近日，国家金融监督管理总局发布批复称，同意广发银行筹建广发银行股份有限公司资产托管中心。财 报显示，该行已设有一级部门资产托管部。2024年末，该行资产托管及基金服务业务规模达4.2万亿 元，较年初增长超一成。在业内人士看来，此番筹建资产托管中心，将助力其托管服务向精细化、专业 化的运营体系升级。 将视野放大，近年来，我国商业银行资产托管业务持续扩容。数据显示，截至2024年末，中国银行业资 产管理类产品托管规模为182.20万亿元，较上年末增长12.64%。从行业格局来看，四家银行资产托管规 模超过20万亿元，头部效应明显。 广发银行获批筹建资产托管中心 国家金融监督管理总局发布的批复显示，广发银行筹建广发银行股份有限公司资产托管中心获得同意。 筹建工作接受北京金融监管局的监督指导。筹建工作完成后，向北京金融监管局提出开业申请。 根据中国银行业协会发布的《中国资产托管行业发展报告（2025）》，截至2024年末，中国银行业资产 管理类产品托管规模为182.20万亿元，较上年末增长12.64%；与客户资金保管类产品服务规模合计达 239.90万亿元；资管产品营运外包业务规模8.88万亿元。 具体到国有大行和股 ...

Group 1 - The list of systemically important banks in China was published on February 13, 2025, including 21 banks categorized into five groups based on their systemic importance scores [2][4] - The first group consists of 11 banks, including China Minsheng Bank, China Everbright Bank, and Ping An Bank, while the fourth group includes major state-owned banks like ICBC, Bank of China, and China Construction Bank [2][3] - The inclusion in the systemically important bank list signifies both honor and responsibility, enhancing the bank's reputation and requiring them to invest more in internal controls and risk management systems [3][5] Group 2 - Zhejiang Bank was included in the systemically important bank list for the first time, signaling its significant market position and requiring adherence to stricter regulatory standards [5] - Industrial Bank was moved from the third group to the second group, reflecting a relative decline in its systemic importance score, which may provide it with more capital space and lower compliance costs [6][7] - The People's Bank of China and the National Financial Regulatory Administration will continue to enforce additional regulations for systemically important banks to ensure their safe and sound operation [7]

2026年春节前，黄金市场出现了一个让所有人纠结的现象：国际金价在5060美元上下晃悠，国内基础金价死死钉 在1120元/克上方，而周大福、老庙黄金这些金店里的首饰，标价已经稳稳站在了1550元到1560元一克。 一边是价 格横在那里几天不动，另一边是朋友圈、微信群里每天刷屏问"还能不能再等等？ 会不会跌？ "。 这种高位横盘 的行情，把很多想买金过年、结婚、送礼的人，心都磨得够呛。 2026年2月12日，农历腊月二十五，距离春节只剩几天。 如果你走进任何一家品牌金店，会发现价格牌上的数字 依然坚挺。 老庙黄金的足金报价是1562元/克，比前一天还微涨了0.77%。 周生生报1556元/克，周大福、老凤 祥、周大生这些主流品牌，价格都锁在1550元/克左右。 和这些"一线品牌"形成鲜明对比的，是像菜百首饰这样的 店铺，报价1528元/克，太阳金店和百泰黄金的价格则在1449到1452元/克之间。 光是品牌之间的价差，最高就能 达到113元一克。 这意味着，同样是买一个30克的金手镯，在不同品牌的柜台前，你最终要付的钱可能相差超过3000块。 但如果你 转身走进工商银行或者建设银行，情况又完全不同。 工行的"如 ...

Group 1 - Domestic gold prices continued to decline, with brand gold jewelry prices falling between 1272 to 1538 RMB per gram, a decrease of 11 to 32 RMB compared to the previous day [1][2] - On February 14, the Shanghai Gold Exchange reported AU9999 gold closing at 1108 RMB per gram, down 15.6 RMB, with a daily drop of 2.31% [2] - The international gold price experienced slight recovery, with London gold spot at 4975.42 USD per ounce, an increase of 54.61 USD [4] Group 2 - Several gold enterprises and banks adjusted their repurchase business due to recent price volatility and the Spring Festival, with companies like Caibai and China Gold announcing temporary suspensions [5][6] - The adjustment in repurchase business is aimed at risk control and operational optimization, helping companies reduce exposure risk during price fluctuations [6] - The market for "lucky money gold notes" and "New Year gold" is seeing increased sales, but there are concerns about discrepancies in material and promotional claims [8][10] Group 3 - Gold stocks showed mixed performance, with the CSI Hong Kong-Shenzhen Gold Industry Stock Index constituents reflecting varied movements, such as Caibai shares rising by 2.36% [4] - International institutions maintain an optimistic outlook for gold prices, with ANZ raising its Q2 2026 gold price forecast from 5400 to 5800 USD per ounce [4] - The paper gold market mirrored fluctuations, with banks reporting a drop of approximately 1.7% to 1.9% in USD-denominated paper gold prices [4]

Investment Rating - The industry rating is "Buy" [6] Core Insights - The overall social financing growth slightly declined to 8.2% in January, while M1 and M2 growth rates significantly rebounded, with M1 growing by 4.9% and M2 by 9.0% [6][16] - Government net financing increased significantly by 2,831 billion yuan year-on-year, contributing to the overall social financing growth [6][17] - The report indicates a shift in deposit structure due to accelerated deposit migration, impacting M1 negatively while having limited effect on M2 [6][16] Summary by Sections Overall Situation - Social financing growth decreased slightly to 8.2%, while M1 and M2 growth rates increased significantly [15][16] - M1 and M2 growth rates rose by 1.1 percentage points and 0.5 percentage points respectively compared to the previous month [6][16] Government Sector - Fiscal strength showed a year-on-year decline, impacting overall financing dynamics [39] Household Sector - Demand remained stable year-on-year, with short-term loan demand increasing [39] Corporate Sector - Short-term loan demand increased year-on-year, while bill financing saw a significant reduction [39] Non-Bank Sector - The acceleration of deposit migration was noted, with non-bank deposits increasing by 1.45 trillion yuan year-on-year [6][39]

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Insights - The report highlights a "strong deposit, weak loan" characteristic in the opening month of the year [4] - In January 2026, new social financing increased by 7.2 trillion yuan, a year-on-year increase of 166.2 billion yuan, with a balance growth of 8.2% [4][5] - New RMB loans in January 2026 amounted to 4.7 trillion yuan, a year-on-year decrease of 420 billion yuan, with a balance growth of 6.1% [4][5] - The report indicates that consumer demand has shown some recovery, particularly in short-term loans, but overall consumer credit demand may remain pessimistic throughout the year [1][2] Summary by Sections Credit Overview - Entity credit remained stable, with a significant reduction in bill financing [1] - Retail loans saw an increase of 456.5 billion yuan in January, with short-term loans contributing 109.7 billion yuan [1] - Corporate loans totaled 4.5 trillion yuan, a year-on-year decrease of 330 billion yuan, influenced by a substitution effect between short-term loans and bill financing [2] Social Financing - Government bonds contributed significantly to social financing, with new issuance of 976.4 billion yuan in January, a year-on-year increase of 283.1 billion yuan [5] - The report notes a trend of "deposit migration," with non-bank deposits reaching 36 trillion yuan, accounting for 10.7% of total deposits [5] Investment Recommendations - The report recommends a "New Momentum Portfolio" including banks like Nanjing Bank, Shanghai Bank, and others, highlighting their potential for value recovery [3][5] - It emphasizes the importance of high-dividend bank stocks in the current environment, suggesting that banks with new growth drivers may achieve greater value restoration [5]

地缘政治风险从短期扰动变成了长期定价因素。 美伊冲突、中东局势、俄乌战争，这些事件不再引发金价的短线 波动后迅速回落，而是持续推高金价的定价中枢。 2026年1月，美国与伊朗、格陵兰岛及部分欧洲地区地缘政治 紧张升级，持续激发投资者对黄金的兴趣。 反过来，只要一有和谈消息，比如美委突然说要坐下来谈，金价当天 就可能下跌5.68%。 这说明当前价格很虚，靠的是"万一出事"的预期，而不是"已经出事"的事实。 金价冲上4985美元，不是牛市，而是全球美元信用体系松动的警报。 2026年2月13日，国际金价在剧烈震荡中触 及4985美元，随后又回落至4950美元附近徘徊。 这种价格走势与历史上任何一次黄金牛市都截然不同。 一个月前 的1月29日，金价曾飙升至每盎司5598.75美元的历史巅峰，但随后三天内直线下挫，最低探至4402.06美元，跌幅 超过21%。 市场像坐上了过山车，而驱动它的，不再是简单的供需关系。 价格的剧烈波动成了常态。 2026年1月，伦敦金现价格单月上涨了13.01%，首次站上5000美元大关。 但这种飙升 伴随着极端的日内震荡。 1月30日，伦敦金现遭遇了40年来最大单日跌幅，下跌超过9.2 ...

Core Viewpoint - The offshore RMB has strengthened significantly, breaking the 6.89 mark, driven by reduced expectations for Fed rate hikes, continuous foreign capital inflow, and steady improvement in the Chinese economy, making RMB a focal point in the market [1] Group 1: Aviation Industry - The aviation sector is highly sensitive to exchange rates, with costs for aircraft, fuel, and parts typically settled in USD; RMB appreciation reduces financial burdens for companies [4] - China National Airlines, China Southern Airlines, and China Eastern Airlines benefit from this appreciation, with China National Airlines' USD debt constituting 60% of its liabilities, leading to significant profit increases with every 1% rise in RMB [4] - China Southern Airlines, due to its large fleet, sees even more pronounced profit increases, while China Eastern Airlines also experiences improved profitability from reduced fuel costs and exchange gains [4] Group 2: Paper Industry - The paper industry is directly impacted by RMB appreciation, as pulp prices are closely tied to USD, with over 60% of pulp imported; a stronger RMB effectively lowers raw material costs [4] - Companies like Sun Paper, which has a high self-sufficiency rate, can see immediate profit increases with slight RMB appreciation, while others heavily reliant on imports, such as Hengda New Materials, benefit significantly from reduced cost pressures [4] Group 3: Outbound Tourism - The outbound tourism sector reacts quickly to exchange rate changes; a stronger RMB makes international travel, including flights and accommodations, more affordable, increasing consumer interest [5] - China Duty Free Group stands out as a major beneficiary, with rising demand for duty-free shopping, while China Youth Travel Service also benefits from improved product value and increased orders due to RMB appreciation [5] Group 4: Financial Sector - The financial sector is an indirect beneficiary of RMB strength, attracting foreign capital, particularly from funds focused on long-term asset allocation [5] - Major banks like Industrial and Commercial Bank of China maintain stable profits, while retail banks like China Merchants Bank see increased foreign holdings; China Ping An benefits from the appreciation of overseas investments when converted to RMB [5] Group 5: Market Sentiment and Future Outlook - The recent RMB appreciation signals a shift in investor sentiment, moving from passive observation to active evaluation of Chinese asset safety and value [6] - The sustainability of this appreciation and its ability to translate into real profits for companies remains uncertain, but if it continues, sectors like aviation, paper, tourism, and finance could enter a new valuation cycle [7] - The market's response to the RMB's strength reflects a broader confidence returning, with questions about how long this confidence can last and its potential impact on corporate earnings [7]

昨天，国际金价上演了一场"高台跳水"。 短短30分钟内，从每盎司5000美元上方一头栽下来，暴跌了近200美元。 国内金 价也跟着"跳水"，上海黄金交易所的基准价跌到了1097元/克左右。 但当你走进周大福、老凤祥这些金店，会发现柜台里 的足金首饰标签上，价格依然坚挺在1550元到1562元一克。 原料金价和柜台金价之间，足足差了400多块钱。 这巨大的差 价到底从哪来的？ 我们每天念叨的"金价"，到底指的是哪一个？ 咱们先得搞清楚，现在的黄金市场，其实存在着三个完全不同的"价格世界"。 第一个世界是"基准价格层"，它直接和国际 市场挂钩。 2026年2月13日，上海黄金交易所的AU9999金收盘报1110.40元一克，黄金T D合约报1110.00元一克。 它们反 映的是国际现货黄金的价格，那天伦敦金大概在每盎司4920.81美元。 这个世界的价格波动最剧烈，新闻里说的"金价暴 跌"，指的就是这里。 第二个世界是"品牌零售层"，也就是我们老百姓最常接触的。 同一天，周大福、周生生、老凤祥这些全国性大品牌的足金 首饰零售价，普遍在1550元到1562元一克之间。 菜百首饰的价格稍微低一点，大概在1528到15 ...

Core Viewpoint - The Industrial and Commercial Bank of China (ICBC) is committed to providing uninterrupted financial services during the Spring Festival, ensuring customer needs are met through a combination of online and offline services [1] Group 1: Offline Services - ICBC will ensure that branch services remain operational during the holiday, focusing on areas with high customer traffic such as commercial streets, residential areas, transportation hubs, and popular tourist spots [2] - Customers can use the ICBC mobile banking "Cloud Branch" and "ICBC Service" WeChat mini-program to check branch hours and make online appointments for services [2] - The bank has enhanced the operation and maintenance of self-service banking equipment to ensure smooth functioning during the holiday [2] Group 2: Online Services - ICBC offers 24/7 services through various channels including mobile banking, online banking, and WeChat services, allowing customers to perform transactions such as inquiries, transfers, and bill payments at any time [3] - The mobile banking app supports remote services like card replacement, transaction history inquiries, and password resets [3] Group 3: Inclusive and Convenient Services - ICBC is launching a "New Year, New Money" campaign to provide new banknotes and personalized cash services, along with over 15,000 "ICBC Stations" offering community support services [4] - The bank promotes online social security card applications to assist migrant workers and those celebrating the holiday away from home [4] - A dedicated section for small and micro enterprises will provide digital services related to payroll, tax payments, and more [4] Group 4: Wealth Management Services - During the Spring Festival, ICBC will continue to offer various deposit products and investment options, including personal fixed deposits and wealth management services [5] - The bank will also provide various insurance products to ensure customer safety during the holiday [5] Group 5: Special Financial Activities - ICBC is launching the "Happy Shopping Spring Festival" campaign, focusing on six consumption scenarios to stimulate spending during the holiday [6] - New Year-themed debit and credit cards will be introduced, along with exclusive digital collectibles and discounts available through the mobile banking platform [6] Group 6: Customer Fund Security Services - ICBC is enhancing account and fund security measures, allowing customers to conduct online security checks and manage account transaction permissions based on their usage patterns [7]