Core Insights - The "Top Ten Influential Economists of 2025" list has been announced, highlighting economists who have deep academic backgrounds and practical market experience, contributing to China's economic recovery and high-quality development amidst various challenges [1][2][3] Group 1: Announcement of Influential Economists - The selection was conducted by Sina Finance in collaboration with the Chief Economist Forum and New Economist Think Tank, with the evaluation based on five dimensions: professionalism, influence, innovation, foresight, and activity [1][2][3] - The final results were determined through a voting process by the judging panel, considering factors such as output rate and overall impact [1][2][3] Group 2: Key Insights from Yin Jianfeng - Yin Jianfeng, a professor at the University of International Business and Economics and Chief Economist at Zheshang Bank, was awarded the title of "Top Ten Influential Economists of 2025" [2][3] - He emphasized the need for new mechanisms in local finance, advocating a shift from land finance to capital operations [2][3] - Yin expressed a non-pessimistic outlook for Chinese assets in 2026 [2][3] - He noted that aging demographics may not necessarily be detrimental, highlighting the rise of the silver economy [2][3] - He also discussed the search for investment opportunities in a low-interest-rate environment [2][3]

Core Viewpoint - Zhejiang Merchants Bank Shenzhen Branch is innovating supply chain finance by integrating digital risk control and industry scenarios to support agricultural modernization and high-end manufacturing exports [4][8]. Group 1: Supply Chain Finance Innovation - The bank's supply chain finance model connects various stakeholders, allowing farmers and small traders to access financing through a digital platform, enhancing efficiency and reducing traditional barriers [4][5]. - The focus is on "transaction credit" rather than "subject credit," shifting the risk assessment from individual borrowers to the verification of transaction authenticity and cash flow [6][7]. Group 2: Impact on Agriculture and Manufacturing - The bank has successfully served over 100 farmers and related dealers in the agricultural sector, facilitating the sale of 108,300 pigs with a total credit of 231 million yuan and a loan balance of approximately 70 million yuan, with no overdue payments reported [7][8]. - In the electric vehicle export sector, financing applications can be processed in as little as one minute, with a maximum single loan amount of 10 million yuan, supporting over 1,000 vehicles exported to Central Asia, Russia, and Southeast Asia [7][8]. Group 3: Broader Economic Implications - The financial model not only aids rural revitalization and stabilizes agricultural product supply but also supports the internationalization of Chinese manufacturing, creating a new credit system based on real industry scenarios [8].

Core Viewpoint - The recent court ruling involving Jilin Bank's 200 million yuan claim against Zheshang Bank highlights the challenges and risks in the private bond market, particularly regarding the delineation of responsibilities among banks and investors [2][9]. Group 1: Case Background - The dispute centers around the "17 Kangde Investment PPN001" private bond issued by Kangde Investment Group in 2017, with an initial issuance size of 200 million yuan and a coupon rate of 7% [3][4]. - Jilin Bank's investment of 201.51 million yuan was characterized by non-market practices, as the decision was made prior to the bond's issuance and without reliance on disclosure documents [5]. Group 2: Legal Proceedings - Jilin Bank's claim of over 220 million yuan against Zheshang Bank and other intermediaries resulted in consecutive losses in both first and second trials [6][9]. - The court's final ruling emphasized that Jilin Bank's investment decision lacked a causal relationship with any false statements, and Zheshang Bank had conducted thorough due diligence [7]. Group 3: Industry Implications - The outcomes of both Jilin Bank and Jiangxi Bank's cases, which involved similar claims and resulted in identical rulings, signal a clear judicial stance on the responsibilities within the private bond market [9]. - Industry experts suggest that these rulings serve as a warning for financial institutions, emphasizing the importance of pre-investment risk management over post-investment claims [9].

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].

在浙江，经济的脉动不仅激荡于高楼林立的都市，还深深扎根于县域村庄的田间地头、工厂车间的流水线上。从淳安下姜村集体经济迸发出的盎然生机，到 衢州山涧里的清水鱼游出一条条共富路，再到丽水莲都的阀门"小巨人"扬帆出海……这一幅幅生动鲜活的产业图景，正是浙江经济高质量发展的微观切片， 也是共富路上最具活力的注脚。 近年来，围绕浙江"千万工程"牵引缩小"三大差距"主攻方向，浙商银行持续深化县域综合金融服务，针对山区海岛县发展需求，以"一县一策""一业一品"思 路因地制宜，重点支持地方特色经济、农业产业化及民生类项目。截至2025年末，该行在山区海岛县贷款余额为601.59亿元，较当年初增长24.55%，高于其 全省贷款投放增速13.99个百分点。 不久前召开的浙江两会，再次对聚焦共同富裕先行示范，推动城乡一体融合高质量发展进行部署，作为共同富裕探路先锋，浙江高质量发展建设共同富裕示 范区迎来关键时期。 金融是实体经济的血脉，其活水的流向与效能，关乎着共富的成色。作为根植浙江的全国性股份制商业银行，浙商银行始终坚守"深耕浙江"首要战略，扎实 开展普惠金融服务，坚持将金融资源精准滴灌至社会经济最活跃、最需要滋养的万千小微企 ...

全仓登与浙商银行上海分行的仓单质押产品可为出质人提供流贷、银票、国内证等多种形式的融资支 持，满足借款主体"短、频、快"的融资需求，助力破解"融资难、融资贵"的行业困局。其中，流贷可实 现日内放款，按天计息。此外，浙商银行创新打造"仓单池"融资模式，有助于增强仓单置换灵活度。在 本次合作中，双方已成功落地首单现货仓单质押融资业务。上海某有色金属有限公司以电解铜电子仓单 作为质押标的，获得浙商银行上海分行融资支持，业务办理过程方便、快捷。 中新网上海2月9日电 (高志苗)记者9日从全国性大宗商品仓单注册登记中心(下称全仓登)获悉，全仓登 近日与浙商银行上海分行正式合作上线仓单质押融资产品，并完成首单放款。该业务依托全仓登现货仓 单登记系统，以大宗商品电子仓单为质押标的，探索形成以全仓登仓单为核心的标准化融资服务模式， 为实体企业提供更加便捷、高效的融资支持。 上海市近期发布《中共上海市委关于制定上海市国民经济和社会发展第十五个五年规划的建议》《加强 期现联动 提升有色金属大宗商品能级行动方案》等文件，提出支持全仓登建设，并要求逐步实现仓单 登记关键有色金属产品的全覆盖，稳步拓展仓单质押、贸易、交易等应用场景。此 ...

在浙江，经济的脉动不仅激荡于高楼林立的都市，还深深扎根于县域村庄的田间地头、工厂车间的流水 线上。从淳安下姜村集体经济迸发出的盎然生机，到衢州山涧里的清水鱼游出一条条共富路，再到丽水 莲都的阀门"小巨人"扬帆出海……这一幅幅生动鲜活的产业图景，正是浙江经济高质量发展的微观切 片，也是共富路上最具活力的注脚。 不久前召开的浙江两会，再次对聚焦共同富裕先行示范，推动城乡一体融合高质量发展进行部署，作为 共同富裕探路先锋，浙江高质量发展建设共同富裕示范区迎来关键时期。 金融是实体经济的血脉，其活水的流向与效能，关乎着共富的成色。作为根植浙江的全国性股份制商业 银行，浙商银行始终坚守"深耕浙江"首要战略，扎实开展普惠金融服务，坚持将金融资源精准滴灌至社 会经济最活跃、最需要滋养的万千小微企业、个体工商户及乡村经营主体等，以源源不断的金融活水， 激发浙江经济肌体的内生活力，为共同富裕示范区建设夯基垒台。 创新场景方案，破解村集体融资难题 乡村振兴，关键在产业，难点在资金。如何让村集体经济"转"起来，让沉寂的内在资产"动"起来，是一 道发展必答题。在千岛湖畔的淳安县下姜村，一场关于金融服务模式的变革正在悄然进行。 作为当 ...

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]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 I. 法定/註冊股本變動 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 浙商銀行股份有限公司 (「本行」) 呈交日期: 2026年2月5日 | 1. 股份分類 | 普通股 | 股份類別 H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02016 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,920,200,000 | RMB | | 1 RMB | | 5,920,200,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 5,920,200,000 | RMB | | 1 RMB | | 5,920,200,000 | | 2. 股份分類 | 普 ...

Core Viewpoint - Shandong Province aims to reform and restructure rural commercial banks and village banks while deepening internal control and risk management actions in urban commercial banks, highlighting the importance of a well-distributed financial service network for regional economic vitality and development potential [2]. Financial Institutions Overview - As of now, Shandong Province has a total of 219 banking legal entities, including 170 first-level branches and 250 second-level branches, with a total of 639 headquarters and branches, supported by 14,700 other outlets [2]. - The core components of Shandong's banking industry include joint-stock banks, urban commercial banks, and rural commercial banks, which work collaboratively to outline a clear regional banking landscape [2]. Joint-Stock Banks - Joint-stock banks play a pivotal role in Shandong's banking sector, characterized by a "leading head, focused core, and precise efforts" strategy, connecting national financial markets with local economies [3][4]. - As of September 2025, Hengfeng Bank, the only national joint-stock commercial bank with independent legal status in Shandong, has total assets of 1.568726 trillion yuan, nearing the 1.6 trillion yuan mark [4]. - National joint-stock banks have established 25 first-level branches and 119 second-level branches in Shandong, with a notable presence in Jinan, Qingdao, and Yantai [4]. Urban Commercial Banks - Urban commercial banks are essential local financial institutions in Shandong, leveraging geographical and service advantages to empower local economies and improve livelihoods [5][6]. - Shandong has 14 local urban commercial banks, including Qilu Bank and Qingdao Bank, along with branches from three non-local urban commercial banks, forming a comprehensive service matrix across the province [5]. Rural Commercial Banks - Rural commercial banks are the most numerous banking entities in Shandong, with 110 institutions focused on serving rural areas and supporting agricultural development [7][8]. - These banks provide a full range of financial services, effectively addressing issues of financing difficulties in rural regions [7]. - Additionally, 91 village banks complement rural commercial banks by extending financial services to remote areas, creating a multi-layered and comprehensive rural financial service system [8]. Future Outlook - Despite facing challenges such as smaller scales and weaker risk resistance, rural commercial banks in Shandong are deepening reforms and enhancing service capabilities, with asset quality steadily improving [8]. - Experts suggest that the three banking groups—joint-stock banks, urban commercial banks, and rural commercial banks—should continue to leverage their strengths and address development challenges to support high-quality economic growth and rural revitalization in Shandong [8].