央视新闻 近期国内外贵金属价格波动剧烈，市场不确定性显著增强。日前，国有六大行多次发布公告调整黄金相 关业务，并提示交易风险。 工商银行 2月1日，工商银行通过公司贵金属业务部"工银金行家"公众号发布风险提示。近期国内外贵金属价格波 动剧烈，市场不确定性显著增强，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。公告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。 1月30日，中国银行发布公告表示，贵金属市场的不确定性因素较多，价格大幅波动。为保护积存金、 积利金、账户贵金属等贵金属相关业务的客户利益，中行特别提示客户做好市场风险防范，基于自身财 务状况和风险承受能力开展贵金属交易活动，合理控制贵金属持仓规模，防范贵金属价格波动带来的资 金损失风险。 建设银行 1月30日，建设银行发布公告调整个人黄金积存业务定期积存起点金额。自2月2日9:10起，建行个人黄 金积存业务定期积存起点金额（包括日均积存及自选日积存）上调至1500元。 同时，建行提示，近期国内外贵金属价格波动加剧，市场风险提升。 ...

Core Viewpoint - The recent fluctuations in gold prices have prompted major state-owned banks in China to adjust their gold-related business operations and issue risk warnings to clients regarding market volatility [1][2] Group 1: Gold Price Fluctuations - Gold prices experienced a historic surge at the beginning of 2026, reaching levels between $5000 and $5500 per ounce, followed by a significant drop on January 30 and further declines on February 2 [1] - The volatility in gold prices has led to increased market uncertainty, prompting banks to advise clients to assess their risk tolerance carefully [1] Group 2: Bank Responses - Industrial and Commercial Bank of China (ICBC) issued a risk warning on February 1, recommending clients maintain a rational investment mindset and avoid impulsive trading [1] - ICBC announced adjustments to its gold accumulation business and the sales of floating price physical gold products, effective February 7, including limits on transactions during non-trading days [1] - Other major banks, including Agricultural Bank of China and Postal Savings Bank, have also issued notifications regarding adjustments to gold trading operations and changes in margin requirements, urging clients to manage their positions prudently [2]

Core Viewpoint - Recent fluctuations in gold prices have prompted major banks in China to take urgent measures to control risks associated with gold trading [1] Group 1: Bank Responses - Industrial and Commercial Bank of China (ICBC) issued a risk warning on February 1, advising clients to assess their risk tolerance and maintain a rational investment mindset amid significant price volatility [3] - Agricultural Bank of China (ABC) announced an increase in margin requirements for gold trading contracts from 44% to 60% starting January 30, urging clients to manage their positions carefully [5] - Bank of China (BOC) highlighted the uncertainties in the precious metals market and advised clients to control their holdings to mitigate potential losses from price fluctuations [7] - China Construction Bank (CCB) raised the minimum investment amount for its gold accumulation business to 1500 yuan, emphasizing the need for clients to be aware of market risks [9] - Both Bank of Communications and Postal Savings Bank of China also issued trading alerts, with the latter increasing margin requirements for various gold contracts from 80% to 120% [11] Group 2: Market Analysis - The international gold market has experienced significant volatility, with experts warning that investors need to possess adequate risk tolerance due to increased short-term risks [12] - Despite the current fluctuations, the long-term outlook for gold prices remains positive, supported by multiple factors, suggesting that investors should make informed decisions based on their financial situations and risk preferences [12]

Core Viewpoint - Recent fluctuations in gold prices have prompted major banks to take urgent measures to control risks associated with gold-related businesses [1] Group 1: Bank Responses - Industrial and Commercial Bank of China (ICBC) issued a risk warning on February 1, advising clients to maintain a rational investment mindset and avoid impulsive trading due to significant price volatility [2] - Agricultural Bank of China (ABC) announced an increase in margin requirements for gold trading contracts from 44% to 60% starting January 30, emphasizing the need for clients to manage their positions carefully [3] - Bank of China (BOC) highlighted the uncertainties in the precious metals market and urged clients to conduct transactions based on their financial status and risk tolerance [4] - China Construction Bank (CCB) raised the minimum investment amount for gold accumulation business to 1500 yuan, advising clients to enhance their risk awareness amid increased market volatility [5] - Bank of Communications and Postal Savings Bank also issued trading alerts, with the latter increasing margin requirements for various gold contracts from 80% to 120% [6] Group 2: Market Outlook - The chief economist of Zhaolian emphasized the need for investors to have appropriate risk tolerance amid increased short-term volatility in gold prices, while the long-term upward trend in gold prices remains intact [7]

本报讯（沈阳日报、沈报全媒体记者周贤忠）1月30日下午，市委政法委会同市法院、市检察院、市公 安局，依托沈阳中央法务区法治服务体系，组织金融审判、知识产权保护、公安经侦、民事执行等方面 业务骨干，在沈阳创新天地参加"政银企"对接活动（第二场）。 活动期间，各单位负责同志通过面对面交流、点对点对接，先后为中国银行、工商银行、邮储银行、民 生银行等金融机构及相关企业，解答了金融借款诉讼、金融犯罪防范等方面的法律问题，并发放了《法 官说法》《风险防范指引》等实用资料，为参与单位提供了"一站式""全链条"法治服务。参与此次活动 的政法机关表示，将以此次活动为契机，精准对接金融机构和企业法治需求，持续创新服务举措，不断 优化服务方式，提供更加优质、高效、精准的法治服务保障。 转自：沈阳日报 （来源：沈阳日报） ...

Investment Rating - The report maintains a positive outlook on the banking sector, indicating a potential for stabilization and improvement in operational pressures for banks in 2026 [2][5]. Core Insights - The banking sector has shown a "double opening red" phenomenon in both deposits and loans, with a structural difference in credit allocation. The signs of "deposit migration" are not significant, suggesting a stable deposit base [2][5]. - The total assets of the banking industry reached 471 trillion yuan by the end of 2025, reflecting an 8.0% year-on-year growth. Major banks, joint-stock banks, city commercial banks, and rural commercial banks reported asset growth rates of 11.0%, 4.7%, 9.7%, and 5.2%, respectively [3][14]. - The overall net interest margin is expected to decline further, but at a slower pace, indicating some relief in operational pressures. The banks have passed the phase of accelerated risk exposure and are nearing a "stock digestion period" [5][6]. Summary by Sections Regulatory Dynamics - The Financial Regulatory Bureau released data on the total assets and liabilities of the banking sector for 2025, showing a total asset growth of 8.0% year-on-year [3][14]. Industry Dynamics - Qingdao Bank and Xiamen Bank reported their 2025 performance, with Qingdao Bank achieving a net profit growth of 21.66% and an asset quality improvement, while Xiamen Bank also reported significant growth in total assets and loans [15][16]. Market Dynamics - The overall A-share market saw a decline of 1.59%, while the banking sector increased by 0.86%, indicating a defensive characteristic of the banking stocks [2][18]. Data Overview - The report highlights the central bank's net injection of 0.4 trillion yuan and the mixed movement of interest rates across different maturities, with short-term rates showing slight declines and long-term rates experiencing mixed trends [4][21][23].

中经记者 张漫游 北京报道 近日，工商银行、农业银行、中国银行、建设银行、交通银行、邮储银行六家国有大行陆续召开2026年 党建和经营（管理）工作会议，对2026年重点任务进行部署。 《中国经营报》记者梳理发现，2026年，4家国有银行明确要布局数智化发展，在2025年仅一家国有银 行提到数智化；同时2026年多家银行提出降本增效。 业内人士认为，这一变化折射出在经济增长模式深化调整、利率市场化持续推进、客户行为深度线上化 以及金融科技深刻演进的宏观背景下，中国银行业正从规模扩张驱动转向质量与效率驱动，科技与智能 正从辅助工具演变为重塑业务模式与核心竞争力的重要抓手。 从"数字化"到"数智化" 在2026年的重点工作部署中，数智化转型成为多家国有大行的核心发力点。其中，工商银行在"提升高 质量发展能级，展现服务现代化新担当"时提到，要"升级打造数智工行，增强数智化动能"；建设银行 方面谈到，2026年要"加快推动集团数智化转型，持续提升企业级运营能力"；交通银行方面强调"要深 入推进'人工智能+'行动，强化数智化思维、深化实践运用，通过AI技术重构业务流程、创新服务模 式"；邮储银行方面指出，要"全面推进特色 ...

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].

2025年银行的工作成效如何？2026年经营业务将如何安排？ 《国际金融报》记者注意到，1月下旬以来，六家国有大行、多家股份行和中小银行密集召开了 2026年度工作会议，承前启后，为迎接"十五五"开局之年做好布局。分机构类型来看，国有大行布局更 为全面，股份行立足优势追求差异化发展，中小银行则更侧重地方经济和改革化险。 例如，光大银行称，将坚持错位发展打造特色优势，推动营收稳健增长，提升客户经营价值，推动 存款成本改善，促进金市业务专业化经营，着力提高财富管理、投行、托管业务等中间业务收入贡献， 持续做好为基层赋能服务，加快推动数字化智能化转型。 平安银行则表示，将坚定贯彻党建引领业务发展，紧跟国家发展方向，积极融入集团"综合金融 +医疗养老"战略，锚定"全面深化改革落地、全效发挥综金优势、全力改善业绩表现"的发展目标，围 绕"两个坚持、两个把握"，即坚持"零售做强、对公做精、同业做专"战略不动摇；坚持降本增效、从严 治行要求不放松；把握"十五五"战略机遇，发掘新形势下银行发展新动能；把握科技革命时代机遇，将 科技战略作为银行发展核心驱动力，全面提升经营质效。 华夏银行称，2026年全行要紧紧围绕主要经营目标 ...

Core Insights - Postal Savings Bank of China Wuxi Branch is actively promoting the upgrade of digital RMB services to empower local digital economy development [1][2] Group 1: Strategic Initiatives - The bank signed a strategic cooperation agreement with Jiangyin Big Data Association to explore the integration of data elements and financial services [1] - A total of 1,000 customized hardware wallets were launched to provide safer and more convenient payment options for specific groups [1] Group 2: Focus on Public Welfare - Public transportation is a key area for promoting digital RMB, with successful partnerships established with Wuxi Metro and urban bus systems to enable digital RMB payment [1] - Citizens can now use the digital RMB app for instant payments, enhancing the safety, efficiency, and sustainability of their travel experience [1] Group 3: Financial Inclusion and Growth - The extensive scene construction has led to rapid business growth, with an expected addition of 87,400 digital wallets by 2025 and a cumulative transfer amount of 1.961 billion yuan [1] - Monthly active users of digital wallets are projected to reach 353,600, with promotional discounts available at large supermarkets for users of Postal Savings digital RMB wallets [1]