2月10日，中国人民银行发布2025年第四季度中国货币政策执行报告。其中提出，积极稳妥防范化解金 融风险。构建覆盖全面的宏观审慎管理体系和系统性金融风险防范处置机制。拓展丰富中央银行宏观审 慎与金融稳定功能，完善宏观审慎和金融稳定管理工具箱，维护金融市场平稳运行。从宏观、逆周期和 防传染的视角，强化系统性金融风险的监测、评估和预警，不断拓展宏观审慎管理覆盖范围。强化系统 重要性金融机构宏观审慎管理，纵深推进附加监管体系建设。进一步做实系统重要性银行附加监管，指 导入选银行持续完善恢复和处置计划，探索发挥风险管理前瞻指引作用。健全全球系统重要性银行跨境 危机管理小组机制，加强跨境监管合作与信息共享。稳步拓宽附加监管覆盖范围至非银领域。推进重点 地区和重点机构风险处置，强化中小金融机构风险识别和早期纠正。夯实金融稳定机制保障，继续扩大 存款保险基金、金融稳定保障基金积累，探索建立后备融资机制。 ...

Market Overview - On February 10, A-shares experienced a narrow range consolidation, with AI applications seeing a surge while sectors like photovoltaic and consumer goods weakened. The Shanghai Composite Index rose by 0.13%, the Shenzhen Component Index increased by 0.02%, and the ChiNext Index fell by 0.37%. The total trading volume for A-shares was 2.12 trillion yuan, down from 2.27 trillion yuan the previous day [2]. Capital Flow - The net outflow of main funds from the Shanghai and Shenzhen markets exceeded 32 billion yuan, with an opening net outflow of 14.475 billion yuan and a closing net outflow of 4.452 billion yuan, totaling 32.204 billion yuan for the day [3]. - Over the last five trading days, the main funds have shown a consistent trend of outflow, particularly in the ChiNext, which saw a net outflow of 131.42 billion yuan on February 10 [4][5]. Sector Performance - The media sector led in net inflows, with a 5.22% increase and a net inflow of 8.613 billion yuan, primarily driven by Light Media. Other sectors with positive inflows included computer (0.74%, 1.780 billion yuan) and banking (0.20%, 1.486 billion yuan) [6]. - Conversely, the power equipment sector experienced the largest net outflow, declining by 0.82% with a net outflow of 12.059 billion yuan, followed by the electronics sector with a net outflow of 11.110 billion yuan [6]. Institutional Activity - The top stocks with significant institutional net purchases included JuLi SuoJu (8.212 million yuan), Hangdian Co. (7.610 million yuan), and Xibu Materials (4.821 million yuan) [8]. - Notable stocks with high institutional interest also included AoFei Entertainment, which saw a 10.01% increase, and Wanxiang Qianchao, which rose by 10.03% [9]. Analyst Ratings - Recent analyst ratings highlighted several stocks with potential upside, including Nanwei Medical (target price 97.65 yuan, current price 82.38 yuan, upside 18.54%), and BaLong ChuangYuan (target price 31.36 yuan, current price 24.92 yuan, upside 25.84%) [10].

参与设立慈善信托的委托人中，自然人和民营企业依然是主要参与主体。 由中国信托业协会、中国慈善联合会联合发布的《2025年度中国慈善信托发展报告》（下称《报告》） 显示，截至2025年末，我国慈善信托累计备案规模已突破百亿元。 作为三分类新规下监管鼓励探索发展的业务，慈善信托也是近年来信托公司转型发展的重要探索方向， 多数信托公司已经作为受托机构参与其中。但从信托数量和规模来看，机构间分化依然明显。第一财经 记者在《报告》发布会现场了解到，2025年，新增慈善信托备案规模排在前十位的受托机构中，规模最 高为4.81亿元、最低为0.66亿元，首尾差距超过4亿元。 参与设立慈善信托的委托人中，自然人和民营企业依然是主要参与主体。在业内人士看来，随着慈善信 托的效果持续释放，其功能优势也受到越来越多的机构和个人关注、认可。接下来，随着今年4月慈善 信托信披新规落地实施，备案数量和规模更新速度还将加快。 以信托公司作为单一受托人仍是最主要的慈善信托模式，尤其随着信托转型深入推进，越来越多的信托 公司将其作为重要的创新方向。以2025年为例，当年作为受托人受托管理慈善信托的114家机构中，有 54家信托公司，占到八成以上 ...

中国人民 银行发布2025年第四季度中国货币政策执行报告。其中提出，下一步，中国人民银行将全力 做好绿色金融大文章，持续健全政策和标准体系，以绿色金融高质量发展支持经济社会发展全面绿色转 型。有序推进金融机构碳核算和可持续信息披露。研究制定金融机构碳核算国家标准和高碳行业碳核算 操作指引，推动金融机构提升碳核算能力，逐步将碳排放纳入资产组合考量，实现金融资产碳排放可度 量。对标国际准则、结合国内实际，推动金融机构稳步开展可持续信息披露，提高市场透明度。 ...

[Table_Author] 2026 年 02 月 08 日 高息存款到期高点或已过 glmszqdatemark 推荐 维持评级 分析师 王先爽 执业证书： S0590525120014 邮箱： wangxianshuang@glms.com.cn 分析师 文雪阳 执业证书： S0590526010002 邮箱： wenxueyang@glms.com.cn 相对走势 -10% 3% 17% 30% 2025/2 2025/8 2026/2 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 流动性系列之二 价格是一种货币（流动性）现象，资本市场也不例外。资本市场资金来源主要源 自机构、居民、海外和政策，其中机构资金最终来自居民，所以每到市场情绪高 涨时候，牛市逻辑中往往存在对居民存款迁徙资本市场的讨论和期待。作为研究 者，我们需要厘清何为现实，何为叙事。我们团队开创了基于上市银行报表进行 存贷款到期规模测算的框架。本篇报告将对存款到期现实和叙事进行进一步探讨。 现实一：我国居民和单位一直有大量存款。截至 2025 年 12 月，我国居民和单位 总存款 ...

Core Viewpoint - David Wilson, the commodity strategy director at BNP Paribas, predicts that gold prices may rise to $6,000 per ounce by the end of the year due to ongoing macroeconomic and geopolitical risks, with an expected increase in the gold-silver ratio [1] Group 1: Gold Market Insights - The gold-silver ratio has rebounded, although it remains below the average level of the 1980s [1] - Wilson emphasizes that gold offers risk protection that silver cannot provide [1] - Central bank purchases, including Poland's announcement to buy an additional 150 tons of gold, support the positive outlook for gold [1] Group 2: Investment Trends - Gold ETFs have seen stable inflows, with a brief decline during a recent adjustment period followed by a recovery [1] - Major banks and asset management firms, including Deutsche Bank and Goldman Sachs, are optimistic about gold prices due to long-term demand drivers [1] - The People's Bank of China extended its gold purchasing plan for the 15th consecutive month, highlighting strong official demand [1] Group 3: Silver Market Dynamics - Silver prices have experienced significant volatility due to strong physical buying in Asia [1] - There are signs of weakness in the physical silver market as metal supplies flow into Europe and Asia [1] - The upcoming Lunar New Year holiday may further suppress demand for silver in China [1]

Group 1 - Barclays reported fourth-quarter equity trading revenue of £703 million, exceeding the forecast of £644.8 million [1]

Core Viewpoint - Yibin Bank (02596) announced the resignation of Mr. Xu Yong due to reaching retirement age, effective February 10, 2026 [1] Group 1 - Mr. Xu Yong has submitted his resignation to the board, resigning from his positions as Executive Director, member of the Strategic and Asset Liability Management Committee, member of the Related Party Transaction Control Committee, and Chairman of the Consumer Rights Protection Working Committee [1]

Core Insights - Qingdao Rural Commercial Bank organized a "New Spring Fair" from February 4 to 6, 2026, to promote consumption and benefit the community, attracting over 2,000 participants and generating nearly 200,000 yuan in sales [1][11][20] Group 1: Event Overview - The event featured 22 carefully selected merchants providing a one-stop shopping experience with quality products at competitive prices, including local specialties like Qingdao beer and Jimo old wine [1][20] - The fair aimed to meet community needs by offering a diverse range of high-quality New Year goods, ensuring convenience for customers [1][20] Group 2: Special Services - The bank provided special services for elderly clients through the "Colorful Health Year" initiative, offering health-related products and free gift bags, along with financial education on social security cards and precious metals [6][11] Group 3: Community Engagement - The event included cultural activities to enhance the festive atmosphere, such as calligraphy demonstrations, a lucky draw, and traditional crafts, engaging the community and promoting cultural heritage [16][20] Group 4: Strategic Goals - The initiative serves as a platform for local merchants to expand their market reach, alleviate year-end marketing pressures, and foster a positive interaction between the bank, customers, and businesses [11][21] - The bank aims to convert its financial advantages into tangible benefits for employees, clients, and merchants, contributing to economic development and improving community welfare [21]

Core Insights - Shanghai Pudong Development Bank (SPDB) has officially announced the procurement results for the second batch of Kunpeng chip server projects, with a total bid amount of 158 million yuan, awarded to Shanghai Hengchi Information System Co., Ltd. [1] - The core product of this project is the series of servers from Shenzhou Kuntai, a brand under Shenzhou Digital, which will provide high-performance Kunpeng chip server equipment to support SPDB's digital transformation and innovation strategy [1][2]. Company Summary - The procurement of Kunpeng chip servers is a key initiative for SPDB's 2025 financial cloud infrastructure expansion, aimed at solidifying a self-controlled computing foundation to meet the stable operation needs of core financial services [2]. - The Shenzhou Kuntai servers, equipped with Kunpeng processors, are designed for high performance, reliability, and energy efficiency, meeting the 24/7 operational requirements of SPDB's financial cloud platform [2]. - SPDB and Shenzhou Kuntai have a strong collaborative history, with previous involvement in the bank's financial cloud platform SDDC construction, enhancing resource management and data security capabilities [2]. Industry Summary - Shenzhou Kuntai has developed a comprehensive "Kunpeng + Ascend" AI computing product system, covering a range of products from general-purpose computing to customized private solutions, supporting the digital transformation of the financial industry [3]. - The domestic computing infrastructure industry in China is entering a phase of comprehensive promotion, with the financial sector leading the push for domestic IT infrastructure replacement [3]. - SPDB's procurement project is a significant step in implementing national financial technology innovation and enhancing its core technological competitiveness, further driving the upgrade of its financial cloud infrastructure [3].