● 本报记者 吴杨 截至1月26日中国证券报记者发稿时，招商银行、浦发银行、中信银行、杭州银行等8家银行披露了业绩 快报。数据显示，2025年这些银行整体保持稳健发展态势，营业收入与归母净利润普遍实现正增长，资 产质量核心指标稳中向好。 规模有序扩张 已披露2025年业绩快报的8家银行（4家股份行、3家城商行、1家农商行）均实现归母净利润同比正增 长，其中7家银行实现营业收入与归母净利润"双增"。 城商行业绩增长势头较为强劲。2025年，杭州银行以12.05%的归母净利润同比增速位居前列；宁波银 行实现归母净利润293.33亿元，同比增长8.13%；南京银行实现归母净利润218.07亿元，同比增长 8.08%。股份行中，2025年，浦发银行实现归母净利润500.17亿元，同比增长10.52%，增速较为突出； 中信银行、招商银行、兴业银行在面临多重挑战的经营环境下，归母净利润分别实现了2.98%、 对于拨备水平的适度回调，市场观点认为，这主要源于资产质量整体改善，部分银行得以释放拨备来支 撑利润增长。国联民生证券银行业首席分析师王先爽表示，银行通过拨备反哺利润需满足两方面条件： 一是拨备储备较为充足，二是上一期 ...

这一桩桩鲜活的资本实践，是西南证券深耕金融"五篇大文章"的生动注脚，是在细分领域、重点区域集 中资源，打造"小而美"的特色投行和服务商的清晰体现。 "深学笃行，西南证券朝着'西部领先、全国进位和重庆辨识度'的奋斗目标稳步迈进。"西南证券党委书 记、董事长姜栋林日前在接受中国证券报记者专访时表示，"在业务规模、服务能力、核心竞争力等方 面实现显著提升，为践行高质量发展要求奠定坚实基础。" 资本市场的浪潮奔涌向前，专业力量始终是穿越周期的核心支撑。面对行业新阶段的新要求，姜栋林表 示，专业能力是证券公司的核心竞争力，也是践行党的二十届四中全会精神、落实行业高质量发展要求 的关键保障。未来，西南证券将继续扎根西南、服务全国，不断提升核心竞争力和专业服务能力，努力 实现"西部领先、全国进位和重庆辨识度"的发展目标。 服务*ST松发落地40亿元配套融资，成为近三年重组募集配套金额最大的民营上市公司；推动至正股份 重大资产重组项目获证监会注册，成为2025年A股市场首单跨境换股重大资产重组项目；推动重庆首单 CMBS项目获批，助力重庆民营经济发展及资产盘活…… ● 本报记者 徐昭 吴玉华 坚守本源使命 助力实体经济发展 ...

高管和股东积极增持 ● 李玉敏 李蕴奇 2026年以来，A股银行板块出现明显调整，跑输大盘，这一现象主要源于市场风格切换下的资金短期流 出。在银行股调整过程中，多家银行高管和股东积极增持，机构也对外传递乐观预期，银行股的长期价 值并未改变。 银行股明显调整 开年以来，银行股出现明显调整。截至1月26日收盘，申万银行指数今年以来下跌7.04%。同期，沪深 300指数上涨1.66%，中证500指数上涨13.95%。 记者梳理发现，在本轮银行股调整过程中，市值较高的银行股调整幅度更大。在申万二级行业中，国有 大型银行、股份制银行、城商行、农商行今年以来分别下跌8.64%、8.8%、2.64%、3.69%。 市场风格主导的资金流向或许是本轮银行股调整的关键因素。招商证券金融工程团队的研报显示，2025 年12月下旬以来，小盘成长风格在市场中明显占优，大盘价值风格处于弱势。作为大盘价值风格的代 表，银行股近期遭遇"逆风"。中金公司银行业分析师林英奇认为，由于近期市场风格切换、资金流出等 原因，银行股出现一定回调。不过，这也导致银行股估值、股息吸引力提升。 在连续调整后，1月26日A股银行股行情明显回暖，申万银行指数上涨 ...

国家发展改革委城市和小城镇改革发展中心研究员潘昭宇表示，城际铁路要与干线铁路、市域（郊）铁 路、城市轨道交通无缝化衔接、一体化服务、融合式发展。意见提出，有序实现城际铁路与干线铁路、 城市轨道交通、市域（郊）铁路票制互通、支付兼容、安检互认、信息共享、应急联动，将有效推进多 层次轨道交通"四网融合"，提高城际铁路运输服务质量。 在监管要求方面，要求国家铁路局履行行业监督管理部门职责，压实地方政府工程质量安全监管责任， 加强城际铁路建设运营监管体制机制建设。落实地方政府支出责任，明确新建城际铁路项目资本金比例 不低于50%，不得违规举债融资，既有城际铁路运营10年后未实现现金流平衡的地区，也要暂停新建城 际铁路项目，防范债务风险。同时，对符合条件的项目鼓励社会资本参与，探索提供适合城际铁路的金 融产品和服务模式。 推动运输主体多元化 ● 本报记者 欧阳剑环 日前，国家发展改革委印发《关于推进城际铁路健康可持续发展的意见》，以落实基础设施建设要适度 超前、不能过度超前的要求，构建布局合理、便捷高效、经济适用的城际轨道交通网络，推动城市群高 质量一体化发展。 国家发展改革委新闻发言人表示，这是国家首次针对城际铁路出 ...

Core Insights - The continuous decline in operating loan interest rates is driven by multiple factors including policy guidance, market competition, and reduced funding costs [1][3][6] - Banks are focusing on operating loans as a key area for credit allocation, especially in light of weak mortgage demand and the need to optimize credit structures [1][3] Group 1: Interest Rate Trends - Several banks have lowered their operating loan interest rates, with some rates dropping to as low as 2.31% [1] - The minimum interest rate for secured operating loans is currently around 2.35%, while unsecured loans start at 2.55% [2] - With government subsidies, first-time borrowers from small and micro enterprises can enjoy interest rates as low as the "1s" [2] Group 2: Policy and Market Dynamics - The government has extended the fiscal subsidy policy for service industry enterprises until the end of 2026, increasing the loan cap for subsidies from 1 million to 10 million yuan [2] - The competition among banks is intensifying as they seek to attract high-quality small and micro enterprise clients, leading to a price war [3][5] Group 3: Risk and Sustainability - The ongoing decline in interest rates is putting pressure on banks' net interest margins, potentially leading to a focus on higher-risk clients [6] - Banks are encouraged to adopt differentiated pricing based on client creditworthiness and to enhance risk control through digital technologies [6] - The balance between price competition and sustainable operations is identified as a critical challenge for banks [6]

Group 1 - The Guangdong provincial government aims for a GDP growth target of 4.5%-5% for the year, emphasizing the importance of a strong start to the 14th Five-Year Plan [1] - The report highlights the need to enhance the scale and capability of the financial sector, support insurance product innovation, and facilitate corporate financing and mergers [1] - By 2025, Guangdong's GDP is projected to grow by 3.9%, maintaining its position as the top province in China for 37 consecutive years, with public budget revenue increasing by 3% and goods import-export growth at 4.4% [1] Group 2 - The report emphasizes the acceleration of emerging industries such as new energy, new materials, and smart vehicles, aiming to cultivate more pillar industries [2] - It calls for strengthening original innovation and tackling key core technologies, particularly in quantum technology, artificial intelligence, and integrated circuits [2] - In the real estate sector, the focus is on stabilizing the market through targeted policies, promoting the utilization of idle commercial properties, and enhancing the quality of housing and property services [2]

▲ ▲ A02·财经要闻 广东： 加快提升金融业规模能级 广东省省长孟凡利作政府工作报告时表示，加快提升金融业规模能级，巩固银行业发展优势，支持保险 机构加强产品创新，支持企业上市融资和并购重组。 ...

Group 1 - The core viewpoint of the articles highlights the significant growth and diversification of China's consumer market by 2025, driven by various policies and consumer trends [1][3] - The retail sales of daily household appliances, kitchenware, and communication devices are projected to increase by 17.4%, 12.9%, and 18.6% respectively in 2025 [1] - The sales of new energy vehicles are expected to rise, with a projected increase of 24.3% in unit sales and 21.1% in sales revenue [1] Group 2 - The integration of culture and tourism is expected to enhance consumer activity, with sales in cultural performances projected to grow by 17.3%, and travel-related services seeing increases of 11.2%, 26.1%, and 14.6% respectively [1] - Digital empowerment is driving new consumption patterns, with internet service platforms and food delivery services expected to grow by 9.4% and 13.3% respectively [2] - The digital cultural services sector is anticipated to see a 16.6% increase in sales revenue by 2025 [2] Group 3 - The sports and health industries are experiencing strong demand, with sports exhibition services and consulting services projected to grow by 12.2% and 27.8% respectively [2] - The consumption related to elderly care and childcare services is also on the rise, with elderly care services expected to grow by 24.9% [2] - The number of foreign travelers benefiting from tax refunds is expected to increase by 305%, with sales from tax refund items projected to grow by 95.9% [3]

新一代天基信息服务竞争开启 "天数天算"加速： ▲ ▲ 随着AI技术的不断发展，行业对算力的需求持续飙升，将计算能力部署于太空，已逐渐从幻想变成产 业加速落地的现实考量。 A05·公司纵横 ...

▲ ▲ 数据显示，已披露业绩快报的银行去年整体保持稳健发展态势，营业收入与归母净利润普遍实现正增 长，资产质量核心指标稳中向好。 A03·资管时代 上市银行2025年业绩快报扫描： 稳健增长与质量提升并行 ...