Core Viewpoint - Citigroup forecasts that the revenue of domestic banks will increase by 2.1% year-on-year in Q4 2025, primarily benefiting from stable fee income and a steady net interest margin, partially offsetting the impact of slowing loan growth [1] Group 1: Revenue and Performance Expectations - The report anticipates that domestic banks will release provisions to support profit growth amid stable asset quality [1] - Among domestic banks, Chongqing Rural Commercial Bank is expected to outperform, while Everbright Bank and Changshu Bank are projected to underperform [1] Group 2: Loan Growth and Interest Margin - Strong loan growth in January was mainly driven by corporate loans [1] - Net interest margin pressure is expected to ease in 2026, with revenue growth for the banking sector in FY2026 anticipated to improve slightly compared to FY2025, driven by stable net interest margins and strong fee income [1] Group 3: Investment Opportunities - With the yield on China's 10-year government bonds peaking, the spread between dividend yields and 10-year government bond yields is expected to widen, attracting investors seeking returns [1] - The preferred banks for investment are Bank of China and Ningbo Bank [1]

报告指，内银1月的贷款强劲增长，主要由企业贷款驱动。净息差压力预计将于2026年有所缓解，预期 银行业2026财年营收增长将较2025财年略有改善，主要得益于净息差趋稳及手续费收入强劲。随着中国 十年期国债孳息率见顶，股息率与十年期国债孳息率利差将扩大，进而吸引南资金中寻求收益的投资 者。该行首选中国银行（601988）(03988)与宁波银行（002142）(002142.SZ)。 花旗发布研报称，预期内银2025年第四季营收同比增2.1%，主要受惠于稳健的手续费收入与趋稳的净 息差，部分抵销贷款增速放缓的影响。在资产质量稳定的背景下，该行预期内银将释放拨备以支持盈利 增长。在一众内银中，花旗预期重庆农村商业银行(03618)第四季业绩将优于预期，光大银行(06818)与 常熟银行（601128）(601128.SH)表现逊预期。 ...

声扬集团有限公司于2026年2月3日提交了股份变动月报表。截至2026年1月31日，公司法定/注册股本总 额为200,000,000港元，与上月底持平；已发行股份总数为925,255,612股，且无库存股份。 香港联交所最新资料显示，2月6日，声扬集团(08163)股东将股票由中国银行(香港)转入富途证券国际香 港，转仓市值141.24万港元，占比5.09%。 在股份期权方面，根据公司于2020年12月30日股东特别大会上通过的优先购买权计划，截至1月底，结 存股份期权数目为44,236,214股，与上月底相同，1月内未发行新股。 关于可换股票据，公司于2024年 11月27日发行的永久可换股证券，截至上月底已发行总额为81,000,000港元，本月无变动，月底已发行 总额仍为81,000,000港元。 ...

二、中国银行塔城地区分行应要求上述核准任职资格人员严格遵守金融监管总局有关监管规定，自中国 银行政许可决定作出之日起3个月内到任，并按要求及时报告到任情况。未在上述规定期限内到任的， 本批复文件失效，由决定机关办理行政许可注销手续。 三、中国银行塔城地区分行应督促上述核准任职资格人员持续学习和掌握经济金融相关法律法规，牢固 树立风险合规意识，熟悉任职岗位职责，忠实勤勉履职。 2026年2月4日，塔城金融监管分局发布批复称，《中国银行（601988）股份有限公司新疆维吾尔自治区 分行关于祝涛任职资格的请示》（新中银报〔2025〕135号）收悉。经审核，现批复如下： 一、核准祝涛中国银行股份有限公司塔城地区分行副行长的任职资格。 ...

2026年2月6日，中国银行（601988）发布公告称，为保护投资者权益，防范市场风险，根据上海黄金交 易所（简称"上金所"）2026年2月6日发布的《关于调整部分合约保证金水平和涨跌停板的通知》，中国 银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、涨跌幅度限制 及交易时间进行相应调整。具体如下： 近期贵金属市场的不确定性因素较多，价格大幅波动。请您做好市场风险防范，基于自身财务状况和风 险承受能力开展贵金属交易活动，合理控制贵金属持仓规模，防范贵金属价格波动带来的资金损失风 险。 一、自2026年2月9日（星期一）收盘清算时起，上金所黄金延期合约保证金比例从17%调整为18%，中 国银行黄金延期合约客户保证金比例由44.88%调整为47.52%,上金所下一交易日（2月9日20:00）起涨跌 幅度限制从16%调整为17%。 二、自2026年2月9日（星期一）收盘清算时起，上金所白银延期合约保证金比例从23%调整为24%，中 国银行白银延期合约客户保证金比例由66.01%调整为68.88%,上金所下一交易日（2月9日20:00）起涨跌 幅度限制从22%调整为23%。 ...

Core Viewpoint - Citigroup forecasts that the revenue of domestic banks will increase by 2.1% year-on-year in Q4 2025, primarily benefiting from stable fee income and a stabilizing net interest margin, partially offsetting the impact of slowing loan growth [1] Group 1: Revenue and Growth Projections - The report indicates that domestic banks experienced strong loan growth in January, driven mainly by corporate loans [1] - The pressure on net interest margins is expected to ease in 2026, with revenue growth for the banking sector in FY 2026 anticipated to improve slightly compared to FY 2025, mainly due to stabilizing net interest margins and strong fee income [1] Group 2: Asset Quality and Provisioning - In the context of stable asset quality, the bank expects domestic banks to release provisions to support profit growth [1] Group 3: Investment Opportunities - With the ten-year Chinese government bond yield peaking, the spread between dividend yields and ten-year government bond yields is expected to widen, attracting investors seeking returns from southern funds [1] - The bank's preferred choices are Bank of China and Ningbo Bank [1]

中央金融工作会议系统阐述了中国特色金融发展之路，强调"着力推进金融高水平开放"，并明确要 求"稳步扩大金融领域制度型开放"，提升跨境投融资便利化，增强上海国际金融中心的竞争力和影响 力，以更好服务实体经济。在2025年6月陆家嘴论坛上，中国人民银行、国家金融监督管理总局、中国 证券监督管理委员会等中央金融管理部门负责人集中发声，释放进一步扩大金融开放的重要信号。中国 银行业的对外开放正经历一场从扩大市场准入的"通道式开放"，迈向以规则、规制、管理、标准与国际 高标准全面对接的"制度型开放"新阶段。这一根本性转变，不仅是构建中国特色现代金融体系、筑牢金 融强国根基的内在要求，更是银行业赋能中国企业深度参与全球产业链重构、维护与发展全球化新格局 的战略支撑。 深化制度型开放： 构筑高水平金融开放新体系 制度型开放是金融高水平开放的核心要义，其目标在于推动国内金融监管框架、市场规则与国际最 佳实践相衔接，打造稳定、透明、可预期的营商环境。中国金融开放的重心，已从构建物理性的"接入 通道"，转向铺设系统性的"运行轨道"。银行业制度型开放的成果，直接体现为中国银行业服务能级的 跃升与国际竞争力的增强。 （一）制度创新直 ...

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]