全仓登与浙商银行上海分行的仓单质押产品可为出质人提供流贷、银票、国内证等多种形式的融资支 持，满足借款主体"短、频、快"的融资需求，助力破解"融资难、融资贵"的行业困局。其中，流贷可实 现日内放款，按天计息。此外，浙商银行创新打造"仓单池"融资模式，有助于增强仓单置换灵活度。在 本次合作中，双方已成功落地首单现货仓单质押融资业务。上海某有色金属有限公司以电解铜电子仓单 作为质押标的，获得浙商银行上海分行融资支持，业务办理过程方便、快捷。 中新网上海2月9日电 (高志苗)记者9日从全国性大宗商品仓单注册登记中心(下称全仓登)获悉，全仓登 近日与浙商银行上海分行正式合作上线仓单质押融资产品，并完成首单放款。该业务依托全仓登现货仓 单登记系统，以大宗商品电子仓单为质押标的，探索形成以全仓登仓单为核心的标准化融资服务模式， 为实体企业提供更加便捷、高效的融资支持。 上海市近期发布《中共上海市委关于制定上海市国民经济和社会发展第十五个五年规划的建议》《加强 期现联动 提升有色金属大宗商品能级行动方案》等文件，提出支持全仓登建设，并要求逐步实现仓单 登记关键有色金属产品的全覆盖，稳步拓展仓单质押、贸易、交易等应用场景。此 ...

在浙江，经济的脉动不仅激荡于高楼林立的都市，还深深扎根于县域村庄的田间地头、工厂车间的流水 线上。从淳安下姜村集体经济迸发出的盎然生机，到衢州山涧里的清水鱼游出一条条共富路，再到丽水 莲都的阀门"小巨人"扬帆出海……这一幅幅生动鲜活的产业图景，正是浙江经济高质量发展的微观切 片，也是共富路上最具活力的注脚。 不久前召开的浙江两会，再次对聚焦共同富裕先行示范，推动城乡一体融合高质量发展进行部署，作为 共同富裕探路先锋，浙江高质量发展建设共同富裕示范区迎来关键时期。 金融是实体经济的血脉，其活水的流向与效能，关乎着共富的成色。作为根植浙江的全国性股份制商业 银行，浙商银行始终坚守"深耕浙江"首要战略，扎实开展普惠金融服务，坚持将金融资源精准滴灌至社 会经济最活跃、最需要滋养的万千小微企业、个体工商户及乡村经营主体等，以源源不断的金融活水， 激发浙江经济肌体的内生活力，为共同富裕示范区建设夯基垒台。 创新场景方案，破解村集体融资难题 乡村振兴，关键在产业，难点在资金。如何让村集体经济"转"起来，让沉寂的内在资产"动"起来，是一 道发展必答题。在千岛湖畔的淳安县下姜村，一场关于金融服务模式的变革正在悄然进行。 作为当 ...

Core Insights - The report focuses on fixed income + products issued by wealth management companies, highlighting superior performing products available for investors through distribution channels [1] - A ranking of products is provided based on their annualized performance over the last month, three months, and six months, with a particular emphasis on the three-month annualized yield to reflect their performance amid recent market fluctuations [1] Distribution Channels - The report includes a list of 28 distribution institutions, which consist of major banks such as Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China, and others [1] Product Performance - The ranking showcases various products with their respective annualized yields, indicating the performance metrics over different time frames, such as 2.64% for one month and 9.11% for three months for a specific product [5] - The data is sourced from the South Finance Financial Terminal, with statistics as of February 5, 2026, providing a snapshot of the current market offerings [5][10]

Core Insights - The article focuses on the performance of minimum holding period RMB public offering products, ranking them based on annualized returns for holding periods of 7, 14, 30, and 60 days [1] Group 1: 7-Day Holding Period Products - The top-performing product is from Minsheng Bank with an annualized return of 7.56% [5] - Other notable products include a 6.98% return from Shanghai Bank and a 6.04% return from Minsheng Bank [5] Group 2: 14-Day Holding Period Products - The leading product is from Minsheng Bank with a return of 7.39% [8] - China Bank follows with a return of 4.44% [8] Group 3: 30-Day Holding Period Products - The highest return is 18.14% from Hangzhou Bank [12] - Other significant returns include 12.34% from Minsheng Bank and 9.72% from Minsheng Bank [12][13] Group 4: 60-Day Holding Period Products - The top product is from China Bank with a return of 9.33% [15] - Other products include 5.95% from Shanghai Bank and 5.54% from Huaxia Bank [15][16]

Investment Rating - The industry rating is "Buy" [4] Core Views - The trade return ratio has turned positive again, and the service trade deficit has significantly narrowed [16][18] - The cross-border capital flow is expected to gradually return, positively impacting domestic liquidity [5][19] - The service trade deficit for December 2025 was 966 billion CNY, a year-on-year decrease of 466 billion CNY, with a full-year deficit of 13,760 billion CNY, down 2,544 billion CNY, approximately 16% [18] Summary by Sections 1. Current Observation - The State Administration of Foreign Exchange (SAFE) released data on China's international balance of payments for December 2025, indicating a potential impact on the central bank's willingness to settle foreign exchange [16] - The trade return ratio is at a historical high, with a monthly unconverted trade net outflow of 447 billion CNY, a year-on-year increase of 1,392 billion CNY [17] 2. Arbitrage Trading Returns - The arbitrage trading return rate for 10Y US Treasury bonds in CNY has dropped significantly to -1.77%, indicating a shift in cross-border capital dynamics [17] 3. Service Trade Deficit - The service trade deficit has narrowed significantly, with major contributions from improved policies for foreign visitors, reduced international shipping costs, and enhanced competitiveness in high-tech services [18] 4. Cross-Border Liquidity Outlook - Despite the recent appointment of Kevin Warsh as the next Federal Reserve Chair, the trend of cross-border capital return is expected to continue, influenced by the Fed's monetary policy stance [19][21] - The short-term liquidity in the US remains tight, with limited space for balance sheet reduction, while long-term prospects depend on economic performance [20][21]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 I. 法定/註冊股本變動 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 浙商銀行股份有限公司 (「本行」) 呈交日期: 2026年2月5日 | 1. 股份分類 | 普通股 | 股份類別 H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02016 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,920,200,000 | RMB | | 1 RMB | | 5,920,200,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 5,920,200,000 | RMB | | 1 RMB | | 5,920,200,000 | | 2. 股份分類 | 普 ...

Group 1 - The banking sector saw an increase of 1.51% on February 4, with China Merchants 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] - Key stocks in the banking sector showed various performance metrics, with China Merchants Bank closing at 39.01, up 1.85%, and CITIC Bank at 7.35, up 1.66% [1] Group 2 - The banking sector experienced a net inflow of 1.133 billion yuan from main funds, while retail and speculative funds saw net outflows of 0.351 billion yuan and 0.782 billion yuan, respectively [1] - Major banks like China Merchants Bank and Industrial Bank had significant net inflows of 1.642 billion yuan and 0.322 billion yuan, respectively, indicating strong institutional interest [1] - In contrast, banks like Everbright Bank and CITIC Bank faced net outflows of 0.549 billion yuan and 0.239 million yuan, reflecting weaker retail sentiment [1]

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].

Core Viewpoint - Shandong Province aims to reform and restructure rural commercial banks and village banks while deepening internal control and risk management actions in urban commercial banks, highlighting the importance of a well-distributed financial service network for regional economic vitality and development potential [2]. Financial Institutions Overview - As of now, Shandong Province has a total of 219 banking legal entities, including 170 first-level branches and 250 second-level branches, with a total of 639 headquarters and branches, supported by 14,700 other outlets [2]. - The core components of Shandong's banking industry include joint-stock banks, urban commercial banks, and rural commercial banks, which work collaboratively to outline a clear regional banking landscape [2]. Joint-Stock Banks - Joint-stock banks play a pivotal role in Shandong's banking sector, characterized by a "leading head, focused core, and precise efforts" strategy, connecting national financial markets with local economies [3][4]. - As of September 2025, Hengfeng Bank, the only national joint-stock commercial bank with independent legal status in Shandong, has total assets of 1.568726 trillion yuan, nearing the 1.6 trillion yuan mark [4]. - National joint-stock banks have established 25 first-level branches and 119 second-level branches in Shandong, with a notable presence in Jinan, Qingdao, and Yantai [4]. Urban Commercial Banks - Urban commercial banks are essential local financial institutions in Shandong, leveraging geographical and service advantages to empower local economies and improve livelihoods [5][6]. - Shandong has 14 local urban commercial banks, including Qilu Bank and Qingdao Bank, along with branches from three non-local urban commercial banks, forming a comprehensive service matrix across the province [5]. Rural Commercial Banks - Rural commercial banks are the most numerous banking entities in Shandong, with 110 institutions focused on serving rural areas and supporting agricultural development [7][8]. - These banks provide a full range of financial services, effectively addressing issues of financing difficulties in rural regions [7]. - Additionally, 91 village banks complement rural commercial banks by extending financial services to remote areas, creating a multi-layered and comprehensive rural financial service system [8]. Future Outlook - Despite facing challenges such as smaller scales and weaker risk resistance, rural commercial banks in Shandong are deepening reforms and enhancing service capabilities, with asset quality steadily improving [8]. - Experts suggest that the three banking groups—joint-stock banks, urban commercial banks, and rural commercial banks—should continue to leverage their strengths and address development challenges to support high-quality economic growth and rural revitalization in Shandong [8].

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report provides a comprehensive analysis of 163 regional banks in Zhejiang Province, highlighting their asset and liability structures, profitability, and asset quality [6][20] - The asset growth rate for major city commercial banks in Zhejiang is 9.4%, which is lower than the 14.2% growth rate of listed city commercial banks, while major rural commercial banks show an asset growth rate of 8.0%, exceeding the 6.7% growth rate of listed rural commercial banks [6][25] - The report indicates that the loan-to-asset ratio for city commercial banks is projected to reach 55.5% in 2024, an increase of 95 basis points year-on-year, while rural commercial banks will see a decrease to 59.3%, down 19 basis points [31] - Profitability metrics show that the average Return on Assets (ROA) for city commercial banks in Zhejiang is 0.78%, slightly above the average of listed city commercial banks, while rural commercial banks have an average ROA of 0.82%, which is below the average of listed rural commercial banks [6][31] - The asset quality of regional banks in Zhejiang is reported to be better than that of listed banks, with non-performing loan ratios lower by 16 basis points for city commercial banks and 9 basis points for rural commercial banks compared to their listed counterparts [6][31] Summary by Sections Section 1: Economic Structure of Zhejiang Province - Zhejiang Province is focused on high-quality development and aims to become a model for common prosperity [13] - The province's GDP is heavily concentrated in cities like Hangzhou, Ningbo, and Wenzhou, with Hangzhou accounting for 24.3% of the total GDP in 2025 [15] Section 2: Overview of 163 Regional Banks - The report categorizes the banks into city commercial banks, rural banks, and others, with a total of 163 banks in the region [20] - The distribution of registered capital among these banks is relatively balanced, with 63 banks having over 500 million yuan in registered capital [22] Section 3: Asset and Liability Structure - The asset growth of major city and rural commercial banks has been declining since 2019, with city banks showing a growth rate of 9.4% in the first half of 2025 [25] - The liability structure indicates that customer deposits account for 77.5% of liabilities for city commercial banks, which is higher than the 66.2% for listed city banks [44] Section 4: Profitability and Asset Quality - The average ROE for city commercial banks in Zhejiang is 11.98%, slightly lower than the average of listed city banks [6][31] - The report highlights that the non-performing loan ratio for city commercial banks is lower than that of listed banks, indicating better asset quality [6][31]