Core Viewpoint - The article discusses the evolving landscape of financial institutions utilizing satellite technology for credit risk management and operational continuity, highlighting a shift from traditional data procurement to direct satellite deployment for enhanced data sovereignty and efficiency [1][5]. Group 1: Satellite Deployment by Banks - In January, China Merchants Bank's "Zhaoyin Jinkui" and SPD Bank's "Puyin Shuzhi" satellites were launched, marking a significant step in the banks' integration into the "Tianqi Constellation" low Earth orbit network [2][3]. - The satellites will enable direct data transmission to banks without third-party intermediaries, enhancing data sovereignty and operational efficiency [3][4]. - The deployment of these satellites represents a strategic shift in the banking sector's approach to utilizing aerospace technology for financial services [4][5]. Group 2: Differentiation in Banking Strategies - Banks are diverging into two main strategies: the "launching faction," which invests in hardware assets, and the "buying faction," which relies on data service procurement [7]. - Major banks like China Merchants Bank, SPD Bank, and Ping An Bank are leading the satellite launch initiatives, with Ping An having previously launched its own satellites [10][14]. Group 3: Cost and Technological Advancements - The cost of custom satellites has decreased significantly, making them more accessible for banks, with estimates ranging from millions to tens of millions of RMB [26][30]. - The ability to customize satellite payloads allows banks to meet specific operational needs, such as monitoring construction projects or environmental conditions [34]. Group 4: Risk Management and Operational Continuity - The integration of satellite technology into banks' risk management systems allows for real-time monitoring of collateral assets, enhancing the banks' ability to respond to potential risks [24][39]. - The concept of "financial disaster recovery" is emerging, with banks testing satellite communication systems to ensure operational continuity during extreme events [40][42]. Group 5: Empowering the Commercial Space Industry - Banks are increasingly interested in financing commercial space ventures, which have traditionally been viewed as high-risk due to their unique asset structures [48]. - China Merchants Bank's subsidiary has initiated a satellite leasing business, demonstrating a new financing model that aligns with the needs of the commercial space sector [49].

规模稳步扩张。期末资产总额 13.07 万亿元，贷款总额 7.26 万亿元，较年 初分别增长 7.56%和 5.37%；负债总额 11.79 万亿元，存款总额 9.84 万亿元， 较年初分别增长了 7.98%和 8.13%。 资产质量稳健，拨备覆盖率有所下降但依然处在高位。期末不良率 0.94%， 较 9 月末持平，较年初下降 1bp。期末拨备覆盖率 392%，较 9 月末下降约 14 个百分点，较年初下降约 20 个百分点，但依然处在高位。 证券研究报告 | 2026年01月24日 招商银行（600036.SH）2025 年业绩快报点评 优于大市 业绩底部明确，估值具备吸引力 营收增速和净利润增速都有所提升。2025 年全年实现营收 3375 亿元，同比 增长 0.01%，前三季度同比下降 0.5%。实现归母净利润 1502 亿元，同比增 长 1.2%，前三季度同比增长 0.5%。 营收微增，扭转了 2023-2024 年连续两年同比下降态势。公司 2023-2025 年 营收同比增速分别为-1.6%、-0.5%和 0.01%。营收增速微增核心来自于与净 利息收入增速转正，2023-2025 年净利息收入增 ...

Core Viewpoint - The first batch of 2025 performance reports from listed banks indicates significant improvement in performance metrics, with asset quality remaining stable [1][2]. Group 1: Performance Highlights - As of January 23, 2025, eight listed banks have released performance reports, with all achieving positive growth in net profit [2]. - Notably, the net profit of China Merchants Bank reached 150.18 billion yuan, showing a slight year-on-year increase, while Hangzhou Bank's net profit grew approximately 12% [1][2]. - Among the eight banks, the majority reported a slowdown in revenue growth, with only CITIC Bank experiencing a slight revenue decline of 0.55% [2]. Group 2: Asset Quality and Loan Performance - All eight listed banks demonstrated steady asset expansion, with smaller banks leading in growth rates [1][4]. - The non-performing loan (NPL) ratio remained favorable, with five banks maintaining NPL ratios below 1% [6][8]. - The NPL ratio for several banks improved, with Shanghai Pudong Development Bank showing the largest decline of 10 basis points to 1.26% [6][8]. Group 3: Provisioning and Coverage Ratios - Many banks increased their provisioning efforts, although the provision coverage ratios generally declined, indicating a strategy to use provisions to support profits [6][9]. - Among the eight banks, seven experienced a decrease in provision coverage ratios, with declines ranging from 5.82 to 58.77 percentage points [9][10]. Group 4: Future Outlook - Analysts predict that the net interest margin (NIM) for banks in 2026 will benefit from monetary policy, with a stabilization in the decline of NIM expected [1][10]. - Revenue and net profit growth for banks in 2026 is anticipated to improve, driven by NIM recovery and reduced credit costs [10][11]. - The banking sector is expected to maintain a stable dividend profile and benefit from economic recovery dynamics in 2026 [11].

出品 | 妙投APP 作者 | 刘国辉 编辑 | 丁萍 头图 | AI生图 新年伊始，作为招行的重要业务线之一，招行财富管理业务出现重要的人事调整，财富平台部总经理厉明东，将接任信用卡中心总经理。信用卡 中心原总经理刘加隆即将退休。总行零售金融总部总经理陆小荣，将兼任财富平台部总经理。 有意思的是，接管信用卡业务的厉明东，长期执掌财富管理业务。而即将担纲财富管理业务的陆小荣，出身并长期任职于信用卡中心。这一来一 去之间，有培养干部丰富履历的考虑，也有对于财富管理和信用卡业务协同的考量。 这形成了"双向奔赴"，厉明东从财富平台部调到信用卡中心，陆小荣则是长期任职于信用卡中心，在零售金融总部这个偏中后台支持的部门历练 后，走到了财富平台部这个前台业务部门。 而对于财富管理行业来说，不管是基金销售还是保险销售，招行都是非常重要的渠道。厉明东的调离，缺乏财富管理业务经验的陆小荣上任，对 于招行财富管理业务，会有怎样的影响？ 两大今昔明星业务之间的人事换防 厉明东早年在招行南京分行、深圳分行担任高管，2020年初担任总行财富管理部总经理，负责财富产品体系搭建、客户分层运营等，2021年 初，提出深耕大财富管理价值循环链 ...

Group 1 - IKEA launches instant retail service in partnership with JD.com, marking its entry into the instant retail sector, covering 13 stores across 9 cities in China [7] - Bubble Mart's Valentine's Day limited edition series "Star People" sees prices surge nearly 7 times, with popular hidden items selling for up to 699 yuan [5] - Ideal Auto plans to close underperforming stores as part of a strategic evaluation, with the number of closures yet to be determined [4] Group 2 - Tencent's anti-fraud department reported over 90 employees were dismissed for violating company policies, with some cases referred to law enforcement [4] - Intel's CFO indicates the company is operating at a "hand to mouth" state, focusing on high-end products due to supply constraints, which may affect market share in lower-end segments [4] - Amazon is set to initiate another round of layoffs affecting thousands of employees as part of a broader plan to reduce its workforce by approximately 30,000 [5] Group 3 - Tesla's Full Self-Driving (FSD) system is expected to be approved in China as early as next month, although the company has not confirmed any specific updates [6] - The Chinese securities regulator imposed a record fine exceeding 1 billion yuan on individual Yu Han for manipulating the stock market [7] - Toyota has incurred an additional cost of approximately 5.1 trillion yen over the past four and a half years due to rising prices in the automotive industry [10]

Group 1 - US stock market showed mixed results with Nasdaq and S&P slightly up while Dow Jones declined, Intel's stock plummeted by 17% due to poor earnings guidance, while Nvidia and other chip stocks provided support [1] - The dollar index continued to weaken, and gold futures reached an all-time high, with silver breaking the $100 mark for the first time, driven by severe weather that caused US natural gas prices to surge by 70% in a week [1] - European countries hold approximately $3.6 trillion in US Treasury bonds, representing 40% of the overseas total, which could be used as leverage against the US amid tariff pressures, although coordinated selling may lead to significant losses [2][19] Group 2 - Japanese Prime Minister Fumio Kishida's tax cut promises have raised market concerns, leading to a massive sell-off of Japanese government bonds, causing long-term bond yields to soar to multi-year highs [3][20] - The US oil service giant SLB stated it could quickly expand operations in Venezuela if permitted, being the only international oil service company currently operating there, with competitors like Halliburton also looking to re-enter the market [4][21] - Canadian billionaire Eric Sprott has significantly profited from investing in the struggling Hycroft Mining Company, with a return on investment of 678%, capitalizing on the bull market for gold and silver [5][22] Group 3 - Silver prices have historically surpassed $100 per ounce, with a year-to-date increase of 40%, driven by strong industrial demand and ongoing structural supply shortages [6][23] - Economists have revised their expectations, indicating that the Federal Reserve may delay interest rate cuts until June, with inflation pressures and a robust labor market reducing the urgency for rate reductions [7][24] - Nomura's chief economist suggested gradually increasing farmers' pensions to 1,000 yuan per month, which could significantly improve rural elderly income expectations and stimulate consumption [8][25] Group 4 - The A-share market saw a surge in the photovoltaic sector, with major investment from well-known funds in commercial aerospace and semiconductor industries, indicating a strong institutional interest [10][26] - Musk's support for space-based solar power has led to a significant rally in photovoltaic stocks, with over 30 stocks hitting the daily limit up, although the industry still faces substantial technical and cost challenges [11][28] - China Merchants Bank has become the first bank to surpass 13 trillion yuan in total assets, indicating a potential turning point in its financial performance, while other banks also reached significant asset milestones [12][29]

登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 招商银行股份有限公司2025年度业绩快报公告 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。 本公告所载2025年度主要财务数据为招商银行股份有限公司（简称本公司或本行）初步核算的集团口径 数据，未经会计师事务所审计，具体数据以本公司最终披露的2025年度报告财务数据为准，请投资者注 意投资风险。 一、主要财务数据和指标 ■ 注： 1. 基本每股收益和加权平均净资产收益率根据《公开发行证券的公司信息披露编报规则第9号一一净资 产收益率和每股收益的计算及披露》计算。本公司在计算基本每股收益和加权平均净资产收益率 时，"归属于本行股东的净利润"扣除了当期优先股股息和永续债利息，"加权平均净资产"扣除了优先股 和永续债。 2. 此处金融工具项目的余额未包含应计利息。 3. 归属于本行普通股股东的每股净资产按扣除优先股和永续债后的归属于本行普通股股东的权益除以期 末普通股股本总数计算。 4. 拨备覆盖率=贷款损失准备／不良贷款余额。 5. 贷款拨备率=贷款损失准备／贷款和垫款总额。 ...

Core Viewpoint - The banking sector is experiencing a trend of increasing mid-term cash dividends, with several banks announcing significant payouts, indicating a stable earnings outlook and attractiveness for conservative investors [1][2][4]. Group 1: Mid-term Dividends - As of January 23, 2025, Huaxia Bank and Chongqing Rural Commercial Bank distributed over 3 billion yuan in cash dividends, contributing to a total of 25 A-share listed banks that have completed dividend payouts [1][2]. - A total of 31 A-share listed banks announced mid-term dividends for 2025, with 25 having released their plans and completed payouts. The six major state-owned banks collectively distributed 204.657 billion yuan, with Industrial and Commercial Bank of China leading at 50.396 billion yuan [2]. - China Merchants Bank made its first mid-term dividend distribution of 25.548 billion yuan, with a per-share payout of 1.013 yuan, marking a 35% dividend ratio, the highest among listed banks [2]. Group 2: Investment Appeal - The banking sector remains attractive for stable funds due to its high dividend yield and stable earnings expectations, particularly for large banks and quality regional banks [3][4]. - Recent share buybacks by major shareholders and executives in banks like Nanjing Bank and Chongqing Rural Commercial Bank indicate confidence in the sector, with Nanjing Bank's major shareholder increasing its stake from 13.02% to 14.02% [3]. - Analysts suggest that the low-risk interest rate environment and the ongoing "asset shortage" make dividend-paying assets appealing, with banks signaling stable earnings growth and improved asset quality [3][4]. Group 3: Future Outlook - The banking industry is expected to continue its earnings recovery trend into 2026, with a stabilizing operating environment and potential for net interest margin recovery, which could enhance profitability [4]. - The market may see a divergence in performance, with high-dividend large banks and quality regional banks likely to outperform, while smaller banks may face challenges related to asset quality and profitability [4].

Core Viewpoint - The recent surge in international gold prices and rising risk aversion have led to a significant increase in the popularity of gold-linked structured deposits among banks and investors [1][5]. Group 1: Market Activity - Since the beginning of 2026, multiple banks, including both domestic and foreign institutions, have launched gold-linked structured deposit products, with terms ranging from 3 months to 12 months and minimum investment thresholds from 10,000 yuan to 10,000 USD [1][2]. - Notable products include the "Point Gold" series from China Merchants Bank, offering annualized returns of 1% to 1.78% based on gold price fluctuations, and the "Stable Add Wisdom" series from Bank of Communications, with returns ranging from 0.5% to 3.2% [2][3]. - Foreign banks like DBS Bank and HSBC China have also introduced gold-linked structured deposits, with DBS offering a 12-month product with returns of 1.5% and 4%, and HSBC linking its product to mining companies rather than directly to gold [3]. Group 2: Investor Behavior - Companies are increasingly investing in gold-linked structured deposits as part of their financial strategies, with firms like Fudan Zhangjiang and Geer Software disclosing significant investments in these products [5]. - The appeal of these structured deposits lies in their ability to provide capital protection while offering the potential for higher returns, making them attractive to both individual and institutional investors [5][6]. Group 3: Risk Considerations - Experts highlight the asymmetric nature of the returns from these structured deposits, where investors may only receive lower or middle-tier returns during significant price fluctuations, thus creating opportunity costs [4][8]. - The structured deposits are subject to liquidity risks, as they typically cannot be redeemed early, locking in funds for the duration of the investment [8]. - Investors are advised to carefully assess the terms of these products, including the conditions for achieving maximum returns and the potential for losses [8].

新华财经北京1月23日电人民银行23日开展1250亿元7天期逆回购操作，操作利率为1.40%，与此前持平；鉴于当日有867亿元7天期逆回 购到期，公开市场实现净投放383亿元。本周人民银行共开展11810亿元7天期逆回购操作，因当周有9515亿元7天期逆回购到期，公开市 场合计实现净投放2295亿元。 上海银行间同业拆放利率（Shibor）短期品种微幅下行。具体来看，隔夜Shibor下跌1.70BP，报1.3960%；7天Shibor下跌0.60BP，报 1.4910%；14天Shibor下跌1.30BP，报1.5770%。 上海银行间同业拆放利率（1月23日） 来源：全国银行间同业拆借中心 据上海国际货币经纪公司交易员消息，23日资金面整体呈现均衡态势。早盘隔夜押利率存单成交在加权+10BP和1.48%-1.50%位置，押信 用成交在1.55%-1.60%位置；7D资金押利率成交在1.53%和加权位置，押存单成交在1.53%-1.55%位置，押信用成交在1.54%-1.58%区间； 跨月14D资金押利率成交在1.58%位置，押信用成交堆积1.60%位置，公开市场操作后，资金面整体变化不大，隔夜押利率存单成交 ...