a shift in focus from computational power to application effectiveness [3][5] Group 1: Market Trends - In 2025, the financial industry saw a dramatic increase in large model procurement, with 587 projects awarded, representing a 341% year-on-year increase in project numbers and a 527% increase in disclosed funding to 1.506 billion yuan [3][5] - The banking sector accounted for nearly half of the total projects with 290 projects, and 75.2% of the total funding, establishing a dominant position in the market [5][6] Group 2: Project Distribution - The distribution of project types in the financial sector for large models in 2025 shows that banking projects comprised 49.4% of the total, with disclosed funding of 1.13221 billion yuan [6] - The focus is shifting from computational power projects to application projects, with application-type projects (including intelligent agents) rapidly increasing in number and becoming the primary procurement direction [7] Group 3: Driving Forces - Multiple factors are driving the banking sector's embrace of large models, including supportive government policies aimed at accelerating the intelligent transformation of the financial industry [8] - The maturity of technology has reached a turning point in 2025, with significant improvements in the accuracy, reliability, and practicality of large models, particularly with the rise of open-source models like DeepSeek [8][9] Group 4: Competitive Landscape - The competitive pressure in the banking sector, characterized by narrowing interest margins and intensified competition, necessitates new tools for efficiency and differentiation, with AI applications potentially reducing costs by up to 70% in certain categories [9] - Customer expectations for financial services are rising, demanding quicker responses and more personalized experiences, which traditional technologies struggle to meet [9] Group 5: Application Scenarios - Specific application scenarios in the financial sector are becoming concentrated, with intelligent customer service and digital personnel leading the number of awarded projects [10] - The focus on intelligent agents is increasing, with 49 projects explicitly mentioning "intelligent agents," indicating a growing interest in embedding AI capabilities into specific applications [11] Group 6: Future Outlook - As the application of large models deepens, the procurement of application-type projects is expected to grow, with banks likely to develop their own intelligent agents based on clear scenarios and engineering capabilities [11][12] - The financial industry is seen as a data and service-intensive sector, with significant potential for further exploration and application of large models [12]

人民银行还将继续综合施策，促进社会综合融资成本低位运行。比如，推动明示贷款综合融资成本，组 织银行会同企业填写"贷款明白纸"，详细明示企业获得贷款需要承担的利息和非利息成本，促进降低评 估、担保等融资中间费用，减轻企业费用支出，优化融资环境。强化利率政策执行和监督，发挥好利率 自律机制作用，畅通利率政策传导。这些都有助于社会综合融资成本保持低位运行。 北京商报讯（记者 董晗萱）1月15日，国新办举行新闻发布会，介绍货币金融政策支持实体经济高质量 发展成效。 中国人民银行新闻发言人、副行长邹澜表示，降准降息从2026年看还有一定的空间。从法定存款准备金 率看，目前金融机构的法定存款准备金率平均为6.3%，降准仍然有空间。从政策利率来看，外部约束 方面，目前人民币汇率比较稳定，美元处于降息通道，总体来看汇率不构成很强的约束；内部约束方 面，2025年以来银行净息差已经出现企稳的迹象，连续两个季度保持在1.42%，2026年还有规模较大的 三年期及五年期等长期存款到期重定价，这次人民银行也下调了各项再贷款利率，这些都有助于降低银 行付息成本、稳定净息差，为降息创造一定空间。 ...

Core Insights - The National Development Bank (NDB) is actively supporting the high-quality construction of the "Belt and Road" initiative, with significant financing agreements and projects being established across various regions, including Central Asia, Africa, and South America [1][2][3]. Group 1: Project Financing and Impact - On December 16, 2025, NDB signed a loan agreement for the China-Kyrgyzstan-Uzbekistan railway project, marking a significant step in enhancing connectivity across Central Asia [1]. - NDB has issued a special loan of 1.41 billion yuan (approximately $2.1 billion) to support over 20,000 small and medium-sized enterprises (SMEs) in Egypt, contributing to local economic development [1]. - In the past year, NDB has invested over 290 billion yuan (approximately $43.5 billion) in various projects related to the "Belt and Road" initiative, reinforcing its role as a key financial institution in this endeavor [2]. Group 2: Infrastructure Development - The NDB is financing the ±800 kV ultra-high voltage direct current transmission project in Brazil, which will supply clean energy to approximately 12 million people [2]. - In Laos, the NDB-supported Vientiane Saysettha Comprehensive Development Zone has attracted investments from multiple countries, with an annual output value exceeding $3 billion [3]. - The Kaduna-Kano railway project in Nigeria, supported by NDB financing, is progressing well, with over 60% of construction completed, enhancing transportation links in the region [3]. Group 3: Regional Development Initiatives - NDB's Xinjiang branch is focusing on infrastructure and energy cooperation to establish Xinjiang as a key hub for Eurasian connectivity [4][5]. - The NDB's Guangxi branch is enhancing cooperation with ASEAN countries, particularly in artificial intelligence and digital finance, to foster new growth drivers [5]. - In Yunnan, NDB is supporting key projects like the China-Laos highway and vocational training institutions, aiming to improve local transportation and skill development [6]. Group 4: Financial Cooperation and Trade Support - NDB is enhancing bilateral financial cooperation through various international forums and initiatives, including the establishment of a 30 billion yuan (approximately $4.5 billion) special loan for the China-Europe Railway Express [7]. - The bank is also focusing on supporting foreign trade by providing targeted financial services to over 10,000 small and micro foreign trade enterprises [8]. - In Egypt, NDB is facilitating the expansion of the China-Egypt TEDA Suez Economic and Trade Cooperation Zone, aiming to attract more Chinese enterprises and enhance industrial cooperation [9].

北京北辰实业股份(00588.HK)：预计截至2025年12月31日止年度利润将继续亏损。 越秀地产(00123.HK)：2025年度累计合同销售金额约为1062.1亿元，同比下降约7.3%，约占销售目标的 88.1%。其中12月销售金额约89.96亿元，同比下降约33.4%。 交个朋友控股(01450.HK)：2025年第四季度，集团合计完成商品交易总额(GMV)约人民币64.9亿元，同 比增长约4.34%；2025年累计完成GMV约人民币160.2亿元，同比增长约6.23%。 赛晶科技(00580.HK)：预计2025年度收入约人民币22.5亿元，同比增加约40%，主要由于来自柔性输电 业务领域的收入增加，得益于有关工程订单产品陆续交付及收入确认。 1月15日，恒指早盘一度冲高逾两百点后回落，午后持续维持水下震荡态势，尾盘受半导体板块走强刺 激一度接近翻红。恒生科技指数全天表现疲软跑输大市；截止收盘，恒生指数跌0.28%报26923.62点， 恒生科技指数跌1.35%报5828.35点，国企指数跌0.52%报9266.86点，红筹指数涨0.39%报4153.7点。 盘面上，大型科技股普遍下跌，阿里巴巴跌2 ...

1月15日下午，国新办举行新闻发布会，介绍货币金融政策支持实体经济高质量发展成效。 中国人民银行新闻发言人、副行长邹澜在会上表示，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： 邹澜 图源：国新网 八是鼓励金融机构提升汇率避险服务水平。丰富汇率避险产品，为企业提供成本合理、灵活有效的汇率风险 管理工具。 邹澜表示，以上相关措施的政策文件将于近日发布。按照国务院常务会议部署，在实施过程中，将与财政贴 息、担保和风险成本分担等财政政策协同配合，进一步放大政策效能，共同促进扩大有效内需。我们还将继 续加大流动性投放力度，灵活搭配公开市场操作各项工具，保持流动性充裕，引导隔夜利率在政策利率水平 附近运行。 邹澜在会上表示，关于降准降息，从今年看还有一定的空间。从法定存款准备金率看，目前金融机构的法定 存款准备金率平均为6.3%，降准仍然有空间。从政策利率来看，外部约束方面，目前人民币汇率比较稳定， 美元处于降息通道，总体来看汇率不构成很强的约 ...

Core Insights - Visa and Apple Pay have launched a collaboration to allow Chinese cardholders to link their Visa cards to Apple Pay for seamless cross-border payments, enhancing the efficiency and experience of international transactions [1][3][6] Group 1: Collaboration Details - The partnership enables Chinese cardholders to use Apple Pay for payments at overseas merchants, mobile apps, and online platforms, facilitating contactless transactions [3][4] - The initial participating banks include Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China, and others, with more banks expected to join in the future [4][6] Group 2: Consumer Benefits - The integration of Visa and Apple Pay allows for a streamlined payment process, reducing the need for repeated entry of card information, thus enhancing user convenience [5][6] - Apple Pay's standardized interface is designed to lower the usage threshold for consumers, making it easier to conduct transactions abroad [5][6] Group 3: Security Features - The collaboration incorporates advanced security measures, such as the use of a unique device account number generated by Visa's tokenization technology, which helps mitigate fraud risks [6][7] - Sensitive payment information is not stored on devices or Apple servers, ensuring a higher level of security for users [6][7] Group 4: Bank Strategy - This partnership represents a strategic move for banks to deepen their cross-border financial services and enhance customer engagement by embedding their card products into global mobile payment scenarios [6] - Banks are also launching promotional activities to encourage users to link their Visa cards to Apple Pay, enhancing the overall value proposition for consumers [5][6]