多家银行推出黄金挂钩结构性存款 随着国际金价的持续走强，与黄金相关标的挂钩的银行结构性存款也"火"了。 据梳理统计，截至目前，已经有交通银行、招商银行、兴业银行、民生银行、江苏银行、上海银行、上海农商银行等多家中资银行以及星展 银行、渣打银行等外资银行相继推出了此类特色存款产品。同时，甚至有部分热门产品还呈现了"上架即售罄"的热销状态。 多位银行业内人士表示，随着金价的不断创新高，当前和黄金挂钩的产品普遍都比较好卖，且近期储户存款大规模到期，不少投资者于近期 开始积极咨询起挂钩黄金的结构性存款情况。此外，多家上市公司也于近期披露了认购该产品情况，认购总规模也远超去年同期。 【导读】银行积极热销黄金挂钩结构性存款，上市公司认购规模远超去年同期 近期，多家银行App均推出了和黄金挂钩的结构性存款产品。例如，交通银行App显示了4款名为"稳添慧"的结构性存款产品，分别为黄金看 涨64天、黄金看跌64天、股指看涨36天和股指看跌36天。这些产品均为R1低风险产品，1万元起购，预期年化收益区间为0.5%—3.20%。 中国基金报记者 马嘉昕 记者查阅招商银行App发现，该行在售的黄金挂钩的结构性存款数量繁多，普遍期限在 ...

（文章来源：新华财经） 招商银行发布通告，该行将对零售黄金账户业务进行调整。自北京时间2026年2月2日起，黄金账户活期 及黄金账户定投按金额认购的起点调整为1200元。调整前已设置成功的定投计划（含普通定投与智能定 投）将继续执行，不受影响。调整后新发起的定投计划金额须满足该行最新起点要求。 ...

2026 年 01 月 27 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 林加力 S0350524100005 linjl01@ghzq.com.cn 证券分析师： 徐凝碧 S0350524110001 xunb@ghzq.com.cn [Table_Title] 2025Q4 营收利润加速增长，预计净息差趋势继 续向好 《招商银行（600036）2025 年三季报点评：Q3 营收同比增速转正，资产质量稳中向好（买入）* 股份制银行Ⅱ*林加力，徐凝碧》——2025-10-30 《招商银行（600036）2025 年中报点评：净利润 增速转正，资产质量稳中向好（买入）*股份制银 行Ⅱ*林加力，徐凝碧》——2025-09-02 《招商银行（600036）2024 年年报点评：资产规 模、客户存款和零售客户 AUM 增速突破两位数（买 ——招商银行（600036）2025 年业绩快报点评 最近一年走势 | 相对沪深 | 300 | 表现 | 2026/01/26 | | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 招商银行 | ...

日前，锦龙股份披露了一则关于中山证券的涉诉纠纷。这场缘起于10年前的通道业务案件，因牵扯到招 商无锡分行、中山证券、平安深圳分行、国民基金等诸多金融机构，在市场上引起广泛关注。 据悉，光大银行长春分行以原告身份发起诉讼，要求包括中山证券在内的共计五家被告连带赔偿3.5亿 元本金合1.394亿元资金占用费，涉案总金额合计4.89亿元。 事实上，早在十年前，光大银行长春分行就曾起诉要求招商无锡分行给付3.5亿元本息并承担违约责 任，但被二审驳回。十年后，光大银行长春分行扩大被告范围，以侵权责任纠纷向吉林省长春市中级人 民法院提起诉讼。 10年前的"萝卜章"旧案 这一场由光大银行发起的对多家金融机构的案件，最早要追溯到十年前，彼时法院已有判决，江苏省无 锡市人民检察院的起诉书亦有查明事实。 据悉，2013年下半年，刘孝义在他人介绍下，认识了时任光大银行汽车厂支行行长助理的张磊，刘孝义 虚构了聚鑫源公司需要资金购买粮食等用途，隐瞒了该公司背负巨额债务及自己炒作期货的事实，请求 张磊为聚鑫源公司从光大长春分行贷款3.5亿元，并承诺帮助张磊揽储提升工作业绩作为回报。 起初，二人为聚鑫源公司在光大长春分行获取贷款进行了一系 ...

| 交易日期 | | 证券代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | | 卖出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 026-01-27 | 招商银行 | 600036 | 38.1 1219.2 | 32 | 公開管家はある。 | 公為唐潔麗黛里 | | ка | 1月27日，招商银行大宗交易成交32万股，成交额1219.2万元，占当日总成交额的0.2%，成交价38.1 元，较市场收盘价38.1元持平。 ...

Core Viewpoint - The report highlights the current AH premium rates of various stocks, indicating significant disparities between H-shares and A-shares, with some stocks showing extremely high premiums while others exhibit negative premiums. Group 1: Top AH Premium Rates - Northeast Electric (00042) has the highest AH premium rate at 800.00% [1] - Zhejiang Shibao (01057) follows with a premium rate of 351.95% [1] - Beijing Machinery (00187) ranks third with a premium rate of 269.91% [1] - The top ten stocks with high premium rates include companies like Hongye Futures (03678) and Sinopec Oilfield Services (01033) with premium rates of 264.44% and 263.64% respectively [2] Group 2: Bottom AH Premium Rates - Contemporary Amperex Technology (03750) has the lowest AH premium rate at -12.95% [3] - China Merchants Bank (03968) and Heng Rui Medicine (01276) follow with rates of -3.26% and -2.69% respectively [3] - Other companies in the bottom tier include Wu Chai Power (02338) and Midea Group (00300) with positive but low premiums of 7.63% and 8.11% [3] Group 3: Top Deviation Values - Andeli Juice (02218) has the highest deviation value at 28.13% [4] - Goldwind Technology (02208) and Junshi Biosciences (01877) follow with deviation values of 23.37% and 16.76% respectively [4] - Other notable companies include Beijing Machinery (00187) with a deviation value of 12.63% [4] Group 4: Bottom Deviation Values - Zhejiang Shibao (01057) has the lowest deviation value at -39.21% [5] - Northeast Electric (00042) and Yangtze Optical Fibre and Cable (06869) follow with deviation values of -38.76% and -35.09% respectively [5] - Other companies with negative deviation values include Nanhua Futures (02691) and Chenming Paper (01812) [5]

Core Viewpoint - Daiwa Capital Markets maintains a "Hold" rating on China Merchants Bank (600036) but lowers the target price from HKD 52 to HKD 49, reflecting recent profit revisions and a lower long-term ROE forecast [1] Financial Performance - China Merchants Bank expects a 1.2% year-on-year increase in net profit for 2025, reaching RMB 150.2 billion, which exceeds both the bank's and market's expectations due to improvements in net interest income and a narrowing decline in non-interest income [1] - The bank's ROE is projected to decline by 105 basis points to 13.4% [1] Earnings Forecast Adjustments - The bank's earnings forecast for 2025 has been raised by 1%, while the forecasts for 2026 and 2027 have been reduced by 2.9% and 1.1%, respectively [1] Provision Coverage - The provision coverage ratio of China Merchants Bank has dropped below 400%, potentially due to stricter bad debt recognition standards and accelerated disposal of non-performing assets [1] - Despite the decline, the bank's provision coverage ratio remains above that of its peers [1]

招商银行预期2025年纯利同比增长1.2%至1,502亿元人民币，胜于该行及市场预测，主要是由于净利息 收入改善及非净利息收入的同比降幅持续收窄。招行料去年收入同比平稳; ROE跌105个基点至13.4%。 报告续提到，招商银行的拨备覆盖率骤降至400%以下，此现象可能源于更严格的坏账认列标准及加速 处置不良资产。尽管如此，招商银行的拨备覆盖率仍稳居同行水平之上。 智通财经APP获悉，大华继显发布研报称，续予招商银行(03968)"持有"评级，但将目标价由52港元下调 至49港元，以反映最新的盈利修订及较低的长期ROE预测，当中，该行调升招行2025年盈测1%，惟将 2026及27年预测分别下调2.9%及1.1%。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company's revenue growth turned positive in 2025, with a year-on-year increase of +0.01%, while the net profit attributable to shareholders grew by +1.2% [2][6] - Interest income increased by +2.0% for the year, with a notable acceleration in Q4, driven by a reduction in the decline of net interest margin [2][6] - Non-interest income decreased by -3.4% for the year, although fee income is expected to remain stable, and wealth management income is projected to grow due to market recovery [2][6] - Total assets grew by +7.6% year-on-year, with loans increasing by +5.4%, and a significant acceleration in Q4 [2][6] - The non-performing loan ratio remained stable at 0.94%, with a provision coverage ratio of 392%, indicating potential retail risk disturbances [2][6] Summary by Sections Revenue and Profitability - The company reported a revenue growth of +0.01% for the full year, with Q4 showing a growth of +1.6% after a -0.5% decline in the first three quarters [2][6] - The net profit attributable to shareholders increased by +1.2% for the year, with Q4 growth at +3.4% [2][6] - Interest income grew by +2.0% for the year, with Q4 growth accelerating to +2.9% [2][6] Asset Quality and Risk - The non-performing loan ratio was stable at 0.94% at year-end, with a provision coverage ratio of 392%, down by 14 percentage points [2][6] - Retail credit card overdue rates have decreased for three consecutive quarters, indicating stabilization in risk indicators [2][6] Growth and Scale - Total assets increased by +7.6% year-on-year, with loans growing by +5.4% [2][6] - Q4 saw a quarter-on-quarter loan growth of +1.7%, with expectations of early release of credit reserves for 2026 [2][6] Market Position and Valuation - The stock price has been affected by net outflows from bank index funds and real estate risk expectations, leading to a current A-share PB valuation of 0.88x for 2025 and 0.81x for 2026 [2][6] - The expected dividend yield for A-shares is projected to rise to 5.3% for 2025 and 5.4% for 2026, indicating clear dividend value [2][6]

Core Viewpoint - The A-share market continues to experience fluctuations, with a notable divergence in popular sectors under the "cooling" expectations, leading to a pullback in cyclical and dividend sectors [1] Group 1: Market Performance - As of January 26, the CSI Dividend Index has a 40-day return difference of -8.89% compared to the Wind All A Index, indicating significant underperformance [1] - The latest dividend yield of the CSI Dividend Index is 5.06%, while the yield of the 10-year government bond is 1.82%, highlighting the relative value of high dividend configurations [1][14] Group 2: Banking Sector Insights - Eight banks, including China Merchants Bank and Shanghai Pudong Development Bank, reported 2025 performance forecasts, with seven showing growth in both operating income and net profit attributable to shareholders, indicating a stable industry development [1] - China Merchants Bank achieved an operating income of 337.5 billion yuan, remaining stable year-on-year, and a net profit of 150.2 billion yuan, reflecting a 1.2% increase [1] Group 3: Investment Strategies - Long-term funds, represented by insurance capital, are increasingly investing in high-dividend assets, particularly in the banking and public utility sectors, due to the scarcity of high-yield assets in a low-interest-rate environment [2][21] - The CSI Dividend ETF (515080) tracks high-dividend stocks, reflecting the overall performance of the A-share market's high-dividend stocks [2][6] Group 4: Future Outlook - The insurance capital's stake acquisitions reached a near 10-year high in 2025, driven by the low-interest-rate environment and the need for stable high-dividend assets [2][21] - The regulatory framework is encouraging long-term capital to enter the market, which may provide stability and mitigate concerns over interest rate differentials [22]