财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：山上 今天，工商银行通过"工银金行家"公众号发布风险提示。公告显示，近期国内外贵金属价格波动剧烈， 市场不确定性显著增强。工行建议客户在审慎评估自身风险承受能力的基础上，保持理性投资心态，避 免盲目追涨杀跌。工行建议客户从中长期视角考虑，坚持分批分散、适度均衡的原则进行投资配置，同 时密切关注行情变化，合理控制持仓规模，有效防范市场波动风险。 北京时间1月31日凌晨，现货白银价格一度暴跌36%，创历史最大日内跌幅；现货黄金最高跌幅超过 12%，创40年来最大单日跌幅。 ...

记者丨曾静娇 唐婧 编辑丨刘雪莹 视频丨许婷婷 国内外贵金属价格剧烈波动，2月1日，工商银行再次紧急发布风险提示。 提示中，工商银行建议投资者在审慎评估自身风险承受能力的基础上，保持理性投资心态，避 免盲目追涨杀跌。建议从中长期视角考虑，坚持分批分散、适度均衡的原则进行投资配置。请 投资者密切关注行情变化，合理控制持仓规模，有效防范市场波动风险。 今年1月份，就在贵金属价格出现剧烈波动前后，已有三家国有大行要求客户在办理相关业务 时需增加风险评测。 1月12日，工商银行要求办理开户、主动积存或新增定投计划的个人客户，需完成风险承 受能力评估、取得C3-平衡型及以上的评估结果并签署风险揭示书方可办理。 农业银行公告自1月30日起，对个人客户参与存金通黄金积存交易时，需取得谨慎型及以 上评估结果。 交通银行公告显示，自1月31日起，客户办理相关业务也有了风险评测要求。 近期多家银行还通过投资起点调整、交易限额调整等手段，进一步提醒投资者注意风险。 建设银行1月30日宣布，2月2日起个人黄金积存定期积存起点上调至1500元，覆盖日均积 存及自选日积存，成为首家将参与门槛提至1500元的国有大行。 受特朗普提名"鹰派 ...

每经AI快讯，2月1日，工商银行通过"工银金行家"公众号发布风险提示。公告显示，近期国内外贵金属价格波动剧烈，市场不确定性显著增强。工行建议客 户在审慎评估自身风险承受能力的基础上，保持理性投资心态，避免盲目追涨杀跌。工行建议客户从中长期视角考虑，坚持分批分散、适度均衡的原则进行 投资配置，同时密切关注行情变化，合理控制持仓规模，有效防范市场波动风险。 ...

Core Viewpoint - The Industrial and Commercial Bank of China (ICBC) has issued multiple risk warnings regarding the volatility in precious metal prices, urging investors to adopt a rational investment mindset and assess their risk tolerance carefully [1] Group 1: Risk Warnings - ICBC issued a risk warning on February 1, highlighting significant fluctuations in domestic and international precious metal prices and increased market uncertainty [1] - The bank recommends that investors avoid impulsive trading behaviors such as blindly chasing price increases or selling off assets [1] - Prior warnings were issued on January 29 and 30, emphasizing the complex and changing nature of the international market and the severe price volatility in precious metals [1] Group 2: Investment Recommendations - Investors are advised to consider a medium to long-term perspective when making investment decisions [1] - The bank suggests a strategy of gradual, diversified, and balanced investment allocation to mitigate risks [1] - Investors should closely monitor market trends and manage their positions effectively to guard against market volatility [1]

Core Viewpoint - The Industrial and Commercial Bank of China (ICBC) has issued a warning regarding the heightened risks in the precious metals market due to significant price fluctuations and increased market uncertainty [1] Group 1: Market Conditions - Recent domestic and international precious metals prices have experienced severe volatility [1] - The uncertainty in the market has significantly increased, prompting caution among investors [1] Group 2: Investment Recommendations - Investors are advised to assess their risk tolerance carefully and maintain a rational investment mindset to avoid impulsive trading behaviors [1] - A long-term perspective is recommended, with an emphasis on gradual, diversified, and balanced investment strategies [1] - It is suggested to closely monitor market trends and manage position sizes effectively to mitigate risks associated with market volatility [1]

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report The report delves into the investment opportunities of 10 - year secondary capital bonds. It analyzes the development history of commercial bank secondary capital bonds, the issuance and trading condition of 10 - year secondary capital bonds, the main investors, and provides investment strategies from both allocation and trading perspectives [4][7][49]. 3. Summary According to the Directory 10 - year Commercial Bank Secondary Capital Bond Decryption - **Development History of Commercial Bank Secondary Capital Bonds**: The development of China's commercial bank secondary capital bonds can be divided into four stages. From 2004 - 2012, it was the "old - style sub - debt" stage; from 2013 - 2019, "new - style secondary capital bonds" emerged; from 2020 - 2023, the market's risk perception deepened; from 2024 to the present, the market entered a new innovation cycle [4][8][9]. - **The "Past and Present" of 10 - year Secondary Capital Bonds**: The first 10 + 5 - year secondary capital bond was issued by Agricultural Bank of China in March 2019. Since 2019, only state - owned large - scale banks and state - owned joint - stock banks have issued 10Y secondary capital bonds. The state - owned large - scale banks are the main issuers, with Agricultural Bank of China having the largest issuance volume. In terms of the stock, the secondary capital bonds with a remaining term of 3 - 5 years have the largest stock, followed by those with a remaining term of 7 - 10 years [18][22][24]. - **Secondary Transaction Situation of 10 - year Secondary Capital Bonds**: From January 1, 2025, to January 13, 2026, the secondary capital bonds with a term of 3 - 5 years were the most actively traded, followed by those with a term of 1 - 3 years. The 7 - 10 - year secondary capital bonds ranked fourth in terms of trading volume. The 9 - 10 - year secondary capital bonds had the largest trading volume among long - term bonds, and the 10 - year secondary capital bonds issued by Agricultural Bank of China had the best liquidity [30][32][33]. - **Who is Buying 10 - year Secondary Capital Bonds**: Insurance institutions are the main buyers of 10Y secondary capital bonds, with a net increase of about 1.6 billion yuan in 7 - 10Y secondary capital bonds in the past year. However, due to accounting treatment issues, insurance funds are more cautious in asset allocation. The increase in trading volume in the past month may be due to insurance companies' net purchases. In addition, securities companies, insurance companies, and fund products are the top three buyers in the past month, but the net purchase scale of securities companies is negative, indicating a stronger trading nature [36][42][43]. Investment Strategies for 10 - year Secondary Capital Bonds - **From the Perspective of Allocation**: The report uses interest rate spread and variety premium as key indicators to measure the relative value of 10Y secondary capital bonds. In terms of interest rate spread, when the funds are loose and the interest rate spread is high, the yield of 10Y secondary capital bonds may decline. In terms of variety premium, the trend of 10Y secondary capital bonds is highly consistent with that of ultra - long local bonds, with a "volatility amplification" effect in some periods [50][52][54]. - **From the Perspective of Trading**: The report reviews the term spread, the order of yield peaks of 10Y secondary capital bonds and other varieties, and the spread indicators between secondary capital bonds and urban investment bonds. Since 2025, the term spread between 10Y and 5Y secondary capital bonds has moved in the same direction as the 10Y secondary capital bond. In the interest rate upward cycle since 2023, 10Y secondary capital bonds have risen and fallen in the same direction as other varieties; in the downward cycle, almost all varieties reach the stage low at the same time. When the spread between 10Y secondary capital bonds and 10Y urban investment bonds turns negative, the yield of 10Y secondary capital bonds often has room to decline [59][66][76]. - **Summary of Trading Strategies**: The report provides a basic framework for investment decisions by reviewing historical experiences from the perspectives of allocation and trading, and summarizing the core judgment indicators and rules for the interest rate to reach the stage peak and bottom [81][82][83].

北京商报讯（记者 孟凡霞 周义力）2月1日，据工银金行家公众号消息，工商银行提示，近期国内外贵 金属价格波动剧烈，市场不确定性显著增强。建议投资者在审慎评估自身风险承受能力的基础上，保持 理性投资心态，避免盲目追涨杀跌。建议从中长期视角考虑，坚持分批分散、适度均衡的原则进行投资 配置。请投资者密切关注行情变化，合理控制持仓规模，有效防范市场波动风险。 ...

证券研究报告·固定收益·固收点评 固收点评 20260131 二级资本债周度数据跟踪 （20260126-20260130） [Table_Tag] [Table_Summary] 观点 ◼ 一级市场发行情况： 本周（20260126-20260130）银行间市场及交易所市场无新发行二级资本 债。 ◼ 二级市场成交情况： 本周（20260126-20260130）二级资本债周成交量合计约 2994 亿元，较 上周减少 348 亿元，成交量前三个券分别为 25 中行二级资本债 02BC （179.10 亿元）、25 农行二级资本债 04A（BC）（147.41 亿元）和 25 中行二级资本债 03A（BC）（110.91 亿元）。 分发行主体地域来看，成交量前三为广东省、山东省和山西省，分别约 为 2331 亿元、216 亿元和 140 亿元。 从到期收益率角度来看，截至 1 月 23 日，5Y 二级资本债中评级 AAA-、 AA+、AA 级到期收益率较上周涨跌幅分别为：-1.62BP、-0.15BP、- 1.15BP；7Y 二级资本债中评级 AAA-、AA+、AA 级到期收益率较上周 涨跌幅分别为：3.09B ...

廖林会见英格兰银行副行长兼英国审慎监管局首席执行官萨姆·伍兹 1月30日，中国工商银行董事长廖林会见英格兰银行副行长兼英国审慎监管局（PRA）首席执行官萨姆· 伍兹，双方就宏观经济金融形势、工行国际化发展、人工智能应用等话题进行深入交流。中国工商银行 副行长张伟武参加会见。 中国工商银行深耕英国市场30余年，目前在英设有3家机构，为两国企业提供结算、融资、现金管理、 金融市场交易、大宗商品等全面金融解决方案。2025年，中国工商银行与英方共同举办了进博会英国推 介会和投洽会"投资英国"配套论坛，有力促进了两国经贸投资合作。中国工商银行将认真落实两国领导 人达成的重要共识，进一步发挥"一带一路"银行间合作机制（BRBR）、中欧企业联盟（CEBC）等平 台作用，更好服务两国金融机构与企业间交流合作，助力把中英合作"大有可为"的潜力转化成"大有作 为"的实绩。 来源：中国工商银行 ...

Core Viewpoint - The nomination of Kevin Warsh as the Federal Reserve Chairman by President Trump has triggered hawkish market expectations, leading to a panic sell-off in precious metals, with gold experiencing its largest drop in 40 years and silver hitting a historic intraday decline [1][3]. Group 1: Market Reactions - Gold prices fell over 12%, reaching a low of $4682 per ounce, marking the largest single-day drop since the early 1980s, and closed down 9.25% at $4880 per ounce [1]. - Silver saw a dramatic decline of over 36%, with an intraday low of $74.28 per ounce, ultimately closing down 26.42% at $85.259 per ounce [3]. - Domestic gold jewelry prices also plummeted, with major brands reporting significant price drops, such as Chow Sang Sang's gold price falling from 1708 RMB per gram to 1543 RMB per gram within two days [5]. Group 2: Market Sentiment and Trading Dynamics - The sharp decline in gold prices has led to a cautious market sentiment, with many traders and consumers adopting a wait-and-see approach, resulting in a significant drop in transaction volumes [7]. - Analysts attribute the sell-off to profit-taking pressures accumulated from previous gains, the announcement of the Fed Chairman, and the cascading effect of leveraged positions being liquidated [9]. - The market is currently trading based on "Warsh's hawkish expectations," which has contributed to a stabilization of the dollar and a subsequent decline in gold and silver prices [9]. Group 3: Trading Conditions and Regulations - Major precious metal exchanges have raised margin requirements for gold futures trading, increasing the financial pressure on high-leverage traders [10]. - The decline in precious metal prices has triggered a cycle of forced selling, where stop-loss orders are activated, leading to further price drops and additional margin calls [10]. - The legal framework surrounding gold purchases indicates that physical gold items generally do not qualify for a seven-day return policy, complicating consumer options in a volatile market [18].