Core Viewpoint - Major banks are rapidly implementing optimized personal consumption loan interest subsidy policies, with over 10 banks having released operational guidelines as of January 23, 2023, indicating a strong response to the government's initiative [1][2]. Group 1: Implementation of Policies - The Ministry of Finance and other departments introduced an optimized personal consumption loan interest subsidy policy on January 20, 2023, leading to immediate responses from six major state-owned banks and several joint-stock banks [2]. - Banks will provide services under the adjusted interest subsidy policy starting January 1, 2026, for eligible personal consumption loan and credit card installment customers, with automatic application of the new policy for existing agreements [2]. - Credit card installment services have been included in the subsidy scope, with banks offering convenient application methods for customers [2]. Group 2: Compliance and Security Measures - Banks have stated that no additional fees will be charged during the processing of personal consumption loans and credit card installment interest subsidy services, emphasizing the importance of safeguarding personal property and information against fraud [3]. - The Industrial and Commercial Bank of China has prohibited the provision of false documentation or illegal loan applications, with strict penalties for those who attempt to fraudulently obtain subsidy funds [3]. Group 3: Expansion of Participating Institutions - The policy optimization has expanded the range of participating institutions, allowing local financial institutions, including city commercial banks and rural cooperative financial institutions with a rating of 3A or above, to be included in the subsidy program [4][5]. - Several local financial institutions, such as Shangyu Rural Commercial Bank and Linhai Rural Commercial Bank, have joined the subsidy initiative, indicating a broader implementation of the policy [5]. Group 4: Industry Insights - Analysts suggest that the current fiscal subsidy, combined with recent structural interest rate cuts, may help mitigate downward pressure on asset yields and support banks' net interest margins [5][6]. - The upcoming maturity and repricing of high-interest fixed-term deposits in 2026, along with accelerated optimization of funding costs, are expected to narrow the decline in banks' interest margins and improve the certainty of stabilization [6].

Group 1 - JunDa Co., Ltd. announced that the comprehensive cost-effectiveness of perovskite photovoltaic technology in extreme space environments remains to be verified [2][5] - The company has invested 30 million yuan to acquire a 16.67% stake in Starwing Chip Energy, but no formal business agreement has been signed for space photovoltaic projects [2][5] - The technology shows potential advantages in lightweight, low cost, and high radiation resistance, but long-term reliability and cost-effectiveness in space are still uncertain [2][5] Group 2 - Aotewei stated that the "space photovoltaic" sector is still in the early exploration and research phase, with significant uncertainties in the industrialization process [3] - The company emphasized that product development to commercial application requires a considerable period, and the impact of related positive expectations on actual operating performance is highly uncertain [3] Group 3 - Tongyu Communications announced its participation in the A1 round financing of Beijing Blue Arrow Hongqing Technology, investing 30 million yuan for a 1.8293% stake [3] - The company will transition from direct to indirect ownership of Hongqing Technology through a partnership agreement [3] Group 4 - Huajin Technology received approval from the China Securities Regulatory Commission for the issuance of H-shares, planning to issue up to 101,573,100 shares [4] - Trina Solar announced a change in the use of remaining raised funds, reallocating 1.7 billion yuan to a new project for distributed smart photovoltaic power station construction [4][5] Group 5 - Yunnan City Investment plans to publicly transfer a 10.5% stake in Qicai Company with a base price of 293 million yuan [6] - Zijin Mining announced the completion of the second phase of the Giant Dragon Copper Mine, increasing production capacity to 350,000 tons per day [6] Group 6 - Shuaifeng Electric expects a net profit loss of 43 million to 62 million yuan in 2025, with potential delisting risk warnings for its stock [7] - Anqi Yeast plans to invest 222 million yuan in a green manufacturing project for yeast products with an annual output of 12,000 tons [7] Group 7 - Zhengzhou Coal and Electricity announced the cessation of production at the Chaohua Coal Mine due to resource depletion and safety risks, expecting a 311 million yuan impairment loss [8] - Oujing Technology announced partial production line shutdowns at its subsidiaries to reduce losses and operating costs [8] Group 8 - North Car Blue Valley plans to invest in the construction of a high-end platform model industrialization and digital upgrade project with a total investment of 1.991 billion yuan [9] - Jingzhida signed a significant contract worth 1.311 billion yuan for semiconductor testing equipment [9] Group 9 - Yanghe Co. announced a cash dividend plan for 2025-2027, committing to distribute no less than 100% of net profit each year [10] - Yanghe Co. also projected a net profit decline of 62.18% to 68.30% for 2025 due to market adjustments and increased channel inventory [10] Group 10 - Huitong Energy expects a net profit decrease of 69.51% to 75.82% for 2025, primarily due to the absence of non-recurring income from property relocation rewards [11] - Dahua Co. reported a net profit increase of 32.65% for 2025, driven by business optimization and cost control [12] Group 11 - Hangzhou Bank reported a net profit increase of 12.05% for 2025, maintaining a stable non-performing loan ratio [12] - Aotejia expects a net profit increase of 41.85% to 79.67% for 2025, supported by sales growth and cost control measures [12] Group 12 - Shenke Co. anticipates a net profit increase of 65.75% to 98.9% for 2025, benefiting from overseas strategy and revenue growth [13] - Pioneering Technology expects a net profit increase of 50.82% to 109.21% for 2025, driven by product technology iterations and market expansion [13] Group 13 - Shanchuang Technology expects a net profit increase of 81.77% to 134.78% for 2025, fueled by demand for enterprise-level storage products [14] - Anshuo Information anticipates a net profit increase of 52.44% to 98.83% for 2025, with government subsidies contributing to the growth [14] Group 14 - Zhongwei Company expects a net profit increase of 28.74% to 34.93% for 2025, driven by increased customer recognition of its plasma etching equipment [15] - Jingfang Technology anticipates a net profit increase of 44.41% to 52.32% for 2025, benefiting from the automotive industry's growth [16] Group 15 - Fuda Alloy expects a net profit increase of 119.14% to 219.95% for 2025, driven by strong demand in emerging applications [17] - Feirongda anticipates a net profit increase of 57.23% to 83.43% for 2025, supported by stable growth in communication and cooling business [17] Group 16 - Licheng Performing Arts expects a net profit decrease of 12.75% to 32.21% for 2025, impacted by regional travel environment fluctuations [22] - Lisheng Pharmaceutical anticipates a net profit increase of 116.77% to 138.44% for 2025, driven by market expansion and product sales [23] Group 17 - JMC reported a net profit decrease of 22.71% for 2025, despite a 2.07% increase in total revenue [27] - Daoshi Technology expects a net profit increase of 206.01% to 269.76% for 2025, driven by overseas business expansion [28] Group 18 - Jin Kai New Energy plans to repurchase shares worth 500 million to 600 million yuan, with a maximum repurchase price of 7.5 yuan per share [29] - Longyun Co. announced a stock suspension due to plans to acquire a 58% stake in Yuheng Film Industry [30]

智通财经APP讯，招商银行(600036.SH)发布2025年度业绩快报，2025年，集团实现营业收入3,375.32亿 元，同比增加0.44亿元，增幅0.01%;利润总额1,789.93亿元，同比增加3.41亿元，增幅0.19%;归属于本行 股东的净利润1,501.81亿元，同比增加17.90亿元，增幅1.21%。 截至2025年12月31日，集团资产总额130,705.23亿元，较上年末增加9,184.87亿元，增幅7.56%;负债总额 117,896.24亿元，较上年末增加8,710.63亿元，增幅7.98%;不良贷款率0.94%，较上年末下降0.01个百分 点;拨备覆盖率391.79%，较上年末下降20.19个百分点;贷款拨备率3.68%，较上年末下降0.24个百分点。 ...

智通财经APP讯，招商银行(600036.SH)发布2025年度业绩快报，2025年，集团实现营业收入3,375.32亿 元，同比增加0.44亿元，增幅0.01%;利润总额1,789.93亿元，同比增加3.41亿元，增幅0.19%;归属于本行 股东的净利润1,501.81亿元，同比增加17.90亿元，增幅1.21%。 截至2025年12月31日，集团资产总额130,705.23亿元，较上年末增加9,184.87亿元，增幅7.56%;负债总额 117,896.24亿元，较上年末增加8,710.63亿元，增幅7.98%;不良贷款率0.94%，较上年末下降0.01个百分 点;拨备覆盖率391.79%，较上年末下降20.19个百分点;贷款拨备率3.68%，较上年末下降0.24个百分点。 ...

1月23日，招商银行发布2025年度业绩快报。2025年，招商银行交出了一份营收和净利润双增长的成绩单：营收同比增长0.01%至3375.32亿元，净利润同比 增长1.21%至1501.81亿元。 资产规模和质量方面，截至2025年12月31日，招商银行资产总额130705.23亿元，较上年末增加9184.87亿元，增幅7.56%；负债总额117896.24亿元，较上年 末增加8710.63亿元，增幅7.98%；不良贷款率0.94%，较上年末下降0.01个百分点；拨备覆盖率391.79%，较上年末下降 20.19个百分点；贷款拨备率3.68%， 较上年末下降0.24个百分点。 四家股份行净利润全部增长 截至目前，A股上市股份行中，已经有招商银行、兴业银行、中信银行和浦发银行四家发布2025年度业绩快报。 | 银行 | 菅收 | 増幅 | 归母净利润 | 増幅 | | --- | --- | --- | --- | --- | | | (亿元) | | (亿元) | | | 招商银行 | 3375.32 | 0.01% | 1501.81 | 1.21% | | 兴业银行 | 2127.41 | 0.24% | ...

Group 1 - Jingzhida signed a sales contract for semiconductor testing equipment worth 1.311 billion yuan, which is expected to positively impact the company's future operating performance if the contract is fulfilled smoothly [1] - Tongyu Communication participated in the A1 round financing of Beijing Blue Arrow Hongqing Technology Co., Ltd., investing 30 million yuan to acquire 1.8293% equity after the capital increase [2] - ST Dongshi's actual controller Xu Xiong was sentenced to six years and six months in prison for manipulating the securities market, along with a fine of 170 million yuan, but this will not affect the company's normal operations [3] Group 2 - In the earnings forecast, China Merchants Bank expects a net profit of 150.181 billion yuan for 2025, a year-on-year increase of 1.21% [5] - Shen Gong Co., Ltd. anticipates a net profit of 90 million to 110 million yuan for 2025, representing a year-on-year growth of 118.71% to 167.31% [5] - Xiangnong Chip expects a net profit of 480 million to 620 million yuan for 2025, with a year-on-year increase of 81.77% to 134.78% [5] Group 3 - Zijin Mining's Jilong Copper Mine Phase II project has been completed, with an annual copper production capacity expected to increase to approximately 300,000 to 350,000 tons [6] - Zhengzhou Coal and Electricity announced that the Super Chemical Coal Mine resources are nearing depletion, leading to a halt in production [7] - Guanhao High-tech plans to shut down the production line of its subsidiary Hongta Renheng due to overcapacity and intensified competition [7]

2025年，招商银行实现营业收入3375.32亿元，同比增加0.44亿元，增幅0.01%；利润总额1789.93亿元， 同比增加3.41亿元，增幅0.19%；归属于该行股东的净利润1501.81亿元，同比增加17.90亿元，增幅 1.21%。 实际上，2025年前三季度，招商银行营收尚处于负增长状态，同比下降0.51%，净利润增幅也仅有 0.51%。全年营收增幅由负转正、净利润增幅实现提升，表明该行在第四季度展现出强劲的业绩修复与 增长动能，经营韧性显现。 1月23日，招商银行发布2025年度业绩快报。2025年，招商银行交出了一份营收和净利润双增长的成绩 单：营收同比增长0.01%至3375.32亿元，净利润同比增长1.21%至1501.81亿元。 截至目前，已有招商银行、兴业银行、中信银行和浦发银行四家股份行披露2025年度业绩快报。营收方 面，仅中信银行1家微降，其余3家均实现增长；净利润则全部实现增长。 招行去年营收和净利润"双增长" 在业绩快报中，招商银行表示，"2025年，集团各项业务稳健开展，总体经营情况良好"。 营收方面，中信银行营收与兴业银行不相上下，均在2100亿元级别，浦发银行营收则增至 ...

首家总资产规模13万亿的股份制商业银行诞生。 21世纪经济报道记者 黄子潇 深圳报道 1月23日收盘后，招商银行（600036.SH、3968.HK）披露2025年度业绩快报。 2025年，招行实现营业总收入3375.32亿元，同比微增0.01%；归属于母公司股东的净利润1501.81亿元，同比增长1.21%。 2025年，招商银行前三季度的单季度营收同比变化分别为-3.08%、-0.36%、2.12%，全年同比微增0.01%；前三季度净利润同比变化分别 为-2.08%、2.67%、1.04%，全年增长1.21%。 这意味着，被称为"零售之王"的招行或已迎来业绩基本面拐点。 1月23日收盘，招商银行A股下跌0.92%，收于37.5元，跌幅大于银行板块，主力净流出6.72亿元，为板块内最大净流出个股；招商银行港股表 现相对稳健，收盘上涨0.22%，主力资金净流入2.04亿港元，显示境外资金仍具信心，未受A股情绪明显拖累。 资产质量方面，截至2025年年末，招行不良贷款率0.94%，较上年末下降0.01个百分点；拨备覆盖率391.79%，较上年末下降20.19个百分点； 贷款拨备率3.68%，较上年末下降0.24 ...

股票研究 /[Table_Date] 2026.01.23 票 研 究 主动基金环比持平，被动基金增持 [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 | | 陈惠琴(分析师) | 021-38676666 | chenhuiqin@gtht.com | S0880525100003 | 本报告导读： 25Q4 主动基金对银行持仓比例环比持平于 1.9%，被动基金持仓比例环比+1.6pct 至 7.0%，其中宁波银行、兴业银行、中国银行、建设银行等获主动基金增配。 25Q4 基金对银行持仓点评 投资要点： [Table_Summary] 2025 年四季度基金重仓持股情况披露（主动基金包括普通股票型、 偏股混合型、灵活配置型，被动基金包括被动指数型、指数增强型）： [Table_Report] 相关报告 商业银行《国有大行投放力度较大，不良压力或 企稳》20 ...

截至2025年12月31日，该行资产总额为13.07万亿元，较2024年末增加9184.87亿元，增幅为7.56%；负 债总额为11.79万亿元，较2024年末增加8710.63亿元，增幅为7.98%；不良贷款率为0.94%，较2024年末 下降0.01个百分点；拨备覆盖率为391.79%，较2024年末下降20.19个百分点；贷款拨备率为3.68%，较 2024年末下降0.24个百分点。 本报讯(记者熊悦)1月23日晚间，招商银行（600036）发布2025年度业绩快报公告。业绩快报显示， 2025年，该行各项业务稳健开展，总体经营情况良好。2025年，该行(按集团口径)实现营业收入3375.32 亿元，同比增加0.44亿元，增幅为0.01%；实现归属于该行股东的净利润1501.81亿元，同比增加17.90亿 元，增幅为1.21%。 ...