最近金价涨"疯"了！ 截至发稿，现货黄金报4981.309美元/盎司， 逼近每盎司5000美元 。 "最近每天都有很多人打电话咨询。"工商银行杭州高新支行的工作人员表示，网点目前所有保管箱都已出租，新客户需等待现有客户退租 后才能办理租赁。该支行共有400余个保管箱，按不同大小收费，其中最小规格为240*130*510mm，年租金860元、押金1720元，稍大 规格的240*170*510mm年租金为930元、押金1860元。保管箱租赁期最短为一年。 工作人员提醒客户前来办理业务时，需携带身份证并签订相关协议。在存取流程上，客户需要先通过系统进行指纹验证，身份确认无误后 再使用钥匙开启。银行将为每位承租人提供两把专用钥匙。 中国银行浙江省分行营业部工作人员告诉记者， "预约队伍已经排到两三个月后 ，具体什么时间能租到还说不准。"该行小箱年租金500 元、押金2500元，而中箱与大箱由于需求过于火爆，目前已暂停新预约。 国内金价也水涨船高。多家品牌金店的足金饰品报价突破每克1500元关口，一些品牌的足金饰品报价达每克1548元，较前一日单克上涨超 50元，再创历史新高。 | 国内现货 | 国际现货 | 黄金实物 ...

最近金价涨"疯"了！ 截至发稿，现货黄金报4981.309美元/盎司，逼近每盎司5000美元。 | < w | 伦敦金现 | | --- | --- | | SPTAUUSDOZ.IDC | | | 4981.309 昨结 4935.960 开盘 | 4937.000 | | +45.349 +0.92% 总量(kg) == 现手 | | | 最高价 | -- 外 盘 4990.170 持 仓 | | 最低价 | -- 内 盘 4899360 增 它 | | 分时 | 五日 日K 周K 月K 更多 ◎ | | 膏加 设均线 MA 5: 4590.874↑ 10: 4407.495↑ 20: 4175.63 | | | 5183.484 | 4990.170 > | | 4023.600 | | | 2863.717 | | | 2025-06-06 | 08-08 10-03 11-28 01-23 | 国内金价也水涨船高。多家品牌金店的足金饰品报价突破每克1500元关口，一些品牌的足金饰品报价达每克1548元，较前一日单克上涨超50元，再创历史 新高。 | 国内现货 | 国际现货 | 黄金实物 | | | ...

2026.01.25 本文字数：3430，阅读时长大约6分钟 作者 |第一财经 王方然 金价持续攀升，1月23日，伦敦金现盘中最高突破4990美元/盎司，创下历史新高。 随着国际金价持续走强，与黄金相关标的挂钩的银行结构性存款产品正在悄然走热。近期，包括国有大 行、股份行及外资银行均密集推出此类产品，部分热门产品甚至出现"一上架即售罄"的景象。 第一财经调研发现，这类产品普遍具备万元起步、期限灵活、收益分档等特点。既有挂钩黄金价格的常 规产品，也有挂钩矿业公司股票、预期收益上限可达12%的复杂结构产品。在定期存款集中到期、金价 预期持续看强的背景下，从普通投资者到上市公司都对此表现出浓厚兴趣。Choice数据显示，今年以 来，上市公司相关认购金额已达17.28亿元。 尽管产品供给增加，挂钩黄金的结构性存款仍出现额度紧张、提前售罄的情况，尤其是预期收益率较高 的产品。例如，交通银行"稳添慧"系列中一款黄金看涨64天产品已于1月16日提前售罄，该产品规模上 限为10亿元，预期收益率区间为0.5%至3.2%。 不少投资者表示，近期有增购结构性存款的计划。一名深圳投资者对记者透露，多笔存款即将到期，正 考虑配置挂钩黄 ...

金价持续攀升，1月23日，伦敦金现盘中最高突破4990美元/盎司，创下历史新高。 随着国际金价持续走强，与黄金相关标的挂钩的银行结构性存款产品正在悄然走热。近期，包括国有大行、股份行及 外资银行均密集推出此类产品，部分热门产品甚至出现"一上架即售罄"的景象。 第一财经调研发现，这类产品普遍具备万元起步、期限灵活、收益分档等特点。既有挂钩黄金价格的常规产品，也有 挂钩矿业公司股票、预期收益上限可达12%的复杂结构产品。在定期存款集中到期、金价预期持续看强的背景下，从 普通投资者到上市公司都对此表现出浓厚兴趣。Choice数据显示，今年以来，上市公司相关认购金额已达17.28亿元。 然而，看似美好的收益背后却暗藏玄机。不同产品在挂钩标的、收益结构设计上千差万别，实际获得高收益的概率也 大相径庭。投资者在追逐黄金热的同时，更需要冷静审视产品条款中的收益实现条件和潜在风险。 挂钩黄金的结构性存款受热捧 近期金价持续上涨，带动挂钩黄金的银行结构性存款产品迅速走红。结构性存款通常被视为"存款+金融衍生品"的组 合型产品，其本金一般投向存款等低风险资产，收益部分则用于投资衍生品，以争取更高回报。 据第一财经不完全统计，20 ...

Group 1: Gold Price Surge - The price of gold has surged significantly, with spot gold reaching $4981.309 per ounce, approaching the $5000 mark [1] - Domestic gold prices have also increased, with several brands of gold jewelry exceeding 1500 yuan per gram, and some reaching 1548 yuan, marking a daily increase of over 50 yuan [3] Group 2: Demand for Bank Safe Deposit Boxes - The demand for bank safe deposit boxes has skyrocketed, with many banks reporting that all available boxes are rented out, leading to waiting lists for new customers [7][9] - In Hangzhou, major banks have completely rented out their safe deposit boxes, and new customers must wait for existing customers to return their boxes before they can rent one [8] - The surge in demand for safe deposit boxes is attributed to the increasing need for secure storage of high-value items like gold bars, particularly among high-net-worth individuals in major cities [9]

Core Viewpoint - The continuous rise in gold prices has led to a surge in bank structured deposit products linked to gold, attracting significant interest from both individual investors and listed companies [1][3]. Group 1: Market Trends - On January 23, gold prices reached a historic high of $4,990 per ounce, prompting banks to launch various structured deposit products linked to gold [1]. - Major banks, including state-owned and foreign banks, have introduced over 20 types of these products since 2026, with many experiencing rapid sell-outs upon launch [2][3]. - The typical investment threshold for these products is over 10,000 yuan, with flexible terms and varying expected annual returns ranging from 0.05% to 12% [2][3]. Group 2: Investor Interest - There has been a notable increase in inquiries about gold-linked structured deposits, driven by rising gold prices and the expiration of traditional fixed-term deposits [3][6]. - Listed companies have also shown significant interest, with a total subscription amount of 1.728 billion yuan reported in 2026, which is substantially higher than the previous year [3][4]. Group 3: Product Characteristics - Structured deposits linked to gold typically combine low-risk assets with derivatives to seek higher returns, with varying designs affecting potential yields [1][5]. - Common product types include those linked directly to gold prices, gold-related indices, and gold derivatives, with returns significantly influenced by the underlying asset's performance [6][7]. - Some products feature complex structures, such as touch-type designs that can trigger early termination based on price movements, potentially leading to higher returns [8][13]. Group 4: Performance and Risks - Despite the growing supply of gold-linked structured deposits, there have been reports of tight quotas and early sell-outs, particularly for products with higher expected returns [3][15]. - Historical data indicates that while many investors achieve moderate returns, the likelihood of reaching the highest return tier is relatively low, with only 6.54% of investors achieving maximum returns in certain products [16]. - Investors are advised to carefully review product terms and understand the conditions for achieving expected returns, as well as the associated risks of short-term price volatility [15][16].

王良，1965年12月出生，招商银行执行董事、行长兼首席执行官。中国人民大学经济学硕士，高级经济 师。1995年6月加入招商银行，历任招商银行北京分行行长助理、副行长、行长，2012年6月起历任公司 行长助理、副行长、常务副行长，2022年4月18日起全面主持公司工作，2022年6月15日起任公司行长。 王良还兼任招商银行香港上市相关事宜之授权代表、招银国际金融控股有限公司董事长、招银国际金融 有限公司董事长、招商永隆银行有限公司董事长、招联消费金融有限公司副董事长、招商局金融控股有 限公司董事、中国银行业协会中间业务专业委员会第四届主任、中国金融会计学会第六届常务理事、广 东省第十四届人大代表。曾任公司财务负责人、董事会秘书、公司秘书。 截至2025年12月31日，招商银行资产总额13.07万亿元，较上年末增加9184.87亿元，增幅7.56%；负债 总额11.79万亿元，较上年末增加8710.63亿元，增幅7.98%；不良贷款率0.94%，较上年末下降0.01个百 分点；拨备覆盖率391.79%，较上年末下降20.19个百分点；贷款拨备率3.68%，较上年末下降0.24个百 分点。 招商银行董事长缪建民、 ...

2025 年 4 季度公募基金银行持仓点评 主动基金配置比例仍处低位 glmszqdatemark 分析师：王先爽 分析师：乔丹 执业证书：S0590525120014 执业证书：S0590526010003 邮箱：wangxianshuang@glms.com.cn 邮箱：qiaodan@glms.com.cn 推荐 维持评级 相对走势 -10% 3% 17% 30% 2025/1 2025/7 2026/1 银行 沪深300 相关研究 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 2026 年 01 月 25 日 [Table_Author] 25Q4 公募基金持仓银行情况。为了追踪市场偏股公募基金对银行的持仓情况， 我们把其分为三类：1、主动基金：主动股票、偏股混合和灵活配置型基金；2、 ETF 基金：追踪沪深 300、中证 A500 等与银行相关的主要指数的 ETF 基金；3、 非 ETF 指数基金：追踪以上主要指数的非 ETF 类被动指数、指数增强型基金。25 年四季度主动、ETF 和非 ETF 指数基金分别持有银行板块 305.8、2607.2、574.1 亿元，分 ...

Core Insights - The Chinese private banking industry is undergoing a historic shift from "scale expansion" to "value cultivation," with high-quality growth expected by 2025 [3][4] - The number of high-net-worth individuals (HNWIs) in China has surpassed 3 million, with assets under management (AUM) reaching 24.6 trillion yuan, projected to grow to 42 trillion yuan by 2030, reflecting a compound annual growth rate (CAGR) of 9.5% [3][6] - The market is characterized by a dual trend of "head concentration and distinctive breakthroughs," with major state-owned banks dominating the sector [3][8] Industry Overview - The private banking sector in China continues to show steady growth, with AUM reaching 18.8 trillion yuan by mid-2025, a 9.3% increase from the end of 2024 [5][6] - The number of clients served by 16 banks reached 1.649 million, a year-on-year growth of 13.17% [5] - The market is highly concentrated, with the top four state-owned banks holding nearly 70% of the total AUM among the 12 major private banks [8][7] Market Dynamics - Business innovation is becoming a new driving force for industry development, with family trusts and insurance trusts experiencing rapid growth [4][19] - By Q3 2025, the total scale of family trusts exceeded 950 billion yuan, while insurance trusts reached 420 billion yuan, reflecting growth rates of 5.6% and 19.1% respectively [4][19] - The industry faces challenges such as stricter regulations, talent shortages, and intensified competition [4][29] Client Demographics - The number of high-net-worth families in China reached 2.066 million by 2025, with the total wealth of billionaires growing to 1.8 trillion USD, a 22.2% increase [12][6] - The average age of high-net-worth individuals is 35, with a significant portion being young entrepreneurs [13][12] - The income sources of high-net-worth individuals are diverse, with business income being the primary source [13][16] Business Model Innovations - Family office services are rapidly developing, with over 85% of private banking departments establishing independent family office service systems by the end of 2023 [22] - The demand for family office services is expected to grow, with annual expenditures on tax planning projected to reach 2.8 million yuan by 2025 [23] - ESG investments are becoming a key focus, with ESG-themed financial products seeing significant growth [24][25] Digital Transformation - The digital transformation of the private banking sector is entering a deepening phase, with at least 60% of institutions expected to adopt AI-driven advisory systems by 2025 [26][27] - Technology investments are projected to exceed 4.8 billion yuan, with a CAGR of 27.3% [26] - The integration of digital services is crucial for enhancing customer experience and operational efficiency [28] Regulatory Environment - The regulatory environment is becoming stricter, leading to increased compliance costs, which are expected to rise by 23 percentage points of operating income [29][30] - The implementation of new asset management regulations is reshaping product design and increasing the entry barriers for new players [29][30] Talent Shortage - The private banking industry faces a significant talent shortage, with a demand gap of approximately 24,000 professional bankers by 2025 [33][34] - The ratio of talent supply to demand is 1:8, indicating a critical need for skilled professionals [33] - The industry is increasingly focusing on talent training and recruitment to address this gap [34]

Core Viewpoint - The AI Fund Qianhai Kaiyuan State-owned Enterprise Selected Mixed Fund A (022414) reported a profit of 1.9062 million yuan for Q4 2025, with a weighted average profit per fund share of 0.1426 yuan, and a net value growth rate of 11.64% for the period [3]. Group 1: Fund Performance - As of January 22, the fund's unit net value was 1.453 yuan, with a three-month net value growth rate of 13.91%, ranking 193 out of 689 comparable funds [4]. - The fund achieved a six-month net value growth rate of 32.19%, ranking 220 out of 689 comparable funds [4]. - The one-year net value growth rate was 45.36%, ranking 250 out of 673 comparable funds [4]. Group 2: Fund Management and Strategy - The fund manager, Tian Wei, oversees six funds that have all yielded positive returns over the past year [3]. - The fund's net value outperformed its performance benchmark in Q4, primarily due to successful allocations in sectors such as non-ferrous metals and insurance [3]. - The fund experienced a notable drawdown in November, prompting a reduction in equity positions and profit-taking in certain sectors, while increasing holdings in dividend stocks [3]. Group 3: Fund Metrics - The fund's Sharpe ratio since inception is 2.1982 [5]. - The maximum drawdown since inception is 7.13%, with the largest quarterly drawdown occurring in Q4 2025 at 5.57% [8]. - The average stock position since inception is 86.83%, compared to the peer average of 84.04% [11]. Group 4: Fund Size and Holdings - As of the end of Q4 2025, the fund's size was 17.9817 million yuan [12]. - The fund has a high concentration of holdings, with the top ten stocks including China Mobile, China National Offshore Oil Corporation, and Industrial and Commercial Bank of China [15].