记者丨 张欣 编辑丨方海平 肖嘉 "拟发行特别国债3000亿元，支持国有大型商业银行补充资本。"3月5日，十四届全国人大四次 会议开幕，国务院总理李强在作政府工作报告时明确表示。 这意味着，继2025年首笔5000亿元特别国债注资中国银行、建设银行、交通银行、邮储银行 后，第二轮国有大行资本补充计划正式启动。 随着新一轮注资安排提上日程，市场目光自然聚焦于尚未获得首轮注资的工商银行与农业银 行。 在"分期分批、一行一策"的政策思路下，这两家银行被认为有望在此轮注资中优先获得 资本补充。 根据全球系统重要性银行的资本要求，工商银行、农业银行的核心一级资本充足率监管底线分 别为9.5%和9.0%。截至2025年三季度末，两家银行的核心一级资本充足率均满足监管要求， 分别为13.57%（同比下降2.72%）和11.16%（同比下降2.28%）。 在经营环境承压、监管要求趋严的背景下，国有大行资本补充需求持续存在。此次特别国债的 再度发行，是国家层面巩固大型商业银行稳健性、提升其服务实体经济主力军作用的延续性战 略部署。 更多相关内容 出品丨21财经客户端 21世纪经济报道 编辑丨张嘉钰 赤字规模将增加2300亿，释 ...

2026.03. 05 在此背景下，第二批国有大行资本补充计划已在市场预期之内。"这是2025年政策的延续，3000亿元 特别国债定向补充国有大行核心一级资本。"上海金融与发展实验室主任曾刚对第一财经表示，此举 属前瞻性布局：一是缓解大行因净息差收窄、盈利放缓导致的内源资本补充压力，提升资本充足率与 抗风险能力；二是增强信贷投放能力，按杠杆效应可撬动数万亿元信贷，更好支持实体经济与稳增 长；三是夯实金融"压舱石"，配合化解地方金融风险、维护金融稳定。 惠誉评级亚太区金融机构评级董事薛慧如也对第一财经表示："此次国有大行资本补充计划的整体进 度符合我们预期。"她认为，中国政府对国有银行的增资计划彰显了强劲支持，并有助于缓解银行盈 利及资本压力，从而提升服务实体经济的能力，以及面临内外部冲击时的风险抵御能力。 作者 | 第一财经 亓宁 3月5日，十四届全国人大四次会议开幕，国务院总理李强作政府工作报告，明确今年拟发行特别国 债3000亿元，支持国有大型商业银行补充资本。 这也意味着，继2025年5000亿元特别国债注资4家国有大行到账之后，第二批国有大行注资安排已经 在路上。在财政部时隔26年再度发行特别国债注资 ...

FF301 本月底法定/註冊股本總額： RMB 120,095,053,492 | 證券代號 (如上市) | 601658 | 說明 | A股(上海證券交易所) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 100,238,886,492 RMB | | 1 RMB | | 100,238,886,492 | | 增加 / 減少 (-) | | | | | RMB | | | | 本月底結存 | | | 100,238,886,492 RMB | | 1 RMB | | 100,238,886,492 | 1. 股份分類 普通股 股份類別 H 於香港聯交所上市 (註1) 是 證券代號 (如上市) 01658 說明 H股 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 19,856,167,000 RMB 1 RMB 19,856,167,000 增加 / 減少 (-) RMB 本月底結存 19,856,167,000 RMB ...

Investment Rating - The industry investment rating is "Buy" [5]. Core Viewpoints - The report forecasts a social financing growth rate of 8.1% for February 2026, with a total social financing increment of 2.1 trillion CNY, which is a year-on-year decrease of 0.1 trillion CNY [4][7]. - It is expected that the total outstanding social financing will reach 451.1 trillion CNY by the end of February, reflecting a year-on-year growth rate of 8.1% and a month-on-month decline of 0.07 percentage points [4][7]. - The report highlights that credit growth is anticipated to be lower year-on-year due to the impact of the Spring Festival, with corporate credit demand expected to remain flat and retail loans likely to decrease year-on-year [4][7]. Summary by Sections Social Financing Estimates - The estimated social financing stock for February 2026 is 451.1 trillion CNY, up from 449.1 trillion CNY in January 2026 and 417.3 trillion CNY in February 2025, showing a month-on-month increase of 2.0% and a year-on-year increase of 33.8% [7]. - The report predicts a decrease in new RMB loans for February 2026, estimating an increment of 0.5 trillion CNY, which is a year-on-year decrease of 0.1 trillion CNY [4][7]. Credit and Bond Financing - The report anticipates a decrease in government and credit bond net financing for February, with government bonds expected to net finance 1.4 trillion CNY, down 0.3 trillion CNY year-on-year [4][7]. - The report also notes that the demand for bank bills is expected to remain strong, with a decrease of 1,000 billion CNY in discounted bank acceptance bills, reflecting a year-on-year decrease of 2,000 billion CNY [4][7]. Monetary Growth - The report emphasizes the importance of M2 growth, which is expected to remain high at around 9.0% in February, supported by strong government bond financing and improved corporate cash flow [4][7]. - M1 growth is projected to rise to approximately 5.1%, influenced by a low base effect and the reduced impact of deposit migration [4][7].

[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]