（上接1版） 此外，数智化转型成为多家国有大行2026年工作的关键词。建设银行表示，要加快推动集团数智化转 型，持续提升企业级运营能力；交通银行则将深入推进"人工智能+"行动，通过AI技术重构业务流程、 创新服务模式。 股份行提质增效 发掘新的增长动能 股份行在2026年工作部署中，更多体现出结构调整和提质增效的紧迫感。 城农商行做深本土 打造差异化竞争优势 头部城商行和主流农商行的2026年经营管理工作会议，则呈现出更鲜明的区域特色和差异化竞争发展趋 势。 一方面，城商行和农商行普遍提出要深度融入地方发展大局，围绕区域产业链、县域经济等做深做细金 融服务，突出"贴近客户、贴近市场"的比较优势。"要因地制宜找准抓实农商着力点，服务全省经济社 会关键领域实现重大突破。"浙江农商联合银行董事长林仁方说。 另一方面，稳健经营和风险底线意识进一步强化。不少城商行和农商行在会议中明确，要提升资产质 量，通过强化内控和合规管理。 比如，厦门银行尤为重视深入业务前端把握风险。该行2026年将强化资产质量管控，前置风险预警，加 强全流程信贷管理，多措并举推动资产质量稳健向好；增强内控合规管理，筑牢制度流程化基础等。 同时，部 ...

◎记者 黄坤 2026年，银行经营工作怎么干？在低利率环境下，银行业如何稳增长、防风险、促转型，成为新一年经 营管理工作的核心命题。 近期，国有大行、股份行以及多家头部城商行、农商行相继召开2026年经营管理工作会议，聚焦服务实 体经济、优化业务结构、强化风险防控和推进数智化转型等重点任务，对全年经营工作"划重点"。 国有大行稳中求进 服务实体是首位 从国有大行的2026年经营管理工作会议部署看，"稳中求进"仍是主基调，服务国家战略和实体经济被普 遍置于首要位置。 一方面，国有大行普遍将加大对重大战略、重点领域和薄弱环节的金融支持，围绕科技创新、普惠金融 等方向持续发力，做好金融稳定的"压舱石"。相关表述中，"专注主责主业""加大重点领域融资供给"为 高频词。 工商银行表示：突出主责主业，投资于物和投资于人紧密结合，加大贷款投放、债券投资力度，做深做 精"五篇大文章"，全力服务"四稳"；加力支持扩大内需、科技创新、中小微企业等重点领域，以及"十 五五"重大工程、重大项目；靠前服务"两重一薄"，积极惠民生促消费，助力服务业扩能提质。 农业银行2026年将加大重点领域融资供给。坚持投资于物与投资于人紧密结合，持续 ...

Group 1 - Gold prices have surged to $5,180, with bank gold bars priced at 1,314 yuan per gram, while gold bracelets in stores are marked at 1,690 yuan per gram, showing a nearly 400 yuan difference. The focus has shifted from whether prices are too high to whether purchases can still be made, indicating a change in market dynamics [1][2] - Global investment demand for gold has nearly doubled, with ETFs attracting close to $90 billion, marking a historical high. Despite a decrease in central bank gold purchases by 20% last year, retail investors are flooding the market [1][2] - The price structure for gold has created three distinct tiers: base price at 1,175 yuan, investment price at 1,314 yuan, and consumer price at 1,690 yuan, with the Shanghai Gold Exchange prices following international trends, while jewelry stores do not adhere to these figures [2] Group 2 - The central bank's reduction in gold purchases is attributed to fiscal constraints and high global debt levels, with interest payments consuming 12% of the budget. This situation has led to increased money printing, influencing gold prices beyond just interest rates [4] - The World Bank has warned of accumulating risks, with Goldman Sachs predicting a reasonable price of $4,000 for gold, while China International Capital Corporation believes prices above $5,000 are normal. The debate centers on monetary supply versus credit stability [4] - The continuous inflow into gold ETFs, exceeding $1 billion monthly for 14 consecutive months, reflects a shift in investor sentiment, particularly among those disillusioned with traditional investment vehicles like bank wealth management products and money market funds [2][4]

Core Insights - The domestic virtualization software market penetration has reached 51.5%, an increase of 9.2 percentage points from 2025, driven by the deepening of domestic innovation policies and the demand to reduce reliance on foreign technologies [1] Group 1: Market Overview - The ranking is based on Q1 2026 third-party evaluation data, focusing on four dimensions: domestic compatibility, security compliance, performance stability, and industry implementation capabilities [1] - The report covers key sectors such as finance, healthcare, and government, providing objective references for enterprise selection [1] Group 2: Top Companies and Their Advantages - **Top 1: Yunhong Information (CNware WinSphere)** - Leads the industry with "four high characteristics": high usability, high compatibility, high stability, and high security [2] - In the healthcare sector, it built a multi-data center virtualization platform for Guangdong Provincial Hospital, achieving a system availability of 99.99% and simplifying patient processes by 30% [1][2] - **Top 2: Huawei (FusionSphere)** - Excels in ARM architecture adaptation and high-performance computing, supporting low data transmission latency suitable for large-scale data center deployments [4] - Built a fully domestic platform for a provincial government cloud, integrating over 2000 servers and improving resource scheduling response speed by 25% [4] - **Top 3: Sangfor (aCloud)** - Features a deep integration of security and virtualization, suitable for small and medium enterprises with a market share of 20.2% in the hyper-converged market [4][6] - Implemented a hyper-converged platform for Qingdao University Affiliated Hospital, achieving real-time data synchronization [7] - **Top 4: Inspur (InCloud Sphere)** - Notable adaptability in government and education sectors, supporting various domestic chips and providing integrated virtualization and cloud management solutions [8] - Constructed a provincial campus cloud platform for an education department, reducing IT construction costs by 28% [10] - **Top 5: H3C (CAS)** - Characterized by lightweight usability and adaptability for small and medium enterprises, with a simplified management interface [11] - Built a virtualization platform for an automotive parts manufacturer, significantly reducing computing resource expansion time [13] Group 3: Future Trends and Selection Criteria - The domestic virtualization software has transitioned from "replacement capability" to "innovation capability," with a focus on compatibility and stability in key industries [14] - Future trends include "AI + virtualization" and "edge virtualization," with enterprises needing to prioritize chip adaptation breadth, security compliance depth, and scene implementation maturity [14]

Core Viewpoint - The article highlights the need for financial support for high-carbon industries undergoing low-carbon transformation, as existing green finance tools primarily focus on "pure green" projects like solar energy and electric vehicles. The estimated investment demand for China's high-carbon industries by 2060 is projected to reach 139 trillion yuan [1][3]. Group 1: Green Finance Development - China's green finance is transitioning from a "policy-driven" to a "market-driven" model, with a rapid expansion of tools like green credit and green bonds, placing it among the top globally in terms of scale [2]. - The introduction of the "CFETS 0-5 Year Climate Change High-Grade Bond Composite Index" represents a significant innovation in the domestic market, aiming to fill the gap in financing for high-carbon industries [4][5]. Group 2: Transformation Finance - Transformation finance is emerging to support the low-carbon transition of high-carbon industries, addressing the limitations of traditional green finance that lacks effective incentives and oversight mechanisms [3][5]. - The new index is designed to assess not only current carbon emissions but also future climate goals and the effectiveness of corporate governance, providing a comprehensive evaluation of companies' willingness and capability to transition [7]. Group 3: Collaborative Efforts - The collaboration between the three institutions—Loomis Sayles, China Foreign Exchange Trade System, and Shanghai Pudong Development Bank—has resulted in the first domestic climate change-themed bond index, showcasing a successful integration of international experience with local practices [4][8]. - The project has received positive market feedback, with funds linked to the index performing well and gaining recognition from investors and partners [8]. Group 4: Future of Green Finance - The future of green finance in China is expected to be more refined, with a focus on decentralized projects and innovative financial products that directly link to carbon reduction [12]. - The development of green financial products will require continuous efforts from various participants to demonstrate sustainability through traceable investment performance and solid investment capabilities [12].

Investment Rating - The report maintains a positive outlook on the banking sector, indicating a potential for stabilization and improvement in operational pressures for banks in 2026 [2][5]. Core Insights - The banking sector has shown a "double opening red" phenomenon in both deposits and loans, with a structural difference in credit allocation. The signs of "deposit migration" are not significant, suggesting a stable deposit base [2][5]. - The total assets of the banking industry reached 471 trillion yuan by the end of 2025, reflecting an 8.0% year-on-year growth. Major banks, joint-stock banks, city commercial banks, and rural commercial banks reported asset growth rates of 11.0%, 4.7%, 9.7%, and 5.2%, respectively [3][14]. - The overall net interest margin is expected to decline further, but at a slower pace, indicating some relief in operational pressures. The banks have passed the phase of accelerated risk exposure and are nearing a "stock digestion period" [5][6]. Summary by Sections Regulatory Dynamics - The Financial Regulatory Bureau released data on the total assets and liabilities of the banking sector for 2025, showing a total asset growth of 8.0% year-on-year [3][14]. Industry Dynamics - Qingdao Bank and Xiamen Bank reported their 2025 performance, with Qingdao Bank achieving a net profit growth of 21.66% and an asset quality improvement, while Xiamen Bank also reported significant growth in total assets and loans [15][16]. Market Dynamics - The overall A-share market saw a decline of 1.59%, while the banking sector increased by 0.86%, indicating a defensive characteristic of the banking stocks [2][18]. Data Overview - The report highlights the central bank's net injection of 0.4 trillion yuan and the mixed movement of interest rates across different maturities, with short-term rates showing slight declines and long-term rates experiencing mixed trends [4][21][23].

根据公开信息统计：截至30日，1月（1月1日-1月30日）募资动态共23起。 KKR开年抄底 「投资界前哨」系投资界旗下专注创投政策风向、 VC/PE 动态公众号，欢迎关注！ KKR来了。 投资界获悉，本周KKR宣布完成25亿美元（约170亿人民币）亚洲私募信贷基金募资，将重点投资于亚太地区的非公开市场 优质信贷资产。 自2019年以来，KKR通过其亚洲信贷策略已在亚太地区完成逾60笔投资项目，其中约83亿美元由KKR出资，交易总值达275 亿美元，涵盖针对医疗、教育、房地产、物流和基础设施等行业的大型企业与金融投资人提供的控股收购融资和定制化资本 解决方案。 独家|开年最大募资诞生，20亿 新年募资开始了。1月23日，恒旭资本宣布完成第四期旗舰基金的首轮关账，募集规模超20亿元人民币，计划终关规模达35 亿元，缔造开年第 一笔大额人民币募资。 在同行印象中，恒旭资本是一家拥有雄厚产业背景和资源的市场化CVC。自2019年设立以来，恒旭资本六年已收获19家上 市企业，过去一年更是接连拿下长风药业、图达通、西安奕材、瑞博生物等6个IPO，被认为是私募股权投资市场中稀缺的兼 具产业背景及市场化机制的CVC之一。 ...

凤凰网投诉讯 1月30日，有网友投诉南方航空诱导乘客办理信用卡。 用户在投诉中表示，自己几个月前在大兴机场赶飞机，自称南航工作人员的人让自己注册南航会员，并在注册过程中试图通过聊天分散自己的注意力。结 果，用户发现注册界面上方显示"浦发银行信用卡申请"字样，工作人员敷衍表示是银行与航司的合作。但用户认为，所谓的办理会员就是诱导乘客办理浦 发银行信用卡。 随后，凤凰投诉致电南方航空客服，客服回应称需要用户会员信息才能核实相关情况。 你是不是也曾遭遇过各种投资理财、购买保险的陷阱，却投诉无门？或手握第一线的真实投资故事，却无人关注？扫码留言，让你的声音"被看见、被回 应"！ ...

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report The report delves into the investment opportunities of 10 - year secondary capital bonds. It analyzes the development history of commercial bank secondary capital bonds, the issuance and trading condition of 10 - year secondary capital bonds, the main investors, and provides investment strategies from both allocation and trading perspectives [4][7][49]. 3. Summary According to the Directory 10 - year Commercial Bank Secondary Capital Bond Decryption - **Development History of Commercial Bank Secondary Capital Bonds**: The development of China's commercial bank secondary capital bonds can be divided into four stages. From 2004 - 2012, it was the "old - style sub - debt" stage; from 2013 - 2019, "new - style secondary capital bonds" emerged; from 2020 - 2023, the market's risk perception deepened; from 2024 to the present, the market entered a new innovation cycle [4][8][9]. - **The "Past and Present" of 10 - year Secondary Capital Bonds**: The first 10 + 5 - year secondary capital bond was issued by Agricultural Bank of China in March 2019. Since 2019, only state - owned large - scale banks and state - owned joint - stock banks have issued 10Y secondary capital bonds. The state - owned large - scale banks are the main issuers, with Agricultural Bank of China having the largest issuance volume. In terms of the stock, the secondary capital bonds with a remaining term of 3 - 5 years have the largest stock, followed by those with a remaining term of 7 - 10 years [18][22][24]. - **Secondary Transaction Situation of 10 - year Secondary Capital Bonds**: From January 1, 2025, to January 13, 2026, the secondary capital bonds with a term of 3 - 5 years were the most actively traded, followed by those with a term of 1 - 3 years. The 7 - 10 - year secondary capital bonds ranked fourth in terms of trading volume. The 9 - 10 - year secondary capital bonds had the largest trading volume among long - term bonds, and the 10 - year secondary capital bonds issued by Agricultural Bank of China had the best liquidity [30][32][33]. - **Who is Buying 10 - year Secondary Capital Bonds**: Insurance institutions are the main buyers of 10Y secondary capital bonds, with a net increase of about 1.6 billion yuan in 7 - 10Y secondary capital bonds in the past year. However, due to accounting treatment issues, insurance funds are more cautious in asset allocation. The increase in trading volume in the past month may be due to insurance companies' net purchases. In addition, securities companies, insurance companies, and fund products are the top three buyers in the past month, but the net purchase scale of securities companies is negative, indicating a stronger trading nature [36][42][43]. Investment Strategies for 10 - year Secondary Capital Bonds - **From the Perspective of Allocation**: The report uses interest rate spread and variety premium as key indicators to measure the relative value of 10Y secondary capital bonds. In terms of interest rate spread, when the funds are loose and the interest rate spread is high, the yield of 10Y secondary capital bonds may decline. In terms of variety premium, the trend of 10Y secondary capital bonds is highly consistent with that of ultra - long local bonds, with a "volatility amplification" effect in some periods [50][52][54]. - **From the Perspective of Trading**: The report reviews the term spread, the order of yield peaks of 10Y secondary capital bonds and other varieties, and the spread indicators between secondary capital bonds and urban investment bonds. Since 2025, the term spread between 10Y and 5Y secondary capital bonds has moved in the same direction as the 10Y secondary capital bond. In the interest rate upward cycle since 2023, 10Y secondary capital bonds have risen and fallen in the same direction as other varieties; in the downward cycle, almost all varieties reach the stage low at the same time. When the spread between 10Y secondary capital bonds and 10Y urban investment bonds turns negative, the yield of 10Y secondary capital bonds often has room to decline [59][66][76]. - **Summary of Trading Strategies**: The report provides a basic framework for investment decisions by reviewing historical experiences from the perspectives of allocation and trading, and summarizing the core judgment indicators and rules for the interest rate to reach the stage peak and bottom [81][82][83].

在连续多日刷新历史高点后，贵金属市场突发"过山车"式暴跌，现货黄金盘中一度跌破每盎司4700美元关口，最终收跌9.25%，收报4880美元/盎司。受此影 响，国内主流黄金品牌首饰金价也同步下行。1月31日，北京商报记者走访发现，当前，线下金店普遍将金价进行下调，促销活动均以克减活动为主，每克 减幅度在80—120元左右，客流冷热不均；银行实物黄金现货则延续缺货约定状态。 此次金价闪崩，主要受美联储主席提名变动、美国PPI数据超预期等消息面影响，叠加市场高位获利盘平仓引发的技术性回调。业内人士表示，短期实物黄 金供货紧张或持续，长期来看贵金属避险属性仍存，但投资者需警惕行情震荡风险，理性布局相关产品。 金店调价促销：客流冷热不同 受国际金价急速下跌影响，国内首饰金价迎来回调，北京商报记者实地走访北京地区多家金店发现，多家门店已将金价进行下调，在具体的促销政策上，各 品牌均以克减活动为核心，优惠力度则是各有不同。 从终端实际客流情况来看，市场呈现出冷热不一态势。多数金店门店内人员并不算密集，未出现扎堆选购的场景，不过店内始终有零星顾客陆续前来咨询金 价、挑选黄金饰品，刚需性的选购需求持续存在。而部分优惠力度突出、 ...