特别提示：平安久瑞回报混合型证券投资基金的发售日期为2026年2月26日至2026年3月13日。 投资者可通过以下途径咨询有关详情： （1）中国平安人寿保险股份有限公司 客服电话：95511 转 1 网址：http://life.pingan.com （2）蚂蚁（杭州）基金销售有限公司 客服电话：95188-8 网址：www.fund123.cn 根据平安基金管理有限公司（以下简称"本公司"）与中国平安人寿保险股份有限公司、蚂蚁（杭州）基 金销售有限公司、上海好买基金销售有限公司、腾安基金销售（深圳）有限公司、京东肯特瑞基金销售 有限公司、诺亚正行基金销售有限公司、上海中正达广基金销售有限公司、和耕传承基金销售有限公 司、南京苏宁基金销售有限公司、弘业期货股份有限公司、通华财富(上海)基金销售有限公司、华瑞保 险销售有限公司、上海陆享基金销售有限公司、嘉实财富管理有限公司、华源证券股份有限公司、上海 证达通基金销售有限公司、万家财富基金销售（天津）有限公司、上海陆金所基金销售有限公司、上海 长量基金销售有限公司、上海天天基金销售有限公司、珠海盈米基金销售有限公司、北京雪球基金销售 有限公司、东方财富证券股份有 ...

此外，2025年前三季度，深圳上市公司支付各项税费近2850亿元，稳定提供超400万个就业岗位，支付 职工薪酬总额超6200亿元，人均年薪逾20万元，有力促进了社会财富增长与民生改善。同时，龙头企业 投资意愿强劲，在固定资产等长期资产上的投入大幅增长，为经济可持续发展注入持久动能。优必选、 汇川技术等科创企业，不仅自身吸纳大量高端技术人才就业，更带动上下游产业链数千家中小企业发 展，形成"大企业顶天立地、中小企业铺天盖地"的良好生态。 （文章来源：深圳商报） 据悉，"十四五"期间，深圳上市公司累计分红近9900亿元，远超同期股权融资规模，位居全国大中城市 第二；2024年累计现金分红超1800亿元，招商银行、中国平安等龙头企业连续分红超10年；2025年前三 季度，52家上市公司现金分红502.01亿元，再创新高，股利支付率超30%。中国平安、招商银行等蓝筹 股持续稳定的分红，与工业富联等公司新增的中期分红，以及数百亿元规模的股份回购，共同构筑起尊 重和回报股东价值的市场文化，进一步增强投资者信心。 市场也给予了积极的回应。Wind统计数据显示，2025年全年，中国平安股价累计上涨35.87%，表现显 著优于 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report analyzes 132 regional banks in the Sichuan-Chongqing area, highlighting the growth and structural changes in the banking sector [6][27] - The asset growth rates of major city commercial banks in the region are higher than those of listed city commercial banks, indicating a robust expansion [38] - Profitability metrics show that city commercial banks in the region have lower ROE compared to listed banks, while rural commercial banks outperform them [6][27] - Asset quality is slightly weaker in regional banks compared to listed banks, with higher non-performing loan ratios [6][27] Summary by Sections Economic Structure Analysis - Sichuan province is positioned as a key driver for western development, with a focus on enhancing the Chengdu-Chongqing economic circle [13][14] - In 2025, Chengdu's GDP is projected to account for 38.7% of the province's total, with significant growth in various sectors [15] Banking Sector Overview - The Sichuan-Chongqing region has 132 commercial banks, including 14 city commercial banks, 65 rural banks, and 51 rural commercial banks [27] - The asset growth rates for major city commercial banks in the region are 15.6% and 18.2%, surpassing the 14.2% growth of listed city commercial banks [38] Asset and Liability Structure - The proportion of loans to total assets has been increasing since 2016, with city commercial banks in Sichuan projected to have a loan ratio of 56.1% by 2024 [38][40] - The financial investment ratio for city commercial banks is on a downward trend, with a slight recovery noted in the first half of 2025 [40][46] Profitability and Asset Quality - The average ROE for city commercial banks in the region is 10.97%, lower than the 11.99% average for listed city commercial banks [6][27] - Non-performing loan ratios for city commercial banks in the region are higher than those of listed banks, indicating potential asset quality concerns [6][27] Capital Adequacy - Capital adequacy ratios for regional banks are comparable to those of listed banks, providing a safety margin for operations [6][27]

Group 1: Fixed Income Market Insights - The scale of public fixed income + funds reached a historical high of approximately 2.83 trillion yuan by the end of Q4 2025, with a slight increase of 0.09 trillion yuan from Q3 2025, reflecting a quarter-on-quarter growth of 3.2% [6][7][12] - The top five fund companies in terms of fixed income + fund scale as of December 2025 were: Invesco Great Wall (230.9 billion yuan), E Fund (221.9 billion yuan), Huatai-PB (157.1 billion yuan), and others [7][8] - The equity allocation of fixed income + funds reached its highest level since Q4 2023, with stock, bond, and deposit market values accounting for 9.7%, 86.4%, and 1.5% respectively in Q4 2025 [8][9] Group 2: Fund Performance and Holdings - The average annual return for fixed income + funds in 2025 was 5.35%, with specific returns for different fund types: mixed debt funds (6.7%), first-level debt funds (2.4%), second-level debt funds (4.9%), and convertible bond funds (22.9%) [12] - The manufacturing sector dominated the investment focus of fixed income + funds, with an investment scale of 172.2 billion yuan, accounting for approximately 63% of total stock investments [9][10] - The top ten heavy positions in fixed income + funds showed strong stability, with major stocks like Zijin Mining, CATL, and Tencent remaining in the top three [10][11] Group 3: Banking Sector Analysis - The proportion of active equity funds heavily invested in the banking sector increased from 3.6% in Q3 2025 to 4.4% in Q4 2025, with a significant recovery in the banking index's quarterly return from -10.5% to 4.6% [17][18] - Notable banks such as Ningbo Bank and Jiangsu Bank are recommended for their strong asset quality and risk management capabilities, with Ningbo Bank showing a collaborative model in wealth management and technology finance [20][19] - The overall performance of listed banks is relatively weak, but some banks exhibit strong growth potential due to differentiated operational strategies [20] Group 4: Company-Specific Insights on Haibo Shichuang - Haibo Shichuang, established in 2011, has become a leading player in the domestic energy storage system integration market, ranking first in installed capacity in China by the end of 2024 [21][22] - The company is expected to benefit from the rapid growth of energy storage installations driven by the domestic electricity market reforms, with significant projects already secured [22][23] - Internationally, Haibo Shichuang has established partnerships and local teams in key markets, enhancing its ability to deliver projects and improve profitability, particularly in overseas markets [23][24]

（来源：广州金融） 招商银行提出，以项目实际为出发点，围绕项目总投规模、现金流强弱等核心要素，定制差异化专项债 配套融资方案，构建全流程、精细化的项目运作体系。 一是分类设计融资结构，按现金流强度对项目分层划分，对现金流强的项目，以专项债解决资本金后配 套市场化融资；对现金流弱的项目，提高资本金比例并加大专项债投入力度；对专项债不能用作资本金 的项目，优化专项债债务融资占比，实现资金配置与项目需求精准匹配。二是严格开展现金流测算，构 建全维度收益成本测算体系，全面挖掘项目主体收入、配套设施收入及合规补充资源等收益来源，参考 市场价格、历史数据科学测算项目全生命周期的收入与运营成本，坚决避免收益过度包装，确保现金流 测算结果真实反映项目运营能力。三是灵活设置发行与偿还机制，结合项目建设周期做好分年分期发行 安排，匹配项目实际用款进度；合理确定债券期限，对现金流改善较好的项目设置提前还款条款，平滑 项目全生命周期偿债压力。 编者按 为助力提升全省抓投资工作水平，推动我省"十五五"开好局起好步，凝聚"政银企"三方智慧与力量，共 同推进重大项目投融资工作，我省于1月21日举办了"十五五"重大项目投融资专题研讨培训班， ...

Investment Rating - The industry investment rating is "Positive" (first time) [4] Core Viewpoints - The proportion of bank stocks held by actively managed equity funds remains low, with a slight increase in the fourth quarter of 2025. The market capitalization of bank stocks in actively managed funds rose from 1.8% in Q3 2025 to 1.9% in Q4 2025, indicating a gradual recovery [4][12] - The bank index's quarterly return rebounded significantly from -10.5% in Q3 2025 to 4.6% in Q4 2025, reflecting a 15.07 percentage point increase [23] - The report suggests focusing on high-quality banks with stable asset quality and strong risk management capabilities, particularly in favorable economic regions [44][48] Summary by Sections 1. Changes in Fund Holdings in Q4 2025 - The market capitalization of bank stocks held by public funds increased from 3.6% in Q3 2025 to 4.4% in Q4 2025, with a total value of approximately 1,473 billion [6][8] - The increase in bank stock holdings was primarily driven by passive equity funds, which saw their bank stock market capitalization rise from 841.1 billion in Q3 2025 to 1,104.2 billion in Q4 2025, increasing their proportion from 5.4% to 7.0% [19][22] - Active equity funds showed a slight increase in bank stock holdings, with the market capitalization rising from 300.4 billion in Q3 2025 to 305.5 billion in Q4 2025 [21][22] 2. Performance of Bank Stocks - The bank sector's performance was highlighted by a significant recovery in the bank index, which turned positive in Q4 2025 after a negative performance in the previous quarter [23] - The report indicates that the overall performance of listed banks has been relatively weak, but certain banks are showing strong growth potential due to differentiated business strategies [44][48] 3. Recommendations for Investment - The report recommends focusing on banks with robust asset quality and risk management, particularly those in economically strong regions such as Ningbo Bank, Jiangsu Bank, and Nanjing Bank [44][48]

在实体商圈，招行东莞分行深度参与东莞首个"粤港澳大湾区（东莞）支付便利化商圈"建设，与松山湖 万象汇推出"会员权益互通计划"，通过新户立减、周三五折等优惠，吸引数万名消费者参与，带动商圈 客流增长。此外招行东莞分行已于2026年正式与万象滨海购物村深化合作，启动"湾区消费联动计划"， 通过全域支付场景覆盖、跨商圈会员权益共享及绿色消费积分体系，打造覆盖餐饮、零售、文旅的全生 态消费圈。针对"中国潮玩之都"的城市特色，分行创新发行"中国潮玩之都・东莞联名卡"，整合限定潮 玩预售折扣、文旅场景特权等权益，推动潮玩消费与文旅经济深度融合。从线上招行商城到线下31家网 点辐射的生活圈，分行构建起"数字支付+实体消费"的全链条服务体系，让金融服务嵌入消费每一环。 惠企利民，双轮驱动释放消费潜力 "多亏招行的融资支持和消费券引流，店里旺季销售额提升了不少！"东莞某连锁餐饮负责人感慨道。招 行东莞分行始终坚持"惠民"与"兴商"并举，一方面面向市民精准投放消费券，覆盖餐饮、零售、文旅等 重点领域，有效撬动居民消费意愿；另一方面持续加大对小微企业的支持力度，2025年招行东莞分行坚 持向普惠小微企业提供业务全生命周期补贴70B ...

2月10日，最高检官网发布消息，青海检察机关依法对王庆彬涉嫌受贿案提起公诉。 2016年6月，王庆彬因到龄卸任招商银行副行长等职务，离开这家明星银行的"权力中枢"。不过，当年 底，60岁的王庆彬在招商局旗下的招商局融资租赁有限公司任职，随后出任董事长。公开资料显示，招 商局融资租赁成立于2016年，是招商局集团旗下专注于融资租赁业务的重要子公司，注册资本金50亿元 人民币。2021年年底开始，王庆彬还出任齐鲁银行独立董事。 王庆彬于去年落马。2025年9月，中纪委官网发布消息，招商局融资租赁有限公司原党委书记、董事长 王庆彬接受纪律审查和监察调查，此时距离其卸任招商银行副行长约9年，卸任招商局融资租赁董事长 约4年。 （文章来源：南方都市报） 消息指出，招商局融资租赁有限公司原党委书记、董事长王庆彬涉嫌受贿罪一案，由青海省海东市监察 委员会调查终结，移送检察机关审查起诉。近日，西宁市人民检察院依法向西宁市中级人民法院提起公 诉。检察机关起诉指控：被告人王庆彬利用担任招商银行股份有限公司济南分行行长、北京分行行长、 总行副行长等职务上的便利，为他人在贷款授信、贷款审批、员工招聘等事宜上提供帮助，非法收受他 人财 ...

然而，该行认为市场低估了招行的盈利上行空间，关键分歧在于预期信贷成本增幅将较低；持续消化按 揭、影子银行及房地产信贷风险，无需大幅增加拨备；零售及企业贷款拨备需求可控。该行预期这些因 素将使招行2026年盈利同比增速超越同业，达到8%，高于该行预测四大行平均3%的增幅。 高盛发布研报称，招商银行（600036）(03968)近期股价疲软，招商银行(600036.SH)A股与H股今年为止 分别下跌5%和4%，且较三个月高点回调8%和6%，反映2025年第四季业绩表现疲弱，以及相对保守的 2026年盈利展望，对招行A/H股目标价为54.68元人民币/53.41港元。 ...

然而，该行认为市场低估了招行的盈利上行空间，关键分歧在于预期信贷成本增幅将较低；持续消化按 揭、影子银行及房地产信贷风险，无需大幅增加拨备；零售及企业贷款拨备需求可控。该行预期这些因 素将使招行2026年盈利同比增速超越同业，达到8%，高于该行预测四大行平均3%的增幅。 智通财经APP获悉，高盛发布研报称，招商银行(03968)近期股价疲软，招商银行(600036.SH)A股与H股 今年为止分别下跌5%和4%，且较三个月高点回调8%和6%，反映2025年第四季业绩表现疲弱，以及相 对保守的2026年盈利展望，对招行A/H股目标价为54.68元人民币/53.41港元。 ...