具体内容： 一、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、将支农支小再贷款与再贴现打通使用，增加额度，并单设民营企业再贷款。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。 国务院新闻办公室于1月15日下午举行新闻发布会。中国人民银行发布多项金融政策，支持实体经济高 质量发展。 三、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、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。 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。 五 ...

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。 会上，中国人民银行新闻发言人、副行长邹澜表示，中央经济工作会议已经明确，2026年要继续 实施适度宽松的货币政策，人民银行将按照党中央、国务院决策部署，加大逆周期和跨周期调节 力度，有效支持"十五五"开好局、起好步。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。 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。 六是拓展服务消费与养老再贷款的支持领域。结合 ...

房地产是基础行业，在我国经济社会发展中具有举足轻重的作用，涉及50多个行业，最高峰就业人口接 近1亿人，产值占GDP13%，房地产贷款占银行业贷款的25%，房地产融资占社会融资总额的20%左右。 目前，上市银行房地产不良贷款率平均在4%左右。未来十年，能否稳妥处置房地产不良资产，事关银 行业稳健发展和服务实体经济质效。以下为十四五期间，银行业处置房地产不良资产情况： 十四五期间，银行业围绕保交楼、保民生、保稳定主线，构建了"传统手段+创新工具+政策协同"的立 体化处置体系，核心措施可归纳为六大类： 1.传统处置手段（基础保障） 一是债权清收。通过诉讼、仲裁、强制执行抵押物等方式直接追偿，包括查封冻结债务人资产、拍卖抵 押物、追究保证人责任等。 二是债务重组。对仍有经营价值的房企实施贷款展期、利率下调、分期还款等安排，配套"销售—解押 —还款"动态机制，保障现金流与风险可控。 三是以物抵债。接受债务人以房产、土地等资产抵偿债务，快速了结债权，但银行需在2年规定期限内 处置，避免长期持有不动产导致风险权重上升从而增加资本计提。 （一）采取的主要措施 四是贷款核销。对确无回收可能的不良贷款，用拨备覆盖损失并从资产负 ...

Group 1 - The industries not applicable for the R&D expense tax deduction policy include tobacco manufacturing, accommodation and catering, wholesale and retail, real estate, leasing and business services, entertainment, and other industries as specified by the Ministry of Finance and the State Administration of Taxation [3] - The latest version of the national economic industry classification is GB/4754-2017, which is used to determine the applicability of the policy [3] Group 2 - Activities that cannot be included in R&D activities for tax deduction purposes include routine upgrades of products/services, direct application of research results, technical support provided after commercialization, simple changes to existing products or processes, market research, quality control, and research in social sciences, arts, or humanities [5] - R&D activities are defined as systematic activities aimed at acquiring new scientific and technological knowledge, creatively applying this knowledge, or substantially improving technology, products, services, or processes [5] Group 3 - Companies must adhere to national financial accounting standards for accounting treatment of R&D expenses and maintain auxiliary accounts for R&D projects to accurately collect and account for deductible R&D expenses [7] - Companies should separately account for R&D expenses and operational expenses, ensuring accurate and reasonable allocation of all expenditures [7]

Group 1 - The core point of the news is that Jingji Zhino has experienced a decline in stock price, dropping 1.2% to 14.88 yuan per share, with a total market value of 7.891 billion yuan and a cumulative drop of 6% over three consecutive days [1] - Jingji Zhino's main business includes modern agriculture and real estate, with revenue composition: pig products 79.38%, feed products 11.67%, commercial housing 5.38%, rental income 1.36%, poultry products 1.29%, hotel business 0.83%, and others 0.07% [1] - The company is located in Shenzhen, Guangdong Province, and was established on January 1, 1979, with its listing date on November 1, 1994 [1] Group 2 - The Qianhai Kaiyuan Fund holds a significant position in Jingji Zhino, with its fund, Qianhai Kaiyuan Hong Kong-Shenzhen Agricultural Mixed (LOF) A, reducing its holdings by 10.47 million shares, now holding 1.3673 million shares, which accounts for 6.29% of the fund's net value [2] - The fund has reported a floating loss of approximately 246,100 yuan today and a cumulative floating loss of 1,298,900 yuan during the three-day decline [2] - The fund was established on July 20, 2016, with a current scale of 239 million yuan, and has experienced a loss of 1.65% this year, ranking 8713 out of 8838 in its category [2]

Group 1 - The 50th Tsinghua University China and World Economy Forum was held online on January 13 [1][4] - Qin Hong, a senior researcher at the National Development and Strategic Research Institute of Renmin University of China, discussed the concept of "good houses," emphasizing that the key criterion is location, as good houses sold in various cities over the past 25 years are primarily in good locations [1][4] - High-net-worth individuals are purchasing properties for their scarcity, which creates demand; these individuals are not looking to improve their living conditions but are instead focused on asset allocation [1][4]

Core Viewpoint - The financial market shows signs of tightening with rising repo rates, while the bond market strengthens due to increased buying activity, and convertible bonds also see collective gains. Group 1: Domestic News - The National Development and Reform Commission, along with three other departments, has issued guidelines to enhance the planning and direction of government investment funds, marking the first systematic regulation at the national level [2]. - The People's Bank of China held a work meeting focusing on six key areas for 2026, including financial reform, offshore financial services, and promoting the internationalization of the Renminbi [2]. Group 2: International News - President Trump announced a 25% tariff on any country conducting business with Iran, effective immediately, which led to a short-term increase in international oil prices [3]. - Brent crude oil futures rose over 1.4% to $64.23 per barrel, while WTI crude oil futures increased by 1.27% to $59.69 per barrel following the announcement [3]. Group 3: Commodity Market - On January 12, WTI crude oil futures closed up by $0.38, a 0.64% increase, at $59.50 per barrel, while Brent crude oil futures rose by $1.35, a 0.84% increase, to $63.87 per barrel [4]. Group 4: Financial Market Operations - The People's Bank of China conducted a 7-day reverse repo operation of 861 billion yuan at a fixed rate of 1.40%, resulting in a net injection of 361 billion yuan after accounting for maturing repos [5]. - Major repo rates increased, with DR001 rising by 5.43 basis points to 1.327% and DR007 increasing by 1.75 basis points to 1.490% [6]. Group 5: Bond Market Dynamics - The bond market strengthened as the 10-year government bond yield approached 1.90%, prompting increased buying activity [7]. - As of January 12, the yield on the 10-year government bond (active bond 250016) decreased by 1.50 basis points to 1.8710%, while the 10-year policy bank bond (active bond 250215) fell by 0.60 basis points to 1.9640% [7][8]. Group 6: Credit Bonds - On January 12, four industrial bonds experienced significant price deviations, with "H1碧地01" dropping over 98% and "H1碧地02" increasing over 360% [9]. - Companies such as Hejia Holdings and Shanxi Coal Group reported financial difficulties, including loan defaults and overdue payments [10][13]. Group 7: Convertible Bonds - The convertible bond market saw collective gains, with major indices rising by 1.37% for both the CSI Convertible Bond Index and the Shanghai Convertible Bond Index [15]. - The trading volume in the convertible bond market reached 108.47 billion yuan, an increase of 6.595 billion yuan from the previous trading day [15].

Open Market Operations - The central bank announced a 7-day reverse repurchase operation of 861 billion yuan at a fixed rate of 1.40% on January 12, with a net injection of 361 billion yuan after accounting for 500 billion yuan in maturing repos [1]. Funding Conditions - The interbank market saw a convergence in funding, with the D R001 weighted average rate rising over 5 basis points to 1.32%. Overnight rates in the anonymous click (X-repo) system increased by 10 basis points to 1.35%, with supply reduced to several hundred billion [3]. Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit among major banks was at 1.64%, showing a slight increase from the previous day [6]. Bond Market Overview - Major interest rates for interbank bonds generally declined, with specific yields for government bonds showing various decreases, such as the 1-year yield at 1.2350 (-3.50) and the 10-year yield at 1.7410 (-0.40) [10]. Government Investment Funds - Four departments jointly issued guidelines to strengthen the planning and direction of government investment funds, focusing on emerging and future industries, including new generation information technology, renewable energy, and artificial intelligence [14]. Global Macro Developments - The U.S. Federal Reserve Chairman Jerome Powell is under criminal investigation regarding renovations at the Fed's headquarters, which he claims is unprecedented and politically motivated [16]. Bond Market Events - Notable events include disciplinary actions against executives of Sunac Real Estate Group for failing to disclose overdue debts, and China Overseas Hong Kong Group considering issuing dim sum bonds [18].

Report Industry Investment Rating - The report gives an investment rating of "Underperform" for the US stock market and the US dollar bond market [1][4] Core Viewpoints of the Report - US economic data shows increasing divergence, with employment data dragging down interest rate cut expectations, and the risk of fiscal dominance is rising. The Trump administration's MBS purchase plan by Fannie Mae and Freddie Mac will intensify the risk of fiscal dominance and the re - evaluation pressure of term premium, and may promote the steepening of the yield curve [1][2][3] Summary of Each Section US Macroeconomic and Liquidity - The US December non - farm payrolls increased by 50,000, falling short of expectations, with the annual increase being the weakest since the pandemic. The unemployment rate dropped from 4.5% to 4.4%, and wage growth was 3.8% year - on - year, but the labor force participation rate declined. After the release of the employment report, the expectation of a Fed rate cut in January almost disappeared, and the first rate cut is expected to be postponed to June, with an annual rate cut of about 50 basis points [1] - The US December manufacturing PMI continued to contract, dropping to 47.9, while the service industry recovered, with the ISM services PMI rising to 54.4, the highest in nearly a year [2] Exchange Rate - There is no specific text - based summary information provided, but there are figures showing the trends of non - US currencies in the past year, recent changes in non - US currencies, Sino - US sovereign bond spreads, etc. [53][59][61] Chinese - funded US Dollar Bonds - There is no specific text - based summary information provided, but there are figures showing the returns of Chinese - funded US dollar bonds since 2023 (by level and industry), the yields and spreads of investment - grade and high - yield Chinese - funded US dollar bonds, and returns in the past two weeks (by level and industry) [67][69][71] Rating Actions - In the past two weeks, the three major international rating agencies took one downgrading action on the issuer of Chinese - funded US dollar bonds. On December 30, 2025, Moody's downgraded the rating of China Vanke Co., Ltd. from Caa2 to Ca [75][76] Investment Recommendations - Adopt a "short - duration core + steepening satellite" configuration. The core position focuses on 3 - 5 - year investment - grade bonds to obtain relatively stable coupon income; the satellite strategy is to go long on the 2s10s spread to capture the opportunity of curve steepening; increase the allocation ratio of TIPS to hedge the inflation stickiness of the service industry, and strictly control the exposure to US bonds over 10 years to avoid the risk of rising long - term interest rates caused by fiscal expansion [3] - In the next two weeks, focus on the December CPI data and public speeches of Fed officials [3]

Core Viewpoint - The article discusses how monetary policy can revitalize the financial situation of businesses and households in China, emphasizing the need for effective measures to stimulate investment and consumption. Group 1: Current Economic Situation - Investment and consumption in China are currently sluggish, with businesses hesitant to make new investments and homebuyers uncertain about purchasing due to fluctuating property prices [1][10] - Data indicates slow consumer growth and continued contraction in business investment, leading to a general reluctance to invest further [1][10] Group 2: Historical Context - The article references the 2008 financial crisis in the United States, where the Federal Reserve lowered interest rates to stimulate borrowing and spending, successfully reviving the economy [3] - Japan's experience of prolonged economic stagnation is highlighted, where a clear inflation target and accommodative monetary policy eventually restored confidence in investment and consumption [5] Group 3: Investment and Consumption Dynamics - Businesses prioritize the calculation of potential profits against borrowing costs; if profits do not exceed interest payments, they are unlikely to invest [8][10] - Homebuyers also assess whether property price increases can offset mortgage costs; uncertainty in price trends leads to decreased willingness to purchase [8][10] Group 4: Monetary Policy Direction - The central bank is expected to implement measures such as lowering reserve requirements and interest rates to create a more favorable investment environment and stabilize property prices [12][13] - The focus will be on directing funds towards innovation, high-tech, and small enterprises, ensuring that monetary policy is targeted and effective [15] Group 5: Economic Revival Potential - The success of the monetary policy hinges on its ability to clarify financial calculations for businesses and households, encouraging them to take action [17] - If businesses and consumers can confidently assess their financial situations, it could lead to a resurgence in investment and consumption, revitalizing the economy [17]