来源：WEMONEY研究室 一桩3.5亿元的诈骗案，历经一审、二审至最高院后，仍未尘埃落定。近日， 光大银行 长春 分行再次起诉招行无锡分行等5名被告，要求赔偿包括3.5亿元本金及1.39亿元资金占用费， 合计索赔总额为4.89亿元。 近日，一桩十年前的银行大案再掀波澜。 据锦龙股份（000712.SZ）披露，其控股子公司中山证券收到一份《应诉通知书》，其中，光大银行长 春分行作为原告，一股脑起诉了招商银行无锡分行、中山证券、平安银行深圳分行和深圳国民基金等5 名被告，要求连带赔偿3.5亿元本金，以及1.394亿元资金占用费，涉案金额高达4.89亿元。 据了解，事件起因是一桩3.5亿元的诈骗案，原被告双方历经多次开庭，反转再反转，至今仍未尘埃落 定。而此案的背后，牵扯出种种金融业违规操作，有公司法人诈骗3.5亿，有银行人员收2000万好处 费，有银行人员未识别伪造的"萝卜章"。 上半场：3.5亿诈骗案始末 时间回溯至2013年，吉林通化市柳河县聚鑫源米业公司的老板刘孝义（下称老刘），因巨额债务和炒期 货亏损，急需一笔资金翻身。经人介绍认识了光大银行长春分行的员工张磊（支行行长助理，下称老 张），试图申请3.5 ...

A 股简称：招商银行 A 股代码：600036 公告编号：2026-003 招商银行股份有限公司 关于首席风险官任职资格核准的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 招商银行股份有限公司（简称本公司或招商银行）收到《国家金融 监督管理总局关于徐明杰招商银行首席风险官任职资格的批复》（金复 〔2026〕60号）。根据上述批复，徐明杰先生招商银行首席风险官的任 职资格已获得核准。 徐明杰先生担任本公司首席风险官的任期自2026年1月30日起生效， 至本公司第十三届董事会届满之日止。徐明杰先生的简历及相关信息请 参阅本公司刊登在上海证券交易所网站（www.sse.com.cn）和本公司网 站（www.cmbchina.com）的日期为2025年10月31日的董事会决议公告。 特此公告。 招商银行股份有限公司董事会 2026 年 2 月 2 日 ...

Core Viewpoint - Recent volatility in precious metal prices has prompted major banks, including China Merchants Bank and Postal Savings Bank of China, to issue risk warnings and adjust their trading policies to protect investors [1][2]. Group 1: China Merchants Bank Actions - China Merchants Bank announced adjustments to its "Zhaocai Gold" business due to increased volatility in domestic and international precious metal prices [1]. - Starting from February 2, 2026, the margin ratio for various gold contracts, including Au(T+D) and Ag(T+D), will be increased from 60% to 70%, while the price fluctuation limit remains unchanged at 15% [1]. - For the Ag(T+D) contract, if a one-sided market occurs, the fluctuation limit will increase from 19% to 25% starting the next trading day after the margin adjustment [1]. Group 2: Postal Savings Bank Advisory - Postal Savings Bank issued a warning regarding the significant fluctuations in precious metal prices, urging clients to enhance their risk awareness [2][3]. - The bank advised clients to assess their financial situation and risk tolerance carefully, recommending rational investment strategies and careful position management to mitigate potential losses from price volatility [2][3].

Core Viewpoint - The report highlights the premium rates of AH shares, with Northeast Electric (00042), Sinopec Oilfield Service (01033), and Zhejiang Shibao (01057) leading in premium rates, while CATL (03750), China Merchants Bank (03968), and Heng Rui Medicine (01276) are at the bottom of the list [1] Premium Rate Rankings - The top three AH shares by premium rate are: - Northeast Electric (00042) with a premium rate of 864.29% - Sinopec Oilfield Service (01033) with a premium rate of 361.80% - Zhejiang Shibao (01057) with a premium rate of 345.22% [1] - The bottom three AH shares by premium rate are: - CATL (03750) with a premium rate of -14.10% - China Merchants Bank (03968) with a premium rate of -4.16% - Heng Rui Medicine (01276) with a premium rate of 0.99% [1] Deviation Value Rankings - The top three AH shares by deviation value are: - Sinopec Oilfield Service (01033) with a deviation value of 89.71% - Northeast Electric (00042) with a deviation value of 34.53% - Zhongwei New Materials (02579) with a deviation value of 25.28% [1] - The bottom three AH shares by deviation value are: - Zhejiang Shibao (01057) with a deviation value of -53.92% - Changfei Optical Fiber (06869) with a deviation value of -35.50% - Nanhua Futures (02691) with a deviation value of -30.81% [1] Additional Insights - The report includes detailed tables showing the premium rates and deviation values for various AH shares, indicating significant disparities in market valuations between H-shares and A-shares [2]

Core Viewpoint - China Merchants Bank announced adjustments to the margin levels and price fluctuation limits for its "Zhaocai Gold" business due to increased volatility in domestic and international precious metal prices, aiming to mitigate market risks and protect investor interests [1][3]. Summary by Category Margin Adjustments - Starting from the close of trading on February 2, 2026, the margin ratio for contracts including Au (T+D), mAu (T+D), Au (T+N1), Au (T+N2), NYAuTN06, and NYAuTN12 will increase from 60% to 70% [1][3]. - The margin level for the Ag (T+D) contract will also rise from 60% to 70% on the same date [1][3]. Price Fluctuation Limits - For the Ag (T+D) contract, if a one-sided market occurs on February 2, 2026, the price fluctuation limit will increase from 19% to 25% starting the next trading day after the close [1][3]. - If no one-sided market occurs, the price fluctuation limit for Ag (T+D) will remain unchanged [1][3].

Core Viewpoint - The commercial aerospace sector is experiencing a surge in interest and investment, particularly from banks, driven by supportive policies and the potential for innovative applications of satellite technology in financial services [1][2][22]. Group 1: Policy and Industry Trends - Beijing has issued measures to promote the development and utilization of commercial satellite remote sensing data from 2026 to 2030, encouraging companies to build differentiated satellite constellations with clear commercial value and application prospects [1]. - Various industries, including traditional banking, are actively engaging in the commercial aerospace sector, with banks launching their own satellites [2][3]. Group 2: Bank Initiatives in Satellite Launches - On January 16, 2024, China Merchants Bank's "Zhaoyin Jinkui" and Shanghai Pudong Development Bank's "Pudong Digital" satellites were successfully launched [4]. - Both satellites are part of China's first global low-orbit satellite IoT constellation, "Tianqi Constellation" [5]. - The "Zhaoyin Jinkui" satellite is designed for high-precision monitoring of construction progress for first-hand mortgage properties, while the "Pudong Digital" satellite aims to enhance smart risk control and provide critical financial services during natural disasters [8]. Group 3: Evolution of Risk Control - The trend of banks launching satellites signifies a shift from traditional ground-based data reliance to a "heaven and earth collaboration" model for risk control [11][22]. - Satellite technology addresses the core pain point of information asymmetry in traditional risk management, providing banks with stable and objective data [13][14]. - For instance, the "Zhaoyin Jinkui" satellite can improve construction monitoring accuracy to over 95%, significantly enhancing post-loan inspection efficiency [14]. Group 4: Future Implications and Opportunities - The integration of satellite technology into banking operations not only enhances risk management but also opens new avenues for financing in the commercial aerospace sector, which has been traditionally challenging due to high barriers and lack of collateral [19][20]. - Banks' active participation in satellite launches may lead to deeper due diligence and value discovery in the commercial aerospace industry [20][21]. - The collective move of banks into the aerospace sector represents a critical leap in enhancing their core competitiveness and addressing inclusive finance challenges [22][23].

Core Viewpoint - The gold market experienced a significant drop in prices, with gold falling from 1252 CNY/g to 1142 CNY/g in a matter of minutes, marking a decline of over 9% on January 30, the largest single-day drop since 1983 [1][16]. Market Reaction - Following the price drop, many investors rushed to sell their gold holdings, with some reporting substantial profits from timely sales [1][5]. - The Shenzhen Shui Bei market saw a surge in activity, with some vendors selling gold bars worth millions in a single day, while others faced stock shortages due to high demand [3][8]. Price Trends - On February 1, gold prices were reported at 1262 CNY/g, with a recovery price of 1080 CNY/g, while silver prices were at 30.6 CNY/g, down from previous highs [5][10]. - The price of gold jewelry also saw a significant decline, with major brands reporting drops of up to 160 CNY/g within two days [14]. Investor Behavior - Some consumers opted to buy gold at lower prices, believing in its long-term value, while others were quick to sell due to market volatility [6][12]. - The market showed a mix of panic selling and opportunistic buying, with many investors expressing uncertainty about future price movements [8][10]. Institutional Response - Several banks have increased risk assessments for clients engaging in gold transactions, reflecting heightened market volatility and uncertainty [15]. - Analysts noted that the recent price drop was driven by an overheated market and external factors such as declines in the stock market, particularly following disappointing earnings reports from major companies [16].

Group 1: Gold and Silver Market Dynamics - Recent fluctuations in gold and silver prices have led to significant market reactions, with gold experiencing its largest single-day drop since 1983 and silver prices plummeting by as much as 36% in a single day [1] - The Shenzhen Shui Bei market has shown a split response, with some investors engaging in panic selling while others are seizing the opportunity to buy at lower prices, leading to a surge in gold purchases [1][2] - Many banks have issued risk warnings, advising investors to approach the market with caution and avoid impulsive trading behaviors [1] Group 2: Real Estate Sector Outlook - The A-share and Hong Kong real estate sectors have shown strong performance, with several brokerage firms indicating that despite ongoing profit pressures, positive signals are emerging in the market [2] - Factors contributing to this stabilization include a slight decrease in the number of second-hand homes listed in major cities, supportive policy measures, and historically low valuations in the sector [2] - Institutions like CITIC Securities and Shenwan Hongyuan suggest that the most challenging period for the real estate sector may be over, recommending a focus on high-quality companies with core resources and operational capabilities [2] Group 3: Telecommunications Tax Changes - Major Chinese telecom operators, including China Mobile, China Unicom, and China Telecom, announced a tax adjustment that will increase the VAT rate on mobile data, SMS, and broadband services from 6% to 9% starting January 1, 2026 [3] - This change is expected to have a direct impact on the revenue and profit margins of these telecom companies [3] Group 4: Federal Reserve Leadership Changes - The nomination of Kevin Warsh as the new Federal Reserve Chair by Trump has caused significant market turbulence and a reevaluation of the Fed's role [4] - Warsh's reformist stance is anticipated to lead to aggressive interest rate cuts and a reduction of the Fed's balance sheet, aiming to diminish the Fed's power and size [4] - However, his radical approach may heighten tensions within the Fed and the broader market, facing substantial resistance and uncertainty [4] Group 5: Shenzhen Economic Performance - Shenzhen's GDP reached 3.87 trillion yuan in 2025, marking a 5.5% year-on-year growth, the highest among the top five cities [5] - The city is recognized as a leader in industrial output and foreign trade, contributing 10% of the national total [5] - Shenzhen also excels in various key areas, including the total number of business entities, R&D investment intensity, international patent applications, and cross-border e-commerce scale [5] Group 6: Capital Market Regulation - Regulatory authorities have emphasized the need to consolidate the positive momentum in capital markets, focusing on risk prevention, enhanced regulation, and promoting high-quality development [6] - Plans to deepen reforms in the ChiNext board and implement measures to support new productive forces have been outlined [6] - The guidelines for strategic investors indicate a minimum holding ratio of 5%, encouraging long-term capital to engage more deeply in corporate governance [6] Group 7: Banking Sector Adjustments - Ningbo Bank has reduced its interest rate on demand deposits to 0%, with other banks also lowering rates on gold accounts due to increased market volatility [8] - This trend is part of a broader strategy to manage risks and lower funding costs, potentially paving the way for future reductions in loan interest rates [8] Group 8: Silver Market Auction - A silver building in Hunan, constructed with 2.5 tons of silver, is set to be auctioned at a valuation of only 6.88 yuan per gram, significantly below market prices, raising public interest in asset valuation methods [7] Group 9: Oracle's Financial Challenges - Oracle is facing significant financial pressure due to aggressive expansion in AI data centers, leading to considerations of layoffs affecting 20,000 to 30,000 employees and potential divestitures of its Cerner medical software division [10] - The company has seen its stock and bond prices under pressure as several banks have ceased lending to its data center projects, exacerbating its financing challenges [10]

Core Viewpoint - The successful launch of satellites by major Chinese banks marks a significant step in enhancing their financial services through advanced technology, particularly in risk management and data communication capabilities [1][2][3]. Group 1: Satellite Launches and Technology - China Merchants Bank launched the "Zhaoyin Jinkui" satellite, while Shanghai Pudong Development Bank launched the "Puyin Shuzhi" satellite, contributing to the formation of a low-orbit satellite communication matrix [1][2]. - The satellites are part of the "Tianqi Constellation," which aims to provide integrated IoT data communication services globally, enhancing capabilities in various sectors such as energy and agriculture [2]. Group 2: Risk Management and Financial Services - Satellite technology enhances banks' risk management capabilities by providing reliable financial information, thus addressing issues of information asymmetry [3]. - China Merchants Bank's self-developed risk management system utilizes high-resolution satellite imagery to monitor construction progress with over 95% accuracy, improving traditional post-loan inspection efficiency [3]. Group 3: Applications in Financial Services - Satellite technology can expand the coverage and precision of financial services, particularly in supply chain finance, rural finance, and green finance [4]. - Ping An Bank uses IoT devices monitored by satellites to track dairy cattle, addressing collateral issues and improving post-loan management [4]. Group 4: Resilience and Stability in Financial Infrastructure - Satellite communication technology helps banks maintain operations during ground communication disruptions, enhancing the resilience of financial infrastructure [5]. - China Merchants Bank is testing low-orbit satellite communication for disaster recovery systems, ensuring critical financial services can be quickly restored in extreme scenarios [5]. Group 5: Digital Transformation and Industry Impact - The satellite launches reflect the deepening digital transformation of the banking sector, enhancing communication systems and supporting the commercial satellite industry [6]. - Participation in the aerospace industry allows banks to improve their financial service capabilities in strategic areas while creating technological barriers [7]. Group 6: Challenges and Future Trends - While satellite technology offers unique advantages, it may lead to data monopolies and compliance risks, necessitating clear legal frameworks [7]. - The trend may result in a tiered ecosystem where major banks develop their satellite constellations, while smaller banks rely on data procurement from third-party services [7].

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