[Table_Page] 跟踪分析|银行 证券研究报告 [Table_Title] 跨境流动性跟踪 20260301 汇率政策组合拳如何影响流动性？ [Table_Summary] [Table_Gr ade] 行业评级 买入 前次评级 买入 报告日期 2026-03-02 [Table_PicQuote] 相对市场表现 -10% -3% 4% 10% 17% 24% 03/25 05/25 07/25 10/25 12/25 02/26 银行 沪深300 | [分析师： Table_Author]倪军 | | --- | | SAC 执证号：S0260518020004 | | 021-38003646 | | nijun@gf.com.cn | | 分析师： 林虎 | | SAC 执证号：S0260525040004 | | SFC CE No. BWK411 | | 021-38003643 | | gflinhu@gf.com.cn | | 请注意，倪军并非香港证券及期货事务监察委员会的注册 | | 持牌人，不可在香港从事受监管活动。 | [Table_ 相关研究： DocReport] | 银行行业 ...

[Table_PicQuote] 相对市场表现 [Table_Page] 跟踪分析|银行 证券研究报告 [Table_Title] 银行行业 月末票据利率反弹，大行净买入同比增量回落 ——银行资负跟踪 20260302 [Table_Summary] 核心观点： | [Table_Gr ade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-03-02 | [分析师： Table_Author]倪军 SAC 执证号：S0260518020004 021-38003646 nijun@gf.com.cn 分析师： 林虎 SAC 执证号：S0260525040004 SFC CE No. BWK411 021-38003643 gflinhu@gf.com.cn -10% -3% 4% 10% 17% 24% 03/25 05/25 07/25 10/25 12/25 02/26 银行 沪深300 请注意，倪军并非香港证券及期货事务监察委员会的注册 持牌人，不可在香港从事受监管活动。 [Table_ 相关研究： DocReport] | 银行行业:银行 ...

Investment Rating - The report maintains a "Buy" rating for the banking industry, indicating an expected investment return exceeding the market benchmark index by over 15% in the next 6-12 months [1]. Core Insights - The report discusses the implementation of a self-regulatory mechanism for interbank deposit pricing, which aims to manage liquidity and stabilize the banking sector's cost of liabilities. The focus has shifted from merely controlling the scale of interbank liabilities to regulating pricing behavior [4][5][6]. - The introduction of self-regulation for non-bank interbank demand deposit rates is expected to enhance the efficiency of monetary policy transmission and alleviate pressure on bank interest margins [6][9]. - The report highlights the historical evolution of interbank liability management, emphasizing the transition from risk prevention to cost control, and outlines the regulatory framework established over the past decade [4][5][6]. Summary by Sections Regulatory History Review - The regulatory framework for interbank liabilities has evolved through three main phases: establishing a risk prevention framework, deepening regulation to reduce leverage and prevent fund turnover, and focusing on cost control through pricing management [4][5][6]. Cost Management of Interbank Liabilities - The report notes that the cost of interbank liabilities remains relatively high, with significant room for further reduction. The average cost of interbank liabilities for state-owned banks was reported at 2.01%, compared to 1.52% for deposits, indicating a 48 basis point spread [13][20]. - The report emphasizes the need for enhanced management of interbank deposit pricing, particularly for time deposits, which currently do not fall under self-regulatory constraints [20][21]. Future Pathways for Self-Regulation - The report suggests that future regulatory measures may include setting upper limits on the scale of interbank demand deposits priced above self-regulatory levels and implementing self-regulation for time deposit rates [22][25]. - Preliminary estimates indicate that the self-regulation of interbank time deposits could lead to a reduction in interest expenses for banks, improving net interest margins by approximately 2 basis points [25][29]. Impact on Wealth Management Products - The report assesses the impact of interbank deposit self-regulation on wealth management products, indicating that the influence on net asset values is relatively limited due to the diverse nature of interbank deposit configurations [34][37]. - It highlights that wealth management products will continue to maintain a strong allocation to deposit-like assets, with expected fluctuations in allocation ratios [34][37].

（注：此文属于央广网登载的商业信息，文章内容不代表本网观点，仅供参考） 金融"活水"奔涌，发展活力澎湃。展望未来，邮储银行扬州市分行将始终坚守服务实体经济初心，不断 优化普惠金融服务模式，以更精准的信贷投放、更便捷的金融服务、更优惠的融资成本，为扬州地区广 大小微企业、制造业企业、科创企业注入源源不断的金融"活水"，共同书写金融助力地方经济高质量发 展新篇章。（来源：邮储银行扬州市分行） 2025年，邮储银行扬州市分行坚持以服务实体经济为己任，持续深化政、银、企三方协同联动，不断完 善普惠金融服务体系，聚焦科技、外贸、文旅等重点领域，加强金融支持。创新"扬创贷"等特色金融产 品与服务模式，实现2025年普惠贷款净增14.1亿元，同比增速16.3%，有效缓解了当地中小微企业"融资 难、融资贵"问题，为地区经济社会平稳运行提供了坚实的金融支撑，被国家金融监督管理总局扬州监 管分局评为服务成效突出的银行机构。 ...

"今年3月有笔存款到期，本来已经铁下心，要拿这笔钱来买银行理财产品。但最近手里几款理财产品收 益表现不太好，所以有些犹豫，准备再观望一下。续存定期每年起码能有1%以上的利息。"投资者小李 告诉记者。 权益市场波动下，当前部分银行理财产品收益承压。为了吸引更多客户资金，当前部分理财机构推 出"元宵节专享""新春专享"等特色理财产品。与此同时，行业掀起"降费潮"，不少理财机构密集下调理 财产品费率。 然而，投资者似乎对此并不买账。多数投资者对记者表示，自己最在意的，仍是银行理财产品的稳健性 以及到手收益。 特色理财产品吸睛 年终奖集中落袋、拜年红包陆续到账……春节后往往是居民打理闲置资金、做好财富规划的关键窗口 期，银行理财市场也会迎来一轮布局热潮。记者注意到，为吸引客户，多家银行推出"元宵节专属"等特 色理财产品。 例如，浙江禾城农商银行推出的"丰收丰禾2026年第045期封闭式净值型理财产品（元宵节专享）"，风 险等级为R2级，产品募集期为2月26日至3月4日，产品期限为3—6个月。 以招银理财为例，在2月26日，该机构就发布了十余条关于理财产品费率优惠的公告。例如，招银理财 拟对"招银理财招赢日日金139号 ...

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]

为推动金融服务深度融入民生保障与消费升级，邮储银行（601658）滨州市分行立足群众需求，通过民 生保障筑基、就业增收赋能、消费场景扩容、养老健康助力四大举措，实现"惠民生"与"促消费"双向赋 能，为地方经济发展注入持续动力。 筑牢民生保障根基，夯实"敢消费"底气。该行聚焦住房保障关键领域，自2016年起持续支持高新区、开 发区等多地棚户区改造项目，助力改善低收入群体居住环境、优化城市配套。截至目前，保障性住房贷 款余额达9.09亿元，以金融力量为群众安居乐业保驾护航。 布局养老健康领域，释放"新消费"潜力。重点走访养老照护、健康医疗等行业客户，推出极速贷信用、 极速贷法人保证等专属产品，信用类单笔最高50万元、担保类单笔最高300万元，有效满足养老产业资 金需求。阳信县客户王某晶经营养老院期间，该行先为其授信50万元信用贷，后通过滨发担担保审批 150万元扩建资金，高效解决融资难题。2025年累计发放个人养老产业贷款200万元，助力养老消费市场 扩容。 下一步，邮储银行滨州市分行将持续深化金融惠民与促消费融合，动态优化产品服务，精准对接民生需 求与消费场景，让金融活水更好滋养民生福祉、激活消费潜力。 强化就 ...

Core Insights - The article highlights the collaboration between Shandong Xinya Green Power Fuel System Co., Ltd. and Postal Savings Bank of China, emphasizing how financial support is accelerating the company's growth in the domestic substitution market [1][3]. Company Overview - Shandong Xinya Green Power Fuel System Co., Ltd. was established in 2017 and specializes in the research, production, and sales of high-pressure common rail injectors for internal combustion engines [3]. - The company's products are widely used in heavy trucks and engineering machinery, serving well-known domestic manufacturers such as China National Heavy Duty Truck Group, Weichai Power, and FAW Jiefang [3]. - The company aims to replace imports with its cost-effective products, which have successfully penetrated markets in Southeast Asia, the Middle East, and Africa [3]. Financial Collaboration - The partnership with Postal Savings Bank began in 2023, focusing on various business areas including small enterprise credit, payroll services, and cash settlement [3][5]. - A loan of 10 million yuan from Postal Savings Bank has significantly supported the company's steady development, enhancing its financing channels and optimizing cash flow management [3][5]. Business Performance - The company projects nearly 200 million yuan in revenue for 2024, with tax contributions of 15 million yuan and the creation of over 200 jobs [5]. - The diesel engine electronic control high-pressure common rail technology developed by the company is recognized as one of the 35 critical technologies in China, receiving national support [5]. Strategic Focus - Postal Savings Bank emphasizes its commitment to supporting "specialized, refined, distinctive, and innovative" enterprises like Shandong Xinya, aiming to be a growth partner throughout the company's lifecycle [7]. - The collaboration exemplifies the synergy between finance and technology, showcasing the bank's role in facilitating the company's international market expansion and technological advancements [7].

来源：环球网 春节期间，人员流动频繁、现金交易进入高峰期，假币风险隐患随之增加。为助力维护节日货币流通秩 序，近日，邮储银行登封市支行全方位开展反假货币宣传活动，重点普及第五套人民币防伪核心要点， 将实用反假知识送到群众身边。 为确保宣传落地见效，该支行组织宣传小队主动走进农贸市场、市民广场、大型商超等人员密集场所， 聚焦老年人、小微商户等现金交易频繁的重点群体，面对面演示真假人民币对比辨别方式，精准破解重 点群体识假能力薄弱、防范意识不足等问题。 宣传活动现场，工作人员以群众需求为导向，手把手指导群众快速识别假币，让每一位群众都能听得 懂、学得会、用得上。工作人员还结合近期涉假币典型案例解读反假货币相关法律法规，明确"道具 类"假币、互联网售假等违法行径的法律后果，详细普及假币鉴定机构信息、误持假币后的正确处置流 程及举报渠道，引导群众提高警惕、主动防范，自觉抵制假币、积极举报涉假违法线索。 未来，邮储银行登封市支行将以此次宣传为契机，建立反假货币长效机制，常态化开展精准宣传，用专 业服务持续守护群众财产安全，为维护金融稳定、助力和谐过节贡献邮储力量。 为扩大宣传覆盖面、提升宣传实效性，该支行还创新采用"阵 ...

Core Insights - The Chinese consumer market experienced a surge in demand during the Spring Festival, with significant increases in spending on goods, gifts, and travel, highlighting the importance of merchants in connecting consumption and production [1][7] - Banks have proactively supported merchants by offering tailored financial solutions, including credit support and payment conveniences, to ensure a smooth operation during the festive season [1][4] Financial Support for Merchants - Merchants faced increased financial pressure due to a surge in orders during the Spring Festival, exemplified by a toy seller who received a loan of 350,000 yuan to manage cash flow and fulfill orders on time [3] - Banks have adapted their credit offerings to meet the urgent and frequent funding needs of merchants, simplifying approval processes and reducing financing costs to ensure quick access to funds [4][6] Innovative Services - Companies like Sa Li Qing Food Co. have significantly increased their inventory in anticipation of the holiday rush, with stock levels rising to three times the usual amount, supported by bank loans to alleviate pre-holiday financial pressures [5] - Financial institutions are focusing on innovative, scenario-based financial products to meet the diverse needs of consumers and small businesses, enhancing the overall financial experience [6] Economic Impact - The banking sector's efforts to support merchants during the Spring Festival have not only stimulated consumer spending but also reinforced the supply-demand cycle, demonstrating the banking industry's commitment to serving the real economy [7]