据经济观察报-经济观察网 2025年，中国手机银行用户规模见顶，行业从增量获取转入存量提升，金融 机构需极致效率与精准生态才能生存。艾瑞咨询报告显示，在存量博弈中，股份制银行选择差异化生存 路径，头部效应显著。招商银行以7185.4万MAU稳居股份制银行首位，超越部分国有大行，得益于其 在财富管理与智能交互领域的深耕。平安银行与中信银行构成第二梯队，MAU维持在2000万至3000万 区间，前者通过AI重构服务链路，后者依托消费生态整合。民生银行、光大银行等第三梯队及之后机 构，MAU滑落至1000万至2000万区间，生存空间逼仄。地方银行中，深耕本地的机构逆势增长。城商 行如江苏银行、北京银行等，MAU稳定在300万以上；农商行与农信社中，福建农信等MAU突破450 万，占据县域与农村流量腹地。民营银行处境严峻，2025年TOP50榜单几近绝迹，因缺乏线下网点、本 地生活生态，且获客成本高，在手机银行赛道失去竞争力。存量时代，生态与区域能力成为制胜关键。 ...

以下文章来源于惊蛰研究所 ，作者惊蛰研究所文娱组 惊蛰研究所 . 探索发现新经济。 来源丨 惊蛰研究所 （ jingzheyanjiusuo ） 作者丨 初夏 图源丨Midjourney 43年前，在晚会艺术顾问侯宝林的简短开场致辞后，时年39岁的李谷一踩着轻快的步伐，从人群中 走出献唱一首《拜年歌》……第一届央视春晚直播由此拉开序幕。 自1983年首次采用直播形式播出春节联欢晚会至今，40余载光阴见证了中国社会发展的巨变，也记 录了不同时期人们生活水平的变迁。特别是那些曾在春晚舞台上争夺全国亿万观众目光的赞助商们， 从钟表、酒饮、家电、互联网，一路更迭交替到今天的人工智能、机器人，不仅用真金白银展现了自 身的实力，也映照出不同时期的风口行业。 与此同时，赞助商名单的变迁，也像一部压缩版的中国经济发展史，精准踩中了每一个消费需求跃 迁、技术革命爆发与政策方向指引的共振节点。 1980年代-1990年代初： 物质匮乏时代的硬通货烙印 上世纪八十年代，计划经济向市场经济的转轨刚刚启程，通货膨胀和物价上涨的经济环境下，商品短 缺的市场现状也让当时的中国家庭对物质的渴望表现在了生活的细节里。 1983年春晚开场，图片 ...

2026年2月16日，农历腊月二十九，除夕。 当你走进任何一家商场，都能看到金店里挤满了人。 但你可能不知道，就在这一天，同样一克黄金，在不同的地 方，价格能差出481块钱。 老凤祥柜台里，足金首饰的标签上是1548元一克。 几步之外的周大福，是1529元。 而如果你打开手机银行，招商银行的投资金 条报价是1121.60元一克。 更加让人想不到的是，那些街边回收黄金的小铺子，门口小黑板上写的回收价，只有1067元一克。 让我们把目光拉回到最热闹的金店柜台。 老凤祥的1548元一克，几乎是这一天零售市场的最高价。 周大福、潮宏基、老庙黄金这些知名品牌，价格集中在 1529元到1534元一克。 菜百首饰的报价是1528元一克。 这些数字，是普通消费者接触黄金时，最直接看到的"价格"。 但黄金的世界远不止金店这一层。 在深圳水贝，这个全国最大的黄金珠宝批发集散地，黄金料板的批发价格大约是1300元一克。 这个价格，比老凤祥的零 售价低了整整248元。 如果你有渠道，能在这里拿到接近原料的黄金，但你需要自己解决加工、设计、出具证书等一系列问题。 再往下走一层，是银行。 这里卖的不是首饰，而是标准化的投资金条。 202 ...

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 国家知识产权局信息显示，招商银行股份有限公司取得一项名为"文本抽取方法、装置、设备及存储介 质"的专利，授权公告号CN115357699B，申请日期为2022年8月。 天眼查资料显示，招商银行股份有限公司，成立于1987年，位于深圳市，是一家以从事货币金融服务为 主的企业。企业注册资本2521984.5601万人民币。通过天眼查大数据分析，招商银行股份有限公司共对 外投资了15家企业，参与招投标项目5000次，财产线索方面有商标信息1330条，专利信息2318条，此外 企业还拥有行政许可433个。 ...

Investment Rating - The report maintains a "Recommended" rating for the banking sector, highlighting its high dividend and low valuation attributes that continue to attract long-term capital [5]. Core Insights - The banking sector is experiencing a significant contribution from government bonds to social financing growth, with a notable increase in government bond issuance in January 2026 [5]. - The report indicates that while social financing has increased year-on-year, the growth rate has decreased compared to the previous month, primarily due to weaker RMB loans and fluctuating demand from the real economy [5]. - The capital market's activity is driving a "deposit migration" process, as increased market engagement leads to higher liquidity in the banking sector [5]. Summary by Sections Banking Industry - In January 2026, new social financing reached 7.22 trillion yuan, an increase of 165.4 billion yuan year-on-year, with government bonds being the main contributor [5]. - RMB loans increased by 4.9 trillion yuan, which is a decrease of 319.4 billion yuan year-on-year, influenced by demand fluctuations and debt restructuring [5]. - The report notes that short-term loans in the real sector have increased, while medium and long-term loans remain weak, particularly in the real estate sector, which saw a 28.5% decline in sales for major developers [5]. Market Activity - The report highlights that M1 and M2 growth rates are at 4.9% and 9% respectively, indicating an increase in liquidity [5]. - Financial institutions' RMB deposits increased by 9.9% year-on-year, with a monthly increase of 8.09 trillion yuan, driven by both household and corporate deposits [5]. - The report emphasizes the role of an active capital market in attracting deposits, with a 58% increase in average daily trading volume in January [5].

Investment Rating - The report maintains a "Recommended" rating for the banking sector, highlighting the continued attractiveness of high dividend yields and low valuations for long-term investors [5]. Core Insights - The banking sector is expected to benefit from a stable growth in scale and a recovery in net profit growth, with a year-on-year increase of 2.33% in net profit for 2025 [9][11]. - The central bank's monetary policy will continue to be moderately accommodative, focusing on structural optimization and financial support for key areas such as domestic demand and small and medium enterprises [7][8]. - The phenomenon of "deposit migration" is impacting the liability structure of banks, but overall liquidity remains stable [8][9]. Summary by Sections Latest Research Insights - The central bank's 2025Q4 monetary policy report emphasizes maintaining ample liquidity and optimizing financial resource allocation through fiscal and monetary policy coordination [7]. - The report indicates that the average weighted interest rate for new loans in 2025 was 3.15%, a decrease of 9 basis points compared to the previous year [7]. Weekly Market Performance - The banking sector underperformed the market, with a decline of 1.31% compared to a 0.36% increase in the CSI 300 index [5]. - The current price-to-book ratio for the banking sector is 0.64, with a dividend yield of 4.64% [5]. Regulatory and Policy Updates - The banking sector's key regulatory indicators for 2025Q4 show a net profit growth recovery, with total assets increasing by 9% year-on-year [9][10]. - The non-performing loan ratio decreased to 1.5%, indicating an improvement in asset quality across various types of banks [10][11]. Investment Recommendations - The report suggests focusing on banks with low valuations and high dividend yields, recommending specific banks such as ICBC, Agricultural Bank of China, and Postal Savings Bank [5][39]. - The anticipated continuation of accommodative monetary policy and structural financial support is expected to enhance the effectiveness of policies aimed at boosting domestic demand [5][7].

中国证券报记者2月15日获悉，春节将至，数字人民币运营机构陆续推出了多样的数字人民币促消费红包发放、满减支付等活 动。进入数字人民币APP后，点击"新春用数币，马上有惊喜"栏目便可以查看活动详情。 图片来源：数字人民币APP 值得一提的是，2月16日的数币节与今年除夕恰巧在同一天。高峰表示，通过"银行＋平台"生态联动，数币支付正成为撬动数 字消费、绿色消费、普惠消费的新引擎，让每月16日不仅是支付优惠日，更是服务民生、繁荣市场、提振消费的数字化新实 践。 招商银行则开展了"招好运 币有礼"数字人民币主题惠民活动，以多重权益回馈广大用户，持续提升数字人民币服务体验。 招商银行数字人民币办公室主任陈曦介绍，活动期间，社会公众新开立招商银行数字人民币个人钱包，可获得专属消费红 包；同时，招行围绕民生刚需场景，上线生活缴费、咖啡茶饮、外卖、信用卡还款等多项场景立减优惠，并在数字人民币试 点城市的线下消费密集场所，发放数币支付福利。用户完成数字人民币支付后，还可参与闯关抽奖活动，活动福利覆盖更 广、体验更丰富。 "本次活动依托数字人民币APP与招商银行APP双平台联动推广，覆盖日常消费、金融服务、生活缴费等多元场景，让 ...

Group 1 - The article emphasizes the importance of companionship during travel, highlighting the role of the company in providing support and warmth to customers on their journey home [1]

Core Viewpoint - Ping An Life has increased its stake in China Life's H-shares, surpassing the 10% threshold, indicating a strategic move to build a substantial high-dividend financial asset pool in the Hong Kong market [1][4]. Group 1: Investment Actions - Ping An Life's investment in China Life's H-shares reached 10.12% after acquiring approximately 1,089.50 million shares at an average price of 33.2588 HKD per share [4]. - This is not the first time Ping An has increased its stake in a peer company; it previously acquired shares in China Pacific Insurance and China Life in August 2025, triggering initial stake notifications [2][3]. - The company has been actively buying shares in major banks, including Agricultural Bank of China, with its stake rising from 5% to 20.10% by the end of 2025 [5][6]. Group 2: Investment Strategy - Ping An's investment strategy focuses on asset-liability matching, ensuring that investments align effectively with its liability business [1][7]. - The company employs a "three criteria" principle for investments, assessing reliability, growth potential, and sustainable dividends [7]. - Analysts suggest that the motivations behind Ping An's stake increases can be categorized into two types: seeking stable dividend cash flows and targeting companies with strong return on equity (ROE) [7].

转自：新华财经 编辑：赵鼎 近日，招商银行南昌分行成功为江西省某龙头产业客户发放参股型并购贷款，实现招商银行系统内与江 西省内银行机构双"首笔"突破。这是招商银行南昌分行服务"十五五"规划开局起步的重要创新实践，也 是该行持续深化金融服务、支持现代化产业体系建设的又一标志性成果。 作为服务实体经济的重要金融工具，参股型并购贷款打破传统业务框架，支持并购方在不谋求控制权的 前提下参股目标企业，这一调整有利于覆盖产业协同整合、新兴赛道布局、地方招商引资等多元融资需 求，为商业银行支持实体经济、培育新质生产力提供了明确的政策依据和金融工具。 此次落地的参股型并购贷款，打破了传统并购贷款以控制权收购为主的业务框架，为企业开展非控股型 战略投资提供了合规、高效的融资支持。招商银行南昌分行组建专业团队前瞻性研判政策方向，主动对 接区域内优质企业的并购融资需求，提前储备业务资源。针对此次龙头产业客户的非控股型战略投资诉 求，该行组建由并购专家、信贷专家、行业专家及法律专家构成的专项服务团队，依据新规要求开展全 方位风险评估与方案设计。在严守风险底线的基础上，该行优化审批流程、压缩办理时限，最终实 现"政策发布即响应、需求对 ...