Core Viewpoint - The article highlights the recent surge in gold prices, with COMEX gold reaching a new high of $4827 per ounce, reflecting an increase of over 11% in just 22 days of the year 2026. This trend has led to a growing interest in structured deposits linked to gold among both companies and individual investors [1][2][17]. Group 1: Gold Price Performance - As of January 22, 2026, COMEX gold was priced at $4827 per ounce, showing a year-to-date increase of 11.47% [2]. - London gold and silver also experienced significant price movements, with London gold at $4827.296 and London silver at $93.691, reflecting increases of 11.79% and 30.90% respectively since the beginning of the year [2]. Group 2: Structured Deposits - Several listed companies, including Guozi Software and Fudan Zhangjiang, have announced their subscription to gold-linked structured deposits, indicating a rising enthusiasm among individual investors for such products [4]. - Major banks, including Bank of Communications and China Merchants Bank, have launched structured deposits linked to gold, with some products experiencing high demand and limited availability [4]. Group 3: Yield and Conditions of Structured Deposits - Despite the strong performance of gold, the overall yield of gold-linked structured deposits is not particularly high, with most products offering annualized returns not exceeding 2% [6]. - For example, a product from Bank of Communications offers a yield range of 0.5% to 3.2%, contingent on gold price movements, with a minimum yield of 0.5% if the price declines [6][7]. - Another product from Industrial Bank has a yield of 2.02% if gold prices increase by 16.9% or more, with a minimum yield of 1% if prices fall below a certain threshold [8]. Group 4: Market Volatility and Short-term Products - Short-term structured deposit products, with durations of about one week, are being offered with annualized yields between 1.5% and 1.7%, but they are subject to market volatility risks [10]. - The article notes that significant price fluctuations in gold can easily trigger minimum yield conditions for these short-term products [10]. Group 5: Investment Considerations - Investors are advised to carefully review the terms of structured deposits, including the structure of returns, observation methods, and the feasibility of achieving the highest yields [12]. - Emphasis is placed on the importance of selecting products with higher minimum yields to mitigate risks associated with incorrect market predictions [13]. - The article contrasts structured deposits with non-principal protected structured financial products, highlighting the safety of principal as a key advantage of structured deposits [15]. Group 6: Long-term Outlook on Gold - Despite recent fluctuations in gold prices, several institutions remain optimistic about the long-term outlook for gold, with predictions of price increases driven by factors such as Federal Reserve interest rate cuts and geopolitical uncertainties [17]. - Historical trends suggest that gold prices could rise between 10% and 35% by 2026, with forecasts from major banks indicating potential prices reaching $5000 per ounce or even challenging $6000 in the long term [17].

Core Viewpoint - The recent personnel changes at China Merchants Bank (CMB) reflect a strategic move to enhance collaboration between its wealth management and credit card businesses, aiming for growth in a challenging market environment [1][6]. Personnel Changes - Li Mingdong, previously the General Manager of the Wealth Management Platform, will take over as the General Manager of the Credit Card Center, while Lu Xiaorong, the General Manager of the Retail Financial Headquarters, will assume leadership of the Wealth Management Platform [1][4]. - This transition is seen as a way to cultivate talent and broaden the experience of mid-level managers within the bank [5][6]. Business Performance - In the first half of 2025, CMB's credit card interest income was CNY 30.612 billion, down 4.96% year-on-year, while non-interest income fell by 16.23% to CNY 10.471 billion [2][3]. - Conversely, wealth management fees and commissions reached CNY 12.797 billion, marking an 11.89% increase year-on-year, indicating a stronger growth trajectory compared to credit card services [2][3]. Market Context - The credit card business, once a key growth driver for CMB, is now facing stagnation due to market saturation and declining asset quality, with non-performing loans increasing [2][3]. - Wealth management has emerged as a new growth direction for CMB, focusing on asset under management (AUM) growth and providing services that meet clients' needs for capital preservation and appreciation [3][4]. Strategic Objectives - The personnel adjustments aim to deepen the synergy between wealth management and credit card services, leveraging Li Mingdong's experience in wealth management to enhance credit card offerings and vice versa [6][7]. - Lu Xiaorong's dual role is expected to facilitate better integration of data, risk management, and resource allocation between the two departments, creating a more cohesive operational strategy [6][8]. Competitive Landscape - CMB faces increasing competition in wealth management from state-owned banks and online platforms, necessitating a stronger focus on collaboration between its wealth management and credit card services to optimize customer engagement and revenue growth [7][9]. - The bank's ability to adapt to changing customer demands and regulatory pressures will be crucial for maintaining its competitive edge in the wealth management sector [9][10]. Future Outlook - While the current strategy is expected to remain stable, the effectiveness of the new leadership in addressing the challenges in wealth management and credit card services will be closely monitored [11][12]. - The integration of data and risk management capabilities is anticipated to enhance operational efficiency and customer satisfaction, but the success of these initiatives will depend on effective execution and collaboration [12].

Core Viewpoint - The recent announcement by the Ministry of Finance regarding the optimization of personal consumption loan interest subsidy policies has significant implications for the consumer finance sector, particularly with the inclusion of credit card installment payments for the first time in the subsidy program [3][5]. Policy Changes - The implementation period for the personal consumption loan interest subsidy policy has been extended from August 31, 2026, to December 31, 2026 [5]. - Credit card installment payments are now explicitly included in the subsidy program, with an annual interest subsidy rate of 1 percentage point [5]. - The policy has removed previous restrictions on the maximum subsidy amount per transaction and the cumulative subsidy limit for borrowers, retaining only an annual cap of 3,000 yuan per borrower at a single institution [5]. Bank Responses - Multiple banks, including major state-owned and joint-stock banks, have quickly adapted to the new policy, indicating that the credit card installment business is already highly standardized [7]. - The subsidy will likely be integrated into existing credit card installment approval and accounting systems, allowing for a rapid response from banks [7][8]. Execution Differences - Different banks have varying technical approaches to how the subsidy will be applied, but all are using interest deduction methods [8]. - For example, China Merchants Bank will reduce the interest charged on eligible installments, while Postal Savings Bank will directly deduct the subsidy amount from the interest charged [8]. Eligibility Criteria - Not all credit card users will automatically qualify for the subsidy; banks will enforce strict eligibility criteria based on transaction authenticity and compliance [9]. - Transactions with suspicious characteristics or those not meeting compliance standards may not qualify for the subsidy, indicating a focus on genuine consumer spending [9]. Impact on Pricing - The subsidy is not expected to directly alter the pricing mechanisms for credit card installments, as banks will still need to cover risk and operational costs [12]. - The subsidy is viewed as an external support mechanism that may enhance the attractiveness of installment products without changing nominal interest rates [12]. - In the short term, the subsidy could boost consumer interest in installment options, while in the long term, banks must remain cautious to avoid excessive expansion of installment lending [12][13].

转自：新华财经 "以前公积金里的钱取不出来付二手房首付，我还担心凑不齐款耽误买房，没想到现在用招行数字人民 币直接就能付首付，这可真是解决了我们的大难题！"刚完成公积金二手房首付提取的市民王先生难掩 激动。这既道出了招商银行青岛分行以数字人民币破解民生难题的实效，也揭开了改行深耕数字人民币 生态场景的生动篇章。 对普通市民而言，数字人民币的价值更体现在"以人为本"的便民举措中。过去，青岛市二手房交易环 节，公积金账户资金无法直接提取用于支付首付，市民需通过各种渠道筹集首付款，不仅增加短期资金 压力，还可能因流程衔接问题延误交易进度，成为二手房交易中的民生堵点。 招商银行青岛分行敏锐捕捉这一需求，主动对接，量身打造基于数字人民币的产业链结算体系，通 过"线上开立对公钱包+智能合约"解决方案，实现了集团与核心经销商之间"销售确认—利润分成"的自 动结算，以及与多级供应商之间"订单采购—货款入账"的实时结算，并为产业链各方提供供应链票据贴 现入数字人民币钱包服务，精准满足中小企业资金使用需求。目前，这一数字人民币结算模式已从"核 心企业"向"产业链末梢"延伸，集团内外已有数百家上下游企业接入，将分散的经营主体串联成 ...

Core Viewpoint - Gold has regained market attention, with prices reaching new highs and structural deposits linked to gold becoming popular investment choices [1][12]. Group 1: Gold Price Trends - As of January 22, 2026, COMEX gold prices reached $4,827 per ounce, marking an increase of over 11% within the first 22 days of the year [1][12]. - Multiple institutions remain optimistic about the medium to long-term outlook for gold prices, with predictions suggesting a potential increase of 10%-35% by 2026 [19][20]. Group 2: Structural Deposits - Numerous listed companies, including Guozi Software and Fudan Zhangjiang, have announced their subscription to gold-linked structural deposits, reflecting rising interest from individual investors as well [2][13]. - Several banks, such as Bank of Communications and China Merchants Bank, have launched structural deposits linked to gold, with some products experiencing high demand and limited availability [2][13]. Group 3: Yield Conditions - The overall yield levels of gold-linked structural deposits are not particularly high, with most products offering annualized returns not exceeding 2% [3][14]. - For example, a product from Bank of Communications offers a yield range of 0.5%-3.2%, contingent on gold price movements during the observation period [3][14]. Group 4: Investment Considerations - Investors are advised to carefully evaluate the conditions for achieving the highest yields, as many products have specific requirements that may be challenging to meet [4][18]. - The safety of principal is a key advantage of structural deposits compared to non-principal protected structured financial products, with a significant percentage of the latter experiencing early termination [19].

Core Viewpoint - The leadership change at China Merchants Bank's (CMB) credit card center, with Li Mingdong taking over from Liu Jialong, signals a strategic shift in the bank's retail operations, particularly in the credit card business, which is crucial for its profitability and integration with other financial services [1][2][12]. Group 1: Leadership Changes - Liu Jialong, the former general manager of the credit card center, has retired and transitioned to an advisory role, while Li Mingdong, previously the general manager of the wealth management department, has been appointed as his successor [1][12]. - The restructuring within CMB's retail financial headquarters indicates a broader organizational change, potentially hinting at upcoming senior management transitions [1][13]. Group 2: Importance of Credit Card Center - CMB's credit card center is recognized as a pivotal department within the bank, often regarded as a "quasi-headquarters level" unit, essential for connecting various business lines such as payments, consumer loans, and wealth management [2][12]. - The credit card business has been a significant profit source for CMB, maintaining its position as a leader in the industry, often referred to as the "largest credit card center in the universe" [2][12]. Group 3: Strategic Direction - The appointment of Li Mingdong, who has extensive experience in various core departments, suggests a strategic integration of wealth management with credit card services, aligning with industry trends towards customer-centric financial solutions [2][18]. - CMB aims to enhance its retail credit offerings while managing risks effectively, as indicated by the bank's commitment to maintaining high asset quality and optimizing its credit card portfolio amidst a challenging market environment [6][17]. Group 4: Financial Performance - In the first half of 2025, CMB reported a credit card transaction volume of 20,209.60 billion yuan, a year-on-year decrease of 8.54%, alongside declines in both interest and non-interest income from credit cards [6][17]. - The bank's credit card loans stood at 9,244.89 billion yuan, reflecting a reduction of 233 billion yuan from the previous year, highlighting the impact of overall market demand on growth [6][17].

Core Viewpoint - The article promotes the new year travel benefits offered by China Merchants Bank's American Express Centurion Credit Card, highlighting various discounts and incentives for new cardholders [1][17]. Group 1: Travel Benefits - New cardholders can choose between two travel benefits: a 200 yuan train ticket discount voucher or a 300 yuan taxi discount voucher [2][3]. - The promotion is specifically for new customers who are applying for the credit card for the first time, with restrictions on previous promotions [4]. Group 2: Emotional Appeal - The article emphasizes the emotional aspects of travel, such as the anticipation of returning home and the comfort of having a supportive credit card during the journey [7][9]. - It paints a picture of a warm and enjoyable travel experience, encouraging customers to define their own festive atmosphere during the new year [13]. Group 3: Call to Action - The article includes multiple calls to action for readers to apply for the credit card, highlighting the ease of application and the benefits that come with it [5][15][25].

| 交易日期 | | 证券代码 | 成交价(元) 成交金额[万元) 成交量(*) 买入营业部 | | 卖出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | | 026-01-22 | 招商银行 | 600036 | 37.85 302.8 | 合肥管家材料 | 公園屋都創業 | ка | 1月22日，招商银行大宗交易成交8万股，成交额302.8万元，占当日总成交额的0.04%，成交价37.85 元，较市场收盘价37.85元持平。 ...

Core Viewpoint - The Chinese government has introduced a new personal consumption loan interest subsidy policy, which aims to enhance consumer spending and stimulate the economy by providing financial incentives through interest subsidies on personal loans and credit card installments [1][3]. Group 1: Policy Implementation - The new subsidy policy will be effective from September 1, 2025, to December 31, 2026, for personal consumption loans, while the credit card installment subsidy period will be from January 1, 2026, to December 31, 2026 [3]. - The policy expands the support scope by including credit card installment payments for the first time, with a subsidy rate of 1% per annum, and removes previous restrictions on consumption areas [3][4]. Group 2: Bank Responses - Major banks such as ICBC, ABC, BOC, CCB, and others have quickly responded by issuing operational guidelines and clarifications regarding the implementation of the subsidy policy [2][3]. - Banks have confirmed that customers who have already signed consumption loan subsidy agreements will automatically benefit from the new policy without needing to re-sign agreements [4][5]. Group 3: Customer Guidance - Customers are required to sign a supplementary agreement for credit card installment subsidies, with each card needing a separate agreement to benefit from the subsidy during the policy period [5][6]. - Banks are advised to streamline the process for customers to access the subsidy, including online application portals and clear communication of interest rates and subsidy limits [6][7]. Group 4: Market Impact - The minimum execution interest rate for consumption loans remains at 3%, but with the subsidy, the effective interest rate for eligible borrowers could potentially drop to the "2% range" [7].

消费贷贴息政策持续加码！1月20日，财政部、中国人民银行、金融监管总局三部门联合印发通知，明 确优化实施个人消费贷款财政贴息政策。新政发布后，多家银行迅速响应，密集发布实操细则与答疑指 引，部分机构同步开启信用卡分期贴息补申请通道，确保政策红利快速落地。 1月22日，北京商报记者梳理发现，目前已有工商银行、农业银行、中国银行、建设银行、交通银行、 邮储银行、招商银行、浦发银行、民生银行、兴业银行、平安银行等多家机构发文，对相关贴息服务落 地安排进行介绍和答疑。 从贴息期限来看，个人消费贷款贴息周期为2025年9月1日至2026年12月31日；信用卡账单分期贴息期则 为2026年1月1日至12月31日。 支持范围的扩容更是此次新政的核心亮点。新政首次将信用卡账单分期纳入贴息范畴，执行1个百分点 的年贴息比例；同时全面取消原政策中对消费领域的限制性条款。 针对具体业务操作，多家银行明确，在此前已签订消费贷款贴息服务协议的客户无需重新签署。工商银 行表示，对于2025年已签订个人消费贷款贴息协议的客户，将自动适用最新财政贴息政策（包括个人消 费贷款与信用卡账单分期），无需重新签订协议；中国银行称，为最大程度便利客户 ...