在连续多日刷新历史高点后，贵金属市场突发"过山车"式暴跌，现货黄金盘中一度跌破每盎司4700美元关口，最终收跌9.25%，收报4880美元/盎司。受此影 响，国内主流黄金品牌首饰金价也同步下行。1月31日，北京商报记者走访发现，当前，线下金店普遍将金价进行下调，促销活动均以克减活动为主，每克 减幅度在80—120元左右，客流冷热不均；银行实物黄金现货则延续缺货约定状态。 此次金价闪崩，主要受美联储主席提名变动、美国PPI数据超预期等消息面影响，叠加市场高位获利盘平仓引发的技术性回调。业内人士表示，短期实物黄 金供货紧张或持续，长期来看贵金属避险属性仍存，但投资者需警惕行情震荡风险，理性布局相关产品。 金店调价促销：客流冷热不同 受国际金价急速下跌影响，国内首饰金价迎来回调，北京商报记者实地走访北京地区多家金店发现，多家门店已将金价进行下调，在具体的促销政策上，各 品牌均以克减活动为核心，优惠力度则是各有不同。 从终端实际客流情况来看，市场呈现出冷热不一态势。多数金店门店内人员并不算密集，未出现扎堆选购的场景，不过店内始终有零星顾客陆续前来咨询金 价、挑选黄金饰品，刚需性的选购需求持续存在。而部分优惠力度突出、 ...

证券研究报告·固定收益·固收点评 固收点评 20260131 二级资本债周度数据跟踪 （20260126-20260130） [Table_Tag] [Table_Summary] 观点 ◼ 一级市场发行情况： 本周（20260126-20260130）银行间市场及交易所市场无新发行二级资本 债。 ◼ 二级市场成交情况： 本周（20260126-20260130）二级资本债周成交量合计约 2994 亿元，较 上周减少 348 亿元，成交量前三个券分别为 25 中行二级资本债 02BC （179.10 亿元）、25 农行二级资本债 04A（BC）（147.41 亿元）和 25 中行二级资本债 03A（BC）（110.91 亿元）。 分发行主体地域来看，成交量前三为广东省、山东省和山西省，分别约 为 2331 亿元、216 亿元和 140 亿元。 从到期收益率角度来看，截至 1 月 23 日，5Y 二级资本债中评级 AAA-、 AA+、AA 级到期收益率较上周涨跌幅分别为：-1.62BP、-0.15BP、- 1.15BP；7Y 二级资本债中评级 AAA-、AA+、AA 级到期收益率较上周 涨跌幅分别为：3.09B ...

Report Industry Investment Rating There is no information about the report industry investment rating in the given content. Core Viewpoints - Credit bond issuance volume increased overall on a week - on - week basis, and credit spreads of various industries showed mixed trends [1] - The trading volume of credit bonds decreased on a week - on - week basis [4] Summary by Directory 1. Primary Market 1.1 Issuance Statistics - From January 26 to January 30, 2026, a total of 445 credit bonds were issued, with a total issuance scale of 470.374 billion yuan, a week - on - week increase of 21.90% [11] - In terms of issuance scale, 197 industrial bonds were issued, with a scale of 240.177 billion yuan, a week - on - week increase of 17.79%, accounting for 51.06% of the total credit bond issuance scale; 202 urban investment bonds were issued, with a scale of 118.297 billion yuan, a week - on - week increase of 28.38%, accounting for 25.15%; 46 financial bonds were issued, with a scale of 111.9 billion yuan, a week - on - week increase of 24.58%, accounting for 23.79% [11] - In terms of issuance term, the average issuance term of credit bonds was 2.63 years. The average issuance term of industrial bonds was 2.28 years, urban investment bonds was 3.25 years, and financial bonds was 1.80 years [14] - The average issuance coupon rate of credit bonds was 2.09%. The average issuance coupon rate of industrial bonds was 2.01%, urban investment bonds was 2.23%, and financial bonds was 1.83% [2] 1.2 Cancellation of Issuance Statistics - One credit bond's issuance was cancelled this week [23] 2. Secondary Market 2.1 Credit Spread Tracking - This week, industry credit spreads showed mixed trends. Among Shenwan primary industries, for AAA - rated industries, the largest increase in credit spreads was in the automobile industry (3.6BP), and the largest decrease was in the light industry manufacturing (9.7BP); for AA + - rated industries, the largest increase was in the building materials industry (2.9BP), and the largest decrease was in the food and beverage industry (5.7BP); for AA - rated industries, the largest increase was in the media industry (20.8BP), and the largest decrease was in the agriculture, forestry, animal husbandry and fishery industry (5.6BP) [3] - Coal and steel credit spreads showed mixed trends. For coal, the credit spreads of AAA, AA + and AA levels decreased by 0.4BP, 2.5BP and increased by 1.6BP respectively. For steel, the credit spreads of AAA and AA + levels increased by 2.4BP and decreased by 4.3BP respectively [25] - Credit spreads of urban investment bonds at all levels showed mixed trends, while non - urban investment credit spreads decreased overall. The credit spreads of urban investment bonds at three levels increased by 0.3BP, decreased by 0.8BP and 1.3BP respectively; the credit spreads of non - urban investment bonds at three levels decreased by 0.1BP, 0.3BP and 1BP respectively [25] - State - owned enterprise credit spreads showed mixed trends, while private enterprise credit spreads decreased overall. The credit spreads of central state - owned enterprises at three levels increased by 1.2BP, decreased by 0.7BP and 2.1BP respectively; the credit spreads of local state - owned enterprises at three levels increased by 0.4BP, decreased by 0.2BP and 1BP respectively; the credit spreads of private enterprises at AAA and AA + levels decreased by 4.2BP and 2.1BP respectively [25] - Regional urban investment credit spreads showed mixed trends. The regions with the highest AAA - rated credit spreads were Yunnan, Liaoning and Shaanxi, with credit spreads of 90, 85 and 79BPs respectively; the regions with the highest AA + - rated credit spreads were Qinghai, Gansu and Yunnan, with credit spreads of 122, 118 and 115BPs respectively; the regions with the highest AA - rated credit spreads were Sichuan, Guangxi and Yunnan, with credit spreads of 133, 124 and 121BPs respectively. In terms of week - on - week changes, the region with the largest increase in AAA - rated credit spreads was Guangdong (2.8BP), and the largest decrease was Yunnan (7.9BP); the region with the largest increase in AA + - rated credit spreads was Gansu (1.6BP), and the largest decrease was Shaanxi (6.7BP); the region with the largest increase in AA - rated credit spreads was Shanghai (1.3BP), and the largest decrease was Shandong (3.9BP) [27] 2.2 Trading Volume Statistics - This week, the total trading volume of credit bonds was 1601.302 billion yuan, a week - on - week decrease of 5.09%. Among various credit bonds, the top three in terms of trading volume were commercial bank bonds, corporate bonds and medium - term notes. Specifically, the trading volume of commercial bank bonds was 545.925 billion yuan, a week - on - week decrease of 5.96%, accounting for 34.09% of the total credit bond trading volume; the trading volume of corporate bonds was 455.439 billion yuan, a week - on - week increase of 2.46%, accounting for 28.44%; the trading volume of medium - term notes was 338.276 billion yuan, a week - on - week decrease of 6.63%, accounting for 21.13% [28] 2.3 Actively Traded Bonds This Week - According to DM client data, the top 20 urban investment bonds, industrial bonds and financial bonds in terms of trading volume this week are provided for investors' reference [30]

Core Viewpoint - The market experienced a significant sell-off in precious metals, particularly gold and silver, following the nomination of Kevin Warsh as the Federal Reserve Chairman, which heightened hawkish expectations [2][10]. Group 1: Market Reaction - Gold prices saw their largest drop in 40 years, with spot gold falling over 12% to a low of $4682 per ounce, closing down 9.25% at $4880 per ounce [2]. - Silver experienced a historic intraday drop of over 36%, reaching a low of $74.28 per ounce, and closing down 26.42% at $85.259 per ounce [3]. Group 2: Domestic Gold Jewelry Prices - Domestic gold jewelry prices fluctuated significantly, with brands like Chow Sang Sang reporting a drop from 1708 RMB per gram to 1543 RMB per gram, a decrease of 140 RMB in one night [5]. - Other brands, such as Lao Feng Xiang and Lao Miao, also reported substantial price drops of 170 RMB and 144 RMB respectively [5]. Group 3: Market Sentiment and Trading Behavior - The sharp decline in gold prices led to a cautious market sentiment, with many traders unsure about pricing and discounts, resulting in a significant drop in transaction volumes [7]. - Analysts suggested that ordinary investors should avoid speculative investments and maintain a balanced approach to their investment portfolios [8]. Group 4: Causes of the Price Drop - The sell-off was attributed to profit-taking after a long period of price increases, the announcement of the Fed Chairman nominee, and a cascading effect from leveraged positions in the market [10]. - The expectation of a hawkish stance from Warsh contributed to a stabilization of the dollar, which inversely affected gold and silver prices [10]. Group 5: Impact of Margin Requirements - Major exchanges increased margin requirements for gold futures, adding pressure on leveraged traders and triggering a cycle of forced selling as prices fell [11]. - The combination of stop-loss orders being triggered and the need for additional margin payments created a negative feedback loop, exacerbating the price decline [11]. Group 6: Changes in Banking Policies - Major banks, including China Construction Bank and Industrial and Commercial Bank of China, announced adjustments to their gold accumulation business, raising the minimum investment amount and implementing limits on transactions during non-trading days [23][24].

廖林会见英格兰银行副行长兼英国审慎监管局首席执行官萨姆·伍兹 1月30日，中国工商银行董事长廖林会见英格兰银行副行长兼英国审慎监管局（PRA）首席执行官萨姆· 伍兹，双方就宏观经济金融形势、工行国际化发展、人工智能应用等话题进行深入交流。中国工商银行 副行长张伟武参加会见。 中国工商银行深耕英国市场30余年，目前在英设有3家机构，为两国企业提供结算、融资、现金管理、 金融市场交易、大宗商品等全面金融解决方案。2025年，中国工商银行与英方共同举办了进博会英国推 介会和投洽会"投资英国"配套论坛，有力促进了两国经贸投资合作。中国工商银行将认真落实两国领导 人达成的重要共识，进一步发挥"一带一路"银行间合作机制（BRBR）、中欧企业联盟（CEBC）等平 台作用，更好服务两国金融机构与企业间交流合作，助力把中英合作"大有可为"的潜力转化成"大有作 为"的实绩。 来源：中国工商银行 ...

Core Viewpoint - The nomination of Kevin Warsh as the Federal Reserve Chairman by President Trump has triggered hawkish market expectations, leading to a panic sell-off in precious metals, with gold experiencing its largest drop in 40 years and silver hitting a historic intraday decline [1][3]. Group 1: Market Reactions - Gold prices fell over 12%, reaching a low of $4682 per ounce, marking the largest single-day drop since the early 1980s, and closed down 9.25% at $4880 per ounce [1]. - Silver saw a dramatic decline of over 36%, with an intraday low of $74.28 per ounce, ultimately closing down 26.42% at $85.259 per ounce [3]. - Domestic gold jewelry prices also plummeted, with major brands reporting significant price drops, such as Chow Sang Sang's gold price falling from 1708 RMB per gram to 1543 RMB per gram within two days [5]. Group 2: Market Sentiment and Trading Dynamics - The sharp decline in gold prices has led to a cautious market sentiment, with many traders and consumers adopting a wait-and-see approach, resulting in a significant drop in transaction volumes [7]. - Analysts attribute the sell-off to profit-taking pressures accumulated from previous gains, the announcement of the Fed Chairman, and the cascading effect of leveraged positions being liquidated [9]. - The market is currently trading based on "Warsh's hawkish expectations," which has contributed to a stabilization of the dollar and a subsequent decline in gold and silver prices [9]. Group 3: Trading Conditions and Regulations - Major precious metal exchanges have raised margin requirements for gold futures trading, increasing the financial pressure on high-leverage traders [10]. - The decline in precious metal prices has triggered a cycle of forced selling, where stop-loss orders are activated, leading to further price drops and additional margin calls [10]. - The legal framework surrounding gold purchases indicates that physical gold items generally do not qualify for a seven-day return policy, complicating consumer options in a volatile market [18].

Core Viewpoint - A significant sell-off in the global precious metals market occurred, leading to a sharp decline in gold and silver prices, with gold dropping below $5000 per ounce and silver experiencing a dramatic fall of 36% at one point [1][4]. Group 1: Market Reactions - Spot gold prices fell by 9.52% to $4865 per ounce, with intraday losses exceeding 12% [1]. - Spot silver saw a decline of 26.9%, closing at $84.7 per ounce, while platinum and palladium dropped by 17.59% and 14.89%, respectively [1]. - Domestic gold jewelry prices also fell significantly, with brands like Chow Sang Sang and Lao Feng Xiang reporting daily declines of over 100 yuan per gram [4]. Group 2: Influencing Factors - The potential nomination of Kevin Warsh as the next Federal Reserve Chairman has raised concerns about a more hawkish monetary policy, which could suppress market expectations for further interest rate cuts [5][6]. - Market analysts suggest that the sell-off may be attributed to forced liquidation due to high leverage among traders, particularly in silver, which has been popular among day traders [6] [5]. - The market is reacting to the prospect of a stronger dollar and the implications of Warsh's potential nomination on the dollar's stability and the dynamics of currency depreciation trades [6]. Group 3: Future Outlook - Analysts from China International Capital Corporation (CICC) believe that the gold bull market may not be over, despite current volatility, as the Federal Reserve's policies and the U.S. economy have not yet reached a turning point [10]. - Predictions indicate that by early 2026, inflation in the U.S. may continue to rise, potentially leading to a slowdown in the Fed's easing measures, which could exert temporary pressure on gold prices [10]. - The outlook for silver is expected to be more volatile than gold due to its smaller market size and lower liquidity, which may lead to larger price fluctuations [10].

当前，大连正在推进区域性金融中心建设，此次方案提出鼓励金融机构聚焦企业需求，开发更多特 色化、定制化、专属化普惠信贷产品。农行大连分行落实小微企业融资协调机制，创新"连海e贷·线下 集群"对公信贷产品，破解小微企业融资难题；交行大连分行以"科创连惠贷"等特色化产品组合，提升 金融服务精准度；工行大连分行精准支持科创企业高质量发展，推出"专精特新贷"等金融产品；建行大 连分行深耕政务数据赋能，创新产品累计投放普惠贷款超20亿元；中行大连分行发挥外汇外贸优势，通 过人工智能等技术拓宽小微企业融资渠道；兴业银行大连分行创新"宿易贷"，精准赋能民营企业。 辽宁省委副书记、大连市委书记熊茂平表示，要拿出"再怎么重视都不为过，再怎么抓也不为过"的 鲜明态度，切实推动营商环境在短期内实现明显好转、根本好转，不断提振社会信心、激发市场活力、 增强发展后劲。 经济日报大连1月30日讯（记者温济聪）近日，大连市召开全市优化营商环境大会，发布《大连市 2026年营商环境质量提升行动方案》（7.0版），全力营造市场化、法治化、国际化一流营商环境。截 至目前，大连已累计更新迭代6次营商环境提升方案，推出397项改革举措，持续打造"近悦 ...

Core Viewpoint - The Industrial and Commercial Bank of China (ICBC) has announced adjustments to its "Ruyi Gold Accumulation" business and certain physical gold product sales, implementing limit management starting February 7, 2026, on non-trading days of the Shanghai Gold Exchange [1] Group 1 - ICBC will impose limits on the Ruyi Gold Accumulation business, including daily accumulation/redemption limits for all customers or individual customers, as well as total limits for single transactions [1] - The limits will be dynamically set and will not affect the withdrawal of gold [1]

Group 1 - The nomination of Kevin Warsh as the Federal Reserve Chairman has triggered hawkish market expectations, leading to a panic sell-off in precious metals [1] - Gold experienced its largest drop in 40 years, with spot prices falling over 12% to a low of $4682 per ounce, and closing down 9.25% at $4880 per ounce [1] - Silver saw a historic intraday drop of over 36%, reaching a low of $74.28 per ounce, and closing down 26.42% at $85.259 per ounce [3] Group 2 - Domestic gold jewelry prices have fluctuated significantly, with major brands like Chow Sang Sang and Lao Feng Xiang reporting sharp declines in gold prices, dropping by 140 CNY per gram overnight [5] - Market sentiment has turned cautious, with a significant decrease in transactions as consumers are uncertain about pricing and discounts [7] - Analysts suggest that ordinary residents should avoid speculative investments in gold and maintain a balanced investment strategy [7] Group 3 - The sharp decline in gold prices is attributed to profit-taking pressures, the announcement of the Fed Chairman candidate, and the effects of leveraged trading [8] - The market is currently trading on "hawkish expectations" due to Warsh's nomination, which is stabilizing the dollar and contributing to the drop in gold and silver prices [8] - High leverage positions in the futures market are being liquidated, exacerbating downward pressure on prices [9] Group 4 - Major exchanges have raised margin requirements for gold futures trading, increasing pressure on leveraged traders [9] - A cycle of forced selling has emerged, where price drops trigger stop-loss orders, leading to further declines [9] Group 5 - Retail gold stores generally do not accept returns on gold bars and jewelry after purchase, with online platforms having complex return policies [10][12] - Consumers have reported experiences of being charged high fees for returns, with some platforms not clearly communicating these fees [14] - Legal perspectives indicate that gold jewelry and bars purchased in-store are generally not eligible for a no-reason return policy [16] Group 6 - Major banks in China, such as China Construction Bank and Industrial and Commercial Bank of China, are adjusting their gold accumulation business, raising minimum investment amounts and implementing limits on transactions [18][20]