Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report analyzes 132 regional banks in the Sichuan-Chongqing area, highlighting the growth and structural changes in the banking sector [6][27] - The asset growth rates of major city commercial banks in the region are higher than those of listed city commercial banks, indicating a robust expansion [38] - Profitability metrics show that city commercial banks in the region have lower ROE compared to listed banks, while rural commercial banks outperform them [6][27] - Asset quality is slightly weaker in regional banks compared to listed banks, with higher non-performing loan ratios [6][27] Summary by Sections Economic Structure Analysis - Sichuan province is positioned as a key driver for western development, with a focus on enhancing the Chengdu-Chongqing economic circle [13][14] - In 2025, Chengdu's GDP is projected to account for 38.7% of the province's total, with significant growth in various sectors [15] Banking Sector Overview - The Sichuan-Chongqing region has 132 commercial banks, including 14 city commercial banks, 65 rural banks, and 51 rural commercial banks [27] - The asset growth rates for major city commercial banks in the region are 15.6% and 18.2%, surpassing the 14.2% growth of listed city commercial banks [38] Asset and Liability Structure - The proportion of loans to total assets has been increasing since 2016, with city commercial banks in Sichuan projected to have a loan ratio of 56.1% by 2024 [38][40] - The financial investment ratio for city commercial banks is on a downward trend, with a slight recovery noted in the first half of 2025 [40][46] Profitability and Asset Quality - The average ROE for city commercial banks in the region is 10.97%, lower than the 11.99% average for listed city commercial banks [6][27] - Non-performing loan ratios for city commercial banks in the region are higher than those of listed banks, indicating potential asset quality concerns [6][27] Capital Adequacy - Capital adequacy ratios for regional banks are comparable to those of listed banks, providing a safety margin for operations [6][27]

（来源：广州金融） 招商银行提出，以项目实际为出发点，围绕项目总投规模、现金流强弱等核心要素，定制差异化专项债 配套融资方案，构建全流程、精细化的项目运作体系。 一是分类设计融资结构，按现金流强度对项目分层划分，对现金流强的项目，以专项债解决资本金后配 套市场化融资；对现金流弱的项目，提高资本金比例并加大专项债投入力度；对专项债不能用作资本金 的项目，优化专项债债务融资占比，实现资金配置与项目需求精准匹配。二是严格开展现金流测算，构 建全维度收益成本测算体系，全面挖掘项目主体收入、配套设施收入及合规补充资源等收益来源，参考 市场价格、历史数据科学测算项目全生命周期的收入与运营成本，坚决避免收益过度包装，确保现金流 测算结果真实反映项目运营能力。三是灵活设置发行与偿还机制，结合项目建设周期做好分年分期发行 安排，匹配项目实际用款进度；合理确定债券期限，对现金流改善较好的项目设置提前还款条款，平滑 项目全生命周期偿债压力。 编者按 为助力提升全省抓投资工作水平，推动我省"十五五"开好局起好步，凝聚"政银企"三方智慧与力量，共 同推进重大项目投融资工作，我省于1月21日举办了"十五五"重大项目投融资专题研讨培训班， ...

Core Insights - The article highlights the proactive measures taken by China Merchants Bank Dongguan Branch to stimulate consumption and investment, contributing to the high-quality economic development of Dongguan [2] Group 1: Consumer Engagement and Financial Initiatives - The bank aims to serve nearly 4.2 million individual customers and over 70,000 corporate clients by the end of 2025, with a projected annual increase of nearly 600 million yuan in consumer loans and a total loan issuance of 6 billion yuan [2] - Over 210 promotional events have been conducted, with an expenditure exceeding 1 million yuan, resulting in a boost of 11.09 million yuan in restaurant consumption [2] - Online consumption vouchers have benefited over 370,000 users, driving direct consumption exceeding 15.2 billion yuan [2] Group 2: Digital and Physical Consumption Ecosystem - The bank has developed a seamless payment experience for users, facilitating instant payments and discounts across various platforms, including convenience stores and public transport [3] - Collaboration with local businesses has led to the establishment of a payment convenience business circle, enhancing customer traffic through various promotional strategies [3] - The launch of the "China Trendy Toys City - Dongguan Co-branded Card" integrates exclusive discounts and privileges, promoting the synergy between trendy toy consumption and cultural tourism [3] Group 3: Support for Small and Micro Enterprises - The bank emphasizes dual support for consumers and businesses, providing targeted consumption vouchers and increasing financial support for small and micro enterprises [4] - Over 700 small and micro enterprises have received more than 700 million yuan in credit funding, addressing cash flow challenges and enabling participation in promotional activities [5] - Local brands have seen significant sales increases, with specific products achieving notable sales figures, such as over 10,000 units of gift boxes and 19,000 units of vivo phones [5] Group 4: Future Initiatives and Goals - The bank plans to continue its commitment to financial services for the public, focusing on consumption upgrade trends and the unique economic characteristics of Dongguan [5] - Upcoming promotional activities include "Instant Cash" and "Dongguan New Year Consumption Festival," featuring interest-free loans and consumption subsidies [5] - The bank aims to expand its promotional efforts to 1,400 stores during the Spring Festival, including cinema discounts starting at 19.9 yuan [5]

2月10日，最高检官网发布消息，青海检察机关依法对王庆彬涉嫌受贿案提起公诉。 2016年6月，王庆彬因到龄卸任招商银行副行长等职务，离开这家明星银行的"权力中枢"。不过，当年 底，60岁的王庆彬在招商局旗下的招商局融资租赁有限公司任职，随后出任董事长。公开资料显示，招 商局融资租赁成立于2016年，是招商局集团旗下专注于融资租赁业务的重要子公司，注册资本金50亿元 人民币。2021年年底开始，王庆彬还出任齐鲁银行独立董事。 王庆彬于去年落马。2025年9月，中纪委官网发布消息，招商局融资租赁有限公司原党委书记、董事长 王庆彬接受纪律审查和监察调查，此时距离其卸任招商银行副行长约9年，卸任招商局融资租赁董事长 约4年。 （文章来源：南方都市报） 消息指出，招商局融资租赁有限公司原党委书记、董事长王庆彬涉嫌受贿罪一案，由青海省海东市监察 委员会调查终结，移送检察机关审查起诉。近日，西宁市人民检察院依法向西宁市中级人民法院提起公 诉。检察机关起诉指控：被告人王庆彬利用担任招商银行股份有限公司济南分行行长、北京分行行长、 总行副行长等职务上的便利，为他人在贷款授信、贷款审批、员工招聘等事宜上提供帮助，非法收受他 人财 ...

Group 1 - The top three companies with the highest AH premium rates are Northeast Electric (00042) at 730.77%, Beijing Jingcheng Machinery Electric (00187) at 288.68%, and Sinopec Oilfield Service (01033) at 288.17% [1][2] - The bottom three companies with the lowest AH premium rates are CATL (03750) at -16.06%, WuXi AppTec (02359) at -7.28%, and China Merchants Bank (03968) at -4.68% [1][2] - The companies with the highest deviation values are Beijing Jingcheng Machinery Electric (00187) at 24.37%, Longpan Technology (02465) at 16.69%, and Cambridge Technology (06166) at 16.18% [1][3] Group 2 - The companies with the lowest deviation values are Northeast Electric (00042) at -85.40%, Junda Co., Ltd. (02865) at -56.63%, and Yangtze Optical Fibre and Cable (06869) at -52.47% [1][4] - The top ten AH stocks by premium rate include companies like Hongye Futures (03678) at 275.78% and Nanjing Panda Electronics (00553) at 237.14% [2] - The bottom ten AH stocks by premium rate include Weichai Power (02338) at -0.89% and Zijin Mining (02899) at 3.75% [2]

然而，该行认为市场低估了招行的盈利上行空间，关键分歧在于预期信贷成本增幅将较低；持续消化按 揭、影子银行及房地产信贷风险，无需大幅增加拨备；零售及企业贷款拨备需求可控。该行预期这些因 素将使招行2026年盈利同比增速超越同业，达到8%，高于该行预测四大行平均3%的增幅。 高盛发布研报称，招商银行（600036）(03968)近期股价疲软，招商银行(600036.SH)A股与H股今年为止 分别下跌5%和4%，且较三个月高点回调8%和6%，反映2025年第四季业绩表现疲弱，以及相对保守的 2026年盈利展望，对招行A/H股目标价为54.68元人民币/53.41港元。 ...

然而，该行认为市场低估了招行的盈利上行空间，关键分歧在于预期信贷成本增幅将较低；持续消化按 揭、影子银行及房地产信贷风险，无需大幅增加拨备；零售及企业贷款拨备需求可控。该行预期这些因 素将使招行2026年盈利同比增速超越同业，达到8%，高于该行预测四大行平均3%的增幅。 智通财经APP获悉，高盛发布研报称，招商银行(03968)近期股价疲软，招商银行(600036.SH)A股与H股 今年为止分别下跌5%和4%，且较三个月高点回调8%和6%，反映2025年第四季业绩表现疲弱，以及相 对保守的2026年盈利展望，对招行A/H股目标价为54.68元人民币/53.41港元。 ...

高盛发表报告指，招商银行近期股价疲软，A股与H股今年为止分别下跌5%和4%，且较三个月高点回 调8%和6%，反映2025年第四季业绩表现疲弱，以及相对保守的2026年盈利展望。然而，该行认为市场 低估了招行的盈利上行空间，关键分歧在于预期信贷成本增幅将较低；持续消化按揭、影子银行及房地 产信贷风险，无需大幅增加拨备；零售及企业贷款拨备需求可控。该行预期这些因素将使招行2026年盈 利按年增速超越同业，达到8%，高于该行预测四大行平均3%的增幅。该行对招行AH股目标价为54.68 元/53.41港元。 ...

招商银行表示，若客户希望及时掌握账户变动情况，可通过该行App、个人银行PC版或网点渠道办理账 户变动短信通知服务。记者咨询招商银行客服得知，该行一卡通短信通知服务的收费标准为每月3元， 首次开通的前三个月（含开通当月）免费。按月收费，暂无包年收费方式。 招商银行客服表示，金葵花及以上级别客户、65岁（含）以上老年客户等的短信通知服务免费。招商银 行App动账通知服务也是免费的。除了招商银行，中信银行表示，自2月1日起，个人金融短信通服务全 面升级。对于借记卡，贵宾级（含）以上客户、新市民客户免收服务费。动账短信发送起点金额为300 元，官方微信免费提供0元起点动账提醒服务。 中小银行的步伐紧跟行业趋势。例如，新疆农商银行发布公告称，该行根据业务发展需求等，自4月下 旬起，将调整动账提醒短信起点金额，由0元提高至100元（含）。 "您尾号XXX账户完成快捷支付，支出金额9.9元，余额5000元。"曾几何时，此类动账短信是众多消费 者掌握银行账户资金动态的"标配"。但也有不少消费者反馈"每天收到的信息太繁杂"，不堪其扰。如 今，招商银行、中信银行等多家银行出手，调整动账短信提醒服务，上调免费动账短信的起点金额。 ...

Core Insights - Tencent Holdings (00700), Southern Hang Seng Technology (03033), and Xiaomi Group-W (01810) ranked as the top three in net inflow of southbound funds, with net inflows of 1.792 billion, 0.571 billion, and 0.412 billion respectively [1] - The top three in net outflow of southbound funds were Yingfu Fund (02800), Hang Seng China Enterprises (02828), and Kuaishou-W (01024), with net outflows of -4.553 billion, -1.380 billion, and -0.576 billion respectively [1] - In terms of net inflow ratio, Huaxia Hang Seng Technology (03088), Southern East Selection (03441), and Anhui Wantuo Expressway (00995) led the market with ratios of 90.53%, 74.02%, and 68.27% respectively [1] - The top three in net outflow ratio were Southern Hong Kong Stock Connect (03432), Fuyao Glass (06865), and Baize Medical (02609) with ratios of -100.00%, -59.27%, and -53.09% respectively [1] Net Inflow Rankings - Tencent Holdings (00700) had a net inflow of 1.792 billion, representing a 12.21% increase, closing at 560.000 (+2.28%) [2] - Southern Hang Seng Technology (03033) saw a net inflow of 0.571 billion, with a 6.77% increase, closing at 5.300 (+1.34%) [2] - Xiaomi Group-W (01810) recorded a net inflow of 0.412 billion, with a 9.45% increase, closing at 35.200 (+0.06%) [2] Net Outflow Rankings - Yingfu Fund (02800) experienced the highest net outflow of -4.553 billion, with a -22.13% decrease, closing at 27.220 (+1.72%) [2] - Hang Seng China Enterprises (02828) had a net outflow of -1.380 billion, representing an -11.37% decrease, closing at 93.940 (+1.56%) [2] - Kuaishou-W (01024) faced a net outflow of -0.576 billion, with a -10.25% decrease, closing at 69.300 (-2.74%) [2] Net Inflow Ratio Rankings - Huaxia Hang Seng Technology (03088) led with a net inflow ratio of 90.53%, with a net inflow of 47.6883 million, closing at 6.875 (+1.33%) [3] - Southern East Selection (03441) followed with a net inflow ratio of 74.02%, with a net inflow of 18.0421 million, closing at 11.600 (+1.13%) [3] - Anhui Wantuo Expressway (00995) had a net inflow ratio of 68.27%, with a net inflow of 5.6553 million, closing at 13.340 (-0.07%) [3]