2026年中国人民银行工作会议1月5日-6日召开。会议以习近平新时代中国特色社会主义思想为指导，深 入学习贯彻党的二十届四中全会和中央经济工作会议精神，总结2025年工作，分析当前形势，研究中国 人民银行"十五五"改革发展规划，部署2026年工作。中国人民银行党委书记、行长潘功胜出席会议并讲 话，朱鹤新、曲吉山、宣昌能、陆磊、陶玲、邹澜出席会议。 会议认为，2025年以来，面对复杂严峻的国内外经济金融形势，中国人民银行坚决落实党中央、国务院 决策部署，在执行好存量货币政策基础上，推出新的一揽子货币政策措施，有力支持实体经济稳定增长 和金融市场平稳运行，持续深化金融供给侧结构性改革，稳妥处置重点领域金融风险，积极推动全球金 融治理改革完善，纵深推进全面从严治党，各项工作迈上新台阶。 一是坚持宏观思维，从系统视角统筹谋划中国人民银行重大业务和改革事项。加快完善中央银行制度， 组织研究制定"六大核心要素"建设重点工作、货币政策和宏观审慎政策框架构建、金融市场建设发展、 人民币国际化等，制定具体工作方案并动态评估完善。 二是坚持专业务实精准，适度宽松的货币政策发力显效。强化中国人民银行政策与市场关切的交集度和 针对性 ...

Core Viewpoint - The People's Bank of China (PBOC) is committed to implementing a series of monetary policy measures to support stable economic growth and financial market stability while advancing financial reforms and enhancing international cooperation [2][6][10]. Group 1: Monetary Policy Measures - The PBOC has introduced a new package of monetary policy measures since 2025, including lowering the reserve requirement ratio and interest rates to maintain liquidity and reduce financing costs [3][14]. - The central bank aims to keep social financing conditions relatively loose and ensure that the growth of social financing and money supply aligns with economic growth and price level expectations [18]. Group 2: Financial Risk Management - Financial risks in key areas are being effectively mitigated, with the PBOC enhancing monitoring and regulatory measures in the bond market and supporting the resolution of debt risks associated with financing platforms [4][19]. - The establishment of the PBOC's Macro-Prudential and Financial Stability Committee aims to strengthen the financial stability framework [15]. Group 3: International Financial Cooperation - The PBOC is actively engaging in international financial cooperation, participating in global governance initiatives, and enhancing macroeconomic policy coordination through platforms like the G20 [3][20]. - Support for the establishment of the International Monetary Fund's Shanghai Center reflects the PBOC's commitment to global financial governance reform [9][20]. Group 4: Financial Services and Development - The PBOC is focused on improving financial services for high-quality development, including increasing loan quotas for technology innovation and small enterprises, and enhancing the quality of financial support in various sectors [4][16]. - Over 700 entities have issued technology innovation bonds totaling more than 1.5 trillion yuan, indicating a strong push towards supporting technological advancements [14]. Group 5: Legislative and Regulatory Enhancements - The PBOC is advancing important legislative reforms, including the Financial Stability Law and the Commercial Banking Law, to strengthen the regulatory framework [5][16]. - Efforts to enhance the management of digital currency and improve anti-money laundering regulations are also underway [5][20].

Core Viewpoint - Financial Street Holdings Co., Ltd. is announcing the interest payment details for its first phase of medium-term notes for 2024, ensuring transparency and timely payment to investors [1]. Group 1: Bond Details - Issuer: Financial Street Holdings Co., Ltd. [2] - Bond Name: Financial Street Holdings Co., Ltd. 2024 First Phase Medium-Term Notes (Type II) [2] - Bond Code: 102480145 [2] - Total Issuance Amount: RMB 500 million [2] - Interest Start Date: January 12, 2024 [2] - Bond Term: 5+2 years [2] - Bond Balance: RMB 500 million [2] - Credit Rating: AAA [2] - Interest Rate for Current Period: 3.45% [2] Group 2: Interest Payment Information - Interest Payment Date: January 12 each year during the bond's term, with adjustments for public holidays [1] - Total Interest Payable for This Period: RMB 17.25 million [1] - Main Underwriters: CITIC Securities Co., Ltd., Ping An Bank Co., Ltd., Bohai Bank Co., Ltd., Nanjing Bank Co., Ltd., Ningbo Bank Co., Ltd. [1] Group 3: Payment Method - Interest funds will be transferred by the China Interbank Market Clearing House Co., Ltd. to the designated bank accounts of bondholders [1] - Any changes in the fund transfer path must be communicated to the clearing house before the interest payment date [1] Group 4: Contact Information - Issuer Contact: Fan Wen, Phone: 010-66573955 [4] - Management Institution Contact: Li Wenjie, Phone: 010-56051920 [4] - Clearing House Contact: Xie Chenyang, Chen Gongrong, Phone: 021-23198708, 021-23198682, 021-63323877 [4]

1. Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Views - The commodity market is showing positive trends, with the China Commodity Price Index rising for eight consecutive months, indicating improved market supply - demand and increased business confidence [3]. - In the metal market, precious metals and industrial metals are rising, and copper prices are hitting new highs due to supply shortages [5]. - The bond market has a complex situation. In the short - term, there may be trading opportunities due to policy changes, but in the medium - term, it is likely to be slightly weak [28][29][30]. - The stock market in Hong Kong has a mixed performance, with the Hang Seng Index slightly up and the Hang Seng China Enterprises Index down [34]. 3. Summary by Directory 3.1 Macro Data - GDP growth rate in Q3 2025 was 4.8%, slightly lower than the previous quarter's 5.2% [1]. - In December 2025, the manufacturing PMI was 50.1%, and the non - manufacturing PMI was 50.2% [1]. - In November 2025, social financing scale was 24888 billion yuan, and new RMB loans were 3900 billion yuan [1]. - In November 2025, CPI increased by 0.7% year - on - year, and PPI decreased by 2.2% year - on - year [1]. 3.2 Commodity Investment 3.2.1 Comprehensive - China will continue to cooperate with Venezuela in various fields, and the China - Venezuela cooperation is protected by international and bilateral laws [2]. - Nine departments in China issued a notice to promote green consumption, with 20 specific measures [2]. - The US ISM manufacturing index in December 2025 dropped slightly, and new orders and employment continued to decline [3]. 3.2.2 Metal - Precious metals and industrial metals rose on Monday, with silver up over 6% and copper prices hitting new highs [5]. - Copper prices exceeded $13,000 per ton due to a strike in a Chilean copper mine and supply shortages [5]. - Battery - grade lithium carbonate and lithium hydroxide prices hit new highs in over two years on January 5 [7]. 3.2.3 Coal, Coke, Steel and Minerals - The Dalian Commodity Exchange will launch coking coal options after the holiday [9]. 3.2.4 Energy and Chemicals - Trump said the US may subsidize oil companies to rebuild Venezuela's energy infrastructure [10]. - It is predicted that the average price of US crude oil in 2026 will be $58.15 per barrel, and Brent crude oil will be $61.27 per barrel [10]. 3.2.5 Agricultural Products - Malaysia's palm oil reserves in December 2025 increased by 5.3% month - on - month to 2.99 million tons [12]. - Indonesia exported 20.85 million tons of crude and refined palm oil from January to November [12]. - The egg industry has not entered the stage of accelerated capacity elimination [12]. 3.3 Financial News 3.3.1 Open Market - On January 5, the central bank conducted 13.5 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 468.8 billion yuan [13]. - In December 2025, the central bank net - injected 50 billion yuan through open - market treasury bond trading, 100 billion yuan through MLF, and 7.1 billion yuan through SLF [13][14]. 3.3.2 Key News - The CSRC held a symposium on the comprehensive prevention and control system of financial fraud in the capital market [15]. - The National Development and Reform Commission will support Yangtze River protection projects with over 100 billion yuan [16]. - In 2026, the issuance of local government bonds has started, and the issuance scale in the first quarter is expected to exceed 2 trillion yuan [18]. 3.3.3 Bond Market Review - The inter - bank bond market was weak, with most interest - rate bond yields rising and bond futures mostly falling [22]. - The exchange - traded bond market had mixed performances, with some bonds falling and some rising [22]. - The convertible bond index rose, and some convertible bonds had significant price changes [23]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar rose 84 basis points to 6.9806 at 16:30 [27]. - The US dollar index fell 0.14% to 98.32, and most non - US currencies rose [27]. 3.3.5 Research Report Highlights - CITIC Securities believes that the final draft of the fund sales new rules may be a case of "bad news is good news" for the bond market [28]. - Xingzheng Fixed - Income suggests that the risk - parity strategy can achieve risk dispersion [29]. - Huatai Fixed - Income thinks the bond market is facing both positive and negative factors in 2026 [29]. 3.4 Stock Market - The Hong Kong Hang Seng Index rose 0.03% to 26347.24 points, and the Hang Seng Technology Index rose 0.09%, while the Hang Seng China Enterprises Index fell 0.22% [34]. - Southbound funds had a net purchase of 18.723 billion Hong Kong dollars, with Kuaishou and Xiaomi Group being the top net - bought stocks [34].

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the outlook for the debt market in 2026, indicating a continuation of the deleveraging phase with high corporate leverage and government leveraging while household debt pressure eases [1][3]. Core Insights and Arguments - **Debt Cycle Outlook**: The debt cycle in 2026 is expected to remain in a deleveraging and debt crisis clearing phase, with corporate leverage remaining high and government leverage increasing [3]. - **Debt Pressure Changes**: Household debt costs, particularly mortgage-related, are expected to decrease, while corporate leverage remains high. Government debt financing costs are manageable due to previous interest rate declines [4]. - **Inflation Trends**: Inflation is anticipated to enter a mild recovery phase, with food prices, particularly from the pig cycle, expected to rise in 2026. However, overall price improvements are not expected to be significant [5]. - **Policy Recommendations**: A dual easing policy of fiscal and monetary measures is recommended, with a projected broad deficit rate of around 10% in 2026. Monetary policy should include slight interest rate cuts to maintain low nominal rates [6]. - **Nominal GDP Growth**: Nominal GDP growth is expected to approach zero, relying more on actual output improvements rather than price increases. This necessitates stabilizing total demand through fiscal and monetary easing [7][8]. - **Liquidity and Monetary Policy**: The liquidity situation in 2025 was positive, with expectations of continued easing in 2026. The focus of monetary policy is shifting towards short-term interest rates and liquidity management [9]. - **Credit Growth Expectations**: Credit growth, particularly in the household sector, is expected to continue declining, with new credit primarily driven by policy-induced investment demand [11][12]. - **Deposit Trends**: The deposit situation is expected to stabilize in 2026, with no significant pressure on liabilities, although growth rates will not match previous highs [13]. Additional Important Insights - **Institutional Behavior**: State-owned banks are expected to continue profit realization, with a shift towards bond investment strategies. Insurance companies are focusing on long-duration bonds, while bank wealth management products are growing [14]. - **Interest Rate Strategy**: A recommendation for a term strategy under a steep yield curve is made, with low probabilities of significant long-end yield increases [15][16]. - **Credit Strategy Focus**: Attention should be given to changes in risk premiums in urban investment bonds and the supply changes brought by the rise of the Sci-Tech Innovation Board. There are opportunities in medium-term urban investment bonds and infrastructure sectors [17]. - **Macro Environment Conclusion**: The overall macro environment is characterized by dual easing policies, leading to a likely continuation of a steep yield curve, suggesting that term strategies will remain relevant [18].

Core Viewpoint - The company has established a special account for fundraising to ensure proper management and protection of investor rights [2] Group 1 - The company announced the establishment of a special fundraising account at CITIC Bank Xinghua Branch [2] - The decision was approved by the company's third board of directors during its fourteenth meeting [2] - A tripartite supervision agreement was signed with the sponsor, Zheshang Securities Co., Ltd., and CITIC Bank Taizhou Branch [2]

Core Viewpoint - The cryptocurrency market experienced a significant crash on January 3, 2026, with Bitcoin's price dropping below the critical psychological level of $90,000, leading to massive liquidations of leveraged positions among investors [1][3]. Market Overview - On January 3, Bitcoin initially rose to $90,500 but then plummeted, causing over 110,000 investors to be liquidated within 24 hours, resulting in substantial financial losses [3]. - Other cryptocurrencies also experienced volatility, with Ethereum rising over 2%, XRP over 6%, and Dogecoin over 9% on the same day [3]. Historical Context - This crash is not an isolated incident; the cryptocurrency market has faced severe liquidation events before, including a record $19.2 billion in liquidations affecting 1.648 million investors on October 10, 2025 [5]. - Previous significant drops included Bitcoin falling below $87,000 in November 2025, with nearly 230,000 liquidations totaling $830 million [5]. Factors Influencing Price Movements - The recent downturn in Bitcoin's price is attributed to multiple factors, including reduced market liquidity, uncertain interest rate outlooks, and speculation that major Bitcoin holders may be forced to sell [5]. - The tightening of dollar liquidity, driven by rising short-term interbank rates, has led to a "money shortage" in financial markets, increasing borrowing costs and prompting investors to sell risk assets like Bitcoin [7]. Institutional Behavior - There has been a noticeable decline in institutional demand for Bitcoin, with recent data indicating that inflows into Bitcoin ETFs have significantly decreased, marking one of the weakest periods for institutional accumulation since the ETF's launch [15][17]. - The recent outflows from Bitcoin ETFs, totaling $946 million, highlight the retreat of institutional investors from the market [15]. Market Correlation - The correlation between Bitcoin and the Nasdaq 100 index has reached approximately 0.80, the highest level since 2022, indicating that Bitcoin's performance is increasingly resembling that of a leveraged tech stock [17].

Macro and Finance - The 2026 national subsidy plan has been officially released, with a total of 625 billion yuan allocated for consumer goods replacement and upgrades. The subsidy for new cars remains at 12% or 10% of the car price, while the subsidy for energy-efficient home appliances has been reduced from 20% to 15% [1][2] - China will become the first economy to pay interest on central bank digital currency (CBDC), with the new digital yuan framework set to launch on January 1, 2026 [3] - Starting January 1, 2026, the interest rates for existing "public housing fund + commercial loan" will be lowered, with first-time home loan rates dropping to 2.1% for loans under 5 years [4][5] - The National Development and Reform Commission and the National Energy Administration have issued guidelines for promoting high-quality development of the power grid, aiming to enhance the capacity for optimizing resource allocation and supporting renewable energy generation [6] - The U.S. plans to deepen its involvement in Venezuela's oil industry, although short-term impacts on the oil market may be limited due to current oversupply conditions [7] - The Federal Reserve's December meeting minutes indicate agreement on interest rate cuts, but significant divisions among officials remain, with expectations for two rate cuts in 2026 [8] Capital Market - The China Securities Regulatory Commission is accelerating the development of the REITs market, aiming to expand and enrich the market while supporting private enterprises in asset revitalization [20] - The Shenzhen Stock Exchange is soliciting public opinions on revising the "Stock Listing Rules," focusing on enhancing the responsibilities of company secretaries and improving corporate governance [21] - In 2025, 116 companies listed on the A-share market without any breaking below their initial public offering prices, marking a significant milestone [22] - A new technology investment fund has been established in Jiangsu with a registered capital of 10 billion yuan, aimed at venture and equity investments [24] - Warren Buffett has officially stepped down as CEO of Berkshire Hathaway, raising concerns about the future leadership under his successor [25] - The precious metals market experienced significant gains in 2025, with gold prices reaching around $4,320 per ounce and silver prices at $71 per ounce [26] - The Hong Kong stock market opened positively in the new year, with major indices showing strong gains driven by favorable monetary policies and improving corporate earnings [27] Business and Industry - Several automotive companies have reported their December 2025 sales figures, with BYD's sales down 18.2% year-on-year, while Geely's sales increased by 13% [32] - Baidu has initiated the independent capital process for its AI chip company Kunlun, which has submitted a listing application to the Hong Kong Stock Exchange [33] - The wholesale price of Moutai has fallen below 1,499 yuan per bottle, indicating a downward trend in pricing [34] - Xiaomi's automotive division has achieved significant delivery milestones, with over 41,000 vehicles delivered in December 2025 alone [35] - The green channel for Yushu Technology's A-share listing has been halted, although the listing process itself remains unaffected [36]

Core Viewpoint - The RMB exchange rate is expected to trend back to the "6" range in 2026, which could significantly impact the economy, policies, and market logic, marking a shift from 2025 when the exchange rate expectations began to change [1][44]. Group 1: RMB Exchange Rate Assessment - Evaluating whether the RMB is overvalued or undervalued is complex and can yield different conclusions based on various dimensions [3][46]. - The financial market and asset price dimensions suggest that the current appreciation of the RMB may be reasonable, as the US dollar index has dropped over 10% since its peak in January 2025 [3][46]. - The narrowing of the 2-year China-US interest rate differential by approximately 110 basis points since the beginning of the year indicates a decrease in the attractiveness of the RMB as a financing currency [4][47]. Group 2: Trade Dimension - The trade perspective supports the argument for RMB undervaluation, especially given China's strong export performance in recent years [7][51]. - The RMB exchange rate index remains at a relatively low level compared to recent years, despite its appreciation against the US dollar [7][51]. - There is a positive correlation between RMB depreciation and the expansion of bilateral surplus shares, indicating that trade dynamics are closely linked to exchange rate movements [7][51]. Group 3: Inflation Impact - The significant gap between the nominal effective exchange rate and the real effective exchange rate since 2022 reflects lower domestic inflation compared to global levels [11][54]. - The real exchange rate is a crucial indicator of a country's export price competitiveness, with lower real exchange rates generally favoring exports [15][58]. - Maintaining a stable real effective exchange rate while allowing for slight nominal depreciation could help avoid unnecessary trade frictions and manage surpluses effectively [15][58]. Group 4: Central Bank's Role in Exchange Rate Management - Historical patterns suggest that the RMB may experience significant appreciation during periods of US dollar depreciation, with the central bank likely to intervene to maintain stability [17][25]. - The central bank's approach to managing the exchange rate involves a balance of maintaining stability while allowing for necessary adjustments based on market conditions [17][27]. - The central bank has been gradually increasing its efforts to manage the RMB's appreciation, particularly in response to rapid increases in the exchange rate [25][27]. Group 5: Market Impact of Exchange Rate Changes - The market has adapted to the constraints imposed by RMB depreciation on monetary policy and liquidity, with expectations of a shift in sentiment during periods of appreciation [31][33]. - Generally, a normal appreciation of the RMB is associated with economic growth, positively impacting the stock market while potentially putting pressure on the bond market [35][36]. - In contrast, during periods of excessive appreciation, the stock market may underperform due to negative economic impacts, while the bond market could benefit [36][37].

Group 1 - The report indicates that the liquidity in the money market remains loose, with a net injection of 11,710 billion yuan this week, despite some fluctuations in funding prices due to year-end factors [2][17]. - The average DR001 rate dropped to 1.28% in December, marking a new low for the year, while the DR007 rate slightly increased but remains low compared to previous years [3][39]. - The report highlights that the overall funding environment is expected to remain loose, with limited room for further declines in funding rates before any potential interest rate cuts by the central bank [3][39]. Group 2 - The report forecasts that the net financing scale for government bonds in January, February, and March 2026 will be approximately 1.18 trillion yuan, 0.81 trillion yuan, and 1.12 trillion yuan respectively, totaling around 3.1 trillion yuan for the first quarter [5][62]. - It is anticipated that local government bond issuance in January will be around 1 trillion yuan, with net financing expected to be approximately 890 billion yuan [5][59]. - The report notes that several regions have announced their local bond issuance plans for the first quarter of 2026, with a total planned issuance of 19,658 billion yuan, closely aligning with the actual issuance from the previous year [4][52]. Group 3 - The report discusses the trends in interbank certificates of deposit, noting that the issuance of 1-year AAA-rated certificates has decreased slightly to 1.63% [10][73]. - The Shibor rates for various maturities have shown minor fluctuations, with the 1-year rate remaining stable at 1.65% [68][73]. - The report indicates that the overall sentiment in the bond market is weak, with a notable decrease in the willingness of major banks to increase their bond holdings [11].