这种"一刀切"的风控模式，显然弊大于利。对消费者而言，解封账户需奔波柜台、提交各类证明，耗时 耗力；更有用户因账户受限导致还款逾期、应急消费受阻，承受额外损失。对银行而言，频繁"误伤"会 消耗用户信任，久而久之可能影响自身口碑与市场竞争力。更重要的是，过度严苛的无差别管控，可能 让公众对反诈风控产生抵触情绪，反而不利于相关工作的推进。 近日，多家媒体报道的"凌晨点外卖次数过多银行卡被风控"事件，让银行客户权益、风控安全之间的平 衡问题再次受到关注。有不少网友在"银行风控"的相关帖文下分享了类似经历，深夜点外卖、频繁购物 等行为触发了银行风控，导致银行卡使用受限。据了解，若账户存在小额交易频繁、快进快出、交易对 方账户存疑等情况，与电信诈骗行为模式相似，则可能被系统监测判断为异常。（见1月24日中国新闻 网） 本为防范电信诈骗、保护资金安全而实施的风控措施，却因部分银行"宁枉勿纵"的 "一刀切"操作，给 普通消费者的日常生活添了堵。诚然，银行收紧风控的初衷是好的。在反电信网络诈骗、反洗钱的高压 态势下，"谁开户、谁负责"的追责机制，让基层网点将"零涉诈账户"作为硬性目标。而快进快出、凌晨 交易等行为，因与诈骗资 ...

As one of the largest banks in the U.S. today, Bank of America has a sweeping range of credit card options to match. Whether you’re looking to earn cash back on your regular spending, save on Alaska Airlines travel, or secure a long 0% APR period to pay down debt, there’s likely a Bank of America card for you. Read more about our top picks from the issuer below, along with more information to help you decide which is best for you. Best Bank of America credit cards for February 2026 Best overall Learn m ...

固收：年初以来银行为何持续买债 20260126 摘要 当前债券市场呈现修复态势，主要驱动力来自银行的增持行为，尤其是 大行偏好 7-10 年期，中小行偏好 10 年以上国债，稳定了市场预期。 银行增配债券的意愿增强，原因是长债票息已高于存款成本，例如银行 平均存款成本已降至 1.6%-1.7%，长债配置价值凸显，不再依赖资本 利得。 尽管市场担忧信贷社融增速、定期存款到期和股市上涨可能导致银行资 金流出，但近期银行资金并未出现明显外流迹象，银行具备继续购买债 券的能力。 上周各期限利率普遍下行，10 年和 30 年期国债分别下行 1.3 和 1.6 个 基点，到达 1.83%和 2.29%，存单突破 1.6%关口至 1.59%，表明市 场修复。 由于交易性机构仓位已降至低位，股市走强对债市影响有限，非银机构 补仓将推动修复行情，曲线斜率有望恢复正常水平。 结汇本身并不直接增加市场流动性或资金来源，但通过改善 NSFR、LCR 等指标，可以降低融资需求，实际资金来源可能来自定期 存款未明显外流、地产销售走弱导致居民储蓄转向存款等因素。 结汇对当前市场有什么影响？ 结汇对当前市场影响有限。从企业或居民向银行结汇 ...

Bank of America Corporation (NYSE:BAC) is among the most profitable financial stocks to invest in. On January 22, Reuters reported that Bank of America Corporation (NYSE:BAC) is weighing options to introduce new credit cards offering a 10% interest rate to meet President Donald Trump’s demands, according to a source familiar with the matter. Separately, TD Cowen trimmed the price target on Bank of America Corporation (NYSE:BAC) to $64 from $66 and maintained a Buy rating on January 15. This downward pric ...

"黄金强势突破每盎司5100美元关口，是短期避险需求、中期政策预期、长期货币信用重构三重逻辑共 振的结果。预计2026年金价或有望挑战每盎司6000美元关口。"南华期货贵金属新能源研究组负责人夏 莹莹对第一财经记者表示，当前金价处于高价位、高波动阶段，投资者需做好仓位控制。 美国银行将近期黄金目标价上调至每盎司6000美元。美国银行分析师迈克尔·哈特尼特在给客户的一份 报告中写道，历史虽不能完全预示未来，但过去四轮牛市中金价的平均涨幅约为43个月内上涨300%， 黄金或将在2026年春季达到每盎司6000美元。杰富瑞集团甚至认为今年金价有望达每盎司6600美元。 从各国央行到金融机构，再到个人投资者，这场由货币信用重构、地缘风险升级与流动性预期共同驱动 的贵金属牛市，带来了全球范围内的贵金属资产价值重估。 #个别机构看多黄金到6600美元#【#金银价疯涨#，全球"氪金"热潮能否持续】特朗普有多"激进"，金银 价格就有多"疯狂"。 1月26日，伦敦现货黄金连续冲破每盎司5000美元、5100美元两道关口，最高触及5111美元/盎司的历史 高位。伦敦现货白银也再创历史新高，盘中突破每盎司110美元关口后回落，截至 ...

Core Insights - The credit card market in the U.S. is dominated by a few large financial institutions, leading to high costs for consumers and businesses [1][3] - There is a growing national discussion on potential government interventions to lower credit card costs, including proposals for a 10% cap on fees [2] - The credit card industry is characterized by an oligopoly of major banks and a duopoly of processing networks, resulting in limited competition [3] Industry Dynamics - Major banks like JPMorgan Chase, Bank of America, American Express, Citigroup, and Capital One account for approximately 70% of all credit card transactions [3] - Visa and Mastercard process over 80% of these transactions, reinforcing their dominant position in the market [3] - The markup on credit card borrowing compared to benchmarks like the prime rate has increased to 16.4%, indicating rising costs for consumers [4] Impact on Small Businesses - Credit cards serve as a significant source of credit for small businesses, but the associated costs are becoming increasingly burdensome [5] - Merchant fees charged by Visa and Mastercard have nearly doubled in five years, reaching $111 billion in 2024, which are often passed on to consumers [5] - These fees rank among the highest costs for merchants, following real estate and labor expenses [5] Comparative Analysis - The cost of credit card transactions in the U.S. is significantly higher than in other industrialized countries, where competition and regulation are more favorable [6][7] - Consumer credit is also less expensive in other regions due to these factors, highlighting inefficiencies in the U.S. market [6][7]

来源：金十 正当市场喜迎金价触及曾被视为不可思议的每盎司5000美元关口时，美国银行（Bank of America）已将 其近期黄金目标价上调至每盎司6000美元——这是所有主要机构中对黄金最为激进的预测。 "历史虽不能完全预示未来，但过去四轮牛市中金价的平均涨幅约为43个月内上涨300%，这暗示着黄金 将在2026年春季达到每盎司6000美元，"美国银行分析师迈克尔·哈特尼特（Michael Hartnett）在给客户 的一份报告中写道。 他预测金价将在今年春季达到每盎司6000美元，这将使金价比目前的历史高位再高出20%以上。 1月5日，美国银行金属研究主管迈克尔·威德默（Michael Widmer）曾表示，黄金今年仍将是投资者投 资组合中的关键资产。 "黄金作为对冲工具和阿尔法收益来源的地位依然突出，"威德默写道。美国银行认为，趋紧的市场状况 和强劲的盈利敏感性使黄金成为2026年的关键对冲工具和潜在回报驱动力。 美国银行的2026年展望基于其对黄金行业供应下降和成本上升的预测。威德默预计北美13家主要金矿商 今年将生产1920万盎司黄金，比2025年下降2%，并补充说大多数市场对产量的预测过于乐观 ...

Group 1 - China Aluminum International (02068) saw a mid-day increase of over 2.4% after announcing a joint venture to undertake a new electrolytic aluminum project with an annual capacity of 394,000 tons, with the first phase set at 294,000 tons [1] - CGN Mining (01164) rose over 8.3% following the submission of a preliminary prospectus for a trust that plans to issue up to $2 billion in transferable, non-redeemable trust shares over 25 months, with annual uranium procurement not exceeding 9 million pounds [1] - China Shengmu Organic Milk (01432) increased nearly 6% after a joint announcement regarding a potential conditional cash offer to acquire all issued shares of the company [1] Group 2 - Yijun Group Holdings (02442) surged over 18%, with a cumulative increase of nearly 500% since its resumption of trading in December, following the sale of shares by its controlling shareholder [2] - China Rare Earth Holdings (03788) rose over 10%, reaching a historical high of 5.49 HKD, after announcing the termination of its gold spin-off plan to focus on gold business [2] - Laopuqin Gold (06181) increased over 7.3% as consumer demand is expected to rise during the upcoming Spring Festival, driven by higher gold prices and anticipated price increases [2] Group 3 - Oil stocks continued to rise, with CNOOC (02883) up 4.19%, Sinopec (00386) up 2.54%, and PetroChina (00857) up 3.68%, amid escalating geopolitical tensions in Iran and Cuba [3] - Changfei Optical Fiber (06869) saw a rise of over 15.4% due to significant price increases and supply tightness in the G.652.D optical fiber market, with major manufacturers unable to meet their own orders [3] Group 4 - Nanshan Aluminum International (02610) increased over 2.6% after announcing plans to start construction on a 250,000-ton electrolytic aluminum project in 2026, with an investment of $437 million [4] - Xindong Company (02400) saw a slight increase of 0.43% as its mobile game "Xindong Town" surpassed 10 million downloads, indicating strong user growth [4] Group 5 - EquipmentShare.com (EQPT.US) debuted on the US stock market with an IPO price of $24.5, closing up 32.9% on its first day [5] - The solar energy sector saw initial gains, with JinkoSolar (JKS.US) up 9.03% and Canadian Solar (CSIQ.US) up 4.57%, following discussions at the Davos Forum [5] - Silver-related stocks experienced gains, with First Majestic Silver (AG.US) rising 5.04% as spot silver prices surpassed $100 [5] Group 6 - Lithium mining stocks mostly rose, with Sigma Lithium (SGML.US) up 17.54% after announcing additional sales of high-purity lithium powder [6] - Bank stocks declined, with Goldman Sachs (GS.US) down 3.75% amid legal issues involving President Trump and JPMorgan [6] - Redwire (RDW.US) increased by 4.51% following comments from Elon Musk about SpaceX's plans for reusable rocket technology [6] Group 7 - Semiconductor stocks showed strength, with AMD (AMD.US) up 2.35% and Nvidia (NVDA.US) up 1.53%, as Nvidia's CEO visited China to discuss future plans [7] - Ericsson (ERIC.US) rose 8.87% after reporting strong fourth-quarter earnings, with adjusted EBITA reaching 12.7 billion SEK, a 24% increase year-over-year [8] - Intel (INTC.US) fell 17.03% due to disappointing performance outlooks and manufacturing issues [8]

Investment Rating - The report indicates a "Sell" signal based on the BofA Bull & Bear Indicator, which is currently at 9.2, down from 9.4 [68][69]. Core Insights - The report highlights a significant outflow from equities, particularly from China ETFs, with a record outflow of $49.2 billion, while Japan and Europe saw inflows [21][45]. - The investment strategy suggests a rotation towards small and mid-cap stocks, driven by a favorable economic environment and government interventions aimed at affordability [22][27]. - Emerging Markets are positioned to enter a new secular bull market, supported by strong commodity prices and a shift in global economic dynamics [20][40]. Summary by Sections Market Performance - Year-to-date performance shows gold at 14.4%, commodities at 5.2%, and international stocks at 4.5%, while US stocks have only gained 1.0% [1]. - The report notes a significant decline in bond prices, with the 30-year US Treasury down 50% and JGB down 45% from peak to trough in the 2020s [3][18]. Economic Indicators - The report discusses the impact of Fed Chair nominations on yields, noting that yields have increased every time following nominations since 1970 [2][34]. - The MOVE index of Treasury volatility is at a four-year low, indicating market confidence that the new Fed Chair will not push 30-year Treasury yields above the 5% level [2]. Investment Flows - Weekly flows indicate $15.4 billion inflow to bonds and $4.9 billion to gold, while equities experienced a $43.2 billion outflow, marking a record driven by China ETFs [13][45]. - BofA private clients have shown a preference for IG bonds, municipal bonds, and TIPS ETFs, while selling REITs and high-yield bonds [15][51]. Sector Analysis - The report identifies financials and materials as sectors with inflows, while technology and consumer sectors faced outflows [47]. - The analysis suggests that small and mid-cap stocks are likely to outperform larger caps due to favorable policy changes and economic conditions [27][40].

Core Insights - The Chinese banking wealth management market is projected to continue its growth, with a total scale of 33.29 trillion yuan by the end of 2025, reflecting an 11.15% increase from the beginning of the year [1][2] - The number of investors holding wealth management products reached 143 million, a 14.37% increase year-on-year, indicating a strong demand for these financial products [1][5] - The report anticipates a stable growth trend for the wealth management market in 2026, driven by enhanced asset allocation and improved investment research capabilities by financial institutions [1][6] Market Size and Growth - As of the end of 2025, the total number of wealth management products in existence was 46,300, an increase of 14.89% from the start of the year, with 136 banks and 32 wealth management companies launching 33,400 new products [2] - The cumulative funds raised in 2025 amounted to 76.33 trillion yuan, with public wealth management products accounting for 31.46 trillion yuan, representing 94.50% of the total market [3][4] Investor Dynamics - The number of individual investors reached 141 million, making up 98.64% of the total investor base, while institutional investors numbered 1.94 million, accounting for 1.36% [5] - In 2025, the overall return generated for investors was 730.3 billion yuan, a 2.87% increase from 2024, with an average yield of 1.98% for wealth management products [5] Product Structure - Fixed income products dominated the market with a scale of 32.32 trillion yuan, representing 97.09% of the total, while mixed products accounted for 2.61% and equity products were relatively small at 0.08 trillion yuan [4] - The report highlights a slight decrease in the proportion of public wealth management products, down 0.42 percentage points from the beginning of the year [3] Future Outlook - The wealth management market is expected to experience "steady growth with minor fluctuations" in 2026, with a potential recovery in equity markets benefiting mixed and equity products [6] - Financial institutions are likely to enhance their asset allocation capabilities and explore the addition of equity assets to improve product yield, while digital transformation and intelligent services are anticipated to accelerate [6]