• 中东紧张局势骤然升级，黄金白银原油携手大涨 • OpenAI完成1100亿美元融资，估值升至7300亿美元 1、中共中央政治局2月27日召开会议，讨论"十五五"规划纲要草案和政府工作报告。会议指出，做好今 年政府工作，要实施更加积极有为的宏观政策，增强政策前瞻性针对性协同性，持续扩大内需、优化供 给，做优增量、盘活存量，因地制宜发展新质生产力，纵深推进全国统一大市场建设，持续防范化解重 点领域风险，着力稳就业、稳企业、稳市场、稳预期，推动经济实现质的有效提升和量的合理增长，保 持社会和谐稳定，实现"十五五"良好开局。会议强调，要继续实施更加积极的财政政策和适度宽松的货 币政策，强化改革举措与宏观政策协同。要着力建设强大国内市场，加紧培育壮大新动能，加快高水平 科技自立自强。持续深化重点领域改革，进一步扩大高水平对外开放，扎实推进乡村全面振兴，推动新 型城镇化和区域协调发展。更大力度保障和改善民生，加快推动全面绿色转型，加强重点领域风险防范 化解和安全能力建设。 2、央行决定，自3月2日起，将远期售汇业务的外汇风险准备金率从20%下调至0。这是时隔近3年半央 行再次使用该工具，本次下调远期售汇风险准备金率实 ...

| 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADR代码 | ADR换算价(HKD) | 较港股升跌 | 较港股升跌% | ADR最新价(美元) ADI | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | 0 00700 | 518.000 | +6.000 | 1.17% | TCEHY | 513.995 | -4.005 | -0.77% | 65.700 | | 2 | 阿里巴巴-W | 09988 | 142.900 | -0.100 | -0.07% | BABA | 140.928 | -1.972 | -1.38% | 144.110 | | 3 | 汇丰控股 | 00005 | 147.300 | +2.300 | 1.59% | HSBC | 145.765 | -1.535 | -1.04% | 93.160 | | 4 | 建设银行 | 00939 | 7.990 | -0.010 | -0.13% | CICHY | 7.933 | -0.05 ...

美国那边有个议员搞了个法案，要对中国滑雪运动员谷爱凌征收100%的所得税！ 没错，是100%，一分钱都不给她留的那种。 这事儿就发生在昨天，2月27号，美国田纳西州一个叫安迪-奥格尔斯的共和党议员，他提了个法案，名字叫"OLYMPICS Act"，翻译过来大概就是"正式限制 个人在体育相关领域获取年度收益法案"。 这法案说白了，就是冲着谷爱凌来的。 奥格尔斯这人说话特别狠，他直接对媒体说，"任何与外国对手合作的美国人，不仅背叛了我们的国家，还必须被剥夺由此获得的一切利益。 这就是我要确 保美国国税局没收谷爱凌这类运动员每一分收入的原因。 " 他之前还在网上发帖，说谷爱凌是出生在美国的，却为中国效力，背叛美国的人必须付出代价。 这话说得，简直是把体育完全政治化了。 咱们来看看这个法案具体是啥内容。 它针对的是美国公民，或者有美国绿卡的人。 如果你代表它所谓的"关注外国实体"去参加国际大赛，那你从这比赛里 赚的钱，包括奖金啊、出场费啊，还有因为你代表这个国家而拿到的赞助费，统统要交100%的联邦税。 这个"关注外国实体"名单里有中国、俄罗斯、朝鲜、伊朗。 比赛范围也定得特别宽，奥运会、世界杯、环法自行车赛、温网， ...

Core Viewpoint - The People's Bank of China and the National Financial Regulatory Administration have released a list of 21 systemically important banks in China, which includes 5 city commercial banks, aiming to enhance macro-prudential management and regulatory oversight [1][7]. Group 1: Regulatory Requirements - The selected banks will face higher regulatory requirements, including increased capital thresholds ranging from 0.25% to 1.5% in additional capital requirements, which must be in the form of core Tier 1 capital [3][6]. - The banks will also need to develop detailed recovery and resolution plans (RRP), enhancing their governance, risk management, and data governance capabilities [3][4]. Group 2: Impact on Banking Operations - The operational behaviors of the selected banks will be scrutinized more closely, focusing on their business scale, complexity, interconnections, and substitutability to prevent risk concentration [4][5]. - The inclusion in the list will drive internal management upgrades, requiring banks to invest in risk measurement, stress testing, data aggregation, and corporate governance [4][10]. Group 3: Market Perception and Financing Costs - Inclusion in the list may enhance the market reputation and customer confidence of the banks, but the higher regulatory demands could impact their profitability metrics in the short term [6][8]. - The dynamic nature of the assessment system suggests that more qualifying small and medium-sized banks may enter the list in the future, depending on their operational behaviors [8][9]. Group 4: Governance and Risk Culture - Strengthening corporate governance and risk culture is essential, with a focus on establishing effective boards and risk management committees within the systemically important banks [10]. - The effectiveness of macro-prudential management relies on a comprehensive regulatory framework that includes identification, monitoring, and resolution processes [10].

Group 1: Core Insights - The Chinese government emphasizes the need for high-level opening-up to promote high-quality development and create a new development pattern, as highlighted in the 20th Central Committee's Fourth Plenary Session [1] - Local government work reports consistently prioritize "expanding high-level opening-up" as a key task for economic and social development [1][2][3] Group 2: Regional Initiatives - Shenzhen's 2026 government work report focuses on enhancing internationalization and open capabilities, promoting high-quality international economic cooperation, and deepening bilateral investment [2] - Heilongjiang's report identifies high-level opening-up as a critical task for the 14th Five-Year Plan, aiming to create a new high ground for northern opening and enhance international economic cooperation [3] - Shandong's report emphasizes trade innovation and the development of new markets, aiming to stabilize traditional markets while expanding into emerging ones [3] Group 3: Financial Sector Support - Financial institutions like Industrial and Commercial Bank of China and Bank of China are enhancing their service capabilities for export and multinational enterprises to improve domestic companies' competitiveness in international markets [1][6] - Banks are focusing on providing comprehensive financial solutions for cross-border operations, including international trade financing and cross-border loans [6][7] - The demand for cross-border financial services is increasing, prompting banks to innovate and adapt their service models to meet the diverse needs of enterprises [7][8]

Core Viewpoint - The recent increase in risk within the precious metals market has led several major state-owned banks in China to adjust the margin requirements for personal clients trading on the Shanghai Gold Exchange [1][2]. Group 1: Margin Requirement Adjustments - On February 24, the Bank of China announced adjustments to the margin requirements and price fluctuation limits for personal clients trading gold and silver deferred contracts [1]. - Agricultural Bank of China stated that starting from February 26, 2026, the margin requirement for Au (T+D), mAu (T+D), and Ag (T+D) contracts will be increased from 80% to 100% [1]. - Industrial and Commercial Bank of China (ICBC) also announced that from February 27, 2026, the margin requirement for various gold and silver contracts will be raised to 100% [1]. Group 2: Rationale Behind Adjustments - ICBC's customer service indicated that the adjustment to a 100% margin requirement is a response to significant price volatility in the domestic and international precious metals markets, aimed at mitigating market risk and protecting investors [2]. - The increase in margin requirements effectively reduces the leverage available to traders, meaning that for a contract valued at 1 million yuan, the required margin will increase from 800,000 yuan to 1 million yuan [2]. - Financial expert Tian Lihui noted that the current international gold prices are at historically high levels, influenced by global "reflation" expectations, geopolitical risk premiums, and the reassessment of U.S. dollar credit, with banks raising margins to create necessary risk buffers and curb potential speculative bubbles [2].

今年1月份，财政部等三部门优化实施个人消费贷款财政贴息政策。在政策支持下，多家银行加大信用 卡分期优惠力度，财政贴息与银行优惠叠加发力，为消费者带来双重实惠。 苏商银行特约研究员薛洪言对《证券日报》记者表示，此次政策首次将信用卡账单分期纳入贴息范围， 年贴息比例为1个百分点，同时延长期限、提高贴息上限、扩容经办机构，直接降低银行资金成本，为 优惠让利提供空间。此外，银行加码优惠也是响应促消费导向、抢抓消费旺季的主动布局，有利于拓展 零售客户、提升分期业务渗透率，更好服务下沉市场与细分消费场景。 贴息加折扣齐上阵 今年1月20日，财政部、中国人民银行、国家金融监督管理总局联合发布《关于优化实施个人消费贷款 财政贴息政策有关事项的通知》，将个人消费贷款财政贴息政策实施期限延长至2026年底。新政发布 后，多家银行迅速响应，密集发布实操细则与答疑指引，将信用卡分期业务纳入贴息范围，确保政策红 利快速落地。 同时，多家银行下调分期手续费率，推出分期利率折扣、限时减免手续费等活动，结合财政贴息政策进 一步减轻消费者分期还款压力。 例如，中国银行推出"分期享钜惠，贴息再加码"活动，该行境内个人信用卡主卡及附属卡持卡人(不 ...

【导读】公募基金规模达到37.77万亿元，再创历史新高 在春季躁动行情、增量资金涌入等多重因素共同作用下，公募基金规模再创历史新高。 2月27日，中国基金业协会发布的最新一期公募基金市场数据显示，截至今年1月底，公募基金总规模达到37.77万亿元，连续10个月创新高。 从各类型公募基金规模变化上看，混合、货币及其他基金是推动公募基金规模增长的主力军，上述类型基金规模均实现千亿元级增长。从环比变化看，基 金中基金（FOF）份额环比大增15.05%，位居各类型基金榜首，其他基金也迎来11.06%的环比净申购。 公募基金规模连续10个月创历史新高 中国基金业协会最新披露的数据显示，截至2026年1月底，我国境内公募基金管理机构共165家，其中基金管理公司150家，取得公募资格的资产管理机构 15家。以上机构管理的公募基金资产净值合计37.77万亿元。 | 类别 | 基金数量(只) | 份额(亿份) | 净值(亿元) | 基金数量(只) | 份额(亿份) | 净值(亿元) | | --- | --- | --- | --- | --- | --- | --- | | | (2026/1/31) | (2026/1/3 ...

Core Viewpoint - The simultaneous appointment of Chief Compliance Officers by Zheshang Bank and Lanzhou Bank highlights the increasing emphasis on compliance and internal control management within the banking sector [2][3]. Group 1: Appointments and Backgrounds - Zheshang Bank announced the appointment of Lv Linhua as Chief Compliance Officer, pending approval of his qualifications by the National Financial Regulatory Administration, with his term aligned with the current board's term [4]. - Lv Linhua, born in May 1978, is currently the Deputy Secretary of the Party Committee at Zheshang Bank and has held various significant positions in regulatory bodies and banks [4]. - Lanzhou Bank appointed Liu Min as Chief Compliance Officer, effective immediately upon board approval [5]. - Liu Min, born in 1979, is the current Deputy Secretary of the Party Committee and President of Lanzhou Bank, with extensive experience in various roles within the banking sector [5]. Group 2: Industry Trends and Regulatory Context - The banking industry is experiencing a wave of Chief Compliance Officer appointments, with several banks, including Agricultural Bank and China Bank, announcing similar appointments [6]. - The National Financial Regulatory Administration's new compliance management regulations, effective from March 1, 2025, require financial institutions to establish Chief Compliance Officer positions at headquarters, allowing for these roles to be held by senior management, including presidents [7]. - The trend of appointing Chief Compliance Officers, particularly by presidents, is seen as a response to regulatory requirements and a restructuring of internal governance and risk management systems [7]. - This arrangement is expected to enhance the authority and independence of compliance roles, integrating compliance requirements into business processes and decision-making, which is crucial for financial risk management [7].

Core Viewpoint - The appointment of Chief Compliance Officers (CCOs) by Zhejiang Commercial Bank and Lanzhou Bank, both of whom are concurrently serving as presidents, highlights the emphasis on compliance and internal control management within the banking sector [1][3][8]. Group 1: Appointments and Backgrounds - Zhejiang Commercial Bank announced the appointment of Lv Linhua as its Chief Compliance Officer, pending approval from the National Financial Regulatory Administration, with his term aligning with the current board's term [3]. - Lv Linhua, born in May 1978, is currently the Deputy Secretary of the Party Committee at Zhejiang Commercial Bank and has held various positions in regulatory bodies and banks [3][4]. - Lanzhou Bank appointed Liu Min as its Chief Compliance Officer, effective immediately upon board approval [4]. - Liu Min, born in 1979, is the current Deputy Secretary of the Party Committee and President of Lanzhou Bank, with a background in various leadership roles within the banking sector [4]. Group 2: Industry Trends and Regulatory Context - The banking industry is experiencing a wave of CCO appointments, with several banks, including Agricultural Bank and China Bank, announcing similar appointments in early 2026 [6]. - The National Financial Regulatory Administration's new compliance management regulations, effective March 1, 2025, require financial institutions to establish CCO positions at headquarters, allowing for the possibility of these roles being held by senior management, including presidents [6][8]. - The trend of appointing CCOs, particularly at the executive level, is seen as a response to regulatory requirements and a restructuring of internal governance and risk management systems within banks [8].