Group 1 - The core point of the article is that Ping An Bank has obtained a patent for a method and device related to field remarks, with the patent granted under announcement number CN116431605B and the application date being April 2023 [1] - Ping An Bank, established in 1987 and located in Shenzhen, primarily engages in monetary financial services, with a registered capital of approximately 1,142,489.4787 million RMB [1] - According to data analysis from Tianyancha, Ping An Bank has made investments in 11 companies, participated in 1,146 bidding projects, and holds 497 trademark records along with 4,652 patent records, in addition to possessing 71 administrative licenses [1]

Group 1 - The company announced that starting from February 11, 2026, investors can open accounts, subscribe, redeem, and perform regular investment and conversion operations for certain funds through Chuangjin Qifu [1] - The company has signed a supplementary sales agreement with Beijing Chuangjin Qifu Fund Sales Co., Ltd. to enhance service offerings to investors [1] - Investors can enjoy fee discounts when subscribing or performing regular investment and conversion operations through Chuangjin Qifu, with the specifics determined by Chuangjin Qifu [2] Group 2 - The company will suspend subscription, conversion, and regular investment operations for the Ping An Jin Guanjia Money Market Fund from February 12 to February 23, 2026, while redemption and conversion out operations will continue [4][6] - The Ping An Zhongzheng Interbank Certificate of Deposit AAA Index 7-Day Holding Period Securities Investment Fund will also suspend similar operations during the same period [8][10] - The company will resume these operations on February 24, 2026, and will not issue further announcements regarding this resumption [4][8] Group 3 - The company has appointed Fangzheng Securities Co., Ltd. as a liquidity service provider for the Ping An Hang Seng Hong Kong Stock Connect Technology Theme ETF, effective February 11, 2026 [12] - The company has announced the establishment of the Ping An New Sharp Quantitative Stock Selection Mixed Fund, with the fund contract becoming effective on February 11, 2026 [21][22] - The company will handle subscription and redemption operations for the new fund within three months of the fund contract's effectiveness [22]

Group 1 - Ping An Bank plans to redeem 200 million preferred shares on March 9, 2026, with a total scale of 20 billion yuan [1] - The bank's capital adequacy ratio, tier 1 capital adequacy ratio, and core tier 1 capital adequacy ratio as of September 2025 are 13.48%, 11.06%, and 9.52%, respectively, all exceeding regulatory requirements [1] - The redemption of preferred shares is part of a broader trend among listed banks, driven by changes in interest rate environments and capital tool management [2] Group 2 - The redemption of preferred shares is seen as a financial optimization strategy to lower financing costs by replacing higher dividend rate preferred shares with lower-cost perpetual bonds [2][4] - The preferred share market may enter a contraction phase, leading to reduced market size and liquidity, which could affect investors' access to high-quality, high-yield assets [3] - Institutional funds are expected to shift towards perpetual bonds and other alternative capital instruments due to the shrinking supply of preferred shares [4]

Core Viewpoint - The successful launch of "Zhaoyin Jinkui" and "Puyin Shuzhi" satellites by China Merchants Bank and Pudong Development Bank marks a significant step in the integration of banking and commercial aerospace, highlighting the banks' strategic move to leverage satellite technology for enhancing digital financial infrastructure and supporting the commercial aerospace industry [2][10]. Group 1: Satellite Launch and Collaboration - The "Zhaoyin Jinkui" and "Puyin Shuzhi" satellites are part of the "Tianqi Constellation" low-orbit narrowband satellite IoT network, showcasing banks' involvement in satellite launches [2][3]. - This is not the first instance of banks collaborating with commercial satellite companies; previous launches include "Zhaoyin 1" and "Zhaoyin 2" by China Merchants Bank and "Ping An 1" and "Ping An 2" by Ping An Bank [3][4]. - Banks are adopting various paths to utilize satellite technology, including direct satellite launches and purchasing processed data from satellite companies for financial applications [3][4]. Group 2: Applications and Benefits of Satellite Technology - The integration of low-orbit satellites enhances banks' capabilities in financial asset management, risk control, and emergency communication, extending their digital infrastructure into space [3][6]. - Banks are increasingly moving from merely purchasing satellite data to actively participating in satellite launches, driven by the need for improved risk management and business continuity [6][7]. - The use of satellite technology allows banks to overcome geographical and environmental limitations, thus expanding their business reach, especially in remote areas [7][10]. Group 3: Cost and Market Dynamics - The cost of launching commercial satellites is expected to decrease due to technological advancements and economies of scale, making customized commercial applications more feasible [8][9]. - Current costs for launching a commercial satellite range from tens of millions to over a billion yuan, with significant potential for reduction as the industry matures [8][9]. - By 2030, the cost of satellite launches could drop to below 10,000 yuan per kilogram, further encouraging financial institutions to invest in satellite technology [9]. Group 4: Financial and Industrial Synergy - The collaboration between banks and satellite companies represents a deeper financial and industrial synergy, enabling banks to expand their service offerings and support the development of the commercial aerospace ecosystem [10][14]. - Banks are innovating financial products and services, such as satellite leasing and industry-specific funds, to meet the unique needs of the aerospace sector [14][15]. - The integration of satellite data into financial services is expected to enhance credit assessments and risk management, aligning financial services more closely with the real economy [10][15].

Core Viewpoint - Ping An Bank has launched the "Ping An Celebrates the New Year" campaign from February 9 to March 3, aiming to provide a warm and engaging financial service experience during the Spring Festival through various online interactions and benefits [1][3]. Group 1: Campaign Overview - The campaign features a main theme of "Ping An Welcomes the New Year, Ping An Guards Reunion, Ping An Starts a New Journey," utilizing the Ping An Pocket Bank APP to offer eight themed activities and multiple basic interactive tasks across various business lines [1][4]. - The activities are designed to enhance customer engagement and promote financial literacy, encouraging users to focus on asset allocation and prudent financial planning during the festive season [4][6]. Group 2: Themed Activities - Eight major themed activities have been planned, including "Save Earnings to Buy New Year Goods," "Save Earnings to Earn Points," and "Save Earnings to Enjoy Gifts," which reward customers with points or exclusive benefits for participating [4][5]. - The "New Year Goods Festival" collaborates with quality merchants to offer high-value New Year products and substantial discount coupons for essential daily items, effectively reducing customers' purchasing burdens [4][5]. Group 3: Cultural Integration - The campaign incorporates rich cultural elements of the festival, such as activities like "Collect Lucky Bags to Win an iPhone 17" and "Light Lanterns to Win a Pocket3," which resonate with traditional customs and enhance user participation through engaging interactions [5][6]. - A "Collect Good Luck" mechanism allows users to invite friends to participate, providing additional chances to win prizes, thereby fostering social connections and expanding the reach of inclusive financial services [6][7]. Group 4: Financial Service Philosophy - The initiative reflects Ping An Bank's commitment to "Finance for the People," leveraging technology to enhance the accessibility of inclusive financial services and stimulate consumer vitality [3][7]. - The campaign emphasizes a blend of technological innovation and human care, ensuring that the rules are simple and accessible, catering to diverse customer needs, including the elderly [7].

Group 1 - The article provides updated interest rates for various deposit products offered by Ping An Bank, effective from May 21, 2025 [1] - The benchmark interest rates for demand deposits are set at 0.35%, while the quoted rates are at 0.05% [1] - For time deposits, the rates vary by term, with a one-year deposit rate at 1.50% (benchmark) and 1.15% (quoted) [1] Group 2 - The rates for three-month, six-month, and two-year time deposits are 1.10% (benchmark) and 0.70% (quoted), 1.30% (benchmark) and 0.95% (quoted), and 2.10% (benchmark) and 1.20% (quoted) respectively [1] - The rates for three-year and five-year time deposits are 2.75% (benchmark) and 1.30% (quoted), and the quoted rate for five-year deposits is 1.35% [1] - The article notes that the rates for various savings products, including zero deposit and flexible deposits, are also provided, with specific rates for one-year, three-year, and five-year terms [1]

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]

登录新浪财经APP 搜索【信披】查看更多考评等级 基金管理人：永赢基金管理有限公司 基金托管人：平安银行股份有限公司 二零二六年二月 重要提示 1. 永赢元嘉平衡多资产90天持有期混合型基金中基金（FOF）（以下简称"本基金"）的募集已于2025年 8月28日获中国证监会证监许可【2025】1873号文注册。中国证监会对本基金募集申请的注册，并不表 明其对本基金的投资价值和市场前景做出实质性判断或保证，也不表明投资于本基金没有风险。 2. 基金运作方式为契约型开放式，但对于每份基金份额设定90天的最短持有期。 3. 本基金的基金管理人和登记机构为永赢基金管理有限公司（以下简称"本公司"或"永赢基金"），基金 托管人为平安银行股份有限公司。 4. 本基金的发售期为2026年2月13日至2026年5月12日。本基金通过本公司的直销机构（本公司直销柜台 和线上直销渠道）及其他基金销售机构的销售网点公开发售。其中，A类基金份额通过本公司直销柜 台、线上直销渠道和其他销售机构公开发售；C类基金份额在认购阶段暂不开通本公司直销柜台、线上 直销渠道的发售，投资者在认购阶段如需选择C类基金份额的，可通过其他销售机构进行认购。 ...