Core Viewpoint - The banking sector is showing signs of recovery in revenue and profit growth, with several banks reporting high growth rates for 2025, indicating a positive outlook for 2026 driven by policy support and stable net interest margins [1][1][1] Group 1: Market Performance - As of February 5, 2026, the China Securities Banking Index (399986) increased by 1.66%, with notable gains from Xiamen Bank (601187) up 9.99%, Chongqing Bank (601963) up 5.73%, Shanghai Bank (601229) up 4.27%, and Nanjing Bank (601009) up 3.80% [1][1][1] - The Bank ETF Huaxia (515020) rose by 1.63%, with the latest price reported at 1.67 yuan [1][1][1] Group 2: Financial Performance - By the end of January, 10 banks disclosed preliminary performance reports for 2025, showing a recovery in revenue and profit growth [1][1][1] - Qingdao Bank (002948), Nanjing Bank, and Shanghai Pudong Development Bank (600000) maintained high growth rates in net profit and revenue, with annual net profit growth rates of 21.7%, 8.1%, and 10.5% respectively [1][1][1] Group 3: Future Outlook - Dongfang Securities anticipates that the banking sector will return to a fundamental narrative in 2026, supported by policy financial tools and resilient asset expansion [1][1][1] - The sector is still in a deposit repricing cycle, which is expected to stabilize net interest margins, while structural risks are anticipated to receive policy support [1][1][1] - The absolute returns of the banking sector are viewed positively for 2026 [1][1][1] Group 4: ETF Information - The Bank ETF Huaxia (515020) is noted for having the lowest comprehensive fee rate tracking the China Securities Banking Index (399986) [1][1][1] - The linked funds include Class A (008298), Class C (008299), and Class D (024642) [1][1][1]

调研中，赵一德强调，发展科技金融是促进科技创新和产业创新深度融合的必由之路，要把科技金 融服务"五项机制"改革同"秦创原"创新驱动平台建设、科技成果转化"三项改革"等贯通起来，持续提升 金融体系对创新活动的整体适配性，加快培育发展新质生产力。要用足用好国家各项政策，放大政府投 资基金引导撬动效能，通过促进各类金融机构协同合作强化"股债贷保担"联动，不断增强金融服务科技 能力。要充分发挥多层次资本市场支持科技创新关键枢纽作用，促进优质科技企业加快上市融资。要强 化资源投入和人才培养，推动开放合作，做好风险防控，打造共生共荣的科技金融生态。 省领导王海鹏、李钧，省直有关部门负责同志参加。 长安汇通集团有限责任公司是全省科技金融综合性服务平台。赵一德来到企业，听取科技金融服 务"五项机制"改革试点和省级科创母基金运行情况，走进风控合规部、投资部等与工作人员深入交流。 他指出，推行科技金融服务"五项机制"是系统性、集成式改革，要充分发挥长安汇通服务平台"试验 田"作用，在技术经理人奖励激励、"以丰补欠"全链条考核评价、包容性容错纠错、多层次风险分担、 试点化创新实践等方面深入探索，做到容亏有度、免责有界、激励有效，为 ...

Core Insights - The implementation of the new regulations for merger and acquisition (M&A) loans has prompted banks to actively expand their M&A loan business, aiming to establish competitive advantages through early entry into the market [1][2] - The new regulations have broadened the scope of M&A loans, allowing for equity acquisitions and optimizing loan conditions, which is expected to enhance banks' asset yield [2][3] Group 1: Market Dynamics - Several banks, including Industrial and Commercial Bank of China (ICBC), China Construction Bank, and Shanghai Pudong Development Bank, have entered the M&A loan market since the new regulations were introduced on December 31, 2025, initiating a "first deal competition" [1][2] - Beijing Bank successfully executed the first M&A loan under the new regulations, providing 21 million yuan to support a private technology company's acquisition of a 35% stake in another firm, with a financing ratio of 60% and a three-year term [1] Group 2: Regulatory Changes - The new M&A loan regulations have evolved from strict to more flexible frameworks, introducing three key changes: expanding the applicable scope of M&A loans, optimizing loan conditions, and setting differentiated qualification requirements for banks [2][4] - The regulations allow for a higher proportion of control-type M&A loans in relation to the total transaction value and extend the maximum loan term [2] Group 3: Strategic Importance - M&A loans are increasingly recognized for their potential to enhance banks' asset yields, especially in the context of narrowing interest margins and sluggish growth in traditional lending [3] - The M&A loan business is characterized by strong customer loyalty, high comprehensive returns, and significant barriers to entry, making it a strategic focus for banks aiming to differentiate themselves in a competitive landscape [3] Group 4: Challenges and Opportunities - Despite the growth potential, the complexity and specialization required for M&A loans present challenges for banks, which must navigate multiple stakeholders and legal relationships [4] - Banks are encouraged to develop a comprehensive ecosystem that includes M&A facilitation, financing, and post-investment management to effectively compete in the M&A finance sector [4]

Group 1 - The announcement date for the change of fund manager for the E Fund ChiNext Growth ETF is February 5, 2026 [1] - Liu Wenkuai continues to serve as the fund manager at E Fund Management Co., Ltd [1] - The fund is referred to as "ChiNext Growth ETF E Fund" in the market [1] Group 2 - E Fund Management Co., Ltd participated in the offline subscription for the initial public offering of China Electronics Technology Blue Sky Technology Co., Ltd [2] - The offering price for China Electronics Technology Blue Sky is set at 9.47 yuan per share [2] - The joint lead underwriter for this issuance is Guotai Junan Securities Co., Ltd, which is also the custodian for some of E Fund's public funds [2]

根据《公开募集证券投资基金运作管理办法》《公开募集证券投资基金信息披露管理办法》及相关法律 法规、各基金基金合同及招募说明书等规定，在履行规定审批程序并经基金托管人同意后，华夏基金管 理有限公司（以下简称"本公司"）旗下部分公募基金参与了中电科蓝天科技股份有限公司（以下简 称"电科蓝天"）首次公开发行人民币普通股（A股）的申购。电科蓝天本次发行的保荐人（联席主承销 商）中信建投证券股份有限公司（以下简称"中信建投证券"）为本公司旗下部分公募基金的托管人，联 席主承销商国泰海通证券股份有限公司（以下简称"国泰海通证券"）为本公司旗下部分公募基金的托管 人以及部分公募基金托管人上海浦东发展银行股份有限公司（以下简称"浦发银行"）、国信证券股份有 限公司（以下简称"国信证券"）的重大关联方。电科蓝天本次发行价格为人民币9.47元/股，由发行人与 联席主承销商根据网下发行询价报价情况，综合评估公司合理投资价值、可比公司二级市场估值水平、 所属行业二级市场估值水平等方面，充分考虑网下投资者有效申购倍数、市场情况、募集资金需求及承 销风险等因素协商确定。本公司旗下中信建投证券、国泰海通证券、浦发银行、国信证券托管的公募基 ...

Core Insights - The implementation of the "Commercial Bank M&A Loan Management Measures" has created new growth opportunities for commercial banks, with several banks actively expanding their M&A loan business to build competitive advantages through case accumulation and brand development [1][4] Group 1: Regulatory Changes and Market Response - The new M&A loan regulations allow for a broader application of loans, including support for equity-based mergers, which is expected to facilitate resource optimization and transformation for traditional industries [1][4] - Banks like Shanghai Pudong Development Bank view the new regulations as a chance to enhance service capabilities and expand their service boundaries, leading to a multi-faceted growth in M&A loan business across various branches [2][3] Group 2: Initial Successes and Competitive Landscape - Since the introduction of the new regulations, banks have begun a "first deal competition," with Beijing Bank successfully providing a loan of 21 million yuan for a 35% equity stake in a private listed technology company, marking one of the first innovative practices under the new guidelines [3] - Industrial and Commercial Bank of China issued a 299 million yuan loan to support a company's acquisition of core assets, representing the first control-type M&A loan after the new regulations came into effect [3] Group 3: Growth Potential and Profitability - The M&A loan business has seen a compound annual growth rate of nearly 30% among leading banks, indicating a growing recognition of the financial value of M&A loans as a means to enhance intermediate business and overall revenue amid narrowing interest margins [4][5] - The new regulations are expected to release significant market potential, particularly in key national strategic areas such as technological innovation and manufacturing upgrades, allowing banks to rapidly scale their business [5] Group 4: Challenges and Strategic Shifts - Despite the growth potential, the complexity and specialization of M&A loans present challenges for commercial banks, necessitating a shift from being mere credit providers to offering comprehensive financial services that include financing, advisory, and post-transaction management [6][7] - Banks are encouraged to build specialized teams and enhance their understanding of industries to better match the complexity of M&A loans with appropriate risk management systems [7]

Core Viewpoint - The performance reports of 10 A-share listed banks indicate overall steady growth in profitability and asset quality, with expectations for continued improvement in 2026 as net interest margin decline is expected to narrow and credit costs continue to decrease [1][2]. Profitability - All 10 A-share listed banks reported year-on-year growth in net profit for 2025, with notable performance from city commercial banks [2]. - Qingdao Bank achieved a net profit of 5.188 billion yuan, marking a 21.66% year-on-year increase, leading the group of disclosed banks [2]. - Other banks such as Ningbo Bank, Nanjing Bank, and Hangzhou Bank also surpassed 10 billion yuan in net profit, with year-on-year growth rates of 8.13%, 8.08%, and 12.05% respectively [2][3]. Revenue Growth - Except for CITIC Bank, all other banks reported positive revenue growth for 2025 [4]. - Nanjing Bank recorded the highest revenue growth at 10.48%, reaching 55.54 billion yuan, while Qingdao Bank and Ningbo Bank reported revenue of 14.573 billion yuan and 71.968 billion yuan, with growth rates of 7.97% and 8.01% respectively [4][5]. - The revenue growth of city commercial banks and rural commercial banks showed some differences, with Nanjing Bank benefiting from strong net interest income growth [4]. Asset Quality - The asset quality of the 10 listed banks remained stable, with most reporting a steady or declining non-performing loan (NPL) ratio [6][9]. - Qingdao Bank's NPL ratio decreased to 0.97%, down 17 basis points from the previous year, indicating improved asset quality [9][10]. - The provision coverage ratio for Qingdao Bank increased to 292.3%, reflecting a continuous improvement in core asset quality indicators [10]. Market Outlook - Analysts expect that the net interest margin for listed banks will stabilize, with a slight narrowing of the decline anticipated in 2026 [8][9]. - The first quarter of 2026 is projected to see a significant increase in credit issuance, with January alone expected to account for over 30% of the annual total [8]. - The overall credit growth is expected to remain robust, supported by favorable monetary policy adjustments [8].

证券研究报告 银行业月报 ——行业盈利温和修复，关注优质区域行 银行行业 强于大市（维持） 证券分析师 袁喆奇 投资咨询资格编号：S1060520080003 研究助理 李灵琇 一般证券业务编号：S1060124070021 2026年2月4日 请务必阅读正文后免责条款 核心摘要 注：全文所指银行指数均为银行（中信）指数 2 行业核心观点：资金结构深刻变化，顺势而为重配置轻交易。资金流向的变化是推动板块估值修复中不可忽视的力量，一方面被动指数的持续扩容带来了稳定的资 金流入，板块高权重的特征仍将持续推动资金的流入，一方面银行板块低波高红利的特征更易获得险资等中长期资金的青睐，目前板块平均股息率达到4.50%，结 合监管一系列引导中长期资金入市的措施，预计板块的股息配置价值吸引力仍将持续。个股维度，我们结合股息和潜在增量中长期资金流入空间，看好A股股份行 板块以及部分优质区域行（成都、江苏、上海、苏州、长沙），同时关注更具股息优势的港股大行配置机会。 25年度快报综述：营收盈利回暖，资产质量稳中有进。营收盈利回暖，资产质量稳中有进。截至1月末，共10家银行披露2025年度业绩快报，大部分银行营收盈利 同比增速均 ...

Group 1 - The banking sector saw an increase of 1.51% on February 4, with China Merchants Bank leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] - Key stocks in the banking sector showed various performance metrics, with China Merchants Bank closing at 39.01, up 1.85%, and CITIC Bank at 7.35, up 1.66% [1] Group 2 - The banking sector experienced a net inflow of 1.133 billion yuan from main funds, while retail and speculative funds saw net outflows of 0.351 billion yuan and 0.782 billion yuan, respectively [1] - Major banks like China Merchants Bank and Industrial Bank had significant net inflows of 1.642 billion yuan and 0.322 billion yuan, respectively, indicating strong institutional interest [1] - In contrast, banks like Everbright Bank and CITIC Bank faced net outflows of 0.549 billion yuan and 0.239 million yuan, reflecting weaker retail sentiment [1]

Core Viewpoint - The implementation of the new regulations for merger and acquisition (M&A) loans by the National Financial Regulatory Administration marks a significant upgrade in China's M&A financial support system, with banks like SPDB quickly adapting to these changes to facilitate industrial transformation and upgrading [1][2]. Group 1: New Regulations Overview - The new regulations expand the scope of M&A loans to include equity-based acquisitions for the first time and increase the maximum proportion of controlling M&A loans to 70%, with loan terms extended to ten years [2]. - These adjustments aim to enhance the alignment between financial supply and M&A market demand, injecting new momentum into high-quality economic development by revitalizing existing resources and promoting new investments [2]. Group 2: SPDB's Response and Strategy - SPDB views the new regulations as an opportunity to enhance service capabilities and broaden service boundaries, quickly organizing to identify and advance projects that meet the new regulatory requirements [3]. - The bank positions M&A loans not just as a financing product but as a "super product" that integrates various financial services, aiming to provide comprehensive solutions that combine financing and strategic insights for businesses [3]. Group 3: Support for Various Industries - SPDB's M&A loan business is thriving, with significant funding directed towards technology innovation and industrial digitalization, including a loan of 144 million yuan for a cybersecurity acquisition and 350 million yuan for a fintech company to enhance its data analysis capabilities [4]. - The bank also supports traditional industries in their transformation, such as providing 644 million yuan for a biopharmaceutical asset acquisition and assisting a heavy industry company in acquiring a specialized equipment firm to strengthen industry collaboration [4]. Group 4: Support for State-Owned Enterprises and Regional Development - SPDB has actively supported state-owned enterprise reforms, providing 130 million yuan for a local state-owned enterprise's resource integration project and 850 million yuan for a core state-owned enterprise in Shenzhen [5]. - The bank's Chengdu branch successfully executed an early-stage equity-based technology M&A loan, demonstrating the unique value of M&A finance in attracting investment and fostering local industrial growth [5]. Group 5: Future Outlook - SPDB plans to continue aligning with national strategic directions and market trends, aiming to provide efficient and valuable financial support for corporate mergers and acquisitions, thereby contributing to the development of a modern industrial system and new productive forces [6].