Core Viewpoint - The recent significant fluctuations in gold and silver prices have led to a cooling of investor enthusiasm for physical gold, with some investors opting to wait and observe the market [2][3]. Group 1: Price Movements - As of February 2, spot gold has dropped by 6.80% to $4,562 per ounce, while spot silver has decreased by 11.46% to $75.49 per ounce [2]. - In January, gold prices surged, with COMEX gold futures reaching over $5,600 per ounce, marking a monthly increase of over 29%, while COMEX silver futures peaked at $120 per ounce, with a monthly rise of 72% [3]. - On January 30, both gold and silver prices experienced a sharp decline, with COMEX gold futures falling by 8.35% to $4,907.50 per ounce and COMEX silver futures dropping by 25.50% to $85.25 per ounce [3]. Group 2: Investor Behavior - Following the price drop, some investors have chosen to wait rather than invest in physical gold, as evidenced by the availability of gold bars in banks that were previously sold out [2][3]. - Various banks have reported a shift in inventory status, with some gold products now showing sufficient stock, contrasting with the previous high demand [5][6]. Group 3: Market Sentiment - Investor sentiment has become polarized, with some believing that gold prices will continue to decline, while others are taking the opportunity to buy at lower prices [7]. - The World Gold Council reported that global gold demand is expected to exceed 5,000 tons by 2025, driven primarily by strong physical gold investment demand [7]. Group 4: Institutional Insights - Analysts suggest that the recent volatility in gold prices is influenced by market sentiment and speculative factors, making it difficult to predict price movements accurately [9]. - Despite short-term risks, many institutions maintain a positive long-term outlook for gold, with expectations of a return to upward trends later in the year [8].

Core Viewpoint - The recent decline in the A-share market is primarily driven by external liquidity shocks and internal capital withdrawal, with a significant impact from the hawkish stance of the new Federal Reserve chairman [2]. Group 1: Market Decline Reasons - The core trigger for the market drop is the hawkish expectation of the Federal Reserve's balance sheet reduction, leading to a global liquidity repricing [2]. - The A-share market, which has been largely liquidity-driven since the bull market began on September 24, 2024, is particularly sensitive to changes in policy expectations [2]. - Domestic factors, including reduced leverage by exchanges and significant ETF redemptions, have further suppressed market sentiment, with a record net redemption of 780 billion yuan in January [2]. Group 2: A-share Market Outlook - The current pricing of the A-share market reflects a certain bias against the Federal Reserve's hawkish stance, with expectations that the new chairman will balance interest rate cuts with the realities of dollar liquidity [3]. - As the market approaches a reasonable valuation, regulatory goals for cooling the market will likely be achieved, leading to a potential shift towards more positive policy [3]. - Historical patterns suggest a strong likelihood of a spring rally between the Lunar New Year and the Two Sessions, with a historical probability of around 90% for market gains during this period [3]. - Defensive attributes are expected from undervalued domestic assets during periods of external volatility, as evidenced by the resilience of banking and food and beverage sectors [3]. - Following stabilization of market sentiment, there is potential for continued investment in AI technology and overseas manufacturing, alongside increased allocation to high-dividend sectors like banking and consumer goods to enhance portfolio resilience [3].

Core Viewpoint - Recent volatility in domestic and international precious metal markets has significantly increased uncertainty, prompting banks to issue warnings and adjust trading parameters to protect investors [1][3][4]. Group 1: Agricultural Bank - Agricultural Bank has issued a warning regarding the severe fluctuations in precious metal prices, urging clients to assess their risk tolerance and financial situation before engaging in trading [1][4]. - The bank announced adjustments to the trading limits for silver contracts under its Gold Market Access service, increasing the price fluctuation limit from 19% to 25% if a one-sided market condition occurs starting February 2, 2026 [1][5]. - Clients are advised to monitor market changes closely and manage their positions effectively to mitigate risks associated with market volatility [1][5]. Group 2: Postal Savings Bank - Postal Savings Bank has also highlighted the increased volatility in precious metal markets, advising clients to enhance their risk awareness and make rational investment decisions [1][5]. - The bank emphasizes the importance of avoiding impulsive trading behaviors and maintaining a balanced portfolio in light of the current market conditions [1][5]. Group 3: China Merchants Bank - China Merchants Bank has announced adjustments to its "Zhaocai Gold" business, increasing the margin requirement for various gold contracts from 60% to 70% due to heightened market volatility [3][7]. - The fluctuation limit for the Ag (T+D) contract will be raised to 25% if a one-sided market condition is observed, while it remains unchanged at 15% if not [3][7]. - These measures are aimed at safeguarding investor interests and mitigating market risks [3][7].

在全球金融数字化转型与货币形态重构的博弈关键期，中国法定数字货币迎来里程碑式突破。 2026年1月1日，数字人民币计息机制正式落地，标志着中国版央行数字货币完成从"数字现金"到"数字存款"的质变， 以制度创新开启2.0时代新征程。 这一变革的背后，是顶层设计的精准谋篇。2025年12月29日，中国人民银行（下称"央行"）党委委员、副行长陆磊在 《金融时报》发表署名文章，明确《关于进一步加强数字人民币管理服务体系和相关金融基础设施建设的行动方案》 （下称《行动方案》）于2026年1月1日正式实施。 "数字人民币有利息了。"李女士在数字人民币App方寸之间，所看到的0.05%利息，却是数字人民币的历史性记录。 新一代计量框架、管理体系、运行机制与生态体系同步启动，为数字人民币的功能升级筑牢制度根基。 《行动方案》的核心突破，在于重塑数字人民币的价值属性。方案明确银行机构需为客户实名数字人民币钱包余额计 付利息，并遵守存款利率定价自律约定。这一安排不仅让商业银行可自主开展数字人民币钱包余额的资产负债经营管 理，更通过存款保险制度，为其赋予与传统存款同等的安全保障，彻底改变了此前数字人民币的功能局限。 "客户在商业银 ...

作者 | 第一财经 安卓 2月2日，黄金、白银价格继续剧烈波动。截至记者发稿，现货黄金跌6.80%，报4562美元/盎司；现货白银跌11.46%，早间曾一度转涨，但随后又大 幅下挫，报75.49美元/盎司。 第一财经发现，随着黄金、白银价格持续大幅下挫，人们投资实物黄金的热情有所松动，部分投资者选择观望，此前日日被抢断货的银行金条也出现了 库存，部分银行的实物金条甚至显示为"库存充足"状态。 2026.02. 02 本文字数：2352，阅读时长大约4分钟 投资情绪降温 今年1月，贵金属经历了历史罕见的上涨行情。去年12月底至1月28日，市场对美联储的独立性担忧、地缘风险中枢上行及弱美元预期等，直接催化 COMEX黄金期货于1月29日突破5600美元/盎司，月内最高涨幅超过29%，COMEX白银期货突破120美元/盎司，月内最高涨幅甚至达到72%，不断 刷新历史。 1月30日，黄金、白银价格同步上演"高台跳水"，其中，COMEX黄金期货跌8.35%报4907.50美元/盎司，COMEX白银期货跌25.50%报85.25美元/ 盎司。 业内普遍认为，本次黄金"巨震"，直接原因或是美国总统特朗普提名凯文·沃什为新任 ...

招商银行今日发布公告称，该行收到《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，徐明杰招商银行首席风险官的任职资格已获得核准， 任期自2026年1月30日起生效，至招商银行第十三届董事会届满之日止。 责任编辑：山上 银行频道更多独家策划、专家专栏，免费查阅>> ...

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。 智通财经APP讯，招商银行(03968)发布公告，本公司收到《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。 ...

Core Viewpoint - Recent fluctuations in gold and precious metal prices have prompted China Merchants Bank to adjust its gold trading business, increasing margin requirements for various gold contracts [1][2]. Group 1: Margin Adjustments - Starting from February 2, 2026, the margin ratio for Au(T+D), mAu(T+D), Au(T+N1), Au(T+N2), NYAuTN06, and NYAuTN12 contracts will be raised from 60% to 70%, while the price fluctuation limit remains at 15% [1]. - The margin level for Ag(T+D) contracts will also increase from 60% to 70% on the same date, with potential adjustments to the price fluctuation limit depending on market conditions [1]. Group 2: Previous Adjustments - Prior to this announcement, on January 30, 2026, China Merchants Bank had already raised the margin ratios for the same gold contracts from 49% to 60%, while the Ag(T+D) margin increased from 48% to 60% [2]. Group 3: Market Context - Other banks, including Agricultural Bank and Postal Savings Bank, have also adjusted their margin requirements for gold contracts in response to recent market volatility [4]. - Significant price fluctuations were noted, with gold prices rising from $5,200 to $5,600 per ounce between January 28 and 29, 2026, followed by a sharp decline, including a nearly 13% drop on January 31, marking the largest single-day drop in nearly 40 years [4][5]. - As of February 2, 2026, gold was priced at $4,692.54 per ounce, reflecting a 4.14% decline, while silver was at $81.38 per ounce, down 4.55% [5]. Group 4: Future Outlook - Despite recent declines, long-term bullish sentiment on gold remains, with expectations that U.S. inflation may decline in the second half of 2026, potentially leading to further support for gold prices [5].

金价继续跳水：部分银行实物金条库存悄然松动 投资情绪降温 黄金、白银价格继续剧烈波动，随着黄金、白银价格持续大幅下挫，人们投资实物黄金的热情有所松 动，部分投资者选择观望，此前日日被抢断货的银行金条也出现了库存，部分银行的实物金条甚至显示 为"库存充足"状态。业内普遍认为，本次黄金"巨震"，直接原因或是美国总统特朗普提名凯文·沃什为 新任美联储主席，导致"独立性危机"担忧降温，美元反弹。（一财） 黄金一度暴跌1000美元 业内提示警惕抄底风险 黄金大幅下跌，伦敦现货金距离1月29日高点跌幅一度超过1000美元/盎司。业内人士认为，黄金短期内 将会大幅震荡，建议投资者先不要急于抄底，等市场波动幅度降低后，黄金ETF等产品将会比金矿股更 加稳健，目前看黄金中长期的投资逻辑依然维持，但也要关注美联储主席换人之后，如何配合总统特朗 普的政策变化。光大证券国际策略师伍礼贤表示，黄金本质上属于避险资产，然而任何资产价格出现大 幅波动时，其风险属性将随之显现，在经历近期急剧下跌行情后，预计短期价格波动或将延续。此次回 落的重要支撑位置大致位于4300美元/盎司至4500美元/盎司区间，投资者当前不宜急于抄底。（一财） 招商 ...

北京商报讯2月2日，招商银行发布公告，该行收到《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》。根据上述批复，徐明杰招商银行首席风险官的任职资格已获得核准。徐明杰担 任该行首席风险官的任期自2026年1月30日起生效，至该行第十三届董事会届满之日止。 （文章来源：北京商报） 此前披露的简历显示，徐明杰，1968年9月出生。招商银行副行长。西安交通大学工学学士，上海对外 经贸大学第二学士学位班经济学学士，特许公认会计师（ACCA)。1995年9月加入招商银行，历任总行 公司金融产品部总经理助理、总行投资银行部总经理助理、总行投资银行部副总经理、总行授信执行部 总经理、总行风险管理部总经理、招商银行行长助理。2024年1月至2025年9月兼任北京分行行长。2025 年6月起任招商银行副行长。 ...