Core Viewpoint - The banking sector is experiencing a divergence in deposit strategies as the Chinese New Year approaches, with state-owned banks maintaining stable interest rates while some joint-stock and city commercial banks are actively raising rates and lowering deposit thresholds to attract customers [1][2][4]. Group 1: Deposit Rate Trends - State-owned banks like China Construction Bank and Industrial and Commercial Bank of China are offering fixed deposit rates of 1.1% for one year, 1.2% for two years, and 1.55% for three years, showing no changes in their deposit strategies [2][3]. - In contrast, joint-stock banks such as Industrial Bank are offering higher rates, with one-year fixed deposits at 1.3%, two-year at 1.4%, and three-year at 1.75%, which are above the rates offered by state-owned banks [2][3]. - City commercial banks are also increasing their deposit rates, with Huishang Bank offering a three-year fixed deposit rate of up to 1.95%, and recently lowering the minimum deposit requirement from 500,000 to 200,000 yuan [3][5]. Group 2: Marketing Strategies - Some banks are launching promotional activities to attract deposits, such as Industrial Bank's "Xing Speed" program, which offers rewards for customers who increase their financial assets [3]. - Ningbo Bank is targeting new customers with a "New Year Red" deposit campaign, offering a 1.95% interest rate for three-year fixed deposits with a minimum deposit of 200,000 yuan [3]. - Local rural commercial banks are also actively raising deposit rates and introducing unique deposit products to capture market share, with Guangxi Zhaoping Rural Commercial Bank offering rates of 1.4%, 1.65%, and 1.9% for one, two, and three-year deposits, respectively [5][6]. Group 3: Market Dynamics and Customer Recommendations - Analysts suggest that state-owned banks are strategically withdrawing from high-cost deposit competition to focus on wealth management services, while city commercial banks are using targeted deposit activities to support their lending and market share goals [4][6]. - Customers are advised to balance safety, yield, and liquidity when choosing deposit products, with recommendations to prioritize deposits in insured financial institutions and consider the duration and purpose of their funds [7][8]. - For short-term idle funds, large banks' products are recommended for liquidity, while long-term savings should focus on high-yield products from smaller banks to lock in current rates [8][9].

Core Viewpoint - The recent volatility in gold prices has led to significant adjustments in the gold repurchase policies of various companies, including China Gold and Beijing Caishikou Department Store, to manage risks and improve operational efficiency [3][4]. Group 1: Company Adjustments - China Gold will suspend its gold repurchase business on weekends and public holidays starting February 7, 2026, due to increased price volatility and uncertainty in the precious metals market [3][4]. - Beijing Caishikou Department Store has also updated its repurchase rules, halting operations on non-trading days and reducing the daily gold repurchase limit from 200 kilograms to 100 kilograms [3][4]. - The adjustments include limits on repurchase amounts for individual customers, requiring prior appointments, and these limits will be dynamically adjusted based on market conditions [3][4]. Group 2: Market Conditions - The gold market has experienced significant price fluctuations, with daily price changes exceeding 10% to 30%, which has surpassed market expectations [4]. - The suspension of repurchase activities on non-trading days is intended to align with market pricing mechanisms and avoid disputes over pricing due to the lack of fair market quotes [4]. - The overall industry is facing increased pressure from risk management and operational costs, with expectations that more gold retailers will follow suit in tightening their repurchase policies [4]. Group 3: Banking Sector Response - Several banks have begun to limit services for "three no" clients (no holdings, no inventory, no debts) in response to the heightened market risks associated with gold trading [5][6]. - Banks such as Industrial Bank and others have announced the closure of personal gold trading channels and the transfer of margin account balances for inactive clients [6][7]. - The banking sector's adjustments reflect a growing trend of risk management, transitioning from initial risk warnings to the orderly exit of existing clients [8].

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 国家知识产权局信息显示，兴业银行股份有限公司取得一项名为"结构化查询语句的调用方法、装置、 计算机设备"的专利，授权公告号CN117312367B，申请日期为2023年10月。 天眼查资料显示，兴业银行股份有限公司，成立于1988年，位于福州市，是一家以从事货币金融服务为 主的企业。企业注册资本2077419.0751万人民币。通过天眼查大数据分析，兴业银行股份有限公司共对 外投资了11家企业，参与招投标项目3748次，财产线索方面有商标信息591条，专利信息455条，此外企 业还拥有行政许可114个。 来源：市场资讯 ...

Core Viewpoint - A-share listed banks have shown positive growth in net profit for 2025, with all 11 banks reporting an increase, and four banks achieving double-digit growth, led by Qingdao Bank at 21.66% [1][5]. Group 1: Financial Performance - Qingdao Bank reported a net profit of 518.77 million yuan, up from 426.41 million yuan, marking a growth rate of 21.66% [2]. - Qilu Bank and Hangzhou Bank followed with net profit growth rates of 14.58% and 12.05%, respectively [5]. - In terms of total assets, China Merchants Bank leads with 13.07 trillion yuan, a year-on-year increase of 7.56% [4]. - The overall asset quality of the banks remains stable, with most banks reporting a decrease or stability in non-performing loan ratios [5][6]. Group 2: Revenue Trends - Revenue growth among the banks is varied, with only CITIC Bank experiencing a slight decline of 0.55% [4]. - Nanjing Bank led in revenue growth with a 10.48% increase, while Ningbo Bank and Qingdao Bank reported increases of 8.01% and 7.97%, respectively [4][5]. - The overall revenue growth for A-share listed banks is expected to improve in 2025, driven by narrowing interest margins and increased impairment contributions [9]. Group 3: Market Outlook - Analysts are cautiously optimistic about the banking sector's performance in 2026, with expectations of stable credit growth and improved profitability [9][10]. - The investment focus for 2026 includes identifying banks with potential for growth, particularly Ningbo Bank and China Merchants Bank, and those with convertible bond expectations like Industrial Bank [10]. - The overall market capitalization of the banking sector has surpassed 15 trillion yuan, reflecting a significant increase from the previous year [6].

Core Viewpoint - The recent volatility in gold prices has led banks to tighten trading restrictions on precious metals-related businesses, impacting personal gold trading channels significantly [1][4]. Group 1: Bank Actions - Industrial Bank announced it will close personal online trading channels for the Shanghai Gold Exchange after February 14, while other channels like counter and mobile banking will remain open [2]. - Several banks, including Industrial Bank, ICBC, CCB, ABC, Postal Savings Bank, and Everbright Bank, have adjusted their precious metals trading services in response to market conditions [3][5]. - Banks are urging clients to complete necessary operations such as contract settlements and withdrawals due to the heightened market risks [5]. Group 2: Market Conditions - The recent sharp fluctuations in precious metal prices have raised concerns about potential risks in the market, prompting banks to adjust their services to mitigate these risks [4][8]. - The tightening of personal gold trading services is part of a broader trend following the "oil treasure" incident in 2020, leading to stricter regulations on banks' financial derivative businesses [8]. Group 3: Future Outlook - Despite the closure of high-risk leveraged trading channels for individual investors, the overall precious metals business in the banking sector is expected to grow, with banks promoting lower-risk investment products like gold accumulation and physical gold bars [8]. - The adjustments indicate a significant reduction in access to personal gold trading, effectively closing off this channel for individual clients [8].

出品｜中访网 此次落地的系统直联供应链商票贴现业务，以SaaS技术架构实现银行核心系统与川投供应链平台无缝对 接，打通银企数据壁垒，构建起全流程线上化、高效协同的数字金融服务体系。相较于传统模式，链属 企业无需往返银行网点提交材料、线下办理，仅需在川投供应链平台发起票据融资申请，在线完成合同 签署，银行系统自动完成信息校验、风控审核与资金投放，最快实现"T+0"当日放款。全流程线上化操 作大幅压缩业务办理时长，显著提升结算与融资效率，真正实现数据"多跑路"、企业"少跑腿"，为产业 链上下游企业提供一站式、全品类、便捷化的综合票据服务体验。 效率提升的同时，兴业银行成都分行始终坚守安全底线，将数字化风控嵌入业务全流程。通过系统直联 实现票据信息自动核验、贸易背景交叉验证、资金流向实时管控，以技术手段筑牢风险防线，保障融资 合规与资金安全。此外，该系统深度对接企业司库管理需求，为集团型企业提供全流程票据可视化管 理、资金统筹运营、风险智能预警等功能支撑，助力企业提升资金使用效率、强化财务管控能力，实现 金融服务与企业数字化管理深度融合。 供应链票据是优化产业链支付结算、缓解中小微企业融资压力的重要工具。系统直联模 ...

Core Viewpoint - The successful launch of "Zhaoyin Jinkui" and "Puyin Shuzhi" satellites by China Merchants Bank and Pudong Development Bank marks a significant step in the integration of banking and commercial aerospace, highlighting the banks' strategic move to leverage satellite technology for enhancing digital financial infrastructure and supporting the commercial aerospace industry [2][10]. Group 1: Satellite Launch and Collaboration - The "Zhaoyin Jinkui" and "Puyin Shuzhi" satellites are part of the "Tianqi Constellation" low-orbit narrowband satellite IoT network, showcasing banks' involvement in satellite launches [2][3]. - This is not the first instance of banks collaborating with commercial satellite companies; previous launches include "Zhaoyin 1" and "Zhaoyin 2" by China Merchants Bank and "Ping An 1" and "Ping An 2" by Ping An Bank [3][4]. - Banks are adopting various paths to utilize satellite technology, including direct satellite launches and purchasing processed data from satellite companies for financial applications [3][4]. Group 2: Applications and Benefits of Satellite Technology - The integration of low-orbit satellites enhances banks' capabilities in financial asset management, risk control, and emergency communication, extending their digital infrastructure into space [3][6]. - Banks are increasingly moving from merely purchasing satellite data to actively participating in satellite launches, driven by the need for improved risk management and business continuity [6][7]. - The use of satellite technology allows banks to overcome geographical and environmental limitations, thus expanding their business reach, especially in remote areas [7][10]. Group 3: Cost and Market Dynamics - The cost of launching commercial satellites is expected to decrease due to technological advancements and economies of scale, making customized commercial applications more feasible [8][9]. - Current costs for launching a commercial satellite range from tens of millions to over a billion yuan, with significant potential for reduction as the industry matures [8][9]. - By 2030, the cost of satellite launches could drop to below 10,000 yuan per kilogram, further encouraging financial institutions to invest in satellite technology [9]. Group 4: Financial and Industrial Synergy - The collaboration between banks and satellite companies represents a deeper financial and industrial synergy, enabling banks to expand their service offerings and support the development of the commercial aerospace ecosystem [10][14]. - Banks are innovating financial products and services, such as satellite leasing and industry-specific funds, to meet the unique needs of the aerospace sector [14][15]. - The integration of satellite data into financial services is expected to enhance credit assessments and risk management, aligning financial services more closely with the real economy [10][15].

近期多家银行密集调整代理上金所个人贵金属交易业务。工商银行2025年12月发布公告，对无持仓、无库存、无欠款且保证金账户仍有资金余额的客户，自 2025年12月19日起批量划转保证金账户余额至绑定结算账户，并关闭相关业务功能；建设银行同期提示符合上述条件的客户尽快转出业务保证金余额并解 约；中信银行自2025年11月7日起，开展代理上金所个人交易长期不动户清理工作；宁波银行2025年9月发布公告，自当年10月13日起停止受理代理个人客户 上金所现货实盘买入交易，卖出交易不受影响。 市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 兴业银行在公告中表示，当前贵金属市场剧烈波动，市场风险较高，再次提醒尚未完成解约的个人客户尽快办理延期合约平仓、库存卖出、出金以及解约操 作。该行后续将根据市场状况及业务发展需求，持续调整客户交易渠道。 事实上，这并非兴业银行首次调整该业务。2022年7月15日收市后，兴业银行已关闭代理上金所个人贵金属买卖业务的延期合约开仓、现货合约买入功能， 并对无持仓、无库存、无欠款的代理贵金属交易账户实施统一结算并解除委托代理关系。2025年10月，兴业银行 ...

Summary of Conference Call on Banking Sector Outlook Industry Overview - The conference focused on the banking sector, specifically discussing the performance and outlook of 11 listed banks in China for the year 2025 and beyond [1][6]. Key Points and Arguments 1. Overall Performance of Banks - The performance of the 11 banks exceeded expectations, indicating a robust resilience in the banking sector [1][6]. - The net interest margin (NIM) showed signs of stabilization, with a narrowing year-on-year decline contributing significantly to interest income and revenue growth [1][2]. 2. Sensitivity of Interest Income - Interest income is highly sensitive to changes in NIM; a decrease of 10 basis points (BP) in NIM could reduce net interest income growth by 7 percentage points, while a 5 BP decrease would result in a 3.5 percentage point reduction [2]. 3. Fee Income Recovery - There has been a recovery in fee income due to improved capital market conditions and asset allocation by residents, leading to a continuous improvement in bank fees [2][4]. 4. Potential for Old Bond Gains - The banks hold significant unrealized gains on old bonds, which presents a substantial opportunity for realization [3]. 5. Positive Outlook for 2026 - The overall judgment is that the situation in 2026 will be better than in 2025, driven by stable basis points, improving fees, and gains from old bonds [3]. 6. Investment Perspective - The investment strategy focuses on absolute returns, targeting a return on equity (ROE) of around 13% and a price-to-book (PB) ratio of 0.67 times, indicating a reasonable pricing range [3][4]. - The recommendation is to select stocks based on high growth and high dividend yield, particularly in regions like Jiangsu, Nanjing, and Qilu [4][5]. 7. Performance of Specific Banks - Notable banks such as China Merchants Bank and Industrial Bank showed positive revenue growth, with some banks transitioning from negative to positive growth [6][7]. - City commercial banks like Nanjing Bank and Qingdao Bank reported double-digit revenue growth, indicating strong performance [7][10]. 8. Asset Quality and Non-Performing Loans (NPLs) - The asset quality remains stable, with many banks reporting a decrease in NPL ratios. For instance, Qingdao Bank's NPL ratio dropped significantly [10][11]. - The overall trend suggests a gradual improvement in asset quality, with expectations for continued stability in 2026 [11][12]. 9. Credit Growth and Demand - Credit growth is expected to remain strong, particularly in major provinces like Sichuan and Jiangsu, which reported credit growth rates above 8% [12][13]. - The demand for corporate loans remains robust, while retail loan demand is weaker [12]. 10. Future Risks and Projections - There are concerns regarding the potential exposure of retail loans, particularly in mortgage and consumer credit segments, but the overall increase in NPLs is expected to be limited [16][17]. - Projections for 2025 indicate a slight increase in NPL ratios for retail loans, but overall asset quality is expected to remain stable [17][18]. 11. Revenue Growth Expectations - The banking sector is projected to achieve a revenue growth rate of approximately 1.2% year-on-year, with city commercial banks leading in net profit growth [19][20]. 12. Stock Selection Strategy - The stock selection strategy emphasizes high ROE and high dividend yield, with recommendations for both Hong Kong and A-share listed banks [20][21]. Additional Important Insights - The conference highlighted the importance of wealth management in driving fee income, with expectations for continued positive contributions to revenue [19]. - The overall sentiment is optimistic regarding the banking sector's ability to navigate challenges and capitalize on growth opportunities in the coming years [22].

2月9日，又有银行调整代理个人贵金属买卖业务。 再次对个人贵金属业务调整 近日，兴业银行官网发布公告称，根据业务发展需要，该行将在2026年2月14日以后关闭代理上海黄金交易所（以下简称上金所）个人 贵金属买卖业务个人网银交易渠道，柜面、手机银行等交易渠道正常开放。这也是近期又一家银行对个人贵金属买卖业务进行调整。 对于此次调整的原因，兴业银行在公告中表示，当前，贵金属市场剧烈波动，市场风险较大，再次提醒尚未完成解约的个人客户尽快办 理延期合约平仓/库存卖出、出金和解约操作。该行将继续根据市场状况和业务发展需要调整客户交易渠道。 近期，多家银行密集加大对代理上金所个人贵金属交易业务的调整。例如，邮储银行公告表示，自2026年1月12日起，该行代理上金所 个人贵金属业务将全面停办。 在业内看来，兴业银行此举不仅能够降低客户通过高杠杆、高频次的线上渠道参与高风险交易的可能性，同时通过关闭低效账户和网银 通道，能够降低后台运维、客服与合规成本。 值得一提的是，早在2022年，兴业银行就已对个人贵金属业务进行一轮调整。彼时兴业银行公告表示，自2022年7月15日起，该行将关 闭延期合约开仓与现货合约买入功能，并对"三 ...