Announcement Information - The fund manager will suspend large subscriptions, conversions, and regular investment business through China Construction Bank's sales channels starting from February 24, 2026, with a limit of 5 million yuan per single fund account per day [1] - If the cumulative amount exceeds 5 million yuan (excluding 5 million yuan), the company reserves the right to declare the related business as failed [1] Investor Information - Investors with inquiries can contact the fund manager's customer service hotline at 400-81-95533 or visit the website www.ccbfund.cn for more information [1]

Group 1 - The company announced that starting from February 11, 2026, investors can open accounts, subscribe, redeem, and perform regular investment and conversion operations for certain funds through Chuangjin Qifu [1] - The company has signed a supplementary sales agreement with Beijing Chuangjin Qifu Fund Sales Co., Ltd. to enhance service offerings to investors [1] - Investors can enjoy fee discounts when subscribing or performing regular investment and conversion operations through Chuangjin Qifu, with the specifics determined by Chuangjin Qifu [2] Group 2 - The company will suspend subscription, conversion, and regular investment operations for the Ping An Jin Guanjia Money Market Fund from February 12 to February 23, 2026, while redemption and conversion out operations will continue [4][6] - The Ping An Zhongzheng Interbank Certificate of Deposit AAA Index 7-Day Holding Period Securities Investment Fund will also suspend similar operations during the same period [8][10] - The company will resume these operations on February 24, 2026, and will not issue further announcements regarding this resumption [4][8] Group 3 - The company has appointed Fangzheng Securities Co., Ltd. as a liquidity service provider for the Ping An Hang Seng Hong Kong Stock Connect Technology Theme ETF, effective February 11, 2026 [12] - The company has announced the establishment of the Ping An New Sharp Quantitative Stock Selection Mixed Fund, with the fund contract becoming effective on February 11, 2026 [21][22] - The company will handle subscription and redemption operations for the new fund within three months of the fund contract's effectiveness [22]

Summary of Conference Call on Banking Sector Outlook Industry Overview - The conference focused on the banking sector, specifically discussing the performance and outlook of 11 listed banks in China for the year 2025 and beyond [1][6]. Key Points and Arguments 1. Overall Performance of Banks - The performance of the 11 banks exceeded expectations, indicating a robust resilience in the banking sector [1][6]. - The net interest margin (NIM) showed signs of stabilization, with a narrowing year-on-year decline contributing significantly to interest income and revenue growth [1][2]. 2. Sensitivity of Interest Income - Interest income is highly sensitive to changes in NIM; a decrease of 10 basis points (BP) in NIM could reduce net interest income growth by 7 percentage points, while a 5 BP decrease would result in a 3.5 percentage point reduction [2]. 3. Fee Income Recovery - There has been a recovery in fee income due to improved capital market conditions and asset allocation by residents, leading to a continuous improvement in bank fees [2][4]. 4. Potential for Old Bond Gains - The banks hold significant unrealized gains on old bonds, which presents a substantial opportunity for realization [3]. 5. Positive Outlook for 2026 - The overall judgment is that the situation in 2026 will be better than in 2025, driven by stable basis points, improving fees, and gains from old bonds [3]. 6. Investment Perspective - The investment strategy focuses on absolute returns, targeting a return on equity (ROE) of around 13% and a price-to-book (PB) ratio of 0.67 times, indicating a reasonable pricing range [3][4]. - The recommendation is to select stocks based on high growth and high dividend yield, particularly in regions like Jiangsu, Nanjing, and Qilu [4][5]. 7. Performance of Specific Banks - Notable banks such as China Merchants Bank and Industrial Bank showed positive revenue growth, with some banks transitioning from negative to positive growth [6][7]. - City commercial banks like Nanjing Bank and Qingdao Bank reported double-digit revenue growth, indicating strong performance [7][10]. 8. Asset Quality and Non-Performing Loans (NPLs) - The asset quality remains stable, with many banks reporting a decrease in NPL ratios. For instance, Qingdao Bank's NPL ratio dropped significantly [10][11]. - The overall trend suggests a gradual improvement in asset quality, with expectations for continued stability in 2026 [11][12]. 9. Credit Growth and Demand - Credit growth is expected to remain strong, particularly in major provinces like Sichuan and Jiangsu, which reported credit growth rates above 8% [12][13]. - The demand for corporate loans remains robust, while retail loan demand is weaker [12]. 10. Future Risks and Projections - There are concerns regarding the potential exposure of retail loans, particularly in mortgage and consumer credit segments, but the overall increase in NPLs is expected to be limited [16][17]. - Projections for 2025 indicate a slight increase in NPL ratios for retail loans, but overall asset quality is expected to remain stable [17][18]. 11. Revenue Growth Expectations - The banking sector is projected to achieve a revenue growth rate of approximately 1.2% year-on-year, with city commercial banks leading in net profit growth [19][20]. 12. Stock Selection Strategy - The stock selection strategy emphasizes high ROE and high dividend yield, with recommendations for both Hong Kong and A-share listed banks [20][21]. Additional Important Insights - The conference highlighted the importance of wealth management in driving fee income, with expectations for continued positive contributions to revenue [19]. - The overall sentiment is optimistic regarding the banking sector's ability to navigate challenges and capitalize on growth opportunities in the coming years [22].

Core Viewpoint - The approval of Yang Longshu's appointment as the Vice President of the Rizhao Branch of China Construction Bank has been officially granted by the Rizhao Financial Regulatory Bureau, emphasizing the importance of compliance with financial regulations and ongoing professional development [1] Group 1 - The Rizhao Financial Regulatory Bureau has approved the request for Yang Longshu's appointment as Vice President of the Rizhao Branch of China Construction Bank [1] - The approved individual must adhere to the regulations set by the financial regulatory authority and is required to assume the position within three months from the date of the approval [1] - The bank is responsible for ensuring that the approved individual continues to learn and understand relevant economic and financial laws and regulations, while also maintaining a strong awareness of risk compliance [1]

Group 1 - The core viewpoint of the article highlights the contrasting behaviors in the gold market, with retail investors showing enthusiasm for gold purchases while financial institutions adopt a cautious approach by tightening investment criteria and risk assessments [1][4][5] - As of February 9, the spot gold price reached a high of $5047.257 per ounce, marking a significant recovery above the $5000 threshold, with A-share and Hong Kong gold stocks also experiencing gains [1][2] - The current gold bull market has seen a cumulative increase of over 246% since its low in September 2022, with a notable surge of 64.56% in 2025, indicating strong market momentum [2][3] Group 2 - Financial institutions are raising the entry thresholds for gold investment, with banks like China Construction Bank and China Merchants Bank increasing minimum investment amounts for gold accumulation products [4][5] - Risk assessment standards are being tightened, with banks requiring higher risk tolerance levels for clients wishing to engage in gold investment, reflecting a proactive approach to consumer protection [5][6] - Despite the tightening of investment criteria, banks are also promoting gold-related financial products, such as structured deposits, which offer lower risk and are designed to appeal to a broader range of investors [6][7] Group 3 - The demand for physical gold products is surging ahead of the Spring Festival, with many banks reporting shortages of gold bars and coins, leading to recommendations for online purchases [7][8] - Investors are advised to be cautious during the holiday period, as international gold markets will remain active while domestic trading may pause, creating potential volatility [8][9] - Recommendations for gold investment include understanding the purpose of the purchase, with suggestions for gradual buying strategies to mitigate risks associated with high prices [10][11]

Group 1 - Major blue-chip stocks mostly rose, with HSBC Holdings closing at HKD 141.801, up 1.8% from the previous close [2] - Tencent Holdings closed at HKD 561.139, reflecting a 0.2% increase from the previous close [2] Group 2 - Tencent Holdings (00700) latest price is HKD 560.000, with an increase of HKD 12.500 or 2.28% [3] - Alibaba Group (09988) latest price is HKD 157.900, up HKD 2.900 or 1.87% [3] - HSBC Holdings (00005) latest price is HKD 139.300, up HKD 4.500 or 3.34% [3] - AIA Group (01299) latest price is HKD 86.350, up HKD 2.850 or 3.41% [3] - Meituan (03690) latest price is HKD 91.050, down HKD 0.350 or 0.38% [3] - China Ping An (02318) latest price is HKD 73.000, up HKD 3.400 or 4.89% [3] - Hong Kong Exchanges (00388) latest price is HKD 418.600, up HKD 11.000 or 2.70% [3] - Baidu Group (09888) latest price is HKD 142.200, up HKD 4.400 or 3.19% [3] - Kuaishou Technology (01024) latest price is HKD 69.300, down HKD 1.950 or 2.74% [3]

Core Viewpoint - Southbound funds have significantly increased their holdings in China Construction Bank, indicating strong investor interest and confidence in the bank's performance [1] Group 1: Shareholding Changes - On February 9, southbound funds increased their holdings by 33.27 million shares, marking a 0.10% change in total shares held [2] - Over the past 5 trading days, there have been 4 days of net increases, totaling 107 million shares [1] - In the last 20 trading days, there were 16 days of net increases, amounting to 563 million shares [1] Group 2: Current Holdings - As of February 9, southbound funds hold a total of 34.697 billion shares of China Construction Bank, which represents 14.42% of the company's total issued ordinary shares [1][2] - The total shareholding has seen fluctuations, with a decrease of 12.85 million shares on February 6, and increases on other days [2]

Core Viewpoint - The gold market is experiencing a surge in demand ahead of the Spring Festival, with spot gold prices stabilizing above $5000 per ounce, while financial institutions are adopting a cautious approach by tightening investment criteria and risk assessments [1][4][5]. Group 1: Gold Price Dynamics - As of February 9, spot gold prices reached a high of $5047.257 per ounce, marking a significant recovery above the $5000 threshold [1]. - The current bull market for gold has seen prices increase by over 246% since September 2022, with a notable rise of 64.56% in 2025 alone [3]. - Despite recent volatility, including a sharp drop to $4402.06 per ounce, gold prices rebounded quickly, indicating strong market resilience [3][4]. Group 2: Institutional Responses - Major banks have raised the entry thresholds for gold investment, with institutions like China Construction Bank increasing the minimum amount for gold accumulation to 1500 yuan [5][6]. - Risk assessment standards have been tightened, requiring clients to achieve a cautious risk rating before engaging in gold accumulation products [6]. - These measures are in response to the heightened volatility in gold prices and aim to protect inexperienced investors from potential losses [6]. Group 3: Consumer Behavior and Recommendations - There is a growing demand for physical gold products, with banks reporting shortages and advising customers to purchase online [8][9]. - Consumers are encouraged to clarify their purchasing intentions, distinguishing between investment and consumption, and to consider strategies like dollar-cost averaging to mitigate risks [10][11]. - The market is expected to remain volatile during the Spring Festival, with predictions of gold prices fluctuating between $4600 and $5000 per ounce [11].

齐鲁晚报·齐鲁壹点 通讯员 赵雨声 本次活动现场构建"政策传导－房源展示－融资洽谈"三维服务体系：园区建设主管部门权威解读临沂市 住房置换政策要点及团购优惠机制，推动惠民政策有效落地；房企推介优质楼盘并制定梯度优惠方案； 建设银行现场设立专业服务团队，通过信贷政策宣导、融资方案定制等综合服务，与开发企业建立长效 协作机制，为优化房企融资结构、畅通项目资金链条提供专业支持。此外，此次活动形成政策赋能、金 融助力、市场联动的协同发展效应，既实现惠民政策精准传导，又构建政银企深度对接平台，有效激发 区域市场内生动力，与全市住房团购活动形成战略联动。 后续建行临沂高新支行将深化与住建、财政部门的协同机制建设，常态化参与商品房集中推介活动，持 续完善服务链条、拓展服务界面。同步优化房地产企业支持机制，通过政策组合拳稳定市场预期，促进 区域房地产市场稳健运行，努力实现惠民举措提质、企业发展增效、市场运行趋稳的多维成效，为高新 区经济发展贡献金融力量。 近日，高新区"新春置业 政银企协同"商品房团购及融资信贷推介会，在管委会服务大厅成功举行。本 活动由高新区住建局与财政局联合主办，建行临沂高新支行作为战略合作银行提供全流程 ...

1. Report's Industry Investment Rating - No information provided in the content. 2. Core Viewpoints of the Report - In 2025, the micro - loan ABS market maintained growth vitality. With policy driving, the ABN sub - market's popularity continued to rise, and multiple market players accelerated their layout. Facing the "asset shortage" pressure in the era of low - interest rates, the market was entering a new stage of actively embracing high - quality underlying assets. In the future, the micro - loan ABS market is expected to have growth space, with the co - existence of head - effect and diversification among asset providers, and the securities' low - interest environment will continue. Meanwhile, the asset credit quality will remain stable, and the risk - bearing capacity of outstanding securities will gradually increase, making it still worthy of allocation [2][46][47][48]. 3. Summary According to Relevant Catalogs 3.1 Micro - loan ABS Market Issuance Situation 3.1.1 ABN Market Continuously Drives Double - growth of Micro - loan ABS - In 2025, the overall number and scale of micro - loan ABS issuances increased slightly year - on - year, and the market share remained stable. The total issuance was 268 units, with a 7.20% year - on - year increase, and the issuance scale was 269.813 billion yuan, a 14.05% year - on - year increase. The proportion in the total issuance scale of asset - backed securities was 11.85%, basically the same as last year. The ABN market was strong with 125 units issued, totaling 108.23 billion yuan, a 60.26% and 40.80% year - on - year increase respectively, ranking first. The exchange - market issuance number decreased by 16.88% to 133 units, but the scale increased by 8.42% to 102.938 billion yuan. The credit ABS market continued to decline, with 10 units issued, a 16.67% year - on - year decrease, and the scale decreased by 9.46% to 58.645 billion yuan [4][5]. 3.1.2 Trust Companies and Commercial Banks Remain the Main Issuers - In 2025, there were 30 initiators/ original equity holders for micro - loan ABS, with trust companies and commercial banks as the main issuers. Trust companies issued 207 units, with a scale of 174.272 billion yuan, accounting for over 60% in both number and scale, an increase from last year. The top three trust companies in terms of issuance scale were China Foreign Economy and Trade Trust, Huaxin Trust, and Huaneng Trust, accounting for 17.34%, 13.45%, and 12.15% respectively. Commercial banks issued 10 units, accounting for 3.73% in number, but the scale was 58.645 billion yuan, accounting for 21.74%. The "Feichi Jianpu" series of China Construction Bank accounted for 18.39%. The average issuance scale of commercial banks' single project was 5.865 billion yuan, significantly higher than other institutions (818 million yuan) [7][9]. 3.1.3 The Head - effect of Asset Providers is Significant but the Rhythms are Differentiated, with More Participating Institutions and Diversified Asset Types - In 2025, there were 6 types of asset providers for micro - loan ABS. Private banks continued to be active, with an issuance scale of 110.2 billion yuan from 104 units, a 56.53 - percentage - point increase from last year, accounting for 40.84%. Internet platforms maintained a relatively small single - period scale and a fast issuance rhythm, with 79.05 billion yuan from 106 units, a 26.08 - percentage - point increase, accounting for 29.30%. Commercial banks kept a stable rhythm, with 58.645 billion yuan from 10 units, a 10.01 - percentage - point decrease, accounting for 21.74%. The issuance rhythm of financing guarantee companies slowed down, with 15.854 billion yuan from 28 units, a 48.91 - percentage - point decrease, accounting for 5.88%. Small - loan companies and property insurance companies also remained active. The head - effect was still significant, with different issuance rhythms among leading institutions like MYbank, Ping An Guarantee, and Meituan. In addition, many new issuers entered the market in 2025 [11][13][17]. 3.1.4 The Securities Issuance Cost Stabilizes after a Decline, with Obvious Interest - rate Differences in Different Markets - In 2025, the issuance rate of micro - loan ABS generally followed the trend of the ChinaBond Medium - and - Short - Term Note Yield, rising slightly at first, falling in the middle of the year, and stabilizing in the second half. The average issuance rates of AAAsf - level securities within 1.5 years in credit ABS, ABN, and exchange - ABS were 1.79%, 1.99%, and 2.04% respectively, with credit ABS having a significantly lower rate [19][23]. 3.1.5 The Securities Issuance Levels and Layers are Diversified to Meet Investors' Diverse Product - Structure Needs - In 2025, most micro - loan ABS products had multi - layer structures. The 268 units issued involved 943 securities, among which 661 had credit ratings, with a scale of 243.413 billion yuan, and the ratings ranged from BBBsf to AAAsf. AAAsf - level securities accounted for 95.22% in scale, with 354 units issued and a scale of 231.79 billion yuan. The diversification of the layered structure and credit ratings could balance risks and returns more flexibly and enhance the product's attractiveness to investors [25][27]. 3.1.6 The Average Balance per Loan, Term, and Yield of Pooled Assets Show Differentiation - In terms of the average balance per loan, the credit ABS market had a higher average balance as its asset providers were all commercial banks with high - quality customers or collateral - backed loans. The exchange - ABS and ABN products had more diverse asset providers with lower - end customers and smaller, more dispersed loans. The weighted average contract term of all markets was within 3 years. The ABN and exchange - ABS had higher weighted average yields as their asset providers were mainly internet platforms, private banks, and small - loan companies, while the credit ABS had a yield as low as 4.11% due to its commercial - bank asset providers [30][33]. 3.2 Micro - loan ABS Performance during the Outstanding Period 3.2.1 The Outstanding Scale of the Micro - loan ABS Market Grows Steadily - By the end of 2025, the outstanding scale of the micro - loan ABS market was 224.336 billion yuan, accounting for 6.27%, with a 10.24% year - on - year increase, showing a stable growth trend after a decline in 2024 [35]. 3.2.2 The Asset Default Rate of Micro - loan ABS Remains Low, and the Asset Credit Quality Remains Stable - As of the end of 2025, the 90 + cumulative default rate of outstanding micro - loan ABS products was between 0.00% and 1.72%, and most were below 1.50%, with an average of 0.94%, a 0.20% increase from the end of 2024. Generally, commercial banks had a lower default rate than internet platforms. Improvements in asset - pool quality and transaction structure usually led to credit - rating upgrades for micro - loan ABS products, and there were no downgrades in 2025 [36][38][42]. 3.2.3 There are Large Differences in the Recycling Purchase Multiples during the Outstanding Period - In 2025, 194 out of 268 issued micro - loan ABS projects had a recycling purchase structure, accounting for 72.39%, mainly in exchange - ABS and ABN products, with internet platforms and trust companies as the main initiators. The average recycling purchase multiple of the selected samples was 2.19, with 2.41 for products with internet - platform asset providers and 2.13 for those with commercial - bank asset providers. The multiples varied greatly due to differences in product settings and outstanding periods [43][44]. 3.3 Summary and Outlook 3.3.1 Driven by Policies and Market Vitality, the Micro - loan ABS is Expected to Have Growth Space in the Future - In 2025, the ABN market was the most active in micro - loan ABS issuance, with a 40.11% share and a 40.80% year - on - year increase in scale. The exchange market also remained active, with a 38.15% share and an 8.42% year - on - year increase. The credit ABS market continued to decline, but commercial - bank credit ABS had a large single - period scale. With the support of inclusive - finance policies, all issuance markets are expected to develop stably [46]. 3.3.2 The Co - existence of Head - effect and Diversification among Asset Providers, and the Low - interest Environment of Securities Issuance Continue - In 2025, the head - effect of asset providers was significant, but more institutions participated in the market, enriching the asset types. The market activity is expected to increase. The issuance rate of micro - loan ABS securities remained low in 2025, and the low - interest environment is expected to continue [47]. 3.3.3 The Asset Credit Quality Remains Stable, the Risk - bearing Capacity of Outstanding Securities Increases, and it Still has Allocation Value in the Future - Although the cumulative default rate of micro - loan ABS assets varies, it remains at a low level. As the remaining term of the underlying assets shortens, the asset - pool quality will improve, and the credit support for senior securities will increase. With multiple factors, the micro - loan ABS still has allocation value [48].