Core Insights - Chinese residents exhibit a high savings enthusiasm, with a savings rate of 46%, significantly above the global average of 29% [1] - In the first half of this year, new deposits from residents in Chinese financial institutions reached an astonishing 10.33 trillion yuan, surpassing the total new deposits of previous years [1] - The motivation behind this trend is the uncertainty regarding the future, including concerns over recurring pandemics, unemployment risks, and health issues [1] Group 1: Bank Deposit Rates - Current domestic bank deposit rates are generally below 3%, with state-owned banks offering five-year deposit rates around 2.6%, which is lower than the 3.85% offered by some smaller banks [2] - Smaller commercial banks, such as rural commercial banks and village banks, may offer higher rates but come with increased risks of potential bankruptcy [2] - Deposit insurance for these smaller banks only covers amounts up to 500,000 yuan, meaning that depositing all savings in such banks is not advisable [2] Group 2: Liquidity Considerations - A five-year fixed deposit means that funds cannot be accessed flexibly during that period, necessitating careful evaluation of the likelihood of needing to withdraw funds early [4] - If early withdrawal is necessary, banks typically calculate interest at the current savings rate, leading to significant interest losses for depositors [4] Group 3: Investment Opportunities and Inflation - Locking in a five-year rate of 3.85% may not be the best choice due to the unpredictable nature of future investment markets, which could present better opportunities [6] - With ongoing inflation, the purchasing power of 1 million yuan may significantly decrease over five years, making a five-year fixed deposit potentially unwise [6] Group 4: Structured Deposits - Some banks offering "high-interest" five-year deposits may actually be providing structured deposits, where part of the deposit is invested in markets like stocks or funds [8] - While principal is protected, there is a risk of losing interest if the investments do not perform well, necessitating careful consideration of the risks and returns associated with such products [8]

在低利率环境下，多家银行密集推出相关产品，部分银行一度额度紧张，甚至售罄。上海证券报记者了 解到，这种"存款+衍生品"的组合结构通过挂钩金价波动实现收益弹性，但业内人士提醒，看似稳健的 产品背后暗藏认知误区，"最高收益率"触发条件往往较为严苛，投资者实际获得的多为中间档或保底收 益。 黄金结构性存款成"抢手货" 随着利率持续下行，存款流向问题日益成为市场关注的焦点。2026年初，大额存单利率已普遍降至1% 以下，传统存款产品收益率空间不断收窄。此外，低风险理财产品的收益率也呈现同步下行态势，大量 资金正面临着配置压力。 ■延伸阅读 黄金结构性存款走红 部分银行产品额度紧张 ◎记者 徐潇潇 开年至今，国际现货黄金价格涨幅已超过14%。受金价持续走强影响，黄金结构性存款以其兼具保本属 性和收益弹性的特点，吸引了投资者的目光。 与此同时，受国际金价波动影响，黄金市场近期再度成为关注焦点。进入2026年以来，黄金延续强劲走 势。北京时间1月23日，伦敦现货黄金价格首次突破4900美元/盎司大关。 在此背景下，寻找既能保障本金安全，又能获得相对较高收益的稳健型投资渠道，已成为当前投资者的 共同诉求。嗅觉灵敏的投资者，包 ...

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 ...

Core Viewpoint - The gold market has seen a significant increase in interest, with many investors turning to gold ETFs and structured deposits as gold prices continue to rise, reaching nearly $5000 per ounce [1][2]. Group 1: Market Trends - Since the beginning of 2026, international gold prices have maintained a strong upward trend, with COMEX gold futures reaching $4970 per ounce [1]. - The rising gold prices have led to increased attention on structured deposit products linked to gold offered by various banks [2]. Group 2: Product Offerings - Banks are introducing a variety of gold-linked structured deposit products, with different risk levels and potential returns. For example, the "稳添息" series from Bank of Communications offers a maximum annualized return of 1.66% [2]. - Standard Chartered Bank has launched a structured deposit linked to SPDR Gold Trust with a potential annualized return of 0% to 5%, emphasizing that returns are not guaranteed and depend on market performance [3]. Group 3: Investor Sentiment - The design of structured deposits, which guarantees principal safety while allowing for potential higher returns, appeals to investors who are cautious about market volatility [3]. - Investors express concerns about potential market corrections, with some feeling anxious about the rapid increase in gold prices [4]. Group 4: Future Outlook - Analysts remain optimistic about the future of gold prices, citing factors such as anticipated interest rate cuts by the Federal Reserve, issues with U.S. dollar credibility, and geopolitical uncertainties as supporting elements for continued price increases [6]. - The long-term outlook for gold remains positive, despite short-term volatility risks, suggesting that investors may consider strategic positioning in the market [6].

Core Insights - Gold prices have been on the rise since 2025, leading to a surge in demand for gold-linked structured deposit products from various banks, with some products offering annualized returns as high as 8% [1] Group 1: Product Offerings - Multiple banks have launched gold-linked structured deposit products, with variations in minimum investment, duration, and yield, resulting in some popular products being sold out [1] - China Bank introduced a product with a minimum investment of 10,000 yuan and a term of 87 days, offering an annualized yield ranging from 0.2% to 5.2% [2] - Other banks, such as the Bank of Communications and Minsheng Bank, have also released competitive products with varying yields and investment thresholds [2] Group 2: Market Trends - As of December 2025, the balance of structured deposits in Chinese banks reached 4.25 trillion yuan, marking a year-on-year growth of 6.01%, with unit structured deposits accounting for 69.49% of the total [3] - The trend of companies investing in structured deposits has increased, with numerous A-share companies announcing investments in gold-linked products [3] Group 3: Investment Appeal - The popularity of structured deposits is attributed to their dual advantages of capital protection and higher returns compared to traditional savings, especially in a low-interest-rate environment [4] - The rising gold prices, driven by its safe-haven and anti-inflation properties, have made gold-linked structured deposits attractive for investors seeking to capitalize on market gains [5]

Core Viewpoint - The article highlights the recent surge in gold prices, with COMEX gold reaching a new high of $4827 per ounce, reflecting an increase of over 11% in just 22 days of the year 2026. This trend has led to a growing interest in structured deposits linked to gold among both companies and individual investors [1][2][17]. Group 1: Gold Price Performance - As of January 22, 2026, COMEX gold was priced at $4827 per ounce, showing a year-to-date increase of 11.47% [2]. - London gold and silver also experienced significant price movements, with London gold at $4827.296 and London silver at $93.691, reflecting increases of 11.79% and 30.90% respectively since the beginning of the year [2]. Group 2: Structured Deposits - Several listed companies, including Guozi Software and Fudan Zhangjiang, have announced their subscription to gold-linked structured deposits, indicating a rising enthusiasm among individual investors for such products [4]. - Major banks, including Bank of Communications and China Merchants Bank, have launched structured deposits linked to gold, with some products experiencing high demand and limited availability [4]. Group 3: Yield and Conditions of Structured Deposits - Despite the strong performance of gold, the overall yield of gold-linked structured deposits is not particularly high, with most products offering annualized returns not exceeding 2% [6]. - For example, a product from Bank of Communications offers a yield range of 0.5% to 3.2%, contingent on gold price movements, with a minimum yield of 0.5% if the price declines [6][7]. - Another product from Industrial Bank has a yield of 2.02% if gold prices increase by 16.9% or more, with a minimum yield of 1% if prices fall below a certain threshold [8]. Group 4: Market Volatility and Short-term Products - Short-term structured deposit products, with durations of about one week, are being offered with annualized yields between 1.5% and 1.7%, but they are subject to market volatility risks [10]. - The article notes that significant price fluctuations in gold can easily trigger minimum yield conditions for these short-term products [10]. Group 5: Investment Considerations - Investors are advised to carefully review the terms of structured deposits, including the structure of returns, observation methods, and the feasibility of achieving the highest yields [12]. - Emphasis is placed on the importance of selecting products with higher minimum yields to mitigate risks associated with incorrect market predictions [13]. - The article contrasts structured deposits with non-principal protected structured financial products, highlighting the safety of principal as a key advantage of structured deposits [15]. Group 6: Long-term Outlook on Gold - Despite recent fluctuations in gold prices, several institutions remain optimistic about the long-term outlook for gold, with predictions of price increases driven by factors such as Federal Reserve interest rate cuts and geopolitical uncertainties [17]. - Historical trends suggest that gold prices could rise between 10% and 35% by 2026, with forecasts from major banks indicating potential prices reaching $5000 per ounce or even challenging $6000 in the long term [17].

Core Viewpoint - Gold has regained market attention, with prices reaching new highs and structural deposits linked to gold becoming popular investment choices [1][12]. Group 1: Gold Price Trends - As of January 22, 2026, COMEX gold prices reached $4,827 per ounce, marking an increase of over 11% within the first 22 days of the year [1][12]. - Multiple institutions remain optimistic about the medium to long-term outlook for gold prices, with predictions suggesting a potential increase of 10%-35% by 2026 [19][20]. Group 2: Structural Deposits - Numerous listed companies, including Guozi Software and Fudan Zhangjiang, have announced their subscription to gold-linked structural deposits, reflecting rising interest from individual investors as well [2][13]. - Several banks, such as Bank of Communications and China Merchants Bank, have launched structural deposits linked to gold, with some products experiencing high demand and limited availability [2][13]. Group 3: Yield Conditions - The overall yield levels of gold-linked structural deposits are not particularly high, with most products offering annualized returns not exceeding 2% [3][14]. - For example, a product from Bank of Communications offers a yield range of 0.5%-3.2%, contingent on gold price movements during the observation period [3][14]. Group 4: Investment Considerations - Investors are advised to carefully evaluate the conditions for achieving the highest yields, as many products have specific requirements that may be challenging to meet [4][18]. - The safety of principal is a key advantage of structural deposits compared to non-principal protected structured financial products, with a significant percentage of the latter experiencing early termination [19].

Core Viewpoint - Gold has regained market attention, with prices reaching new highs and structural deposit products linked to gold becoming popular investment choices [1][7]. Group 1: Gold Price Performance - As of January 22, 2026, COMEX gold prices reached $4,827 per ounce, marking an increase of over 11% within the first 22 days of the year [1]. - Institutions remain optimistic about gold's long-term prospects, with predictions of price increases between 10% to 35% by 2026, and forecasts from Morgan Stanley and UBS suggesting potential prices of $5,000 to $6,000 per ounce [7][8]. Group 2: Structural Deposit Products - Structural deposit products linked to gold have seen increased demand, with several listed companies and banks reporting high subscription rates [1]. - These products typically offer a combination of low-risk assets and financial derivatives, aiming for higher returns, although current yields are generally low, with most products offering annualized rates below 2% [1][6]. Group 3: Product Examples and Conditions - For example, a product from Bank of Communications offers a yield range of 0.5% to 3.2%, contingent on gold price movements, with specific conditions for achieving higher returns [2]. - Another product from Industrial Bank has a minimum yield of 1%, providing a safety net for investors despite market fluctuations [3]. Group 4: Investment Considerations - Investors are advised to consider the conditions for achieving maximum yields and the implications of minimum yields when selecting structural deposits [6]. - The safety of principal is a key advantage of structural deposits compared to non-principal protected products, with a significant percentage of linked products experiencing early termination [6].

"50万元大额存单刚刚到期，我跟多家银行咨询了一下，现在3年期大额存单利率连2%都不到，正愁资金没地方放呢。"储户晓晓（化名）拿着到期的存 单，向《金融时报》记者道出了当下不少投资者的困惑。 记者注意到，在银行定期存款利率持续下行、大额存单吸引力减弱的当下，与黄金挂钩的结构性存款产品却在年初一路走俏。多家银行密集推出相关产 品，凭借其相对突出的利率优势，成功吸引了个人投资者乃至上市公司的目光。 中外资银行同台发力 利率最高达5% 今年以来，随着黄金市场的一路走高，黄金挂钩结构性存款顺势崛起，成为多家银行产品矩阵中的"明星产品"。 此外，渣打银行、汇丰银行、星展银行等外资银行也纷纷推出了挂钩黄金的结构性存款产品，相比之下，外资银行推出的此类产品预期年化收益率更高。 例如，渣打银行推出了挂钩SPDR黄金信托的结构性存款，最低认购金额5万元，预期年化收益率最高可达5.0%；星展银行推出了挂钩黄金的美元即时价 格的结构性存款，预期年化收益率最高为4%。 "本金保障+浮动收益" 在业内人士看来，黄金挂钩结构性存款在今年年初迅速走俏，是市场环境、银行策略与投资者需求共同作用的结果。 《金融时报》记者注意到，在国有大行中， ...