Core Viewpoint - The banking sector is experiencing a renewed wave of deposit acquisition strategies as the Spring Festival approaches, with many small and medium-sized banks raising deposit rates and introducing innovative products to attract customers, in response to the upcoming 2026 deposit maturity wave [1][4]. Group 1: Deposit Rate Adjustments - Several banks have raised their deposit rates, with some offering rates as high as 1.95% for three-year fixed deposits, reflecting a 10 basis point increase from previous rates [2]. - Banks are implementing differentiated adjustments for various term deposits, with increases ranging from 5 to 30 basis points depending on the amount and term [2]. - The trend of raising deposit rates is particularly pronounced among city commercial banks, rural commercial banks, and village banks, while larger state-owned banks maintain stable rates [4]. Group 2: Innovative Deposit Incentives - In addition to raising rates, banks are launching promotional activities such as offering gifts like rice, cooking oil, and shopping vouchers to attract depositors [3]. - A notable initiative includes a "Deposit for Travel Expenses" program, where depositors can receive reimbursements for travel costs when making fixed deposits above a certain amount [3]. Group 3: Asset Under Management (AUM) Focus - Some banks are shifting their focus from merely acquiring deposits to increasing their overall asset management scale (AUM) by offering incentives for customers to grow their financial assets [5]. - Programs that reward customers for increasing their average financial assets are being introduced, indicating a strategic pivot towards comprehensive wealth management [5]. Group 4: Future Deposit Trends - Analysts predict a significant wave of deposit maturities in 2026, with potential shifts in where these funds will be allocated, including a movement towards low-risk asset management products and possibly equities [6]. - The People's Bank of China notes that while there may be a perception of deposit "loss," these funds are likely to return to the banking system through various channels, including asset management products [7][8].

Core Viewpoint - The banking sector is experiencing a new wave of deposit acquisition strategies as the Spring Festival approaches, with many small and medium-sized banks raising deposit rates and introducing innovative products to attract customers. This is a response to the upcoming maturity of fixed-term deposits in 2026, prompting banks to enhance their wealth management offerings and optimize their liability structures [1][5]. Group 1: Deposit Rate Adjustments - Several banks have raised deposit rates, with some offering rates as high as 1.95% for three-year fixed deposits, reflecting a 10 basis point increase from previous rates [1]. - Banks are implementing differentiated adjustments for various term deposits, with some products seeing rate increases of 5 to 30 basis points depending on the deposit amount and term [2]. - The trend of increasing deposit rates is primarily observed in city commercial banks, rural commercial banks, and village banks, while larger state-owned banks maintain stable rates [3]. Group 2: Innovative Deposit Acquisition Strategies - Some banks are offering additional benefits such as gifts and reimbursement for travel expenses to attract depositors, with initiatives like "Deposit for Travel Expenses" aimed at migrant workers returning home for the New Year [2][3]. - The reimbursement scheme allows customers to claim back a percentage of their deposit amount for travel expenses, with specific conditions on the types of receipts accepted [3]. Group 3: Asset Under Management (AUM) Focus - Many banks are shifting their focus from merely acquiring deposits to increasing their overall asset management scale (AUM) through diversified financial products and customer incentives [4]. - Banks are implementing programs that reward customers for increasing their average financial assets, indicating a strategic move towards enhancing customer engagement and loyalty [4]. Group 4: Future Trends in Deposit Flows - Analysts predict a significant outflow of deposits in 2026, with potential shifts towards short-term savings, low-risk asset management products, and a small portion moving into equity markets [5][6]. - The growth of asset management products is expected to continue, with a notable increase in total assets reaching 120 trillion yuan by year-end, reflecting a 13.1% year-on-year growth [6]. Group 5: Implications for Banking Sector - The changes in deposit flows and the rise of asset management products are seen as a rebalancing of the banking sector's liability structure, which may impact banks' funding costs and interest margin management [7]. - The differentiation in banks' liability costs and stability is likely to become more pronounced, affecting their competitive positioning in the market [7].

Core Viewpoint - China Bank has raised the minimum purchase amount for its gold accumulation products from 950 yuan to 1200 yuan, effective February 12, 2026, following similar adjustments by other major banks [1][4]. Group 1: Adjustments in Gold Accumulation Products - The minimum purchase amount for gold accumulation products at China Bank will increase to 1200 yuan, while the additional purchase amount remains unchanged at 200 yuan [1]. - The minimum weight for purchasing gold accumulation products will remain at 1 gram, with additional purchases also in 1 gram increments [1]. - Other banks, such as Industrial and Commercial Bank of China (ICBC) and Agricultural Bank of China, have also raised their minimum purchase amounts for gold accumulation products in early 2026 [4]. Group 2: Market Context and Trends - The gold price has experienced significant fluctuations, with a notable increase in January 2026, leading to a general upward trend in February, surpassing 5000 USD per ounce [5][6]. - The adjustments in minimum purchase amounts by banks are seen as a response to the volatile gold market and regulatory requirements aimed at protecting investors [4]. - Analysts suggest that the current economic conditions, including inflation and geopolitical uncertainties, may continue to support a bullish outlook for gold prices in the medium to long term [9].

Investment Rating - The report assigns an "Accumulate" rating for the banking sector, indicating a potential increase of over 15% relative to the CSI 300 index [2][12]. Core Insights - The central bank will continue to implement a moderately loose monetary policy, integrating both incremental and stock policies to enhance effectiveness [3]. - New loan interest rates have decreased, with the weighted average interest rate for new loans in December at 3.15%, down 10 basis points from September. The rates for general loans, corporate loans, bill financing, and mortgage loans are 3.55%, 3.10%, 1.14%, and 3.06%, respectively [4]. - The growth of asset management products is impacting the structure of bank deposits, with total assets of asset management products reaching 120 trillion yuan, a year-on-year increase of 13.1% [4]. - The central bank and the Ministry of Finance have announced a package of policy measures aimed at supporting small and micro enterprises and boosting consumption [4]. - A one-time credit repair policy will support individuals in improving their credit status by removing overdue debt records if paid off by March 31, 2026 [4]. Summary by Sections Loan Market - The report highlights a continued optimization in financing structure, with significant year-on-year growth in technology loans (11.5%), green loans (20.2%), inclusive loans (10.9%), elderly care industry loans (50.5%), and digital economy loans (14.1%) [4]. Asset Management Products - The rapid expansion of asset management products has led to a shift in the deposit structure, with a notable increase in non-bank deposits from small and medium banks [4]. - Over 80% of asset management products are allocated to fixed-income assets, primarily in interbank deposits and certificates of deposit, indicating that funds remain within the banking system [4]. Investment Recommendations - The report suggests focusing on three main lines for investment in the banking sector: 1. Identifying banks with expected growth in performance, recommending Ningbo Bank, China Merchants Bank, and Nanjing Bank [4]. 2. Considering banks with convertible bond expectations, recommending Chongqing Bank and Changshu Bank, with Shanghai Bank as a related target [4]. 3. Continuing the dividend strategy, recommending Bank of Communications, Jiangsu Bank, Chongqing Rural Commercial Bank, and Shanghai Rural Commercial Bank [4].

Core Viewpoint - The article discusses the significant fluctuations in gold prices and the resulting adjustments in gold repurchase policies by various companies and banks to manage risks and operational pressures [1][4][5]. Group 1: Gold Price Fluctuations - As of February 11, 2026, spot gold prices increased by 0.34% to $5044.7 per ounce, while spot silver rose over 1% [1]. - Year-to-date, London gold has risen by 16.82%, and London silver has increased by 14.47% [2]. Group 2: Adjustments in Repurchase Policies - Starting February 7, 2026, China Gold will suspend gold repurchase services on non-trading days, including weekends and public holidays, to adapt to market risk management requirements [4]. - Beijing Caishikou Department Store has also updated its repurchase rules, halving the daily gold repurchase limit from 200 kilograms to 100 kilograms [4]. Group 3: Risk Management Measures - The adjustments in repurchase policies are primarily due to the significant volatility in gold prices, which complicates fair pricing and increases operational pressures on gold retailers [5][6]. - Analysts expect more gold retailers to follow suit in tightening repurchase policies, focusing on risk control and operational efficiency [6]. Group 4: Bank Policies on "Three No" Clients - Several banks have begun to limit services for "Three No" clients (no positions, no inventory, no debts), reflecting a broader trend of tightening regulations in the gold trading sector [7][9]. - Since September 2025, at least 11 banks have announced adjustments to their gold trading services, including suspending new trades and closing accounts for inactive clients [9].

Investment Rating - The industry investment rating is "Overweight" [8] Core Insights - The report emphasizes the importance of personal credit repair policies and the collaboration between fiscal and monetary policies to support high-quality development [3][5] - The social comprehensive financing cost has decreased, with the weighted average interest rate for new loans at approximately 3.15%, down 10 basis points from September [2] - The report highlights the rapid growth of asset management products, which is changing the deposit structure and maintaining liquidity stability [4] Summary by Sections Section 1: Personal Credit Repair and Risk Prevention - The central bank has introduced a one-time personal credit repair policy to support individuals with overdue information under 10,000 yuan after full repayment, aiming to stimulate micro-entity vitality [4] Section 2: Financing Costs and Credit Structure - The weighted average interest rates for general loans and corporate loans have decreased to 3.55% and 3.10%, respectively, while personal housing loan rates remained stable at 3.06% [2] - Loans for technology, green finance, inclusive finance, and digital economy sectors have shown significant year-on-year growth, with increases of 11.5%, 20.2%, 10.9%, and 14.1% respectively [2] Section 3: Fiscal and Monetary Policy Collaboration - The central bank has increased the quotas for re-loans aimed at technological innovation and small enterprises by 900 billion yuan, alongside a dedicated 1 trillion yuan for private enterprises [3] - The green loan balance reached 44.8 trillion yuan, reflecting a 20.2% year-on-year growth, indicating a robust green finance market [3] Section 4: Liquidity and Credit Governance - The report suggests observing liquidity from a combined perspective of asset management products and bank deposits, noting an 8.1% year-on-year growth in total liquidity indicators [4] - The overall social financing environment remains loose, supporting the ongoing credit repair initiatives [4] Section 5: Future Monetary Policy Directions - The central bank aims to maintain reasonable growth in financial totals and implement moderately loose monetary policies, focusing on price recovery and risk prevention [5] - The report outlines the need for improved market-based interest rate formation and transmission mechanisms to better reflect loan market rates [5]

Core Viewpoint - The recent volatility in gold prices has led to significant adjustments in gold repurchase policies by various gold retailers and banks in China, aimed at risk management and operational efficiency [1][2][3]. Group 1: Adjustments in Gold Repurchase Policies - China Gold announced the suspension of gold repurchase services on non-trading days starting February 7, 2026, to manage risks associated with price volatility [1][2]. - Beijing Caishikou Department Store has also updated its gold repurchase rules, halting services on weekends and holidays, and reducing the daily gold repurchase limit from 200 kilograms to 100 kilograms [2]. - The adjustments include limits on repurchase amounts for individual customers, requiring advance reservations, with the limits dynamically adjusted based on market conditions [2][3]. Group 2: Market Conditions and Risk Management - The sharp increase and volatility in gold prices have made it difficult for retailers to establish fair repurchase prices, leading to potential disputes and financial pressure [3]. - Analysts expect more gold retailers to follow suit in tightening repurchase policies, focusing on risk control and operational cost management as high volatility becomes the norm [3]. - The Shanghai Gold Exchange has raised margin requirements and adjusted trading limits for gold contracts in response to market conditions, indicating a proactive approach to risk management [4]. Group 3: Banking Sector Adjustments - Several banks have begun to limit services for "three no" clients (no holdings, no inventory, no debts) in the gold trading sector, reflecting a broader trend of tightening regulations in response to market risks [4][5]. - Since September 2025, at least 11 banks have announced adjustments to their gold trading services, including suspending new trades and closing online trading channels for inactive clients [5][6]. - The banking sector's adjustments are part of a larger strategy to mitigate risks associated with market volatility, with a focus on compliance and operational integrity [6].

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]

Investment Rating - The report maintains a "Buy" rating for several financial institutions including China Merchants Bank and Ningbo Bank, and a "Hold" rating for others like GF Securities and Dongfang Securities [9]. Core Insights - The report highlights a net outflow of 1.01 trillion yuan from broad-based ETFs in January 2026, indicating increased market volatility and a shift in investor sentiment towards high-quality financial stocks [1][3]. - The overall market for wealth management products saw a decrease in issuance, with 2,728 new products launched in January 2026, down 10.4% month-on-month, while the average yield for these products increased to 3.62%, up 177 basis points from the previous month [2][15]. - The report emphasizes the importance of the newly implemented performance benchmark guidelines for public funds, which aim to strengthen the alignment of interests between fund managers and investors [3][15]. Summary by Sections Wealth Management Products - In January 2026, the total issuance of wealth management products was 2,728, a decrease of 10.4% from December, while the total market size for these products was 31.57 trillion yuan, showing a slight decline [2][16]. - The average yield for wealth management products increased to 3.62%, reflecting a positive trend in returns despite the decrease in issuance [2][15]. Public Funds - The public fund market saw a 6% increase in new issuance in January, but the total market size decreased to 36.30 trillion yuan, down 1.24% month-on-month [3][15]. - The net asset value of ETFs fell to 5.46 trillion yuan, with a significant outflow of 1.01 trillion yuan from broad-based ETFs [3][15]. Private Funds - As of December 2025, the total size of private fund products reached 22.15 trillion yuan, with a month-on-month increase of 0.27% [5][15]. - The report notes a strong growth in the registration of private securities investment funds, which increased by 157% year-on-year [5][15]. Insurance Asset Management - By the end of Q3 2025, the balance of insurance funds reached 37.46 trillion yuan, reflecting a year-on-year increase of 17% [6][15]. - The report indicates a rising trend in the allocation of insurance funds to equities, with a notable increase in stock investment ratios [6][15]. Securities Asset Management - The size of securities asset management reached 6.37 trillion yuan by the end of Q3 2025, with a quarter-on-quarter increase of 4% [4][15]. - New issuance in January 2026 amounted to 77.42 billion units, representing a 20% increase from the previous month [4][15]. Trust Industry - The trust industry reported an asset size of 32.43 trillion yuan as of June 2025, marking a 10% increase since the beginning of the year [7][15]. - In January 2026, 1,377 trust products were issued, totaling 110.5 billion yuan, which is a 15% month-on-month increase [7][15].

Core Viewpoint - The recent volatility in gold prices has led to significant adjustments in the gold repurchase policies of various companies, including China Gold and Beijing Caishikou Department Store, to manage risks and improve operational efficiency [3][4]. Group 1: Company Adjustments - China Gold will suspend its gold repurchase business on weekends and public holidays starting February 7, 2026, due to increased price volatility and uncertainty in the precious metals market [3][4]. - Beijing Caishikou Department Store has also updated its repurchase rules, halting operations on non-trading days and reducing the daily gold repurchase limit from 200 kilograms to 100 kilograms [3][4]. - The adjustments include limits on repurchase amounts for individual customers, requiring prior appointments, and these limits will be dynamically adjusted based on market conditions [3][4]. Group 2: Market Conditions - The gold market has experienced significant price fluctuations, with daily price changes exceeding 10% to 30%, which has surpassed market expectations [4]. - The suspension of repurchase activities on non-trading days is intended to align with market pricing mechanisms and avoid disputes over pricing due to the lack of fair market quotes [4]. - The overall industry is facing increased pressure from risk management and operational costs, with expectations that more gold retailers will follow suit in tightening their repurchase policies [4]. Group 3: Banking Sector Response - Several banks have begun to limit services for "three no" clients (no holdings, no inventory, no debts) in response to the heightened market risks associated with gold trading [5][6]. - Banks such as Industrial Bank and others have announced the closure of personal gold trading channels and the transfer of margin account balances for inactive clients [6][7]. - The banking sector's adjustments reflect a growing trend of risk management, transitioning from initial risk warnings to the orderly exit of existing clients [8].