（来源：湖州日报） 转自：湖州日报 在浙江凯色丽科技发展有限公司，财务负责人谈起去年底的一笔融资时，用了"及时"二字。公司计划进 行生产设备节能改造，但部分资金需求与传统信贷产品不匹配。交通银行湖州分行在走访中了解到这一 情况后，结合绿色金融创新试点政策，成功为其办理了全市首笔绿色外债登记业务，引入150万美元资 金专项用于改造。"利率合适，手续顺畅，项目进度比预期快了不少。"该负责人表示。这笔"破冰"的业 务，成为湖州金融系统探索多样化融资服务、精准响应企业需求的一个生动注脚。 市绿色金融发展服务中心工作人员介绍，增速的背后是机制的协同与服务的靠前。"我们和行业主管部 门联动更紧密了，项目信息共享更及时，让银行能早介入、早研判。"他提到，围绕重大项目清单，金 融机构得以提前设计融资方案；而对于暂时遇到困难的企业，则通过"一企一策"进行针对性帮扶，努力 缓解企业经营压力。 在滋养实体经济的同时，金融风险的"防火墙"也在同步加固。据了解，湖州已连续46个月保持全省最优 的信贷资产质量。 "迈入2026年，湖州金融系统将围绕深化'金融生态最优市'建设这一主线，以打造全国绿色金融能力建 设基地为载体，实施金融服务赋 ...

1、美国总统特朗普当地时间2月12日表示，美国必须与伊朗达成协议，否则局势将非常严重，称预计未 来一个月内或许能达成协议，若无法达成协议将进入第二阶段，对伊朗来说会非常艰难。 2、 人工智能 初创企业Anthropic完成300亿美元融资，投后估值达3800亿美元，年化收入现已达到140亿美元，本轮 融资包含此前宣布的来自微软和英伟达的投资部分。 3、OpenAI发布首款基于 半导体初创公司Cerebras Systems芯片的人工智能模型GPT-5.3-Codex-Spark。 4、美国参议院民主党人投票阻止一项为国土安全 部提供资金的拨款法案，令该部门在13日午夜面临几乎不可避免的停摆。 5、特朗普领导下的美国环境 保护署采取行动，推翻前总统拜登此前制定的汽车尾气排放规定，这些规定原本旨在推动电动汽车产量 提升。 6、美国上周初请失业金人数为22.7万人，预估为22.4万人，前值为23.1万人。 7、纽约联邦储备 银行发布报告称，美国消费者和企业承担了特朗普政府加征关税的大部分成本，比例约为90%。 8、据 加纳矿业协会，加纳2025年 黄金产量初步数据达600万盎司，创历史新高；预计2026年黄金产量为 ...

美股突然遭遇猛烈抛售。 隔夜美股市场，三大指数全线大跌，道指一度大跌超700点，纳指大跌超2%，大型科技股集体重挫， VIX恐慌指数大幅飙涨超18%。有分析指出，市场对AI（人工智能）颠覆性冲击波的担忧情绪持续发 酵，金融、房地产、卡车运输和相关物流股全线暴跌。 与此同时，黄金、白银价格也大幅跳水，现货黄金一度大跌超4%，现货白银一度暴跌超11%。有业内 人士表示，此次大跌更像是一次风险撤离（risk-off）行情。在极端市场压力下，即便是黄金等避险资产 也会被急需流动性的投资者抛售。 美股全线大跌 美东时间2月12日，市场对AI颠覆性的担忧持续发酵，美股三大指数全线重挫，截至收盘，道指大跌 669点，跌幅达1.34%；标普500指数大跌1.57%，纳指大跌2.03%。 | 道琼斯工业 | 纳斯达克指数 | 标普500 | | --- | --- | --- | | 49451.98 | 22597.15 | 6832.76 | | -669.42 -1.34% | -469.32 -2.03% | -108.71 -1.57% | | 美国科技七巨头 | 中概科技龙头 | 中国金龙 | | 62418.56 ...

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - Recent bond market fluctuations have slowed, with credit bonds performing slightly better than interest rate bonds, mainly driven by institutional allocation behavior. Banks' asset allocation has shifted from "bond - loan resonance" to "bond - substitution for loan", and credit bonds have become a key focus. Insurance funds are increasing their allocation of medium - and long - term credit bonds due to the dominance of dividend - paying insurance during the "good start" period. The continuous net inflow of funds at the liability end of funds supports the market of credit bonds and Tier 2 capital bonds. It is suggested to focus on 5 - year AA - rated medium - and short - term notes, AAA - and AA + commercial bank perpetual bonds, and explore the structural opportunities of credit bonds [2]. 3. Summary by Relevant Catalog Bank Bond - Loan Allocation: From Resonance to Substitution - Since the beginning of the year, large - scale banks' bond purchases have significantly exceeded market expectations, leading to a decline in the yields of 10 - year and 30 - year Treasury bonds. By reviewing the data from 2023 - 2025, it is found that the substitution effect of bond investment for credit lending in 2025 was more significant than in previous years. The bond - loan allocation behavior of banks can be summarized into three combination models: "strong in both bonds and loans", "weak in both bonds and loans", and "one rising while the other falling". The increase in credit bond allocation by banks has become a key way to make up for the asset gap and rebalance risk and return, and has also stabilized the credit bond market [17][21]. Insurance "Good Start" Funds Drive Credit Bond Allocation - Based on the structural characteristics of insurance premium income in 2025, the incremental demand for insurance funds to allocate credit bonds may continue to increase in 2026, with the "good start" funds being the main driving force. In 2025, the insurance industry's original insurance premium income reached 6.12 trillion yuan, a year - on - year increase of 7.4%. In 2026, dividend - paying insurance products dominated the "good start" sales, which have higher requirements for investment returns and are expected to guide insurance funds to increase their allocation of credit bonds [25]. New Features of Insurance Allocation: The Development of Dividend - Paying Insurance Benefits Medium - and Long - Term Credit Bonds - At the beginning of 2026, insurance funds showed a clear maturity preference for credit bond allocation, with medium - and long - term credit bonds becoming the core of increased allocation. In the first two weeks of January, the net purchase of medium - and long - term credit bonds by insurance institutions accounted for 84% and 94% of the total net purchase of credit bonds. The planned annual increase in holdings of this type of bonds is 39%. This change is mainly driven by the transformation of the liability side. It is expected that the trend of increasing the allocation of medium - and long - term credit bonds by insurance in February 2026 will continue [30]. Tier 2 Capital Bonds: Funds and Insurance Show a Strong Allocation Pattern - Since the beginning of 2026, in the 6 - week period, the market for 3 - to 5 - year Tier 2 capital bonds has shown a pattern of "strong allocation by funds and insurance". Fund companies and products have maintained a high level of buying, with a cumulative net purchase of 759.85 billion yuan. Insurance funds have also strengthened their allocation, with a net purchase of 422.47 billion yuan. The demand for wealth - management products has been stable, with a net purchase of 40.45 billion yuan [37]. Which is Better: Urban Investment Bonds or Industrial Bonds? Based on Historical Price - Ratio Rules - The yields of urban investment bonds and industrial bonds of the same rating and maturity are not completely comparable. Referring to historical price - ratio rules, when the yield of AAA urban investment bonds is about 2bp higher than that of the same - maturity AAA industrial bonds, and when the yield of AA + urban investment bonds is about 2bp lower than that of the same - maturity AA + industrial bonds, it is a better allocation point. Industrial bonds show greater internal differentiation, while urban investment bonds have more convergent pricing. Different rating and maturity bonds have different allocation recommendations based on historical quantiles [40]. Variety Allocation Strategy: Explore Industrial Spreads and Focus on Interest Rate Defense - Considering the current spread quantiles, valuation levels, and market rotation rhythm, the recommended priority for next - week's credit bond allocation is: 5 - year AA - rated medium - and short - term notes > 5 - year AAA - commercial bank perpetual bonds > 5 - year AA + commercial bank perpetual bonds. The main reasons are that the 5 - year AA - rated medium - and short - term notes have obvious allocation value, the 5 - year China Development Bank bonds still have thick spread protection, and the 5 - year AAA - and AA + commercial bank perpetual bonds have room for performance due to the spread compression of medium - and long - term Tier 2 capital bonds [45].

Macro News - The Chinese Ministry of Foreign Affairs confirmed that during a recent call between the leaders of China and the U.S., President Trump expressed his desire to visit China in April, while President Xi reiterated the invitation [1][4]. - The U.S. Treasury Secretary mentioned that his team met with Chinese officials in Beijing last week to prepare for upcoming high-level talks, indicating ongoing communication between the economic teams of both countries [4]. - The People's Bank of China announced a 1 trillion yuan reverse repurchase operation to maintain liquidity in the banking system, with a term of 6 months starting from February 13, 2026 [2][4]. - The Chinese Ministry of Commerce announced that starting February 13, 2026, anti-subsidy duties will be imposed on certain dairy products imported from the EU [4]. Industry News - The National Development and Reform Commission, along with other regulatory bodies, released implementation opinions aimed at promoting high-quality development of low-altitude insurance, with a mandatory insurance system for unmanned aerial vehicles expected to be established by 2027 [8]. - The Shanghai Stock Exchange announced a list of initiatives for 2026, including a series of fee reduction measures, which are expected to benefit the market by approximately 1.113 billion yuan [7]. Company News - Xianglu Tungsten Industry warned that significant economic fluctuations in the countries of its major clients could impact market demand for tungsten products and the recovery of accounts receivable [11]. - Jia Mei Packaging announced that its capital operation plan will be completely independent of the listed company, and it may apply for a trading suspension if stock prices rise abnormally [11]. - Tai Ling Microelectronics reported that its third-largest shareholder, the National Big Fund, reduced its holdings by 4.6513 million shares, bringing its stake below 5% [11]. - United Optoelectronics signed a business cooperation framework contract with Lingzhi Cloud Creation to provide assembly and processing services for robotic products [12].

【环球时报记者 倪浩 环球时报驻新加坡特约记者 辛斌】在美国科技类股票及金银等金属资产价格剧烈 震荡之际，亚洲股市正吸引全球投资者涌入。彭博社报道称，在又一个可能成为"市场大年"的背景下， 亚洲股市表现持续超越欧美市场。海外投资者对美元资产持续"祛魅"，资金不断流入由人工智能及经济 基本面支撑的亚洲股市，或助推亚洲市场在2026年再迎投资"大年"。 亚洲市场表现强势 彭博社称，衡量亚洲市场的指数延续2025年的强劲走势，今年1月上涨7.5%，创下2023年以来最大月度 涨幅。周三收盘后，亚洲股市延续涨势，再创历史新高，助力主要股指跑赢标普500指数和欧洲斯托克 600指数。 与此同时，美国降息预期推迟，人工智能领域不确定性加大，投资者对美国科技股、贵金属及加密货币 的信心正逐步减弱。 去年春天，华尔街流行"减持美国"，如今的热门交易是买入全球其他市场。美国《华尔街日报》报道 称，2026年迄今，包括欧洲斯托克600指数、韩国综合指数和MSCI新兴市场指数在内的若干全球性指数 表现，均已领先美国主要基准指数。在多年大举押注美国大型公司后，投资者正将更多资金转入国际市 场，押注美国对世界其他地区的巨大领先优势将有 ...

全球金融市场突发"去风险"情绪，贵金属遭遇抛售。受美股科技股大跌及流动性需求上升影响，黄金价 格一度重挫，白银与铜同步暴跌，部分交易员为弥补股票仓位亏损而抛售金属资产，另有资金转向美国 国债避险。 智通财经APP获悉，数据显示，金价盘中最大跌幅达4.1%，白银一度暴跌11%，伦敦金属交易所铜价下 跌2.9%，随后均自低位小幅反弹。MKS PAMP SA的Nicky Shiels表示，市场波动来得"又快又猛"，明显 呈现风险资产出清的特征；在极端市场压力下，即便是黄金这样的避险资产，也可能因投资者急需流动 性而被抛售。 市场人士指出，周四金银的部分跌幅也与获利了结有关。此前一轮疯狂上涨在一定程度上由投机性买盘 推动，短线资金在风险情绪逆转时集中撤离。Saxo Bank大宗商品策略师Ole Hansen表示，黄金和白银 的交易仍高度依赖情绪与动量，在这种剧烈波动的交易日里往往表现承压。 回顾走势，自2024年以来贵金属的强劲涨势在上月明显加速，动量资金推动金银价格接连刷新高点。但 这一势头在1月29日戛然而止，当天金价录得十余年来最大单日跌幅，白银则创下历史最大跌幅。此 后，两种金属在缺乏新催化剂的情况下维持区间 ...

Core Viewpoint - The financial markets experienced a significant sell-off, leading to a sharp decline in gold and silver prices as investors liquidated positions to cover losses in the stock market [1][2]. Group 1: Market Reactions - Gold prices plummeted nearly $200 within 30 minutes, closing down over 3% at $4878.37 per ounce, while silver fell nearly $9, closing at $75.26 per ounce, a drop of 10.64% [1]. - The sell-off in precious metals was partly driven by profit-taking after a recent surge in prices, which had been fueled by speculative buying [3][4]. - The sudden drop in metal prices was characterized as a "risk-off" market sentiment, where even safe-haven assets like gold were sold off by investors in need of liquidity [2][4]. Group 2: Technical Analysis and Market Sentiment - The recent volatility in gold and silver prices was attributed to a lack of new catalysts, leading to sharp fluctuations within a narrow range [4]. - Analysts noted that stop-loss orders triggered below $5000 contributed to the rapid decline in prices, indicating a chain reaction in the market [4]. - The overall sell-off appeared to be driven by algorithmic trading and systematic strategies, particularly from Commodity Trading Advisors (CTAs) reacting to key price levels being breached [4]. Group 3: Future Outlook - Despite the recent downturn, several banks maintain a bullish outlook on gold, citing ongoing factors such as geopolitical tensions and a shift in global capital from traditional assets [5]. - Major financial institutions like JPMorgan and Deutsche Bank project gold prices to reach between $6000 and $6300 per ounce by year-end [5]. - Market participants are closely monitoring upcoming economic data, such as the U.S. core CPI, which is expected to influence Federal Reserve interest rate expectations and potentially support gold prices [5].

周四，美股大跌，纳指跌超2%，部分交易员抛售贵金属以弥补股票市场的亏损，黄金、白银、铜大幅 下挫，铂金和钯金也走低。美元指数小幅上涨。 在外界再次担忧巨额人工智能投资能否真正大规模落地之际，美国科技股走低。金属价格在疑似算法交 易抛售下突然下跌，一些投资者不得不退出包括金属在内的大宗商品仓位以获取流动性，也有部分资金 转向美国国债避险。 周四纽约尾盘，现货黄金跌3.26%，报4918.36美元/盎司，北京时间00:00之前维持微幅下跌状态，主要 持稳于5050美元上方，随后出现一波急剧的跳水行情，刷新日低至4878.66美元。COMEX黄金期货跌 3.06%，报4942.50美元/盎司。 全球最大的白银ETF iShares Silver Trust出现大量5月/6月125执行价看涨期权交易，与此同时，投资者卖 出此前在高位买入的合约，这可能进一步加剧了白银的抛售压力。 分析师怎么看？ 对于周四的金银走势，业内人士表示："这一切发生得太快了，感觉像是一次风险撤离（risk-off）行 情。在极端市场压力时期，即便是黄金这样的避险资产，也会被急需流动性的投资者抛售。" 有分析师认为，周四金价的突然下跌并不意味着 ...

【共和党要员Tillis反对参院接手鲍威尔调查，沃什提名确认路径依然受阻】美国共和党参议员Thom Tillis拒绝了由参议院银行委员会自行对美联储主席杰罗姆·鲍威尔展开调查的提议。该提议旨在取代司 法部的调查，并为委员会批准美国总统唐纳德·特朗普提名的下一任美联储主席扫清障碍。 ...