Core Viewpoint - The successful launch of "Zhaoyin Jinkui" and "Puyin Shuzhi" satellites marks a significant advancement in the banking sector's integration of satellite technology, enhancing financial services and risk management capabilities [1][2]. Group 1: Satellite Launches and Applications - The "Zhaoyin Jinkui" satellite and "Puyin Shuzhi" satellite are part of China's first global low-orbit satellite IoT constellation, "Tianqi Constellation," developed by Beijing Guodian Gaoke Technology Co., Ltd [1]. - Prior to this, China Merchants Bank launched "Zhaoyin 1" and "Zhaoyin 2" satellites in 2024 and 2025, respectively, while Ping An Bank launched "Ping An 1" and "Ping An 2" in 2020 and 2022 [1][2]. - The satellites are utilized in various fields such as supply chain finance, real estate risk monitoring, and cross-border asset and trade supervision, creating a digital risk control system and emergency communication network [1][2]. Group 2: Specific Applications and Innovations - Ping An Bank's "Ping An 1" satellite enables data transmission from remote areas, enhancing the bank's ability to monitor operational data from factories and farms [2]. - The "Ping An 2" satellite improves communication stability and helps the bank access real-time supply chain data, thereby enhancing its financial service capabilities [2][3]. - China Merchants Bank employs satellite technology for high-precision monitoring of real estate construction progress, achieving over 95% accuracy in risk management for mortgage projects [4]. Group 3: Emergency Communication and Risk Management - The banks emphasize the importance of satellite communication for emergency scenarios, allowing data transmission even in areas without ground signal coverage [6]. - China Merchants Bank has initiated tests for low-orbit satellite communication technology in its financial disaster recovery systems, enhancing business continuity in extreme situations [6]. - Ping An Bank and Shanghai Pudong Development Bank plan to leverage the "Tianqi Constellation" for innovative applications in financial asset lifecycle management and rapid recovery of essential financial services during disasters [6]. Group 4: Industry Trends and Future Directions - The banking sector's investment in satellite technology aligns with the rapid development of China's commercial space industry, with banks exploring various applications to enhance service delivery and reduce costs [7]. - China Merchants Bank's subsidiary has initiated the first domestic SPV satellite leasing business, addressing the financing needs of commercial space enterprises [7]. - Other banks, such as Industrial and Commercial Bank of China and Xingye Bank, are also integrating satellite remote sensing technology into their operations to improve risk management and monitoring capabilities [8].

品研究 /公司书 钱行 2026 年 01 月 25 日 招商银行 (600036) 稳健高股息优势突出,聚焦红利逻辑下估值修复弹性 报告原因： 有业绩公布需要点评 | 21 | (1)+++) | | --- | --- | | 1 | - 10 1 - 1 - J P 1 | | 市场数据: 2026 年 01 月 23 日 | | --- | | 收盘价（元） 37.50 | | 一年内最高/最低（元） 48.55/37.38 | | 市净率 0.9 | | 股息率%（分红/股价） 8.03 | | 773,585 流通 A 股市值 (百万元) | | 上证指数/深证成指 | | 注："股息率"以最近一年已公布分红计算 | | 基础数据: | 2025年09月30日 | | --- | --- | | 每股净资产（元） | 43.21 | | 资产负债率% | 89.92 | | 总股本/流通 A 股(百万) | 25,220/20,629 | | 流通 B 股/H 股 (百万) | -/4.591 | 年内股价与大盘对比走势： 招商银行 · 沪深300指数 · 治 证券分析师 申万宏源研究微信服务号 ...

Group 1: Stock Suspension and Resumption - Fenglong Co., Ltd. has suspended trading for stock price fluctuation investigation [1] - Jiamei Packaging has also suspended trading for stock price fluctuation investigation [1] - Hunan Gold expects a net profit of 1.27 billion to 1.61 billion yuan in 2025, representing a year-on-year increase of 50% to 90%, driven by rising sales prices of gold, antimony, and tungsten products. The company plans to acquire 100% equity of Golden Tianyue and Zhongnan Smelting, and will resume trading [1] - Longyun Co., Ltd. is planning to acquire 58% equity of Yuheng Film and has suspended trading [1] Group 2: Share Buybacks - Jinkai New Energy plans to repurchase company shares worth 500 million to 600 million yuan [2] - Zhongchong Co., Ltd. intends to repurchase company shares worth 100 million to 200 million yuan [2] Group 3: Mergers and Acquisitions - Yongjie New Materials plans to acquire 100% equity of Aokening Qinhuangdao and 95% equity of Aokening Kunshan, focusing on the production and sales of aluminum plates and strips [3] - Jingsheng Co., Ltd. intends to purchase 100% equity of Weizhun Intelligent for 857 million yuan [4] - Weixing New Materials plans to acquire 88.2557% equity of Songtian Cheng for 111 million yuan, specializing in the R&D, manufacturing, and sales of polyethylene valves for municipal pipelines [4] Group 4: External Investments and Daily Operations - China Tianying plans to achieve a production capacity of 200,000 tons of EU-standard methanol by 2026 [5] - Delijia intends to invest 5 billion yuan in a research and manufacturing project for wind turbine gearboxes over 10 megawatts [6] - Trina Solar will allocate the remaining 1.7 billion yuan of raised funds for a new project focused on distributed smart photovoltaic power station construction [7] - Jingzhida has signed a sales contract for semiconductor testing equipment worth 1.311 billion yuan [8] - Lens Technology has achieved bulk supply in the commercial aerospace sector and has developed ultra-thin photovoltaic glass modules for extreme space environments [9] - BAIC Blue Valley's subsidiary plans to invest 1.991 billion yuan in the construction of a high-end platform model industrialization and digital upgrade project for the Xiangjie Super Factory [9] Group 5: Performance Changes - XianDao Intelligent expects a net profit of 1.5 billion to 1.8 billion yuan in 2025, a year-on-year increase of 424.29% to 529.15%, driven by increased operating rates and order volumes from leading domestic battery companies [10] - Zhongwei Company anticipates a net profit of 2.08 billion to 2.18 billion yuan in 2025, a year-on-year increase of approximately 28.74% to 34.93% [11] - Xiangnong Chip expects a net profit of 480 million to 620 million yuan in 2025, representing a year-on-year increase of 81.77% to 134.78% [11] - China Merchants Bank anticipates a net profit of 150.181 billion yuan in 2025, a year-on-year increase of 1.21% [12] - Juchip Technology expects a net profit of 204 million yuan, a year-on-year increase of 91.40% [12] - Lianchuang Optoelectronics expects a net profit of 435 million to 532 million yuan in 2025, a year-on-year increase of 80.36% to 120.57% [12] - Zhaojin Gold expects a net profit of 122 million to 182 million yuan in 2025, turning from loss to profit [12] - Zhongwei Semiconductor anticipates a net profit of approximately 284 million yuan in 2025, a year-on-year increase of about 107.55% [12] - Guocheng Mining expects a net profit of 1 billion to 1.12 billion yuan in 2025, compared to a profit of 453 million yuan in the previous year [12] - Shengkong Co., Ltd. expects a net profit of 90 million to 110 million yuan in 2025, a year-on-year increase of 118.71% to 167.31% [13] - Daoshi Technology anticipates a net profit of 480 million to 580 million yuan in 2025, a year-on-year increase of 206.01% to 269.76% [13]

伴随伦敦金现价格剑指5000美元/盎司关口，黄金市场持续升温，银行黄金类产品顺势成为"吸金王"。从黄金结构性存款的密集推出与热销，到"黄金+"理财 产品的多元布局，银行业在抢抓市场热点的同时，也在积极应对"天量"定存到期压力。分析人士表示，这场产品"热销盛宴"背后，本质是市场情绪与银行经 营策略的共振，此举既能满足投资者避险与增值的复合需求，也能帮助银行扩大资产管理规模并优化收入结构。 在金价持续升温的背景下，银行业火速发力黄金相关金融衍生产品。1月25日，北京商报记者梳理发现，近期中国银行、交通银行、民生银行、华夏银行、 招商银行等多家机构均在密集推出黄金结构性存款。综合来看，此类产品多为1万元起投，期限较短，预期年化收益率普遍介于0.5%至3.55%之间。 以华夏银行为例，其"慧盈"系列黄金结构性存款热销态势显著。1月25日下午北京商报记者查询发现，该行该系列结构性存款目前仅余2款在售，均挂钩上海 黄金交易所黄金现货价格，期限分别为21天、22天，认购起点1万元，预计年化最高收益1.90%，且均为保本浮动收益型。值得一提的是，北京商报记者注 意到，当日上午仍可认购的"慧盈2441号三层看涨AU9999"产 ...

上 市 公 司 公 司 研 究 / 公 司 点 评 银行 2026 年 01 月 25 日 招商银行 (600036) ——稳健高股息优势突出，聚焦红利逻辑下估值修复弹性 报告原因：有业绩公布需要点评 | 买入（维持） | | --- | | 市场数据： | 2026 年 01 月 23 日 | | --- | --- | | 收盘价（元） | 37.50 | | 一年内最高/最低（元） | 48.55/37.38 | | 市净率 | 0.9 | | 股息率%（分红/股价） | 8.03 | | 流通 A 股市值（百万元） | 773,585 | | 上证指数/深证成指 | 4,136.16/14,439.66 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 43.21 | | 资产负债率% | 89.92 | | 总股本/流通 A 股(百万) | 25,220/20,629 | | 流通 B 股/H 股（百万） | -/4,591 | 一年内股价与大盘对比走势： -20% 0% 20% 4 ...

Investment Rating - The report maintains a positive long-term outlook for the insurance sector, indicating a strong continuity in market performance despite recent fluctuations [2][12][16]. Core Insights - The financial sector experienced a mixed performance this week, with the non-bank financial index down by 1.45%, underperforming the CSI 300 index by 0.83 percentage points. The insurance sector saw a decline of 4.02%, while the brokerage sector decreased by 0.61% [1][10]. - The insurance sector's performance is driven by two main factors: policy support leading to economic recovery and liquidity easing combined with a strong stock market. The report suggests a shift from liquidity-driven growth to a focus on macro policy support and economic recovery expectations [2][13][16]. - The brokerage sector is expected to benefit from new regulations that enhance investment management quality, with a recommendation to focus on larger, undervalued firms and those involved in mergers and acquisitions [3][18]. - The banking sector is facing a slight decline, but there are signs of recovery in profitability for leading banks, with recommendations to focus on banks with high dividend yields and those expected to benefit from market conditions [19][21]. Summary by Sections Insurance Sector - The insurance sector's recent decline is attributed to short-term market sentiment and liquidity changes, but the long-term outlook remains positive due to strong support from both the liability and asset sides [2][12][16]. - Key recommendations include focusing on companies like China Pacific Insurance, China Ping An, China Life (H), and China Taiping, with a specific recommendation for New China Life [4][16]. Brokerage Sector - The brokerage sector's performance is slightly better than the overall market, with a focus on the new guidelines from the regulatory body that aim to improve fund management quality [3][17]. - Recommended firms include Guotai Junan, Huatai Securities, and others, particularly those with strong merger and acquisition prospects [4][18]. Banking Sector - The banking sector has shown a decline but is expected to stabilize, with recommendations to focus on banks with high earnings elasticity and strong dividend yields [19][21]. - Specific banks to watch include Hangzhou Bank, Ningbo Bank, and others, with a focus on those that have previously been undervalued [4][21].

Core Viewpoint - The company shows marginal improvement in performance with a slight increase in net profit and interest income, supported by a robust retail strategy that provides a competitive edge [1][6]. Group 1: Financial Performance - In 2025, the company's operating income increased by 0.01% year-on-year, while net profit attributable to shareholders rose by 1.21%, indicating a positive trend compared to the first three quarters of 2025 [1]. - Total assets, loans, and deposits grew by 7.6%, 5.4%, and 8.1% year-on-year respectively, although the pace of expansion has slightly slowed [2]. - The net interest income for 2025 increased by 2.0% year-on-year, showing a recovery in growth rate compared to earlier in the year [2]. Group 2: Asset Quality and Risk Management - The non-performing loan (NPL) ratio remained stable at 0.94%, with a provision coverage ratio of 392%, indicating solid asset quality [4]. - The company maintains a high level of provision coverage despite a slight decline, reflecting prudent risk management practices [4]. Group 3: Non-Interest Income and Investment Strategy - Non-interest income decreased by 3.4% year-on-year, but there is a marginal improvement in growth rate compared to earlier periods, particularly in wealth management products [3]. - The company plans to adopt a cautious approach in financial investments, focusing on risk management and duration [3]. Group 4: Dividends and Capital Adequacy - The company announced a mid-term dividend of RMB 1.013 per share for the first half of 2025, reinforcing its wealth management capabilities [5]. - As of September, the core Tier 1 capital adequacy ratio stood at 13.93%, slightly down from June, indicating a stable capital position [5]. Group 5: Valuation and Future Outlook - The company projects an EPS of 5.75, 5.96, and 6.22 for 2025-2027, with a target price for A/H shares set at RMB 50.55 and HKD 55.37, reflecting a target PB of 1.02 and 1.00 respectively for 2026 [6]. - The retail strategy is expected to continue providing a competitive advantage, although there are pressures on net interest margins [6].

Core Viewpoint - China Merchants Bank (CMB) is expected to see a positive revenue growth rate and a slight acceleration in profit for 2025, slightly exceeding expectations [1] Financial Performance - In 2025, CMB achieved an operating income of 337.53 billion yuan, a year-on-year increase of 0.01% (compared to -0.51% in the first nine months of 2025) [2][3] - The net profit attributable to shareholders reached 150.18 billion yuan, up 1.21% year-on-year (compared to 0.52% in the first nine months of 2025) [2][3] - The non-performing loan (NPL) ratio for Q4 2025 remained stable at 0.94%, while the provision coverage ratio decreased by 14.14 percentage points to 391.79% [2][8] Growth Outlook - For 2026, CMB's performance is expected to maintain a steady upward trend, with revenue growth continuing to improve and profit growth remaining in the low single digits [4][9] - The bank's asset scale grew by 7.6% year-on-year to 13.1 trillion yuan, with loan scale increasing by 5.4% to 7.26 trillion yuan [5] Interest Margin and Cost Management - The asset-side interest rates are expected to remain under pressure, but the decline will be less severe than in previous quarters due to ongoing optimization of the liability structure [6] - The bank's deposit scale grew by 8.0% year-on-year to 11.8 trillion yuan, supporting stable funding costs [5][6] Non-Interest Income - Non-interest income is expected to improve marginally, with wealth management continuing to show positive trends and other non-interest income not significantly dragging down overall revenue [7][9] Asset Quality - The NPL ratio remains stable, but the provision coverage ratio has declined, primarily due to the gradual disposal of retail loans and corporate real estate loans [8] - The bank is expected to adopt a cautious approach to risk management, actively addressing potential non-performing loans in the real estate sector [8][9]

Investment Rating - The report maintains a "Buy" rating for China Merchants Bank (招商银行) [1] Core Insights - In 2025, China Merchants Bank achieved operating revenue of 337.5 billion, essentially flat year-on-year, and a net profit attributable to shareholders of 150.2 billion, representing a 1.2% increase [3][4] - The bank's return on equity (ROE) was 13.44%, down 1.05 percentage points year-on-year [3][4] - The bank's revenue and net profit growth rates improved slightly compared to the first three quarters of 2025, with revenue growth turning positive for the first time since Q1 2023 [4] - The bank's non-interest income decreased by 3.4% year-on-year, but the decline was less severe than in previous quarters, indicating a potential recovery in wealth management and asset management services [4] Financial Performance Summary - Total assets grew by 7.6% year-on-year, with loans and non-loan assets increasing by 5.4% and 10.4%, respectively [5] - The loan-to-asset ratio was 55.5%, down 1.2 percentage points from the beginning of the year, reflecting a balanced approach to loan growth amid weak demand [5] - Deposits grew at a stable rate of around 8%, with total liabilities increasing by 8% year-on-year [5] - The non-performing loan (NPL) ratio remained stable at 0.94%, with a provision coverage ratio of 391.8% [6] Earnings Forecast and Valuation - The report forecasts earnings per share (EPS) for 2025-2027 to be 6.05, 6.33, and 6.64 yuan, respectively, with corresponding price-to-book (PB) ratios of 0.82, 0.75, and 0.69 [6][8] - The bank's strategic goal is to become a "value bank," with a strong focus on retail banking, which is expected to benefit from supportive government policies aimed at boosting consumption and investment [6]

Investment Rating - The report assigns an "Overweight" rating to the banking sector [4]. Core Insights - As of January 23, 2026, eight banks have reported stable growth in performance and maintained asset quality. The outlook for 2026 suggests continued improvement in bank performance, supported by narrowing interest margin declines and decreasing credit costs [2][4]. Summary by Sections 1. Performance Indicators - Eight banks reported their performance for 2025, showing stable growth and asset quality. The revenue growth rates for major banks were as follows: - Shanghai Pudong Development Bank: +1.9% - Industrial Bank: +0.2% - China Merchants Bank: +0.01% - CITIC Bank: -0.6% - Regional banks showed varied performance, with Nanjing Bank at +10.5%, Ningbo Bank at +8.0%, Hangzhou Bank at +1.1%, and Suzhou Rural Bank at +0.4% [4][6]. 2. Scale and Growth - Quality regional banks continued to experience strong credit growth. By the end of 2025, asset growth rates were: - Nanjing Bank: 16.6% - Ningbo Bank: 16.1% - Hangzhou Bank: 12.0% - Loan growth rates were: - Nanjing Bank: 13.4% - Ningbo Bank: 17.4% - Hangzhou Bank: 14.3% - Overall deposit growth remained stable, with city commercial banks maintaining a growth rate of over 10% and joint-stock banks at 7%-8% [4][6]. 3. Asset Quality - The non-performing loan (NPL) ratios showed a stable or declining trend across the eight banks, with Shanghai Pudong Development Bank at 1.26%, Suzhou Rural Bank at 0.88%, and CITIC Bank at 1.15%. The provision coverage ratios remained robust, with Hangzhou Bank and China Merchants Bank showing a decline of over 10 percentage points but still at high absolute levels [4][6]. 4. Outlook for 2026 - The report anticipates continued improvement in bank performance in 2026, driven by: - A narrowing decline in interest margins leading to improved net interest income growth. - Increased fee income from insurance and wealth management channels. - Continued resolution of risks in key corporate sectors and stabilization of retail risk exposure [4][6]. 5. Investment Recommendations - The report suggests focusing on three main investment lines for 2026: 1. Identifying banks with potential for performance growth, recommending Ningbo Bank, China Merchants Bank, and Nanjing Bank. 2. Considering banks with convertible bond expectations, recommending Chongqing Bank and Changshu Bank. 3. Continuing dividend strategies, recommending Bank of Communications, Jiangsu Bank, and Chongqing Rural Commercial Bank [4][6].