Core Viewpoint - A significant market shift is occurring, characterized by a mass exodus of funds from technology and precious metals sectors, with a notable influx into bank stocks as a safe haven amid rising panic and volatility [2][5][21]. Group 1: Market Dynamics - The U.S. tech stocks experienced a sharp decline, with the Nasdaq dropping over 2%, and major companies like Nvidia, Meta, and Tesla falling more than 3%. AMD saw a staggering drop of 17.3%, marking its largest single-day decline in nearly nine years [2][5]. - Panic spread to A-shares and Hong Kong stocks, with sectors like solar energy and oil equipment witnessing significant sell-offs. Precious metals, which had recently rebounded, also faced a sharp decline, with silver futures plummeting nearly 20% in a single day [3][5]. - The market turmoil was triggered by negative news affecting U.S. tech stocks, leading to a valuation bubble burst. Despite AMD's strong performance, its results fell short of the most optimistic analyst expectations, resulting in a drastic stock price drop [5][6]. Group 2: Bank Sector Resilience - In contrast to the broader market, the banking sector saw a rise, with A-share bank stocks collectively increasing by 2.1%. All 42 bank stocks closed in the green, with Xiamen Bank hitting a rare limit-up and several city commercial banks rising over 3% [3][15]. - Southbound funds significantly targeted bank stocks, with a net purchase exceeding 22 billion HKD, focusing on major banks like ICBC, CMB, and CCB as core investment targets [4][20]. - The banking sector is viewed as a "safe haven" due to its strong earnings growth and historically low valuations, making it an attractive option for risk-averse investors [21][22]. Group 3: Earnings and Valuation - Recent earnings reports from several banks indicate robust growth, with Qingdao Bank, Hangzhou Bank, and Shanghai Pudong Development Bank showing significant increases in net profits. For instance, Qingdao Bank reported a net profit of 51.88 billion CNY, a 21.66% year-on-year increase [23][25]. - The banking sector has undergone a six-month correction, leading to a new valuation bottom. The sector's price-to-earnings ratio stands at a low 6.7 times, and the average dividend yield is between 4.87% and 5.2%, making it appealing in a low-interest-rate environment [27][28]. - Institutional interest in bank stocks is rising, with over 370 institutions conducting research on 11 listed banks, indicating a strategic shift towards these stocks amid market volatility [28][29].

Core Viewpoint - The deposit market is experiencing differentiation as state-owned banks reduce high-interest long-term deposits while small and medium-sized banks, primarily rural commercial banks, actively adjust strategies to capture market share by launching large-denomination certificates of deposit and raising fixed deposit rates [1][12]. Group 1: Large-Denomination Certificates of Deposit - Rural commercial banks have become the main force in issuing large-denomination certificates of deposit, with a total issuance exceeding 30 billion yuan, and a noticeable trend towards shorter product durations [3][14]. - The average interest rate for 3-year large-denomination certificates of deposit from rural commercial banks is 1.8%, significantly higher than similar products from state-owned banks [3][14]. - As of early 2026, nearly 400 large-denomination certificate issuance announcements have been made, with rural commercial banks accounting for over 90% of the total issuance [16]. Group 2: Interest Rate Adjustments - From January to February 2026, many rural commercial banks have raised fixed deposit rates to meet the "opening red" deposit demand, with adjustments typically between 10 to 20 basis points [7][20]. - Specific banks, such as Zhejiang Jiaxing Rural Commercial Bank, have increased their 1-year and 2-year fixed deposit rates to 1.50% and 1.75%, respectively, while offering tiered rates for 3-year deposits based on the amount deposited [8][20]. - Some banks have set high minimum deposit thresholds and limited promotional periods for these interest rate increases, indicating a short-term marketing strategy [10][22]. Group 3: Market Dynamics and Competition - The banking industry is facing a narrowing net interest margin, prompting rural commercial banks to seek a balance between controlling liability costs and capturing market share through differentiated and regionally tailored deposit products [15][23]. - The competitive landscape is characterized by large banks withdrawing from long-term large-denomination certificates of deposit, while small and medium-sized banks are strategically raising rates to attract local depositors, particularly for large sums [19][23]. - The need for strong deposit acquisition is driven by pressures to support asset expansion, especially for smaller banks lacking brand and network advantages [23].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國農業銀行股份有限公司 呈交日期: 2026年2月5日 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01288 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 30,738,823,096 | | 0 | | 30,738,823,096 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 30,738,823,096 | | 0 | | 30,738,823,096 | I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | ...

Core Viewpoint - The report from BOC International indicates that the Chinese banking sector remains stable with attractive valuations, maintaining an "overweight" rating, with a preference for Industrial and Commercial Bank of China (ICBC) [1] Group 1: Investment Outlook - Investors are expected to focus on H-shares of banks this year due to their low valuations and solid fundamentals, with an anticipated dividend yield of approximately 5.46%, which is significantly higher than the one-year RMB deposit rate of 1.5% and the one-year HKD deposit rate of about 3% [1] - Looking ahead to 2026, it is anticipated that policymakers will continue to promote accommodative monetary policy and proactive fiscal policy, leading long-term investors to closely monitor H-share bank stocks [1] Group 2: Preferred Stocks - Among Chinese bank stocks, ICBC is favored due to its relatively low valuation compared to peers [1] - Recommendations include "buy" ratings for Agricultural Bank of China (1288.HK), China Merchants Bank (3968.HK), China Construction Bank (0939.HK), Postal Savings Bank of China (1658.HK), and China Everbright Bank (6818.HK) [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國農業銀行股份有限公司 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 本月底法定/註冊股本總額： RMB 349,983,033,873 FF301 第 1 頁 共 11 頁 v 1.2.0 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01288 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 30,738,823,096 | | 0 | | 30,738,823,096 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | ...

智通财经APP获悉，中银国际发表报告，维持H股内银业增持评级等，现时该券商覆盖的内银H股的平 均市净率约为0.54倍(基于2026年预期市净率)，仍处于过去10年该板块历史估值区间的下限，认为今年 投资者仍将更加关注内银H股板块，该板块估值较低，基本面稳健，2026年预期股息率约5.46%，相较 中国1年期及10年期国债的收益率分别为1.29%及1.81%，内地一年期人民币存款利率1.5%，香港一年期 港元定存息约为3%而言颇具吸引力。 展望2026年，鉴于政策制定者可能继续推行宽松的货币政策和积极的财政政策，长期投资者将继续密切 关注内银H股板块。该券商指，工商银行 (01398) 是在该板块中的首选，在于其估值在同业中相对较 低。该券商同时亦建议投资者买进农业银行 (01288) 、招商银行 (03968) 、建设银行 (00939) 、邮储银行 (01658) 及光大银行 (06818) 。 对于今年1月，内银H股表现跑输恒指同期升幅，中银国际指，原因是投资者热衷买进高贝塔系数(股价 波动幅度大于整体大市)的股票，展望未来，认为投资风格可能会更加平衡。 2026年，政策制定者可能 会继续推动宽松的货币政 ...

Investment Rating - The report maintains a positive outlook on the banking industry, indicating that high-quality city commercial banks may exceed expectations [1]. Core Insights - The report forecasts that listed banks will exhibit "stable revenue and gradually improving profit growth" characteristics in 2025, with a projected revenue growth of 0.9% year-on-year and a recovery in net profit growth to 1.9% [3]. - Performance differentiation among various types of banks is expected, with city commercial banks showing superior results, while state-owned banks and leading joint-stock banks maintain stable positive growth [3]. - Key drivers for stable profit growth include narrowing interest margin declines, improved market sentiment, and stable asset quality ensuring credit costs do not significantly erode profits [3]. Summary by Sections Revenue and Profit Forecast - Listed banks are expected to see a revenue growth of 0.9% in 2025, with net profit growth recovering to 1.9% [3]. - State-owned banks are projected to have a revenue growth of 1.5%, while joint-stock banks are expected to see a revenue decline of 1.8% [3]. - City commercial banks in regions like Jiangsu and Zhejiang are anticipated to maintain high single-digit profit growth, with some banks achieving double-digit growth [3]. Non-Interest Income and Market Conditions - Non-interest income is influenced by market conditions and the timing of revenue recognition by banks, with a projected recovery in 2025 due to a low base from 2024 [3]. - The report notes that banks are likely to see a 3% year-on-year growth in non-interest income in the first half of 2025 and 4.6% by the end of the third quarter [3]. Interest Income and Credit Growth - Interest income is expected to stabilize as banks manage their asset pricing and liability costs effectively, with a projected decline in interest margin narrowing to about 10 basis points [4]. - Credit growth is anticipated to remain stable, with a focus on corporate lending, while retail lending shows weaker performance [3]. Asset Quality and Provisioning - The report indicates that the non-performing loan (NPL) ratio for listed banks is expected to remain stable at around 1.22% [4]. - The provisioning coverage ratio is projected to decrease slightly to 236%, with banks advised to focus on those with low NPL generation and high provisioning ratios [4]. Investment Recommendations - The report suggests focusing on high-quality banks that are likely to recover towards a price-to-book (PB) ratio of 1, particularly city commercial banks with strong credit growth [4]. - It highlights the potential for dividend yields to attract investors, with a current dynamic dividend yield of approximately 4.8% [4].

对于今年1月，内银H股表现跑输恒指同期升幅，中银国际指，原因是投资者热衷买进高贝塔系数(股价 波动幅度大于整体大市)的股票，展望未来，认为投资风格可能会更加平衡。 2026年，政策制定者可能 会继续推动宽松的货币政策和积极的财政政策，因此内银业基本面将保持稳健，该券商预计内银业盈利 将稳步提升，资产质量良好，股息也将保持稳定。 智通财经APP获悉，中银国际发表报告，维持H股内银业增持评级等，现时该券商覆盖的内银H股的平 均市净率约为0.54倍(基于2026年预期市净率)，仍处于过去10年该板块历史估值区间的下限，认为今年 投资者仍将更加关注内银H股板块，该板块估值较低，基本面稳健，2026年预期股息率约5.46%，相较 中国1年期及10年期国债的收益率分别为1.29%及1.81%，内地一年期人民币存款利率1.5%，香港一年期 港元定存息约为3%而言颇具吸引力。 展望2026年，鉴于政策制定者可能继续推行宽松的货币政策和积极的财政政策，长期投资者将继续密切 关注内银H股板块。该券商指，工商银行 (01398) 是在该板块中的首选，在于其估值在同业中相对较 低。该券商同时亦建议投资者买进农业银行 (01288) ...

中新网拉萨2月5日电 题：(新春走基层)金融暖流守护西藏年关烟火气 日喀则鑫红环保科技企业负责人顿珠，最近正为资金的事犯愁。作为当地垃圾处置转运的关键企业，下 游资金拨付延迟让企业流动资金骤然吃紧，不仅员工工资没了着落，就连收运车辆的油费都成了难题。 "要是清运停了，这个年关的城市环境可怎么办？"顿珠的这份焦虑，在农行日喀则桑珠孜支行工作人员 走访后，有了转机。得知顿珠的困难后，银行立刻启动绿色通道，为企业量身定制"抵押+信用"组合贷 款，客户经理全程跟进对接，仅用3天，136.3万元贷款就发放到位。拿到款项的那一刻，顿珠悬着的心 终于落地："工资能发了，车辆能跑了，这个年，城市的洁净有保障了。" 图为农行 客户经理在嘎珍的服装店内提供上门服务。受访单位 供图 随着春节、藏历新年的临近，嘎珍的服装店订单接踵而至，可制作藏装的氆氇、邦典需要从山南批量采 购，40多万元的资金缺口，让她看着订单犯了难。恰逢农行日喀则桑珠孜支行的工作人员走访商圈，了 解到嘎珍的焦虑后，结合她的经营情况推荐了"商户 e贷"。 "从申请到审批发放，全程仅用一天，43万元贷款就到了账。"嘎珍用这笔资金及时采购了制作藏装的原 材料，并紧锣密 ...

国际金价上演"深V反转"，叠加春节消费旺季，国内实物黄金市场迎来集中抢购。记者实地探访深圳水贝市场获悉，金条、银条现货普遍紧缺，商户捂货 惜售与下游逢低买入形成共振；工行、中行、农行等多地网点同样出现金条断货、需订货的情况。业内专家指出，短期金价将维持高波动，中长期向上逻 辑未改。 水贝一货难求，银行金条全线紧俏 金价创40年最大跌幅，中长期逻辑未破 银行渠道同样火爆。安徽工行客户经理透露，当地网点5克至1000克热门克重金条全数无货，需提前订货，如意金、积存金开户与交易量大幅增长；江苏 中行仅10克、20克、100克金条有少量现货，广东农行金条余货告急。 抢购叠加捂货，供需两端推高稀缺性 本轮实物金缺货，由下游集中抢购与上游捂货待涨共同导致。 苏商银行特约研究员武泽伟分析，春节刚性礼品需求叠加金价高位回落的"折扣效应"，催生消费与配置需求共振。中国家庭资产配置理念已发生转变，黄 金被视为长期家庭储备，消费者逢低布局形成金价底部支撑。 商户端则因价格巨震谨慎出货。水贝店主小丽（化名）坦言，上游料商此前高价拿货，金价单日波动达数十元，供应商每克仅赚七八元，出货即亏损，普 遍选择捂货惜售，导致下游商户拿料困难。 ...