"多家商业银行对积存金业务进行调整，主要原因一是黄金价格冲上新高之后，黄金投资的风险随之攀 升，商业银行从管控业务整体风险，以及维护投资者利益角度出发对业务进行调整。二是黄金税收新规 可能也是引起积存金业务规则调整的重要因素之一。"上海金融与法律研究院研究员杨海平对《证券日 报》记者表示。 展望未来，杜阳认为，如果市场波动加剧或监管趋严，其他银行也可能跟进类似措施，但这种调整一般 针对新增或高风险业务，存量客户权益通常能够得到保障，总体上属于风险管理和业务优化的常规操 作，而非行业性收缩。 记者注意到，多家银行近段时间在官网发布关于防范贵金属价格波动风险的提示。就普通投资者在当前 市场环境下如何平衡收益与风险，杜阳表示，黄金等贵金属具有避险和保值功能，但同时价格易受国际 经济数据、货币政策、地缘政治及市场情绪影响，波动性较大，因此不宜将其作为短期高收益投机工 具。建议投资者在配置黄金资产时保持适度比例，合理搭配股票、债券、现金等其他资产，以分散风 险；对于黄金积存或定投类产品，应优先选择有银行或正规金融机构保障的渠道，避免盲目追求高收 益；可采取"定投+长期持有"的策略，通过长期均衡成本降低波动风险，而非频繁 ...

11月3日至5日，第四届国际金融领袖投资峰会在香港举行。 此次峰会由香港金融管理局主办，主题为"驾驭变局，砥砺前行"，吸引了银行、证券、资产管理、主权 财富基金、私募股权和风险投资、对冲基金等全球金融行业领军人物齐聚。 东方汇理首席执行官Valérie Baudson表示，从全球范围来看，亚洲资产的估值极具吸引力，因此对其而 言，亚洲资产是必配项。此外，欧洲优质企业债券非常值得关注。"股票方面，我们如今更看重优质企 业和估值水平。"她表示，如果要给出一个核心建议，那就是从市值加权配置转向GDP加权配置，这是 当前环境下更明智、更合理的投资选择。 美国道富集团主席兼行政总裁Ronald P.OHanley表示，人工智能领域将会涌现出新的行业领军者。"人工 智能的应用目前仍处于早期阶段，这是有原因的。我的投资重点就是发掘这些未来能颠覆现有行业格局 的新冠军。" 张辉表示，从银行的角度来讲，将会更关注业务的区域布局，尤其是通过境外业务有效实现对境内银行 利差收窄不利影响的对冲。 "我们将以中银香港为依托，向全球辐射业务，尤其是东南亚地区。经过多年深耕，东南亚已成为支撑 我们业务增长的重要力量，也获得了当地监管部门的 ...

截至今年三季度末，一些科技创新领域的个股，如超声电子、濮耐股份、麦克奥迪也成为"国家 队"的"座上宾"。整体来看，这一布局方向与国家推动新质生产力发展的战略高度契合。"国家队"正是 通过资本市场的力量，将资源引导、整合至符合国家长期发展战略的关键科技领域。 记者丨叶麦穗 编辑丨包芳鸣 三季报披露完毕，"国家队"的持仓线路图也浮出水面。数据显示，截至三季度末，"国家队"资金（包括 证金公司、中央汇金、证金资管，下同）重仓持有超222只A股股票，合计市值逼近4万亿，金融股依然 是"国家队"的最爱，前十大重仓股中，除了中国神华之外，其余9只均来自金融板块，持仓市值最大的 个股是农业银行，截至三季度末的市值过万亿。 重仓持有超200只股票 数据显示，截至三季度末，222家A股上市公司前十大股东中出现"国家队"资金身影，持仓市值超100亿 元的上市公司共有29家。 其中，中国银行、农业银行、工商银行是"国家队"资金三季度末持有市值最多的三只个股，分别持有 1.03万亿元、9677.3亿元、9302.7亿元；持有中金公司、中国平安、新华保险、中信建投的市值也均在 600亿元以上。 另外，"国家队"资金持有市值在200亿元 ...

证 券 研 究 报 告 业绩稳健性凸显，引领银行价值回归 银行业2025年三季报综述 证券分析师： 郑庆明 A0230519090001 林颖颖 A0230522070004 冯思远 A0230522090005 李禹昊 A0230525070004 联系人： 冯思远 A0230522090005 2025.11.4 投资要点 www.swsresearch.com 证券研究报告 2 ◼ 风险提示：实体需求不振，经济修复节奏低于预期；息差企稳不及预期；部分房企风险扰动、长尾客群风险暴露超预期。 ◼ 受三季度债市利率上行影响，上市银行营收增速小幅放缓符合预期，但利润延续正增。可以关注到，银行主动稳营收态度明确，这也为业 绩稳中有进奠定基础。9M25上市银行营收同比增长0.8%（1H25为1%），归母净利润同比增长1.5%（1H25为0.8%），核心源自三大驱 动，即"利息净收入企稳、中收低位修复、资产质量平稳确保利润可持续"；部分银行主动兑现债券浮盈以稳定营收表现（尤其国有行和 部分中小银行）。子板块看，国有行稳健性好于预期，股份行分化扩大，优质城商行业绩继续领跑，农商行则延续阶段性承压。 ◼ 三季度以国资和险 ...

三季报披露完毕，"国家队"的持仓线路图也浮出水面。数据显示，截至三季度末，"国家队"资 金（包括证金公司、中央汇金、证金资管，下同）重仓持有超222只A股股票，合计市值逼近4 万亿，金融股依然是"国家队"的最爱， 前十大重仓股中，除了中国神华之外，其余9只均来自 金融板块，持仓市值最大的个股是农业银行，截至三季度末的市值过万亿 。 截至今年三季度末，一些科技创新领域的个股，如超声电子、濮耐股份、麦克奥迪也成为"国 家队"的"座上宾"。整体来看，这一布局方向与国家推动新质生产力发展的战略高度契合。"国 家队"正是通过资本市场的力量，将资源引导、整合至符合国家长期发展战略的关键科技领 域。 重仓持有超2 0 0只股票 数据显示，截至三季度末，222家A股上市公司前十大股东中出现"国家队"资金身影，持仓市 值超100亿元的上市公司共有29家。 其中， 中国银行、农业银行、工商银行是"国家队"资金三季度末持有市值最多的三只 个股 ，分别持有1.03万亿元、9677.3亿元、9302.7亿元； 持有中金公司、中国平安、 新华保险、中信建投的市值也均在600亿元以上 。 另外， "国家队"资金持有市值在200亿元之上的公 ...

上市公司三季报近日收官。中国上市公司协会近日发布的上市公司2025年三季报经营业绩报告显示，截 至10月31日，除公告延迟披露外，我国境内股票市场（沪、深、北三家证券交易所）共5446家上市公司 披露了2025年三季度报告。前三季度，上市公司经营业绩持续改善，同时，在高质量发展方面也迈出了 坚实的步伐。 上市公司整体业绩持续改善 数据显示，上市公司经营业绩持续改善，前三季度，合计实现营业收入53.46万亿元，净利润4.70万亿 元，同比增长1.36%、5.50%。全市场共4183家上市公司实现盈利，盈利面近八成，3182家公司营收正 增长，2467家公司净利润正增长，1957家公司营收、净利双增长。分季度看，三季度，上市公司营收、 净利润同比增长3.82%、11.45%，环比增长2.40%、14.12%，增速较上半年显著提升，逐季向好态势继 续巩固。 值得一提的是，今年前三季度，A股整体业绩呈现积极复苏态势，多个行业展现出强劲的增长势头和回 暖迹象。 分红回购频次稳步提升。截至10月31日，全市场共有1033家上市公司公布今年一季度、半年度、三季度 现金分红预案，较上年同期增加141家，其中，38家公司进行多 ...

据未势能源消息，10月31日，未势能源科技有限公司与中国银行常熟分行研发授信合作签约仪式举行。 本次合作中，中国银行常熟分行为未势能源提供总额2亿元的研发专项授信，贷款期限长达3年。 ...

证券之星消息，11月4日国有大型银行板块较上一交易日上涨2.01%，工商银行领涨。当日上证指数报收 于3960.19，下跌0.41%。深证成指报收于13175.22，下跌1.71%。国有大型银行板块个股涨跌见下表： | 代码 | 名称 | 主力净流入 (元) | | 主力净占比 游资净流入 (元) | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601398 工商银行 | | 6.05亿 | 17.00% | -3.31亿 | -9.31% | -2.74亿 | -7.69% | | 601288 农业银行 | | 2.10 Z | 6.88% | -1.73亿 | -5.67% | -3673.81万 | -1.21% | | 601658 邮储银行 | | 1.30亿 | 9.96% | -5558.63万 | -4.25% | -7472.76万 | -5.71% | | 601939 建设银行 | | 1.16亿 | 7.71% | 546.97万 | 0.36% | -1.22亿 | ...

11月4日，2025年国际金融领袖投资峰会举行。中国银行副董事长兼行长张辉表示，前三季度，国内最 终消费支出对经济增长贡献率为53.5%，拉动GDP增长2.8个百分点。中国银行的研究院预测，未来该数 据可能会进一步上升到60%，拉动经济的作用是非常明显的。他表示，中国消费有一定的基础支撑，随 着居民收入增长，消费潜力会逐步放大，服务消费进入快速增长阶段。（上证报） ...

Report Industry Investment Rating - The report is bullish on the bond market, predicting that the yield of the 10Y Treasury bond will return to around 1.65% this year, the 30Y Treasury bond to 1.9%, and the 5Y Tier 2 capital bonds of large banks to 1.9% (for bonds without VAT) [74]. Core Viewpoints - The revenue growth rate of the entire A-share market and the net profit growth rate of the parent company are at a low level, indicating that the economic growth rate may have stabilized at a low level but still faces downward pressure. The yield of the 10-year Treasury bond is more closely related to the revenue growth rate of the entire A-share market than the nominal GDP growth rate [1][4]. - The loan growth rate has been declining, and the proportion of loans in the bank's asset side is decreasing. The demand for personal and corporate loans may be weak in the long term, while the scale of government bonds may significantly expand. The asset structure of the banking system may face long-term changes, with the proportion of loans likely to decline significantly [21][24]. - Since the beginning of 2023, the proportion of financial investments of large banks has rebounded, and the growth rate of bond investments has increased. The cost rate of interest-bearing liabilities of listed banks has been decreasing quarter by quarter, and it is expected to further decline in the future [1][49]. - The decline in bank liability costs will support the downward oscillation of bond yields. Given the current economic situation, the rapid decline in bank liability costs, and the loose capital situation, the report is bullish on the bond market [70][74]. Summary by Directory 1. Analyzing Economic and Bank Operating Pressures from the Q3 Reports of the Entire A-share Market - **Economic Insights from the Entire A-share Performance**: The revenue growth rate of the entire A-share market can reflect the nominal GDP growth rate to some extent. The revenue growth rate of the entire A-share market and the 10-year Treasury bond yield have a similar trend. The performance growth rate of the entire A-share market is still under pressure, and the growth rate of the real economy also faces significant pressure [5][6][9]. - **Economic Insights from the Bank Sector Performance**: The performance of the banking sector is closely related to the economy. In recent years, the performance growth of the banking sector has been under significant pressure, and the net interest margin of commercial banks has been continuously declining [11][12][15]. - **Financing Demand from the Entire A-share Liabilities**: Since Q1 2024, the long-term borrowing growth of the entire A-share market (excluding finance, petroleum, and petrochemicals) has almost stagnated, reflecting the weak financing demand of market-oriented enterprises. The social financing growth rate generally leads the nominal GDP growth rate by 1 - 2 quarters, but its guiding role may decline in the future [18][20]. 2. Changes in Bank Asset and Liability Situations - **Declining Loan Growth Rates of Large and Small Banks**: The loan growth rate has significantly declined. The growth of personal housing loans is facing negative growth pressure, which significantly drags down the growth rate of personal loans. The loan growth rates of both large and small banks have declined, and the proportion of loans is also decreasing. In the long term, the asset structure of the banking system may change, with the proportion of loans likely to decline and the proportion of bond investments likely to increase [21][25][36]. - **Decreasing Deposit Proportion on the Liability Side of Large Banks and Stable Deposit Proportion of Small Banks**: The growth of corporate deposits of large banks has slowed down. In recent years, the proportion of deposits on the liability side of large banks has decreased, while the average deposit proportion of listed joint-stock banks has increased [37][48]. 3. Banks with Significant Financial Investment Growth in Q3 2025 - Since the beginning of 2023, the proportion of financial investments of large banks has rebounded. In Q3 2025, the financial investments of some banks, such as ICBC and CCB, increased significantly, while those of a few banks decreased. The financial investment increments of large banks, joint-stock banks, and city and rural commercial banks were all significant, and the bond investment growth rates of the Big Four banks and small and medium-sized banks were also relatively high [49][56][59]. 4. Decrease in Bank Interest-Bearing Liability Costs - In 2025, the decline of the current deposit proportion slowed down. Since the beginning of 2024, the deposit interest payment rate has significantly decreased, and the interest-bearing liability cost rate has been decreasing quarter by quarter. It is expected to further decline in the future [60][63][66]. 5. Investment Recommendations - The decline in bank liability costs will support the downward oscillation of bond yields. In the future, the liability costs of commercial banks are expected to decline year by year, which will drive the yield of the 10-year Treasury bond to decline. Given the current economic situation and the value of government bond allocation, it is recommended that commercial bank self-operated departments increase the allocation of government bonds. The report is bullish on the bond market [70][73][74].