3月25日，金融ETF国泰（510230）开盘涨0.00%，报1.287元。金融ETF国泰（510230）重仓股方面，中 国平安开盘涨0.65%，招商银行涨0.20%，兴业银行涨0.32%，中信证券涨0.16%，工商银行涨0.14%，国 泰海通涨0.41%，农业银行涨0.00%，交通银行跌0.15%，浦发银行涨0.20%，江苏银行涨0.09%。 金融ETF国泰（510230）业绩比较基准为上证180金融股指数，管理人为国泰基金管理有限公司，基金 经理为艾小军，成立（2011-03-31）以来回报为134.39%，近一个月回报为-3.80%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：小浪快报 3月25日，金融ETF国泰（510230）开盘涨0.00%，报1.287元。金融ETF国泰（510230）重仓股方面，中 国平安开盘涨0.65%，招商银行涨0.20%，兴业银行涨0.32%， ...

核心观点 行业周报 · 银行行业 金融领域制度持续完善，关注业绩披露窗口期 —— 银行业周报（2026.03.16-2026.03.22） 2026 年 03 月 22 日 张一纬 ：010-80927617 ：zhangyiwei_yj@chinastock.com.cn 分析师登记编码：S0130519010001 研究助理：袁世麟 ：yuanshilin_yj@chinastock.com.cn 相对沪深 300 表现图 2026 年 03 月 20 日 -20% -10% 0% 10% 20% 30% 2025/3/24 2025/4/24 2025/5/24 2025/6/24 2025/7/24 2025/8/24 2025/9/24 2025/10/24 2025/11/24 2025/12/24 2026/1/24 2026/2/24 SW银行 沪深300 资料来源：中国银河证券研究院 银行行业 | | | 分析师 相关研究 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 ⚫ 银 行 板 块 表 现优于市 场 ：本 周 沪 深 3 ...

[Table_Page] 跟踪分析|银行 证券研究报告 [Table_Title] 银行行业 通胀预期下广谱资产流动性收敛，关注负反馈 ——银行资负跟踪 20260322 [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 | 2026-03-22 | [Table_PicQuote] 相对市场表现 [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。 -10% -3% 4% 10% 17% 24% 03/25 06/25 08/25 10/25 01/26 03/26 银行 沪深300 [Table_ 相关研究： DocReport] | 银行行业:山东 ...

银行周报（2026/3/16-2026/3/20） 风格均衡叠加业绩期，银行股迎投资机会 [Table_Industry] 商业银行 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 马婷婷(分析师) | 021-23185608 | matingting@gtht.com | S0880525100001 | | 李润凌(分析师) | 021-23183283 | lirunling@gtht.com | S0880525120003 | 股票研究 /[Table_Date] 2026.03.22 本报告导读： 截至 03/21 共有 14 家银行披露 2025 年业绩快报/年报，业绩稳健增长，资产质量保 持平稳。业绩期将至，二季度银行板块投资面临的交易环境和业绩表现均较为友好， 重视绩优股机会。 投资要点： [Table_Report] 相关报告 商业银行《业绩期，重视绩优股》2026.03.21 商业银行《定存向大型银行迁移，中小银行配债 力度下降》2026.03.18 商业银行《银行加速股票型指数基金布局，招行 主动基 ...

2 3 / 2026年初至今，银行板块累计下跌3.1%，跑输沪深300、万得全A指数1.8pct、4.1pct，在30个 中信一级行业中排第21；但3月以来，银行板块累计上涨3.5%，在30个中信一级行业中排第 2。 银行板块内部，23家银行年初以来有正的绝对收益，青岛(14% )、渝农(13% )、杭州(9% )、宁 波(9% )、江苏(8% )涨幅领先。 二季度银行板块投资面临的交易环境和业绩表现均较为友好： 交易环境： 经营支撑： | | | 营收增速 | | | 归母净利润增速 | | | 不良率 | | | 拨备覆盖率 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 25Q1-3 | 25Q4 | 25A | 25Q1-3 | 25Q4 | 25A | 2025Q3 | 2025Q4 | Q4环比Q3 | 2025Q3 | 2025Q4 | Q4环比Q3 | | 招行 | -0.5% | 1.6% | 0.0% | 0.5% | 3.4% | 1.2% | 0.94% | ...

公告编号：临2026-009 证券代码：600000 证券简称：浦发银行 优先股代码：360003 360008 优先股简称：浦发优1 浦发优2 上海浦东发展银行股份有限公司 关于召开 2025 年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议通过网络直播方式召开。 二、业绩说明会召开的时间、方式 （一）时间：2026 年 3 月 31 日(星期二)下午 15:00-17:00 （二）方式：本次会议通过网络直播方式召开，投资者可以登录全景路演平 台观看本次业绩说明会。 1 会议召开时间：2026 年 3 月 31 日(星期二)下午 15:00-17:00 会议召开方式：网络直播 网络直播地址：全景路演 （https://rs.p5w.net/html/177319610193400.shtml） 投 资 者 可 于 2026 年 3 月 30 日 ( 星 期 一 )16:00 前 通 过 公 司 邮 箱 bdo@spdb.com.cn 进行提问，公司将在业绩说明会上对投资者普遍关注 ...

Group 1 - The banking operating environment is characterized by a shift to a "quality over quantity" approach in credit growth, with a slowdown in RMB loan growth to 6% as of February 2026, influenced by weak credit demand and a focus on state-supported industries [4][14] - Fiscal policy remains proactive, with a projected general deficit rate of approximately 8.0% in 2026, which is expected to maintain a strong leverage effect on credit demand similar to 2025 [31][32] - The profitability of banks is gradually stabilizing, with state-owned banks showing positive profit growth due to fiscal policies, while smaller banks face operational pressures [7][35] Group 2 - Retail credit risk remains under pressure, with an increase in non-performing loans, particularly among smaller banks, although there is optimism for state-owned banks' asset quality [7][26] - The investment strategy emphasizes two main lines: focusing on wealth management capabilities in joint-stock banks and identifying city and rural commercial banks with controllable risks and strong profit certainty [6][35] - The credit growth momentum is shifting from traditional industries to emerging sectors supported by government policies, with significant growth in loans to green and high-tech enterprises [19][20]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report provides a comprehensive analysis of 219 regional banks in Shandong Province, highlighting their asset structure, profitability, and asset quality compared to listed banks [6][21] - The asset growth rate of major city commercial banks in Shandong is 13.5%, which is lower than the 14.2% growth rate of listed city commercial banks [26] - The report indicates that the loan-to-asset ratio for city commercial banks is 54.9%, while for rural commercial banks it is 51.6%, both showing a slight year-on-year decline [31] - The profitability metrics reveal that the return on assets (ROA) for city commercial banks in Shandong is 50 basis points lower than that of listed city commercial banks, and the return on equity (ROE) is 3.09 percentage points lower [6][31] - The asset quality of regional banks in Shandong is weaker than that of listed banks, with non-performing loan ratios higher by 21 basis points for city commercial banks and 72 basis points for rural commercial banks [6][31] Summary by Sections 1. Economic Structure of Shandong Province - Shandong Province is implementing initiatives to enhance its economic development, focusing on green and high-quality growth [13] 2. Overview of Regional Banks in Shandong - Shandong has 219 commercial banks, including 14 city commercial banks, 91 village banks, and 110 rural commercial banks [21] - The report notes that the majority of these banks were established between 2011 and 2015, with 125 banks founded during this period [21] 3. Asset and Liability Structure - The asset growth of major banks has remained stable since 2017, with city commercial banks showing a growth rate of 13.5% in the first half of 2025 [26] - The report highlights that the loan structure is predominantly corporate loans, with city and rural commercial banks having corporate loan ratios of 72.7% and 64.2%, respectively [32] 4. Profitability and Asset Quality - The report indicates that the profitability of Shandong's regional banks is lower than that of listed banks, with city commercial banks' ROA at 0.66% and ROE at 9.43% [6][31] - The non-performing loan ratio for city commercial banks is reported at 1.21%, which is higher than the average for listed banks [31] 5. Capital Adequacy - The capital adequacy ratios for city and rural commercial banks in Shandong are reported to be 13.4% and 13.8%, respectively, indicating a sufficient safety margin [6][31]

银行 2026 年 3 月 17 日 浦发银行(600000.SH) 数智转型赋能质效提升，化风险轻装上阵 推荐（首次） 股价：10.29 元 平安观点： | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业净收入(百万元) | 171,025 | 168,690 | 171,916 | 180,807 | 188,821 | | YOY(%) | -8.5 | -1.4 | 1.9 | 5.2 | 4.4 | | 归母净利润(百万元) | 36,702 | 45,257 | 49,993 | 55,387 | 60,988 | | YOY(%) | -28.3 | 23.3 | 10.5 | 10.8 | 10.1 | | ROE(%) | 6.1 | 7.2 | 7.2 | 7.4 | 7.7 | | EPS(摊薄/元) | 1.25 | 1.35 | 1.49 | 1.65 | 1.81 | | P/E(倍) | 8.2 | 7.6 | 6.9 | 6.2 | 5.7 | | P/B( ...

Core Viewpoint - Financial consumer rights protection has become a focal point, with banks facing significant scrutiny regarding consumer complaints as part of the "big consumer protection" framework [2][19]. Group 1: Consumer Complaints Overview - In 2025, China Bank received a total of 273,000 financial consumer complaints, with debit cards, credit cards, and loans accounting for 33.6%, 29.1%, and 14.3% of complaints respectively [2]. - The most significant increase in complaints was related to debt collection, which saw a nearly threefold increase to 3.1% [2]. - Other banks, such as HSBC and Bohai Bank, reported debt collection complaints at 7% and 21.6% respectively [2][3]. Group 2: Specific Bank Complaints - Among small and medium-sized rural commercial banks, loan-related complaints were particularly high, with Wanjing Rural Commercial Bank and Guannan Rural Commercial Bank reporting complaint rates of 15.2% and 55.1% respectively [3]. - The Black Cat Complaint platform indicated that as of March 10, there were 448,000 complaints related to credit cards, 2,683 for debit cards, and 929,900 for loans, with debt collection complaints reaching 1.6675 million [3]. Group 3: Internet Banks and Complaint Trends - The top five banks with the highest complaint volumes included Zhongbang Bank, China Merchants Bank, and Pudong Development Bank, with complaint counts of 646, 639, and 335 respectively [7]. - Zhongbang Bank's complaints primarily revolved around loan-related fees, including forced guarantee fees and unauthorized membership fees [7][8]. - Other internet banks like Xinwang Bank and Suning Bank also faced similar complaints, mainly concerning loan collection practices [13]. Group 4: Credit Card Complaints - China Merchants Bank and Pudong Development Bank had significant complaints related to credit card services, with issues such as unauthorized deductions and lack of transparency regarding fees [14][18]. - Complaints against China Merchants Bank included demands for compensation due to undisclosed fees totaling over 20,000 yuan [14]. - Pudong Development Bank faced complaints regarding hidden fees for services that consumers were not adequately informed about [15]. Group 5: Regulatory and Institutional Response - The banking sector is urged to prioritize consumer protection, moving away from a "business-first" mentality to ensure compliance in areas like loan fees and debt collection [19]. - Financial institutions are encouraged to enhance their complaint handling mechanisms to improve response and resolution efficiency [19]. - The collaboration between regulators, institutions, and consumers is essential for restoring the essence of financial services and promoting healthy development in compliance and service [21].