白银年涨幅超黄金两倍，银行贵金属资产规模大增，普通投资者配置难度加大

Core Viewpoint - Industrial and Commercial Bank of China (ICBC) has announced adjustments to the risk tolerance levels for personal customers' accumulation gold business, requiring a minimum risk assessment of C3-balanced type for account opening and investment plans, citing market instability as a reason for the change [1] Group 1: Market Trends - The gold and silver markets have seen significant price increases, with London gold and silver experiencing annual gains of approximately 65% and 148% respectively in 2025, leading to heightened demand for precious metals among domestic investors [1] - The strong performance of the precious metals market has driven rapid expansion in banks' precious metal asset scales, with 17 out of 19 banks reporting growth in their precious metal assets in the third quarter of 2025, and 10 banks showing increases exceeding 100% [3] - The demand for precious metals is being fueled by both customer-driven business and increased self-trading by banks, as they seek to enhance their positions in precious metals and hedge against price volatility [3] Group 2: Regulatory Adjustments - ICBC's new risk assessment requirements will take effect on January 12, 2026, and customers must complete a risk assessment questionnaire and sign a risk disclosure document to engage in accumulation gold business [2] - Other banks, including Ningbo Bank and CITIC Bank, have also adjusted their accumulation gold risk levels in response to rising gold prices, with many banks increasing the minimum investment thresholds for accumulation gold [2] Group 3: Investment Strategies - Ordinary investors face challenges in accessing precious metal investments, as many banks have halted new accounts for derivative products like "paper silver," limiting investment channels primarily to physical products and related stocks [5] - Analysts suggest that investors should adopt a long-term investment approach, treating precious metals as a hedge rather than a speculative tool, and recommend dollar-cost averaging to mitigate risks associated with short-term price fluctuations [6]