广州一位大行贵金属业务人士对智通财经记者表示，当前金价波动明显放大，而银行内部的调价流程、 系统更新往往存在时间差，"价格每分钟在变，但系统未必能同步更新，理财经理集中下单的情况并不 少见，这的确对供应链企业是一种高频风险。" 2月2日，金价大幅波动，对银行及上游供应商的影响正在凸显。 智通财经记者从业内获悉，近期多家银行的实物金条、金银本位类产品已采用多种方式放缓销售节奏。 1月下旬开始，已有多家上游黄金企业陆续暂停或缩减对银行的现货金条供给。 "不是不想卖，而是不敢卖。"一家位于深圳、长期为六大行及股份行提供黄金及相关产品的黄金企业负 责人向智通财经记者坦言，近日公司已陆续通知合作银行，暂停由企业自行购料的金条类产品销售，待 节后再恢复正常服务。 从银行端来看，此轮供应收紧并非单一企业行为。 智通财经记者多方采访了解到，已有多家黄金供应商在1月下旬陆续暂停或缩减对银行的现货金条供 给，有的已经在春节前一至两周便已"按下暂停键"。 值得注意的是，并非所有黄金产品都被"一刀切"暂停。多位受访人士透露，具备较高附加值、毛利空间 充足、能够覆盖套期保值成本的代销类产品仍在继续销售。"这类产品可以承受每克百元级别的 ...

证券日报网讯 2月2日，瑞达期货在互动平台回答投资者提问时表示，公司对客户实行每日无负债结 算，如客户保证金低于规定水平，公司将按照期货经纪合同约定的方式通知客户追加保证金，如客户未 按时追加，公司可通过期货交易所对客户部分或全部持仓实行强行平仓，产生的穿仓金额将持续跟踪客 户入金情况，安排专人上门拜访，必要时采取法律措施维护公司权益。公司治理规范、经营合规，具有 良好的风险管理和内部控制能力。公司在持续完善内控制度和内控体系的同时，注重提升风险预警和处 置能力，建立了覆盖各个风险环节的风险管理机制和相关制度，能较为有效防范和化解金融风险，保护 公司资产的安全与完整。 （文章来源：证券日报） ...

Core Viewpoint - Recent fluctuations in gold and silver have surprised the market, with gold reaching a peak of $5600 and silver hitting $122, marking historical highs and altering market perceptions about these precious metals [2] Group 1: Market Dynamics - The volatility in gold and silver prices has led to predictions of further increases, with many analysts expressing an unlimited bullish outlook [2] - Despite the bullish sentiment, there are significant risks associated with extreme price movements, particularly in the context of potential corrections [2] - The market is currently experiencing a weak state for gold, with critical support levels identified at $4680, $4520, and $4400, which will determine the future trend [4] Group 2: Fundamental Factors - Several factors are enhancing the safe-haven appeal of gold, including instability in the White House, rising geopolitical tensions, a change in the Federal Reserve's leadership and interest rate policies, and increased gold purchases by central banks [4] - The upcoming non-farm payroll data and other economic indicators are expected to influence market sentiment and technical perspectives on gold [4] Group 3: Silver Market Insights - Silver has seen a dramatic decline from $122 to $73.5, which exceeded most expectations, and is currently trading around $86 [5] - There is a more optimistic outlook for silver compared to gold, with expectations of a potential rebound and upward movement if it breaks above $90 [5] - The domestic silver market has experienced a significant drop, with a 30% decline, indicating a high level of volatility and risk for investors [5]

Core Viewpoint - The Shanghai Municipal Government has released an action plan to enhance the linkage between futures and spot markets for non-ferrous metals, aiming to improve the effectiveness of services to the real economy and strengthen risk management capabilities among enterprises in the current volatile market environment [1] Group 1: Policy and Market Trends - The action plan emphasizes the deep participation of non-ferrous metal application enterprises, such as those in automotive manufacturing, construction, and home appliance production, in futures and OTC derivatives markets to hedge against price volatility [1] - The China Futures Association forecasts that by 2025, the cumulative trading volume of the national futures market will reach 9.074 billion contracts, with a cumulative transaction value of 76.625 trillion yuan, reflecting a year-on-year growth of 17.4% and 23.74% respectively [1] - The commodity options market is also expected to see significant growth, with a projected trading volume of 1.722 billion contracts and a transaction value of 153 billion yuan in 2025, representing year-on-year increases of 60.93% and 94.6% [1] Group 2: Risk Management and Tools - As of December 2025, there are 164 listed varieties in China's futures and options market, with 18 new additions during the year, indicating a growing demand for risk management tools [2] - The use of options is becoming more prevalent, with enterprises shifting from single futures hedging to a "futures + options" combination for risk management [2] - The nominal principal of OTC derivatives held by risk management subsidiaries reached 380.86 billion yuan by December 31, 2025, marking a new high for the year, with commodity OTC derivatives accounting for 24.698 billion yuan, a 16.4% increase since April [2] Group 3: Strategic Importance of Risk Management - Effective risk management is viewed as a "safety net" for commodity traders to withstand market fluctuations, helping to stabilize operations and optimize costs [3] - Companies can enhance their competitive edge by using futures prices as a pricing benchmark for spot trades, improving procurement and sales strategies, and increasing capital efficiency through margin trading [3] - Strong risk management capabilities are essential for companies to participate effectively in the global commodity market and seize international opportunities, with those excelling in risk management often outperforming competitors [3]

Core Insights - The initial procurement cost of equipment in large commercial projects and infrastructure investments is just the tip of the iceberg, with insurance and financing costs being ongoing expenditures throughout the project lifecycle. The UL certification status of transformers significantly impacts these financial metrics [1] Group 1: Importance of UL Certification - UL certification is a critical risk factor in insurance assessments, as unverified transformers are viewed as high-risk variables due to their potential for electrical fire hazards [3] - Using certified high-quality products can lower insurance premiums, as they are seen as adopting industry best practices, which can lead to better rates from insurers [4] - UL certification has evolved beyond mere technical safety to become a financial language and risk management tool, affecting project cash flow and return on investment [3] Group 2: Financial Implications of Non-UL Certified Products - Non-UL certified products increase the overall risk score of a project, leading to higher insurance premiums and potentially requiring higher deductibles or exclusions [4] - Providing UL certification from reputable brands serves as strong evidence of risk mitigation efforts to insurers, which can lower base rates and meet underwriting prerequisites for large commercial policies [4] - The use of UL certified transformers enhances the assessed value and liquidity of project assets, thereby reducing the weighted average cost of capital (WACC) and improving financial feasibility [4]

Core Insights - Bitcoin experienced a significant drop, falling below the $80,000 mark, which triggered a widespread crash in the cryptocurrency market [1] - The total market capitalization of the crypto market declined by over 6% to $2.73 trillion, with over $100 billion disappearing in just five hours [2] - This downturn marks the lowest price for cryptocurrencies since April 2025, raising questions about Bitcoin's role in investment portfolios [3] Market Impact - Bitcoin's value plummeted by 5% within 24 hours, trading at $78,479.21, leading to declines in other cryptocurrencies such as Ethereum (down 12% to $2,395.58) and Solana (down 11% to $103.44) [1] - Liquidations in the crypto market totaled over $1.61 billion, with Ether leading at $560 million, followed by Bitcoin at $481 million [2] - The largest single liquidation order was an Ether order worth $13.38 million on Hyperliquid [2] Broader Implications - The crash has raised serious concerns about the stability and reliability of digital currencies, highlighting the high-risk nature of crypto investments [4] - The simultaneous decline of gold, a traditional safe-haven asset, has prompted investors to seek alternatives, emphasizing the need for diversified investment portfolios [5]

第四种是基本面分析交易法。投资者关注各国的经济数据，敏锐捕捉全球政治局势，紧跟各国央行的货币政策等能够影响市场 标的价格走势的诸多因素，最终形成自己的分析判断，并预期行情走势，在此背景下进行交易。例如，交易黄金的投资者往往 会关注美联储货币政策的动态，在美联储采取宽松货币政策时，黄金价格可能上涨，此时买入黄金或许是个不错的机会。 每一种交易方法都有其优点，同样也存在不足之处。每位交易者的风格各异，不同的方法适合不同的交易者。投资者在学习交 易方法时需根据自身特点加以运用。 今天为大家归纳几个交易市场中颇为有效的交易盈利方法。不过，交易市场存在风险，这些方法无法确保绝对盈利，投资者应 在充分了解市场以及自身风险承受能力的前提下进行投资决策。 第一种是趋势跟踪法。投资者借助图表分析和技术指标，识别标的市场的主要趋势方向，随后顺势开展交易。例如，当黄金处 于上升趋势时，寻觅买入时机；处于下跌趋势时，寻找卖出机会。常用的交易工具有移动平均线、MACD、趋势线等。 第二种是区间交易法。此方法适用于震荡趋势，市场标的价格在某一时间段内维持在特定的价格区间内波动，交易者可选择在 区间顶部卖出，在接近区间底部时买入。该方法要 ...

数字金融是中央金融工作会议提出的金融"五篇大文章"之一，对于提升金融业竞争力和服务实体经济效率具有深刻意义。 为推动金融机构加快数字化转型，政策方面持续跟进。早在2022年，原银保监会印发《关于银行业保险业数字化转型的指导意见》（以下简称《指导意 见》），明确了银行保险机构数字化转型的指导思想和基本原则，核心在于为金融机构提供监管指引。此外，2025年3月，国务院办公厅印发《关于做好金 融"五篇大文章"的指导意见》提出，加快数字金融创新，支持巩固拓展数字经济优势。 此次《方案》立足金融机构数字化转型的实际，旨在推动金融机构高质量发展。金融监管总局有关司局负责人就《方案》答记者问时表示，《方案》与《指 导意见》在原则导向上一脉相承。《指导意见》侧重战略规划与能力建设，引导金融机构启动数字化转型，《方案》则聚焦具体举措与质量提升，指引金融 机构通过深化数字化转型推进数字金融高质量发展，两份政策文件构成递进关系，共同构建了数字金融发展的监管政策框架。 （来源：经济日报） 转自：经济日报 为推动金融机构数字化转型，国家金融监督管理总局日前发布《银行业保险业数字金融高质量发展实施方案》（以下简称《方案》），围绕金融机构 ...

Financial Data and Key Metrics Changes - The company reported a net profit of EUR 6.3 billion with a return on equity of 13.2% and a capital ratio of 30.1% [6] - Interest income remained stable despite headwinds from lower replication volumes, with a 5% growth in lending in the fourth quarter [4] - Fee income increased by 15% to EUR 4.6 billion, driven by investment products and wholesale banking activities [5] Business Line Data and Key Metrics Changes - The lending book grew by EUR 57 billion, an 8% increase compared to the previous year, with significant contributions from mortgages (EUR 376 billion), business banking (EUR 140 billion), and wholesale banking (EUR 266 billion) [2] - The total amount of deposits grew by EUR 38 billion, a 6% increase, indicating strong client engagement [2] - Asset management and e-brokerage services saw a 60% increase, reaching EUR 278 billion, reflecting a diversification strategy [3] Market Data and Key Metrics Changes - The company attracted over 1 million primary customers in 2025, with a total of over 15 million primary customers out of 41 million total customers [1] - The company is recognized as a top three mortgage provider in Europe, highlighting its significant market presence [2] Company Strategy and Development Direction - The company aims to diversify its business profile by enhancing its offerings in asset management and e-brokerage, moving beyond traditional lending [3] - There is a focus on becoming a primary bank for customers, emphasizing the need for a more impactful presence in various markets [36] - The company is transitioning from expert-based to data-driven risk models to improve its lending strategies and capital management [14][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory, citing higher lending and deposit growth as key indicators of future performance [15] - The company acknowledges the competitive landscape, particularly from neobanks, and is focused on improving customer experience to retain market share [72] - There is a recognition of the need to balance risk and return in retail banking, with a cautious approach to capital management [14] Other Important Information - The company is developing a digital SME bank in Germany, targeting self-employed individuals and small businesses to enhance its service offerings [81] - Management emphasized the importance of societal inclusion in banking, particularly for underserved segments [94] Q&A Session Summary Question: What can be expected from the SRD strategy and growth? - Management indicated that growth is expected to continue, with improvements in data-driven models enhancing capital release capabilities [12][14] Question: How does the company view the competition from neobanks like Revolut? - Management acknowledged the competitive pressure from neobanks and emphasized the need to enhance digital journeys and customer experiences to remain relevant [72][46] Question: What is the company's approach to expanding its SME banking services? - The company is focused on developing its SME banking capabilities, particularly in Germany, to cater to the needs of self-employed individuals and small businesses [81][90]

来源：中国工商银行 1月27日至28日，工商银行2026年党建暨经营管理工作会议在北京召开。会议以习近平新时代中国特色 社会主义思想为指导，深入学习贯彻党的二十大和二十届历次全会、省部级主要领导干部学习贯彻党的 二十届四中全会精神专题研讨班精神，落实中央经济工作会议、二十届中央纪委五次全会、全国金融系 统工作会议等部署，总结工作、分析形势、安排下阶段任务。党委书记、董事长廖林出席会议并讲话， 党委副书记、行长刘珺作经营分析报告。总行党委成员，董事会及高管层成员出席。 会议指出，2025年全行认真贯彻党中央决策部署，以中央巡视整改和深入贯彻中央八项规定精神学习教 育为促进，坚持党建引领、五化转型，交出了一份向新向优发展的年度答卷。"十四五"全行发展规划圆 满收官，中国特色世界一流现代金融机构建设迈出新步伐。 会议强调，要全面深刻准确领会和把握党的二十届四中全会作出的战略部署，制定实施好全行"十五 五"规划，打造一流银行、领军银行、清廉银行、现代银行。坚持"稳中求进、提质增效"及两个"更好统 筹"，坚持正确的政绩观，坚持"防风险、强监管、促高质量发展"金融工作主线，持续做强主业、做优 质效、做大贡献。 一是提升防 ...