作者 | 第一财经 亓宁 黄金、白银价格高位波动持续，银行继续出手控风险。 第一财经注意到，春节假期后，农业银行、工商银行、建设银行等多家银行再度上调代理上金所贵金属业务的保证金比例，部分银行已将杠杆倍数调降至 1。 此外，基于监管要求和业务合规需要，不少银行在加强风控的同时，推动存量业务的加速清理，包括对长期不动户进行持续清理、收缩办理渠道等。个别 银行直接宣布停办相关业务，将在一定期限后对有持仓或有库存账户实施强制平仓或库存卖出。 银行频频出手压杠杆 农业银行在2月25日发布公告称，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，该行定于自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%。 这也是继2月4日之后，农行再次上调代理上金所个人贵金属业务保证金比例。彼时该行宣布，自5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60%调整为80%。 工商银行也在25日发布公告称，自27日收盘清算时起，该行代理个人客户Au（T+D）、mAu（T+D）、Au（T+N1）、Au ...

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].

黄金、白银价格高位波动持续，银行继续出手控风险。 第一财经注意到，春节假期后，农业银行、工商银行、建设银行等多家银行再度上调代理上金所贵金属 业务的保证金比例，部分银行已将杠杆倍数调降至1。 此外，基于监管要求和业务合规需要，不少银行在加强风控的同时，推动存量业务的加速清理，包括对 长期不动户进行持续清理、收缩办理渠道等。个别银行直接宣布停办相关业务，将在一定期限后对有持 仓或有库存账户实施强制平仓或库存卖出。 银行频频出手压杠杆 农业银行在2月25日发布公告称，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，该行定于自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%。 目前，中行代理上金所贵金属业务的相关合约保证金比例要求尚未达到100%。该行在24日发布公告， 自当日收盘清算时起，该行白银延期合约的客户保证金比例由77.49%调整为77.52%，黄金延期合约客 户保证金比例维持55.44%不变。 有的宣布限期强制平仓或卖出 自去年以来，随着贵金属价格频频创造历史，银行对相关业务的风险提示和调整动作也更 ...

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]

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 ...

（来源：湖州日报） 转自：湖州日报 记者 汉霖 通讯员 高峰祺 施温颖 本报讯 建行湖州安吉支行近日走进天目新村社区，开展了一场别开生面的"新春消保走基层"专项活 动，为居民们送上实用的金融知识与温暖的新春祝福。 活动现场，工作人员精心布置的"消保宣传站"格外醒目。他们聚焦"红包诈骗""虚假购物""冒充亲友借 款"等典型陷阱，结合真实案例进行生动剖析，向居民传授识别与防范的技巧，反复提醒大家牢记"不轻 信、不泄露、不转账"的原则，筑牢财产安全防线。讲解吸引众多居民驻足聆听，互动问答环节更是气 氛热烈，居民们争相提问，工作人员耐心解答，提升大家的防骗能力。 针对居民差异化的金融需求，活动还提供个性化的咨询服务。围绕家庭理财规划、住房信贷政策等话 题，客户经理与居民进行小型座谈，提供初步的规划建议。同时，工作人员引导居民扫码关注线上金融 服务平台，方便大家获取持续、及时的远程金融支持，将一次线下活动延伸为长期陪伴。 ...

Core Viewpoint - The Invesco Great Wall and Xian An Yu three-month holding mixed fund of funds (FOF) has received approval from the China Securities Regulatory Commission (CSRC) for fundraising, indicating a new investment opportunity for qualified investors [1]. Fund Overview - Fund Name: Invesco Great Wall and Xian An Yu Three-Month Holding Mixed Fund of Funds (FOF) with A-class fund code 026801 and C-class fund code 026802 [9]. - Fund Type: Mixed fund of funds [10]. - Fund Operation Method: Contractual open-end [10]. - Initial Fund Share Value: 1.00 RMB [12]. Fund Sale Details - Fund Sale Period: From March 2, 2026, to March 13, 2026 [15]. - Minimum Fundraising Amount: 200 million RMB with at least 200 investors [15]. - The fund will be sold through direct sales and distribution agencies [17]. Subscription and Investment Process - Investors must open a fund account with the company to purchase the fund [2]. - The minimum initial subscription amount is 1 RMB, with no limit on additional subscriptions [22]. - There is no upper limit on the total subscription amount for individual accounts, but if an investor's total subscription reaches or exceeds 50% of the total fund shares, the management may impose restrictions [22][3]. Fund Management and Custody - Fund Manager: Invesco Great Wall Fund Management Co., Ltd. [30]. - Custodian: China Construction Bank [30]. Investor Information - Investors can inquire about subscription matters through the company's customer service [4]. - The fund has a minimum holding period of three months, during which investors cannot redeem or transfer their shares [6]. - Investors are advised to read the fund's prospectus and contract for detailed information on risks and returns [7].

广州市高质量发展大会再吹冲锋号，城市奋进的引擎全速轰鸣。 从重大战略的宏大叙事，到万家灯火的细微冷暖，有一股金融力量贯穿产业筋骨、滋养城市烟火——中 国建设银行广州分行（以下简称"建行广州分行"），正以"先行者"和"主力军"的担当，将金融"活水"精 准滴灌到城市最需滋养的土壤。该分行全力提升金融服务实体经济能力，积极主动破解社会痛点，为广 州高质量发展注入源源不断的动力。 建行广州分行全力服务城市重点项目和重点产业，支持期货产业园铸就金融新高地。 与城市发展同频共振 春日的南沙横沥岛尖，一座形如"金饭碗"的建筑熠熠生辉，这是去年新开业的南沙期货产业园，这里不 仅是全国首个期货金融业全要素产业园，亦是广州建设"金融港"、推动"五港联动"的核心地标，是落 实"南沙金融30条"中"高标准建设明珠金融创新集聚区、期货产业园等平台"要求的具体实践，总投资 18.67亿元。 项目建设初期，建行广东自贸试验区分行主动靠前服务，以牵头代理行身份，迅速组建银团。从土地评 估、抵押登记到合同签订，银团克服"项目体量庞大、工期紧张、用款需求灵活，传统单一信贷模式难 以适配"等困难，为项目投放贷款15亿元，其中建行作为牵头行批复6亿 ...

Core Viewpoint - The company has approved the use of idle fundraising for cash management, allowing up to RMB 100 million for investment purposes [1] Group 1: Cash Management Approval - The board of directors and the supervisory board of Chongqing Water Group Co., Ltd. convened meetings on February 24, 2025, to approve the proposal for cash management using idle fundraising [1] - The management is authorized to handle related matters and sign necessary documents, with the implementation organized by the finance department for a period of 12 months [1] Group 2: Investment Details - On November 24, 2025, the company invested RMB 50 million in a large-denomination certificate of deposit from China Construction Bank, with a 3-month term and an expected annual return rate of 0.9% [1] - The investment matured on February 24, 2026, resulting in the recovery of the principal amount of RMB 50 million and an earned interest of RMB 113,400 [1] Group 3: Recent Cash Management Status - The announcement includes details on the company's cash management activities over the past 12 months, although specific figures are not provided in the excerpt [1]