英中贸易协会成立于1954年，是英国最具影响力的贸易促进机构之一。中国工商银行（伦敦）有限公司 是该协会会员单位。 责任编辑：曹睿潼 来源：中国工商银行 2月2日，中国工商银行董事长廖林在京会见英中贸易协会主席吴思田，双方围绕中英宏观经济形势、工 行在英业务布局、中英经贸投资合作等话题进行深入交流。中国工商银行副行长张伟武、英中贸易协会 总裁白彼得、施罗德投资集团代表等参加会见。 来源：中国工商银行 2月2日，中国工商银行董事长廖林在京会见英中贸易协会主席吴思田，双方围绕中英宏观经济形势、工 行在英业务布局、中英经贸投资合作等话题进行深入交流。中国工商银行副行长张伟武、英中贸易协会 总裁白彼得、施罗德投资集团代表等参加会见。 中国工商银行高度重视英国市场，积极发挥自身国际化综合化优势，助力两国经贸投资往来。2025年9 月，中国工商银行携手英中贸易协会主办了第25届投洽会"投资英国"配套论坛，为深化双边投资合作注 入动力。中国工商银行将认真落实两国领导人达成的重要共识，加强与英中贸易协会的交流合作，依托 中欧企业联盟等多边平台，加强信息共享与资源对接，为两国企业在绿色发展、科技创新、高端制造等 领域的合作提供 ...

来源：中国工商银行 责任编辑：曹睿潼 来源：中国工商银行 近日，工商银行召开2026年全面从严治党暨纪检监察工作会议，传达学习贯彻二十届中央纪委五次全会 精神，总结2025年全面从严治党工作，部署2026年重点任务。党委书记、董事长廖林出席会议并讲话， 党委副书记、行长刘珺主持会议，驻工商银行纪检监察组组长、党委委员杨少俊对纪检监察工作进行安 排，党委班子成员、高管层成员出席会议。中央金融纪工委等单位有关同志到会指导。 会议指出，过去一年，工商银行党委坚持以习近平新时代中国特色社会主义思想为指导，与驻工商银行 纪检监察组同题共答、同向发力，纵深推进全面从严治党从严治行，清廉银行建设迈上新台阶。会议分 析了当前全面从严治党、党风廉政建设和反腐败斗争中存在的问题，强调要采取有力举措，加快推动解 决。 近日，工商银行召开2026年全面从严治党暨纪检监察工作会议，传达学习贯彻二十届中央纪委五次全会 精神，总结2025年全面从严治党工作，部署2026年重点任务。党委书记、董事长廖林出席会议并讲话， 党委副书记、行长刘珺主持会议，驻工商银行纪检监察组组长、党委委员杨少俊对纪检监察工作进行安 排，党委班子成员、高管层成员出 ...

Core Viewpoint - The article discusses the differences in index calculation methods, particularly focusing on the disparity between total market capitalization weighting and dividend yield weighting, which significantly affects the valuation of financial stocks, especially banks [2][3]. Group 1: Index Calculation Methods - Financial indices typically use total market capitalization weighting, meaning stocks with larger market caps have a higher allocation in calculations [2]. - In contrast, dividend indices primarily use dividend yield weighting, where stocks with higher dividend yields receive a greater allocation [2]. - This difference is particularly evident in the case of the China Securities Dividend Index, where major banks like Industrial and Commercial Bank of China have a minimal weight of around 1% due to the dividend yield weighting method [2]. Group 2: Valuation Discrepancies - The total market capitalization of Industrial and Commercial Bank of China is approximately 2.6 trillion, which could account for over 10% of the index if calculated by market cap [3]. - When considering other major banks, the financial sector could represent over half of the China Securities Dividend Index by market cap, leading to a calculated price-to-earnings (P/E) ratio of around 8 times [3]. - However, the actual weight of the financial sector in the China Securities Dividend Index is only 23%, similar to the 21% in the CSI 300, indicating a lower P/E ratio of around 10 times when based on actual holdings [3]. Group 3: Strategy Indices and Their Valuations - The article highlights that the issue of valuation discrepancies is more pronounced in strategy indices like the CSI A500, where the reported P/E ratio can be around 17 times, while the actual P/E ratio is closer to 24 times, indicating potential overvaluation [6][7]. - The financial sector's representation in the CSI A500 is only 11.97%, which, when calculated by total market cap, inflates the P/E ratio to around 17 times, contrasting with the actual holdings-based calculation of over 23 times [7]. Group 4: Evolution of Index Calculation - The article notes that most platforms still use a simplistic total market cap weighting for all indices, which may not accurately reflect the complexities of modern strategy indices [9]. - As more strategy indices emerge, each with its own weighting rules, it is suggested that valuation calculations should align with the actual holdings of the indices for greater accuracy [10].

宏观经济深度研究 全球生产网络与绕不开的中国 ——"经纬之间 纵横其链"中国价值链系列研究之三 在全球生产网络中，中国正从参与既有分工的贸易节点，转变为牵动价值流向 的中枢型力量。这一转变由三重结构性动能共同推动：一是长期积累的规模化 供给能力推高了中国在全球产出中的权重；二是产业升级推动价值获取能力上 移，使中国逐步减轻对低端环节的依赖；三是本文重点关注的，更广泛、更深 入的跨国产业连接重塑了中国在全球价值链中的位置。传统价值链分析强调沿 工序展开的纵向分工，而随着生产组织方式的变化，价值流动越来越呈现多节 点协同、跨区域重组的横向特征。因此，本文从网络视角分析，中国已经成为 连接最密集的价值输出枢纽，并与美国共同构成驱动全球价值循环的双核心。 但二者的作用方式并不相同，美国的影响更多体现在与核心经济体形成长期而 稳定的黏性联系，中国的影响主要来自为大量经济体提供难以绕开的生产投 入。正是这种路径上绕不开、关系上未完全锁定的并存状态，使路径依赖在形 成结构性优势的同时，也放大了潜在的系统性风险。如何在巩固中枢地位的同 时降低风险，关键在于海外生产节点的分散布局、与新兴节点的深度协同以及 更高水平的经贸合作， ...

Core Viewpoint - The Beijing Financial System Work Conference for 2026 emphasizes the importance of implementing Xi Jinping's economic thought and the central economic work conference's directives, while summarizing the achievements of 2025 and planning key tasks for 2026 [1][2]. Group 1: 2025 Achievements - In 2025, under the leadership of the municipal government, the capital's financial system focused on its role as a national financial management center, adhering to high standards and promoting stable progress, with significant advancements in risk prevention, regulatory strength, and high-quality development [2][7]. - The financial system's party-building efforts were strengthened, and the framework for financial risk prevention and resolution was deepened, contributing to a solid foundation for high-quality development during the "14th Five-Year Plan" [2][7]. Group 2: 2026 Objectives - The year 2026 marks the beginning of the "14th Five-Year Plan," and the financial system must recognize new challenges and continue to implement central and municipal decisions, focusing on risk prevention, regulatory enhancement, and high-quality development [3][8]. - The financial system is tasked with enhancing its mechanisms for preventing and resolving financial risks, improving regulatory effectiveness, and supporting key sectors such as domestic demand, technological innovation, and small and medium-sized enterprises [4][9]. Group 3: Leadership and Governance - The conference stressed the need for comprehensive party leadership in financial work, integrating party-building with business planning and execution, and refining the mechanisms for party leadership in financial governance [5][10]. - There is a commitment to fostering a positive political environment and ensuring the development of a high-quality, professional financial workforce in the capital [5][10].

2月2日，A股市场整体下跌。截至收盘，上证指数收报4015.75点，下跌2.48%，深证成指收报 13824.35点，下跌2.69%，创业板指收报3264.11点，下跌2.46%，北证50指数下跌2.03%。 1. A股市场全天资金净流出539.77亿元 今日A股市场主力资金开盘净流出143.2亿元，尾盘净流出157.11亿元，A股市场全天资金净流出 539.77亿元。 | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | | 尾盘净流入 超大单净买入 | | 2026-2-2 | -539.77 | -143. 20 | -157. 11 | -384. 36 | | 2026-1-30 | -595. 71 | -279.84 | -50. 70 | -303.01 | | 2026-1-29 | -602. 22 | -221.16 | -98.94 | -296. 09 | | 2026-1-28 | -274.87 | -58.90 | -29.34 | -118. 55 | | ...

Core Viewpoint - The A-share market is experiencing significant volatility, particularly in the precious metals and banking sectors, with a notable shift in investor focus towards regional banks amid a backdrop of fluctuating gold and silver prices [1][2]. Group 1: Market Performance - On February 2, the A-share market faced downward pressure, with the Shanghai Composite Index dropping by 2.48%, the Shenzhen Component by 2.69%, and the ChiNext Index by 2.46% [2]. - The precious metals sector led the decline with a 7.62% drop, while other resource sectors like steel, chemicals, and coal also saw declines exceeding 5% [2]. - Despite the overall market downturn, bank stocks showed resilience, with 17 banks recording gains, led by CITIC Bank with a 2.64% increase [5]. Group 2: Banking Sector Dynamics - The banking sector has been characterized by a significant outflow of funds, with the China Securities Index reporting a cumulative decline of 6.76% in the banking index as of January 30 [5][6]. - Regional banks have outperformed national banks, with several local banks announcing share buyback plans, signaling potential recovery and investor confidence [1][9]. - Analysts suggest that the peak of fund outflows from the banking sector has passed, with the price-to-book ratio for bank stocks currently around 0.57, indicating potential value for investors [6][7]. Group 3: Investment Sentiment - There is a growing optimism regarding the banking sector's fundamentals, with expectations for a strong start to credit growth in 2026 and stable asset quality [9]. - Recent announcements of share purchases by bank executives and shareholders have bolstered market confidence, particularly among regional banks like Qilu Bank and Nanjing Bank [9]. - The shift in focus from passive to active fund management in the banking sector may lead to increased buying interest, especially if the selling pressure from passive funds diminishes [7][8].

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].

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 ...