原标题：大起大落！黄金跌超8%，白银跌超16%；多家银行金条缺货，工行如意金条卖出182万套，专 家：不要"赌博式投资" "黄金大跌，今天是留还是卖？" "现在买黄金会不会被套好几年？" 红星资本局注意到，随着金价走势的变化，投资者对黄金的热情高涨，有人以短线的方式买卖黄金，还 有人在银行买入实物金条，甚至有银行已经出现了金条缺货的情况。 中国人民大学中国资本市场研究院联席院长赵锡军告诉红星资本局，普通居民很难精确把握金价的变 化，建议稳妥地进行投资，不要搞"赌博式投资"，也不要抱有"搏一搏"的心理；不要因为投资影响正常 的生活开支，也不要把所有投资资金放在"一个篮子里"。 多家银行的金条出现缺货现象 1月30日，有网友发帖称，其在招商银行购入10克黄金准备兑换成实物金条，但兑换失败，客服表示 是"供货不足"；之后其想在农业银行购入金条，发现该行也缺货。 红星资本局查询多家银行APP发现，多家银行的实物金条均显示"无货"。 以工商银行为例，截至发稿，其如意金条已售182.14万套，暂时无货；另有筑梦中华金条，已售8556 件，当前也暂时无货；多款十二生肖传世金也处于无货状态。 截图自工商银行APP 红星资本局 ...

"黄金大跌，今天是留还是卖？" "现在买黄金会不会被套好几年？" 红星资本局注意到，随着金价走势的变化，投资者对黄金的热情高涨，有人以短线的方式买卖黄金，还有人在银行买入实物金条，甚至有银行已经出现了金 条缺货的情况。 中国人民大学中国资本市场研究院联席院长赵锡军告诉红星资本局，普通居民很难精确把握金价的变化，建议稳妥地进行投资，不要搞"赌博式投资"，也不 要抱有"搏一搏"的心理；不要因为投资影响正常的生活开支，也不要把所有投资资金放在"一个篮子里"。 多家银行的金条出现缺货现象 1月30日，有网友发帖称，其在招商银行购入10克黄金准备兑换成实物金条，但兑换失败，客服表示是"供货不足"；之后其想在农业银行购入金条，发现该 行也缺货。 红星资本局查询多家银行APP发现，多家银行的实物金条均显示"无货"。 以工商银行为例，截至发稿，其如意金条已售182.14万套，暂时无货；另有筑梦中华金条，已售8556件，当前也暂时无货；多款十二生肖传世金也处于无货 状态。 截图自工商银行APP 红星资本局致电北京、上海、成都的多家银行，有部分银行的工作人员表示当前没有金条储备，需要等待；也有银行的工作人员表示，当前仅有大克重的 ...

证券研究报告 西部证券研发中心 2026年01月30日 分析师 | 周安桐 S0800524120005 zhouantong@research.xbmail.com.cn 联系人 | 程宵凯 chengxiaokai@xbmail.com.cn 联系人 | 喻麟靖 yulinjing@xbmail.com.cn 静水潜流，价值当归 银行板块2026开年策略 • 板块现状：25年10月以来资金对银行板块策略偏审慎，板块整体呈行情趋势缺失、估值中枢向中值收敛，以及资金交易向绩优股集中、 估值分布不均两大特征。 • 资金面趋势：我们认为国资法人是银行板块中长期定价的主导资金，一方面国资稳定控股银行股（25Q2末持股数量、市值占比均在 60%以上）、且交易频次较低，另一方面央企、地方国资系统是上市银行长期经营策略制定与实施的主导方。而银行板块的短中期行 情或更多受险资、公募、宽基ETF等资金流动影响。 ➢ 息差有望趋势企稳：1）贷款端：新发放贷款利率已行至低位，叠加自律机制调节、监管引导行业"反内卷"等因素，预计今年贷款端 收益下行压力或边际缓减；2）存款端：预计今年银行存款重定价效应仍较强，利于银行持续改善负债端 ...

近年来，南京稳步推进数字人民币应用落地，已在交通出行、生活缴费、文化旅游、政务服务、商业消费等多个场景实现覆盖。本次活动聚焦于新街口核 心商圈，通过发放数字人民币消费红包这一直接惠民方式，进一步激活市场、释放消费潜力，并系统完善区域性数字人民币受理环境。通过参加此次活 动，四家商场的千余家餐饮、零售、娱乐类商户均已全面接入数字人民币支付系统，可为消费者提供便捷、安全的数字支付体验。 校对 陶善工 扬子晚报网1月30日讯（通讯员 陈婧 记者 张可）1月30日，由人民银行江苏省分行、南京市委金融办指导，秦淮区人民政府主办的"盛世秦淮·数币花开"数 字人民币专项促消费系列活动启动。本次活动面向"我的南京"APP实名注册用户，共发放2.17万个面值50元的数字人民币消费红包。 活动期间，领取红包的"我的南京"APP实名注册用户，在南京中央商场新街口店、南京新百中心店、南京金鹰新街口店、JLC金陵中环四家商场的千余家 指定商户消费，单笔满100元即可直接抵扣50元。据悉，红包由工商银行、农业银行、中国银行、建设银行、交通银行、邮储银行、招商银行、兴业银行 等八家运营机构共同支持。目前，活动红包领取通道已在"我的南京"A ...

Core Insights - The commercial space industry is experiencing a surge in interest and investment, driven by increased policy support and the active participation of various sectors, including traditional banking [1][25][27]. Group 1: Policy and Industry Trends - Beijing has issued measures to promote the development and utilization of commercial satellite remote sensing data from 2026 to 2030, encouraging the construction of differentiated commercial satellite constellations with clear commercial value and application prospects [2][26]. - The banking sector, traditionally seen as unrelated to space, is now actively engaging in commercial space initiatives, with banks like China Merchants Bank and Shanghai Pudong Development Bank launching their own satellites [3][28]. Group 2: Satellite Launches and Applications - On January 16, 2024, China Merchants Bank's "Zhaoyin Jinkui" and Shanghai Pudong Development Bank's "Pudong Smart" satellites were successfully launched, both part of China's first global low-orbit satellite IoT constellation, "Tianqi Constellation" [4][29]. - The "Zhaoyin Jinkui" satellite is designed for high-precision monitoring of construction progress for first-hand mortgage properties, while the "Pudong Smart" satellite aims to enhance intelligent risk control and provide critical financial services during extreme scenarios like natural disasters [6][31]. Group 3: Evolution of Banking Risk Control - The trend of banks launching satellites signifies a shift from traditional ground-based data reliance to a "heaven and earth collaboration" model, enhancing risk control capabilities in response to complex and changing realities [12][45]. - Satellites provide high-resolution optical, radar, and multispectral sensors, offering banks a stable and objective "God's eye view" to address the core pain point of information asymmetry in traditional risk control [13][36]. Group 4: Innovations in Risk Management - The "Zhaoyin Jinkui" satellite can increase monitoring accuracy to over 95%, significantly improving traditional post-loan inspection efficiency [38]. - The integration of satellite technology with AI and deep learning, as seen in the "Dashanque" system by WeBank, allows for precise analysis of agricultural data, aiding in the determination of reasonable credit limits for farmers [38][40]. Group 5: Future Implications for Banking and Space - The banking sector's involvement in commercial space may lead to deeper due diligence and value discovery, as banks seek to understand and engage with the complexities of the commercial space industry [21][43]. - The future of financial competition may hinge on the ability to create intelligent collaborative networks between "starry skies" and "real ground," positioning banks to leverage new opportunities in the evolving commercial space landscape [24][46].

Core Viewpoint - The frequent equity stakes taken by insurance companies, particularly by Ping An Life, signal a strategic shift towards long-term investments in stable financial institutions and state-owned enterprises, moving away from short-term financial investments and arbitrage opportunities [2][3][5]. Group 1: Investment Activities - Ping An Life increased its stake in China Life's H-shares by purchasing 11.891 million shares at an average price of HKD 32.0553 per share, raising its holding from 8.98% to 9.14%, totaling approximately 681 million shares [2]. - In 2025, insurance capital was notably active in the capital market, with 41 public equity stakes recorded, the highest in nearly a decade, primarily in H-shares [3]. - Ping An Life has made multiple significant investments in Agricultural Bank of China H-shares, reaching a stake of 20% by December 30, 2025, with a total investment balance of approximately CNY 32.428 billion [3]. Group 2: Market Performance - The stock price of China Life H-shares increased by 150% from around HKD 14 in May to approximately HKD 35 by January 30, 2023, with its market capitalization nearing HKD 1 trillion [2]. - The insurance sector has shown strong performance at the beginning of the year, with several stocks, including New China Life and China Pacific Insurance, reaching historical highs [5]. Group 3: Investment Logic - Ping An's investment strategy is characterized by a focus on long-term value and strategic asset allocation, emphasizing patience and shared growth [5][6]. - The company adheres to a "three criteria" principle for investments: operational reliability, growth potential, and sustainable dividends, which guide its long-term investment decisions [6].

建设银行将上调个人黄金积存业务定期积存起点金额。 1月30日，建设银行发布公告称，自北京时间2026年2月2日9:10起，该行个人黄金积存业务定期积存起点金额（包括日均积存及自选日积存）上 调至1500元。调整前已设置成功的定期积存计划将继续执行，不受影响。设置展期的定期积存计划到期后，若原计划积存金额满足建设银行最新 要求，则展期成功，否则展期失败。修改定期积存计划需满足建设银行最新积存金额要求。 同时，建设银行在公告中提醒："近期国内外贵金属价格波动加剧，市场风险提升。请您提高贵金属业务的风险防范意识，基于自身财务状况和 风险承受能力理性投资。贵金属投资时需合理控制仓位，及时关注持仓情况和保证金余额变化情况，防范贵金属市场风险。" 此前，招商银行于1月27日发布公告，调整黄金账户认购起点金额。公告显示，自北京时间2026年2月2日起，黄金账户活期及黄金账户定投按金 额认购的起点调整为1200元。调整前已设置成功的定投计划（含普通定投与智能定投）将继续执行，不受影响。调整后新发起的定投计划金额须 满足招商银行最新起点要求。 近期，国际金价在持续刷新历史纪录后，波动明显加大。1月29日，现货黄金价格最高逼近5 ...

Market Overview - The A-share market closed with an overall increase in January 2026, with major indices recording gains, particularly the Sci-Tech Innovation 50 Index leading the market [1] - Excluding new stocks, the average increase for individual stocks was nearly 7.8%, with a median increase of approximately 4.9% [1] Index Performance - There was a notable divergence in performance between large-cap and small-cap stocks, with small-cap indices like the Guozheng 2000 and CSI 2000 rising by 9.13% and 8.16% respectively, while large-cap indices such as the SSE 50 and CSI 300 had gains of less than 2% [3] - Among the 12 stocks with a market capitalization exceeding 1 trillion yuan, three-quarters experienced declines, with a median drop of 4.6% [3] Individual Stock Performance - Major banks such as Industrial and Commercial Bank of China, Agricultural Bank of China, and China Construction Bank saw declines of 8.58%, 12.50%, and 6.03% respectively [4] - Conversely, China Life Insurance recorded a gain of 9.27%, while Kweichow Moutai increased by 1.73% [4] Market Capitalization Analysis - In the small-cap segment, 78.7% of stocks with a market capitalization below 5 billion yuan increased, with an average gain of 7.8% and a median gain of nearly 5.8% [5] - Mid-cap stocks, particularly those with market capitalizations between 50 billion and 100 billion yuan, performed actively with an average increase of nearly 9% [5] ETF Trends - The performance of dividend-related ETFs showed divergence, with the low-volatility dividend ETF from Huatai-PB increasing by 8.00%, while the dividend ETF from Wanji recorded a decrease of 14.88% [7] Historical Trends - Historically, the Shanghai Composite Index has shown an 80% increase rate in February over the past decade, with an average gain of 2.1% [8] - In the past ten years, 30 out of 31 sectors in the Shenwan first-level classification recorded gains in February, with the banking sector slightly declining by about 0.3% [10]

Core Viewpoint - The recent surge in gold prices has led to increased demand for gold accumulation products, causing significant strain on banking systems and prompting banks to adjust their policies to manage risks associated with market volatility [2][6]. Group 1: Market Dynamics - Gold prices have risen from 1150 CNY/gram to 1170 CNY/gram, leading to a rush among investors to purchase gold accumulation products [1]. - Many investors are attempting to capitalize on the price drop, viewing it as an opportunity to lower their average purchase price [2][5]. - The trading volume for gold accumulation products has surged, resulting in system overloads at various banks, including China Construction Bank and Industrial and Commercial Bank of China [2][5]. Group 2: Bank Responses - China Construction Bank announced an increase in the minimum investment amount for gold accumulation products to 1500 CNY, effective February 2, to manage risks associated with market fluctuations [6][8]. - Other banks, such as China Merchants Bank and Ningbo Bank, have also adjusted their policies regarding gold investment, reflecting a cautious approach in light of recent price volatility [6][9]. - Banks are advising customers to enhance their risk awareness and manage their investments prudently, considering their financial situation and risk tolerance [8][9].

Group 1 - The banking sector experienced a decline of 0.53% on January 30, with Huaxia Bank leading the drop [1] - The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1] - Major banks such as China Merchants Bank and CITIC Bank showed mixed performance, with China Merchants Bank slightly up by 0.36% and CITIC Bank down by 0.28% [1] Group 2 - The banking sector saw a net outflow of 665 million yuan from institutional investors, while retail investors contributed a net inflow of 564 million yuan [1] - Specific banks like Huaxia Bank and Minsheng Bank faced significant net outflows from institutional investors, with Huaxia Bank seeing a net outflow of 67 million yuan [1] - Retail investors showed a preference for certain banks, with significant net inflows into banks like Ping An Bank and Zhejiang Commercial Bank [1]