■ 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 adjustments by major banks in China, including China Agricultural Bank, China Merchants Bank, and Bank of China, are aimed at mitigating risks associated with significant fluctuations in precious metal prices, emphasizing the need for investors to manage their positions and invest rationally [1][2][5]. Group 1: Bank Adjustments - China Merchants Bank announced an increase in margin requirements for various gold contracts from 60% to 70% due to heightened volatility in precious metal prices, while maintaining a 15% limit on price fluctuations [1]. - Bank of China adjusted the margin for silver deferred contracts from 50.80% to 66.04% and increased the fluctuation limit from 19% to 25% if a unilateral market condition occurs [5]. - Agricultural Bank of China also indicated adjustments to the fluctuation limits for silver contracts, aligning with the Shanghai Gold Exchange's risk management guidelines [7]. Group 2: Market Implications - Industry experts suggest that these measures are intended to tighten risk controls, reduce trading leverage, and increase capital costs for investors, thereby curbing speculative behavior in the market [2][7]. - The adjustments are expected to enhance liquidity during extreme market conditions and reduce the probability of defaults, with other banks likely to follow suit in implementing similar risk management strategies [7]. - Banks are advising investors to carefully assess their risk tolerance and financial situation, urging a rational investment approach and close monitoring of market conditions to mitigate potential losses from price volatility [9][10].

Core Viewpoint - Recent fluctuations in international gold and silver prices have led to significant adjustments in banking operations and risk management strategies to protect investors amid heightened market volatility [1][9]. Group 1: Market Fluctuations - On February 2, gold futures dropped below $4,500 per ounce, with silver prices experiencing a cumulative decline of approximately 40% from the peak on January 29, while gold prices fell by about 20% [1]. - The current market environment reflects a high volatility phase influenced by macroeconomic expectations, technical overbought conditions, and profit-taking by investors [9]. Group 2: Banking Responses - China Merchants Bank announced adjustments to its "Zhaocai Gold" business, increasing margin requirements for various gold and silver contracts from 60% to 70% to mitigate market risks [2]. - The Agricultural Bank of China implemented a risk assessment requirement for clients engaging in gold accumulation services, mandating a cautious risk tolerance rating [7]. - The Bank of China adjusted margin requirements for silver contracts, increasing the margin from 50.80% to 66.04% in case of a one-sided market [7]. Group 3: Investor Guidance - Banks are advising investors to enhance their risk awareness, control their positions, and avoid impulsive trading behaviors in light of the current market uncertainties [3][8]. - Financial institutions are promoting a strategy of maintaining a rational investment mindset, suggesting that investors should consider long-term perspectives and diversify their asset allocations [9].

邮储银行也于当日发布公告称，近期国内外贵金属市场价格波动剧烈，不确定因素显著增多。为保护黄 金积存、实物贵金属业务客户利益，该行特别提示相关客户，请客户加强风险防范意识，在审慎评估自 身财务状况及风险承受能力的基础上，理性投资、合理配置、避免追涨杀跌，密切关注贵金属行情变 化，控制持仓规模，防范贵金属价格波动带来的资金损失。 除了风险提示，多家银行依据上海黄金交易所最新通知，宣布调整黄金、白银延期合约涨跌幅限制，上 调相关合约保证金比例。 2026.02.02 本文字数：1710，阅读时长大约3分钟 作者 |第一财经 亓宁 面对黄金价格从历史性暴涨到历史性暴跌，银行的风险提示和风控手段调整频率明显提高。 2月2日，黄金白银延续跌势，国际黄金现货价格一度跌至4403.64美元/盎司，日内最大跌幅超过9%；国 际白银现货价格最低触及71.33美元/盎司，日内最大跌幅接近15%。 同日，工商银行再度发布《关于加强防范贵金属市场价格波动风险的提示》称，近期国际贵金属市场波 动率显著增加，引发价格快速变化，风险进—步显现，提醒客户在审慎评估自身风险承受能力的基础 上，保持理性投资心态，避免盲目追涨杀跌。"建议从中长期视 ...

Core Viewpoint - The article discusses the significant volatility in the gold and silver markets, leading banks to increase risk warnings and adjust their risk management measures in response to the sharp price fluctuations [2][3]. Group 1: Market Volatility - On February 2, international gold prices fell to $4,403.64 per ounce, with a maximum daily drop exceeding 9%, while silver prices hit a low of $71.33 per ounce, with a drop close to 15% [2]. - Banks, including Industrial and Agricultural Banks, issued warnings about the increased volatility in the precious metals market, urging clients to assess their risk tolerance and maintain a rational investment approach [2][3]. Group 2: Risk Management Adjustments - Several banks announced adjustments to the margin requirements for gold and silver futures contracts in response to the volatility. For instance, Industrial Bank raised the margin for silver contracts from 60% to 66% on February 2 [4]. - Prior to this, on January 28, Industrial Bank had already increased the margin for various gold contracts from 43% to 60% and for silver contracts from 47% to 60% [4]. - Agricultural Bank also adjusted the price fluctuation limits for silver contracts, increasing the limit from 19% to 25% if a one-sided market condition occurs [5]. Group 3: Client Advisory - Banks emphasized the importance of clients maintaining awareness of market changes and controlling their positions to mitigate risks associated with price fluctuations in precious metals [3][5]. - Postal Savings Bank similarly advised clients to strengthen their risk awareness and rationally allocate investments based on their financial situations and risk tolerance [3].

Core Viewpoint - The recent sharp decline in international gold and silver prices has raised concerns about a potential bubble in the precious metals market, driven by speculative buying and changes in monetary policy expectations following the nomination of Kevin Warsh as the next Federal Reserve Chair [4][20]. Price Movements - On February 2, international spot gold prices fell by 10% to $4,402 per ounce, marking a new low since January 8, with a three-day decline exceeding 20% and a drop of over $1,000 from the January 29 peak [1][4]. - International spot silver prices dropped over 16% to $71.31 per ounce, with a three-day decline reaching 40%, nearly erasing January's gains [1][4]. Market Reactions - The significant price drop on January 30 was attributed to a sudden reassessment of the dollar and dollar-denominated assets, leading to the largest single-day decline in gold prices since the early 1980s, with a total market value loss of $7.4 trillion [4][7]. - Retail interest in gold surged, with reports of long queues at gold shops for selling and buying, indicating a strong consumer response to the price fluctuations [9][10]. Institutional Insights - Analysts have warned of a "gold bubble," suggesting that recent price movements were largely driven by retail investors, similar to previous market bubbles [7]. - Major banks, including China Merchants Bank and Postal Savings Bank, have issued risk warnings regarding the volatility in precious metal prices, adjusting margin requirements for gold and silver trading [12][13][14]. Future Outlook - Industry experts predict continued volatility in gold prices, advising investors to wait for stabilization before making significant purchases, while maintaining a long-term bullish outlook on gold due to underlying economic factors [19][20].

Core Viewpoint - The recent volatility in gold and silver prices has prompted banks to increase their risk warnings and adjust their risk control measures significantly. Group 1: Price Volatility - On February 2, international gold prices fell to $4403.64 per ounce, with a maximum daily drop exceeding 9%, while silver prices hit a low of $71.33 per ounce, with a drop close to 15% [1] - Agricultural Bank and Postal Savings Bank both issued warnings about the significant fluctuations in precious metal prices, urging clients to assess their risk tolerance and maintain a rational investment mindset [1][2] Group 2: Risk Management Adjustments - Industrial and Commercial Bank of China (ICBC) announced an increase in the margin ratio for personal clients trading silver contracts from 60% to 66% effective February 2, following a notice from the Shanghai Gold Exchange [2] - On January 27, ICBC had already raised the margin ratio for gold and silver contracts due to increased market risks, with gold contract margins adjusted from 43% to 60% and silver from 47% to 60% [3] - China Merchants Bank also raised the margin ratio for its gold and silver contracts to 70% on February 2, while maintaining the price fluctuation limit for gold contracts at 15% [4] Group 3: Client Advisory - Banks are advising clients to avoid impulsive trading behaviors such as chasing price increases or selling off during declines, emphasizing the importance of monitoring market conditions and controlling position sizes [1][2] - The banks are also adjusting the entry requirements for personal gold accumulation business, raising the minimum subscription amounts in response to the recent price surges [4]

Core Viewpoint - The recent decline in the A-share market is primarily driven by external liquidity shocks and internal capital withdrawal, with a significant impact from the hawkish stance of the new Federal Reserve chairman [2]. Group 1: Market Decline Reasons - The core trigger for the market drop is the hawkish expectation of the Federal Reserve's balance sheet reduction, leading to a global liquidity repricing [2]. - The A-share market, which has been largely liquidity-driven since the bull market began on September 24, 2024, is particularly sensitive to changes in policy expectations [2]. - Domestic factors, including reduced leverage by exchanges and significant ETF redemptions, have further suppressed market sentiment, with a record net redemption of 780 billion yuan in January [2]. Group 2: A-share Market Outlook - The current pricing of the A-share market reflects a certain bias against the Federal Reserve's hawkish stance, with expectations that the new chairman will balance interest rate cuts with the realities of dollar liquidity [3]. - As the market approaches a reasonable valuation, regulatory goals for cooling the market will likely be achieved, leading to a potential shift towards more positive policy [3]. - Historical patterns suggest a strong likelihood of a spring rally between the Lunar New Year and the Two Sessions, with a historical probability of around 90% for market gains during this period [3]. - Defensive attributes are expected from undervalued domestic assets during periods of external volatility, as evidenced by the resilience of banking and food and beverage sectors [3]. - Following stabilization of market sentiment, there is potential for continued investment in AI technology and overseas manufacturing, alongside increased allocation to high-dividend sectors like banking and consumer goods to enhance portfolio resilience [3].

Core Viewpoint - Recent volatility in domestic and international precious metal markets has significantly increased uncertainty, prompting banks to issue warnings and adjust trading parameters to protect investors [1][3][4]. Group 1: Agricultural Bank - Agricultural Bank has issued a warning regarding the severe fluctuations in precious metal prices, urging clients to assess their risk tolerance and financial situation before engaging in trading [1][4]. - The bank announced adjustments to the trading limits for silver contracts under its Gold Market Access service, increasing the price fluctuation limit from 19% to 25% if a one-sided market condition occurs starting February 2, 2026 [1][5]. - Clients are advised to monitor market changes closely and manage their positions effectively to mitigate risks associated with market volatility [1][5]. Group 2: Postal Savings Bank - Postal Savings Bank has also highlighted the increased volatility in precious metal markets, advising clients to enhance their risk awareness and make rational investment decisions [1][5]. - The bank emphasizes the importance of avoiding impulsive trading behaviors and maintaining a balanced portfolio in light of the current market conditions [1][5]. Group 3: China Merchants Bank - China Merchants Bank has announced adjustments to its "Zhaocai Gold" business, increasing the margin requirement for various gold contracts from 60% to 70% due to heightened market volatility [3][7]. - The fluctuation limit for the Ag (T+D) contract will be raised to 25% if a one-sided market condition is observed, while it remains unchanged at 15% if not [3][7]. - These measures are aimed at safeguarding investor interests and mitigating market risks [3][7].

招商银行今日发布公告称，该行收到《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，至招商银行第十三届董事会届满之日止。 责任编辑：山上 银行频道更多独家策划、专家专栏，免费查阅>> ...