Core Viewpoint - The article discusses the intensifying competition among banks for deposits ahead of the Spring Festival, highlighting strategies employed by both small and large banks to attract customers through interest rate adjustments and promotional incentives [3][4]. Group 1: Deposit Competition - Small banks are raising interest rates on specific deposit products, with some rural commercial banks offering three-year deposit rates close to 2% [3][5]. - Over 10 small banks have increased deposit rates since the beginning of 2026, particularly targeting specific products and higher minimum deposit amounts [5]. - Large banks are not directly raising rates but are enhancing their deposit acquisition efforts through rewards and incentives, such as cash rebates and points for new customers [6]. Group 2: Expectations on Deposit Flows - The competition for deposits reflects banks' anticipation of a significant amount of term deposits maturing in 2026, with expectations that most of these funds will remain within the banking system [4][8]. - Estimates suggest that approximately 75 trillion yuan of household term deposits will mature in 2026, with 67 trillion yuan being one year or longer [8]. - Despite concerns about potential "deposit migration" to the stock market, industry insiders believe that the majority of maturing funds will continue to circulate within the banking system [8][9]. Group 3: Trends in Risk Appetite - The increase in maturing deposits is not particularly pronounced, with annual growth rates of 4 trillion to 7 trillion yuan observed since 2022 [9]. - Current low-risk appetite among residents is evident, as data shows a negative correlation between income confidence and savings willingness [9]. - Historical trends indicate that periods of declining savings willingness often coincide with rising income expectations [9]. Group 4: Asset Allocation Post-Maturity - Funds from maturing deposits are expected to flow primarily into low-risk assets, such as bank wealth management products and money market funds [11][13]. - Historical data from Japan indicates that during similar economic conditions, residents increased their holdings in cash, deposits, and insurance while reducing investments in stocks and high-risk assets [10][12]. - The preference for low-risk investments is expected to continue, with a significant portion of maturing deposits likely being allocated to wealth management products [13][14].

Group 1 - CICC's stock price decreased by 0.17% on February 6, with a trading volume of 618 million yuan, and a net financing purchase of 2.35 million yuan for the day [1] - The total margin balance for CICC reached 3.004 billion yuan as of February 6, with the financing balance accounting for 2.96% of the circulating market value, indicating a high level compared to the past year [1] - CICC's short selling data on February 6 showed a repayment of 4,700 shares and a sale of 3,800 shares, with a short selling balance of 463,560 yuan, also at a high level compared to the past year [1] Group 2 - CICC, established on July 31, 1995, operates in investment banking, equity sales and trading, fixed income, commodities, wealth management, and investment management, with revenue contributions from wealth management (32.58%), equity business (25.78%), and others [2] - As of September 30, CICC had 118,900 shareholders, a decrease of 4.10%, while the average circulating shares per person increased by 4.28% to 24,662 shares [3] - For the period from January to September 2025, CICC reported a revenue of 20.761 billion yuan, a year-on-year increase of 54.36%, and a net profit attributable to shareholders of 6.567 billion yuan, up 129.75% year-on-year [3] Group 3 - CICC has distributed a total of 5.358 billion yuan in dividends since its A-share listing, with 3.041 billion yuan distributed in the last three years [4] - As of September 30, 2025, major shareholders included Hong Kong Central Clearing Limited with 123 million shares, an increase of 51.425 million shares, and other ETFs with varying changes in holdings [4]

Group 1 - The core point of the article is that the company,交银国际, announced the acquisition of a CICC bond worth $10 million, which is expected to provide long-term investment opportunities and stable returns with reasonable risk [1] Group 2 - The acquisition was made by the company's wholly-owned subsidiary, Preferred Investment, at a purchase price of $100 per bond [1] - The total cost of the acquisition is approximately $10 million, equivalent to about HKD 78.5 million [1] - This strategic move allows the company to utilize its capital resources effectively while aiming for stable investment returns [1]

Group 1 - The company, Jiao Yin International (03329.HK), announced the acquisition of a CICC note with a face value of $10 million at a purchase price of $100 per note [1] - The total consideration for the acquisition amounts to approximately $10 million, equivalent to about HKD 78.5 million [1]

Group 1 - The core viewpoint of the article is that the company,交银国际, is making a strategic investment by acquiring a note from 中金公司, which is expected to provide long-term investment opportunities and stable returns while managing reasonable risks [1] Group 2 - The acquisition involves the purchase of a note with a face value of 10 million USD, which was acquired at a price of 100 USD, totaling approximately 10 million USD (equivalent to about 78.5 million HKD) [1] - The acquisition is conducted by the company's wholly-owned subsidiary, Preferred Investment, in the over-the-counter market [1]

本次项目是中金公司服务中国半导体企业的国际化战略和全球化资本运作的又一标杆案例，彰显了中金公司跨境综合服务的专业实力，也体现了中金公司 以金融力量赋能国家高水平科技自立自强的时代担当。未来，中金公司将继续秉持"植根中国，融通世界"的初心使命，持续聚焦科技创新领域，充分发挥 在全球资本市场的业务优势，为企业提供全方位专业金融服务，助力更多中国科技企业链接全球资本市场，为服务实体经济高质量发展与高水平对外开放 贡献金融力量。 澜起科技是一家全球领先的无晶圆厂集成电路设计公司，专注于为云计算及AI基础设施提供创新、可靠且高能效的互连解决方案。公司产品聚焦互连类 芯片，包括内存互连芯片及PCIe/CXL互连芯片等，应用场景涵盖包括数据中心、服务器及电脑在内的各类终端领域。根据弗若斯特沙利文报告，按2024 年销售额统计，公司是全球最大的内存互连芯片供应商、全球第二大PCIe Retimer供应商。 迄今为止募资规模最大的芯片设计公司港股IPO 半导体行业最近20年来募资规模最大的港股IPO 港股高速互连芯片领域第一股 项目亮点： 目前，市场上发行规模前五大的半导体公司A to H项目均由中金公司参与保荐，彰显了中金公 ...

（文章来源：新华财经） 新华财经北京2月9日电据"中金点睛"，中金公司最新研报指出，大宗商品是全球资金多元化的受益资 产，当前能源、化工等多品种的估值与成本或已在偏底部区间，尽管短期波动加大，但由AI算力扩张 与能源转型驱动的刚性需求，以及部分品种的结构性供需缺口并未发生实质性变化，大宗商品的结构行 情可能尚未结束。中金策略大类资产团队认为凯文·沃什上任后的决策可能受到多重制约，短期内大幅 缩表的概率不高，美联储未必如市场担忧那样彻底转鹰。综上所述，随着短期情绪释放与交易拥挤度明 显下降，相关资源股行情并未结束，历经短期调整后中期有望重拾升势。 ...

Group 1 - The China Securities Regulatory Commission issued a notice regarding the overseas listing of Anhui Chip Quik Microelectronics Equipment Co., Ltd., allowing the company to issue up to 26,735,650 shares for listing on the Hong Kong Stock Exchange [1][5] - Chip Quik Microelectronics, listed on the A-share market since April 1, 2021, submitted its prospectus to the Hong Kong Stock Exchange on August 31, 2025, with China International Capital Corporation as the sole sponsor [1][5] - Established in 2015, Chip Quik Microelectronics is a global leader in the direct imaging lithography industry, providing core equipment for advanced information technology in the AI era, focusing on high-precision micro-nano lithography technology [1][5] Group 2 - According to Zhaoshang Consulting, Chip Quik Microelectronics is the largest supplier of PCB direct imaging equipment globally, with a market share of 15.0% as of 2024 [2][9] - As of June 30, 2025, Chip Quik Microelectronics is the only company globally that covers PCB, IC substrates, advanced packaging, and mask applications, and is one of only two domestic companies with products covering advanced packaging applications [2][9] - The company has the highest number of global advanced packaging customers as of June 30, 2025 [2][9]

格隆汇2月9日｜中金研报称，大宗商品是全球资金多元化的受益资产，当前能源、化工等多品种的估值 与成本或已在偏底部区间，尽管短期波动加大，但由AI算力扩张与能源转型驱动的刚性需求，以及部 分品种的结构性供需缺口并未发生实质性变化，我们认为大宗商品的结构行情可能尚未结束。中金策略 大类资产团队认为凯文·沃什上任后的决策可能受到多重制约，短期内大幅缩表的概率不高，美联储未 必如市场担忧那样彻底转鹰。综上所述，我们认为随着短期情绪释放与交易拥挤度明显下降，相关资源 股行情并未结束，历经短期调整后中期有望重拾升势。 ...

（文章来源：第一财经） 中金公司研报表示，大宗商品是全球资金多元化的受益资产，当前能源、化工等多品种的估值与成本或 已在偏底部区间，尽管短期波动加大，但由AI算力扩张与能源转型驱动的刚性需求，以及部分品种的 结构性供需缺口并未发生实质性变化，大宗商品的结构行情可能尚未结束。中金策略大类资产团队认为 凯文·沃什上任后的决策可能受到多重制约，短期内大幅缩表的概率不高，美联储未必如市场担忧那样 彻底转鹰。综上所述，随着短期情绪释放与交易拥挤度明显下降，相关资源股行情并未结束，历经短期 调整后中期有望重拾升势。 ...