股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國光大銀行股份有限公司（於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2026年3月5日 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 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) | 06818 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 12,678,735,500 | | 0 | | 12,678,735,500 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 12,678,735,500 | | 0 | | 12,678,735,500 | 足夠公眾持股量的確 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 公司名稱: 中國光大銀行股份有限公司（於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2026年3月5日 I. 法定/註冊股本變動 | 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) | 06818 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 12,678,735,500 | RMB | | 1 RMB | | 12,678,735,500 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 12,678,735,500 | RMB | | 1 RMB | | 12,678,735,500 | | 2. 股份分類 | 普通 ...

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 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Views - The report highlights a rebound in month-end bill rates, with a significant decrease in net purchases by major banks year-on-year [1][14] - The central bank's operations included a total of CNY 16,410 billion in 7-day reverse repos at a rate of 1.40%, with a net withdrawal of CNY 4,614 billion [14] - The report anticipates continued flexibility in central bank operations to stabilize liquidity fluctuations, especially with important meetings approaching [14][21] Summary by Sections Section 1: Month-End Bill Rate Rebound - The overall liquidity in the market is balanced due to post-holiday fund recovery and tax payments [14] - Major banks' net purchases of bills have significantly decreased, with only an increase of approximately CNY 320 billion year-on-year as of February 27 [17] Section 2: Central Bank Dynamics and Market Rates - The central bank's MLF (Medium-term Lending Facility) increased by CNY 6,000 billion, continuing to inject long-term liquidity into the market [14] - The end-of-period rates for DR001 and DR007 were 1.32% and 1.50%, reflecting increases of 0.68bp and 18.23bp respectively [15] Section 3: Bank Financing Tracking - The total outstanding amount of interbank certificates of deposit (NCD) reached CNY 18.77 trillion, with a weighted average issuance rate of 1.59% [19] - The issuance of interbank certificates of deposit for the period was CNY 4,545 billion, with a completion rate of 93.3% [19]

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].

据了解，作为领先的开放便民缴费平台，"光大云缴费"目前已接入线上缴费代收项目1.99万项，输出至 数字人民币App、微信、支付宝等合作平台910家，2025年服务人次超36亿次。 丙午马年春节期间，光大银行旗下便民服务开放平台"光大云缴费"全力保障马年线上各项便民服务平 稳、顺畅、安全运行，切实将服务民生落到实处。 未来，光大银行将持续发挥数字金融服务实体经济、社会民生的能力，不断提升"光大云缴费"数字便民 服务质效，护航百姓美好生活。 9天假期，"光大云缴费"共保障全国水、电、燃气、社保、公园门票、物业等缴费代收服务超5000万 笔，服务金额90亿元。为进一步助力提振消费，"光大云缴费"在春节期间还开展了"迎新春""欢乐抽红 包"等新春系列活动。同时，"光大云缴费"不断提升产品服务和渠道运营方面的数字化、智能化水平， 实现7×24小时应用服务，交易处理时间小于100毫秒，业务运营始终保持处理时间短、效率高、差错率 十万分之一以下的优异水平，为客户提供一站式贴心陪伴服务。 责编:李文玉 | 审校:陈筱娟 | 审核:李震 | 监审:古筝 ...

丙午马年春节期间，中国光大银行旗下便民服务开放平台"光大云缴费"全力保障马年线上各项便民服务 平稳、顺畅、安全运行，切实将服务民生落到实处。 9天假期，"光大云缴费"共保障全国水、电、燃气、社保、公园门票、物业等缴费代收服务超5000万 笔，服务金额90亿元。为进一步助力提振消费，"光大云缴费"在春节期间还开展了"迎新春""欢乐抽红 包"等新春系列活动。同时，"光大云缴费"不断提升产品服务和渠道运营方面的数字化、智能化水平， 实现7×24小时应用服务，交易处理时间小于100毫秒，业务运营始终保持处理时间短、效率高、差错率 10万分之一以下的优异水平，为客户提供一站式贴心陪伴服务。 据了解，作为中国领先的开放便民缴费平台，"光大云缴费"目前已接入线上缴费代收项目1.99万项，输 出至数字人民币APP、微信、支付宝等合作平台910家，2025年服务人次超36亿次。 未来，光大银行将持续发挥数字金融服务实体经济、社会民生的能力，不断提升"光大云缴费"数字便民 服务质效，护航百姓美好生活。 ...

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]

中国经济网北京2月26日讯 国家金融监督管理总局网站日前公布的泰州监管分局行政处罚信息公开表（泰金监罚决字〔2025〕41号、 42号、43号、44号、45号）显示，光大银行（601818）股份有限公司泰州分行项目贷款"三查"不到位；流动资金贷款贷前调查不到 位、贷后管理不到位；并购贷款贷前调查不到位、贷后管理不到位。泰州金融监管分局对光大银行股份有限公司泰州分行罚款115万 元。 张鑫（光大银行股份有限公司泰州分行营业部总经理）被警告并罚款7万元、王佶（时任光大银行股份有限公司泰兴支行行长）被警 告并罚款5万元、吴姚陵阳（光大银行股份有限公司靖江支行行长）被警告并罚款6万元、李伟（时任光大银行股份有限公司泰州分行 公司业务二部总经理、姜堰支行行长）被警告并罚款5万元。 国家金融监督管理总局网站1月23日公布焦作监管分局行政处罚信息公示表（焦金罚决字〔2026〕1、2、3号）。中国光大银行股份有 限公司焦作分行存在以下违法违规事实：贷后管理不到位，信贷资金回流至借款人；以贷转存，虚增存贷款规模。焦作金融监管分局 决定对其处以罚款60万元。毋志鹏（光大银行解放路支行公司业务部原经理）存在以下违法违规事实：贷后管 ...