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].

又到岁末年初，兑换崭新钞票包红包是许多家庭的春节传统。近期各大银行的新钞预约火热，一场新钞"预约战"就此打响。 时代财经注意到，目前多家银行均支持储户通过手机银行APP线上预约新钞，并自行选择方便的网点支取。从预约情况来看，不少银行十分火爆，部分地 区甚至"一钞难求"，如招商银行APP日前显示，该行深圳地区的线上新钞预约额度使用完毕，暂不提供服务，如有新钞兑换需求，储户可咨询各营业网 点。 在广东省等流行换新钞、备"利是"的地区，小面额钞票预约尤其紧张，20元、50元面值的新钞最为抢手。"今年广东的很多银行都很难拿到20元新钞，问 了很多都说没有，都是给10元新钞代替。"2月6日，来自广东的储户林女士如此表示。 据工商银行深圳市分行近日发布，2026年新春，工商银行深圳市分行在工银微金融小程序开启了"利是钞预约"服务通道。该行同时称，利是钞指新钞或符 合流通标准且整洁度较高的环保钞，网点将优先提供新钞，当新钞额度兑换完毕后，将提供环保钞，同样寓意吉祥；另外，利是钞支持预约100元、50 元、20元、10元、5元共五种券别，可以满足储户的多样需求。 从额度来看，该行上述5种面额新钞的可预约张数均为100张，储户 ...

编辑：湛玮琦 二是商户赋能强根基，构建智慧经营新生态。针对灯会流动消费场景特点，工行成都分行聚焦灯会集市80余户商户精准优化金融服务供给，为商户提供扫码 支付收单服务。同时通过简化结算流程、降低收单手续费等务实举措，切实减轻商户经营负担、提升资金周转效率。同时依托交易数据积累，为商户后续精 准服务提供坚实数据支撑，助力传统集市商户向数字化、智能化经营转型，进一步夯实实体经济发展根基。 三是场景融合拓边界，深化文旅赋能新实践。一方面，将灯会门票销售精准接入"职工普惠"平台，充分发挥客户资源优势，依托工会系统、企业客户等渠道 广泛推广，既拓宽了灯会票务销售渠道，也为平台用户提供了优质文化消费新选择；另一方面，以文化赞助为纽带，专属赞助"锦绣成都"主题灯组，生动传 递工行成都分行扎根本土、服务实体经济的品牌理念，同时在灯会现场打造沉浸式支付场景，推动支付服务与灯会美学有机融合。 此次金融赋能成都国际熊猫灯会，既是工行四川省分行践行金融为民初心、助力地方文旅产业升级的生动实践，更是落实金融高质量发展要求、以金融活水 激活城市文旅活力的有力探索。未来，工行四川省分行将持续深耕全省文旅产业，以更多元的金融产品、更优质的服 ...

Market Performance - The Hang Seng Index rose by 467.21 points, an increase of 1.76%, closing at 27,027.16 points [1] - The H-share Index increased by 136.95 points, closing at 9,168.33 points, a rise of 1.52% [1] - The Hang Seng Tech Index gained 71.4 points, closing at 5,417.6 points, up by 1.34% [1] - The total turnover on the main board was 255.14 billion HKD [1] Blue Chip Stocks - Tencent Holdings increased by 2.28%, closing at 560 HKD [1] - Hong Kong Exchanges and Clearing rose by 2.7%, closing at 418.6 HKD [1] - HSBC Holdings saw a rise of 3.34%, closing at 139.3 HKD [1] - China Mobile decreased by 2.12%, closing at 78.5 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings rose by 1.7%, closing at 46.62 HKD [1] - Sun Hung Kai Properties increased by 3.46%, closing at 131.5 HKD [1] - Henderson Land Development rose by 2.5%, closing at 32.78 HKD [1] Chinese Financial Stocks - Bank of China increased by 0.86%, closing at 4.7 HKD [1] - China Construction Bank rose by 1.38%, closing at 8.08 HKD [1] - Industrial and Commercial Bank of China increased by 0.46%, closing at 6.52 HKD [1] - Ping An Insurance saw a rise of 4.89%, closing at 73 HKD [1] - China Life Insurance increased by 3.98%, closing at 35.04 HKD [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation decreased by 0.37%, closing at 5.33 HKD [1] - China National Petroleum Corporation fell by 1.29%, closing at 9.16 HKD [1] - CNOOC Limited saw a slight decrease of 0.08%, closing at 24 HKD [1]

Core Viewpoint - The Hong Kong Dividend Low Volatility ETF managed by Huatai-PB has experienced a decrease in both share count and total assets since the beginning of the year, indicating potential challenges in attracting investment [1][2]. Group 1: Fund Performance - The Hong Kong Dividend Low Volatility ETF (520890) closed at a 0.67% increase with a trading volume of 41.35 million yuan on February 9 [1]. - The fund's management fee is set at 0.50% annually, while the custody fee is 0.10% annually [1]. - As of February 6, the fund's latest share count was 83.08 million, with a total asset size of 126 million yuan, reflecting a 12.63% decrease in shares and a 7.15% decrease in total assets since December 31, 2025 [1]. Group 2: Liquidity and Trading Activity - Over the past 20 trading days, the cumulative trading amount for the fund reached 569 million yuan, with an average daily trading amount of 28.44 million yuan [1]. - Since the beginning of the year, the fund has recorded a cumulative trading amount of 714 million yuan over 26 trading days, averaging 27.45 million yuan per day [1]. Group 3: Fund Holdings - The current fund manager, Li Qian, has managed the fund since September 4, 2024, achieving a return of 49.36% during her tenure [2]. - Major holdings in the fund include Shougang Resources (3.77%), Yanzhou Coal Mining (2.70%), and Hang Seng Bank (2.63%), among others, with the total holdings reflecting a diversified portfolio [2].

Group 1 - The core viewpoint of the article emphasizes the role of the Industrial and Commercial Bank of China (ICBC) in promoting high-quality foreign trade development and facilitating cross-border financial cooperation for private enterprises in Henan province [1][3]. - ICBC has established branches in 49 countries and regions globally, serving as a RMB clearing bank in 12 countries, thus creating a 24-hour uninterrupted financial service network [3]. - By the end of 2025, ICBC aims to serve nearly 4,000 foreign trade enterprises, process international settlements amounting to 39.1 billion USD, and support financing for foreign trade enterprises totaling 27 billion CNY [3]. Group 2 - The recent promotional event signifies progress in enhancing cooperation between banks and enterprises, with ICBC focusing on optimizing cross-border financial services and translating policy benefits into tangible outcomes for enterprise development [4]. - The event featured discussions on macroeconomic analysis, RMB exchange rate trends, and the application prospects of digital RMB in cross-border trade, providing valuable insights for enterprises facing challenges in international operations [3][4].

Investment Rating - The industry rating is "Buy" [4] Core Views - The trade return ratio has turned positive again, and the service trade deficit has significantly narrowed [16][18] - The cross-border capital flow is expected to gradually return, positively impacting domestic liquidity [5][19] - The service trade deficit for December 2025 was 966 billion CNY, a year-on-year decrease of 466 billion CNY, with a full-year deficit of 13,760 billion CNY, down 2,544 billion CNY, approximately 16% [18] Summary by Sections 1. Current Observation - The State Administration of Foreign Exchange (SAFE) released data on China's international balance of payments for December 2025, indicating a potential impact on the central bank's willingness to settle foreign exchange [16] - The trade return ratio is at a historical high, with a monthly unconverted trade net outflow of 447 billion CNY, a year-on-year increase of 1,392 billion CNY [17] 2. Arbitrage Trading Returns - The arbitrage trading return rate for 10Y US Treasury bonds in CNY has dropped significantly to -1.77%, indicating a shift in cross-border capital dynamics [17] 3. Service Trade Deficit - The service trade deficit has narrowed significantly, with major contributions from improved policies for foreign visitors, reduced international shipping costs, and enhanced competitiveness in high-tech services [18] 4. Cross-Border Liquidity Outlook - Despite the recent appointment of Kevin Warsh as the next Federal Reserve Chair, the trend of cross-border capital return is expected to continue, influenced by the Fed's monetary policy stance [19][21] - The short-term liquidity in the US remains tight, with limited space for balance sheet reduction, while long-term prospects depend on economic performance [20][21]

Group 1 - The top three companies by Hong Kong Stock Connect holding ratio are China Telecom (00728) at 71.46%, Green Power Environmental (01330) at 68.82%, and Haotian International Construction Investment (01341) at 68.17% [1] - The latest holding ratio rankings for the top 20 companies show significant ownership levels, with China Telecom leading at 99.18 billion shares [1] - The recent five trading days saw Tencent Holdings (00700) increase its holding by 51.95 billion, Southbound Hang Seng Technology (03033) by 17.79 billion, and Xiaomi Group-W (01810) by 15.84 billion [1] Group 2 - The top three companies with the largest decrease in holdings over the last five trading days are Yingfu Fund (02800) with a decrease of 35.48 billion, SMIC (00981) with a decrease of 23.60 billion, and Zhaojin Mining Industry (01818) with a decrease of 6.58 billion [3] - Other notable companies in the reduction list include Huahong Semiconductor (01347) with a decrease of 6.56 billion and CSPC Pharmaceutical Group (01093) with a decrease of 5.59 billion [3] - The data reflects significant trading activity and shifts in investor sentiment within the Hong Kong stock market [2]

新疆农商行的开业，成为我国省联社改革的缩影。2025年内，共有7家省级农商银行或农商联合银行相 继成立，改革呈现加速推进态势。 长江商报记者注意到，目前全国已有13个省份完成省联社改革。本轮省联社改革倡导因地制宜、一省一 策，主要形成了两种主导模式并存的路径。 2025年，是我国中小银行改革步入纵深推进的关键一年。 以省级农信联社改制与村镇银行整合为代表的结构性调整，共同勾勒出银行业从规模扩张向提质增效转 型的清晰路径。 长江商报记者注意到，目前全国已有13个省份完成省联社改革，2025年内新挂牌省级农商银行或联合银 行数量达7家。 村镇银行整合方面，2025年全年，共有462家银行通过合并、解散等方式退出市场，其中村镇银行数量 达到291家，占比约为63%，"村改支"(村镇银行改为支行)成为整合主流路径。 在此过程中，国有大行首次深度参与整合，工商银行、农业银行等积极推进"村改支"。股份行与优质区 域银行也加快布局，共同构建多层次、互补性的县域金融服务新格局。 改革提速13省落地省级法人机构 2025年12月末，新疆农商行正式在乌鲁木齐挂牌开业，成为全国第六家、西北地区首家省级统一法人农 商银行，我国省级农 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Insights - Bank stocks have outperformed the market, with the banking index rising by 1.70% while the CSI 300 index fell by 1.33%, indicating a shift in market sentiment towards underperforming sectors [1] - Quality city commercial banks have shown superior performance, with city commercial banks increasing by 3.27% compared to state-owned banks at 0.35% and joint-stock banks at 1.84% [1] - The banking sector is expected to enter a growth cycle in 2026, with projected revenue and net profit growth rates of 2.8% and 2.6% respectively, indicating a gradual recovery [3] - The opportunity cost of investing in bank stocks remains low, with a 10-year government bond yield at 1.80% and bank stock dividends around 4.4%, providing a 2.6 percentage point premium [3] - The report emphasizes the importance of new growth drivers, particularly recommending Nanjing Bank for its strong management and market position [3] Summary by Sections Industry Performance - The banking sector ranked sixth among 31 primary industries, with a weekly increase of 1.70% [1] - The performance of various bank types showed that city commercial banks had the highest weekly increase at 3.27% [1] Individual Bank Events - Qilu Bank reported a 5.1% year-on-year increase in revenue and a 14.6% increase in net profit, aligning with market expectations [2] - Ningbo Bank's executive appointment was approved, indicating stability in management [2] Investment Outlook - The report maintains a positive outlook for bank stocks in 2026, suggesting a rebalancing of market styles and a favorable environment for bank valuations [3] - Recommendations include major state-owned banks and a focus on mid-sized banks with new growth potential, particularly Nanjing Bank, Shanghai Bank, and others [4][6]