行 业 研 究 银行 2026 年 02 月 03 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -10% 0% 10% 19% 29% 2025-02 2025-06 2025-10 银行 沪深300 相关研究报告 《2026 年初银行存贷形势更新与展望 —行业深度报告》-2026.1.26 《规模高增&收益承压，"存款+基金" 成配置主线—理财登 2025 年报解读》 《企业信贷超季节性增长，信贷投放 前置趋势或延续 —行业点评报告》 -2026.1.16 2026 年净息差展望：筑底企稳 ——行业深度报告 刘呈祥（分析师） 朱晓云（分析师） liuchengxiang@kysec.cn 证书编号：S0790523060002 zhuxiaoyun@kysec.cn 证书编号：S0790524070010 理论估算 1.4%净息差支撑 6%左右的 RWA 增速 据我们测算，银行若保持 RWA 6%-7%的增速，理论净息差大约在 1.44%-1.57% 是底线水平，2025Q3 商业银行净息差为 1.42%，意味着银行资产扩张面临内生 资本补充的现实硬约束，"稳息差"仍然是 2026 年银行核心经 ...

针对海外仓场景下的融资痛点，掌金科技定制化推出三大核心产品：面向天猫国际、京东国际等平台卖家的进口电商信用贷，无需抵押即可凭经营数据获 贷；针对进口贸易商的委托代采垫资，解决采购资金周转难题；专为保税仓、监管仓进口商打造的进口货物质押服务，盘活存储在海外仓的静态资产，突破 传统融资对抵押物的限制。 这些产品的落地，背后依托大数据、区块链、隐私计算等技术支撑——通过区块链追踪海外仓货物流转全链路，确保质押资产的真实性与可追溯性；用人工 智能分析跨境交易、仓储数据，精准评估企业信用水平，降低风控成本。 在东南亚、中亚、拉美等新兴跨境电商市场快速崛起的当下，掌金科技的全流程服务，尤其能助力制造业、消费品企业在深耕欧洲成熟市场的基础上，顺利 开拓新兴市场。此次跻身榜单第一梯队，也印证了其在数实融合领域的领先实力，为跨境企业融资提供了更具场景适配性的新选择。 近日，第三方权威机构发布《2025年度海外仓融资企业实力榜单》，从技术创新、服务覆盖广度、金融产品场景适配性等核心维度对行业企业进行综合评 估，掌金科技（河南掌金数据服务有限公司）凭借"科技+数据+金融"的数实融合创新模式，成功跻身第一梯队，与京东科技、平安银行等 ...

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。 来源：市场资讯 国家知识产权局信息显示，平安银行股份有限公司取得一项名为"基于业务场景的埋点方法、装置、电 子设备及存储介质"的专利，授权公告号CN115098351B，申请日期为2022年6月。 天眼查资料显示，平安银行股份有限公司，成立于1987年，位于深圳市，是一家以从事货币金融服务为 主的企业。企业注册资本1142489.4787万人民币。通过天眼查大数据分析，平安银行股份有限公司共对 外投资了11家企业，参与招投标项目1146次，财产线索方面有商标信息497条，专利信息4652条，此外 企业还拥有行政许可71个。 ...

February 2, 2026 12:08 PM GMT China Financials | Asia Pacific Tracking industrial risks: modestly slower near term growth, but notably lower future risks Key Takeaways More sectors' capex growth slowed in Dec 2025 amid steady progress of capacity control. 82.5% of sectors (by total liability) saw capex growth moderation in Dec 2025 vs. 1H24, up from 78.7% last month. Agricultural product processing and furniture sectors posted notable FAI growth slowdowns after months of stabilizing. Overall Industrial prof ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Chinese Banking Sector - **Key Takeaways**: The recent conference and financial tour indicated a net positive outlook for Chinese banks, with improved net profit growth rates driven by recovery in net interest income (NII), positive fee growth, and stable asset quality [2][5][6]. Core Insights - **Profit Growth**: Banks are experiencing improved net profit growth rates, with SOE banks expressing greater optimism compared to Joint Stock Banks (JSBs) regarding revenue and profit growth trajectories [2][5]. - **NII Recovery**: A recovery in NII is expected, with banks anticipating positive net interest income growth in 2026, although some JSBs expect a decline [5][6]. - **Loan Growth**: Moderate increases in new loan volumes are anticipated, primarily driven by corporate lending focused on infrastructure and technology [6]. - **Fee Income Divergence**: SOE banks expect robust fee income growth, while JSBs foresee only slight positive growth due to weak consumption and regulatory pressures [6]. - **Investment Income**: Banks are managing their investment portfolios actively, with unrealized gains providing a buffer against future income fluctuations [6]. Monetary Policy and Interest Rates - **Dovish Monetary Policy**: The monetary policy remains dovish, with expectations of further cuts to the Loan Prime Rate (LPR) and deposit rates [5]. - **Deposit Management**: Banks are focusing on managing high-rate time deposits maturing in 2026, with a projected retention rate of 90% due to clients' low risk appetite [5][6]. Asset Quality and Risk Management - **Stable Asset Quality**: Asset quality is expected to remain stable, with non-performing loan (NPL) formation having peaked, particularly in the property sector [6]. - **Retail Loan Risks**: Increased pressure on retail loan asset quality is noted, with some banks experiencing elevated NPL formation [6]. Future Outlook - **Profit Growth Expectations**: SOE banks expect positive net profit growth in 2026, driven by NII growth and cost control, while some banks remain cautious due to external macroeconomic factors [6]. - **Capital Management Review**: One bank is reviewing its capital management policy, considering the balance between CET1 ratio, dividend payout, and return on equity (ROE) [6]. Investment Strategy - **Insurance Sector Insights**: A leading insurance company plans to maintain a 30% allocation to equities for net new premiums in 2026, focusing on high-dividend stocks and Hong Kong equities [7]. Company Recommendations - **Top Picks**: Among SOE banks, the top picks include China Construction Bank (CCB-H), Bank of China (BOC-H), and Bank of Communications (Bocom-A/H) [2]. Additional Notes - **Market Performance**: While the banking sector is expected to see absolute share price upside in 2026, it may underperform the broader market [2].

Core Viewpoint - The global precious metals market is experiencing significant volatility, with gold prices dropping below $5000 per ounce and silver prices falling over 35% in late January and early February 2026, prompting banks to issue risk warnings and adjust their gold-related business practices [1][2][3]. Group 1: Market Volatility and Bank Responses - On January 31, 2026, gold prices saw a maximum drop of over 12%, falling below $5000 per ounce, and on February 2, they dipped below $4500 per ounce with a daily decline exceeding 9% [1]. - Major banks, including Industrial and Agricultural Banks, have issued multiple risk warnings to clients, advising them to assess their risk tolerance and avoid speculative trading in the current volatile market [3][5][6]. - Banks are increasing the minimum purchase amounts for gold accumulation products and raising the margin requirements for precious metal contracts to mitigate risks associated with market fluctuations [9][11]. Group 2: Changes in Investment Thresholds and Interest Rates - Industrial Bank raised the minimum investment for its gold accumulation product from 1000 yuan to 1100 yuan, while other banks like Construction Bank and Ping An Bank have also increased their minimum investment thresholds [9][10]. - Many banks have collectively reduced the interest rates on gold deposit products, with some rates dropping to near zero, indicating a shift back to the core investment logic of gold price fluctuations rather than interest income [10]. - The margin requirements for various gold trading contracts have been significantly increased, with some banks raising them from around 43% to as high as 80% to limit high-leverage trading [11][12]. Group 3: Demand for Physical Gold - Despite the price corrections in the gold market, there is a surge in demand for physical gold, with many consumers attempting to purchase gold bars, leading to stock shortages at several banks [13][14]. - The World Gold Council reported that global gold demand reached a record high of 5002 tons in 2025, with China's demand alone totaling 1003 tons, marking a 6% year-on-year increase [15]. - Experts emphasize that the primary function of gold is to preserve value and serve as a hedge against risks, advising investors to approach gold investments with caution and a long-term perspective rather than short-term speculation [16].

深圳水贝市场里，一位女士快速计算着价格，掏出银行卡支付了近12万元，买下100克金条。 黄金价格正在经历一场惊心动魄的过山车之旅。就在1月29日晚，金价从1252元/克暴跌至1142元/克，短短几分钟每克跌了110元。第二天，金价单日暴跌超 过9%，创下1983年以来最大单日跌幅。 这次戏剧性的暴跌发生在前几天金价才刚刚创下1708元/克的历史新高之后，让市场陷入了一片混乱。 01 事件核心 在水贝市场金价跌至1130元/克时，一位女士毫不犹豫地斥资近12万元买入了100克黄金。 她坦言自己手上也有部分资金前两天被套牢，但她认为"黄金整体是向上走的"，并不在意短期价格起伏。 市场反应两极分化。就在这位女士抄底的同时，许多人正紧急抛售手中的囤货，害怕被套牢。 一位中老年女性带来了20年前以80元/克购买的10克手镯，以1080元/克的回收价卖出，净赚了1万元。 02 暴跌前奏 这次暴跌并非毫无预兆。在此之前，金价已经经历了疯狂上涨。1月28日，现货黄金盘中首次突破5200美元/盎司的历史高位。 国内市场也随之水涨船高，周大福、周生生等品牌金饰价格站上1600元/克大关。机构分析师给出了更加乐观的预测。 高盛将2 ...

1.1 教育行业融资的核心痛点 在当今教育行业的发展进程中，融资难题犹如一块巨石，横亘在众多教育机构前行的道路上。教育行业 有着自身独特的特性，政策调控频繁，从 "双减" 政策对 K12 学科培训的规范，到民办教育分类管理政 策的逐步落地，每一次政策的变动都如同风向的转变，深刻影响着教育机构的运营模式与发展方向，也 直接左右着其融资资质 。例如，一些 K12 学科类培训机构在 "双减" 之后，业务面临重大调整，原有的 融资计划也被迫搁置，陷入融资困境。 资产轻量化也是教育行业的显著特征。教育机构的核心资产多集中在课程研发、品牌建设以及师资团队 等无形资产方面，缺乏像房产、设备这类易于抵押的固定资产。据相关数据显示，在传统的银行贷款融 资模式下，拥有固定资产抵押的企业贷款成功率远高于教育机构，教育机构想要从银行顺利拿到贷款， 难度极大。 另外，教育行业的盈利周期普遍较长。无论是新的教育项目启动，还是教学设施的升级改造，都需要大 量的前期资金投入，而回报却需要经过长时间的积累才能显现。这种资金投入与回报的时间差，使得很 多金融机构在面对教育机构的融资需求时，往往持谨慎态度，设置较高的风控门槛。 在实际融资过程中， ...

Core Viewpoint - Ping An Bank is undergoing a transformation amidst a challenging economic environment, with significant changes in its business strategy and performance metrics, leading to investor concerns and a decline in stock value [4][6][14]. Group 1: Investment Actions and Market Response - In late 2025, Ping An Group aggressively increased its holdings in Agricultural Bank and China Merchants Bank to 20%, triggering regulatory disclosures, while simultaneously, institutional investors like Goldman Sachs and HSBC reduced their stakes in Ping An Bank [4][5]. - Despite Ping An Group's support, Ping An Bank has seen a continuous decline in revenue for 12 consecutive quarters, making it one of the poorer performers among joint-stock banks [6][14]. Group 2: Financial Performance and Comparisons - From 2022 to 2024, Ping An Bank's revenue and net profit dropped by 18% and 2% respectively, underperforming compared to peers like China Merchants Bank and Industrial Bank [8][9]. - The bank's net interest income fell by 28.2% in 2023 and 2024, primarily due to a shift in loan structure from higher-yield personal loans to lower-yield corporate loans [9][11]. Group 3: Strategic Changes and Management - In 2023, Ping An Bank initiated a significant strategic shift under new leadership, focusing on reducing retail non-performing loans and increasing corporate lending, marking the largest strategic adjustment since its retail transformation began in 2016 [12][14]. - Despite these changes, the bank's performance has not improved, with a 9.2% decline in revenue and a 2.8% drop in net profit reported in Q3 2025 [14]. Group 4: Retail and Insurance Business Challenges - The bank's retail business, which had previously shown rapid growth, is now facing challenges, with a notable increase in non-performing loans from 1.21% in 2021 to 1.39% in 2024 [19]. - Ping An Bank's insurance distribution business has struggled to gain traction, with a significant drop in insurance sales revenue in 2024, although recent reports indicate a recovery in 2025 [21][22]. Group 5: Future Outlook and Risks - The bank's management expressed optimism about the retail business recovering, citing improvements in non-performing loan metrics, but concerns remain regarding the overall asset quality and the high level of loans under watch [27][30]. - As Ping An Bank shifts focus to corporate lending amidst a competitive landscape, it faces challenges in maintaining asset quality, particularly in the real estate sector, which has been adversely affected by economic conditions [30][34].

记者丨叶麦穗 编辑丨包芳鸣 贵金属年内涨幅大幅回吐，此前涨势近乎抹平。 | 圆标贵全属 | | | | | | --- | --- | --- | --- | --- | | 名称 | 现价 | 涨跌 | 涨跌幅 | 年初至今 | | 伦敦金现 | 4774.630 | -120.488 | -2.46% | 10.57% | | 伦敦银现 | 83.558 | -1.701 | -1.99% | 16.74% | | COMEX黄金 | 4777.4d | 32.3 | 0.68% | 9.53% | | COMEX白银 | 82.210d | 3.679 | 4.68% | 15.82% | | 伦敦金(人民币/克) | 1065.8814 | -26.8976 | -2.46% | 9.87% | | 伦敦银(人民币/千克) | 18653.4108 | -379.6841 | -1.99% | 16.00% | | 现货铂金(美元/盎司) | 2118.40 | -46.10 | -2.13% | 2.83% | | 现货把金(美元/盎司) | 1727.62 | 16.62 | 0.97% | 7. ...