■ 招商银行股份有限公司 关于首席风险官任职资格核准的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 招商银行股份有限公司（简称本公司或招商银行）收到《国家金融监督管理总局关于徐明杰招商银行首 席风险官任职资格的批复》（金复〔2026〕60号）。根据上述批复，徐明杰先生招商银行首席风险官的 任职资格已获得核准。 徐明杰先生担任本公司首席风险官的任期自2026年1月30日起生效，至本公司第十三届董事会届满之日 止。徐明杰先生的简历及相关信息请参阅本公司刊登在上海证券交易所网站（www.sse.com.cn）和本公 司网站（www.cmbchina.com）的日期为2025年10月31日的董事会决议公告。 特此公告。 招商银行股份有限公司董事会 2026年2月2日 ...

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 ...

Group 1 - International gold prices experienced a significant drop, with spot gold falling by 10% to $4,402 per ounce, marking a new low since January 8, and a three-day decline exceeding 20% [1] - Spot silver prices also plummeted over 16% to $71.31 per ounce, with a three-day drop reaching 40%, nearly erasing January's gains [1] - The recent decline in precious metals was triggered by the nomination of Kevin Warsh as the next Federal Reserve Chairman, leading to a reassessment of the outlook for the dollar and dollar assets [1][2] Group 2 - Cathie Wood, a prominent fund manager, suggested that gold prices are nearing a peak, indicating a potential bubble, and highlighted the historical correlation between a strong dollar and falling gold prices [2] - Robin Brooks, a senior researcher, warned that the recent gold bubble was primarily driven by retail purchases, similar to previous market bubbles [4] - The surge in gold prices has led to increased consumer activity, with many individuals rushing to sell gold for cash, reflecting a shift in market sentiment [5][6] Group 3 - Major banks, including China Merchants Bank and Postal Savings Bank, have issued risk warnings regarding the volatility in precious metal prices, adjusting margin requirements for gold and silver trading [9][11] - The "Zhaocai Gold" business of China Merchants Bank, which facilitates individual participation in gold trading, has seen adjustments in its operations due to market fluctuations [11] - Analysts predict that gold prices will experience significant volatility in the short term, advising investors to wait for market stabilization before making new investments [13][14]

Core Viewpoint - Recent adjustments by major banks in China, including China Agricultural Bank, China Merchants Bank, and Bank of China, are aimed at mitigating risks associated with significant fluctuations in precious metal prices, emphasizing the need for investors to manage their positions and invest rationally [1][2][5]. Group 1: Bank Adjustments - China Merchants Bank announced an increase in margin requirements for various gold contracts from 60% to 70% due to heightened volatility in precious metal prices, while maintaining a 15% limit on price fluctuations [1]. - Bank of China adjusted the margin for silver deferred contracts from 50.80% to 66.04% and increased the fluctuation limit from 19% to 25% if a unilateral market condition occurs [5]. - Agricultural Bank of China also indicated adjustments to the fluctuation limits for silver contracts, aligning with the Shanghai Gold Exchange's risk management guidelines [7]. Group 2: Market Implications - Industry experts suggest that these measures are intended to tighten risk controls, reduce trading leverage, and increase capital costs for investors, thereby curbing speculative behavior in the market [2][7]. - The adjustments are expected to enhance liquidity during extreme market conditions and reduce the probability of defaults, with other banks likely to follow suit in implementing similar risk management strategies [7]. - Banks are advising investors to carefully assess their risk tolerance and financial situation, urging a rational investment approach and close monitoring of market conditions to mitigate potential losses from price volatility [9][10].

Core Viewpoint - The recent adjustments by several banks in response to significant fluctuations in precious metal prices aim to mitigate market risks and protect investors' interests through increased margin requirements and changes in trading limits [1][2][4][6]. Group 1: Bank Adjustments - China Merchants Bank announced an increase in margin requirements for various gold contracts from 60% to 70% effective February 2, while maintaining a 15% limit on price fluctuations [1]. - The Agricultural Bank of China and other banks are also adjusting their trading parameters for silver contracts, with margin levels rising from 50.80% to 66.04% for certain contracts, depending on market conditions [4][6]. - Postal Savings Bank has issued warnings to investors about the volatility in precious metal prices, urging them to assess their financial situations and manage their investments prudently [10]. Group 2: Market Impact - The adjustments are intended to lower trading leverage for investors, which may help prevent excessive speculation and enhance liquidity during extreme market conditions [2][6]. - If a one-sided market occurs, banks will increase the fluctuation limits for certain contracts, indicating a proactive approach to managing potential market disruptions [4][6]. - The overall trend suggests that other banks are likely to follow suit in implementing similar risk control measures in response to ongoing market volatility [6].

Core Viewpoint - Recent fluctuations in international gold and silver prices have led to significant adjustments in banking operations and risk management strategies to protect investors amid heightened market volatility [1][9]. Group 1: Market Fluctuations - On February 2, gold futures dropped below $4,500 per ounce, with silver prices experiencing a cumulative decline of approximately 40% from the peak on January 29, while gold prices fell by about 20% [1]. - The current market environment reflects a high volatility phase influenced by macroeconomic expectations, technical overbought conditions, and profit-taking by investors [9]. Group 2: Banking Responses - China Merchants Bank announced adjustments to its "Zhaocai Gold" business, increasing margin requirements for various gold and silver contracts from 60% to 70% to mitigate market risks [2]. - The Agricultural Bank of China implemented a risk assessment requirement for clients engaging in gold accumulation services, mandating a cautious risk tolerance rating [7]. - The Bank of China adjusted margin requirements for silver contracts, increasing the margin from 50.80% to 66.04% in case of a one-sided market [7]. Group 3: Investor Guidance - Banks are advising investors to enhance their risk awareness, control their positions, and avoid impulsive trading behaviors in light of the current market uncertainties [3][8]. - Financial institutions are promoting a strategy of maintaining a rational investment mindset, suggesting that investors should consider long-term perspectives and diversify their asset allocations [9].

Macro Dynamics - The Central Committee of the Communist Party of China and the State Council approved the "Modern Capital Metropolitan Area Spatial Coordination Plan (2023-2035)", aiming to cultivate an innovation triangle in the Beijing-Tianjin-Hebei region, enhancing collaboration and resource flow [2] Housing Market - Shanghai has initiated a program to purchase second-hand housing for affordable rental housing, targeting new citizens, young people, and graduates to meet their rental needs [3] - The first batch of housing to be acquired will focus on matching housing types, layout, and transportation convenience to support talent in the city [3] Energy Sector - The China Electricity Council reported that by 2025, the country will add 550 million kilowatts of new power generation capacity, with wind and solar power accounting for 440 million kilowatts, representing 80.2% of the total [4] Financial Institutions - Citigroup warned that gold valuations have reached extreme levels, with global gold expenditure as a percentage of GDP hitting 0.7%, the highest in 55 years, indicating potential risks for gold prices [7] - Deutsche Bank remains bullish on gold, maintaining a target price of $6,000 per ounce despite recent price drops, citing ongoing positive factors for gold investment [8] Market Data - On February 2, A-shares experienced a significant decline, with all three major indices dropping over 2%, and more than 4,600 stocks falling, including 123 hitting the daily limit down [12] - The Hong Kong Hang Seng Index fell by 2.23%, with the technology index down 3.36%, and significant declines in precious metals and semiconductor stocks [13] Company Dynamics - Midea Group announced a share buyback of 26.94 million shares, representing 0.35% of its total share capital, at a total cost of 1.998 billion yuan [17] - Chip-on-Board Technology reported a revenue of 394 million yuan for 2025, a year-on-year increase of 11.52%, but a net profit decrease of 4.91% [18] - GoerTek has repurchased 40.54 million shares, amounting to 1.14% of its total shares, for a total expenditure of 1.108 billion yuan [19] - Microsoft saw a market value drop of $381 billion following disappointing earnings and forecasts, indicating a shift in investor sentiment towards tech stocks [20] - Amazon is expected to report strong fourth-quarter earnings, with analysts predicting over 28% upside potential in the next 12 months [21]

Core Viewpoint - The recent volatility in gold and silver prices has prompted banks to increase their risk warnings and adjust risk control measures significantly [2][3][4]. Group 1: Price Volatility - On February 2, international gold prices fell to $4403.64 per ounce, with a maximum daily drop exceeding 9%, while silver prices hit a low of $71.33 per ounce, with a drop close to 15% [2]. - Banks are advising clients to assess their risk tolerance carefully and maintain a rational investment mindset to avoid impulsive trading behaviors [2][3]. Group 2: Risk Warnings from Banks - Industrial and Commercial Bank of China (ICBC) issued a warning on February 2 regarding the significant increase in volatility in the international precious metals market, urging clients to control their positions effectively [2]. - Agricultural Bank of China also highlighted the heightened uncertainty in the precious metals market and advised clients to evaluate their financial situations before engaging in trading [3]. Group 3: Margin Adjustments - ICBC announced an increase in the standard trading margin for personal clients' silver contracts from 60% to 66% effective February 2, following a previous increase from 43% to 60% for gold contracts [4]. - Other banks, including Agricultural Bank and China Merchants Bank, have also adjusted margin requirements and trading limits for gold and silver contracts in response to market conditions [5].

Core Viewpoint - The article discusses the significant volatility in the gold and silver markets, leading banks to increase risk warnings and adjust their risk management measures in response to the sharp price fluctuations [2][3]. Group 1: Market Volatility - On February 2, international gold prices fell to $4,403.64 per ounce, with a maximum daily drop exceeding 9%, while silver prices hit a low of $71.33 per ounce, with a drop close to 15% [2]. - Banks, including Industrial and Agricultural Banks, issued warnings about the increased volatility in the precious metals market, urging clients to assess their risk tolerance and maintain a rational investment approach [2][3]. Group 2: Risk Management Adjustments - Several banks announced adjustments to the margin requirements for gold and silver futures contracts in response to the volatility. For instance, Industrial Bank raised the margin for silver contracts from 60% to 66% on February 2 [4]. - Prior to this, on January 28, Industrial Bank had already increased the margin for various gold contracts from 43% to 60% and for silver contracts from 47% to 60% [4]. - Agricultural Bank also adjusted the price fluctuation limits for silver contracts, increasing the limit from 19% to 25% if a one-sided market condition occurs [5]. Group 3: Client Advisory - Banks emphasized the importance of clients maintaining awareness of market changes and controlling their positions to mitigate risks associated with price fluctuations in precious metals [3][5]. - Postal Savings Bank similarly advised clients to strengthen their risk awareness and rationally allocate investments based on their financial situations and risk tolerance [3].

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].