【导读】1月14日，股票ETF资金净流出超73亿元 1月14日，A股市场午后出现显著跳水。截至收盘，三大指数涨跌互现，创业板指跌幅接近2%。 行情降温，部分资金选择兑现离场。周三，全市场股票ETF（含跨境ETF）资金净流出超73亿元，计算机、有色金属、卫星产业、人工智能、石化化工等 行业主题ETF"吸金"靠前，沪深300、创业板、科创50、中证A500、中证1000等宽基ETF是"失血"较多的品种。 大数据、云计算等板块ETF领涨 数据显示，截至2026年1月14日，全市场1305只股票ETF总规模达5.07万亿元，这也是股票ETF首次突破5万亿元大关。 | | | | 股票ETF资金净流入排行 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 最新规模 | 份额变化 | 资金流向 | 英格尔出传 值涨跌幅 | | | 排行 | 证券简称 | (亿元) | (1乙母) | (亿元) | (%) | 基金管理人 | | 1 | 软件ETF | 136.27 | 29.70 | 31.67 | 22.07 | 嘉实基金 | | 2 | D星ETF ...

Core Viewpoint - In a low-interest-rate environment, "stable cash flow outside of salary" has become a financial goal for many individuals, with monthly dividend funds providing a means to achieve this passive income [1] Group 1: Dividend Funds Overview - The total dividend payout for public funds in the market is projected to exceed 240 billion yuan in 2025, with the top ten funds by annual dividend amount listed [1][2] - Major dividend distributions are concentrated among a few leading ETF products, with 16 funds having annual dividends exceeding 1 billion yuan, and the Huatai-PB CSI 300 ETF leading in distribution size [2] - The frequency of dividends shows that 16 funds will distribute dividends more than 12 times in 2025, with the Western Asset Central Enterprise Preferred Fund leading with 17 distributions [3][4] Group 2: Monthly Dividend Funds - Funds that can sustain monthly dividends indicate strong profitability and effective fund management, such as the Wanjiad Zhongzhong Dividend ETF, which has consistently paid monthly dividends for 20 months [5] - The Guotai Securities Shanghai Stock Exchange State-Owned Enterprise Dividend ETF has also been paying monthly dividends since its inception, benefiting from policies encouraging state-owned enterprises to enhance dividends [5][6] Group 3: Investment Strategies - A stable investment portfolio can be constructed using low-volatility, high-stability A-share dividend ETFs, complemented by cash assets to manage unexpected situations, suitable for conservative investors [7][8] - A balanced portfolio can incorporate high-dividend stocks and industry ETFs to enhance yield elasticity while maintaining stable dividends, catering to a broader range of financial needs [9][10] - An aggressive portfolio can focus on high-yield stocks and ETFs, accepting higher volatility for potentially greater dividend returns, suitable for investors with a higher risk tolerance [11][12]

Core Insights - Apple and Visa announced support for Visa cards issued in mainland China to be linked to Apple Pay, enhancing mobile payment options for users [1] - The initiative aims to address the mobile payment needs of existing cardholders, particularly for cross-border transactions and frequent travelers [2] Group 1: Market Context - The current mobile payment landscape in China is dominated by QR code payments, with lower acceptance of "tap-to-pay" methods like Apple Pay [3] - Visa reported that 79% of global offline transactions come from "tap-to-pay" solutions, indicating a significant gap in domestic adoption compared to international markets [2] Group 2: User Experience and Security - When a credit card is linked to Apple Pay, the actual card number is not stored on the device or Apple's servers, enhancing security through tokenization [3] - The system generates a unique device account number that is encrypted and stored securely, ensuring safe transactions for users [3] Group 3: Operational Details - Users can add their Visa cards to Apple Pay via the Wallet app or directly through their bank's app, enabling immediate use on compatible devices [4] - Some banks, like China Merchants Bank, are innovating with an "instant activation" process, allowing users to apply for and use Visa cards without waiting for physical cards [4] Group 4: Future Outlook - The support for Visa card linking is expected to attract new user groups and increase usage scenarios for Apple Pay, contingent on the growth of Apple's user base and outbound consumption demand [5] - Future integration of more international payment networks is anticipated, with existing technological infrastructure supporting such developments, although regulatory compliance remains a key challenge [5]

每经记者｜王砚丹 每经编辑｜叶峰 1月14日午间，沪深北交易所发布重磅公告，上调融资保证金比例，此举引发市场关注，午后市场出现震荡，沪指以下跌报收。 1月14日午间，经中国证监会批准，上交所、深交所、北交所同步发布通知，宣布将投资者融资买入证券时的融资保证金最低比例由80%提高至100%，新规 自2026年1月19日起施行。此次调整采用"新老划断"原则，仅适用于新开融资合约，调整实施前尚未了结的现有合约及其展期仍按原规定执行。 也就是说，1月14日至19日之间的交易日，投资者融资买入证券时的融资保证金最低比例仍按照80%执行。 而面对监管调控加码，从两融数据来看，投资者对A股后市总体乐观，当天不但融资买入金额续创新高，且融资买入仍大于融资偿还，使得融资余额维持了 小幅正增长。但其选择标的方面则悄然发生变化。 如下图所示，从融资净买入的角度来看，1月14日长江电力以融资净买入13.83亿元排名第一，特变电工、中际旭创排名第二和第三，均接近10亿元。招商银 行、中国平安、中信证券等净买入金额也居前。 | | | 但从交易所数据来看，投资者对A股走势仍持乐观态度。当天A股融资买入金额达到4508亿元，续创新高。同时 ...

聚焦咖啡、茶叶、花生、牛油果等本土优势产业，中国工商银行澜沧支行组建外拓小组深入调研，精准 对接涉农经营主体和小微企业资金需求，量身定制专属信贷产品，并优化贷款额度、还款期限及利率。 针对种植户生产资料采购、人工费用支付等需求，该行普惠贷款及时纾困，助力其扩大生产规模、提升 产品品质；为加工企业提供资金支持，推动设备更新、技术升级、工艺改进，助力企业拓展销售渠道、 强化品牌建设，推动产业向高端化、智能化、绿色化发展。 中国工商银行澜沧支行通过简化贷款申请流程、提高审批效率，有效破解涉农经营主体和小微企业"融 资难、融资慢"困境，让普惠贷款成为产业发展"强心剂"，推动县域特色产业蓬勃发展。据悉，该行将 推出针对茯苓、撇菜等特色农产品的专属贷款方案，此举将进一步提升服务覆盖面与精准度。（王伟） 编辑：赵鼎 转自：新华财经 2026年1月1日，扎根国家乡村振兴重点帮扶县——普洱澜沧的中国工商银行澜沧支行，实现普惠金融贷 款余额突破1亿元，为当地实体经济发展注入强劲金融动力。中国工商银行澜沧支行自2023年12月成立 以来深耕县域经济，截至2025年底，累计投放涉农贷款2.7亿元、投放中小企业贷款1.8亿元，彰显金融 ...

1月15日，Visa宣布支持中国持卡人Apple Pay绑卡。Visa将与Apple一起，支持中国持卡人将Visa卡绑定 至Apple Pay，并在境外的线下商户、移动app 或线上网站等多种场景进行支付。目前，全球79%的线下 交易来自"一拍即付"。 Visa中国区总裁尹小龙表示："全球数字支付飞速发展的同时，消费者对基于手机的、互联互通的移动 支付方式的需求也与日俱增。此次，Visa在数据安全与支付安全领域加大投入，推出支付标记化服务并 率先实现其在跨境场景的应用。" 首批支持的发卡银行包括：中国工商银行、中国银行、中国农业银行、交通银行、招商银行、中信银 行、平安银行及兴业银行。Visa和Apple正在与包括上海浦东发展银行、中国建设银行、中国民生银 行、中国光大银行在内的更多银行伙伴紧密合作，相关功能将于未来陆续上线。 使用Apple Pay线下支付时，消费者只需要连按两下侧边按钮，完成验证后将 iPhone 或 Apple Watch靠近 支持"一拍即付"的受理设备，就可以免接触付款，支付过程中无需打开任何其他app。每一笔 Apple Pay 支付都要使用面容 ID，触控 ID或设备密码进行安全验 ...

FICC日报 | 2026-01-15 政策调整融资保证金比例，指数冲高回落 市场分析 调整融资保证金比例。宏观方面，经证监会批准，沪深北交易所发布通知调整融资保证金比例，将投资者融资买 入证券时的融资保证金最低比例从80%提高至100%。此次调整仅限于新开融资合约，调整实施前已存续的融资合 约及其展期仍按照调整前的相关规定执行。海外方面，美国劳工统计局数据显示，去年11月PPI、核心PPI同比均 上涨3%，而市场预期这两项数据均为2.7%，能源成本上涨成为PPI升温的主要推手。美国全国房地产经纪人协会 数据显示，去年12月美国成屋销售总数年化435万户，创下2023年2月以来的最高水平。房价中位数同比仅上涨0.4%， 至40.54万美元，创两年半最慢增速。 指数冲高回落。现货市场，A股三大指数冲高回落，上证指数跌0.31%报收于4126.09点，创业板指涨0.82%。行业 方面，板块指数涨跌互现，计算机、通信、传媒、电子行业领涨，银行、房地产、非银金融行业跌幅居前。当日 沪深两市成交额接近4万亿元，再创新高。海外方面，美国三大股指全线收跌，纳指跌1%报23471.75点。 期指增仓。期货市场，基差方面，股指 ...

Core Viewpoint - The online lending industry is undergoing significant tightening due to regulatory pressures, leading to a drastic reduction in funding and operational challenges for many platforms [1][2][3]. Group 1: Regulatory Changes - Financial institutions, including banks and trust companies, are collectively tightening the thresholds for cooperation in online lending, with some local banks halting lending activities entirely [2][3]. - A "white list" system has been implemented, resulting in a clear division in funding availability, favoring compliant and well-capitalized platforms while restricting others [2][9]. - New regulations require consumer finance companies to lower their average financing costs to below 20% by the first quarter of 2026, leading to stricter cooperation criteria with lending platforms [3][4]. Group 2: Market Dynamics - The funding landscape is experiencing a structural tightening, where quality assets attract more funding while lower-quality platforms struggle to secure capital [5][6]. - Monthly loan disbursements for some platforms have plummeted from over 17 billion yuan to less than 3 billion yuan, indicating a significant contraction in the market [5][6]. - The overall profitability of consumer finance institutions is weaker compared to other financial entities, with smaller firms facing heightened competition and operational challenges [4][5]. Group 3: Industry Adaptation - The industry is shifting towards compliance and quality over quantity, with a focus on reducing high-interest loans and enhancing risk management capabilities [9][10]. - Platforms are encouraged to refine their customer acquisition strategies, moving towards high-quality channels and reducing reliance on less reliable sources [7][8]. - There is a growing consensus that the industry can survive by focusing on lower-risk assets and differentiating from traditional banks and consumer finance companies [10][11].

法国兴业银行指出，2025 年韩国综合股价指数（KOSPI）累计上涨 76%，但此轮牛市是由国内机构投 资者通过结构性产品对冲风险的行为推动；与此同时，海外投资者与散户投资者均为净卖出方。 法兴银行策略师团队在一份报告中表示，国内机构投资者是去年唯一的韩国股市净买入力量，这一现象 凸显出 "尽管市场实现可观回报，但并未形成广泛的投资者需求"。该团队由弗兰克・本齐姆拉（Frank Benzimra）领衔。 报告还提到："需求的缺失凸显出韩国牛市的一个关键特质：中期来看，对股票需求整体疲软。" MACD金叉信号形成，这些股涨势不错！ 责任编辑：王永生 法国兴业银行指出，2025 年韩国综合股价指数（KOSPI）累计上涨 76%，但此轮牛市是由国内机构投 资者通过结构性产品对冲风险的行为推动；与此同时，海外投资者与散户投资者均为净卖出方。 法兴银行策略师团队在一份报告中表示，国内机构投资者是去年唯一的韩国股市净买入力量，这一现象 凸显出 "尽管市场实现可观回报，但并未形成广泛的投资者需求"。该团队由弗兰克・本齐姆拉（Frank Benzimra）领衔。 报告还提到："需求的缺失凸显出韩国牛市的一个关键特质：中期来看 ...

中国 农业发展 银行发布的数据显示，截至2026年1月14日，秋粮期间累计发放各类 粮油收购贷款1223 亿元，支持企业收购粮油2330亿斤。其中，向贸易和加工等市场化主体发放贷款559亿元，同比多发放 45亿元，支持企业收购粮油546亿斤，同比多收购93亿斤。 ...