Group 1 - The "2026 Zhuhai Economic High-Quality Development Action Plan" was officially issued, introducing 22 policy measures aimed at boosting investment, consumption, enterprise expansion, and livelihood protection to achieve a strong economic start in Q1 [1] - In the industrial investment sector, the plan offers rewards for industrial enterprises completing investment progress exceeding 50 million, 100 million, 200 million, and 500 million yuan, with maximum rewards of 70,000, 150,000, 250,000, and 400,000 yuan respectively [1] - Differentiated production incentive policies are established for various industries, with manufacturing enterprises achieving year-on-year output growth receiving rewards ranging from 70,000 to 700,000 yuan based on different scales [1] Group 2 - Wholesale and retail enterprises will receive direct support, with rewards for wholesale sales growth of 200 million, 500 million, and over 1 billion yuan, and retail sales growth of 30 million, 50 million, and over 100 million yuan, with maximum support of 80,000, 200,000, and 400,000 yuan respectively [2] - The real estate market will focus on stimulating housing demand, with a subsidy of 1% on the net signing price for residents participating in housing exchanges, capped at 30,000 yuan per unit [2] - The "Yue Enjoy Warm Winter, Shop Guangdong" consumption season will provide special consumption subsidies for automobiles, home appliances, and local products, along with dining promotions offering up to 100 yuan in discounts [2]

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】 ...

华宝基金 红利情报局 2026.115 银行股息价值凸显 港股红利低波性价比受关注 热点动态 1 港股红利低波:具备更好投资性价比的红利资产 在红利资产内部,港股红利低波产品具备更好投资性价 比：相比A股,港股红利的股息率仍更具吸引力。对比其 他红利类指数的估值和股息率,截至2025年12月31日, 标普港股通低波红利指数近12个月股息率为5.6%,PE (TTM) 为5.7倍,在估值和股息率上具备比较优势。 (国信证券,2026.1.10) 】银行板块:1月信贷有望实现"开门红" 总量上,预计2026年1月信贷新增5.2-5.5万亿,同比多增 1000-4000亿,有望实现"开门红"。春节对1月信贷影 响相对较小,在考虑工作日分布后,1月信贷节奏可能呈 现上中旬逐渐增强的走势。银行资负缺口有所提升,资金 面相较于年初或小幅边际收敛,但压力可控,CD提价依 然会执行"预算线"原则,压力诉求或弱于2025Q1。 (天风证券,2026.1.9) 11 行业股息龙虎榜-股息率前五板块 |1 线 刺情报问 2026.1.15 (近12月設息率) 煤炭开采 白色家电 农商行 II 5.55% 5.36% 4.86% 城 ...

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。 【 ...

本目录是2025年招商银行研究院在微信端发布报告的完整汇总。 点击查看报告，点击链接可以跳转阅读报告原文。 ▼ 4、授权方式：请参照文末方式联络招商银行研究院。 注意：未经招商银行事先授权，任何人不得以任何目的复制、发送或销售本报告。 招商银行版权所有，保留一切权利。 责任编辑|余然 | 研究院 招商银行 II 地址:深圳市福田区深南大道7088号 C II 招商银行大厦16F l I = = II = 电话:0755—22699002 : I ll = = 11 - = l I 邮箱:zsyhyjy@cmbchina.com = = = | | ISI 点击 行 传递最新研究报告 -END- 转载声明： 1、本报告为招商银行研究院已发布报告的公开版本，报告内容均为原创。 2、如需转载，请提前征得本公众号授权。转载时需要保留全文所有内容，请勿对本 报告进行任何有悖原意的引用、删节和修改。 3、转载时请注明出处为"招商银行研究院（ID：z syhyjy）"，并在"原文链接"中保 留原始公众号文章链接。 ...

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]