面对利率低位运行的新常态，从大额存单到结构性存款，投资 人的每一次选择，都是在收益、风险与流动性之间的权衡，如 何适配自身需求调整资产配置，正成为当下理财的核心命题之 一。 作者：老盈盈 封图：图虫创意 2026年开年，大额存单市场继续经历深刻变革：国有大型商业银行及部分中小型银行1年期以下 大额存单利率跌破1%，中长期产品利率也多低于2%。 这一变化让广大投资人倍感纠结，此前持有3.3%左右利率的三年期大额存单到期后，面对如今大 幅下滑的收益，不少人失去续存动力。有人转而在大额存单转让区寻觅高息标的，也有稳健型投资 者将目光投向结构性存款。近期黄金市场热度攀升，银行新发的结构性存款多与黄金挂钩，尤其是 外资银行推出的产品，预期年化收益率最高超5%，让部分投资人动了"小金额试水"的心思。 面对利率低位运行的新常态，从大额存单到结构性存款，投资人的每一次选择，都是在收益、风险 与流动性之间的权衡，如何适配自身需求调整资产配置，正成为当下理财的核心命题之一。 大额存单利率跌入"0字头" 曾为"揽储利器"的大额存单利率继续下行。2025年，工商银行、农业银行、中国银行、建设银行 四家国有大型商业银行已将20万元起存 ...

- In the past two years, broad-based ETFs have experienced significant net outflows, with a cumulative net outflow of 534.63 billion yuan since 2026, including 267.32 billion yuan from CSI 300, 71.58 billion yuan from CSI 1000, 45.67 billion yuan from STAR 50, 49.11 billion yuan from SSE 50, and 33.39 billion yuan from ChiNext Index[3] - Since 2024, there have been four major net inflows of medium- and long-term funds through broad-based ETFs, mainly into CSI 300 (current retained market value of approximately 608.8 billion yuan), CSI 1000 (approximately 163.4 billion yuan), CSI 500 (approximately 137.7 billion yuan), and ChiNext Index (approximately 105.8 billion yuan)[3] - Medium- and long-term funds in Q3 2025 were heavily invested in banks (37% of market value), non-bank financials (19%), food and beverage (5%), construction (4%), and utilities (4%)[3] - The report provides detailed statistics on the net inflows and outflows of major broad-based ETFs, including CSI 300, CSI 500, CSI 1000, SSE 50, ChiNext Index, and others, with specific figures for each ETF[5] - The report includes a table estimating the current cost lines for major ETFs, showing the buy and sell cost lines for each round of net inflows and outflows, along with the retained market value and the current index price[7] - The report lists the top holdings of medium- and long-term funds in Q3 2025, including Agricultural Bank of China, Industrial and Commercial Bank of China, Ping An Insurance, Bank of China, and others, with specific market values and percentages[9] - The report notes that the data comes from periodic reports disclosed by listed companies, fund reports, and other sources, and that medium- and long-term funds include entities such as Central Huijin, China Securities Finance, and others[10]

Group 1 - The core viewpoint of the news is that the state-owned large bank sector experienced a decline of 0.8% on January 23, with the Bank of Communications leading the drop [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] - The trading performance of individual state-owned banks showed varying degrees of decline, with Agricultural Bank down 0.88% and Bank of Communications down 1.04% [1] Group 2 - The net outflow of main funds from the state-owned large bank sector was 208 million yuan, while retail funds saw a net outflow of 63.04 million yuan [1] - The table of fund flows indicates that the Bank of Communications had a main fund net inflow of 78.11 million yuan, but also a significant retail net outflow of 55.17 million yuan [2] - Agricultural Bank experienced the largest main fund net outflow of 149 million yuan, despite a retail net inflow of 89.79 million yuan [2]

2026年1月23日，全球金融市场呈现"内松外荡"的鲜明特征。国内央行加码流动性投放托底节前资金 面，国际市场贵金属价格狂飙冲击关键关口，A股龙头板块分化震荡，多重因素交织下，金融交易市场 迎来政策与情绪驱动的结构性行情。在流动性宽松预期、地缘政治扰动与政策不确定性的三重博弈中， 市场资金流向呈现明显的避险与配置双重特征，为交易者提供了兼具机会与风险的操作窗口。 国内市场层面，央行今日开展的9000亿元中期借贷便利(MLF)操作成为流动性调控的核心亮点。本次操 作期限为1年期，采用固定数量、利率招标方式进行，而本月仅有2000亿元MLF到期，这意味着单此一 项实现净投放7000亿元。叠加本月买断式逆回购已净投放的3000亿元，1月中期流动性净投放总额高达1 万亿元，规模远超市场预期，创下近期月度投放新高。 值得关注的是，今日金融市场呈现明显的联动博弈特征。黄金与美元兑日元走势分化，前者高位震荡偏 强，后者则陷入极致窄幅波动，日内波幅不足0.3个点，反映出市场对主要经济体政策动向的高度敏 感。国内流动性宽松与国际避险升温形成的"内外呼应"，使得资金在不同资产类别间的切换速度加快， 既推升了贵金属等避险资产价格， ...

Investment Ratings - Banking: Overweight (Maintain) [1] - Securities: Market Weight (Maintain) [1] - Insurance: Overweight (Maintain) [1] Core Insights - The financial indices for banks, securities, and insurance have shown declines of -5.20%, -2.43%, and -7.46% respectively, while the CSI 300 index decreased by -0.29% during the same period [11] - The report indicates a marginal decrease in social financing growth, with December 2025 seeing an increase of 2.21 trillion yuan, which is a year-on-year decrease of 0.65 billion yuan [44] - The report highlights that the recent adjustment of margin requirements from 80% to 100% aims to promote long-term healthy development in the securities market [46] - The insurance sector's research value for the standard life insurance product interest rate is at 1.89%, with a buffer of 14 basis points before triggering a downward adjustment [47] Summary by Sections Market Review - As of January 22, 2026, the banking sector ranked last among 31 industries, with a decline of -5.20% [11] - Notable performers include Changshu Bank (+4.14%) and Pacific Securities (+3.35%), while China Life Insurance saw a decline of -4.29% [11] Financing and Credit - In December 2025, corporate bonds contributed significantly to social financing, with a year-on-year increase of 1.7 billion yuan [44] - The report indicates a decrease in household loans, reflecting a need for further stimulation in consumer spending and real estate purchases [44] Securities Insights - The increase in margin requirements is expected to lower leverage levels and guide funds towards rational participation in the market [46] - The average margin balance has exceeded 2.7 trillion yuan, indicating an uptick in leveraged trading activity [46] Insurance Insights - The current interest rate for standard life insurance products is stable, with a potential downward adjustment threshold set at 1.75% [47] - The report suggests that the 10-year government bond yield is stabilizing, reducing the likelihood of triggering the downward adjustment mechanism in the short term [47] Investment Recommendations - For banks, the report recommends focusing on regional banks with strong performance, such as Chengdu Bank and Ningbo Bank [44] - In the insurance sector, companies like China Pacific Insurance and Ping An are highlighted for their growth potential [47] - In the securities sector, firms like Zheshang Securities and CITIC Securities are recommended due to their strong fundamentals and market positioning [46]

Core Viewpoint - The price of silver has been on an upward trend since 2026, reaching historical highs, which has significantly increased market demand for investment and collection of silver products [1][2]. Group 1: Silver Price Trends - As of January 23, 2026, spot silver prices have surpassed $99 per ounce, with a year-to-date increase of over 37% [1]. - The main silver futures contract in Shanghai has also broken through the 25,000 yuan per kilogram mark, setting new historical records [1]. - The surge in silver prices has led to a notable increase in customer traffic and transaction volume in markets dealing with silver coins and collectibles [1][2]. Group 2: Market Dynamics - Major banks, including Industrial and Agricultural Banks, are experiencing temporary shortages of silver products due to increased demand driven by rising silver prices [2]. - The frequency of transactions for physical silver products, such as silver coins and bars, has significantly increased in both the collection market and trading platforms [2]. - The investment attributes of silver coins, particularly the Panda silver coin, are influenced by both the price of silver and their collectible value, which can lead to confusion among investors [2][3]. Group 3: Investment Characteristics - The Panda silver coin has seen a price increase from approximately 200 yuan at the beginning of 2025 to 715 yuan by January 22, 2026, representing a cumulative increase of 257% [3]. - Younger investors tend to focus on the price alignment with silver prices, preferring lower premium coins, while older consumers often prioritize long-term collection [4][6]. - The dual attributes of the Panda silver coin—its value as a precious metal and its collectible nature—create complexities in investment decisions [6][8]. Group 4: Investment Strategies and Risks - Investors are advised to prioritize silver products with a strong alignment to silver prices and to be cautious of high premiums associated with collectible items [6][8]. - The market for silver coins is characterized by significant volatility, with prices influenced by both silver market trends and speculative trading [9][10]. - Experts recommend avoiding impulsive buying during price surges and suggest a more measured approach to investing in silver, including strategies like dollar-cost averaging [10].

| 代码 | 名称 | | 涨幅%↑ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 601229 | 上海银行 | 1 | -2.30 | 1329亿 | -7.43 | | 601128 | 常熟銀行 | | -1.51 | 238亿 | 1.99 | | 601998 | 中信銀行 | 1 | -1.47 | 4107亿 | -4.16 | | 601166 | 兴业银行 | 1 | -1.40 | 4038亿 | -9.40 | | 002142 | 宁波银行 | 1 | -1.39 | 1921亿 | 3.56 | | 601838 | 成都银行 | | -1.26 | 664亿 | -2.85 | | 600000 | 浦发银行 | 1 | -1.13 | 3500亿 | -15.51 | | 600919 | 江苏银行 | 兼 | -1.12 | 1786亿 | -3.44 | | 601398 | 工商银行 | 1 | -1.10 | 25626亿 | -9.33 | | 600926 | 杭州银行 | 张 | -1.04 | ...

Group 1 - The core viewpoint of the news is that major Chinese banks have announced the implementation of an optimized personal consumption loan interest subsidy policy, which will automatically apply to eligible loans after January 1, 2026 [1][3] Group 2 - The implementation period for the personal consumption loan interest subsidy policy has been extended to December 31, 2026 [3] - The support scope has been expanded to include credit card bill installment services [3] - The subsidy field has been broadened by removing the restriction on single transactions of 50,000 yuan and above [3] - The subsidy standards have been improved by eliminating the cap of 500 yuan on single transaction subsidies and the cumulative subsidy limit of 1,000 yuan for each borrower at a single institution for amounts below 50,000 yuan [3]

1. Report's Industry Investment Rating - The document does not mention the industry investment rating. 2. Core Viewpoints of the Report - In 2025, influenced by the significant increase in NPL product issuance, the number and scale of credit - asset - backed securities issuances rebounded. The secondary - market trading volume also rebounded, with NPL products and sub - grade securities becoming the main trading components. The spreads of normal - class products continued to decline, while those of NPL products showed differentiation. Retail asset delinquency rates fluctuated at high levels, and the real recovery of NPL products continued to decline [6][7][55]. - In 2026, the credit asset securitization market is expected to be dominated by NPL products. The issuance spreads of other product types are expected to remain low, and the trading proportion of NPL and sub - grade securities in the secondary market is expected to further increase. Retail asset performance is unlikely to improve significantly in the short term, and the actual recovery of NPL products will continue to face pressure. Attention should be paid to the impact of consumer credit and industry policies [6][55]. 3. Summary by Relevant Catalogs 3.1 Issuance - In 2025, a total of 238 credit - asset - backed securities were issued, with a total issuance scale of 291.522 billion yuan, representing a year - on - year increase of 23.96% in the number of issuances and 7.82% in scale. NPL products accounted for 74.79% of the issuance number and 28.15% of the scale, both reaching historical highs [6][7]. - Auto ABS: 32 issues were issued, with a total scale of 118.543 billion yuan, a year - on - year decrease of 8.58% in scale. Green Auto ABS accounted for 17.62% of the total Auto ABS issuance scale, a decrease of 8.67 percentage points compared to 2024 [10]. - NPL: 178 issues were issued, with a total scale of 82.057 billion yuan, a year - on - year increase of 36.92% in the number of issuances and 61.32% in scale, and a cumulative disposal of 519.086 billion yuan in non - performing assets [10]. - Micro - enterprise loan ABS: 10 issues were issued, with a total scale of 58.645 billion yuan, a year - on - year decrease of 23.08% in the number of issuances and 10.49% in scale [12]. - Personal consumption - loan ABS: 18 issues were issued, with a total scale of 32.277 billion yuan, a year - on - year increase of 5.88% in the number of issuances and 32.70% in scale [13]. 3.2 Issuance Interest Rate - In 2025, the issuance interest rate of normal - class asset credit ABS remained low, while the NPL product issuance interest rate deviated from the benchmark interest rate at the end of the year. The issuance interest rates of Auto ABS, personal consumption - loan ABS, and micro - enterprise loan ABS decreased in the first half of the year and then remained stable, while the NPL issuance interest rate increased significantly in the fourth quarter [17]. - The average spread of AAAsf - rated products and the benchmark interest rate was 56bp, and that of AA + sf - rated products was 48bp, a decrease of 2bp and 18bp respectively compared to 2024. The spreads of different types of products all declined to varying degrees, with NPL products still at a relatively high level [20]. 3.3 Secondary Market - By the end of 2025, the credit - asset - backed securities' outstanding scale decreased by 11.85% to 435.812 billion yuan. The trading volume increased by 4.38% to 130.514 billion yuan, the number of transactions increased by 27.90% to 2,388, and the turnover rate increased by 8.83 percentage points to 28.06% [23][25][26]. - NPL products were the main trading variety, with a trading volume of 53.206 billion yuan, accounting for 40.77% of the total trading volume. Auto ABS trading volume was 48.574 billion yuan, accounting for 37.22% of the total trading volume [28]. 3.4 Credit Performance - Auto ABS: The cumulative default rate of recently issued products increased significantly, the delinquency rate increased, and the prepayment rate showed a slow upward trend, with the fluctuation center between 8% - 10% [31][33][35]. - Personal consumption - loan ABS: The performance was significantly differentiated, the delinquency rate fluctuated, and the prepayment rate continued to rise [38][40][43]. - RMBS: The cumulative default rate remained low, the delinquency rate first increased and then decreased, and the prepayment rate fluctuated to a high level and then returned to stability [45][47][49]. - NPL: The real recovery situation declined year by year, and 11 issues of priority - class asset - backed securities failed to be fully redeemed by the expected maturity date [52].

来源：市场资讯 天眼查资料显示，中国工商银行股份有限公司，成立于1985年，位于北京市，是一家以从事货币金融服 务为主的企业。企业注册资本35640625.7089万人民币。通过天眼查大数据分析，中国工商银行股份有 限公司共对外投资了28家企业，参与招投标项目5000次，财产线索方面有商标信息969条，专利信息 5000条，此外企业还拥有行政许可79个。 国家知识产权局信息显示，中国工商银行股份有限公司取得一项名为"模型训练、视频质量提升方法、 装置和计算机设备"的专利，授权公告号CN115272082B，申请日期为2022年8月。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 ...