据了解，银行贵金属延期交易为保证金杠杆交易，保证金比例上调至100%意味着杠杆效应完全取消， 投资者需全额缴纳保证金进行交易，可有效规避价格波动带来的爆仓风险，这也是金融机构应对当前黄 金高波动格局的关键举措。多家银行此前已通过公众号、官网等渠道发布风险提示，建议客户审慎评估 自身风险承受能力，保持理性投资心态，避免盲目追涨杀跌。 在银行密集调整的同时，上海黄金交易所也于2月24日同步优化合约交易规则。自当日收盘清算时起， Au（T+D）、mAu（T+D）、Au（T+N1）、Au（T+N2）、NYAuTN06、NYAuTN12等黄金合约的保 证金比例从21%调整为18%，下一交易日起涨跌幅度限制从20%调整为17%；Ag（T+D）白银合约的保 证金比例从27%调整为24%，涨跌幅度限制从26%调整为23%；CAu99.99合约保证金每手从20万元调整 至18万元。 上金所在通知中特别提示，投资者需做好风险防范工作，合理控制仓位，理性投资。结合当前市场背 景，金融界银行研究院院长陈国汪指出，近年来全球央行持续掀起"购金潮"，截至2025年底全球央行黄 金储备总量达36700吨，逼近历史峰值，黄金作为终极信用锚的 ...

证券代码：600488 证券简称：津药药业 编号：2026-009 津药药业股份有限公司 第九届董事会第二十四次会议决议公告 董事会同意公司出具的整改报告并将认真落实各项整改措施，通过本次专项整改，彻底解决监管部门指 出的问题；完善公司相关内部控制制度及业务流程，强化全员合规意识和风险防控能力；健全长效监管 机制，提升公司治理和规范运作水平，切实保护公司、股东及全体利益相关方的合法权益。 具体内容详见上海证券交易所网站（www.see.com.cn）同日披露的公告。 表决结果：同意票9票，反对票0票，弃权票0票。 特此公告。 津药药业股份有限公司董事会 2026年2月26日 证券代码：600488 证券简称：津药药业 编号：2026-010 津药药业股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 津药药业股份有限公司（以下简称"公司"）第九届董事会第二十四次会议于2026年2月26日以通讯表决 的方式召开。本次会议的通知已于2026年2月24日以电子邮件的方式送达公司各位董事和高管人员。会 议应参加表决董事9人， ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 本报记者 王 宁 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 春节前最后一个工作日，在北京市朝阳门INN大厦5层办公的多数公司已开启放假模式，但位于东南角 的徽商期货北京分公司却依旧灯火通明，除个别前台员工外出，其余工作人员仍坚持在岗。该分公司总 经理赵丽丽告诉记者，春节期间虽然国内市场休市，但期货公司对客户的服务并不会"打烊"，每天的风 险提示、基本面消息推送等服务都要及时。 据记者了解，春节长假期间，多家期货公司通过风险监控、投资者教育、节后预案制定等措施，全力守 护各类交易者的"钱袋子"，积极赋能实体企业，确保其能够过好幸福年。 中粮期货客户中心相关人士表示，中粮期货系统性开展节前投教与风控工作，确保交易者能够掌握假期 国内外市场风险：一是强化风控前置提示，向全体客户推送详细风控提示，明确假期保证金调整比例及 外盘风险；二是发布节前板块专题，研究团队分品种、分板块撰写节前风险专题，解析各品种潜在风险 评级和波动影响；三是丰富投教宣传载体，增强客户识别与抵制能力；四是加强假期市场监测，安排专 人值守，密 ...

Core Viewpoint - The article emphasizes the importance of focusing on key tasks for economic work in 2026, highlighting the need to strengthen domestic demand and build a robust domestic market while promoting consumption and investment [1][2]. Group 1: Domestic Demand and Investment - The article advocates for a strong domestic market by promoting consumption and investment, utilizing China's vast market advantages [1] - It suggests implementing special actions to boost consumption, including urban and rural income increase plans and optimizing policies to release potential in service consumption [1] - The article calls for stabilizing investment, increasing central budget investment, and optimizing the use of local government special bonds [1] Group 2: Innovation and Technology - The article stresses the need for innovation-driven growth, focusing on technological advancements to lead industrial upgrades and foster new productive forces [2] - It proposes the establishment of international technology innovation centers in key regions and enhancing the role of enterprises in innovation [2] - The article highlights the importance of protecting intellectual property in emerging fields and accelerating the transformation of scientific achievements [2] Group 3: Reform and Market Dynamics - The article emphasizes the need for reform to enhance high-quality development, including establishing a unified national market and addressing "involution" competition [2] - It calls for further deepening state-owned enterprise reforms and improving regulations to support the private economy [2] - The article also mentions the importance of cleaning up overdue corporate payments and promoting win-win development for platform enterprises and their operators [2] Group 4: International Cooperation and Trade - The article highlights the need for openness and cooperation in multiple fields, aiming to enhance domestic and international dual circulation [3] - It suggests promoting institutional openness and expanding self-initiated openness in the service sector [3] - The article encourages the development of digital and green trade while reforming foreign investment promotion mechanisms [3] Group 5: Urban-Rural Integration and Regional Development - The article advocates for coordinated development, promoting urban-rural integration and regional collaboration, particularly focusing on county-level economic development [3] - It emphasizes the importance of maintaining food production and ensuring reasonable prices for essential agricultural products [3] - The article also stresses the need for cross-regional cooperation and enhancing the overall planning of major coastal areas [3] Group 6: Green Transition and Sustainability - The article underscores the importance of leading with "dual carbon" goals to promote comprehensive green transformation [4] - It calls for energy system construction and expanding the application of green electricity [4] - The article highlights the need for solid waste management and improving environmental monitoring systems [4] Group 7: Social Welfare and Employment - The article emphasizes prioritizing employment and implementing actions to stabilize job growth for key groups [4] - It suggests optimizing educational resources and increasing the supply of quality educational opportunities [4] - The article also discusses the importance of healthcare reforms and support for vulnerable populations [4] Group 8: Risk Management - The article stresses the need to manage risks in key areas, particularly in the real estate market, advocating for city-specific policies to stabilize the market [5] - It calls for proactive measures to address local government debt risks and optimize debt restructuring methods [5] - The article highlights the importance of ensuring the stability of the real estate market and promoting affordable housing [5]

Core Viewpoint - The article discusses the fluctuations in gold prices during the Spring Festival and provides insights on how investors should respond to these changes in the gold market [5]. Group 1: Market Conditions - The Shanghai Gold Exchange will be closed from February 14 to February 23, while the international precious metals market will continue to operate normally [6]. - Recent discussions among investors focus on whether to hold gold during the holiday period [7]. Group 2: Investor Strategies - Investors like Ms. Ma, who purchased gold at lower prices, choose to hold their investments through the holiday, indicating that significant price fluctuations do not impact their decisions [9]. - Ms. Yan plans to sell her gold if prices reach 1200 or 1300 yuan per gram, while she is open to buying more if prices drop below her purchase price of 1058 yuan per gram [10]. - Investor Mr. Li, who bought a gold ETF, experienced a brief profit but is cautious about potential market volatility and is considering selling before the holiday [12]. Group 3: Trading and Repurchase Policies - Several banks and gold jewelry brands have adjusted their repurchase policies, limiting transactions during non-trading days, including weekends and holidays [14][15]. - The Bank of China announced that transactions for gold accumulation will be limited during the holiday, and repurchase services will be suspended [15][16]. Group 4: Expert Recommendations - Experts suggest that ordinary investors should treat gold as a hedge in their asset allocation, keeping their positions between 3% to 5% of total assets and favoring safer investment vehicles like bank gold bars and gold ETFs [21]. - Caution is advised for short-term speculators, as market volatility during the holiday could lead to significant price movements that may not allow for timely exits [22]. - Investors are encouraged to monitor economic data from the U.S. that could impact gold prices and to consider using options to hedge against price fluctuations [25].

2026年2月6日，北京菜市口百货股份有限公司宣布次日起实施新的贵金属回购规则，将每日回购限额从 200公斤下调为100公斤，并且明确规定周末和法定节假日暂停办理回购业务。 几乎在同一时间，中国 黄金集团黄金珠宝股份有限公司也发布公告，自2月7日起在周六、周日及法定节假日等上海黄金交易所 非交易日期间，暂停办理贵金属回购业务。 这一变化来得突然却并非意外。 2026年开年，黄金市场就上演了"过山车"行情。 国际金价在1月末突破 每盎司5500美元历史性关口后迅速回落，2月2日盘中一度下探至4402.06美元，短短七个交易日内振幅 超过20%。 面对如此剧烈的价格波动，各大金店和银行纷纷收紧了回购政策。 北京一家金店的真实场景揭示了市场恐慌程度。 在规则调整前，商场开门仅半小时，前来回购的客户 就排起百米长队。 有客户带着2000克金条想要一次性变现约212万元。 这种集中变现给企业带来了巨大 的资金压力和市场风险。 香颂资本执行董事沈萌认为，贵金属当前的交易情绪已经从避险变为投机，并且交易波动与估值风险持 续扩大。 这种市场情绪转变促使行业集体采取风控措施。 中国黄金在公告中明确指出，近期受多重因素影响，贵金 ...

Core Insights - The company has outlined its key focus areas for 2026, emphasizing five main directions for development [1] Group 1: Enhancing Service to the Real Economy - The company aims to improve its effectiveness in serving the real economy by developing a "green energy + finance" model and connecting with major provincial projects [1] Group 2: Deepening Digital Transformation - The company plans to implement a "challenge and lead" mechanism and leverage artificial intelligence to enhance its digital transformation efforts [1] Group 3: Strengthening Risk Control Systems - The establishment of a digital risk control platform is a priority to fortify the company's risk management framework [1] Group 4: Building a High-Quality Professional Team - The company will execute 12 training programs to cultivate a highly skilled and professional workforce [1] Group 5: Reinforcing Party Leadership - Strengthening the leadership role of the Party within the organization is also a key focus area [1]

滨海泰达物流(08348)发布公告，根据对本集团截至2025年12月31日止年度的未经审核管理账目进行的 初步审阅及分析，(1)预计营业收入约为人民币20.2亿元，与2024年同期约为人民币37.1亿元相比，将减 少约人民币16.9亿元;(2)预计归属于母公司所有者的净亏损约为人民币2300万元至3800万元，与2024年 同期归属于母公司所有者的净利润约为人民币490万元相比，将减少约人民币2790万元至4290万元。 董事会认为收入下降的主要原因为：(1)为防控风险，本公司主动优化业务结构、调整规模导向的业务 策略，集中资源发展经济效益更优、风险更为可控的业务;及(2)本集团的汽车物流业务受核心客户成本 压缩政策影响，导致业务规模收缩，收入显著减少。此外，为应对市场挑战，本集团对汽车物流业务进 行了集中人员优化，预计该业务年度净亏损约为人民币3800万元。 ...

2026年是"十五五"规划开局之年。1月末以来，银行密集召开2025年年度工作会议，在全面总结上年成 果的同时，深入分析当下形势，全面谋划新一年的工作重点。 截至目前，已有六大国有银行和近10家股份制银行召开了2025年度工作会议。从部署方向看，国有大行 主要聚焦于服务国家战略，股份行则更侧重结构调整和提质增效。 2025年以来，银行业净息差已现企稳迹象，多家银行营收增速转正。21世纪经济报道记者梳理发现，展 望2026年，银行普遍将发力点集中在强化风险管控、加强精细化管理、推进数智化转型等方面。不少机 构正在淡化规模目标，转而追求细分领域的深耕。 国有大行：全面加强风险防控 四大行的最新部署以服务国家战略为主线，积极对接"十五五"规划。但面对复杂环境，各银行均将风险 防控置于突出位置。 工商银行在2026年党建暨经营管理工作会议上，将"防风险"置于全年六项部署的首位。该行表示，推动 全面风险管理取得新进步，加快智能化风控平台进业务进场景，有效防控重点领域风险，确保各类风险 总体可控、资产质量基本稳定。对于2026年重点工作，要有效防范化解重点领域风险，加快推进产品客 户对位。突出主责主业，加大贷款投放、债券 ...

地方政府债务"扩张"：透视深层经济逻辑与治理智慧 债务置换是化解潜在风险的"安全阀"。过去，地方政府通过城投公司等渠道积累了大量隐性债务，融资 成本高、期限错配严重，给财政稳健运行带来巨大压力。近年来，中央政府通过一系列化债举措，如增 加地方债务限额置换存量隐性债务、安排专项债用于化债等，有效降低了地方政府的利息负担和流动性 风险，避免了债务风险集中爆发，为经济的平稳运行提供了坚实保障。 优化债务结构是提升治理效能的"调节器"。当前，中国政府债务结构存在中央与地方不平衡的问题。适 度提高中央加杠杆比例，可以增强宏观调控能力，提振社会信心；优化地方债务结构，平衡好新增债与 再融资债发行，合理优化期限结构，能提高资金使用效率，避免未来到期过于集中。 地方政府举债是权衡发展需求与风险防控的科学决策。只要加强债务管理，提高资金使用效益，地方政 府债务就能成为推动经济发展、改善民生福祉的重要力量，实现风险可控与可持续发展的良性循环。 近年来，中国地方政府债务规模持续攀升，这一现象犹如投入经济湖面的巨石，激起层层涟漪，引发广 泛关注与深入思考。地方政府举债并非盲目扩张，而是蕴含着复杂而深刻的经济发展逻辑与治理智慧。 从发 ...