Core Viewpoint - The People's Bank of China has announced an extension for the exchange period of the 2026 Year of the Horse commemorative coins and notes, with various regions extending the deadline to early February 2026 to accommodate public demand [1][2][3]. Group 1: Exchange Period and Regions - The nationwide unified exchange period for the 2026 Year of the Horse commemorative coins and notes is set from January 20 to January 26, 2026 [2]. - Regions such as Beijing, Ningxia, Shenzhen, Chongqing, Inner Mongolia, Heilongjiang, and Shanxi have extended the exchange deadline, with some areas allowing exchanges until February 2, 2026 [1][2][3]. Group 2: Bank Participation and Procedures - Major banks including Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB), and Bank of Communications have issued announcements regarding the extension and exchange rules [3][4]. - Customers who successfully reserved the commemorative coins and notes but did not exchange them during the initial period can now do so from January 27 to January 31, 2026, at their designated bank branches [4][3]. Group 3: Current Exchange Status - As of January 25, 2026, the exchange progress for the 2026 Year of the Horse commemorative coins was 80.8%, with 80.8 million coins reserved, while the commemorative notes had a progress of 89.47% with 89.45 million notes reserved [7]. - Specific regions reported varying exchange rates, with Beijing achieving a 95.34% exchange rate for coins and 98.02% for notes by January 26, 2026 [7]. Group 4: Market Trends - The secondary market for the commemorative coins and notes has seen a decline in prices, with many sellers reducing their asking prices below 1,000 yuan, contrasting with previous high prices [8][12]. - However, the price for sequentially numbered commemorative notes has increased, with some listings showing prices that have doubled compared to their face value [14].

Core Insights - The issuance of the "Horse Year" commemorative coins and notes has generated significant public interest, with long queues observed at banks on the first exchange day [1][5][15] - The "Horse Note" refers to the 20 yuan commemorative note, made of plastic, with a total issuance of 100 million pieces [10][12] - The "Horse Coin" is a 10 yuan commemorative coin made of bimetallic copper alloy, also with a total issuance of 100 million pieces [3][12] Group 1: Issuance and Demand - The issuance of the 2026 New Year commemorative coins and notes began on January 13, with a total of 100 million pieces (coins and notes) available nationwide, distributed through a regional quota system [5][15] - Despite the large issuance volume, online reservations were extremely competitive, leading to reports of system overloads and rapid sellouts [5][15] - Analysts suggest that the intrinsic value and cultural significance of the commemorative items, along with auspicious meanings, have driven high demand [5][16] Group 2: Secondary Market Dynamics - The secondary market for the commemorative items has seen significant price inflation, with the complete set of commemorative notes being quoted between 800 to 1000 yuan, representing a 100% to 150% premium over the original price [6][17] - Special serial numbers in the secondary market have been reported to sell for multiples of their face value, indicating speculative trading behavior [6][17] - Concerns have been raised about the sustainability of high premiums in the secondary market, as the large issuance may lead to price corrections once the items are widely available [18] Group 3: Trading Practices and Risks - Secondary trading platforms have emerged, utilizing pre-sale strategies through images and videos, despite the lack of physical items at the time of reservation [18] - The absence of physical verification channels in the secondary market poses risks for buyers, including potential fraud and misrepresentation [18] - Experts advise collectors to differentiate between genuine collection and speculative investment, emphasizing the importance of using reputable platforms for transactions [18]

Core Viewpoint - The 2026 Year of the Horse commemorative coins and banknotes have been highly sought after, with sellers on second-hand platforms pricing them at significant premiums, indicating strong demand and market interest [1][8]. Group 1: Market Demand - The 2026 Year of the Horse commemorative coins and banknotes were quickly sold out upon reservation opening, with many users expressing frustration over the difficulty in purchasing them [1]. - On a second-hand trading platform, sellers are offering 10-piece sets of the commemorative banknotes (each with a face value of 20 yuan) for prices generally around 400 yuan, and 20 commemorative coins (each with a face value of 10 yuan) for prices around 300 yuan [8]. Group 2: Product Details - The 2026 commemorative coin has a face value of 10 yuan, a diameter of 27 mm, and is made of bimetallic copper alloy, with a total issuance of 100 million pieces (including 10,000 for historical archives) [14]. - The 2026 commemorative banknote has a face value of 20 yuan, dimensions of 145 mm by 70 mm, and is made of plastic, with a total issuance of 100 million notes (including 20,000 for historical archives) [15].

Group 1 - The 2026 New Year commemorative coin and banknote reservation officially opened on January 13, leading to high demand and related topics trending on social media [1] - Construction Bank reported no system failures during the reservation process, but noted that high traffic could cause congestion on the reservation page [1] - Agricultural Bank indicated that this was the first reservation for the 2026 commemorative coin and banknote, and there has been no notification regarding a second reservation [1]

Core Viewpoint - The reservation for the 2026 Year of the Horse commemorative coins and banknotes opened on January 13, 2026, leading to significant public interest and online discussions about the difficulty of securing these items [1]. Group 1: Reservation Experience - The 2026 Year of the Horse commemorative coins sold out within one minute of the reservation opening, with users reporting issues such as network errors and system overloads on banking apps [2][5]. - Many users, including a participant named Li, experienced difficulties accessing the reservation page, with some resorting to multiple devices to secure their reservations [5]. - A user from Guangzhou noted that their family has struggled to secure commemorative coins in previous years, highlighting the recurring issues of app crashes and delays during the reservation process [8]. Group 2: Bank Responses - Several banks, including Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB), and Agricultural Bank of China (ABC), acknowledged the high demand for the commemorative coins and noted that system congestion is common during such events [9]. - CCB stated that there were no system failures reported during the reservation period, while ICBC mentioned that any unclaimed reservations might be released later for others to claim [9]. Group 3: Commemorative Coin Details - The 2026 Year of the Horse commemorative coin set includes a 10 yuan copper alloy coin, a 20 yuan banknote, a gold coin, and a silver coin, with a total issuance of 100 million units for both the coin and banknote [10]. - The pricing for a complete set of 20 coins and 20 banknotes is set at 600 yuan, while secondary market prices range from 1,000 to 1,200 yuan, indicating a premium of 40% to 60% over the original price [13]. Group 4: Market Analysis - The current premium on the commemorative coins reflects both short-term speculation and structural scarcity, with historical trends suggesting that prices may stabilize over time [17]. - The cultural significance of the "Horse" in Chinese tradition enhances the appeal of these coins, driving demand among collectors and gift-givers [17].

Core Viewpoint - The reservation for the 2026 commemorative coins and banknotes began at 22:00 and 22:30 on January 13, leading to significant online interest and discussions on social media platforms, particularly Weibo, where topics related to the "Horse Year Commemorative Coin" quickly became trending [1][4]. Group 1 - The reservation window for the Horse Year commemorative coin was highly sought after, with over 2,917,180 reservations attempted [2][5]. - The topic "Horse Year Commemorative Coin Not Available" reached over 1,057,105 discussions, indicating a high level of frustration among potential buyers [2][5]. - Users reported issues with the reservation process, stating that the system showed "loading" and that by the time they accessed the reservation, the available quantities had already been depleted [3][6]. Group 2 - Multiple banks experienced a rapid sell-out of the commemorative coins and banknotes, with reports of them being "gone in seconds" during the reservation period [3][6]. - The trending topics on Weibo included hashtags such as 抢马币 (Grab Horse Coin) and 马币 (Horse Coin), reflecting the public's eagerness and the competitive nature of the reservation process [1][4].

Group 1 - The 2026 commemorative coins and banknotes will be available for online reservation starting January 13, with a total issuance of 100 million for each product [1] - Shanghai government has introduced four financial measures focusing on consumer scenarios and innovation in consumer finance, aiming to support the expansion of consumer finance business in the banking sector [4] - The banking industry is experiencing a retail "asset enhancement battle," with state-owned banks offering rewards exceeding 3,000 yuan to attract retail deposits and investment [7] Group 2 - Pudong Development Bank reported total assets exceeding 10 trillion yuan, with a net profit growth of 10.52% year-on-year, indicating improved asset quality and profitability [1] - The Chongqing Rural Commercial Bank's management has increased their shareholdings, signaling confidence in the bank's future development [2] - A significant amount of high-interest fixed deposits, estimated at around 50 trillion yuan, will mature in 2026, which may stabilize bank profitability as funds are reallocated [3] Group 3 - Over 60 village banks have been transformed into branches by state-owned banks in 2026, aiming to enhance financial services in rural areas [5] - Banks are launching structured deposits linked to gold, with annualized returns reaching up to 5%, as gold investment products gain popularity amid fluctuating gold prices [8] - Many small and medium-sized banks are closing cross-border transaction capabilities for debit cards in response to increasing incidents of overseas card fraud, enhancing their risk management systems [10]

Core Viewpoint - The reservation for the 2026 Lunar New Year commemorative coins and banknotes will begin on January 13, with multiple banks announcing their participation in the reservation process [2][3]. Group 1: Reservation Process - The Agricultural Bank of China announced that customers in 18 regions, including Tianjin, Shanxi, Liaoning, and Zhejiang, can reserve the 2026 commemorative coins and banknotes through various online channels [2]. - The Bank of China will handle reservations and exchanges in regions such as Tianjin, Hebei, Shanxi, Fujian, Guangxi, and Gansu, with specific details available through their reservation system [2]. - Other banks, including Industrial and Commercial Bank of China, China Construction Bank, and others, have also made the reservation portal prominently available on their websites [2]. Group 2: Coin and Banknote Details - The 2026 commemorative coin has a face value of 10 yuan, while the banknote has a face value of 20 yuan, with a total issuance of 100 million pieces for each [3]. - The reservation period starts on January 13 at 22:00 for coins and 22:30 for banknotes, ending on January 14 at 24:00 [3]. - Each customer can reserve only one set of coins and banknotes, with a limit of 20 pieces per person [3]. Group 3: Verification and Exchange - The verification period for reservations will take place from January 17 to January 19, and the exchange period will be from January 20 to January 26 [3]. - Customers must present their second-generation resident ID at a single bank for reservation, and those who attempt to reserve at multiple banks will be disqualified from the exchange [3]. - If a reservation is not exchanged, the information will be recorded, potentially affecting future reservations [3].