Core Viewpoint - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) experienced a decline of 1.74% in its closing price on February 13, with a trading volume of 48.02 million yuan [1]. Group 1: Fund Overview - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF was established on August 20, 2025, with an annual management fee of 0.50% and a custody fee of 0.10% [1]. - The fund's performance benchmark is the CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index, adjusted for valuation exchange rates [1]. Group 2: Fund Size and Performance - As of February 12, 2025, the fund had a total of 345 million shares and a total size of 359 million yuan, showing a 2.54% decrease in shares and a 2.46% increase in size since December 31, 2025 [1]. - The cumulative trading amount over the last 20 trading days reached 1.218 billion yuan, with an average daily trading amount of 60.88 million yuan [1]. Group 3: Fund Management and Holdings - The current fund manager is He Yuxuan, who has managed the fund since its inception, achieving a return of 2.94% during the management period [2]. - Major holdings in the fund include COSCO Shipping Holdings (4.11%), China Shenhua Energy (2.68%), CNOOC (2.56%), Sinopec Engineering (2.56%), China National Offshore Oil Corporation (2.52%), China Merchants Energy Shipping (2.45%), PetroChina (2.37%), China Coal Energy (2.37%), CITIC International (2.34%), and China Construction Bank (2.28%) [2].

Core Viewpoint - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159266) experienced a decline of 1.64% in its closing price on February 13, with a trading volume of 12.8849 million yuan [1]. Group 1: Fund Overview - The fund was established on July 23, 2025, and is officially named Yongying CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF [1]. - The management fee is set at 0.50% per annum, while the custody fee is 0.10% per annum [1]. - The fund's performance benchmark is the CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index return (calculated based on valuation exchange rates) [1]. Group 2: Fund Size and Performance - As of February 12, 2025, the fund had a total of 539 million shares and a total size of 565 million yuan [1]. - Compared to December 31, 2025, the fund's shares decreased by 12.51% and its size decreased by 7.47% [1]. Group 3: Liquidity - Over the last 20 trading days, the cumulative trading amount for the fund was 265 million yuan, with an average daily trading amount of 13.2605 million yuan [1]. Group 4: Fund Management - The current fund managers are Liu Tingyu and Cai Leping, with Liu managing the fund since July 23, 2025, achieving a return of 3.01%, and Cai managing since November 5, 2025, with a return of 0.17% [2]. Group 5: Top Holdings - The fund's top holdings include: - COSCO Shipping Holdings (4.14% of holdings) - China Shenhua Energy (2.69%) - CNOOC (2.58%) - Sinopec Engineering (2.57%) - China National Offshore Oil Corporation (2.54%) - China Merchants Industry Holdings (2.46%) - CITIC International Communications (2.39%) - PetroChina (2.38%) - China Coal Energy (2.38%) - China Construction Bank (2.29%) [2][3].

来源：市场资讯 国家知识产权局信息显示，中国建设银行股份有限公司取得一项名为"风险检查方法及装置、存储介质 及电子设备"的专利，授权公告号CN115454775B，申请日期为2022年9月。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 天眼查资料显示，中国建设银行股份有限公司，成立于2004年，位于北京市，是一家以从事货币金融服 务为主的企业。企业注册资本26160038.1459万人民币。通过天眼查大数据分析，中国建设银行股份有 限公司共对外投资了37家企业，参与招投标项目5000次，财产线索方面有商标信息1890条，专利信息 5000条，此外企业还拥有行政许可149个。 ...

Core Insights - The Hong Kong stock market is experiencing two distinct but resonant waves of incremental capital from mainland China and South Korean retail investors, with mainland southbound funds achieving a record net purchase of 1.41 trillion HKD, establishing themselves as core builders of pricing power in the market [1][10] - Southbound funds are characterized by long-term value investment, while South Korean retail investors engage in high-frequency trading and narrative-driven investments, creating a diversified funding source and a layered pricing logic in the Hong Kong market [1][10] Funding Scale and Structure - Southbound funds have become the core incremental source and valuation system reshaper for the Hong Kong market, with a cumulative net inflow of 5.11 trillion HKD by the end of 2025, and a market value exceeding 6.3 trillion HKD, accounting for 12.7% of the total market [2] - South Korean retail investors, while having a smaller capital scale, exhibit concentrated trading behavior and significant leverage, particularly impacting specific sectors like new economy IPOs and the semiconductor industry [2][5] Industry Preferences - Southbound funds focus on financials and high-dividend utilities, with significant investments in major banks and state-owned enterprises driven by high dividend yields and low valuation levels, while South Korean investors show minimal interest in these sectors [3][5] - South Korean retail investors heavily invested in Xiaomi and MiniMax-WP, demonstrating a high turnover and narrative-driven trading approach, contrasting with the stable, long-term holdings of Southbound funds [5][8] Trading Behavior and Decision-Making - Southbound funds exhibit a decision-making anchor based on dividend yield, ROE stability, and free cash flow generation, characterized by continuous accumulation and stable holdings, as seen with significant net purchases in major banks [8][9] - South Korean retail investors, on the other hand, are driven by industry narrative strength and social media trends, with a high frequency of trading and a tendency to hold stocks for less than three months, reflecting a stark contrast to the long-term holding strategy of Southbound funds [9][10] Market Dynamics - The influx of South Korean retail investors into the Hong Kong market represents a diversification of the investor base, providing liquidity while also potentially increasing volatility during certain periods [9][10] - The interaction between Southbound funds and South Korean retail investors is creating a new normal in the Hong Kong market characterized by layered pricing and concurrent narratives, necessitating both stable investment strategies and agile trading approaches [10]

2月11日，济南市住房和城乡建设局发布《2026山东省暨济南市高品质住宅展示交易会"置业送消费 券"活动实施规则》，在2026年2月11日—3月31日购买新建商品住宅(不包含商业、车位、储藏室等其他 业态)且在济南市房地产信息系统前5000名签订网签合同的消费者(不含单位)，每套网签合同对应10000 元消费券。 消费券到账后，用户可通过"建行生活"APP—"我的"—"优惠券"查询，点击消费券即可查看适用商户， 涵盖商超、家电、餐饮等高频消费场景。核销时，用户到店通过"建行生活"APP线上买单或出示付款码 支付即可，使用数字人民币券包需选择对应支付方式并使用指定钱包支付。消费券逾期未使用将自动失 效，不予补发;核销交易若发生退款，消费券将根据有效期判断是否可再次使用，已拨付的补贴资金将 按规定退回指定账户。本次消费券不可提现、退补或转赠，疑似刷单套现的用户和商户将被追究相关责 任。 关于网签撤销，已获取消费券的消费者若解除购房合同，消费券已使用的，需将使用金额退还至济南市 住房和城乡建设局指定账户。 活动特别说明，若出现不可抗力等特殊情况，中国建设银行可调整活动规则并公示;不正当参与活动的 用户将被取消资格并 ...

Core Viewpoint - The article discusses the initiatives taken by China Construction Bank (CCB) Sichuan Branch to stimulate consumer spending during the 2026 Spring Festival, aligning with the government's "2026 'Buy New Year'" special activity plan aimed at boosting holiday consumption and enriching cultural life [2][9]. Group 1: Consumer Loan Initiatives - CCB Sichuan Branch is implementing a "Home Life" event, offering personal consumption loans with financial subsidies, allowing customers to enjoy lower interest rates, such as a reduction from 3% to 2% for eligible borrowers [3][4]. - The bank has developed an automated recognition system for online processing of consumption recognition and subsidy deductions, enhancing customer experience and operational efficiency [3]. Group 2: Home Decoration and Appliance Promotions - During the Spring Festival, CCB Sichuan Branch launched a "Home Decoration Festival," providing discounts for home decoration services and special benefits for customers purchasing home appliances [4]. - Customers can receive a discount of 500 yuan for home decoration services when spending over 5000 yuan, along with additional rewards for those using the "Jianxin Fudai" loan [4]. Group 3: Automotive Financing for New Energy Vehicles - CCB Sichuan Branch is promoting the purchase of new energy vehicles through car exhibitions and financing options, offering flexible installment plans and zero-interest loans for certain models [5][6]. - The bank has organized over 20 car exhibition events in various commercial complexes, facilitating direct consumer engagement and providing comprehensive services including financing and insurance [6]. Group 4: Cultural and Tourism Consumption - CCB is participating in the "Follow the Movie to Taste Delicious Food" campaign, offering promotional activities such as buy-one-get-one-free movie ticket deals with their credit card [7][8]. - The bank is also running the "New Year Travel Luck" campaign, providing discounts and incentives for dining and tourism through partnerships with local merchants and platforms [8]. Group 5: Overall Strategy and Future Plans - CCB Sichuan Branch aims to leverage key consumption periods to create diverse consumption scenarios, linking government and enterprise resources to enhance financial services in the holiday economy [9].

Group 1 - The article highlights the active consumer market during the Spring Festival, with China Construction Bank's Shanxi branch focusing on customized financial services to support the festive consumption economy, providing loans to 22,700 individual business entities totaling 2.923 billion yuan this year [1] - The bank's proactive approach includes visiting local markets and merchants to understand their financial needs, exemplified by a case where a merchant received a 400,000 yuan loan to stock up on Spring Festival goods [3][5] - Another case illustrates a clothing store owner who secured a 100,000 yuan loan in just two days, enabling her to place orders for winter clothing in time for the holiday shopping surge [6][8] Group 2 - The article emphasizes the bank's support for agricultural development, with a focus on local agricultural cooperatives, providing tailored financial products like the "cooperative quick loan" to meet seasonal funding needs [10] - The bank's efforts include conducting on-site research to understand the specific financial requirements of farmers, resulting in a total loan issuance of 20.38 million yuan to 175 farmers this year [12] - The timely financial support has allowed farmers to invest in better seeds and equipment, enhancing their production capabilities and increasing expectations for a fruitful harvest [12]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report analyzes 132 regional banks in the Sichuan-Chongqing area, highlighting the growth and structural changes in the banking sector [6][27] - The asset growth rates of major city commercial banks in the region are higher than those of listed city commercial banks, indicating a robust expansion [38] - Profitability metrics show that city commercial banks in the region have lower ROE compared to listed banks, while rural commercial banks outperform them [6][27] - Asset quality is slightly weaker in regional banks compared to listed banks, with higher non-performing loan ratios [6][27] Summary by Sections Economic Structure Analysis - Sichuan province is positioned as a key driver for western development, with a focus on enhancing the Chengdu-Chongqing economic circle [13][14] - In 2025, Chengdu's GDP is projected to account for 38.7% of the province's total, with significant growth in various sectors [15] Banking Sector Overview - The Sichuan-Chongqing region has 132 commercial banks, including 14 city commercial banks, 65 rural banks, and 51 rural commercial banks [27] - The asset growth rates for major city commercial banks in the region are 15.6% and 18.2%, surpassing the 14.2% growth of listed city commercial banks [38] Asset and Liability Structure - The proportion of loans to total assets has been increasing since 2016, with city commercial banks in Sichuan projected to have a loan ratio of 56.1% by 2024 [38][40] - The financial investment ratio for city commercial banks is on a downward trend, with a slight recovery noted in the first half of 2025 [40][46] Profitability and Asset Quality - The average ROE for city commercial banks in the region is 10.97%, lower than the 11.99% average for listed city commercial banks [6][27] - Non-performing loan ratios for city commercial banks in the region are higher than those of listed banks, indicating potential asset quality concerns [6][27] Capital Adequacy - Capital adequacy ratios for regional banks are comparable to those of listed banks, providing a safety margin for operations [6][27]

Core Viewpoint - The article discusses the tightening of gold-related business by banks in response to recent volatility in gold prices and the upcoming Chinese New Year holiday, highlighting the need for investors to manage risks effectively during this period [3][4][6]. Group 1: Market Conditions - As of February 12, gold prices are experiencing high volatility, with London gold at $5063 per ounce and Shanghai gold at 1123 yuan per gram, while retail prices in major cities reach up to 1556 yuan per gram [3][4]. - The gold market has seen significant fluctuations, with prices peaking above $5600 per ounce at the end of January and then dropping below $4500, indicating a volatility of over 20% within three trading days [6]. Group 2: Bank Responses - Major banks, including China Construction Bank, Industrial Bank, and Bank of Communications, have raised margin requirements and implemented dynamic trading limits on gold transactions to mitigate risks associated with market volatility [4][5][6]. - The minimum investment amounts for gold accumulation products have been increased by several banks, with China Bank raising the threshold from 950 yuan to 1200 yuan, and Construction Bank increasing it to 1500 yuan [5][6]. Group 3: Investor Guidance - Analysts suggest that investors should be cautious about holding positions over the holiday, as the Shanghai Gold Exchange will be closed while international markets remain open, creating a "time difference risk" [6][9]. - For those considering gold as a long-term investment, a strategy of gradual buying and holding is recommended, with a suggested allocation of 5% to 10% of the investment portfolio to gold as a risk hedge [10].

转自：新华财经 为更好服务于浙江开放型经济，为企业海外拓展提供坚实的金融支持，中国建设银行浙江省分行（以下简称"浙江建行"）近日在浙江省绍兴市举办主题 为"建融四海·金络八方"的企业客户交流会。此次交流会旨在深化综合金融服务能力，推动境内外本外币一体化与商投行一体化的服务模式升级。 会上，中国建设银行浙江省分行党委书记、行长张伟煜表示，浙江建行将以更加开放的心态、更具创新精神的产品和服务，为企业全球化布局注入新的活 力。浙江省工商联副主席林建良、建银工程咨询有限责任公司党委书记兼董事长陈比伦先后发言，认可浙江建行在促进地方经济发展中的积极作用。国家信 息中心战略规划研究院副院长高辉清则带来了关于2026年全球经济形势与投资展望的专题分析，引发了与会者的思考。 活动期间还举行了海外机构"善建行远"跨境金融服务专场。中国建设银行国际业务部副总经理沈化雨致辞并深入解析了建行在全球金融市场上的战略布局与 竞争优势，中国建设银行结算与现金管理部企业司库处处长杨晴详细介绍建行全球现金管理业务体系。随后，多个建行海外分支机构代表带来全球重点市场 的前沿投资机遇与定制化金融服务方案，展现了建行作为国际化大行的综合实力与服务能 ...