Core Viewpoint - The majority of Chinese bank stocks have risen, with specific banks showing notable increases in their stock prices, indicating positive market sentiment towards the banking sector following a recent meeting by the People's Bank of China [1] Group 1: Stock Performance - Chongqing Bank (01963) increased by 3.6%, trading at 8.05 HKD [1] - Tianjin Bank (01578) rose by 2.53%, trading at 2.43 HKD [1] - China Merchants Bank (03968) saw a rise of 2.44%, trading at 48.66 HKD [1] - Postal Savings Bank (01658) increased by 2.15%, trading at 5.23 HKD [1] Group 2: Central Bank Meeting Insights - The People's Bank of China held a meeting to discuss the credit market for 2026, emphasizing the need to adapt to economic and financial changes during the 14th Five-Year Plan [1] - The meeting highlighted the importance of providing quality financial services to major strategies, key areas, and weak links [1] Group 3: Market Analysis - Analysts from Zhongtai Securities noted that the early-year credit issuance has been strong, with expectations for continued growth in credit supply throughout the year [1] - The new corporate lending rates have slightly decreased, while retail lending rates have stabilized, with new mortgage rates remaining at 3.06% for three consecutive quarters [1] - Despite expectations of interest rate cuts, the decline in interest margins is anticipated to be smaller than last year, supporting stable revenue and profit for banks [1] - The banking sector is characterized by strong performance certainty and stability, with high dividend yields, making it an attractive investment option [1]

Core Viewpoint - The upcoming maturity of a significant amount of deposits in China, estimated at 55 to 60 trillion yuan by 2026, will create a historical peak in the banking system, leading to a potential reallocation of funds and a "re-pricing" wave in deposits [2][14]. Group 1: Deposit Rates and Trends - Major banks are offering low interest rates on large time deposits, with rates around 1.4% to 1.55%, a stark contrast to rates above 5% prior to 2021 [1][13]. - The deposit renewal rate has been approximately 90% in recent years, but a decline to 80% could result in a potential outflow of around 14 trillion yuan, while maintaining the current rate could lead to about 7 trillion yuan [3][15]. Group 2: Impact of Market Conditions - The surge in household savings, exceeding 17 trillion yuan annually during 2022-2023, was driven by market volatility, leading to a significant accumulation of "excess savings" locked in long-term deposits [2][14]. - The reallocation pressure from these long-term deposits will peak in 2026, coinciding with a changing interest rate environment [2][14]. Group 3: Fund Allocation Predictions - It is anticipated that over 90% of maturing deposits will remain in the banking system as new time deposits, but an estimated 2 to 4 trillion yuan may flow into wealth management products and public funds, with 300 to 600 billion yuan expected to enter public funds [3][15]. - The shift in funds is expected to primarily favor low-risk assets, reflecting a cautious approach from residents towards higher-risk investments [5][17]. Group 4: Public Fund Strategies - Public funds are likely to attract maturing deposits through conservative products, particularly money market funds and short-term pure bond funds, which offer liquidity similar to demand deposits [6][18]. - The total scale of public funds is projected to reach 37.71 trillion yuan by the end of 2025, with money market funds comprising a significant portion [6][18]. Group 5: Misconceptions about Deposit Movements - There is a misconception that maturing deposits will lead to significant outflows into the capital market; however, most funds are expected to remain within the banking system for marginal optimization [11][23]. - The release of large deposits does not necessarily correlate with increased consumer spending, as a cautious mindset persists among residents [11][23].

Core Viewpoint - The upcoming maturity of a significant amount of deposits in China, estimated at 55 trillion to 60 trillion yuan by 2026, will lead to a major reconfiguration of the banking system and investment landscape, with implications for asset management and financial products [3][16]. Group 1: Deposit Maturity and Market Impact - By 2026, approximately 55 trillion to 60 trillion yuan in deposits will reach maturity, marking a historic peak for the banking system [3][16]. - The surge in household deposits, exceeding 17 trillion yuan annually since 2022, has created about 8 trillion yuan in excess savings, primarily locked in one to three-year term deposits [3][16]. - The reconfiguration pressure from these maturing deposits will intensify as they face a different interest rate environment compared to when they were deposited [3][16]. Group 2: Deposit Reallocation Predictions - If the deposit renewal rate drops to 80%, around 14 trillion yuan may be reallocated, while maintaining a 90% renewal rate would result in about 7 trillion yuan being reallocated [2][15]. - It is anticipated that over 90% of maturing deposits will remain in the banking system as new term deposits, with an estimated 2 trillion to 4 trillion yuan potentially flowing into wealth management products and public funds [4][17]. Group 3: Asset Management Industry Response - The asset management industry is expected to see a structural optimization rather than a massive influx of new capital, as the reallocation primarily targets low-risk assets similar to deposits [6][19]. - Public funds are likely to attract the incoming capital, particularly through conservative risk products such as money market funds and short-term pure bond funds, which are favored for their liquidity and expected returns [20][21]. - Fund companies are focusing on safety and have established mechanisms to manage risk and returns effectively, with a range of products tailored to different risk appetites [21][23]. Group 4: Misconceptions About Deposit Migration - There is a misconception that maturing deposits will lead to significant capital outflows into the market; however, much of the capital will remain within the banking system for marginal optimization [12][25]. - The release of large deposits does not necessarily correlate with a surge in consumer spending, as a cautious mindset persists among residents [12][25]. - Historical data indicates no direct relationship between the maturity of deposits and stock market performance, suggesting that the impact on equity markets may be limited [12][25].

网站：www.cmbchina.com 根据上银基金管理有限公司（以下简称"本公司"）与招商银行股份有限公司(以下简称"招商银行")签署 的销售协议和相关业务准备情况，自2026年2月5日起，招商银行将开始销售本公司旗下部分基金。 一、适用基金范围 ■ 注：在遵守基金合同、招募说明书及相关业务公告的前提下，销售机构办理各项基金销售业务的具体日 期、时间、流程、业务类型及费率优惠活动（如有）以销售机构的安排和规定为准。 二、投资者可通过以下途径咨询有关详情 1、招商银行股份有限公司 客户服务电话：95555 2、上银基金管理有限公司 网站：www.boscam.com.cn 客户服务电话：021-60231999 风险提示：本基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈 利，也不保证最低收益。基金投资有风险，投资者在做出投资决策之前，请认真阅读基金合同、招募说 明书（更新）和基金产品资料概要（更新）等法律文件，充分认识基金的风险收益特征和产品特性，认 真考虑基金存在的各项风险因素，并根据自身的投资目的、投资期限、投资经验、资产状况等因素充分 考虑自身的风险承受能力，在了解产品情 ...

根据国家金融监督管理局官网公告，最近几个月，工商银行济南分行、华夏银行长沙分行、郑州银行等 多家银行总行及地方分行的首席风险官任职资格获监管批复。 增设首席风险官 招商银行近日发布公告称，徐明杰先生招商银行首席风险官的任职资格已获得核准，任期自2026年1月 30日起生效。 在这一岗位设置渐成常态的背后，是银行业对风险管理的系统性升级。盘古智库高级研究员余丰慧分析 指出，银行普遍设立首席风险官职位背后的驱动因素主要是为了适应更加严格的监管要求、复杂多变的 市场环境以及提升内部风险管理水平。 国家金融与发展实验室副主任曾刚进一步表示，从监管层面看，金融机构全面风险管理体系建设的强化 要求成为直接推动力。从内部需求看，复杂多变的经济环境使得传统碎片化的风险管理模式难以应对系 统性风险挑战。 从自身发展看，招联首席经济学家、上海金融与发展实验室副主任董希淼也指出，近年来银行业不良资 产处置压力攀升，贷后管理难度加大，全面风险管理面临较大调整。此外，金融科技快速发展，还带来 了数据合规、反洗钱、新型金融诈骗等新型风险。 分析人士普遍认为，当前环境下，增设首席风险官强化风险管理体系势在必行。 在曾刚看来，首席风险官的核 ...

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 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: 招商银行股份有限公司（「本行」） 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 | 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) | 03968 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,590,901,172 | RMB | | 1 RMB | | 4,590,901,172 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 4,590,901,172 | RMB | | 1 RMB | | 4,590,901,172 | | 2. 股份分類 | 普通 ...

过去，银行一季度拼的是贷款总量。现在，招行对公业务的重心，正从"投多少"转向"投给谁"和"怎么 投"。其信贷资源正以前所未有的精度，从传统领域撤出，沿着国家战略与产业升级的链条进行重构。 这并非简单的行业轮动，而是一场从"资金中介"到"价值发现者"的深度转型。核心在于，银行能否建立 起与传统模式截然不同的产业认知与风险定价能力。 来源：贸易金融 招行今年的"开门红"，信号变了。 这种转变在年初的行业动态中清晰可见。银行客户经理拜访科技型中小企业时，讨论焦点不再是传统的 房产抵押，而是技术细节、专利价值和下游订单。这反映出信贷逻辑的底层变化：从依赖历史资产，转 向评估未来现金流和产业链地位。 政策导向强化了这一转型趋势。中国人民银行在2026年1月发布的《2025年第四季度货币政策执行报 告》中明确要求，商业银行要"优化信贷结构，把更多金融资源用于促进科技创新、先进制造、绿色发 展和中小微企业"。这为银行的信贷投向提供了明确的顶层指引。 行业经营压力则是转型的内在驱动力。根据国家金融监督管理总局2026年1月发布的监管数据，商业银 行净息差持续处于历史低位。这意味着，过去依靠规模扩张获取利息收入的粗放模式已难以 ...

Group 1 - The banking sector saw an increase of 1.51% on February 4, with China Merchants Bank leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] - Key stocks in the banking sector showed various performance metrics, with China Merchants Bank closing at 39.01, up 1.85%, and CITIC Bank at 7.35, up 1.66% [1] Group 2 - The banking sector experienced a net inflow of 1.133 billion yuan from main funds, while retail and speculative funds saw net outflows of 0.351 billion yuan and 0.782 billion yuan, respectively [1] - Major banks like China Merchants Bank and Industrial Bank had significant net inflows of 1.642 billion yuan and 0.322 billion yuan, respectively, indicating strong institutional interest [1] - In contrast, banks like Everbright Bank and CITIC Bank faced net outflows of 0.549 billion yuan and 0.239 million yuan, reflecting weaker retail sentiment [1]

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Core Viewpoint - The report highlights the premium rates of AH shares, with Northeast Electric, Zhejiang Shibao, and Sinopec Oilfield Services leading in premium rates, while CATL, China Merchants Bank, and WuXi AppTec are at the bottom of the list [1][2]. Premium Rate Rankings - The top three AH shares by premium rate are: - Northeast Electric (00042) with a premium rate of 815.25% - Zhejiang Shibao (01057) with a premium rate of 351.07% - Sinopec Oilfield Services (01033) with a premium rate of 303.37% [2] - The bottom three AH shares by premium rate are: - CATL (03750) with a premium rate of -12.99% - China Merchants Bank (03968) with a premium rate of -1.83% - WuXi AppTec (02359) with a premium rate of 3.29% [2] Deviation Values - The top three shares by deviation value are: - Guoen Technology (02768) with a deviation value of 64.57% - Goldwind Technology (02208) with a deviation value of 30.74% - Sinopec Oilfield Services (01033) with a deviation value of 27.72% [1][2] - The bottom three shares by deviation value are: - Junda Co., Ltd. (02865) with a deviation value of -49.44% - Zhejiang Shibao (01057) with a deviation value of -46.76% - Yangtze Optical Fibre and Cable (06869) with a deviation value of -34.58% [1][3].