上海银行间同业拆放利率（Shibor）短期品种下行，隔夜品种利率跌至1.3%下方。具体来看，隔夜Shibo下跌9.70BP，报1.2710%；7天Shibor下跌 8.80BP，报1.4300%；14天Shibor下跌7.20BP，报1.5110%。 上海银行间同业拆放利率（2月13日） 转自：新华财经 新华财经北京2月13日电（幸骊莎）人民银行13日以固定利率、数量招标方式开展了1450亿元7天期逆回购操作，中标利率为1.4%。另外，人民银 行当日开展10000亿元买断式逆回购。当日公开市场有315亿元7天逆回购到期，另有5000亿元买断式逆回购到期，实现净投放6135亿元。 | DR001 | | DR007 | | DR014 | | | --- | --- | --- | --- | --- | --- | | 1.2645% | 9.8BP | 1.4259% | 10.0BP | 1.4949% | 7 9.2BP | | 14111 乙 | 9311 Z | 3691亿 | ▲2003亿 | 1839 Z | ▲661亿 | | 71.7% | 17.2% | 18.7% | ▲ 12.3% | ...

Market Overview - The Hang Seng Index fell by 465.42 points, a decrease of 1.72%, closing at 26,567.12 points [1] - The total turnover on the main board was HKD 257.578 billion [1] - The Hang Seng China Enterprises Index dropped by 142.47 points, closing at 9,032.71 points, a decline of 1.55% [1] - The Hang Seng Tech Index decreased by 48.56 points, closing at 5,360.42 points, down by 0.9% [1] Blue-Chip Stocks - Tencent Holdings fell by 0.65%, closing at HKD 532 [1] - Hong Kong Exchanges and Clearing decreased by 2.13%, closing at HKD 405.2 [1] - China Mobile remained unchanged, closing at HKD 78.2 [1] - HSBC Holdings dropped by 2.72%, closing at HKD 135.7 [1] Local Hong Kong Stocks - Cheung Kong Holdings decreased by 0.59%, closing at HKD 46.9 [1] - Sun Hung Kai Properties increased by 0.15%, closing at HKD 133.7 [1] - Henderson Land Development fell by 1.04%, closing at HKD 32.4 [1] Chinese Financial Stocks - Bank of China decreased by 1.48%, closing at HKD 4.65 [1] - China Construction Bank fell by 1.49%, closing at HKD 7.96 [1] - Industrial and Commercial Bank of China dropped by 1.38%, closing at HKD 6.41 [1] - Ping An Insurance decreased by 2.16%, closing at HKD 70.35 [1] - China Life Insurance fell by 3.67%, closing at HKD 33.08 [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation dropped by 5.12%, closing at HKD 5.37 [1] - China National Petroleum Corporation fell by 4.33%, closing at HKD 9.05 [1] - CNOOC Limited decreased by 3.5%, closing at HKD 24.24 [1]

马年来了，全网都在"抓马"，力度等同于"抓钱"。最近火爆的商品也大多跟"马"有关，传统类的"马年生肖产品"依旧能有"理财"的效果。总之，现在 沾"马"就要火。 马年来了，全网都在"抓马"，力度等同于"抓钱"。 因为马在中国文化中象征力量、忠诚、进取、健康、吉祥等多种积极的品质和精神，谁都喜欢。即便见面问候一句"马上发财、马上幸福"，也能把亲朋好 友钓成翘嘴。 所以，商家对"马"这个吉祥物特别青睐，想尽办法要去贴一下，最为明显的是，"姓马"的明星被疯抢，人均至少2个代言。最近火爆的商品也大多 跟"马"有关，传统类的"马年生肖产品"依旧能有"理财"的效果。 总之，现在沾"马"就要火。 1. "马"姓明星代言接到手软，"外国马"成互联网顶流 最近几个月，"姓马"的明星特别走俏，无论在娱乐圈人设如何、咖位高低，只要"姓马"就会人均两三个代言，而且代言自己找上门。 比如马伊琍。几个月前，网友发帖："马年伊利会请马伊琍吗？"，还给品牌写好了广告词"我是马伊琍，马年喝伊利"，结果帖子火了，讨论声量越来越 大。 伊利特别"听劝"，立马请了马伊琍代言。做的"寻找马伊琍"的广告，点击量特别高，评论区全是各种赞美的声音，很难想象这 ...

Core Viewpoint - The People's Bank of China and the National Financial Regulatory Administration announced the list of systemically important banks for 2025, identifying 21 banks, an increase of one from the previous assessment, indicating a slight expansion trend in the number of recognized banks [1][4]. Group Structure - The list of systemically important banks has shown a gradual increase over the years, with 19 banks recognized in both 2021 and 2022, 20 in 2023, and 21 in 2025, reflecting a consistent expansion [1][4]. - The fourth group remains stable, consistently comprising the four major banks: Industrial and Commercial Bank of China, Bank of China, China Construction Bank, and Agricultural Bank of China [2][4]. Group Classification - The 21 banks are categorized into five groups based on their systemic importance scores, with the fifth group remaining vacant. The first group increased from 10 to 11 banks, the second group rose from 3 to 4 banks, the third group decreased from 3 to 2 banks, and the fourth group maintained its count at 4 banks [4]. - The first group now includes 11 banks: China Minsheng Bank, China Everbright Bank, Ping An Bank, Huaxia Bank, Ningbo Bank, Jiangsu Bank, Beijing Bank, Nanjing Bank, Guangfa Bank, Zhejiang Commercial Bank, and Shanghai Bank. The second group consists of 4 banks: Industrial Bank, China CITIC Bank, Shanghai Pudong Development Bank, and China Postal Savings Bank. The third group has 2 banks: Bank of Communications and China Merchants Bank. The fourth group includes 4 banks: Industrial and Commercial Bank of China, Bank of China, China Construction Bank, and Agricultural Bank of China [4]. Key Changes - A significant change in this announcement is the inclusion of Zhejiang Commercial Bank in the first group, marking its first entry as a systemically important bank. Additionally, Industrial Bank has been moved from the third group to the second group [4]. Regulatory Framework - The assessment and publication of the list are part of the regulatory authorities' efforts to establish a comprehensive macro-prudential management system and strengthen the supervision of systemically important financial institutions [4][5]. - The People's Bank of China and the National Financial Regulatory Administration will continue to enhance the additional supervision of systemically important banks to promote their safe and sound operation, thereby better serving the high-quality development of the real economy [5].

Core Viewpoint - The People's Bank of China and the National Financial Regulatory Administration released the list of systemically important banks for 2025, identifying 21 domestic banks, including 6 state-owned commercial banks, 10 joint-stock commercial banks, and 5 city commercial banks [1]. Group 1: List of Systemically Important Banks - The 2025 list includes Zhejiang Commercial Bank, which is newly added and placed in the first group, making it the 10th joint-stock commercial bank on the list [2]. - The list is categorized into five groups based on systemic importance scores, with the first group containing 11 banks, the second group 4 banks, the third group 2 banks, the fourth group 4 banks, and no banks in the fifth group [3]. Group 2: Regulatory Framework - Systemically important banks are characterized by their large scale, high complexity, and strong interconnections with the financial system, which significantly impacts economic and financial operations [4]. - The regulatory framework requires additional capital requirements for banks in different groups, ranging from 0.25% for the first group to 1.5% for the fourth group, with specific leverage ratio requirements also in place [4]. - The regulatory bodies aim to enhance macro-prudential management and micro-prudential supervision to ensure the safe and sound operation of systemically important banks, thereby supporting the high-quality development of the real economy [4].

Core Insights - The A-share banking sector has seen a significant market capitalization increase, surpassing 10 trillion yuan for the first time, indicating a structural bull market despite a mixed performance among individual stocks [1][6][7] - The total market capitalization of the banking sector reached approximately 13.72 trillion yuan, growing by 1.45 trillion yuan from the previous year, while the overall A-share market capitalization increased by 0.93 trillion yuan to about 10.27 trillion yuan [1][6] - The year 2025 has shown a clear divergence in stock performance, with 32 out of 42 banking stocks gaining, while some, like Everbright Bank and Beijing Bank, experienced declines exceeding 10% [1][3] Market Performance - The banking sector's performance was characterized by a "structural bull market," with significant gains in high-dividend, low-valuation stocks acting as a safe haven [1][2] - The top three performing stocks were Qingdao Bank, Xiamen Bank, and Agricultural Bank, each with gains exceeding 30%, while the worst performers included Everbright Bank, Beijing Bank, and Huaxia Bank, with declines over 10% [1][3] - The overall banking index saw a slight decline of 0.3% for the year, contrasting with a 25.58% increase in the Shanghai Composite Index [2][3] Individual Stock Analysis - Notable individual stock performances included Qingdao Bank with a 39.37% increase, Xiamen Bank at 38.36%, and Agricultural Bank at 30.86% since February 5, 2025 [3][5] - The performance of state-owned banks showed mixed results, with four banks ending the year positively, while others like Postal Savings Bank and Bank of Communications saw declines [4][6] - The market capitalization of Agricultural Bank surpassed that of Industrial and Commercial Bank at one point, highlighting a competitive shift in the sector [7] Market Dynamics - The banking sector's market share within the A-share market decreased from 11.19% at the end of the previous year to around 9% [6][7] - The competition for the title of "market capitalization king" saw Agricultural Bank briefly take the lead before Industrial and Commercial Bank regained its position [7] - Future performance will be influenced by factors such as market rotation, earnings reports, and monetary policy adjustments, with expectations of continued divergence among individual bank stocks [7]

（记者 王晓波） 每经头条（nbdtoutiao）——上市公司净利从暴增9倍到突然预亏超2亿元，董事长为何自掏5000万元补 窟窿？50亿元信托理财也去向成谜，股民直呼看不懂 每经AI快讯，工商银行2月13日晚间发布公告称，公司董事会会议于2026年2月13日在北京市西城区复 兴门内大街55号本行总行召开。会议审议了《普惠金融业务2026年度经营计划》等文件。 ...

Core Viewpoint - The People's Bank of China and the National Financial Regulatory Administration have published the list of systemically important banks for 2025, identifying 21 domestic banks, with Zheshang Bank newly included, indicating an increase in its systemic importance [3][4]. Group 1: Systemically Important Banks - The 2025 list includes 21 systemically important banks: 6 state-owned commercial banks, 10 joint-stock commercial banks, and 5 city commercial banks [3]. - Zheshang Bank's inclusion in the list signifies its rising importance within the banking system [3]. - The banks are categorized into five groups based on their systemic importance scores, with the first group containing 11 banks, including Zheshang Bank, and the fifth group having no banks [3]. Group 2: Regulatory Framework - Systemically important banks are characterized by their large scale and significant role in the financial system, leading to stricter regulatory measures to ensure stability and prevent financial risks [4]. - The People's Bank of China and the National Financial Regulatory Administration will continue to enhance the additional regulatory framework for systemically important banks to promote their safe and sound operation [4].

来源：中国人民银行 （文章来源：上海证券报） 为构建覆盖全面的宏观审慎管理体系，强化系统重要性金融机构监管，根据《系统重要性银行评估办 法》，近期中国人民银行、国家金融监督管理总局开展了2025年度我国系统重要性银行评估，认定21家 国内系统重要性银行，其中国有商业银行6家，股份制商业银行10家，城市商业银行5家。按系统重要性 得分从低到高分为五组：第一组11家，包括中国民生银行、中国光大银行、平安银行、华夏银行、宁波 银行、江苏银行、北京银行、南京银行、广发银行、浙商银行、上海银行；第二组4家，包括兴业银 行、中信银行、浦发银行、中国邮政储蓄银行；第三组2家，包括交通银行、招商银行；第四组4家，包 括中国工商银行、中国银行、中国建设银行、中国农业银行；第五组暂无银行进入。 下一步，中国人民银行、国家金融监督管理总局将按照《系统重要性银行附加监管规定（试行）》要 求，发挥好宏观审慎管理与微观审慎监管合力，持续夯实系统重要性银行附加监管，促进系统重要性银 行安全稳健经营和健康发展，更好服务实体经济高质量发展。 中国人民银行国家金融监督管理总局发布我国系统重要性银行名单 ...

Core Viewpoint - The gold and silver markets have experienced significant volatility in early 2026, with gold prices surpassing $5000 per ounce and silver prices increasing nearly 8% in a single day, prompting regulatory bodies to implement stricter risk management measures [1][2]. Market Dynamics - The recent surge in gold and silver prices has led to a series of adjustments in trading regulations, including higher margin requirements and revised price fluctuation limits, indicating a recognized shift into a high volatility zone [1][5]. - The Shanghai Gold Exchange and the Shanghai Futures Exchange have both issued notifications regarding adjustments to margin and trading limits for silver contracts, reflecting the increased market volatility [1]. Regulatory Actions - Financial institutions, including banks, have raised the minimum investment thresholds for precious metals, with examples such as Industrial Bank increasing the starting point for accumulation gold from 1200 yuan to 1400 yuan, emphasizing the need for cautious investment strategies [5][6]. - The adjustments made by banks aim to mitigate risks associated with concentrated buying and selling during periods of high volatility, indicating a proactive approach to managing investor behavior [5]. Investment Strategies - For ordinary investors, gold and silver should not be viewed as short-term speculative assets but rather as long-term hedges against extreme risks, especially in uncertain macroeconomic environments [8][9]. - The People's Bank of China has been increasing its gold reserves, which reflects a strategic preference for gold as a long-term asset rather than a short-term trading tool [8]. Investment Tools - Different investment vehicles are available for gold and silver, including ETFs, accumulation gold, and physical gold, each with distinct risk profiles and suitability for various investor strategies [11][12]. - ETFs are recommended for those looking to track gold prices with lower risk, while accumulation gold allows for smaller, incremental investments, though recent changes in bank policies require investors to adapt to new rules [12]. - Physical gold is considered a safe asset for long-term holding, while leveraged tools like futures and options are deemed risky for ordinary investors due to the potential for significant losses in volatile markets [12][14].