证券研究报告·固定收益·固收点评 固收点评 20260125 二级资本债周度数据跟踪 （20260119-20260123） [Table_Tag] [Table_Summary] 观点 ◼ 一级市场发行情况： 本周（20260119-20260123）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（20260119-20260123）二级资本债周成交量合计约 3342 亿元，较 上周增加 691 亿元，成交量前三个券分别为 25 中行二级资本债 02BC （443.52 亿元）、25 广发银行二级资本债 01BC（219.80 亿元）和 25 中 行二级资本债 03A（BC）（77.53 亿元）。 分发行主体地域来看，成交量前三为广东省、山西省和山东省，分别约 为 2521 亿元、299 亿元和 147 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：-2.18BP、-2.84BP、- 3.84BP；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：-2.72B ...

在工作人员的专业指导下，李女士顺利完成了平仓操作，将浮动盈利变为实实在在的资产。办理完业务 后，李女士难掩心中的惊喜与感激，当场将这笔三十余万元资金转为定期存款，让财富再度"安家"。 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"，李女士激动不已。 来源：扬子晚报 "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。 来源 | 扬子晚报/紫牛新闻记者 卢艳阳 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [2] Core Insights - The overall funding situation in the banking sector is stable, with a slight increase in the proportion of active funds by 0.04 percentage points to 2.08% [3][4] - The report indicates that the banking sector is expected to continue its positive trend into 2026, supported by improved credit issuance and stable deposit growth [2][3] Summary by Sections Active Fund Allocation in the Banking Sector - The proportion of active funds holding bank stocks increased to 2.08%, but the underweight ratio slightly expanded [6][11] - The top five banks held by active funds are China Merchants Bank, Ningbo Bank, Chongqing Rural Commercial Bank, Industrial and Commercial Bank of China, and Jiangsu Bank, accounting for 0.48%, 0.36%, 0.12%, 0.12%, and 0.12% of the total active fund holdings respectively [14][16] Passive Fund Allocation in the Banking Sector - There was a total net inflow of 62.03 billion yuan into the banking sector from passive funds in Q4 2025 [20][25] - The total market value of bank stocks held by passive funds reached 2015.56 billion yuan, a 3.18% increase from the previous quarter [20][21] Northbound Capital Allocation in the Banking Sector - Northbound capital experienced a net outflow from the banking sector, with a reduction of 53 billion yuan [26][29] - The total market value of bank stocks held by northbound capital was 1772.60 billion yuan, reflecting a 2.06% increase from the previous quarter [26][28] Summary of Fund Flows - Overall, the funding situation showed minor fluctuations, with passive funds holding a relatively high proportion of the circulating market value [31] - The net inflow and outflow figures for Q4 2025 were 62.0 billion yuan for passive funds, -12.6 billion yuan for active funds, and -53.0 billion yuan for northbound funds, indicating a stable overall performance [31]

涨得太急，反而让人心里发虚，说是美元不行了，可美国经济数据看着还撑得住，更多是大家怕出事，提前往黄金白银里躲，央行确实在买，瑞银预计今年 全球还能净买入900吨左右，主要来自新兴市场国家在悄悄布局，这部分需求稳，算是市场的底牌。 可普通老百姓这边，完全跟不上节奏，品牌金店像周大福、老凤祥，报价还是1436元一克，可你真想卖，回收价才1015元，差四百多，比一条腿还长！这中 间全是工费、租金、广告和品牌溢价，买来送人、结婚戴，没问题，你要当投资，等于刚入手就亏了三分之一。 2026年初，金银价格冲得有点猛，黄金快摸到4600美元一盎司，白银更夸张，一度飙上79美元，把不少人看傻了眼，以前觉得这种行情离自己很远，现在打 开手机全是讨论，朋友圈有人晒金条订单，说三个月赚了两成；楼下投资群天天刷屏"冲啊""抓紧上车"，搞得人心痒难耐。 沪金主力合约（比如沪金95、沪金100G）：价格在1030上下波动，有的小涨，有的微跌，整体还算稳。 铂金：报593元/克，比前几天掉了一截，工业需求没起色，戴的人也少了。 白银：最新价22.688元/千克（即每克约2.27元），别看数字小，单位是"千克"，实际每克差不多22.7元。之 ...

最近金价涨"疯"了！ 截至发稿，现货黄金报4981.309美元/盎司， 逼近每盎司5000美元 。 "最近每天都有很多人打电话咨询。"工商银行杭州高新支行的工作人员表示，网点目前所有保管箱都已出租，新客户需等待现有客户退租 后才能办理租赁。该支行共有400余个保管箱，按不同大小收费，其中最小规格为240*130*510mm，年租金860元、押金1720元，稍大 规格的240*170*510mm年租金为930元、押金1860元。保管箱租赁期最短为一年。 工作人员提醒客户前来办理业务时，需携带身份证并签订相关协议。在存取流程上，客户需要先通过系统进行指纹验证，身份确认无误后 再使用钥匙开启。银行将为每位承租人提供两把专用钥匙。 中国银行浙江省分行营业部工作人员告诉记者， "预约队伍已经排到两三个月后 ，具体什么时间能租到还说不准。"该行小箱年租金500 元、押金2500元，而中箱与大箱由于需求过于火爆，目前已暂停新预约。 国内金价也水涨船高。多家品牌金店的足金饰品报价突破每克1500元关口，一些品牌的足金饰品报价达每克1548元，较前一日单克上涨超 50元，再创历史新高。 | 国内现货 | 国际现货 | 黄金实物 ...

最近金价涨"疯"了！ 截至发稿，现货黄金报4981.309美元/盎司，逼近每盎司5000美元。 | < w | 伦敦金现 | | --- | --- | | SPTAUUSDOZ.IDC | | | 4981.309 昨结 4935.960 开盘 | 4937.000 | | +45.349 +0.92% 总量(kg) == 现手 | | | 最高价 | -- 外 盘 4990.170 持 仓 | | 最低价 | -- 内 盘 4899360 增 它 | | 分时 | 五日 日K 周K 月K 更多 ◎ | | 膏加 设均线 MA 5: 4590.874↑ 10: 4407.495↑ 20: 4175.63 | | | 5183.484 | 4990.170 > | | 4023.600 | | | 2863.717 | | | 2025-06-06 | 08-08 10-03 11-28 01-23 | 国内金价也水涨船高。多家品牌金店的足金饰品报价突破每克1500元关口，一些品牌的足金饰品报价达每克1548元，较前一日单克上涨超50元，再创历史 新高。 | 国内现货 | 国际现货 | 黄金实物 | | | ...

来源：不良资产头条 不良资产处置过程中，税务筹划是不可忽视的重要环节，也是影响最终收益的风险点。合理的税务筹划不仅可以最大程度降低风险，还能提高处置收益。 然而，不良资产所涉税种繁多，不同类型的资产、不同的处置方式所产生的税率都不一样，不同地区税收征管部门对同一业务存在不同的征税方式，加上 政策规定的更新，非税务领域专业人士如不了解税种、税率、征管政策、交易结构等问题，极有可能导致项目投资或处置的定价、收益估算逻辑的谬误。 基于此，火栗网研究中心独家策划《不良资产投资处置税务详解及优化》培训班，特邀四位行业专家，专解不良资产特有税务场景，课纲覆盖了税筹前提 下的尽调估值、债务重组及破产重整，再到法拍税务疑难问题和不同交易结构下的合规管理，跟随最新法规和税收优惠政策，每讲均有"案例+实务精 讲"模式辅助理解，带领大家找出不良资产投资处置各环节中的税务关键点，破解非标处置税务难题，最大程度地将专家经验转化为可复用的方法论。 01 课程概况 主 办 方：火栗网研究中心 培训时间：2026年3月14-15日（周六、日） 培训地点：杭州市 阿里中心·西湖 会议费用： ①标准价：4500元/人，3人及以上报名4300元/ ...

Group 1: Gold Price Surge - The price of gold has surged significantly, with spot gold reaching $4981.309 per ounce, approaching the $5000 mark [1] - Domestic gold prices have also increased, with several brands of gold jewelry exceeding 1500 yuan per gram, and some reaching 1548 yuan, marking a daily increase of over 50 yuan [3] Group 2: Demand for Bank Safe Deposit Boxes - The demand for bank safe deposit boxes has skyrocketed, with many banks reporting that all available boxes are rented out, leading to waiting lists for new customers [7][9] - In Hangzhou, major banks have completely rented out their safe deposit boxes, and new customers must wait for existing customers to return their boxes before they can rent one [8] - The surge in demand for safe deposit boxes is attributed to the increasing need for secure storage of high-value items like gold bars, particularly among high-net-worth individuals in major cities [9]

Group 1 - The global gold market is experiencing significant price adjustments, with London spot gold prices reaching $4,793 per ounce, leading to retail price increases across various brands in China [1][2] - There is a notable price disparity among different gold jewelry brands within the same city, with prices ranging from 1,353 to 1,496 yuan per gram, indicating structural differentiation in the market [1][2] - The wholesale price of gold in Shenzhen is significantly lower at 1,228 yuan per gram compared to retail prices, highlighting the different pricing layers in the market [2] Group 2 - Over the past decade, gold prices have increased by over 400%, showcasing its strong value retention, while the diamond market has seen a dramatic decline, with some diamonds losing up to 99% of their value [2][3] - The decline in diamond value is attributed to its non-standardized nature and the collapse of marketing bubbles, while technological advancements have made lab-grown diamonds significantly cheaper [3] - The increasing popularity of gold among younger consumers, particularly in the context of cultural trends, suggests a shift in asset belief systems away from diamonds towards gold [3] Group 3 - Investment channels for gold are diversifying, with various banks offering different pricing for gold products, indicating a competitive market landscape [4] - The retail market for gold is experiencing noticeable premiums, with prices at gold shops significantly higher than wholesale prices, reflecting the added costs of branding and craftsmanship [5][6] - The demand for gold ETFs is rising, with institutional investments reaching a historical peak, indicating a strong market confidence in gold as an investment vehicle [6] Group 4 - Major financial institutions like Goldman Sachs and Citigroup are bullish on gold prices, with forecasts suggesting a target of $5,400 per ounce by the end of 2026, driven by central bank demand and expectations of interest rate cuts [7] - Despite the optimistic outlook, there are concerns about potential price corrections if interest rates do not decrease as expected, which could impact the opportunity cost of holding gold [7] - The upcoming Chinese New Year is prompting promotional activities in the gold retail sector, with brands offering discounts, yet consumers are advised to view gold jewelry primarily as a consumer product rather than an investment [8]

Group 1 - The first major acquisition loan in the critical metals industry in Guangxi was successfully issued, amounting to 224 million yuan, aimed at supporting resource integration and capacity expansion [1] - Guangxi is recognized as a significant region for non-ferrous metals, holding a leading position in the reserves of various critical metals such as tin, antimony, indium, gallium, germanium, and rare earths [1] - To promote the high-quality development of the critical metals industry, Guangxi has introduced several policy documents in 2025, including measures for financial support and the establishment of the "Nandan Critical Metals Loan" [1] Group 2 - Financial institutions in Guangxi are innovating to support the green and high-quality development of the critical metals industry, with notable loans such as 100 million yuan from China Construction Bank for operational needs and 300 million yuan from Industrial and Commercial Bank of China for production stability [2] - The establishment of the Guangxi Critical Metals Industry Development Group in January 2026 aims to provide comprehensive financial services, with plans for Guangxi Beibu Gulf Bank to invest at least 20 billion yuan in the critical metals sector over the next five years [2] - By the end of 2025, 53 enterprises in the critical metals industry chain in Guangxi had been included in the "Nandan Critical Metals Loan" list, with 33 enterprises receiving a total of 2.838 billion yuan in loans [3]