文 | CFN 王杰 2026年1月26日，国际贵金属市场延续强势行情，伦敦金现价格突破每盎司5000美元整数关口，盘中最高触及5081美元，日内涨幅0.84%，较上周累计上涨 8.5%，创下阶段性暴涨态势。与此同时，贵金属板块集体走强，白银、铂金等品种同步跟涨，市场避险与配置需求持续释放，叠加全球地缘格局重塑与美 元信用弱化等多重因素，推动贵金属市场迎来新一轮上涨周期。 市场全景：贵金属板块全面走强，价格与持仓双升 本次涨势并非黄金单一品种独舞，而是呈现全板块联动特征。截至1月26日早盘，伦敦银现价格报每盎司109.018美元，日内涨幅3.86%，近期累计涨幅显著 跑赢部分大类资产。国内市场同步呼应，上海黄金交易所黄金T+D价格报1139.02元/克，日内上涨3.12%；沪银主连合约价格达27507元/千克，涨幅高达 14.02%，反映国内外市场情绪高度一致。 实物与投资市场需求同步升温。实物端，国内主流金店价格普遍上涨，周大福、老凤祥等品牌黄金零售价格突破1570元/克，单日涨幅均超2%；银行投资金 条价格亦稳步上行，工商银行如意金条价格报1151.45元/克，涨幅1.97%，显示居民配置需求旺盛。投资端 ...

值得关注的是，华宸未来稳健添利是华宸未来基金目前仅存的公募产品，最新规模为0.43亿元。该基金 此前因净值出现大幅异常波动，引发市场对其"踩雷"特定资产的猜测，一度成为舆论焦点。 某大型基金公司人士向第一财经表示，除公司合并等特殊情况外，公募产品变更管理人的案例在业内并 不常见。有知情人士透露，本次变更仅涉及该只产品，并不涉及公司股权等其他层面的变动。（第一财 经记者 曹璐） 责任编辑：宋雅芳 1月24日，华宸未来基金发布公告称，为更好地满足投资者需求、保护基金份额持有人利益，经与基金 托管人中国工商银行协商一致，拟依法召开基金份额持有人大会，将华宸未来稳健添利的基金管理人变 更为富国基金。 值得关注的是，华宸未来稳健添利是华宸未来基金目前仅存的公募产品，最新规模为0.43亿元。该基金 此前因净值出现大幅异常波动，引发市场对其"踩雷"特定资产的猜测，一度成为舆论焦点。 某大型基金公司人士向第一财经表示，除公司合并等特殊情况外，公募产品变更管理人的案例在业内并 不常见。有知情人士透露，本次变更仅涉及该只产品，并不涉及公司股权等其他层面的变动。（第一财 经记者 曹璐） 责任编辑：宋雅芳 1月24日，华宸未来基金发 ...

1月24日，华宸未来基金发布公告称，为更好地满足投资者需求、保护基金份额持有人利益，经与基金 托管人中国工商银行协商一致，拟依法召开基金份额持有人大会，将华宸未来稳健添利的基金管理人变 更为富国基金。 记者｜曹璐 编辑 ｜瑜见 值得关注的是，华宸未来稳健添利是华宸未来基金目前仅存的公募产品，最新规模为0.43亿元。该基 金此前因净值出现大幅异常波动，引发市场对其"踩雷"特定资产的猜测，一度成为舆论焦点。 某大型基金公司人士向第一财经表示，除公司合并等特殊情况外，公募产品变更管理人的案例在业内并 不常见。有知情人士透露，本次变更仅涉及该只产品，并不涉及公司股权等其他层面的变动。 ...

1月24日，华宸未来基金发布公告称，为更好地满足投资者需求、保护基金份额持有人利益，经与基金 托管人中国工商银行协商一致，拟依法召开基金份额持有人大会，将华宸未来稳健添利的基金管理人变 更为富国基金。 （文章来源：第一财经） 值得关注的是，华宸未来稳健添利是华宸未来基金目前仅存的公募产品，最新规模为0.43亿元。该基金 此前因净值出现大幅异常波动，引发市场对其"踩雷"特定资产的猜测，一度成为舆论焦点。 某大型基金公司人士向第一财经表示，除公司合并等特殊情况外，公募产品变更管理人的案例在业内并 不常见。有知情人士透露，本次变更仅涉及该只产品，并不涉及公司股权等其他层面的变动。 ...

今天一睁眼，黄金、白银又双叒叕创历史新高了。 周一早上，金价直接涨到5030美元，再创历史新高。 截至发稿，现货黄金报5033.63美元/盎司，日涨幅达0.91%。 今年以来现货黄金一路冲高，年初还在4300美元关口，不到一个月就涨了700美元，现在直奔5100美元 大关。 江苏一女子遗忘10年前买的白银 "躺赚"20万元 "真没想到，十年前随手买的白银，居然变成了三十多万！"近日，市民李女士在工行南通文明支行，经 历了一场"失而复得"的惊喜。 这一切，始于一条服务提示短信。原来，在十年前，李女士在工行借记卡上投资了10万余元，购买了账 户贵金属白银。后因家庭事务繁忙及银行卡更换，这笔投资被李女士彻底遗忘在时光里。期间，李女士 一直收到平仓提示短信，但李女士一直误以为该账户白银已平仓转出用于消费，便没理会。当再次收到 短信后，李女士将信将疑，恰逢因家中有事需要现金，她便前往工行南通文明支行求证。 柜员小丁某了解情况后，为已更换银行卡的李女士查询到白银账户账号，同时为李女士重新下载登录上 了手机银行，并通过手机银行迅速查证。屏幕上清晰的持仓信息显示，当年投资的账户白银当前市值已 接近32万元。面对这笔"意外之财 ...

Summary of Conference Call Notes Industry Overview - **Industry**: Chinese Banking and Property Sector - **Context**: Insights from the 2026 Greater China Conference (GCC) and subsequent macro, financial, and property tours Key Points on Economic Outlook - **2026 GDP Growth Target**: Expected to be set at 4.5-5.0%, with some experts optimistic about achieving close to 5% due to strong exports and easing deflationary pressures [2][8][10] - **Deflationary Pressure**: CPI expected to rise to 0.5%, while PPI may narrow its decline to a range of -1% to 0% [10] - **Consumption Growth**: Not seen as a key driver for 2026; trade-in subsidies are fading [2][19] Banking Sector Insights - **NIM Pressure**: Current stretched NIM levels are a constraint for rate cuts; a small rate cut of 10bps is anticipated [3][15] - **Loan Origination**: Decent loan origination observed in early January, primarily driven by corporate loans; retail loan recovery remains limited [5][48] - **Revenue Outlook**: Improved revenue outlook driven by less YoY NIM decline and ongoing fee income recovery; investment income may lag due to a less favorable bond market [5][50] Property Sector Outlook - **Bearish Sentiment**: Experts hold a bearish view on the property sector, expecting a 10% decline in property prices in 2026 and 5% in 2027 [4][27] - **Homebuyer Behavior**: Shift from buying to renting; potential 30-40% downside in property prices if rental yields align with mortgage rates [4][27] - **Policy Support**: Limited policy tools available to stabilize property prices; expectations for major new policies in 2026 are low [4][16][27] Specific Company Insights - **Chengdu MixC**: Strong sales growth with retail sales reaching approximately Rmb8.5 billion in 2025; proactive tenant changes attributed to outperformance [30] - **C&D Haiyao**: Luxury project demand remains, with a successful launch of a luxury residential project at an average price of over Rmb77,000 per sqm [31] Additional Considerations - **Geopolitical Risks**: Complicated geopolitical relations may impact export growth; however, solid external demand is expected [17] - **RMB Appreciation**: Potential for RMB to enter an appreciation cycle, with expectations of a 3-4% appreciation by the end of 2026 [18] - **Distressed Developers**: Many banks are allowing roll-over of existing project loans to distressed developers, delaying NPL recognition [22] Conclusion - The overall sentiment in the banking and property sectors is cautious, with expectations of limited growth and ongoing challenges. The focus remains on managing asset quality and navigating a complex macroeconomic environment.

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Last week, the bond market showed significant structural differentiation, influenced by macro - economic data and central bank liquidity operations. The "broad money" expectation may become the short - term trading focus, and the "stabilizer" effect of banks continues to work, with bonds within 10 years likely to be more stable. Liquidity abundance is expected to support the bond market to stabilize [2]. - In the context of the macro - economy still in the recovery stage and the need to boost the upward slope of prices, the central bank needs to maintain sufficient liquidity to support the real economy effectively [2]. 3. Summary According to the Table of Contents 3.1 Important Matters - In 2025, China's GDP grew by 5.0% in real terms, with the fourth - quarter real GDP growing by 4.5% and the nominal GDP growing by 3.85%, and the gap between nominal and real GDP growth rates narrowed [5]. - In January 2026, the central bank's MLF net injection was 70 billion yuan, and the medium - and long - term base money net injection in January reached 1 trillion yuan [2][8]. - Six major banks announced the optimization of personal consumption loan fiscal subsidy policies, including extending the implementation period, expanding the scope of support, and increasing subsidy standards [12][13]. - The central bank governor said that in 2026, the central bank will continue to implement a moderately loose monetary policy, and there is still room for reserve requirement ratio cuts and interest rate cuts [14]. 3.2 Money Market 3.2.1 Open Market Operations and Funds Rate Trends - From January 19 to 23, 2026, the central bank's 7 - day reverse repurchase operation had a net injection of 22.95 billion yuan. It is expected that 138.1 billion yuan of base money will be withdrawn from circulation from January 26 to 30 [16]. - Towards the end of January, the money market tightened marginally, and DR001 briefly exceeded the 1.3% - 1.4% operating range. As of January 23, R001, R007, DR001, and DR007 changed by 9.20BP, 2.23BP, 7.84BP, and 5.05BP respectively compared with January 16 [18]. 3.2.2 Certificate of Deposit (CD) Rate Trends and Repurchase Transaction Volume - In the primary market, last week, the CD issuance scale was 589.49 billion yuan, with a net financing of - 116.9 billion yuan. The CD issuance scale of city commercial banks was the largest, with a net financing of 72.72 billion yuan. The CD issuance interest rates of most institutions decreased compared with the previous week [24][28][30]. - In the secondary market, last week, CD interest rates generally declined under the background of loose liquidity. The 1Y - 3M spread of AAA - rated CDs was at the 47.07% quantile level [34]. 3.3 Bond Market 3.3.1 Primary Market - In early 2026, the issuance rhythm of national bonds accelerated compared with the same period in 2025, and the net financing scale of national bonds over 10 years was also higher than that from 2023 - 2025. The supply rhythm of central finance accelerated, mainly due to the issuance of discount national bonds and coupon - bearing national bonds in 2026 and the re - issuance of some coupon - bearing national bonds in 2025 [36]. - Last week, the supply scale of interest - rate bonds increased significantly. The net financing of national bonds, local bonds, and policy - bank bonds was 344.3 billion yuan, 222.37 billion yuan, and 187.5 billion yuan respectively. As of January 23, the issuance scale of special refinancing bonds in 2026 reached 250 billion yuan, mainly in long - term and ultra - long - term bonds [43][45]. 3.3.2 Secondary Market - Large - scale banks continued to prefer national bonds within 10 years, which supported medium - and short - term interest rates. The central bank's continuous large - scale MLF injection maintained abundant liquidity, and the term spread was compressed. The yields of national bonds and policy - bank bonds of various maturities changed to different degrees, and the implied tax rate of 10 - year policy - bank bonds decreased slightly [48]. - The average daily turnover rates of the 10 - year national bond active bond (250016) and the 10 - year policy - bank bond active bond (250215) decreased. The average spread between the 10 - year national bond active bond (250016) and the secondary - active bond (250022) increased by 0.03BP, indicating that the liquidity premium is tilting towards 250022 [50][52]. - The 10 - 1 - year and 30 - 1 - year national bond term spreads narrowed, and the long - term and ultra - long - term local - national bond spreads also narrowed [56][57]. 3.4 Institutional Behavior Tracking - In December 2025, the institutional leverage ratio increased seasonally. Banks and other institutions increased their leverage, while securities firms reduced their leverage. The 20 - day moving average of the single - day trading volume of inter - bank pledged repurchase was 7.87 trillion yuan last week, showing a "first rising, then falling" trend [63][65]. - In the cash - bond market, large - scale banks still preferred to increase their holdings of 5 - 10 - year national bonds, but the net purchase scale decreased significantly. Small - and medium - sized banks continued to reduce their holdings of 5 - 10 - year national bonds and policy - bank bonds. Insurance companies significantly increased their holdings of national bonds and local bonds over 10 years, and funds increased their holdings of 5 - 10 - year policy - bank bonds and national bonds over 10 years [63][72]. - The replenishment willingness of small - and medium - sized banks, securities firms, funds, and other institutions was relatively weak last week. The current replenishment costs of major trading desks vary significantly [75]. - Considering capital occupation and tax costs, commercial banks and insurance companies can obtain relatively higher returns by investing in local bonds due to the relatively high spread between local bonds and national bonds [84]. 3.5 High - Frequency Data Tracking - Last week, the settlement prices of rebar, wire rod, and cathode copper futures, the cement price index, and the South China Glass Index decreased compared with the previous week. The CCFI index decreased slightly, while the BDI index increased by 12.44%. The wholesale prices of pork and vegetables increased, and the settlement prices of Brent and WTI crude oil futures decreased slightly. The central parity rate of the US dollar against the RMB was 6.99 [88][89]. 3.6 Future Outlook - The "stabilizer" effect of banks continues to work, and bonds within 10 years are likely to be more stable. Although the ultra - long - term interest rate theoretically has more room, its stability is weaker than that of bonds within 10 years [90]. - Abundant liquidity is expected to support the bond market to stabilize. In the short term, the bond market is mainly in a recovery phase, with a low possibility of a trend - like decline. It is recommended to gradually take profits from band trading and choose national bonds within 10 years, especially the 10 - year national bond active bond (250016) [91].

募集期间净认购金额2,507,727,332.07元，认购资金在募集期间产生的利息538,396.67元，募集份额 合计2,508,265,728.74份。 基金经理农冰立曾任泰达宏利基金研究部研究员，天风证券研究所电子行业首席分析师，工银瑞信 基金研究部分析师、基金经理。2022年10月加入景顺长城基金管理有限公司，2023年7月起担任股票投 资部基金经理。 | 1. 公司 24个日本 | | | --- | --- | | 基金名称 | 景顺长城成长优选混合型证券投资基金 | | 基金间称 | 景顺长城成长优选混合 | | 基金主代码 | 025925 | | 基金运作方式 | 契约型开放式 | | 基金合同生效日 | 2026年1月23日 | | 基金管理人名称 | 景顺长城基金管理有限公司 | | 基金托管人名称 | 中国工商银行股份有限公司 | | 公告依据 | 《中华人民共和国证券投资基金法》、《公开募集证券投资基金运作管 | | | 理办法》等相关法律法规以及《资顺长城成长优选混合型证券投资基 | | | 金基金合同》、《景顺长城成长优选混合型证券投资基金招募说明书》 | 中国经济网北京1月26 ...

Group 1 - The Industrial and Commercial Bank of China (ICBC) focuses on technology finance, targeting specialized and innovative "little giant" enterprises with strong technical capabilities and market potential [1] - By the end of 2025, ICBC plans to provide credit support to over 50 "little giant" enterprises, with a total loan amount exceeding 1.3 billion yuan [1] - The bank's customer managers actively engage with clients, such as Beijing Lingtian Intelligent Equipment Group Co., Ltd., to understand their financial needs related to the development of fire-fighting robots [1]

Core Viewpoint - The recent policy by the People's Bank of China and other authorities to allow livestock and agricultural facilities as collateral for loans aims to unlock the financial potential of rural assets, addressing long-standing financing challenges in agriculture [1][8]. Group 1: Policy Changes - The People's Bank of China, Ministry of Agriculture and Rural Affairs, and National Financial Regulatory Administration issued a notice to promote the use of agricultural facilities and livestock as legal collateral for loans [1][8]. - The policy aims to resolve issues related to the difficulty of asset valuation and the lack of liquidity in rural financing [8][16]. Group 2: Case Study - Livestock Financing - In Mengcheng County, Anhui Province, a cattle farm successfully obtained a loan of 2 million yuan by using livestock as collateral, a process previously deemed impossible [1][5]. - The local bank introduced an "insurance + credit" model, allowing farmers to use livestock insurance as collateral, thus reducing financing difficulties [5][7]. - The bank provided loans totaling 35 million yuan to approximately 35 livestock farmers in Mengcheng County, demonstrating the effectiveness of the new financing model [7][12]. Group 3: Challenges in Agricultural Financing - Traditional financing methods for agriculture have been limited, relying on credit loans and government guarantees, which are not sustainable for new agricultural entities [4][8]. - The risk associated with livestock financing, such as disease outbreaks, has made banks hesitant to accept live animals as collateral [4][8]. Group 4: Technological Innovations - The new policy encourages the use of digital technologies like electronic ear tags and biometric identification to establish ownership and value for livestock, addressing the challenges of asset identification and valuation [8][16]. - A comprehensive system combining technology and regulation is proposed to facilitate the identification, tracking, and risk management of agricultural assets [13][16]. Group 5: Case Study - Flower Farming Financing - In Kunming, Yunnan Province, flower farmers face high costs for greenhouse construction, which cannot be used as collateral due to lack of ownership documentation [9][10]. - Local financial institutions have begun to accept land use rights and attached structures as collateral, enabling flower farmers to secure loans [14][15]. - By 2025, the Kunming Rural Credit Cooperative provided 717 million yuan in loans to flower farmers, showcasing the potential of the new financing model [14][16].