AI技术浪潮席卷，证券业也在加紧布局，将业务与大模型结合起来。对投资者而言，如何利用大数据 进行投资决策，靠AI炒股靠谱吗？种种问题成为重要关切。 数据显示，大模型稳健50指数中，主要成份股的权重均为2%，目前披露的十只主要成份股中，上市银 行占据8席，涉及农业银行、苏州银行、交通银行、招商银行等，另外2股为国投电力、上港集团。从成 份股所属行业看，超四成属于金融行业，工业、公用事业也占比较高。 大模型新质生产力指数中，科技股占比较高，新易盛为第一大权重股，占比10%，海康威视、天孚通信 排在第二、三位，占比分别为9.83%和6.43%。此外，宇通客车、大族激光、传音控股也入列。 从所属行业看，信息技术行业企业占比过半，其次是通信服务、工业行业。 "把大语言模型应用到指数化投资场景，模拟投资经理的投资逻辑，定期由AI完成调仓，并建立应对市 场风险的预警机制，是当前券商金融科技转型的重要探索。"高华证券副总经理蔡洪玮对第一财经说。 11月12日，高华证券的指数产品"大模型稳健50"迎来发布一周年，该指数是国内首个基于大语言模型的 股票指数。今年8月，该机构又联合发布了大模型新质生产力指数。 Wind数据显示，截 ...

作为财富管理领域的"含金量"高地——私人银行业务一直是银行的兵家必争之地。 今年三季报，A股共有13家上市银行披露了私人银行相关数据。 私人银行业务今年前三季度更上一层楼。随着上市银行三季报披露完毕，私人银行数据也浮出 水面，截至今年9月末， 已经有7家上市银行的私人银行客户超过10万户，平安银行是新加 入"十万俱乐部"的成员，也是该行私人银行客户首次突破10万户。 业内人士认为，这一数据扩容背后， 高净值人群规模的持续上升、居民财富管理需求的结构 性升级，以及银行在综合金融服务体系和数字化能力之间差异化的"大比武"。 多家私行增速超1 0% 三季报显示，多家银行私人银行客户数增幅超过10%，民生银行、北京银行、南京银行三家银 行私人银行客户增速更是超15%。其中，民生银行私人银行客户增幅最快，截至9月末，该行 私人银行客户73409户，比上年末增长18.21%。与此同时，私人银行客户总资产10147.22亿 元，比上年末增加1487.53亿元，增幅17.18%。 北京银行的三季报显示，该行中高端客群价值贡献持续提升，贵宾客户超123万户，较年初增 长10.4%。其中，私人银行客户达20586户，较年初增长3 ...

Core Viewpoint - The article highlights the significant changes in the banking sector, particularly focusing on the increasing shareholding of local state-owned enterprises and insurance funds in various banks, while public funds and northbound capital are reducing their holdings. The overall market sentiment for bank stocks is showing signs of recovery in the fourth quarter after a challenging third quarter [3][10][12]. Group 1: Shareholding Changes - Action Person's total shareholding ratio has risen to 19.17%, making it the largest shareholder of Qingdao Bank [3]. - Many city commercial banks and national banks have disclosed shareholding increase plans or have already implemented them, including Chengdu Bank, Nanjing Bank, and Postal Savings Bank [3]. - The number of shareholders in banks like China Merchants Bank and Beijing Bank has increased significantly, indicating a rise in retail investor participation alongside a decline in institutional holdings [5][6]. Group 2: Fund Holdings and Market Performance - Public funds' exposure to bank stocks has dropped to a five-year low, with a decrease in their overall holdings [4][6]. - The banking sector saw a decline of 8.68% in the third quarter but rebounded with an increase of 8.23% in the fourth quarter as of November 11 [3]. - Northbound capital inflow into banks decreased by 31.66% in the third quarter, with only a few banks like Ningbo Bank and Chengdu Bank seeing net inflows [7]. Group 3: Institutional Investment Trends - Insurance funds and state-owned capital have maintained relatively stable holdings in bank stocks, with state-owned funds holding a total market value of 4.5 trillion yuan [8]. - The increase in local state-owned capital investments in city commercial banks reflects a strategy to strengthen regional financial resource control and capitalize on low valuations [9]. - The investment sentiment in the banking sector is expected to improve in the fourth quarter, with several banks announcing share buyback plans [10][11]. Group 4: Future Outlook - The article suggests that the banking sector may experience structural recovery opportunities in the fourth quarter, driven by high dividend yields and the resilience of regional banks [10][12]. - Analysts believe that the combination of increased institutional investment and favorable market conditions could lead to a stabilization phase for bank stocks [11][12].

Investment Rating - The investment rating for the banking industry is "Positive" (maintained) [1] Core Insights - The report highlights the ongoing trend of deposit non-bankization, which is leading to a marginal decline in liquidity indicators for banks. This trend is particularly pronounced among large banks, with a notable increase in the proportion of non-bank deposits [12][16] - The liquidity coverage ratio (LCR) and net stable funding ratio (NSFR) are critical indicators for banks, and the report provides quantitative assessments of how deposit non-bankization impacts these metrics. The effects are manageable for major banks, with LCR expected to remain above 120% even under significant conversion scenarios [4][34] Summary by Sections 1. Deposit Non-Bankization and Liquidity Management - The process of deposit non-bankization is intensifying the demand for banks to manage liquidity indicators more stringently. Since May 2025, the growth rate of personal fixed deposits has been declining, with large banks showing a decrease in monthly increments compared to the same period in 2024 [12][16] - The report quantifies the impact of deposit non-bankization on LCR and NSFR for major banks, indicating that even with a 70% conversion of personal fixed deposits to non-bank deposits, the LCR for most large banks is expected to remain above 120% [4][34] 2. Liquidity Indicator Management - The management of LCR focuses on maintaining liquidity asset reserves, while NSFR management emphasizes improving the liability structure. Issuing long-term interbank certificates of deposit is highlighted as an effective method to optimize these liquidity indicators [5][22] - The report details how the conversion of personal fixed deposits to non-bank deposits affects various liquidity risk indicators, with specific calculations provided for LCR and NSFR under different conversion scenarios [18][23] 3. Investment Recommendations - The report suggests a tiered investment strategy: - Core holdings should focus on large state-owned banks, benefiting from institutions like Agricultural Bank of China and Industrial and Commercial Bank of China - Core allocations should include leading comprehensive banks such as China Merchants Bank and CITIC Bank - Flexible allocations can target regional banks like Jiangsu Bank and Chongqing Bank [6][19]

Core Viewpoint - Qingdao Guoxin Financial Holdings has become the largest shareholder of Qingdao Bank with a total holding of 19.17% [1] - The banking sector is experiencing a mixed performance with increased shareholder activity, particularly from local state-owned and industrial capital, while facing pressure from public funds and northbound capital [1][2] Group 1: Shareholder Activity - Multiple city commercial banks and national banks have reported significant shareholder increases this year, including Chengdu Bank, Nanjing Bank, and Postal Savings Bank [1] - Public funds have reduced their holdings in bank stocks, with the proportion of public fund investment in bank stocks dropping to 1.78%, the lowest level in five years [2][3] - Northbound capital has also decreased its investment in banks, with a 31.66% decline in total market value held by northbound funds [3] Group 2: Market Performance - The banking sector saw an 8.68% decline in Q3 but rebounded with an 8.23% increase in Q4 as of November 11 [1] - The overall market style shift has led to a significant reallocation of funds from low-volatility bank stocks to high-growth sectors, with the Wind All A Index rising by 19.5% during the same period [4] Group 3: Institutional Investment Trends - Insurance and state-owned funds have maintained stable holdings in bank stocks, with state-owned funds holding a total market value of 4.5 trillion yuan [5][6] - Local state-owned and industrial capital are increasingly investing in city commercial banks, driven by regional financial resource integration needs and attractive valuations [6] Group 4: Future Outlook - There is a growing sentiment of recovery in the banking sector, with several banks announcing share buyback plans and improved core revenue capabilities [7] - Analysts suggest that Q4 presents structural recovery opportunities, particularly for quality regional banks and high-dividend state-owned banks [8]

Core Viewpoint - Qingdao Guoxin Chanin Holdings has become the largest shareholder of Qingdao Bank with a total holding of 19.17% [1] - The banking sector is experiencing a mixed performance with significant shareholder activity, particularly in the context of third-quarter financial reports [1][2] Shareholder Activity - Multiple city commercial banks and national banks have reported shareholding increases, including Chengdu Bank, Nanjing Bank, and Postal Savings Bank [1] - Public funds have reduced their holdings in bank stocks, with the proportion of public funds in bank stocks dropping to 1.78%, a decrease of 2.55 percentage points [2][3] Market Performance - The banking sector saw a decline of 8.68% in the third quarter but rebounded with an increase of 8.23% in the fourth quarter as of November 11 [1] - The overall market style shift has led to a significant reallocation of funds from low-volatility bank stocks to high-growth sectors [4] Fund Composition - Active funds have reduced their positions in major banks like China Merchants Bank and Jiangsu Bank, while some banks like Ningbo Bank and Chengdu Bank saw an increase in holdings [3] - Passive funds also exhibited a reduction in bank stock holdings, with a total market value of 841.12 billion yuan, down 5.67 percentage points [3] Institutional Investment Trends - Insurance and state-owned funds have maintained stable holdings in bank stocks, with state-owned funds holding a total market value of 4.5 trillion yuan [5][6] - Local state-owned capital is increasingly investing in city commercial banks, driven by regional financial resource integration needs and attractive valuations [6] Future Outlook - The fourth quarter has seen a wave of share buyback announcements from bank executives and major shareholders, signaling positive investment sentiment [7] - Analysts believe there are structural recovery opportunities in the banking sector, particularly for regional banks and high-dividend state-owned banks [7][8]

招行前三季度其他净收入为351.76亿元，同比下降11.42%，该行称"主要是债券和基金投资的收益减 少"。另据券商中国记者查阅其三季报中未经审计的合并利润表，招行今年前三季度公允价值变动损益 累计亏损88.27亿元，而去年同期是正收益30.99亿元。 三季度，债市遭遇了商品与权益市场强势行情的双冲击，多空博弈明显加剧，其间10年国债活跃券最大 上行幅度达到15bps。 剧烈的波动已显现在银行的三季报上。债市利率上行使得银行持有的债券资产出现账面损失，从而拖累 了以公允价值计量的非息收入。 据券商中国记者粗略统计，至少十家银行今年前三季度的非息收入同比减少，其中多家银行均在归因时 提及其投资收益或其他非息收入受到了债市浮亏的拖累。 （1）多家银行债市投资相关收入下降 债市波动引起的投资收益锐减，进而使得非息净收入下降，是诸多上市银行三季报的共性。 （2）浮亏进一步拖累非息收入 平安银行也表示受市场波动影响，债券投资等业务非利息净收入下降。平安银行三季报合并利润表显 示，该行今年第三季度投资收益为35.45亿元，较去年第三季度的61.33亿元几乎腰斩；今年前三季度的 投资收益为162.75亿元，较去年前三季度的 ...

Core Viewpoint - The article highlights the significant impact of bond market volatility on the non-interest income of several banks in the third quarter, leading to a decline in investment income and overall non-interest revenue due to losses from bond holdings [1][4]. Group 1: Impact on Non-Interest Income - Many banks reported a decrease in non-interest income due to reduced investment income from the bond market, with notable declines in the third quarter [2][4]. - For example, China Merchants Bank's non-interest income fell by 11.42% year-on-year, primarily due to decreased bond and fund investment returns, resulting in a cumulative fair value loss of 8.827 billion yuan compared to a gain of 3.099 billion yuan in the previous year [2]. - Ping An Bank's investment income dropped nearly 50% in the third quarter, with a year-to-date decrease of approximately 11.41% [2][3]. Group 2: Market Conditions and Bank Responses - The bond market experienced significant fluctuations, with yields rising above 1.8% for various bank categories, contrasting sharply with the previous year's bullish market [6]. - Banks are advised to enhance their trading capabilities and consider using derivatives for hedging to mitigate risks associated with market volatility [8]. - Strategies suggested include maintaining a reasonable proportion of bond investments, optimizing asset allocation, and utilizing derivative tools to manage risks effectively [8]. Group 3: Overall Trends in the Banking Sector - A total of 10 banks reported a year-on-year decline in non-interest net income, with decreases ranging from 4% to 23% [6][7]. - The research team from China International Capital Corporation noted that the growth rate of other non-interest income for listed banks slowed significantly, with only state-owned banks showing an increase in this metric [4][5].

Core Viewpoint - The banking sector is experiencing a resurgence, with the bank ETF (512800) showing positive performance amidst market volatility, indicating strong buying interest and a favorable medium to long-term outlook [1][4]. Group 1: Market Performance - The bank ETF (512800) closed up 0.48% today, with intraday premium trading reflecting positive buying sentiment [1]. - The ETF has shown a two-day consecutive increase and is positioned above all moving averages, suggesting an optimistic medium to long-term trend [1]. - The ETF's latest scale exceeds 20.4 billion, with an average daily trading volume of over 800 million this year, making it the largest and most liquid bank ETF in A-shares [4]. Group 2: Stock Performance - Individual bank stocks are mostly performing well, with Xi'an Bank rising nearly 3%, Agricultural Bank up over 2%, and several others, including Qingdao Bank and China Merchants Bank, also showing gains [2][3]. - Over 10 listed banks have seen significant share purchases by shareholders or executives this year, indicating strong market confidence [3]. Group 3: Investment Sentiment - The current market environment has led to a shift towards stable cash flow and high-dividend sectors, with banks expected to attract more investment due to their stable and high dividend characteristics [3]. - The banking sector is perceived as being in a high cost-performance zone, with the bank ETF tracking a price-to-book ratio of only 0.72, indicating a mid-low range compared to the past decade [4]. - The dividend yield of the index tracked by the bank ETF is 4.02%, significantly exceeding the risk-free rate of 1.8%, highlighting its "quasi-fixed income" nature [4].

Core Viewpoint - The successful launch of the "Back贴通" commercial bill business by China Merchants Bank Qingdao Branch marks a significant advancement in the online transaction platform for bills, driven by process innovation and technology empowerment, aimed at transforming bill business online and serving the real economy [1] Group 1: Business Development - The collaboration with Shandong New Hope Liuhe Group, the largest private enterprise in Qingdao, highlights the bank's focus on meeting the needs of major local businesses [1] - The "Back贴通" business streamlines the bill process from "hour-level" to "minute-level" efficiency, addressing traditional bottlenecks in bill circulation [1] Group 2: Product Innovation - The new product is designed around customer needs, effectively integrating payment channels between parent and subsidiary companies and external suppliers [1] - The service model is tailored to the characteristics of the industry chain, enhancing the overall customer experience [1] Group 3: Strategic Empowerment - Innovation-driven development is emphasized as a core strategy for high-quality growth in the bank's bill business [1] - The product not only provides efficient services to meet corporate financing needs but also aligns with national strategic goals, showcasing the bank's financial responsibility [1]