中新网圣保罗2月5日电 (记者 林春茵)日前，巴西中资企业协会联合海尔巴西在圣保罗成功举办2026年 首场"中资业务大讲堂"——"中企出海巴西：安全风险与应对策略"专题讲座。 讲座特邀海尔巴西安全战略与政企总监管成担任主讲人。管成系统解析了巴西安全威胁的类型，结合近 期涉枪犯罪、暗网数据泄露等典型案例，重点讲解了三大核心安全内容：设施安全防护，包括圣保罗绿 区办公选址建议；人员与物流安全，涵盖高危区域规避、出行防护、防弹车辆配置及物流全程监控措 施；应急响应机制，详解事前预警、事中处置流程及事后复盘方法，并现场演示了止血带使用等应急实 操技能，强调"生命至上"原则，构建合规高效的海外安全保障体系。 参会企业代表纷纷表示，讲座内容直击海外安全痛点、干货满满，不仅系统梳理了核心安全风险，更通 过多场景实操指导方案的精准输出，强化了全员在巴工作生活的安全风险防范意识与底线思维，为企业 优化内部安全管理体系、降低运营风险提供了重要实践参考。(完) 李东成表示，作为共建"一带一路"中拉合作重要枢纽，巴西吸引众多中资企业扎根，而安全是发展的前 提，协会积极聚焦企业核心关切，助力在巴中资企业筑牢安全防线。 徐磊表示，本次讲 ...

Core Viewpoint - The successful implementation of the first convenient tax refund service for outbound tourists in Shandong Province enhances the experience for international visitors in Qingdao, showcasing the city's commitment to payment facilitation and efficient financial services [1][4]. Group 1: Payment Facilitation Innovations - The Bank of China Qingdao has developed an integrated tax refund POS terminal in collaboration with UnionPay Business and Bank of China Payment, which combines functions such as QR code verification, multi-card payment, and cross-border clearing [2][5]. - This innovation allows for immediate tax refunds, significantly reducing the traditional waiting time from several days to an instant experience for tourists [1][5]. - The service is compatible with both domestic and international cards, including UnionPay, Visa, and MasterCard, effectively breaking down barriers for foreign card payments [2][5]. Group 2: Comprehensive Service Network - The Bank of China Qingdao has established a comprehensive payment facilitation service network covering various aspects of tourism, including food, accommodation, transportation, entertainment, and shopping [2][6]. - Training programs for foreign currency exchange institutions have been implemented to ensure efficient and accurate currency recognition for international visitors [2][5]. - A total of 546 key merchants have upgraded their foreign card acceptance equipment, enabling seamless integration of cash, card, and mobile payments [2][5]. Group 3: Visitor Experience Enhancement - The introduction of English payment guides and bilingual staff at service points aims to eliminate barriers for foreign tourists, making the payment process more accessible [2][6]. - The overall service experience is designed to convey a message of "unobstructed payment and zero-distance service," enhancing the attractiveness of Qingdao as a tourist destination [2][6]. - The efficient payment systems and supportive services contribute to a positive image of Qingdao, promoting the city as a place where visitors can shop confidently and enjoy hassle-free tax refunds [3][6].

Core Viewpoint - The recent adjustments in margin ratios and price fluctuation limits for gold and silver deferred contracts by Bank of China are aimed at protecting investor interests and managing market risks amid significant volatility in the precious metals market [1][2]. Group 1: Margin Adjustments - Starting from February 3, 2026, the margin ratio for silver deferred contracts at the Shanghai Gold Exchange (SGE) will be adjusted from 26% to 23%, while the margin ratio for Bank of China's silver deferred contracts will change from 66.04% to 66.01% [2]. - For gold deferred contracts, the margin ratio will increase from 16% to 17%, and Bank of China's margin ratio will rise from 42.24% to 44.88% [1][2]. - The fluctuation limit for gold contracts will be adjusted from 15% to 16%, and for silver contracts, it will decrease from 25% to 22% [2]. Group 2: Market Analysis - The precious metals market has experienced significant fluctuations, with gold prices opening at 1096 yuan per gram on February 4, 2026, and rising over 6% during the day, following a drop of more than 13% on February 2 [1][4]. - Analysts suggest that the recent price adjustments do not indicate a trend reversal, as the long-term bullish logic for gold and silver remains intact [4][6]. - The market is expected to experience more volatility in February, with predictions of price fluctuations rather than a definitive upward trend, advising investors to be cautious and avoid holding positions during the holiday [6].

Core Viewpoint - A significant market shift is occurring, characterized by a mass exodus of funds from technology and precious metals sectors, with a notable influx into bank stocks as a safe haven amid rising panic and volatility [2][5][21]. Group 1: Market Dynamics - The U.S. tech stocks experienced a sharp decline, with the Nasdaq dropping over 2%, and major companies like Nvidia, Meta, and Tesla falling more than 3%. AMD saw a staggering drop of 17.3%, marking its largest single-day decline in nearly nine years [2][5]. - Panic spread to A-shares and Hong Kong stocks, with sectors like solar energy and oil equipment witnessing significant sell-offs. Precious metals, which had recently rebounded, also faced a sharp decline, with silver futures plummeting nearly 20% in a single day [3][5]. - The market turmoil was triggered by negative news affecting U.S. tech stocks, leading to a valuation bubble burst. Despite AMD's strong performance, its results fell short of the most optimistic analyst expectations, resulting in a drastic stock price drop [5][6]. Group 2: Bank Sector Resilience - In contrast to the broader market, the banking sector saw a rise, with A-share bank stocks collectively increasing by 2.1%. All 42 bank stocks closed in the green, with Xiamen Bank hitting a rare limit-up and several city commercial banks rising over 3% [3][15]. - Southbound funds significantly targeted bank stocks, with a net purchase exceeding 22 billion HKD, focusing on major banks like ICBC, CMB, and CCB as core investment targets [4][20]. - The banking sector is viewed as a "safe haven" due to its strong earnings growth and historically low valuations, making it an attractive option for risk-averse investors [21][22]. Group 3: Earnings and Valuation - Recent earnings reports from several banks indicate robust growth, with Qingdao Bank, Hangzhou Bank, and Shanghai Pudong Development Bank showing significant increases in net profits. For instance, Qingdao Bank reported a net profit of 51.88 billion CNY, a 21.66% year-on-year increase [23][25]. - The banking sector has undergone a six-month correction, leading to a new valuation bottom. The sector's price-to-earnings ratio stands at a low 6.7 times, and the average dividend yield is between 4.87% and 5.2%, making it appealing in a low-interest-rate environment [27][28]. - Institutional interest in bank stocks is rising, with over 370 institutions conducting research on 11 listed banks, indicating a strategic shift towards these stocks amid market volatility [28][29].

Core Insights - The Chairman of Bank of China, Ge Haijiao, conducted a work survey in Riyadh, Saudi Arabia, focusing on enhancing bilateral cooperation and implementing the consensus reached by the leaders of both countries [1][3] Group 1: Cooperation with ACWA Power - ACWA Power, one of the largest desalination companies globally, has partnered with Chinese enterprises on several significant projects, playing a crucial role in energy cooperation between China and the Middle East [1][3] - Ge Haijiao met with ACWA Power's CEO, Marco Arcelli, emphasizing the commitment of Bank of China to strengthen financial services and support ACWA Power's global project operations, aiming to establish a benchmark for Sino-Saudi corporate cooperation [1][3] - Marco Arcelli expressed gratitude for the financial support from Bank of China and indicated plans to expand investment and business operations in China for mutual benefits [1][3] Group 2: Engagement with Public Investment Fund (PIF) - Ge Haijiao met with Yazeed Al-Humied, Vice President of PIF, discussing the positive developments in Sino-Saudi relations since President Xi Jinping's visit in 2022 and the broad opportunities for multi-field cooperation [2][4] - Bank of China views PIF as a key global partner, aiming to deepen cooperation in areas such as loans, capital markets, and enhancing the use of the Renminbi in international transactions [2][4] - Al-Humied acknowledged Bank of China as one of PIF's closest banking partners and expressed the desire for continued support in global investments [2][4] Group 3: Strategic Discussions and Initiatives - Ge Haijiao held discussions with Gao Ming, a counselor at the Chinese Embassy in Saudi Arabia, focusing on integrating into the broader Sino-Saudi economic cooperation and improving the quality of Renminbi product services [2][4] - A survey of the Riyadh branch was conducted to enhance service capabilities for national strategic initiatives, improve sustainable development, and strengthen risk management foundations [2][4]

分享环节中，人民银行福建省分行专家系统地讲解了我省人民币跨境使用的鲜活案例与发展机遇；福州外代国际货运代理有限公司财务人员作为国企代表， 分享了以人民币结算降低汇兑成本、稳定经营预期的使用经验。中国银行总行及澳门分行的专家则分别从全球业务视野与境外财资管理中心建设角度，阐述 了人民币国际化的新机遇与现金管理前沿应用。 活动上，中国银行福建省分行正式发布《国企跨境服务方案》。该方案整合跨境结算、融资、避险等一揽子金融服务，支持国有企业在贸易、投融资、跨境 资金管理等全业务流程中落实"本币优先"，助力构建"本币优先"的跨境生态圈。 中新网福建新闻2月5日电 2026年2月4日，由中共福建省委金融委员办公室、中国人民银行福建省分行、福建省人民政府国有资产监督管理委员会共同指 导，中国银行福建省分行承办的"闽企扬帆 本币为先"人民币国际使用推介会在福州举办。活动聚焦人民币国际使用与福建国企跨境金融需求，政府代表、 省属国企代表及金融机构负责人参会合计约120名，共话人民币跨境使用新机遇。 推介会以"依闽海而立，择本币而进；向世界而行，乘大势而上"为主题，围绕人民币国际化政策导向、国企应用案例与金融服务展开深入交流，省 ...

Group 1 - BlackRock's stake in China Bank H-shares increased from 5.99% to 6.04% as of January 30 [1]

Core Viewpoint - The report from BOC International indicates that the Chinese banking sector remains stable with attractive valuations, maintaining an "overweight" rating, with a preference for Industrial and Commercial Bank of China (ICBC) [1] Group 1: Investment Outlook - Investors are expected to focus on H-shares of banks this year due to their low valuations and solid fundamentals, with an anticipated dividend yield of approximately 5.46%, which is significantly higher than the one-year RMB deposit rate of 1.5% and the one-year HKD deposit rate of about 3% [1] - Looking ahead to 2026, it is anticipated that policymakers will continue to promote accommodative monetary policy and proactive fiscal policy, leading long-term investors to closely monitor H-share bank stocks [1] Group 2: Preferred Stocks - Among Chinese bank stocks, ICBC is favored due to its relatively low valuation compared to peers [1] - Recommendations include "buy" ratings for Agricultural Bank of China (1288.HK), China Merchants Bank (3968.HK), China Construction Bank (0939.HK), Postal Savings Bank of China (1658.HK), and China Everbright Bank (6818.HK) [1]

Investment Rating - The report maintains a positive outlook on the banking industry, indicating that high-quality city commercial banks may exceed expectations [1]. Core Insights - The report forecasts that listed banks will exhibit "stable revenue and gradually improving profit growth" characteristics in 2025, with a projected revenue growth of 0.9% year-on-year and a recovery in net profit growth to 1.9% [3]. - Performance differentiation among various types of banks is expected, with city commercial banks showing superior results, while state-owned banks and leading joint-stock banks maintain stable positive growth [3]. - Key drivers for stable profit growth include narrowing interest margin declines, improved market sentiment, and stable asset quality ensuring credit costs do not significantly erode profits [3]. Summary by Sections Revenue and Profit Forecast - Listed banks are expected to see a revenue growth of 0.9% in 2025, with net profit growth recovering to 1.9% [3]. - State-owned banks are projected to have a revenue growth of 1.5%, while joint-stock banks are expected to see a revenue decline of 1.8% [3]. - City commercial banks in regions like Jiangsu and Zhejiang are anticipated to maintain high single-digit profit growth, with some banks achieving double-digit growth [3]. Non-Interest Income and Market Conditions - Non-interest income is influenced by market conditions and the timing of revenue recognition by banks, with a projected recovery in 2025 due to a low base from 2024 [3]. - The report notes that banks are likely to see a 3% year-on-year growth in non-interest income in the first half of 2025 and 4.6% by the end of the third quarter [3]. Interest Income and Credit Growth - Interest income is expected to stabilize as banks manage their asset pricing and liability costs effectively, with a projected decline in interest margin narrowing to about 10 basis points [4]. - Credit growth is anticipated to remain stable, with a focus on corporate lending, while retail lending shows weaker performance [3]. Asset Quality and Provisioning - The report indicates that the non-performing loan (NPL) ratio for listed banks is expected to remain stable at around 1.22% [4]. - The provisioning coverage ratio is projected to decrease slightly to 236%, with banks advised to focus on those with low NPL generation and high provisioning ratios [4]. Investment Recommendations - The report suggests focusing on high-quality banks that are likely to recover towards a price-to-book (PB) ratio of 1, particularly city commercial banks with strong credit growth [4]. - It highlights the potential for dividend yields to attract investors, with a current dynamic dividend yield of approximately 4.8% [4].

Market Overview - AMD's overnight drop of 17% triggered a significant decline in chip stocks, leading to a 1.95% drop in the Chinese concept index, which negatively impacted the Hong Kong stock market [1] - The Hang Seng Index fell by 340.88 points, or 1.27%, to 26,506.44 points, while the Hang Seng Tech Index decreased by 62.30 points, or 1.16%, to 5,304.14 points [1] - Major tech stocks like Tencent and Alibaba saw declines of nearly 3% and 2.5%, respectively, with Tencent's market value dropping below 500 billion [1] Company Performance - Xinda Biopharmaceuticals (01801.HK) projected total product revenue of approximately RMB 11.9 billion for 2025, reflecting a year-on-year growth of about 45% [2] - Lee & Man Paper Manufacturing (02314.HK) expects profits for 2025 to be between HKD 1.88 billion and HKD 2.00 billion, indicating a year-on-year increase of 38% to 47% [2] - ZTO Express (02057.HK) anticipates total revenue of RMB 48.5 billion to RMB 50 billion for 2025, representing a year-on-year growth of approximately 9.5% to 12.9% [2] - China Resources Cement (01313.HK) forecasts a year-on-year profit increase of about 115% to 135% for 2025, driven by reduced costs and impairment losses [2] Corporate Actions - Goldin Properties (00535.HK) reported a January contract sales total of approximately RMB 239 million, a year-on-year decrease of 61.82% [3] - Fosun International (00656.HK) plans to subscribe for additional registered capital of RMB 105 million in Shangmeng Technology, acquiring a 51.0879% stake post-increase [3] - Shanghai Pharmaceuticals (02607.HK) intends to publicly transfer its 30% stake in Bristol-Myers Squibb, with a minimum listing price of approximately RMB 1.023 billion [3] - China Coalbed Methane (08270.HK) completed the sale of 100% equity in Shanxi Qingshui Shuntai Energy Development [4] Investment Trends - The active repurchase of shares continues, with Kingsoft (03888.HK) repurchasing 1.0886 million shares for approximately HKD 29.99 million [9] - Xiaomi Group (01810.HK) repurchased 4.3 million shares for a total of HKD 146 million [10] - Kingdee International (00268.HK) repurchased 1 million shares for approximately HKD 11.1 million [11] Market Outlook - Guoyuan International's report suggests that the Hong Kong stock market may experience short-term volatility due to external factors, but maintains a positive long-term outlook [12] - CITIC Securities highlights the potential for new investment opportunities in emerging markets, despite risks from rising oil prices and long-term bond yields [12] - Galaxy Securities recommends focusing on technology, energy, precious metals, and consumer sectors for potential rebounds [13]