Macroeconomic Dynamics - The Ministry of Finance announced that the securities transaction stamp duty is expected to reach 203.5 billion yuan in 2025, representing a growth of 57.8% [1] Energy Sector - The National Development and Reform Commission and the National Energy Administration will increase the proportion of fixed costs recovered through capacity pricing for coal-fired power plants to no less than 50% [2] Telecommunications Industry - According to the China Academy of Information and Communications Technology, the domestic smartphone shipment in December 2025 is projected to be 24.473 million units, a year-on-year decline of 29.1%. For the entire year of 2025, the total smartphone shipment is expected to be 307 million units, down 2.4% year-on-year [3] Financial Institutions - China International Capital Corporation (CICC) expects its net profit attributable to shareholders to be between 8.542 billion yuan and 10.535 billion yuan in 2025, reflecting a year-on-year increase of 50% to 85% [9] Market Data - The A-share market showed mixed results on January 30, with the Shanghai Composite Index down 0.96% and the ChiNext Index up 1.27%. The total trading volume was approximately 283.55 billion yuan, a decrease of about 39.44 billion yuan from the previous trading day [10] Company Dynamics - Sino Medical announced an expected revenue of 519 million to 526 million yuan for 2025, with a year-on-year growth of 13% to 15%. The net profit attributable to shareholders is projected to be between 43 million and 50 million yuan, indicating a significant year-on-year increase of 2767% to 3233% [13]

一、强化跨部门协同联动，凝聚金融提振消费"向心力"。联合贵州省商务厅等部门建立贵州省促进服务 消费联席会议机制、金融促消费联盟，按季召开磋商会，合力解决消费工作推进中的困难问题。提前谋 划，牵头印发《2026年贵州省金融支持提振消费行动方案》，统筹部署6大专项行动，扎实推进金融支 持提振消费工作。积极争取财政贴息资金，联合贵州省委金融办等十部门印发地方法人银行消费贷款贴 息实施细则。参与制定地方餐饮住宿、文体娱乐等消费领域政策，引导金融机构加大对服务消费领域信 贷支持力度。 二、用足用好再贷款工具，激活提振扩大消费"新引擎"。组织召开3次结构性货币政策工具培训会，指 导金融机构加强政策工具运用，为住宿餐饮、文旅等重点消费领域提供低成本信贷资金。建立政策运用 监测机制，及时掌握金融机构工具运用情况，对金融机构反映的问题困难做到快速回应、精准指导、及 时解决，提升工具使用质效。截至2025年末，贵州省累计申报服务消费与养老再贷款22.2亿元。用好股 票回购增持再贷款，支持相关企业稳定市值，增加财富效应刺激消费，截至2025年末，全省累计申报股 票回购增持再贷款11.87亿元，较年初增长28倍。 三、提升政银企对接 ...

★ 宏观动态 ★ 财政部：2025年证券交易印花税增长57.8% 1月30日，财政部举行新闻发布会，介绍2025年财政收支情况。会上，财政部国库司副司长郑涌介绍，2025 年，证券交易印花税达到2035亿元，增长57.8%。 两部门：将通过容量电价回收煤电机组固定成本的比例提升至不低于50% 国家发展改革委、国家能源局发布关于完善发电侧容量电价机制的通知。其中提出，完善煤电及天然气发电容 量电价机制。各地按照《关于建立煤电容量电价机制的通知》（发改价格〔2023〕1501号）要求，将通过容量 电价回收煤电机组固定成本的比例提升至不低于50%，可结合当地市场建设、煤电利用小时数等实际情况进一 步提高。省级价格主管部门可对天然气发电建立容量电价机制，容量电价按照回收天然气发电机组一定比例固 定成本的方式确定。 中国信通院：2025年12月国内市场手机出货量2447.3万部，同比下降29.1% 据中国信通院，2025年12月，国内市场手机出货量2447.3万部，同比下降29.1%，其中，5G手机2213.2万部， 同比下降27.3%，占同期手机出货量的90.4%。2025年1-12月，国内市场手机出货量3.07亿部 ...

近年来，南京稳步推进数字人民币应用落地，已在交通出行、生活缴费、文化旅游、政务服务、商业消费等多个场景实现覆盖。本次活动聚焦于新街口核 心商圈，通过发放数字人民币消费红包这一直接惠民方式，进一步激活市场、释放消费潜力，并系统完善区域性数字人民币受理环境。通过参加此次活 动，四家商场的千余家餐饮、零售、娱乐类商户均已全面接入数字人民币支付系统，可为消费者提供便捷、安全的数字支付体验。 校对 陶善工 扬子晚报网1月30日讯（通讯员 陈婧 记者 张可）1月30日，由人民银行江苏省分行、南京市委金融办指导，秦淮区人民政府主办的"盛世秦淮·数币花开"数 字人民币专项促消费系列活动启动。本次活动面向"我的南京"APP实名注册用户，共发放2.17万个面值50元的数字人民币消费红包。 活动期间，领取红包的"我的南京"APP实名注册用户，在南京中央商场新街口店、南京新百中心店、南京金鹰新街口店、JLC金陵中环四家商场的千余家 指定商户消费，单笔满100元即可直接抵扣50元。据悉，红包由工商银行、农业银行、中国银行、建设银行、交通银行、邮储银行、招商银行、兴业银行 等八家运营机构共同支持。目前，活动红包领取通道已在"我的南京"A ...

Core Viewpoint - The recent adjustments in personal gold accumulation business by major state-owned banks indicate a response to market volatility and risk management, as gold prices have experienced significant fluctuations recently [1][3][11]. Group 1: Bank Adjustments - China Construction Bank has raised the minimum amount for personal gold accumulation to 1500 yuan, effective February 2, 2026, following similar adjustments by other major banks [1][3]. - Agricultural Bank of China has implemented a risk assessment requirement for clients engaging in gold accumulation transactions, effective January 30, 2026, to enhance consumer protection [7][8]. - Industrial and Commercial Bank of China has also adjusted its risk assessment criteria for clients participating in gold accumulation, requiring a balanced risk profile or higher starting January 12, 2026 [8]. Group 2: Market Trends - Gold prices have seen a significant drop, with a daily decline of over 5% on January 30, 2026, as the market begins to adjust after a period of strong price increases [9][11]. - The international gold price rose approximately 65% throughout 2025, but has started to show signs of correction in early 2026, indicating a potential shift in market dynamics [10][11]. - Analysts suggest that the current gold price increase reflects a broader change in how global risks are priced, with expectations that gold could reach 6000 USD per ounce in the long term, despite short-term volatility [12].

银行频道更多独家策划、专家专栏，免费查阅>> 建设银行发布关于调整个人黄金积存业务定期积存起点金额的公告，自北京时间2026年2月2日9:10起， 建设银行个人黄金积存业务定期积存起点金额（包括日均积存及自选日积存）上调至1500元。调整前已 设置成功的定期积存计划将继续执行，不受影响。设置展期的定期积存计划到期后，若原计划积存金额 满足建设银行最新要求，则展期成功，否则展期失败。修改定期积存计划需满足建设银行最新积存金额 要求。后续将持续关注黄金市场变动情况，适时对上述起点金额进行调整。 责任编辑：山上 今日工行、建行双双发公告，对个人黄金积存业务规则作出调整：工商银行发布关于调整如意金积存业 务及部分品牌实物黄金产品销售业务办理规则并修订如意金积存业务协议的公告。自2026年2月7日起， 在周末以及法定节假日等非上海黄金交易所交易日，工商银行将对如意金积存业务进行限额管理，限额 类型包括全量或单一客户单日积存/赎回上限、单笔积存或赎回总量上限等，并进行动态设置，提金不 受影响。 ...

Core Viewpoint - The gold market is experiencing significant volatility, with the London gold spot price surpassing $5,500 per ounce on January 29, leading to a surge in domestic gold investment interest. In response, several banks, including Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB), and Ping An Bank, have implemented adjustments to their gold accumulation and fixed deposit services to manage risks and guide investor behavior [1]. Group 1: Yield Adjustments - The first category involves a reduction in yields, focusing on optimizing the rules for gold fixed deposits and accumulation. Ping An Bank announced that starting February 4, 2026, the yield for its gold accumulation business will be adjusted, with the current account yield dropping to 0.01%, and fixed deposit yields set at 0.2% for 3 months, 0.4% for 6 months, and 0.8% for 1 year. Existing customers will retain their current rates for fixed deposits made before the new rules take effect [2]. Group 2: Business Threshold and Rules Adjustments - The second category includes adjustments to business thresholds and processing rules, such as raising the minimum investment amount and implementing limit management. CCB announced that effective February 2, 2026, the minimum amount for personal gold accumulation will be raised to 1,500 yuan, marking the fourth increase in the past year. Previously, the threshold had been raised from 700 yuan to 1,200 yuan [2]. - ICBC has focused on managing non-trading day operations by implementing dynamic limit management for its gold accumulation business starting February 7, 2026. This will cover daily accumulation and redemption limits for all customers, with specific limits adjusted based on market volatility [3]. Group 3: Risk Management Enhancements - The third category involves upgrading risk management protocols to enhance investor suitability assessments. Several banks, including Agricultural Bank of China, have begun requiring higher risk tolerance evaluations for individual clients participating in gold accumulation transactions. ICBC has mandated that only clients rated C3 (balanced) and above can engage in gold accumulation starting January 12, 2026, while Agricultural Bank has restricted participation to cautious investors and above from January 30, 2026 [3].

[Table_scodeMsg1] 公司研究丨深度报告丨工商银行（601398.SH） [Table_Title] 大行工匠，基业长青 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 我们重点推荐工商银行，看好基本面稳健性和长期配置价值。1）资产负债表映射实体，伴随经 济结构转型，市占率进入上行周期。经济结构转型、新旧动能转换背景下，金融总量降速，银 行转向高质量发展。2）利率周期视角下，净息差筑底、核心营收反转。近七年的降息周期中， 银行业净息差创历史新低。目前利率周期低位运行，但下行空间受到约束，预计 2026 年利息 净收入将实现反转，大型银行的核心营收（利息及手续费）增速转正。3）资产质量韧性穿越地 产周期，风险指标波动低。目前 A/H 股 2026 年预期股息率 4.39%、5.37%。重点推荐，给予 "买入"评级。 分析师及联系人 [Table_Author] 马祥云 盛悦菲 请阅读最后评级说明和重要声明 2 / 23 SFC：BUT916 %% %% %% %% research.95579.com 2 SAC：S04 ...

【导读】中国工商银行（601398）（澳门）股份有限公司原董事长姜壹盛被开除党籍和公职 金融反腐重磅消息来了！ 1月30日，中央纪委国家监委官网通报：中国工商银行（澳门）股份有限公司原董事长姜壹盛被开除党籍和公职。 ● 弃守廉洁底线，违规向管理服务对象大额借款，违规收受大额礼金、购物券； ● 擅权妄为，造成国有资产重大风险； ● 贪欲膨胀，利用职务便利为他人在贷款融资等方面谋利并非法收受巨额财物。 通报指出，姜壹盛严重违反党的政治纪律、组织纪律、廉洁纪律、工作纪律，构成严重职务违法并涉嫌受贿犯罪，且在党的十八大后不收敛、不收手，性 质严重，影响恶劣，应予严肃处理。 依据《中国共产党纪律处分条例》《中华人民共和国监察法》《中华人民共和国公职人员政务处分法》等有关规定，经中国工商银行党委研究，决定给予 姜壹盛开除党籍处分；经中央纪委国家监委驻中国工商银行纪检监察组研究，决定给予其开除公职处分；收缴其违纪违法所得；经广东省珠海市监察委员 会研究，决定将姜壹盛涉嫌犯罪问题移送检察机关依法审查起诉，所涉财物随案移送。 据中央纪委国家监委驻中国工商银行纪检监察组、广东省纪委监委消息：日前，中央纪委国家监委驻中国工商银行纪 ...

继工商银行、农业银行后，又一家国有大行对积存金业务进行调整。1月30日，建设银行宣布，个人黄金积存业务定期积存起点金额将上调至1500 元。 01 上调起购金额至1500元 建设银行 表示，根据中国人民银行《黄金积存业务管理暂行办法》（银办发〔2018〕222号）相关规定，为顺应市场变化，加强业务风险管理，将 对个人黄金积存业务调整如下： 自北京时间2026年2月2日9 : 10起，建设银行个人黄金积存业务定期积存起点金额（包括日均积存及自选日积存）上调至1500元。调整前已设置成 功的定期积存计划将继续执行，不受影响。设置展期的定期积存计划到期后，若原计划积存金额满足我行最新要求，则展期成功，否则展期失败。修 改定期积存计划需满足建设银行最新积存金额要求。 建设银行表示，后续将持续关注黄金市场变动情况，适时对上述起点金额进行调整。 近一年来，建设银行多次上调积存金起购金额，其中，在去年3月由700元上调至800元，5月上调至1000元，11月又上调至1200元。 今年以来，建设银行还多次发布贵金属业务市场风险提示。在最新公告中，建设银行指出，近期国内外贵金属价格波动加剧，市场风险提升。请客户 增强 贵金属业 ...