周四，美股三大指数涨跌不一。恒生指数ADR上涨，按比例计算，收报26429.77点，较香港收市涨 48.75点或0.18%。 大型蓝筹股涨跌不一，汇丰控股收报147.859港元，较香港收市涨1.97%；腾讯控股收报513.204港元， 较香港收市涨0.24%。 来源：智通财经网 | 序号 名称 | | 港股代码 | 最新价 | 深跌額 | 涨跌幅 | | ADR代码 ADR换算价 | | 较温般升跌 较濃股升跌% ADR最新价 | | ADR涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | 0 00700 | 512:000 | 10.500 | -2 01% | TCEHY | 513.204 | #1,204 | 0.24% | 65:600 | 1.90% | | 2 | 阿里巴巴-W | 09988 | 143.000 | -5.300 | 3.57% | BABA | 144.779 | +1.779 | 1124% | 148.050 | 2.78% | | 3 ...

Investment Rating - The report provides a "Buy" rating for the banking sector, indicating an expectation that stock prices will outperform the market by more than 10% over the next 12 months [54]. Core Insights - Recent high growth in bank deposits has led to market interpretations of banks being "asset deficient." However, this interpretation is challenged by the contractual nature of banking operations, where deposits and loans are derived simultaneously [4][12]. - The widening of the loan-to-deposit spread (LDR) is influenced by six key factors: cash withdrawal demand, reserve requirements, interbank lending, bond investment scale, bond issuance, and bank capital [4][14]. - The increase in net bond financing is a significant factor contributing to the widening of the loan-to-deposit spread. Two scenarios are identified: when bond financing costs are lower than loan rates, and when non-bank entities reduce their borrowing, leading to a return of funds to banks [4][35]. - From January 2025 to January 2026, the loan-to-deposit spread widened by 11.4 trillion CNY, with new bond investments contributing 16.6 trillion CNY and market bond net financing at 20.6 trillion CNY [4][45]. - In January 2026, net bond investment increased by 1.9 trillion CNY, while total market bond net financing was only 1.4 trillion CNY, indicating a negative contribution of -9.68% from bond financing to the loan-to-deposit spread [4][45]. Summary by Sections Section 1: Implications of Widening Loan-to-Deposit Spread - The loan-to-deposit spread for large banks increased from 15.8 trillion CNY in January 2025 to 21.8 trillion CNY in January 2026, while for medium-sized banks, it rose from 16.5 trillion CNY to 23.5 trillion CNY [12]. - The decline in loan-to-deposit ratios for large banks from 89.1% to 86.5% and for medium-sized banks from 88.3% to 84.7% reflects a shift in asset allocation demands [12]. Section 2: Factors Influencing Loan-to-Deposit Spread - The six factors affecting the loan-to-deposit spread include: 1. Cash withdrawal demand 2. Reserve situation 3. Interbank lending to non-banking entities 4. Scale of bond investments 5. Bond issuance 6. Bank capital [4][14]. - The report emphasizes that the relationship between bond financing and loans must differentiate between government and non-government bonds, as the issuance of government bonds does not affect the loan-to-deposit spread [4][35]. Section 3: Analysis of Recent Changes in Bank Assets and Liabilities - The report details the contributions of various factors to the loan-to-deposit spread, including a -47% contribution from bank funds exiting the balance sheet and a 173% contribution from the substitution effect of bonds for loans [4][45]. - The analysis of January 2026 data shows that non-bank funds returning to banks contributed 25.9% to the loan-to-deposit spread, while interbank net assets contributed 43.3% [4][45].

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The banking industry has shown a recovery in profit growth, with net profit for commercial banks increasing by 2.33% year-on-year in 2025, reflecting a quarter-on-quarter improvement of 2.35 percentage points [13][14] - The overall asset growth of commercial banks continued, with total assets increasing by 9.01% year-on-year as of Q4 2025, while loan growth slightly decreased to 7.26% year-on-year [29][30] - Net interest margin stabilized for two consecutive quarters at 1.42%, with expectations for a gradual recovery in 2026 [54] Summary by Sections Performance - The net profit of commercial banks increased by 2.33% year-on-year in 2025, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks showing growth rates of 2.25%, -2.84%, 12.87%, and 4.57% respectively [13][14] - The return on equity (ROE) and return on assets (ROA) for commercial banks were 7.78% and 0.60%, reflecting a year-on-year decline of 0.33 percentage points and 0.03 percentage points respectively [13] Scale - Total assets of commercial banks grew by 9.01% year-on-year as of Q4 2025, with state-owned banks showing a growth rate of 10.78% [29][30] - Loan growth for commercial banks was 7.26% year-on-year, with city commercial banks experiencing a counter-cyclical increase in loan growth [29][30] Interest Margin - The net interest margin for commercial banks was stable at 1.42%, with a year-on-year decline of 10.50 basis points [54] - Expectations for 2026 indicate potential downward pressure on net interest margins in Q1, but a gradual recovery is anticipated thereafter [54] Asset Quality - The non-performing loan ratio for commercial banks was 1.50%, showing a quarter-on-quarter decrease of 2.00 basis points, while the provision coverage ratio was 205.21% [54] Capital - The core Tier 1 capital adequacy ratio for commercial banks was 10.92%, reflecting a quarter-on-quarter increase of 0.05 percentage points [54]

（文章来源：21世纪经济报道） 在国际贵金属价格持续高位震荡、个人投资热度攀升的背景下，工商银行、农业银行近期相继宣布，将 代理个人贵金属延期业务的保证金比例由80%统一上调至100%。 值得注意的是，此次上调保证金比例直接降低了交易的杠杆水平，有助于平抑过度投机，引导客户理性 投资。例如，原先交易价值100万元的合约，仅需80万元保证金（杠杆约1.25倍）；比例调至100%后， 则需要足额100万元保证金（杠杆为1倍）。同时，这也是金融机构在贵金属市场处于历史高位、波动加 剧时期，为防范潜在风险、落实投资者适当性管理而采取的主动行为。 春节后，国际贵金属市场延续强劲走势。伦敦现货黄金在连续反弹后，于2月26日重新站上5200美元/盎 司，最高触及5205.472美元/盎司。 ...

编辑丨杨希 肖嘉 张嘉钰 江佩霞 在国际贵金属价格持续高位震荡、个人投资热度攀升的背景下，工商银行、农业银行近期相继宣布，将代理个人贵金属延期业务的保证金比例由80%统一 上调至100%。 春节后，国际贵金属市场延续强劲走势。伦敦现货黄金在连续反弹后，于2月26日重新站上5200美元/盎司，最高触及5205.472美元/盎司。截至21:00，现 货黄金涨幅收窄至0.39%。国内沪金、沪银期货在马年首个交易日也同步大幅高开，市场情绪持续升温。 面对价格剧烈波动带来的风险累积，主要代理银行迅速响应。农业银行于2月25日发布通知，宣布自2月26日收盘清算时起，将Au（T+D）、mAu （T+D）、Ag（T+D）等合约的保证金比例从80%上调至100%。该行表示，近期国际贵金属市场价格波动加剧，个人客户交易类贵金属业务市场风险上 升，此举是为防范风险、保护投资者利益。 （图源：农行官网） 同日，工商银行也发布公告，自2月27日收盘清算时起，将代理个人客户Au（T+D）、mAu（T+D）、Au（T+N1）、Au（T+N2）、NYAuTN06、 NYAuTN12等合约的标准交易保证金比例由80%调整为100%，差异化保证 ...

责任编辑：王馨茹 来源：中国工商银行 2月25日下午，国务院总理李强在北京人民大会堂同德国总理默茨共同出席中德经济顾问委员会座谈 会。60余位中德企业代表出席。（来源：新华社） 来源：中国工商银行 2月25日下午，国务院总理李强在北京人民大会堂同德国总理默茨共同出席中德经济顾问委员会座谈 会。60余位中德企业代表出席。（来源：新华社） 中国工商银行董事长廖林作为中德经济顾问委员会中方主席单位代表出席座谈会并发言。廖林表示，中 德产业契合、技术互补、市场互联，合作大于竞争，建议双方加强沟通合作，实现更高水平的互利共 赢。中国工商银行作为中德经济顾问委员会中方主席单位和中欧企业联盟主席单位，将深入落实两国领 导人重要共识，为两国企业提供全面金融解决方案，助力中德企业将"合作机遇"变成实实在在的"合作 成果"，为中德全方位战略伙伴关系贡献更大力量。 会议期间，廖林还与参会的西门子、德国商业银行、梅赛德斯—奔驰集团、宝马集团等德国企业代表就 中德经贸合作等话题深入交流。 中国工商银行于1997年在德国设立机构，服务网络覆盖德国主要城市，并与50余家德国银行建立业务关 系，为众多中德客户提供全面金融解决方案。中国工商银 ...

蓝筹股方面，腾讯控股跌2.01%，收报512港元；香港交易所涨0.78%，收报415.4港元；中国移动跌 0.88%，收报78.6港元；汇丰控股涨1.61%，收报145港元。 香港本地股方面，长实集团涨3.04%，收报48.06港元；新鸿基地产跌0.07%，收报136.3港元；恒基 地产跌0.4%，收报34.44港元。 新华社香港2月26日电 香港恒生指数26日跌384.7点，跌幅1.44%，收报26381.02点。全日主板成交 2592.77亿港元。 中资金融股方面，中国银行跌0.64%，收报4.65港元；建设银行跌1.6%，收报8港元；工商银行跌 0.62%，收报6.42港元；中国平安跌4.64%，收报67.85港元；中国人寿跌4.1%，收报31.38港元。 国企指数跌220.46点，收报8814.29点，跌幅2.44%。恒生科技指数跌151.17点，收报5109.33点，跌 幅2.87%。 【纠错】 【责任编辑:王雪】 石油石化股方面，中国石油化工股份跌1.63%，收报5.43港元；中国石油股份跌1.46%，收报9.46港 元；中国海洋石油跌3.22%，收报24.66港元。 ...

2月25日，工商银行发布公告称，该行高级业务总监宋建华因年龄原因，已向该行提交辞呈，辞去高级业务总监职 务。 （工商银行） ...

来源：市场资讯 国家知识产权局信息显示，中国工商银行股份有限公司取得一项名为"基于秘密分享网络的黑名单混淆 方法、装置及判定系统"的专利，授权公告号CN115811399B，申请日期为2022年11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，中国工商银行股份有限公司，成立于1985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35640625.7089万人民币。通过天眼查大数据分析，中国工商银行股份有 限公司共对外投资了28家企业，参与招投标项目5000次，财产线索方面有商标信息965条，专利信息 5000条，此外企业还拥有行政许可79个。 ...

此外，在保证假期开门网点数量合理、服务有效覆盖的基础上，该行重点做好主要商业街、居民区、大 型交通枢纽和热门旅游景点周边等区域的网点营业服务，累计服务客户数同比增长近23%，办理业务量 同比增长超15%。 编辑：刘润榕 在线上服务方面，该行持续做好手机银行与"工银e生活"7*24小时服务，转账汇款、投资理财、信贷申 请、生活消费等金融服务全天候在线，并依托智能客服、智能推荐与极简流程等功能持续优化用户体 验。春节假期，该行手机银行活跃用户同比增长超9%，交易量同比增长超10%。 新华财经北京2月26日电（记者 陆宇航）记者日前从工商银行了解到，春节假期，该行交易量再创新 高，较历史高峰增长近9%；支付结算交易规模显著增长，快捷支付笔数日均同比增长近44%，交易额 增长10%；商户收单笔数日均同比增长近12%，交易额增长超19%，其中受理境外来华人员消费交易笔 数和金额分别增长超90%和100%。 在消费信贷方面，该行2月以来该行累计发放个人消费贷款近290亿元。"融e借"信用贷款实现7*24小时 按需申请、快速审批、即时支用，精准对接汽车厂商等大宗消费场景，春节假期日均放款额较去年同期 增长超30%。高效落实 ...