瑞银发布研报称，将民生银行（600016）(01988)评级由"中性"上调至"买入"，基于其估值处于深度折 让，2026年预测市账率仅0.22倍(相对中信银行(00998)为0.47倍)；以及受益于营收改善及资产负债表风 险已大规模释放，盈利很可能自2026年开始迎来拐点，目标价从5.43港元轻微下调至5.3港元。 市场当前仍以盈利压力将持续存在的定价逻辑来看待民行，而瑞银分析认为其拨备风险可能已见顶。随 着盈利预计在2026年达到平衡，并自2027年起转为正增长，该行认为其估值重评潜力将超过近期的股本 回报率疲软。瑞银将民行2026至29年每股盈利预防上调5-6%，但同时因短期市场波动，轻微上调资金 成本(CoE)至11.5%。 ...

瑞银发表研报，将民生银行评级由"中性"上调至"买入"，基于其估值处于深度折让，2026年预测市账率 仅0.22倍；以及受益于营收改善及资产负债表风险已大规模释放，盈利很可能自2026年开始迎来拐点。 该行认为，市场当前仍以盈利压力将持续存在的定价逻辑来看待民行，而瑞银分析认为其拨备风险可能 已见顶。随着盈利预计在2026年达到平衡，并自2027年起转为正增长，该行认为其估值重评潜力将超过 近期的股本回报率疲软。瑞银将民行2026至29年每股盈利预防上调5-6%，但同时因短期市场波动，轻 微上调资金成本(CoE)至11.5%，目标价从5.43港元轻微下调至5.3港元。 ...

三、中国民生银行应督促上述核准任职资格人员持续学习和掌握经济金融相关法律法规，牢固树立风险 合规意识，熟悉任职岗位职责，忠实勤勉履职。 二、中国民生银行应要求上述核准任职资格人员严格遵守金融监管总局有关监管规定，自中国民生银行 政许可决定作出之日起3个月内到任，并按要求及时报告到任情况。未在上述规定期限内到任的，本批 复文件失效，由决定机关办理行政许可注销手续。 2026年2月2日，衡水金融监管分局发布批复称，《中国民生银行（600016）石家庄分行关于核准李炜明 任职资格的请示》（民银石发〔2026〕6号）及相关说明解释材料收悉。经审核，现批复如下： 一、核准李炜明民生银行股份有限公司衡水分行行长助理的任职资格。 ...

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]

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].

Core Viewpoint - Minsheng Bank is actively engaging in cross-border business opportunities in Hainan Free Trade Port, emphasizing its commitment to support enterprises and international capital in the region [2][3][4]. Group 1: Event Overview - The event titled "Integrating the Benefits of Customs Closure and Seizing Opportunities in Hainan" gathered over 30 representatives from various industries to discuss new cross-border business opportunities under the comprehensive customs closure of Hainan Free Trade Port [2]. - Representatives from Hainan International Economic Development Bureau, People's Bank of China Hainan Branch, and Yangpu International provided insights on the advantages of free trade port policies and the EF account system [3]. Group 2: Minsheng Bank's Strategy - Minsheng Bank's Vice President Li Wenshi highlighted the bank's strategic focus on Hainan Free Trade Port's construction needs and its commitment to leveraging its six major platforms for cross-border business [3]. - The bank's Haikou branch aims to transform into a specialized service platform for cross-border business by 2025, aligning with the financial innovation policies of Hainan Free Trade Port [4]. Group 3: Financial Performance and Goals - Since its establishment in 2017, Minsheng Bank has facilitated offshore trade settlements amounting to $34.53 billion, with a service network extending to nearly 100 countries [4]. - The bank plans to enhance its cross-border financial services by improving resource allocation, risk management, and customer service quality, focusing on the unique characteristics of Hainan Free Trade Port [4]. Group 4: Collaboration and Future Plans - The successful event reinforced the foundation for cooperation between banks and enterprises, expanding the collaborative ecosystem among stakeholders [4]. - Minsheng Bank intends to continue exploring new cross-border business opportunities and support the high-quality development of Hainan Free Trade Port, integrating into the national strategy for high-level opening-up [4].

Group 1 - The A-share market saw a general rise in bank stocks, with Qingnong Commercial Bank and Qilu Bank increasing by over 2% [1] - Xiamen Bank, Zhangjiagang Bank, Zijin Bank, and Minsheng Bank all experienced gains of over 1% [1]

Core Viewpoint - The banking industry is tightening cost control by increasing the threshold for transaction SMS notifications, with some banks raising it to 5000 yuan, marking the beginning of a paid SMS notification era [1][3]. Group 1: Changes in SMS Notification Policies - Several banks have raised the threshold for free SMS notifications, with China Merchants Bank setting the highest threshold at 5000 yuan for single transactions [3][4]. - Other banks, including Minsheng Bank and Bank of China, have also adjusted their SMS notification thresholds to 300 yuan and 100 yuan respectively [4]. - The trend of increasing the threshold for free SMS notifications has been observed since the second half of last year, with over ten banks making similar adjustments [3][4]. Group 2: Cost Savings from SMS Notifications - Banks incur costs for each SMS sent, and the adjustments in notification policies are aimed at reducing these expenses [8]. - Estimates suggest that a bank with 1 million personal customers could save approximately 300 million yuan monthly if they stop sending free SMS notifications for small transactions [9]. - The procurement prices for SMS services vary, with larger banks generally securing lower rates than smaller banks due to their scale advantages [8]. Group 3: Shift to Digital Notification Channels - Banks are increasingly shifting towards digital notification methods, such as mobile banking apps and WeChat service accounts, which are more cost-effective than SMS [11]. - For example, Bank of China encourages customers to use its mobile banking app for free transaction notifications instead of relying on SMS [11]. - The overall trend indicates a decline in the necessity of SMS notifications as banks enhance their digital service offerings [11].

Core Viewpoint - The overall trend for the RMB exchange rate in February 2026 is expected to be characterized by "two-way fluctuations with a slowing appreciation rate," maintaining a narrow range of volatility [2]. Group 1: Predicted Trends - The consensus among institutions is that the onshore RMB/USD exchange rate will fluctuate between 6.95 and 7.05, while the offshore rate will range from 6.93 to 7.08 [2]. - Factors such as seasonal dollar rebounds and reduced domestic settlement demand around the Spring Festival will limit the pace of RMB appreciation [2]. Group 2: Influencing Factors - The dollar's performance and the uncertainty of the Federal Reserve's interest rate policy are key external variables affecting the RMB exchange rate [3]. - Predictions regarding the Federal Reserve's rate cuts vary, with Goldman Sachs suggesting potential cuts in Q1 and a small cut in Q3, while Mysteel anticipates three cuts throughout the year [3]. - The internal economic fundamentals show a mix of support and drag, with a trade surplus exceeding $1 trillion in 2025 providing hard support for the RMB [4]. - The seasonal nature of the Spring Festival will reduce corporate settlement demand, impacting short-term support for the RMB [4]. Group 3: Institutional Perspectives - Different institutions share a consensus on "two-way fluctuations," but there are slight differences in their predictions regarding the appreciation extent and volatility range [7]. - China International Capital Corporation (CICC) expects a slight appreciation, while Minsheng Bank predicts a significant slowdown in appreciation [7]. - Zhongyin Securities warns of the risks of unilateral bets, suggesting potential for slight corrections if the dollar rebounds unexpectedly [7]. Group 4: Practical Decision-Making Guidelines - Ordinary investors are advised to avoid unilateral bets and focus on risk hedging, prioritizing investments in core RMB assets such as new energy and biotechnology [9]. - Companies engaged in import and export should adopt a "risk-neutral" approach, utilizing multi-currency settlements to mitigate risks associated with exchange rate fluctuations [10].

Group 1 - The first meeting of the fund's shareholders failed due to insufficient representation, as the votes cast did not reach half of the total fund shares on the record date [1][2] - The fund management company plans to reconvene the shareholders' meeting within three to six months after the initial failed attempt, requiring at least one-third of the fund shares to participate for the meeting to be valid [2][13] - The new meeting will be conducted via communication methods, with voting scheduled from February 5, 2026, to March 5, 2026 [2][5] Group 2 - The agenda for the upcoming meeting includes a proposal to amend the fund contract and related matters [3][18] - The record date for shareholders eligible to vote is set for October 15, 2025, meaning all registered shareholders by that date can participate [5][4] - Voting procedures and requirements for submitting ballots are detailed, including necessary documentation for both individual and institutional investors [6][7] Group 3 - The voting rights are equal, with each share granting one vote, and the results will be supervised by authorized personnel and notarized [9][10] - The proposal requires a majority of more than half of the votes cast to be approved for the amendments to take effect [13][14] - The fund management company will report the results to the China Securities Regulatory Commission within five days of the decision [14][24] Group 4 - The proposed amendments include adjustments to the fund's redemption fee structure and conditions for future fund model conversions [25][26] - The fund management company emphasizes compliance with legal requirements and the necessity of shareholder approval for significant changes [27][28] - Shareholders are encouraged to submit their votes early to account for mailing times [15][16]