岁序更替，春潮涌动。从北国大地到江南水乡，从机器轰鸣的工地到生产车间，春节期间，祖国大 江南北洋溢着浓浓的年味。 在万家团圆的期盼里，银行人的脚步迎着晨光、伴着夕阳，穿梭在城市建设的第一线，将专业金融 服务送到最需要的地方。他们以精准的产品纾解资金困境，以暖心的服务打通便民堵点，用一次次坚守 与付出，让每一分汗水都得到及时回报，让每一位建设者的辛劳都被温柔守护。 让工友们安"薪"过年 年末岁初，对于奔波在外的农民工而言，按时足额拿到工资，是最踏实的过年底气。 今年春节前，长春地铁5号线某建设工地上，项目分包商吉林某机电工程公司负责人陈某终于卸下 了心头重担："多亏建行帮忙，20多名农民工的工资今天全部发放到位，大家能踏踏实实回家过年了。" 该公司的农民工多来自四川、河南等地，受工程建设项目账期较长影响，年前按时发放工资、垫付 项目尾款的难题，曾让陈某彻夜难眠。得知供应商的资金困境后，建行吉林长春人民广场支行第一时间 推荐了"e信通"产品，仅用48小时就为8家地铁产业链中小微企业发放超1500万元供应链贷款。 次日一早，20多名农民工的工资便划入各自银行卡，解了企业的燃眉之急，也圆了工友的归家期 盼。 在江城武 ...

伦敦现货黄金在连续反弹后，于2月26日重新站上5200美元/盎司。据国内主流珠宝品牌官网2月26日消息，周大福足金饰品最新价格报1576元/克，较前一 日（1570元/克）上涨6元/克；老庙、周生生、老凤祥分别报1566元/克、1568元/克、1566元/克，均与前一日持平。 在国际贵金属价格持续高位震荡、个人投资热度攀升的背景下，工商银行、农业银行等多家银行近期相继宣布， 将代理个人贵金属延期业务的保证金比 例由80%统一上调至100%。 多家银行调整保证金比例 2月25日， 农业银行发布《关于代理上海黄金交易所个人贵金属交易业务调整延期合约保证金比例的通知》。通知称，近期国际贵金属市场价格波动加 剧，个人客户交易类贵金属业务市场风险上升。为切实保护投资者利益，自2026年2月26日收盘清算时起，Au（T+D）、mAu（T+D）、Ag（T+D）合约 的保证金比例从80%调整为100%。 通知提示，投资者应注意交易保证金比例变化及持仓风险，合理控制持仓规模，理性交易。 同日， 工商银行也发布公告，自2月27日收盘清算时起，将代理个人客户Au（T+D）、mAu（T+D）、Au（T+N1）、Au（T+N2）、NY ...

银行巧思让压岁钱变身财商 产品创新： 课。 董丽娜 摄 马年春节的余温尚在，孩子们手中鼓鼓的压岁红包，已悄然成为各家银行争夺的焦点。不少家长表示， 春节后要帮助孩子打理压岁钱。 昨日，记者实地走访工商银行、建设银行等国有大行，以及多家股份制银行与地方城商行发现，与往年 相比，今年银行不仅在中长期存款利率上普遍 "加码"，更针对儿童及青少年群体推出了特色鲜明的专 属金融产品。这场没有硝烟的 "揽储大战"，正弥漫着浓浓的"亲子"氛围与财商教育气息。 利率分层： 城商行冲上"利率高地" "今年各家银行的存款利率，特别是三年期，比较有吸引力。" 一位银行业内人士向记者透露。 记者走访了解到，目前五大国有银行，其三年期定期存款年利率普遍维持在1.55%左右；广发、兴业等 股份制银行普遍在1.75%上下；而众多城市商业银行成为此轮利率竞争的"高地"，三年期利率普遍集中 在1.8%至2.0%的区间。 渤海银行在1.85%至1.9%之间，吉林银行与阜新银行则达到了2.0%的当前较高水平。各家银行的起存门 槛多在50元至10万元不等。 值得注意的是，这些颇具吸引力的利率产品并非儿童专属，成人与儿童均可办理，为家庭进行整体资金 ...

Market Overview - On Thursday, the three major U.S. stock indices showed mixed performance, while the Hang Seng Index ADR rose, closing at 26,429.77 points, an increase of 48.75 points or 0.18% compared to the Hong Kong market close [1]. Company Performance - Major blue-chip stocks exhibited varied performance: HSBC Holdings closed at HKD 147.859, up 1.97% from the Hong Kong market close; Tencent Holdings closed at HKD 513.204, up 0.24% [3]. - Tencent Holdings reported a price of HKD 512.000, with a decline of 2.01%, while its ADR price was 513.204, reflecting a 0.24% increase [4]. - Alibaba Group's stock price was HKD 143.000, down 3.57%, with its ADR at 144.779, showing an increase of 1.779% [4]. - HSBC's stock price was HKD 145.000, up 1.61%, with its ADR at 147.859, reflecting a 1.97% increase [4]. - China Ping An's stock price decreased by 4.64% to HKD 67.850, while its ADR showed a slight increase of 0.49% [4]. - Meituan's stock price fell by 2.72% to HKD 80.450, with its ADR showing a minimal change of -0.03% [4].

Investment Rating - The report provides a "Buy" rating for the banking sector, indicating an expectation that stock prices will outperform the market by more than 10% over the next 12 months [54]. Core Insights - Recent high growth in bank deposits has led to market interpretations of banks being "asset deficient." However, this interpretation is challenged by the contractual nature of banking operations, where deposits and loans are derived simultaneously [4][12]. - The widening of the loan-to-deposit spread (LDR) is influenced by six key factors: cash withdrawal demand, reserve requirements, interbank lending, bond investment scale, bond issuance, and bank capital [4][14]. - The increase in net bond financing is a significant factor contributing to the widening of the loan-to-deposit spread. Two scenarios are identified: when bond financing costs are lower than loan rates, and when non-bank entities reduce their borrowing, leading to a return of funds to banks [4][35]. - From January 2025 to January 2026, the loan-to-deposit spread widened by 11.4 trillion CNY, with new bond investments contributing 16.6 trillion CNY and market bond net financing at 20.6 trillion CNY [4][45]. - In January 2026, net bond investment increased by 1.9 trillion CNY, while total market bond net financing was only 1.4 trillion CNY, indicating a negative contribution of -9.68% from bond financing to the loan-to-deposit spread [4][45]. Summary by Sections Section 1: Implications of Widening Loan-to-Deposit Spread - The loan-to-deposit spread for large banks increased from 15.8 trillion CNY in January 2025 to 21.8 trillion CNY in January 2026, while for medium-sized banks, it rose from 16.5 trillion CNY to 23.5 trillion CNY [12]. - The decline in loan-to-deposit ratios for large banks from 89.1% to 86.5% and for medium-sized banks from 88.3% to 84.7% reflects a shift in asset allocation demands [12]. Section 2: Factors Influencing Loan-to-Deposit Spread - The six factors affecting the loan-to-deposit spread include: 1. Cash withdrawal demand 2. Reserve situation 3. Interbank lending to non-banking entities 4. Scale of bond investments 5. Bond issuance 6. Bank capital [4][14]. - The report emphasizes that the relationship between bond financing and loans must differentiate between government and non-government bonds, as the issuance of government bonds does not affect the loan-to-deposit spread [4][35]. Section 3: Analysis of Recent Changes in Bank Assets and Liabilities - The report details the contributions of various factors to the loan-to-deposit spread, including a -47% contribution from bank funds exiting the balance sheet and a 173% contribution from the substitution effect of bonds for loans [4][45]. - The analysis of January 2026 data shows that non-bank funds returning to banks contributed 25.9% to the loan-to-deposit spread, while interbank net assets contributed 43.3% [4][45].

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The banking industry has shown a recovery in profit growth, with net profit for commercial banks increasing by 2.33% year-on-year in 2025, reflecting a quarter-on-quarter improvement of 2.35 percentage points [13][14] - The overall asset growth of commercial banks continued, with total assets increasing by 9.01% year-on-year as of Q4 2025, while loan growth slightly decreased to 7.26% year-on-year [29][30] - Net interest margin stabilized for two consecutive quarters at 1.42%, with expectations for a gradual recovery in 2026 [54] Summary by Sections Performance - The net profit of commercial banks increased by 2.33% year-on-year in 2025, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks showing growth rates of 2.25%, -2.84%, 12.87%, and 4.57% respectively [13][14] - The return on equity (ROE) and return on assets (ROA) for commercial banks were 7.78% and 0.60%, reflecting a year-on-year decline of 0.33 percentage points and 0.03 percentage points respectively [13] Scale - Total assets of commercial banks grew by 9.01% year-on-year as of Q4 2025, with state-owned banks showing a growth rate of 10.78% [29][30] - Loan growth for commercial banks was 7.26% year-on-year, with city commercial banks experiencing a counter-cyclical increase in loan growth [29][30] Interest Margin - The net interest margin for commercial banks was stable at 1.42%, with a year-on-year decline of 10.50 basis points [54] - Expectations for 2026 indicate potential downward pressure on net interest margins in Q1, but a gradual recovery is anticipated thereafter [54] Asset Quality - The non-performing loan ratio for commercial banks was 1.50%, showing a quarter-on-quarter decrease of 2.00 basis points, while the provision coverage ratio was 205.21% [54] Capital - The core Tier 1 capital adequacy ratio for commercial banks was 10.92%, reflecting a quarter-on-quarter increase of 0.05 percentage points [54]

蓝筹股方面，腾讯控股跌2.01%，收报512港元；香港交易所涨0.78%，收报415.4港元；中国移动跌 0.88%，收报78.6港元；汇丰控股涨1.61%，收报145港元。 香港本地股方面，长实集团涨3.04%，收报48.06港元；新鸿基地产跌0.07%，收报136.3港元；恒基 地产跌0.4%，收报34.44港元。 新华社香港2月26日电 香港恒生指数26日跌384.7点，跌幅1.44%，收报26381.02点。全日主板成交 2592.77亿港元。 中资金融股方面，中国银行跌0.64%，收报4.65港元；建设银行跌1.6%，收报8港元；工商银行跌 0.62%，收报6.42港元；中国平安跌4.64%，收报67.85港元；中国人寿跌4.1%，收报31.38港元。 国企指数跌220.46点，收报8814.29点，跌幅2.44%。恒生科技指数跌151.17点，收报5109.33点，跌 幅2.87%。 【纠错】 【责任编辑:王雪】 石油石化股方面，中国石油化工股份跌1.63%，收报5.43港元；中国石油股份跌1.46%，收报9.46港 元；中国海洋石油跌3.22%，收报24.66港元。 ...

入选供应商：杭州迪普科技股份有限公司、北京信安世纪科技股份有限公司 采购价格：7,262,396 元 合同确定的采购数量：104 台 2026 年 2 月 25 日，中国建设银行股份有限公司发布《应用安全网关（高端国芯、高端国产）》采购结果。 采购方式：竞争性磋商 候选供应商： 北京信安世纪科技股份有限公司 深信服科技股份有限公司 杭州迪普科技股份有限公司 北京江南天安科技有限公司 北京天融信网络安全技术有限公司 新华三技术有限公司 入选供应商：杭州迪普科技股份有限公司、北京信安世纪科技股份有限公司 采购价格：7,262,396 元 合同确定的采购数量：104 台 2026 年 2 月 25 日，中国建设银行股份有限公司发布《应用安全网关（高端国芯、高端国产）》采购结果。 采购方式：竞争性磋商 候选供应商： 北京信安世纪科技股份有限公司 深信服科技股份有限公司 杭州迪普科技股份有限公司 北京江南天安科技有限公司 北京天融信网络安全技术有限公司 新华三技术有限公司 ...

面对企业跨境收购的"急流险滩"，湖南建行人精准把脉，凭借专业服务赢得企业青睐；面对大型制造企业的汇率避险需求，他们创新落地 全省首笔期权组合产品；面对客户一笔不足千元的跨境设计费，他们耐心服务七分钟完成入账……这是湖南建行以专业赋能湘企"出海"的 生动写照。 2025年，湖南建行紧跟全省高水平对外开放步伐，持续提升贸易结算、跨境投融资及外籍来华人员服务便利化水平，国际业务贷款规模与 贸易融资投放双双实现45%以上增长。 "无感"办理背后的"有感"攻坚 今年初，某服装品牌集团旗下企业拟收购香港某品牌83%股权，项目金额巨大，且同业早已为其开立基本账户，政府与合作银行服务"给 力"，建行长沙华兴支行介入机会几乎为零。 大型装备制造企业山河智能近年加快国际化步伐，建行长沙天心支行坚持本外币一体化服务，以高频走访、高层对接深化银企关系。2025 年11月，总行国际业务部、湖南省分行负责人共同走访山河智能，共商全球经营策略。 从每周至少一次的网点走访，到签约美元、欧元大额外币存款合同，山河智能在建行的国际业务从收支、结售汇拓展至境外保函、进口信 用证、国际福费廷等"多面开花"。面对汇率波动，支行主动推介远期结汇、期权组 ...

| 股票名称 | 沽空金额↓ | 沽空比率 | 偏离值 | | --- | --- | --- | --- | | 汇丰控股(00005) | 16.76 亿元 | 27.07% | 7.92% | | 腾讯控股(00700) | 9.44 亿元 | 7.88% | -0.55% | | 中国平安(02318) | 8.72 亿元 | 38.42% | 10.53% | | 阿里巴巴-W(09988) | 7.02 亿元 | 9.87% | -2.61% | | 泡泡玛特(09992) | 6.49 亿元 | 27.08% | 3.02% | | 美团-W(03690) | 6.43 亿元 | 19.43% | -2.11% | | 小米集团-W(01810) | 6.01 亿元 | 17.68% | -3.77% | | 建设银行(00939) | 5.97 亿元 | 35.17% | 11.85% | | 新鸿基地产(00016) | 5.11 亿元 | 35.17% | -4.23% | | 长飞光纤光缆(06869) | 4.77 亿元 | 16.42% | 9.63% | 前十大沽空偏离值排行 智通 ...