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]

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。 智通财经APP获悉，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。 ...

Meeting Basic Information - The fund named "Guangfa National Grain Industry Exchange-Traded Open-Ended Index Securities Investment Fund" (Fund Code: 159587) was approved for fundraising registration on January 12, 2024, and officially commenced operations on August 8, 2024 [1] - The fund manager is Guangfa Fund Management Co., Ltd., and the custodian is Bank of China [1] - A communication-based meeting will be held to review the proposal regarding the continuous operation of the fund [1] Meeting Review Matters - The main agenda for the meeting is to review the proposal for the continuous operation of the fund [3] Voting - Voting will be conducted through paper ballots and telephone voting for individual investors [5][8] - Paper ballots must be submitted to the designated recipient during the voting period [7] - The voting period is from February 11, 2026, to March 10, 2026 [1] Authorization - Fund shareholders can authorize others to vote on their behalf during the meeting [11] - The authorization must comply with legal regulations and the fund contract [11] Counting Votes - The counting of votes will be supervised by authorized personnel and notarized [20] - Each fund share represents one vote [21] Resolution Effectiveness Conditions - The proposal requires approval from shareholders representing at least half of the total fund shares on the registration date [24] Related Institutions - The meeting is convened by Guangfa Fund Management Co., Ltd., with contact details provided for inquiries [26]

Core Insights - The forum on "Cross-Border RMB and Local Currency Transaction Cooperation Potential under the LCT Framework" was held in Indonesia, attracting nearly 300 participants from various sectors, highlighting the growing financial collaboration between China and Indonesia [1][2] Group 1: Economic and Trade Relations - China has been Indonesia's largest trading partner for 12 consecutive years and among the top three sources of investment for 9 years [1] - The cross-border RMB and local currency settlement mechanism is a natural outcome of the comprehensive strategic partnership between China and Indonesia, contributing to the diversification of Indonesia's foreign exchange reserves and enhancing macroeconomic resilience [1][2] Group 2: Local Currency Transaction (LCT) Mechanism - Indonesia has established LCT cooperation mechanisms with multiple countries, including China, with the local currency settlement scale projected to reach $25.66 billion by 2025, with an average monthly user count of 7,568 [2] - The local currency settlement between Indonesia and China is expected to grow significantly from $4.9 billion in 2024 to $13.19 billion in 2025, reflecting strong recognition of the mechanism by enterprises [2] Group 3: Financial Infrastructure and Support - The Indonesian central bank emphasizes cooperation with Chinese financial institutions in local currency settlement and cross-border payment, aiming to enhance transaction efficiency and reduce costs [3] - The LCT mechanism has proven effective in promoting international trade and investment, with local industries in Central Java benefiting significantly from this framework [3] Group 4: Industry and Economic Development - The industrial agglomeration effect in regions like Semarang is accelerating, with increasing demand for financial support in manufacturing and related industries [4] - The China Banking Corporation in Jakarta is a leading player in cross-border RMB clearing, having maintained the top market position for 12 years and supporting cross-border QR payment connectivity [4]

近日，中英金融工作组首次会议在北京举行。作为中英金融工作组的配套活动，中英金融工作组与金融 机构举行圆桌会。中国银行董事长葛海蛟应邀出席圆桌会并发言。葛海蛟表示，中国银行将与中英金融 界一道，落实好两国领导人重要共识，持续打造伦敦离岸人民币市场，在结算、融资、交易、投资等领 域不断探索创新，推动伦敦金融中心建设取得新成效；共同促进全球绿色金融发展，紧抓中英两国在绿 色债券、转型金融等领域的广阔合作机遇，为全球可持续发展提供更多"中英方案"；大力服务两国金融 市场互联互通，构建多层次、多市场的跨境金融服务体系，为两国经营主体提供多元互补的投资渠道和 产品供给，有力支持将中英合作"大有可为"的潜力转化成"大有作为"的实绩。 ...

中国人民银行更新的官方储备资产数据显示，1月末中国黄金储备较去年12月增加4万盎司，延续了自2024年11月以来的连续增持趋势 傍晚时分，黄金交易所收盘的钟声敲响，国际金价在连续多日震荡后收于4950美元/盎司上方。就在同一天，中国人民银行公布了最新数据：截至2026年1月 末，中国黄金储备达7419万盎司，较去年12月末增加4万盎司 中国央行本轮黄金增持始于2024年11月。截至2026年1月末，这一行动已持续 整整15个月 在这15个月期间，2025年全年中国黄金储备增加了86万盎司 实际上，这不是中国央行第一次长时间增持黄金。此前，央行曾有过连续18个月增持的记录，不过在2024年5月曾一度暂停 在当前国际金融环境下，黄金具有独特优势。它作为无主权风险的实物资产，在全球经济不确定性增加、地缘政治风险上升的背景下，成为央行储备多元化 的理想选择。 观察中国央行的增持策略可以发现一个特点：稳中有进，细水长流。相比全球其他一些央行的大规模购金，中国央行选择了每月小幅增持的方式，量级通常 保持在10万盎司以下 这种增持策略既考虑了黄金价格波动的市场风险，也兼顾了长期储备结构调整的需要。东方金诚首席宏观分析师王青 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Insights - Bank stocks have outperformed the market, with the banking index rising by 1.70% while the CSI 300 index fell by 1.33%, indicating a shift in market sentiment towards underperforming sectors [1] - Quality city commercial banks have shown superior performance, with city commercial banks increasing by 3.27% compared to state-owned banks at 0.35% and joint-stock banks at 1.84% [1] - The banking sector is expected to enter a growth cycle in 2026, with projected revenue and net profit growth rates of 2.8% and 2.6% respectively, indicating a gradual recovery [3] - The opportunity cost of investing in bank stocks remains low, with a 10-year government bond yield at 1.80% and bank stock dividends around 4.4%, providing a 2.6 percentage point premium [3] - The report emphasizes the importance of new growth drivers, particularly recommending Nanjing Bank for its strong management and market position [3] Summary by Sections Industry Performance - The banking sector ranked sixth among 31 primary industries, with a weekly increase of 1.70% [1] - The performance of various bank types showed that city commercial banks had the highest weekly increase at 3.27% [1] Individual Bank Events - Qilu Bank reported a 5.1% year-on-year increase in revenue and a 14.6% increase in net profit, aligning with market expectations [2] - Ningbo Bank's executive appointment was approved, indicating stability in management [2] Investment Outlook - The report maintains a positive outlook for bank stocks in 2026, suggesting a rebalancing of market styles and a favorable environment for bank valuations [3] - Recommendations include major state-owned banks and a focus on mid-sized banks with new growth potential, particularly Nanjing Bank, Shanghai Bank, and others [4][6]

年关将至，金融反腐持续高压！ 2月6日，据中央纪委国家监委网站消息，中国银行原党委委员、副行长林景臻因严重违纪违法被开除党籍，按 规定取消其享受的待遇。通报提及，林景臻将信贷权力异化为谋取个人私利的工具，大搞权钱交易，利用职务 便利为他人在贷款融资等方面谋利，并非法收受巨额财物。 同一日披露的还有多名国有大行干部的处分结果。包括中国银行贵州省分行原党委委员、副行长张文明；工商 银行安徽省分行原党委副书记、副行长梁延国；农业银行河北省分行原党委委员、副行长陈元良。三名大行干 部均因严重违纪违法，被开除党籍。 林景臻被指"信贷权力异化" 据中央纪委国家监委网站2月6日通报，经中共中央批准，中央纪委国家监委对中国银行原党委委员、副行长林 景臻严重违纪违法问题进行了立案审查调查。 经查，林景臻丧失理想信念，背弃初心使命，私藏、阅看、寄递有严重政治问题的书籍；无视中央八项规定精 神，违规收受礼品，接受可能影响公正执行公务的宴请、旅游活动安排，违规接受他人提供的出行服务安排， 违规出入私人会所；不按规定报告个人有关事项，在职工录用等工作中为他人谋取利益并收受财物；廉洁底线 失守，违规拥有非上市公司股份，由他人支付应由本人 ...

中国银行党委坚决拥护党中央给予林景臻开除党籍处分的决定。 中国银行党委坚决拥护党中央给予林景臻开除党籍处分的决定中国银行党委坚决拥护党中央给予林景臻 开除党籍处分的决定近日，中国银行党委召开会议，传达中央纪委国家监委关于给予中国银行原党委委 员、副行长林景臻开除党籍处分、按规定取消其享受的待遇的决定。与会同志一致表示，坚决拥护党中 央决定，坚决拥护中央纪委国家监委决定，深刻汲取林景臻案件教训，以案为鉴、警钟长鸣，发扬彻底 的自我革命精神，以更高标准、更实举措推进全面从严治党。党委书记、董事长葛海蛟主持会议，党委 班子成员、中央纪委国家监委驻中国银行纪检监察组有关同志参加会议。 会议指出，党中央决定给予林景臻开除党籍处分，充分彰显了以习近平同志为核心的党中央持之以恒推 进全面从严治党、将反腐败斗争进行到底的坚定决心，充分体现了我们党有腐必反、有贪必肃、除恶务 尽的鲜明态度，充分释放了反腐败一刻不能停、半步不能退的强烈信号。全行各级党组织和党员干部要 切实把思想和行动统一到党中央决定精神上来，不断提高政治判断力、政治领悟力、政治执行力，坚定 拥护"两个确立"，坚决做到"两个维护"。 会议强调，全行各级党组织和党员 ...

会议强调，全行各级党组织和党员干部要深学细悟习近平总书记关于党的建设的重要思想、关于党的自 我革命的重要思想，深入贯彻党的二十届四中全会、二十届中央纪委五次全会精神，深刻认识金融领域 反腐败斗争的严峻复杂形势，认真落实管党治党政治责任，坚定不移把党的自我革命向纵深推进。要更 加坚决有力地贯彻落实党中央重大决策部署，坚持党中央对金融工作的集中统一领导，深刻把握金融工 作的政治性、人民性，树立和践行正确政绩观，聚焦"十五五"时期经济社会发展任务，全力做好金 融"五篇大文章"，持续防范化解金融风险，坚定不移走好中国特色金融发展之路。要更加清醒坚定地推 进反腐败斗争，保持高压态势，严查金融风险背后的腐败问题，一体推进不敢腐、不能腐、不想腐，抓 实以案促改促治，坚决铲除腐败滋生的土壤和条件。要更加科学有效地把权力关进制度笼子，持续完善 权力配置运行的制约监督机制，引导各级党员干部自觉按制度履职用权、开展工作。要巩固拓展深入贯 彻中央八项规定精神学习教育成果，坚持党性党风党纪一起抓、正风肃纪反腐相贯通，推进作风建设常 态化长效化，不断营造风清气正的良好政治生态，为打造强大的金融机构、助力金融强国建设提供坚强 保障。 据中 ...