股 票 研 究 股票研究 /[Table_Date] 2026.02.01 战略投资者拟扩围，利好银行长期资本补充 [Table_Industry] 商业银行 本报告导读： 证监会拟扩大可参与定增的战略投资者类型，并明确最低持股比例要求，利好上市 银行长期资本补充、金融机构合作深化，以及银行理财多元资产投资转型。 投资要点： [Table_Report] 相关报告 商业银行《银行快报陆续披露，25A 业绩稳健增 长》2026.01.25 商业银行《全年增量 3.34 万亿元，公募基金配置 占比提升 2.1pct 至 5.1%》2026.01.25 商业银行《国有大行投放力度较大，不良压力或 企稳》2026.01.23 商业银行《主动基金环比持平，被动基金增持》 2026.01.23 商业银行《利息净收入增速转正，业绩延续改善 趋势》2026.01.19 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 行 银行周报（2026/1/26-2026/1/30） | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 马婷婷(分析 ...

Key Insights - The report provides a summary of recommended stocks across various industries for February 2026, highlighting investment opportunities based on specific market conditions and company performance [1][2]. Financial and Valuation Summary - **Banking Sector**: - China Merchants Bank (600036.SH) is recommended due to its clear performance bottom, attractive valuation, and potential for retail credit recovery [1][3]. - **Non-Banking Financials**: - Ping An Insurance (601318.SH) is favored for its ongoing transformation and improved product structure, alongside easing real estate risks [1][3]. - **Food and Beverage**: - Weilong Delicious Food (9985.HK) is noted for its innovative product development and solid channel foundation, expected to maintain or slightly increase profit margins [1][3]. - **Home Appliances**: - Haier Smart Home (600690.SH) is highlighted for its strategic positioning in high-end markets and operational efficiency improvements, benefiting from domestic policies and overseas demand [1][3]. - **Power Equipment**: - Keli (002782.SZ) is recognized for its strong market position in magnetic components and ongoing overseas expansion, with a focus on solid-state transformer applications [1][3]. - **Basic Chemicals**: - China Petroleum (601857.SH) is expected to benefit from declining natural gas import costs and increasing domestic market share [1][3]. - **Metals and Materials**: - China Aluminum (601600.SH) is positioned for growth due to its acquisition of Brazilian aluminum assets and high profitability from rising aluminum prices [1][3]. - **Electronics**: - Lante Optics (688127.SH) anticipates significant profit growth driven by expanding demand in various tech sectors, including AR glasses [1][3]. - **Internet**: - Alibaba (9988.HK) is projected to see substantial cloud revenue growth, supported by its "Cloud + AI + Chip" strategy [1][3]. - **Machinery**: - Boying Welding (301468.SZ) is expected to capture market share in HRSG and oil and gas composite pipes, benefiting from North American demand [1][3].

登录新浪财经APP 搜索【信披】查看更多考评等级 重要提示 1、博道星航混合型证券投资基金（以下简称"本基金"）的募集已获中国证券监督管理委员会（以下简 称"中国证监会"）证监许可【2025】2803号文予以注册。中国证监会对本基金募集的注册并不代表中国 证监会对本基金的投资价值和市场前景作出实质性判断或保证，也不表明投资于本基金没有风险。 2、本基金是契约型开放式混合型证券投资基金。 3、本基金的基金管理人和登记机构为博道基金管理有限公司（以下使用全称或其简称"本公司"），基 金托管人为招商银行股份有限公司（以下使用全称或其简称"招商银行"）。 4、投资者可以通过基金管理人直销柜台和除基金管理人之外的其他销售机构（以下或称"其他销售机 构"）认购本基金。本公告中如无特别说明，销售机构即指直销机构和其他销售机构。具体销售机构名 单详见基金管理人网站公示的基金销售机构名录或拨打本公司客户服务电话进行咨询。 基金管理人可根据有关法律法规的要求，选择/调整符合要求的机构销售本基金，并在基金管理人网站 公示。除法律法规或中国证监会另有规定外，任何与基金份额发售有关的当事人不得提前发售基金份 额。 5、基金募集期：本基 ...

Core Insights - The commercial space industry is experiencing a surge in interest and investment, driven by increased policy support and the active participation of various sectors, including traditional banking [1][25][27]. Group 1: Policy and Industry Trends - Beijing has issued measures to promote the development and utilization of commercial satellite remote sensing data from 2026 to 2030, encouraging the construction of differentiated commercial satellite constellations with clear commercial value and application prospects [2][26]. - The banking sector, traditionally seen as unrelated to space, is now actively engaging in commercial space initiatives, with banks like China Merchants Bank and Shanghai Pudong Development Bank launching their own satellites [3][28]. Group 2: Satellite Launches and Applications - On January 16, 2024, China Merchants Bank's "Zhaoyin Jinkui" and Shanghai Pudong Development Bank's "Pudong Smart" satellites were successfully launched, both part of China's first global low-orbit satellite IoT constellation, "Tianqi Constellation" [4][29]. - The "Zhaoyin Jinkui" satellite is designed for high-precision monitoring of construction progress for first-hand mortgage properties, while the "Pudong Smart" satellite aims to enhance intelligent risk control and provide critical financial services during extreme scenarios like natural disasters [6][31]. Group 3: Evolution of Banking Risk Control - The trend of banks launching satellites signifies a shift from traditional ground-based data reliance to a "heaven and earth collaboration" model, enhancing risk control capabilities in response to complex and changing realities [12][45]. - Satellites provide high-resolution optical, radar, and multispectral sensors, offering banks a stable and objective "God's eye view" to address the core pain point of information asymmetry in traditional risk control [13][36]. Group 4: Innovations in Risk Management - The "Zhaoyin Jinkui" satellite can increase monitoring accuracy to over 95%, significantly improving traditional post-loan inspection efficiency [38]. - The integration of satellite technology with AI and deep learning, as seen in the "Dashanque" system by WeBank, allows for precise analysis of agricultural data, aiding in the determination of reasonable credit limits for farmers [38][40]. Group 5: Future Implications for Banking and Space - The banking sector's involvement in commercial space may lead to deeper due diligence and value discovery, as banks seek to understand and engage with the complexities of the commercial space industry [21][43]. - The future of financial competition may hinge on the ability to create intelligent collaborative networks between "starry skies" and "real ground," positioning banks to leverage new opportunities in the evolving commercial space landscape [24][46].

Core Viewpoint - The frequent equity stakes taken by insurance companies, particularly by Ping An Life, signal a strategic shift towards long-term investments in stable financial institutions and state-owned enterprises, moving away from short-term financial investments and arbitrage opportunities [2][3][5]. Group 1: Investment Activities - Ping An Life increased its stake in China Life's H-shares by purchasing 11.891 million shares at an average price of HKD 32.0553 per share, raising its holding from 8.98% to 9.14%, totaling approximately 681 million shares [2]. - In 2025, insurance capital was notably active in the capital market, with 41 public equity stakes recorded, the highest in nearly a decade, primarily in H-shares [3]. - Ping An Life has made multiple significant investments in Agricultural Bank of China H-shares, reaching a stake of 20% by December 30, 2025, with a total investment balance of approximately CNY 32.428 billion [3]. Group 2: Market Performance - The stock price of China Life H-shares increased by 150% from around HKD 14 in May to approximately HKD 35 by January 30, 2023, with its market capitalization nearing HKD 1 trillion [2]. - The insurance sector has shown strong performance at the beginning of the year, with several stocks, including New China Life and China Pacific Insurance, reaching historical highs [5]. Group 3: Investment Logic - Ping An's investment strategy is characterized by a focus on long-term value and strategic asset allocation, emphasizing patience and shared growth [5][6]. - The company adheres to a "three criteria" principle for investments: operational reliability, growth potential, and sustainable dividends, which guide its long-term investment decisions [6].

Core Viewpoint - The recent surge in gold prices has led to increased demand for gold accumulation products, causing significant strain on banking systems and prompting banks to adjust their policies to manage risks associated with market volatility [2][6]. Group 1: Market Dynamics - Gold prices have risen from 1150 CNY/gram to 1170 CNY/gram, leading to a rush among investors to purchase gold accumulation products [1]. - Many investors are attempting to capitalize on the price drop, viewing it as an opportunity to lower their average purchase price [2][5]. - The trading volume for gold accumulation products has surged, resulting in system overloads at various banks, including China Construction Bank and Industrial and Commercial Bank of China [2][5]. Group 2: Bank Responses - China Construction Bank announced an increase in the minimum investment amount for gold accumulation products to 1500 CNY, effective February 2, to manage risks associated with market fluctuations [6][8]. - Other banks, such as China Merchants Bank and Ningbo Bank, have also adjusted their policies regarding gold investment, reflecting a cautious approach in light of recent price volatility [6][9]. - Banks are advising customers to enhance their risk awareness and manage their investments prudently, considering their financial situation and risk tolerance [8][9].

Group 1 - The banking sector experienced a decline of 0.53% on January 30, with Huaxia Bank leading the drop [1] - The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1] - Major banks such as China Merchants Bank and CITIC Bank showed mixed performance, with China Merchants Bank slightly up by 0.36% and CITIC Bank down by 0.28% [1] Group 2 - The banking sector saw a net outflow of 665 million yuan from institutional investors, while retail investors contributed a net inflow of 564 million yuan [1] - Specific banks like Huaxia Bank and Minsheng Bank faced significant net outflows from institutional investors, with Huaxia Bank seeing a net outflow of 67 million yuan [1] - Retail investors showed a preference for certain banks, with significant net inflows into banks like Ping An Bank and Zhejiang Commercial Bank [1]

Core Viewpoint - The surge in gold prices has led to increased demand for gold accumulation products, causing banking systems to experience overload and transaction failures [1][3][6]. Group 1: Market Dynamics - Gold prices have risen from 1150 CNY/gram to 1170 CNY/gram, prompting investors to seek opportunities to buy [1]. - Many investors are attempting to capitalize on the recent price drop, viewing it as a chance to increase their holdings in gold accumulation products [3][6]. Group 2: Banking System Response - Construction Bank reported that transaction failures were due to high traffic on their system, advising customers to refresh or retry later [3]. - Other banks, including Zhejiang Commercial Bank and Industrial and Commercial Bank of China, also faced similar issues with transaction overload [6]. Group 3: Adjustments in Banking Policies - Construction Bank announced an increase in the minimum amount for personal gold accumulation business to 1500 CNY, effective February 2 [7]. - Other banks, such as Ningbo Bank and China Merchants Bank, have also adjusted their gold product offerings and minimum investment amounts in response to market volatility [9][10].

Core Viewpoint - The overall performance of the banking industry shows a steady improvement in asset scale expansion, profitability, and risk management as ten listed banks report their preliminary performance for 2025 [1] Group 1: Asset Scale Expansion - Ten banks achieved steady growth in total asset scale, with some banks reaching new milestones; for instance, China Merchants Bank's total assets exceeded 13 trillion yuan for the first time, reaching 13.07 trillion yuan, an increase of 918.49 billion yuan or 7.56% year-on-year [3][5] - CITIC Bank and Shanghai Pudong Development Bank both surpassed the 10 trillion yuan mark in total assets, indicating a significant expansion in their asset scale [5][4] - By the end of 2025, the total assets of CITIC Bank reached 10.13 trillion yuan, growing by 6.28%, while Shanghai Pudong Development Bank's total assets reached 10.08 trillion yuan, increasing by 6.55% [5][6] Group 2: Profitability Performance - Nine banks reported both revenue and net profit growth, with notable performances from Hangzhou Bank, Shanghai Pudong Development Bank, and Qingdao Bank, which achieved double-digit growth in net profit [8] - In 2025, Hangzhou Bank's operating income was 38.80 billion yuan, a year-on-year increase of 1.09%, with net profit attributable to shareholders reaching 19.03 billion yuan, up 12.05% [8] - Shanghai Pudong Development Bank's operating income was 173.96 billion yuan, an increase of 1.88%, while net profit attributable to shareholders rose by 10.52% to 50.02 billion yuan [9][10] Group 3: Risk Management - Half of the banks reported a decline in non-performing loan (NPL) ratios, indicating effective risk management; for example, CITIC Bank's NPL ratio was 1.15%, down by 0.01 percentage points [12][11] - The overall NPL ratio for the ten banks remained stable, with five banks showing a decrease, while others maintained their ratios, reflecting strong asset quality management [12][11] - The provision coverage ratio for eight banks decreased, but remained at sufficient levels to absorb potential risks, with Shanghai Pudong Development Bank and Qingdao Bank being the exceptions, as their ratios increased [15][14]

中信、浦发资产规模破十万亿，城商行保持两位数高增 具体来看，中信银行、浦发银行资产规模双双迈入十万亿关口；9家银行实现营收净利双增长，城商行 增速表现亮眼；半数银行不良率下行，拨备出现回调但风险缓冲空间依旧充足。 截至目前，10 家上市银行 2025 年业绩快报首批亮相。整体上，行业规模扩张、盈利表现、风险管控三 大核心维度均呈现稳健向好态势。 2025年，10家银行总资产规模均实现了稳步增长，且部分银行资产规模上了新台阶。其中，招商银行资 产总额首次超过13万亿元，截至2025年12月31日，招商银行资产总规模13.07万亿元，较上年末增加 9184.87亿元，增幅7.56%；负债总额11.79万亿元，较上年末增加8710.63亿元，增幅7.98%。 兴业银行总资产也突破11万亿元，截至年末达11.09万亿元，同比增长5.57%。从核心业务来看，其各项 贷款余额5.95万亿元，同比增长3.70%；各项存款余额5.93万亿元，同比增速达7.18%，存款端增长势头 强劲。 值得关注的是，中信银行、浦发银行的资产规模双双迈进10万亿元大关。 而截至2025年末，中信银行、浦发银行双双迈过十万亿门槛，使该俱乐部成员 ...