Core Insights - The "2025 Hurun China 500" report highlights TSMC as the highest-valued private enterprise in China, with a valuation increase of 3.5 trillion RMB, reaching 10.5 trillion RMB [1][4] - Tencent follows as the second highest, with a valuation growth of 1.9 trillion RMB, totaling 5.3 trillion RMB [1][4] - ByteDance ranks third, increasing its value by 1.8 trillion RMB to 3.4 trillion RMB [1][4] - Xiaomi enters the top ten for the first time, with a valuation increase of 357 billion RMB, reaching 1 trillion RMB [1][4] Top Ten Private Enterprises - TSMC: Valuation of 105,000 million RMB, growth of 50% [2][5] - Tencent: Valuation of 53,300 million RMB, growth of 56% [2][5] - ByteDance: Valuation of 34,000 million RMB, growth of 109% [2][5] - Alibaba: Valuation of 27,000 million RMB, growth of 75% [2][5] - CATL: Valuation of 18,600 million RMB, growth of 59% [2][5] - Pinduoduo: Valuation of 13,200 million RMB, growth of 16% [2][5] - Ping An Insurance: Valuation of 10,500 million RMB, decline of 15% [2][5] - Xiaomi: Valuation of 10,000 million RMB, growth of 56% [2][5] - BYD: Valuation of 8,720 million RMB, growth of 10% [2][5] - Huawei: Valuation of 8,500 million RMB, growth of 25% [2][5] Top Ten State-Owned Enterprises - Agricultural Bank: Valuation of 202,000 million RMB [3][6] - Industrial and Commercial Bank: Valuation of 274,000 million RMB [3][6] - State Grid: Valuation of 266,000 million RMB [3][6] - China National Railway Group: Valuation of 224,000 million RMB [3][6] - China Construction Bank: Valuation of 203,000 million RMB [3][6] - Kweichow Moutai: Valuation of 182,000 million RMB [3][6] - China Petroleum: Valuation of 176,000 million RMB [3][6] - Bank of China: Valuation of 170,000 million RMB [3][6] - China Mobile: Valuation of 175,000 million RMB [3][6] - CITIC Group: Valuation of 156,000 million RMB [3][6]

"现在办贷款再不用来回跑80公里了，家门口的服务站最快当天就能放款！"在新疆伊犁察布查尔县坎 乡，农牧民对农业银行在当地设立的"惠农服务站"赞不绝口。 "坎乡下辖8个行政村，常住人口1.37万人，辖内无一家银行，农牧民办理金融业务需前往县城，不仅耗 时费力，来回交通费用也是一笔不小的开支。"坎乡常务副乡长叶尔艾力表示，"农行惠农服务站填补了 我们乡的金融服务空白，服务站就在家门口，贷款额度足、放款快、利率优惠。现在整村授信能让更多 农户便捷地获得金融支持，老百姓切实感受到金融服务的温度和便利。" 整村推进，信用赋能直达田间。农行新疆伊犁察布查尔县支行还在坎乡推行信用工程建设。依托村"两 委"，实行"一村一档、一户一策"精准画像，匹配"惠农e贷"等多种产品服务。目前，该惠农服务站已为 当地2个行政村共161户农牧民建立信用档案。 自2025年3月以来，农业银行已在全国金融服务相对薄弱的乡村地区建成"惠农服务站"1700多个，有效 扩大惠农金融服务覆盖面，让更多金融活水精准浇灌乡村产业，助力推动乡村全面振兴。 银行频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 为填补农村地区金融服务空白，助力解决农民" ...

Group 1: Core Insights - The city of Heze, known as the "Peony Capital of China," is experiencing a vibrant atmosphere as it prepares for the upcoming Spring Festival, showcasing its unique industries such as peony cultivation and Hanfu culture [1] - Heze Agricultural Commercial Bank has introduced flexible credit products, including an 800,000 yuan "Peony and Chinese Herbal Medicine Loan," to support local farmers in preparing for the peak sales season of peony pots and cut flowers [1] - The People's Bank of China Heze Branch has been actively promoting financial services to support local enterprises, having visited over 400 peony industry entities and established credit files for more than 200, with a total of over 50 million yuan in credit funds disbursed [2] Group 2: Industry Developments - The Hanfu industry in Heze is witnessing a surge in online sales, with a 60% year-on-year increase in sales during the New Year shopping festival, driven by live-streaming sales efforts [2] - Financial institutions in Heze, including Hengfeng Bank, have launched specialized loan products for the Hanfu industry, with loan approval times reduced to within two working days, resulting in a total credit amount of 3.647 billion yuan for the industry, a 43.28% year-on-year increase [3] - As of the end of 2025, the balance of inclusive small and micro loans in Heze reached 94.47 billion yuan, growing by 20.28%, which is significantly higher than the overall loan growth rate [4]

农业银行网络金融部总经理杨宇红在致辞中表示，企业金融服务平台 9.0 版正式亮相，针对不同类型企业的经营特点，推出组合化、标准 化、定制化三大服务模式，实现服务能力和企业需求的精准匹配、深度契合 。 1 月 30 日上午，农业银行在宁波成功举办"耕耘数字沃土， e 企连接未来——中国农业银行'农银睿达'品牌暨企业金融服务平台 9.0 版 发布会"。农业银行党委委员、副行长王大军，政府机构代表， 30 余家央国企、高新技术企业代表，农业银行总行相关部门以及 11 家分 行有关单位负责人出席活动。 农业银行党委委员、副行长 王大军在致辞中指出，农业银行始终坚守服务实体经济初心，为满足各种类型市场主体所需，正式推出对公线 上统一服务品牌——"农银睿达"，并同步发布承载品牌核心价值的企业金融服务平台 9.0 版。"睿"代表智慧洞察，"达"象征通达成 就，"农银睿达"的根本使命，正是"耕耘数字沃土， e 企连接未来"，为全类型企业提供覆盖全场景、全周期的线上综合金融解决方案。 图："农银睿达"品牌暨企业金融服务平台 9.0 版成功发布 此次发布会展示了农业银行在金融科技领域的创新成果，彰显了国有大行服务实体经济的责任担 ...

北京商报讯（记者 宋亦桐）2月4日，农业银行发布《关于代理上海黄金交易所个人贵金属交易业务调 整延期合约保证金比例的通知》指出，近期国际贵金属市场价格波动加剧，个人客户交易类贵金属业务 市场风险上升。为切实保护投资者利益，农业银行定于自2026年2月5日（星期四）收盘清算时起，Au （T+D）、mAu（T+D）、Ag（T+D）合约的保证金比例从60%调整为80%。 相关合约交易保证金比例的后续调整，将另行通知。农业银行表示，请客户关注交易保证金比例变化及 持仓风险，合理控制持仓规模，理性交易。 ...

[Table_Page] 跟踪分析|银行 证券研究报告 [Table_Title] 2026 年 1 月社融前瞻 预计社融增速 8.3％ [Table_Summary] 核心观点： [Table_PicQuote] 相对市场表现 [分析师： Table_Author]倪军 SAC 执证号：S0260518020004 021-38003646 nijun@gf.com.cn 分析师： 林虎 SAC 执证号：S0260525040004 SFC CE No. BWK411 021-38003643 gflinhu@gf.com.cn -10% -2% 6% 14% 22% 30% 02/25 04/25 06/25 09/25 11/25 01/26 银行 沪深300 请注意，倪军并非香港证券及期货事务监察委员会的注册 持牌人，不可在香港从事受监管活动。 [Table_ 相关研究： DocReport] | 银行行业:浙江 163 家区域性 | 2026-02-03 | | --- | --- | | 银行全梳理——丈量地方性 | | | 银行（2） | | | 银行行业:政府债及春节取现 | 2026-02- ...

Group 1 - The core viewpoint of the news is that the state-owned large bank sector experienced an increase of 0.73% on February 4, with Postal Savings 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] - The main capital flow into the state-owned large bank sector was a net inflow of 399 million yuan, while retail investors saw a net outflow of 40.88 million yuan [1] Group 2 - Postal Savings Bank's stock closed at 5.11 yuan, with a rise of 1.59% and a trading volume of 1.8883 million shares, amounting to a transaction value of 959 million yuan [1] - China Bank's stock closed at 5.35 yuan, increasing by 1.33% with a trading volume of 2.7248 million shares, resulting in a transaction value of 1.455 billion yuan [1] - Agricultural Bank's stock closed at 6.67 yuan, with a slight increase of 0.15% and a trading volume of 3.0656 million shares, leading to a transaction value of 2.041 billion yuan [1] Group 3 - The main capital inflow for China Bank was 114 million yuan, accounting for 7.80% of the total, while retail investors had a net outflow of 32.22 million yuan [2] - Postal Savings Bank saw a main capital inflow of 90.38 million yuan, representing 9.42%, with retail investors experiencing a net outflow of 9.39 million yuan [2] - Construction Bank had a net capital outflow of 12.60 million yuan from main capital, while retail investors had a net inflow of 25.48 million yuan [2]

Core Viewpoint - International gold prices have experienced significant volatility, rebounding from a previous drop and surpassing the $5000 per ounce mark as of February 4, 2026, following a sharp decline earlier in the week [2][3]. Market Dynamics - Gold prices saw a dramatic fluctuation, peaking near $5600 per ounce on January 29, 2026, before plummeting nearly 10% on January 30, dropping below $4500 per ounce by February 2, and then rebounding with over a 6% increase on February 3 [3]. - Analysts from Guangzhou Futures Co. noted that concerns over future monetary policy, coupled with technical selling pressure due to crowded positions, contributed to the price drop. However, long-term factors such as central bank gold purchases and geopolitical risks are expected to support gold prices [5]. Risk Management Adjustments - Major state-owned banks have announced measures to strengthen risk management for gold investment businesses in response to price volatility. For instance, China Bank adjusted margin requirements and trading limits for gold and silver contracts starting February 3 and 4, respectively [6][8]. - Agricultural Bank also modified trading limits for gold and silver contracts effective February 3 and 4, respectively, to mitigate risks associated with market fluctuations [7][8]. Changes in Investment Products - Industrial and Commercial Bank of China announced limits on its gold accumulation business starting February 7, 2026, particularly on non-trading days, to manage risk exposure [10]. - Construction Bank raised the minimum investment amount for personal gold accumulation to 1500 yuan, reflecting a tightening of investment conditions amid increased market volatility [11]. Investor Guidance - Banks have urged clients to monitor changes in trading limits and manage their positions wisely, emphasizing the importance of rational investment strategies [9][11]. - Financial experts recommend a systematic approach to gold investment, such as regular contributions, to avoid the pitfalls of emotional trading during volatile periods [12].

Core Viewpoint - The A-share market experienced significant declines in various sectors, particularly in metals and banks, with a notable focus on bank stocks as a safe haven amid volatility in precious metals prices [1][3][4]. Group 1: Market Performance - On February 2, A-share non-ferrous metals led the decline with a drop of 7.62%, while steel, chemicals, coal, and oil and gas sectors also fell over 5% [1]. - The Shanghai Composite Index closed down 2.48%, with over 4,600 stocks declining and a trading volume of approximately 2.61 trillion yuan, a decrease of nearly 250 billion yuan from the previous trading day [3][4]. - The banking sector showed resilience, with certain banks like Citic Bank and Shanghai Bank posting gains of 2.64% and 1.62%, respectively, amidst the overall market downturn [4]. Group 2: Bank Sector Analysis - The banking sector has seen a significant correction, with the China Securities Bank Index dropping 6.76% as of January 30, with major banks like Pudong Development Bank and Agricultural Bank of China experiencing declines of 19.29% and 12.5%, respectively [4][5]. - Analysts believe that the peak of fund outflows from the banking sector has passed, with the sector's valuation becoming more attractive, as the median price-to-book (PB) ratio is around 0.57 and the median dividend yield has risen to over 4.5% [5][6]. - Recent reports indicate that passive fund outflows have been a major factor in the banking sector's recent adjustments, but the selling pressure is expected to diminish, allowing for potential recovery in bank stock prices [6][7]. Group 3: Institutional Insights - Institutions are starting to show interest in bank stocks, with reports indicating that active funds had reduced their holdings in bank stocks by 1.3 billion shares by the end of the fourth quarter [7]. - Several regional banks have announced stock buyback plans, which have been positively received by the market, reinforcing confidence in the banking sector's fundamentals [7].

2月4日，苇渡Windrose宣布，于近期启动总额超过1亿美元的C轮融资，其中C1轮由中国移动链长基金 领投，其他投资人还包括苇渡科技创始人韩文、法国工业地产商PRD等；同时，本轮还获得了中国工商 银行、中国建设银行、中国农业银行等银行的授信支持。C轮融资将主要用于加速公司的纯电重卡在获 得中美欧三地认证之后，在全球市场的量产布局和交付，以及推动比利时、法国、美国三地的总装交付 基地以及配套风光电+储能+快充基础设施建设。 ...