上海期货交易所黄金期货仓单日报(单位：千克) | 上期所指定交割金库 | 期货 | 增减 | | --- | --- | --- | | | 104052 | 0 | 上海期货交易所指定交割仓库期货周一（2月9日）仓单日报显示，黄金期货总计104052千克，今日仓单 较上一日增加持平。 沪金主力盘内大幅回调，周一（2月9日）黄金期货开盘价1104.00元/克，截至目前最高1133.16元/克，最 低1098.38元/克。截止发稿报1125.94元/克，涨幅3.88%，成交量为331307手，持仓为158759手，日持仓 减少5081手。 摩根大通提出了一个判断金价见顶的量化框架。该行认为，只要央行和投资者的名义购金需求保持在当 前的1000亿美元水平，金价可能需要升至每盎司约8400美元，其实际购买的黄金吨数才会降至无法支撑 涨势的水平。 但是，花旗预计多项支撑金价的因素或将在2026年下半年缓解，特朗普政府将在2026年中期选举年推动 美国经济实现"金发姑娘"状态（低通胀，高就业，稳增长，削弱降息预期）；俄乌冲突将在2026年夏季 前达成协议；美伊局势将最终缓和。花旗预测黄金今年均价4600美元。 ...

Group 1 - The core issue revolves around the significant maturity of long-term deposits exceeding 30 trillion yuan, prompting residents to reconsider their wealth allocation between banks and other financial products [1] - The shift in fund allocation reflects residents' proactive adjustment of asset configurations in response to declining interest rates, with insurance products gaining popularity due to their long-term security and stable returns [1][2] - The increase in insurance sales through banks indicates a growing customer engagement, enhancing customer loyalty and providing banks with new revenue streams amid pressure on net interest margins [2] Group 2 - The importance of regulatory compliance in marketing practices is emphasized, particularly in light of the influx of funds into the insurance market, necessitating accurate and responsible product promotion [6] - The implementation of the "Financial Institutions Product Appropriateness Management Measures" on February 1 highlights the need for financial institutions to ensure that products are suitable for the right customers [6] - The large volume of maturing deposits presents an opportunity to diversify product offerings, particularly in the pension finance sector, which requires innovative solutions to address issues of product homogeneity [6] Group 3 - Consumers are encouraged to enhance their financial literacy and make informed decisions based on their individual needs, emphasizing the primary function of insurance as risk protection rather than merely focusing on yield [7] - The flow of 30 trillion yuan in maturing deposits reflects an evolution in residents' wealth perspectives and serves as a test for the regulatory framework and institutional accountability in the financial market [7]

中国人民银行公告〔2026〕第2号 2026年1月29日 【纠错】 【责任编辑:赵阳】 根据《中国人民银行与英格兰银行合作备忘录》，中国人民银行决定授权中国银行股份有限公司伦 敦分行担任英国人民币清算行。 中国人民银行 ...

Market Overview - The three major indices in the A-share market rose, with the Shanghai Composite Index increasing by over 1.4% and surpassing 4100 points, the Shenzhen Component Index rising by over 2%, and the ChiNext Index increasing by nearly 3% [1][7] - Market trading volume increased compared to the previous Friday, indicating heightened investor activity [1][10] Government Policy and Economic Measures - The State Council held a meeting on February 6 to discuss policies for promoting effective investment, emphasizing the importance of investment in stabilizing economic growth and enhancing development momentum [2][8] - The meeting highlighted the need to innovate and improve policy measures, utilizing central budget investments, long-term special bonds, and local government bonds to support key areas such as infrastructure, urban renewal, public services, and emerging industries [2][8] - This signals an acceleration of investments related to national strategies and the "14th Five-Year Plan," which is expected to bolster macroeconomic stability and provide support for sectors like infrastructure construction, building materials, and major equipment [2][8] Foreign Exchange and Gold Reserves - As of the end of January, China's foreign exchange reserves reached $339.91 billion, an increase of $41.2 billion or 1.23% from December 2025 [2][9] - The People's Bank of China reported a gold reserve of 74.19 million ounces, with an increase of 40,000 ounces, marking the 15th consecutive month of gold accumulation [2][9] - The rise in foreign reserves reflects a stable international balance of payments and enhanced resilience against external shocks, providing a solid foundation for the stability of the RMB exchange rate [3][9] Regulatory Developments - On February 6, the People's Bank of China and eight other departments issued a notice to further prevent and manage risks associated with virtual currencies, categorizing related activities as illegal financial activities [3][9] - This regulatory upgrade aims to control the financial operations of virtual currencies domestically and isolate risks from traditional financial systems, facilitating the promotion and application of digital currencies [3][9] Market Performance - On February 9, the A-share market indices continued to rise, with the Shanghai Composite Index closing at 4123.09 points (up 1.41%), the Shenzhen Component Index at 14208.44 points (up 2.17%), and the ChiNext Index at 3332.77 points (up 2.98%) [4][10] - All sectors in the Shenwan first-level industry index experienced gains, with telecommunications, comprehensive, and media sectors leading the increases [4][10] Trading Volume and Margin Data - The market turnover reached 22,703.66 billion yuan, an increase from the previous trading day [6][11] - The margin trading balance reported on the previous Friday was 26,636.60 billion yuan, showing a decline from the previous trading day [6][11]

转自：新华财经 编辑：赵鼎 建行山东省分行不满足于基础融资服务的"标配"，深耕外贸提质增效赛道，主动向绿色贸易、数字贸易 等高端业态聚焦发力。2025年，该行依托"鲁贸贷"赋能外贸企业1400余户，投放贷款超30亿元；通过协 办跨境电商生态大会、参与"万企出海"行动，以金融纽带助力"好品山东"走向全球，同时率先推出"关 银一KEY通"，服务8.2万余家企业，实现报关、结算、融资"一站式"办结，提升贸易便利度。 同时，该行积极推动高水平"走出去"与"引进来"同频共振，为万华、重汽等行业龙头量身定制跨境供应 链金融方案，实现境内外资金流、物流、信息流的无缝衔接与协同联动。该行精准对接国家重点战略项 目，为魏桥集团几内亚西芒杜铁矿项目注入5.68亿元境外融资"活水"。截至2025年末，该行"走出去"项 目融资余额已稳步攀升至45亿元。 此外，建行山东省分行不断夯实服务根基，精选30家特色支行、70家网点打造国际业务服务矩阵。自 2019年底建行"全球撮合家"平台上线以来，该行依托该平台举办33场跨境撮合活动，联动1.6万家企 业，达成超10亿元合作意向；以"跨境快贷"产品累计投放信贷资金9.55亿元，助力山东厚朴生 ...

（文章来源：第一财经） 中国人民银行公告，根据《中国人民银行与英格兰银行合作备忘录》，中国人民银行决定授权中国银行 股份有限公司伦敦分行担任英国人民币清算行。 ...

Core Viewpoint - Minsheng Bank is actively engaging in cross-border business opportunities in Hainan Free Trade Port, emphasizing its commitment to support enterprises and international capital in the region [2][3][4]. Group 1: Event Overview - The event titled "Integrating the Benefits of Customs Closure and Seizing Opportunities in Hainan" gathered over 30 representatives from various industries to discuss new cross-border business opportunities under the comprehensive customs closure of Hainan Free Trade Port [2]. - Representatives from Hainan International Economic Development Bureau, People's Bank of China Hainan Branch, and Yangpu International provided insights on the advantages of free trade port policies and the EF account system [3]. Group 2: Minsheng Bank's Strategy - Minsheng Bank's Vice President Li Wenshi highlighted the bank's strategic focus on Hainan Free Trade Port's construction needs and its commitment to leveraging its six major platforms for cross-border business [3]. - The bank's Haikou branch aims to transform into a specialized service platform for cross-border business by 2025, aligning with the financial innovation policies of Hainan Free Trade Port [4]. Group 3: Financial Performance and Goals - Since its establishment in 2017, Minsheng Bank has facilitated offshore trade settlements amounting to $34.53 billion, with a service network extending to nearly 100 countries [4]. - The bank plans to enhance its cross-border financial services by improving resource allocation, risk management, and customer service quality, focusing on the unique characteristics of Hainan Free Trade Port [4]. Group 4: Collaboration and Future Plans - The successful event reinforced the foundation for cooperation between banks and enterprises, expanding the collaborative ecosystem among stakeholders [4]. - Minsheng Bank intends to continue exploring new cross-border business opportunities and support the high-quality development of Hainan Free Trade Port, integrating into the national strategy for high-level opening-up [4].

Quantitative Models and Construction Methods 1. Model Name: Industry Mainline Model (Relative Strength Index, RSI) - **Model Construction Idea**: This model identifies leading industries by calculating their relative strength (RS) based on historical price performance. Industries with RS > 90% are considered potential market leaders [13] - **Model Construction Process**: 1. Use 31 first-level industry indices as the configuration targets [13] 2. Calculate the price change percentages over the past 20, 40, and 60 trading days for each industry [13] 3. Rank the industries based on their price changes for each period and normalize the rankings to obtain RS_20, RS_40, and RS_60 [13] 4. Compute the average of the three rankings to derive the final RS index: $ RS = (RS_{20} + RS_{40} + RS_{60}) / 3 $ [13] 5. Industries with RS > 90% before the end of April are identified as potential leaders for the year [13] - **Model Evaluation**: The model effectively identified leading industries in 2024, such as coal, utilities, home appliances, banks, oil and gas, telecommunications, non-ferrous metals, agriculture, and automobiles. These industries aligned with the market's main themes, including high dividends, resources, exports, and AI [13] 2. Model Name: Industry Sentiment-Trend-Crowding Framework - **Model Construction Idea**: This framework provides two right-side industry rotation strategies based on market sentiment, trend, and crowding levels [17] 1. High Sentiment + Strong Trend, avoiding high crowding (aggressive and synchronized with the market) [17] 2. Strong Trend + Low Crowding, avoiding low sentiment (trend-following and user-friendly) [17] - **Model Construction Process**: 1. Use sentiment as the core metric, combined with trend and crowding levels, to identify industries with strong potential [17] 2. Historical backtesting results show the model's annualized return and risk metrics [17] - **Model Evaluation**: The model demonstrates strong performance, with an annualized return of 22.0%, an annualized excess return of 13.4%, an IR of 1.5, and a maximum drawdown of -8.0%. The monthly win rate is 67% [17] 3. Model Name: Left-Side Inventory Reversal Model - **Model Construction Idea**: This model identifies industries in a recovery phase from distress or inventory pressure, aiming to capture turnaround opportunities during restocking cycles [27] - **Model Construction Process**: 1. Focus on industries with current or past distress but showing signs of recovery [27] 2. Evaluate long-term analyst sentiment and inventory pressure to identify industries with restocking potential [27] 3. Historical backtesting results show the model's performance metrics [27] - **Model Evaluation**: The model has shown strong historical performance, with absolute returns of 13.4% in 2023, 26.5% in 2024, and 28.7% in 2025. The excess returns relative to equal-weighted industry benchmarks were 17.0%, 15.4%, and 5.6%, respectively [27] --- Model Backtesting Results 1. Industry Mainline Model (RSI) - **2024**: Industries with RS > 90% included coal, utilities, home appliances, banks, oil and gas, telecommunications, non-ferrous metals, agriculture, and automobiles. These industries aligned with the year's main themes [13] - **2025**: 17 industries showed RS > 90%, including TMT, banks, manufacturing, and some consumer sectors [13] - **2026 (up to February 6)**: 7 industries showed RS > 90%, including media, building materials, oil and gas, non-ferrous metals, basic chemicals, defense, and telecommunications [14] 2. Industry Sentiment-Trend-Crowding Framework - **Annualized Return**: 22.0% [17] - **Annualized Excess Return**: 13.4% [17] - **IR**: 1.5 [17] - **Maximum Drawdown**: -8.0% [17] - **Monthly Win Rate**: 67% [17] - **January 2026 Performance**: Absolute return of 6.5%, excess return of 0.7% [17] 3. Left-Side Inventory Reversal Model - **2023**: Absolute return of 13.4%, excess return of 17.0% [27] - **2024**: Absolute return of 26.5%, excess return of 15.4% [27] - **2025**: Absolute return of 28.7%, excess return of 5.6% [27] - **January 2026**: Absolute return of 10.4%, excess return of 4.8% [27]

近日，莱商银行为山东泉鑫新能源科技有限公司办理全流程数据资产质押贷款业务，成功落地该行首 笔"点数成金贷"500万元，为小微企业破解融资难题、促进数字经济与实体经济深度融合注入了强劲动 能。 创新融资模式，"无形资产"活起来 山东泉鑫新能源科技有限公司深耕新能源技术研发与应用，手握多项核心技术专利，积累了大量合规且 具备商业价值的行业运营、技术研发及能效监测数据，但因固定资产较少、传统抵押物不足，长期面临 融资渠道狭窄的困境。莱商银行在"千企万户大走访"活动中获知该企业融资需求情况后，打破传统信贷 模式束缚，为客户推荐了"点数成金贷"。 "点数成金贷"是莱商银行面向已完成数据资产入表的企业推出的信贷产品，创新突破企业"无实物抵 押"融资难题，可将企业无形数据转化为有价信贷资金，为新能源领域小微企业开辟融资新路径。 莱商银行济宁泗水支行第一时间与企业对接，迅速组建专项服务团队，构建起"数据确权—合规审查— 价值评估—质押登记"全流程服务体系。依托泉鑫新能源的热电生产数据等核心数据资产，莱商银行联 合山东省国家知识产权保护中心与第三方专业评估机构，对数据资产的权属、价值收益、合规性等进行 全面评估，顺利完成数据资 ...

在浙江，经济的脉动不仅激荡于高楼林立的都市，还深深扎根于县域村庄的田间地头、工厂车间的流水线上。从淳安下姜村集体经济迸发出的盎然生机，到 衢州山涧里的清水鱼游出一条条共富路，再到丽水莲都的阀门"小巨人"扬帆出海……这一幅幅生动鲜活的产业图景，正是浙江经济高质量发展的微观切片， 也是共富路上最具活力的注脚。 近年来，围绕浙江"千万工程"牵引缩小"三大差距"主攻方向，浙商银行持续深化县域综合金融服务，针对山区海岛县发展需求，以"一县一策""一业一品"思 路因地制宜，重点支持地方特色经济、农业产业化及民生类项目。截至2025年末，该行在山区海岛县贷款余额为601.59亿元，较当年初增长24.55%，高于其 全省贷款投放增速13.99个百分点。 不久前召开的浙江两会，再次对聚焦共同富裕先行示范，推动城乡一体融合高质量发展进行部署，作为共同富裕探路先锋，浙江高质量发展建设共同富裕示 范区迎来关键时期。 金融是实体经济的血脉，其活水的流向与效能，关乎着共富的成色。作为根植浙江的全国性股份制商业银行，浙商银行始终坚守"深耕浙江"首要战略，扎实 开展普惠金融服务，坚持将金融资源精准滴灌至社会经济最活跃、最需要滋养的万千小微企 ...