此前，光大银行、建设银行、邮储银行等均已有行动。邮储银行9月30日宣布停办相关业务，要求持仓 及现货库存客户在10月31日前自主平仓，此后将陆续解除无持仓、无库存、无资金客户的委托关系。中 信银行10月30日公告称，自11月7日起清理代理上金所个人交易长期不动户，将账户余额划转后办理销 户。宁波银行9月30日宣布，10月13日起停止受理个人贵金属现货实盘买入交易，对近三个月无持仓交 易的客户进行解约处理。 业内分析指出，工行此次调整， 核心是清理长期无实际交易但留存闲置资金的"休眠账户"，这种规范 化清理既能提升账户管理效率，降低客户资金滞留风险，也符合金融监管对客户资金安全与透明度的要 求。银行收紧这类业务，一方面是当前贵金属市场风险偏大，价格波动剧烈；另一方面是这类带杠杆产 品以往开户门槛较低，银行难以核实客户投资能力，调整后可降低潜在风险。 品牌金销售现退出案例 12月15日，中国工商银行宣布对代理上海黄金交易所个人贵金属交易业务进行调整， 将关闭"三无"客 户贵金属交易功能。年内，国有大行、股份行、城商行已陆续收紧贵金属相关业务，背后折射出市场风 险波动、税收合规压力及投资者需求结构变化等多重考量。 ...

近期，商业银行密集调整代理上海黄金交易所个人贵金属交易业务。12月15日，工商银行在官网发布关 于调整代理上海黄金交易所个人贵金属交易业务的公告，为顺应市场变化，保护投资者权益，该行将加 强管理代理上海黄金交易所个人贵金属交易业务。 例如，建设银行先后于8月份、12月份发布公告提示，无持仓、无库存、无欠款、保证金账户仍有资金 余额的客户，尽快将业务保证金余额转出并解约。中信银行公告显示，因业务合规经营和发展需要，自 2025年11月7日起，该行将对代理上海黄金交易所个人交易长期不动户（仅有可用金额，无持仓）进行 清理。兴业银行10月份发布公告提醒，该行将继续对无持仓、无库存、无欠款的代理贵金属交易账户实 施统一结算操作并解除委托代理关系。 邮储银行、宁波银行等发布的公告则涉及停办代理上海黄金交易所个人贵金属业务。例如，邮储银行9 月30日发布公告称，该行代理上海黄金交易所个人贵金属业务即将停办，请相关持仓客户及现货库存客 户于2025年10月31日0点前择机自主平仓卖出。宁波银行自2025年10月13日起将停止受理代理个人客户 上海黄金交易所现货实盘买入交易，卖出交易不受影响。 强化风险管控 代理上海黄金交易 ...

岁末年初，国内贵金属投资市场再起波澜。 12月15日，工商银行发布公告称，为顺应市场变化，保护投资者权益，该行将对代理上海黄 金交易所（以下简称"上金所"）个人贵金属交易业务加强管理。无持仓、无库存、无欠款、 保证金账户仍有资金余额的客户，需尽快自助办理资金转出手续。该行同时强调，自12月19 日起，上述客户的保证金账户余额将批量转出至该业务绑定的结算账户，并关闭相关业务功 能。 事实上，该行此番行动并非孤立存在，农业银行、建设银行、邮储银行、中信银行、光大银 行、宁波银行等已在年内相继跟进，收缩代理上金所个人贵金属业务规模。从国有大行到地 方银行，密集调整动作显示出行业性业务收缩轨迹，背后折射的是银行对贵金属市场风险的 审慎态度。 工行调整代理上金所个人贵金属业务， 闲置账户将被清理 12月15日，工商银行发布《关于调整代理上海黄金交易所个人贵金属交易业务的公告》称， 为顺应市场变化，保护投资者权益，该行对于代理上海黄金交易所个人贵金属交易业务将加 强管理。 工商银行表示，无持仓、无库存、无欠款、保证金账户仍有资金余额的客户，请尽快自助办 理资金转出手续。该行将自2025年12月19日起，将上述客户的保证金 ...

在贵金属价格剧烈波动的背景下，商业银行正加速退出代理上金所个人贵金属交易业务。 12月15日，工商银行发布公告称，为顺应市场变化，保护投资者权益，工商银行对于代理上海黄金交易 所个人贵金属交易业务将加强管理。无持仓、无库存、无欠款、保证金账户仍有资金余额的客户，请尽 快自助办理资金转出手续。 工商银行将自2025年12月19日起，将上述客户的保证金账户余额批量转出至该业务绑定的结算账户，并 关闭相关业务功能。关闭后，客户与工商银行签署的《代理个人客户贵金属竞价交易业务协议书》将终 止。现有持仓客户的平仓交易不受本次业务调整影响。 除了工商银行之外，此前建设银行、农业银行、邮储银行等也有相关动作。 12月8日，建设银行也发布了"关于代理个人客户上海黄金交易所贵金属交易业务近期安排的公告"。 10月22日，农业银行发布公告称，自10月29日起，该行将陆续与代理上海黄金交易所个人贵金属交易业 务部分存量客户解除业务协议。此处的客户范围为"连续一个月交易账户下无持仓、无库存、无欠款的 存量客户"。对于保证金账户仍有资金余额未转出的客户，该行将自掌银消息中心通知所载之日起为其 完成资金自保证金账户转出至业务签约借记卡操 ...

Core Viewpoint - The announcement from the Industrial and Commercial Bank of China (ICBC) regarding the adjustment of its agency business for personal precious metal trading at the Shanghai Gold Exchange indicates a trend among major banks to tighten regulations on this type of trading, primarily to protect investors amid increasing market risks [2][5]. Group 1: Business Adjustments - ICBC will strengthen management of its agency business for personal precious metal trading, requiring clients with no positions, no inventory, and a balance in their margin accounts to withdraw funds by December 19, 2025, after which related business functions will be closed [2][3]. - Other banks, including Everbright Bank, China Construction Bank, and Postal Savings Bank, have also announced similar adjustments to their personal precious metal trading services, indicating a broader industry trend [5][7]. Group 2: Market Context - The precious metals market has seen significant price increases this year, with international gold prices rising by 60% and silver prices increasing by over 110%, attracting considerable investor interest [9]. - Despite the attractive price performance, the volatility in precious metal prices has raised concerns, prompting banks to reassess their exposure to risks associated with leveraged trading in these assets [8][9].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - China's economic data in November shows a mixed picture. The production side maintains stable growth, while the investment side faces some pressure, and the consumption side shows a slowdown in growth. The overall economy continues to develop steadily with progress [2]. - The metal market has seen significant price fluctuations, with platinum hitting the daily limit, and silver reaching a record high. The supply - demand situation in the aluminum and copper markets is also changing [4][6]. - In the bond market, the overall performance is weak, with bond prices falling and yields rising in some cases. The stock market also shows a downward trend, with A - shares and Hong Kong stocks both experiencing declines [26][34]. 3. Summary by Directory 3.1 Macro Data Quick View - GDP growth in Q3 2025 was 4.8% year - on - year, slightly lower than the previous quarter. The manufacturing PMI in November was 49.2%, and the non - manufacturing PMI was 49.5%, both showing some weakness. Social financing scale increased in November, and M0, M1, and M2 had different year - on - year growth rates. Financial institution RMB loans increased by 390 billion yuan in November. CPI and PPI had different trends, and fixed - asset investment (excluding rural households) decreased by 2.6% year - to - date in November [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - China's economic data in November shows that industrial added value, service production index, and exports increased, while fixed - asset investment and real - estate development investment decreased. The unemployment rate remained stable at 5.1% [2]. - ICBC will strengthen the management of its agency business for individual precious metal trading on the Shanghai Gold Exchange. Multiple futures company branches were punished for violations. The Fed's Williams made predictions about the US economy and inflation [3]. 3.2.2 Metals - Platinum futures hit the daily limit, and some platinum jewelry prices exceeded 700 yuan/gram. The price of lithium iron phosphate cathode materials is expected to rise. The inventory of various metals showed different trends. Silver reached a record high, and its long - term prospects are optimistic. Aluminum supply is expected to increase in 2026, and copper price forecasts were adjusted [4][6][7]. 3.2.3 Coal, Coke, Steel, and Minerals - In November, the output of industrial coal decreased slightly, while the output of crude oil, processed crude oil, and natural gas increased. India allows power plants with excess coal inventory to export coal, and Rio Tinto plans to start a project in Western Australia [8]. 3.2.4 Energy and Chemicals - The National Energy Work Conference plans to increase the installed capacity of wind and solar power in 2026 and layout future energy industries. Russia may extend the diesel export ban, and the trading hours of European natural gas and electricity may be extended [9][11]. 3.2.5 Agricultural Products - The prices of some agricultural products such as soybean meal and corn increased, while the price of peanuts decreased. The US has new pork export sales, and Mexico launched an anti - dumping investigation on some US pork products. Brazil's soybean planting progress is fast, and Egypt has sufficient wheat reserves [12][14][15]. 3.3 Financial News Compilation 3.3.1 Open Market - On December 15, the central bank conducted 130.9 billion yuan of 7 - day reverse repurchase operations, with a net investment of 8.6 billion yuan [16]. 3.3.2 Important News - President Xi Jinping's article emphasizes the importance of expanding domestic demand. China's economic data in November shows that the economy is stable with progress but also faces challenges. The prices of new commercial housing in 70 large and medium - sized cities have different trends. Multiple departments issued policies to promote the development of service outsourcing, and the capital market will implement a series of reform measures [17][18][21]. 3.3.3 Bond Market Summary - The bond market is generally weak, with treasury bond futures falling, bond yields rising, and some corporate bonds such as Vanke's bonds declining. The currency market interest rates show different trends, and the yields of European and US bonds also change [26][29]. 3.3.4 Foreign Exchange Market Express - The on - shore RMB against the US dollar rose, and the US dollar index fell. Non - US currencies mostly rose [30]. 3.3.5 Research Report Highlights - Huatai Fixed Income believes that convertible bonds are not likely to have a deep adjustment for the time being but are difficult to have overall opportunities. Investors should trade with a short - term view. In the bond market, the mainstream view is that it will be volatile and bearish, and the yield curve is expected to steepen [31]. 3.3.6 Today's Reminders - On December 16, a large number of bonds will be listed, issued, paid, and have principal and interest repaid [32]. 3.4 Stock Market Important News - The CSRC clarified the key reform directions of the capital market during the 15th Five - Year Plan. A - shares and Hong Kong stocks both declined, and the trading volume of securities brokerage business has increased significantly this year [33][34].

记者丨张欣 （《关于调整代理上海黄金交易所个人贵金属交易业务的公告》，来源：工行官网） "无持仓、无库存、无欠款、保证金账户仍有资金余额的客户，请尽快自助办理资金转出手续。"工行在公告中强调，将自2025年12月19日起，将上述客户的 保证金账户余额批量转出至该业务绑定的结算账户，并关闭相关业务功能。关闭后，客户与该行行签署的《代理个人客户贵金属竞价交易业务协议书》将终 止。 工行同时提示，现有持仓客户的平仓交易不受本次业务调整影响，建议客户后续持续关注本业务相关公告，控制持仓规模，防范市场风险。 值得注意的是，工行并非年内首个宣布调整个人客户就代理上金所贵金属业务的全国性商业银行。此前，光大、建行已有动作。 编辑丨家俊辉 视频丨柳润瑛 12月15日，中国工商银行（以下简称"工行"）官网发布《关于调整代理上海黄金交易所个人贵金属交易业务的公告》表示，为顺应市场变化，保护投资者权 益，该行对于代理上海黄金交易所个人贵金属交易业务将加强管理。 影响多大？ 与此同时，工行的仓储布局还延伸至香港市场。11月初有媒体报道，工行计划在香港国际机场开设黄金仓库，目前已租用部分空间，计划未来数月内完成准 备工作。 这一布局与 ...

Core Viewpoint - The Industrial and Commercial Bank of China (ICBC) is adjusting its management of personal precious metal trading business to enhance investor protection and adapt to market changes, particularly focusing on cleaning up inactive accounts with idle funds [1][4]. Group 1: Account Management Adjustments - ICBC will transfer the balances of margin accounts with no positions, inventory, or debts to the linked settlement accounts starting from December 19, 2025, and will terminate the related business functions [4]. - Customers with existing positions are not affected by this adjustment and are advised to monitor related announcements to manage their positions and mitigate market risks [4][5]. Group 2: Rationale Behind Adjustments - The adjustment aims to clean up long-term inactive accounts that retain idle funds, thereby improving account management efficiency and reducing the risk of funds being forgotten [5]. - The focus is not on penalizing non-compliant customers but rather on standardizing the management of "silent accounts" that have no trading activity but still hold funds [6]. Group 3: Strategic Developments in Precious Metals - ICBC is accelerating its layout in the gold industry infrastructure, having established designated gold warehouses in Sanya and Hezhou, which are expected to enhance operational efficiency for local gold enterprises [6]. - The bank's expansion into the Hong Kong market includes plans to open a gold warehouse at Hong Kong International Airport, aligning with the Hong Kong government's goal to establish an international gold trading market [7].

北京商报讯（记者 宋亦桐）12月15日，工商银行发布《关于调整代理上海黄金交易所个人贵金属交易 业务的公告》指出，为顺应市场变化，保护投资者权益，该行对于代理上海黄金交易所个人贵金属交易 业务将加强管理。 工商银行表示，现有持仓客户的平仓交易不受本次业务调整影响，建议客户后续持续关注本业务相关公 告，控制持仓规模，防范市场风险。 工商银行指出，无持仓、无库存、无欠款、保证金账户仍有资金余额的客户，请尽快自助办理资金转出 手续，该行将自2025年12月19日起，将上述客户的保证金账户余额批量转出至该业务绑定的结算账户， 并关闭相关业务功能。关闭后，客户与工商银行签署的《代理个人客户贵金属竞价交易业务协议书》将 终止。 ...

责任编辑：李琳琳 12月15日金融一线消息，工商银行公告称，为顺应市场变化，保护投资者权益，我行对于代理上海黄金 交易所个人贵金属交易业务将加强管理。无持仓、无库存、无欠款、保证金账户仍有资金余额的客户， 请尽快自助办理资金转出手续。我行将自2025年12月19日起，将上述客户的保证金账户余额批量转出至 该业务绑定的结算账户，并关闭相关业务功能。关闭后，客户与我行签署的《代理个人客户贵金属竞价 交易业务协议书》将终止。 12月15日金融一线消息，工商银行公告称，为顺应市场变化，保护投资者权益，我行对于代理上海黄金 交易所个人贵金属交易业务将加强管理。无持仓、无库存、无欠款、保证金账户仍有资金余额的客户， 请尽快自助办理资金转出手续。我行将自2025年12月19日起，将上述客户的保证金账户余额批量转出至 该业务绑定的结算账户，并关闭相关业务功能。关闭后，客户与我行签署的《代理个人客户贵金属竞价 交易业务协议书》将终止。 责任编辑：李琳琳 ...