香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 本公告僅供參考之用，並不構成收購、購買或認購任何證券的邀請或要約。本公告不構成或形成任何要約購買在 美國銷售的證券的一部分。除非另有規定，任何根據計劃（定義見下文）將予發行的票據將不會根據經不時修訂之 1933年美國聯邦證券法（「證券法」）進行登記，而且不得在未登記或獲豁免遵守證券法的登記規定的情況下於美國 境內或向任何美國人士（定義見證券法）或出於美國人士的利益進行發售或出售。將不會在美國進行證券的公開發 售。 於香港聯合交易所有限公司 上市之通告 20,000,000,000美元全球中期票據計劃 安排行和交易商 中國工商銀行股份有限公司 INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED （於中華人民共和國註冊成立的股份有限公司） 股份代號：1398 * 由中國工商銀行股份有限公司通過其相關持牌附屬機構執行。 中國工商銀行* 中國工商銀行股份有限公司已向香 ...

本公告不構成或形成任何要約購買在美國銷售的證券的一部分。除非另有規定，任何根據計劃（定義見下文）將予 發行的票據（「票據」）將不會根據經不時修訂之1933年美國聯邦證券法（「證券法」）進行登記，而且不得在未登記或 獲豁免遵守證券法的登記規定的情況下於美國境內或向任何美國人士（定義見證券法）或出於美國人士的利益進行 發售或出售。將不會在美國進行證券的公開發售。 香港投資者謹請注意：本行確認票據擬僅供專業投資者（定義見上市規則第37章）（「專業投資者」）購買，計劃已按 該基準於香港聯合交易所有限公司上市，並且將於香港聯合交易所有限公司上市的票據亦將按該基準於香港聯合 交易所有限公司上市。據此，本行確認票據不適合作為香港零售投資者之投資。投資者應審慎考慮所涉及的風險。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任 何責任。 本公告及隨附的上市文件乃按香港聯合交易所有限公司證券上市規則（「上市規則」）規定刊發僅供參考之用，並不 構成收購、購買或認購任何證券的邀請或要 ...

智通财经APP获悉，中国银河证券发布研报称，财政金融协同扩内需直接利好信贷增长、结构优化与风 险预期改善，同时稳息差导向不变，叠加负债成本优化提供缓冲，银行息差改善确定性增强。在低利率 与中长期资金加速入市的环境下，银行板块高股息、低估值的红利属性仍对险资等长线资金具备持续吸 引力，加速估值定价重构。该行继续看好板块配置价值，维持"推荐"评级。 中国银河证券主要观点如下： 财政贴息将对银行优结构、稳息差形成积极支撑 贴息幅度多在1-1.5个百分点之间，旨在进一步降低社会综合融资成本，撬动投资和消费需求，同时引 导金融资源加码支持扩内需、科技创新、中小微企业等重点领域，为银行信贷投放和结构优化带来空 间，短期有利于激活本已疲弱的零售消费贷和经营贷需求，同时为对公领域带来设备更新、民间投资、 重点产业链相关项目储备和投放增量，进一步助力银行信贷开门红。与此同时，稳息差政策导向不变， 本轮财政贴息叠加近期的结构性降息，一定程度上可对冲资产收益率下行压力，有助于呵护银行净息 差。结合2026年银行体系有较大规模高息定期存款到期重定价、负债成本加速优化考虑，银行息差降幅 进一步收窄、企稳改善确定性增强，对利息净收入的负 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In 2025, the bond market may mainly rely on increased allocation by bank self - operations. The balance of China's bond market increased by 19.7 trillion in the first 11 months of 2025, and the incremental investment in self - operated bonds by the banking industry in the same period reached 14.3 trillion, accounting for 72.7% of the bond scale increment [2][31]. - Bank self - operated bond investment is mainly in interest - rate bonds, which have a significant impact on the pricing of interest - rate bonds. As of Q3 2025, the proportion of interest - rate bond holdings in bank self - operated bonds was 80.7% [36]. - The bond investment behavior of banks is mainly affected by three types of indicators: capital adequacy ratio requirements, liquidity regulatory indicators, and bank book interest rate risk indicators [3][45]. - Joint - stock banks are the main players in the secondary trading of interest - rate bonds, while the trading scale of large - state - owned banks and policy banks is relatively small. Since Q1 2023, the overall market trading activity has increased, especially significantly after 2025 [3][52]. 3. Summary by Relevant Catalogs 3.1 Bank Self - Operated Financial Investment Composition, Scale Changes, and Structural Characteristics - **Composition and Scale Changes**: As of Q3 2025, the total financial investment scale of 42 listed banks was 101.5 trillion yuan. By statement account, the FVTPL account was 13.23 trillion yuan (13.0%), the FVOCI account was 29.87 trillion yuan (29.4%), and the AC account was 58.40 trillion yuan (57.5%). By asset category as of Q2 2025, bond investment was 79.08 trillion yuan (84.46%), equity investment was 0.86 trillion yuan (0.91%), and funds and other investments were 13.07 trillion yuan (13.96%). From Q4 2023 to Q3 2025, the investment scale of the FVOCI account increased significantly, mainly due to the growth of bond investment [8]. - **Structural Characteristics**: Credit bonds are mainly placed in the FVOCI account, and interest - rate bonds are mainly placed in the AC account. Among different types of banks, the proportion of the three accounts of large - state - owned banks and joint - stock banks is relatively stable, while the proportion of the AC category of city and rural commercial banks has decreased, and the FVOCI category of city commercial banks has increased, indicating a shift from allocation to trading thinking [2][14]. 3.2 Bond Market in 2025 - In 2025, the bond market may rely on increased allocation by bank self - operations. The government issued more bonds in 2025, and the weak credit demand led banks to significantly increase their bond investment. The year - on - year growth rate of the bond investment balance of various types of banks has increased significantly, and bond investment may become the main driving force for the expansion of bank asset scale [31][33]. 3.3 Bank Bond Investment Characteristics - **Investment Portfolio**: As of Q3 2025, bank self - operated bond holdings were 96.5 trillion yuan, mainly interest - rate bonds. Interest - rate bonds accounted for 80.7%, credit bonds accounted for 11.7%, negotiable certificates of deposit accounted for 5.7%, and other bonds accounted for 1.8%. Among interest - rate bonds, treasury bonds accounted for 33.3%, local government bonds accounted for 48.3%, and policy - bank bonds accounted for 17.8% [36]. - **Pricing Influence**: As of Q3 2025, bank self - operated bond holdings accounted for 48.21% of the total bond custody, having a significant impact on the bond market pricing, but the degree of influence varies by bond type. Bank self - operated interest - rate bond holdings accounted for 63.6% of the total interest - rate bond custody, having a significant impact on pricing [44]. 3.4 Bank Bond - Allocation Indicator Constraints - **Capital Adequacy Ratio Requirements**: The risk weights of treasury bonds and policy - bank bonds are 0, the risk weights of local general bonds and special bonds are 10% and 20% respectively, and the risk weights of general corporate bonds and non - bank financial institution ordinary bonds are 75% - 100% [3][47]. - **Liquidity Regulatory Indicators**: The liquidity coverage ratio is relatively relevant to bank self - operated bond investment behavior. Treasury bonds are included in qualified high - quality liquid assets at market price, while credit bonds are given a discount coefficient according to credit ratings [47]. - **Bank Book Interest Rate Risk Indicators**: For large - state - owned banks, joint - stock banks, and Postal Savings Bank, when the maximum economic value change exceeds 15% of their Tier - 1 capital (ΔEVE > 15%), regulatory attention will be drawn [47]. 3.5 Bank Self - Operated Secondary Trading Characteristics - **Interest - Rate Bond Secondary Trading**: Joint - stock banks are the main players in the secondary trading of interest - rate bonds. The trading activity of the whole market has increased since Q1 2023, especially significantly after 2025. The trading scale of large - state - owned banks and policy banks is relatively small [3][52]. - **Credit Bond Secondary Trading**: The trading scale of credit bonds is relatively limited, and the single - quarter trading amount of bank self - operations is generally below 1 trillion yuan [54]. - **Ultra - Long - Term Interest - Rate Bond Secondary Trading**: The secondary trading of ultra - long - term interest - rate bonds in the banking system shows the characteristics of "net reduction trend remains unchanged, and selling pressure converges marginally". Different types of banks have different trading behaviors [56].

上证报中国证券网讯（记者 黄坤）信用卡分期、消费贷利息能省多少钱，直接关乎老百姓的"钱袋 子"。 财政部等三部门1月20日发布优化实施个人消费贷款财政贴息政策后，当日晚间以及21日，工商银行、 农业银行、中国银行、交通银行、邮储银行等大行以及部分股份行火速响应，相继发布了优化实施个人 消费贷款财政贴息政策细则。上海证券报记者还自业内获悉，部分城商行已开始迭代系统、制定贴息业 务流程，便于消费者及时快捷享受贴息红利。 最新发布的消费贷贴息政策有多项升级，包括期限延长至2026年底、扩大经办机构覆盖面，信用卡账单 分期亦首次被纳入贴息范围，颇受行业关注。受访专家和行业人士认为，这些贴息优化举措均为着力降 低居民消费信贷成本，激活信贷投放积极性。金融机构火速发布优化实施细则，有望提振消费活力。 信用卡账单分期可享受贴息 记者梳理来看，多家银行在实施细则中明确，居民在政策实施期内使用个人消费贷款进行的各领域消 费，以及新办理的信用卡账单分期业务且于政策实施期内生成的各期账单，在经办机构识别其真实性、 合规性后，可按规定享受贴息。 以农业银行为例，该行"信用卡账单分期贴息"操作指引显示，客户需与该行签署《信用卡账单分期 ...

近期，记者注意到，多家银行年初以来发行的大额存单利率较去年出现下调情况，部分银行的短期产品 利率已降至1%以下，进入"0"字头区间。 存款利率继续下调 当前，工商银行、农业银行、中国银行等多家国有银行的1个月及3个月期大额存单利率为0.9%，较往 年明显下调。此外，多家中小银行近期发行的3个月、6个月等期限的大额存单利率也均下调，其中云南 腾冲农商行、云南隆阳农商行等银行近期发行的3个月期大额存单，利率已步入1%以下，进入"0"字头 区间。在多家银行手机App上，5年期大额存单已不见踪影，部分银行仅剩下2年期及更短期限的产品。 光大证券金融业首席分析师 王一峰：大额存单作为银行体系的主动负债，其定价水平相对较高，流动 性也好于存款，市场需求相对旺盛。同时，大额存单也因为其成本偏高，银行体系为稳定自身经营，缓 解净息差压力，倾向于对其进行较为严格的量、价管理。 业内人士指出，在近期央行结构性降息降准以及商业银行自身稳定净息差的双重背景下，未来一段时 间，银行定期存单的发行规模可能继续收缩，利率或将继续下行。 国家金融与发展实验室副主任 曾刚：调整我们的投资理念，不能像以前把大量资金配置在中长期的定 期存款类产品 ...

中国工商银行东莞南城支行营业部排起了兑换纪念币的长队。 其中东莞工行承担了各36万枚/张的兑换任务，占比达地区总额的60%。为应对兑换高峰，确保流程顺 畅，东莞工行全辖网在显著位置设置"贺岁纪念币、纪念钞兑换专区"，工作人员营业前即向排队市民派 发专属兑换排号单。同时，根据实际客流动态调配窗口资源，必要时适当延长服务时间，全力保障当日 排队客户顺利兑换。 刚刚成功兑换纪念币钞的市民张先生高兴地表示："工行的安排非常贴心周到！专属排号让大家心里有 底，不用盲目排队；热茶水暖身又暖心；工作人员的引导很清晰，虽然人多，但整个过程特别顺畅，服 务体验非常好！" 东莞工行相关负责人表示，贺岁纪念币钞承载着新春祝福，是弘扬中华优秀传统文化的重要载体。市民 的踊跃兑换，既是对传统文化的热爱，也是对工行服务的信任。该行将持续优化服务流程，提升客户体 验，确保此次纪念币钞兑换工作圆满顺利完成，让广大市民在喜迎马年祥瑞的同时，真切感受到工商银 行高效、便捷、温暖的金融服务，为营造欢乐祥和的节日氛围贡献金融力量。 2026年1月20日，承载着马年"马到成功""龙马精神"美好寓意的2026年贺岁普通纪念币和纪念钞正式开 启兑换。中国 ...

钛媒体App 1月22日消息，多家银行年初以来发行的大额存单利率较去年出现下调情况，部分银行的短 期产品利率已降至1%以下，进入"0"字头区间。当前，工商银行、农业银行、中国银行等多家国有银行 的1个月及3个月期大额存单利率为0.9%，较往年明显下调。此外，多家中小银行近期发行的3个月、6 个月等期限的大额存单利率也均下调，其中云南腾冲农商行、云南隆阳农商行等银行近期发行的3个月 期大额存单，利率已步入1%以下，进入"0"字头区间。在多家银行手机App上，5年期大额存单已不见踪 影，部分银行仅剩下2年期及更短期限的产品。业内人士指出，在近期央行结构性降息降准，以及商业 银行自身稳定净息差的双重背景下，未来一段时间，银行定期存单的发行规模可能继续收缩，利率或将 继续下行。 (央视财经) ...

Investment Rating - The report maintains a "Recommended" rating for the banking industry [1] Core Insights - The implementation of six fiscal and financial policies aims to stimulate domestic demand, focusing on structural optimization and interest margin improvement [3] - The fiscal interest subsidies, typically between 1-1.5 percentage points, are designed to lower overall financing costs, boost investment and consumption demand, and guide financial resources towards key areas such as technology innovation and support for small and micro enterprises [3] - The report highlights that the fiscal policies will positively support banks in optimizing their structures and stabilizing interest margins, with expectations of a narrowing decline in interest margins due to the upcoming maturity of high-interest fixed deposits in 2026 [3] - The establishment of a 500 billion yuan special guarantee plan for private investment and the optimization of risk-sharing mechanisms for corporate bonds are expected to enhance banks' asset quality and increase their willingness to issue long-term loans [3] - The report suggests that the collaborative fiscal and financial policies will directly benefit credit growth, structural optimization, and risk expectation improvement, while the stable interest margin guidance remains unchanged [3] Summary by Sections Banking Industry - The report emphasizes the positive impact of fiscal policies on credit growth and structural optimization, with a focus on improving risk expectations and stabilizing interest margins [3] - Specific recommendations for individual banks include Industrial and Commercial Bank of China, Agricultural Bank of China, Postal Savings Bank of China, Jiangsu Bank, Hangzhou Bank, and China Merchants Bank [3]

风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 相关机构表示，根据伦敦金银市场协会（LBMA）周二发布的最新调查显示，多位资深分析师认为， 5000美元的黄金和100美元的白银等关键心理价位可能只是本轮超级上涨周期中的小插曲。LBMA年度 分析师调查报告显示，2026年黄金平均价格预计将达到4741.97美元，计均价将比去年高出38%。工商 银行分析师Julia Du是坚定的"超级多头"，预测金价今年最高触及7150美元。她认为2026年地缘政治风 险将再度升级，除了央行购金和机构配比外，拉美地区的零售需求将成为意外的强力支撑。在美联储降 息的配合下，金价将维持"高波动、强上行"的态势。分析师Robin Bhar作为报告中最保守的分析师，他 预计均价在4000美元左右。但他同样承认黄金处于"因子共振的完美风暴"中 ...