重要提示 1、鹏扬科技先锋混合型证券投资基金（以下简称本基金）已经中国证监会2025年12月10日证监许可 [2025]2750号文准予注册。 2、本基金是契约型、开放式、混合型证券投资基金。 3、本基金的基金管理人和登记机构为鹏扬基金管理有限公司（以下简称本公司），基金托管人为中国 工商银行股份有限公司。 4、本基金的募集对象为符合法律法规规定的可投资于证券投资基金的个人投资者、机构投资者、合格 境外投资者以及法律法规或中国证监会允许购买证券投资基金的其他投资者。 5、本基金自2026年2月25日至2026年3月17日通过基金份额发售机构公开发售。本基金的募集期限不超 过3个月，自基金份额开始发售之日起计算。本公司也可根据基金销售情况在募集期限内适当调整基金 发售时间，并及时公告。 6、本基金的基金份额发售机构包括本公司的直销机构和本公司指定的其他销售机构，详见本公告"五 （三）基金份额发售机构"。基金份额发售机构办理本基金开户、认购等业务的网点、日期、时间和程 序等事项参照各基金份额发售机构的具体规定。 本基金A类基金份额开通直销机构和其他销售机构销售渠道，C类基金份额开通其他销售机构销售渠 道，暂不开通 ...

Core Viewpoint - The four major state-owned banks in China have held meetings to outline their operational strategies for 2026, emphasizing high-quality development and risk management while aligning with national strategies and supporting domestic demand expansion [1][4]. Group 1: Business Focus and Strategy - Bank of China (BOC) highlighted the importance of global advantages, aiming to enhance global layout, product service capabilities, and compliance management [2]. - Agricultural Bank of China (ABC) emphasized its commitment to serving rural areas and supporting comprehensive rural revitalization, focusing on credit allocation to key sectors such as agriculture and rural development [2]. - China Construction Bank (CCB) aims to strengthen collaboration across various banking sectors and enhance financial service adaptability, particularly in supporting national technological self-reliance [3]. Group 2: Support for National Strategy and Domestic Demand - Industrial and Commercial Bank of China (ICBC) and ABC stressed the integration of investments in both physical and human capital, with a focus on expanding credit and bond investments to support domestic demand and innovation [4]. - CCB reiterated its commitment to supporting national strategies and expanding domestic demand while promoting sustainable development in financial services [4]. Group 3: Risk Management and Technology - All four banks emphasized the role of technology in risk prevention and management, with BOC focusing on credit risk control and proactive trend monitoring [5][6]. - ICBC plans to accelerate the implementation of an intelligent risk control platform to manage risks effectively across key sectors [6]. - ABC aims to mitigate credit risks in local government debt and real estate while maintaining high asset quality through enhanced technological resilience [6]. - CCB is focused on building a comprehensive and proactive risk control system to ensure early identification and management of risks [6].

Core Insights - The price of spot gold has surged, breaking the $5,500 per ounce mark, continuing its upward trend [2] - Banks are adjusting their gold accumulation business, with some lowering interest rates to 0% for demand deposits and increasing minimum investment amounts [3][4] - Experts emphasize that gold should be viewed as a risk hedge rather than a speculative investment tool [6] Summary by Category Gold Price Movement - As of January 29, 2026, spot gold reached a peak of $5,598.75 per ounce, marking a significant increase of nearly 30% since the beginning of the year [5][6] - The price has consistently broken through key levels, including $5,000, $5,100, $5,200, $5,300, and $5,400 in a short span [5] Bank Adjustments - Ningbo Bank announced changes to its gold accumulation product interest rates, with demand deposit rates dropping to 0% and various term rates adjusted [3] - Ping An Bank also revised its rates, with demand deposit rates set at 0.01% and term deposits adjusted accordingly [4] - Other banks, including Agricultural Bank and Industrial and Commercial Bank, have implemented similar measures, requiring risk assessment for clients engaging in gold accumulation [5] Investment Guidance - Experts advise that gold should serve as a "ballast" and "insurance" in asset allocation, primarily to hedge against extreme risks and stabilize overall portfolio volatility [6] - New investors are cautioned against treating gold as a means for quick wealth accumulation and are encouraged to adopt a disciplined investment approach, such as regular fixed investments [6]

1月21日，邮储银行发布《关于再次调整我行个人客户上海黄金交易所延期合约保证金比例的通知》 称，自北京时间2026年1月22日收盘清算时起，该行将对代理个人上金所业务（包括黄金延期合约和白 银延期合约）的交易保证金比例进行调整。其中：Ag（T+D）、Au（T+D）、Au（T+N1）、Au （T+N2）、mAu（T+D）合约保证金比例均从80%调整为120%。事实上，这已是邮储银行在一个月内 第三次对该行个人客户上金所延期合约保证金比例进行调整。 本报记者 杨洁 近期，多家银行发布调整个人客户上海黄金交易所（以下简称"上金所"）延期合约保证金比例的通知。 1月28日，建设银行发布通知称，自2026年1月29日（星期四）收盘清算时起，Au（T+D）、mAu （T+D）、Au（T+N1）、Au（T+N2）、NYAuTN06、NYAuTN12、Ag（T+D）合约的保证金比例从 44%调整为60%。 建设银行官方客服对记者表示，近期国内外贵金属价格波动加剧，市场风险提升，为顺应市场变化，保 护投资者权益，该行对个人客户上金所延期合约交易保证金比例进行调整，并提示投资者做好仓位控 制，理性投资。 工商银行1月27日发布通 ...

Group 1 - The core viewpoint of the article emphasizes the strategic focus of China's major state-owned banks on enhancing their business strengths and aligning with national strategies for economic growth and risk management [1][5][7] - The Bank of China highlighted the importance of high-quality development through a correct performance outlook, global advantages, and effective risk management [3][10] - Agricultural Bank of China stressed its commitment to supporting rural revitalization and urban-rural integration by directing financial resources towards key areas such as agriculture and rural development [3][6] Group 2 - China Construction Bank aims to enhance collaborative efforts across various banking sectors, focusing on technology-driven financial services and supporting national technological independence [4][7] - Industrial and Commercial Bank of China emphasized the integration of investments in both physical and human capital, with a focus on expanding domestic demand and supporting small and medium enterprises [6][11] - All four major banks underscored the role of technology in risk prevention and management, with specific strategies to address credit risks and enhance overall asset quality [9][10][11] Group 3 - The banks are committed to implementing intelligent risk control systems to proactively identify and manage risks, ensuring stability in asset quality [8][11][12] - The emphasis on supporting national strategies and expanding domestic demand is a common theme across the banks, reflecting a unified approach to economic development [5][6][7] - The focus on enhancing financial services for rural areas and integrating urban and rural development is a priority for Agricultural Bank of China, aligning with broader national goals [3][4][6]

Core Viewpoint - The price of gold has surged, breaking through the $5,500 per ounce mark, prompting banks to adjust their gold-related business practices, reflecting a cautious approach to compliance and risk management [1][6]. Group 1: Bank Adjustments - Banks are making adjustments in three main areas: lowering gold account interest rates, increasing investment thresholds, and strengthening risk assessments [1][4]. - For instance, Ningbo Bank has reduced its fixed deposit gold product rates, with current rates ranging from 0% for demand deposits to 0.5% for 12-month deposits, down from previous rates [2]. - Similarly, Ping An Bank is adjusting its gold accumulation business rates, with a decrease of 19-30 basis points across various terms [2][3]. Group 2: Increased Investment Thresholds - Several banks have raised the minimum investment amounts for gold accumulation products, such as Everbright Bank increasing its minimum from 1,000 yuan to 1,200 yuan within a short period [3]. - Agricultural Bank has also implemented a risk assessment requirement for clients wishing to engage in gold accumulation, necessitating a cautious risk profile [4]. Group 3: Risk Assessment Enhancements - Banks are enhancing risk assessment protocols, with institutions like ICBC requiring clients to achieve a minimum risk tolerance level of C3 (balanced) for gold accumulation products, up from C1 (conservative) [3][4]. - This shift indicates a significant increase in the risk profile required for clients, reflecting banks' concerns over market volatility and compliance [4]. Group 4: Market Dynamics and Investor Guidance - The recent surge in gold prices is attributed to heightened geopolitical risks and a weakening dollar, which has increased demand for gold as a safe-haven asset [6]. - Analysts suggest that while investing in gold remains viable, investors should be cautious of high volatility and avoid chasing prices, focusing instead on long-term strategies and asset allocation [7].

回顾2025年，银行股凭借"高股息"悄然走强，成为震荡市中的"压舱石"。 21世纪经济报道：一提到银行股，大家的印象就是"大盘稳定器"，在市场低迷时因其高股息和防御属性 表现亮眼。那么在2026年，您认为银行股的角色和整体表现逻辑会发生怎样的变化？ 杨德龙：2025年行情整体来看，呈现出典型的"哑铃型"结构分化。哑铃的一头是高股息的板块，银行股 无疑是最好的代表，很多大型银行股在2025年股价大幅上涨，甚至创出新高；哑铃的另一头是"十五 五"规划建议重点支持的科技创新行业，比如芯片、人形机器人、固态电池等。 其中，银行股大涨对于带动指数突破4000点起到了关键作用。在新"国九条"公布之后，上市公司普遍重 视通过现金分红来回馈投资者，银行股是最突出的板块。目前，很多银行股现金分红率甚至超过了 5%，远远高于银行理财、储蓄存款的收益，这对于险资、社保基金、公募基金等大机构，以及一些高 净值人群，吸引力是比较大的。 进入2026年，随着经济预期改善、市场情绪回暖，作为防御性板块的银行股，是会延续此前的稳健表 现，还是有望转型为分享经济复苏红利的顺周期"新主角"？ 日前，围绕2026年银行板块的投资逻辑、息差走势、配 ...

Group 1 - The core viewpoint of the article highlights that the Industrial and Commercial Bank of China (ICBC) has significantly increased its bond underwriting activities, with over 3,200 bonds underwritten and a total underwriting scale exceeding 2.2 trillion yuan in 2025 [1] - In terms of credit bonds, ICBC underwrote over 860 billion yuan for nearly 400 clients, marking a year-on-year growth of nearly 20% [1] - ICBC has taken the lead in issuing the first batch of technology innovation bonds, underwriting 130 bonds with a total scale exceeding 114 billion yuan, aimed at fostering new productive forces in the technology sector [1] Group 2 - In the context of high-level opening up, ICBC underwrote 46 panda bonds for 28 high-quality overseas issuers, with an underwriting scale of 25.5 billion yuan [1] - The bank also led the underwriting of the first panda bond for a U.S. client, the first panda bond for an African development institution, and the largest sovereign panda bond [1]

Core Viewpoint - The major state-owned commercial banks in China have outlined their development roadmap for 2026, focusing on political leadership, responsibility, and enhancing financial services to support high-quality economic development [1] Group 1: Focus on Main Responsibilities and National Strategy - State-owned banks are prioritizing credit resources and financial services towards national strategic areas and weak links in economic and social development, aiming for precise financial support [2] - Industrial and Commercial Bank of China (ICBC) aims to align with national policies, support the modernization of the industrial system, and enhance loan and bond investments [3] - Agricultural Bank of China emphasizes supporting rural revitalization and urban-rural integration, focusing on key areas like food supply chains and rural development [5] - Bank of China plans to accurately position itself within the national agenda, enhancing core functions and competitiveness while focusing on five key financial areas: technology, green finance, inclusive finance, pension finance, and digital finance [8][9] Group 2: Strengthening Risk Control and Compliance - Banks are prioritizing the prevention of systemic financial risks while balancing development and safety [10] - ICBC is enhancing its risk control through intelligent platforms, while Agricultural Bank is focused on managing risks in local government debt and real estate [11] - Compliance is being positioned as a core competitive advantage, with banks emphasizing strict auditing and risk management practices [15] Group 3: Deepening Reform and Innovation - Banks are committed to deepening reforms and driving digital transformation to improve service efficiency and customer experience [16] - ICBC is focused on enhancing its digital capabilities, while Agricultural Bank is advancing smart banking initiatives [17] - In the context of narrowing interest margins, banks are emphasizing cost reduction and efficiency improvements through optimized operations [19]

据香港交易所披露，贝莱德对中国工商银行股份有限公司 - H股的多头持仓比例于2026年1月23日从 4.98%增至5.09%。 ...