Core Viewpoint - The AI Fund Nuon New Power Flexible Allocation Mixed A (320018) reported a profit of 4.9971 million yuan for Q4 2025, with a weighted average profit per fund share of 0.2548 yuan. The fund's net value growth rate for the reporting period was 7.26%, and the fund size reached 65.8123 million yuan by the end of Q4 2025 [3][14]. Fund Performance - As of January 22, the unit net value of the fund was 3.565 yuan. The fund manager, Li Xiaojie, has managed four funds over the past year, all of which have yielded positive returns. The highest growth rate among these funds was 48.16% for Nuon Low Carbon Economy Stock A, while the lowest was 5.05% for Nuon Huili Mixed A [3]. - The fund's net value growth rates over various periods are as follows: 2.18% over the last three months (ranking 1015/1286), 2.83% over the last six months (ranking 1146/1286), 16.89% over the last year (ranking 980/1286), and -15.38% over the last three years (ranking 1190/1286) [3]. Investment Strategy - The fund's Q4 holdings were primarily in dividend-related assets such as banks, oil and petrochemicals, and non-bank financials. The fund reduced its allocation in the banking sector while increasing its positions in non-bank financials and oil and petrochemicals [3]. Risk Metrics - The fund's Sharpe ratio over the last three years was -0.0472, ranking 1192/1275 among comparable funds [8]. - The maximum drawdown over the last three years was 30.05%, with the largest single-quarter drawdown occurring in Q1 2022 at 17.43% [10]. Portfolio Composition - As of December 31, the fund's average stock position over the last three years was 74.15%, compared to the industry average of 72.57%. The fund reached a peak stock position of 79.28% at the end of 2021 and a low of 51.69% by the end of Q3 2022 [13]. - The top ten holdings of the fund as of Q4 2025 included China Ping An, China Pacific Insurance, China Petroleum, Oppein Home, China Shenhua, New China Life Insurance, Sinopec, Shaanxi Coal and Chemical Industry, Yili Group, and Jiangsu Bank [17].

| 代码 | 名称 | | 涨幅%↑ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 601229 | 上海银行 | 1 | -2.30 | 1329亿 | -7.43 | | 601128 | 常熟銀行 | | -1.51 | 238亿 | 1.99 | | 601998 | 中信銀行 | 1 | -1.47 | 4107亿 | -4.16 | | 601166 | 兴业银行 | 1 | -1.40 | 4038亿 | -9.40 | | 002142 | 宁波银行 | 1 | -1.39 | 1921亿 | 3.56 | | 601838 | 成都银行 | | -1.26 | 664亿 | -2.85 | | 600000 | 浦发银行 | 1 | -1.13 | 3500亿 | -15.51 | | 600919 | 江苏银行 | 兼 | -1.12 | 1786亿 | -3.44 | | 601398 | 工商银行 | 1 | -1.10 | 25626亿 | -9.33 | | 600926 | 杭州银行 | 张 | -1.04 | ...

Core Insights - Gold prices have been on the rise since 2025, leading to a surge in demand for gold-linked structured deposit products from various banks, with some products offering annualized returns as high as 8% [1] Group 1: Product Offerings - Multiple banks have launched gold-linked structured deposit products, with variations in minimum investment, duration, and yield, resulting in some popular products being sold out [1] - China Bank introduced a product with a minimum investment of 10,000 yuan and a term of 87 days, offering an annualized yield ranging from 0.2% to 5.2% [2] - Other banks, such as the Bank of Communications and Minsheng Bank, have also released competitive products with varying yields and investment thresholds [2] Group 2: Market Trends - As of December 2025, the balance of structured deposits in Chinese banks reached 4.25 trillion yuan, marking a year-on-year growth of 6.01%, with unit structured deposits accounting for 69.49% of the total [3] - The trend of companies investing in structured deposits has increased, with numerous A-share companies announcing investments in gold-linked products [3] Group 3: Investment Appeal - The popularity of structured deposits is attributed to their dual advantages of capital protection and higher returns compared to traditional savings, especially in a low-interest-rate environment [4] - The rising gold prices, driven by its safe-haven and anti-inflation properties, have made gold-linked structured deposits attractive for investors seeking to capitalize on market gains [5]

Group 1 - The Inclusive Finance Prosperity Index reached 49.48 points in December 2025, an increase of 0.12 points from November and 0.61 points higher than the same period last year, indicating a steady growth in credit scale and effective financial support for small and micro enterprises [1] - The financing prosperity index was 54.82 points in December, a slight decrease of 0.01 points from November, with credit costs remaining at historical lows and a significant trend of optimizing credit structure [1] - The operational prosperity index was 48.44 points in December, an increase of 0.16 points from November, with manufacturing PMI, non-manufacturing PMI, and composite PMI all entering the expansion zone, enhancing the operational vitality of market entities [1] Group 2 - In December, six industries showed an increase in operational prosperity index while three experienced a decline, with strong demand for meat and fresh agricultural products boosting the agricultural and transportation sectors [2] - Seasonal demand for community services, maintenance, and housekeeping services increased, further enhancing the vitality of the social service industry [2] - The Inclusive Finance Prosperity Index is jointly launched by the China Economic Information Agency, China Banking Association, China Construction Bank, and China Small and Medium Enterprises Association, with participation from several banks and operated by the Xinhua Index Research Institute [2]

Market Overview - The Shanghai Composite Index rose by 0.14% on January 22, with 22 out of the 28 sectors experiencing gains. The top-performing sectors were building materials and defense, with increases of 4.09% and 3.23% respectively. The banking sector was among the top decliners, down by 0.43% [1] Capital Flow Analysis - The main capital flow showed a net outflow of 21.612 billion yuan across the two markets. However, 12 sectors saw net inflows, with the telecommunications sector leading at a net inflow of 8.019 billion yuan and a daily increase of 2.83%. The defense sector also performed well, with a net inflow of 5.713 billion yuan and a daily increase of 3.23% [1] - Conversely, 19 sectors experienced net outflows, with the electronics sector leading at a net outflow of 13.206 billion yuan, followed by the power equipment sector with a net outflow of 7.206 billion yuan. Other sectors with significant outflows included non-ferrous metals, automobiles, and pharmaceuticals [1] Banking Sector Performance - The banking sector saw a decline of 0.43% with a net outflow of 545 million yuan. Out of 42 stocks in this sector, 26 rose while 14 fell. Notably, 25 stocks had net inflows, with Jiangsu Bank leading at a net inflow of 224 million yuan, followed by Bank of Communications and Minsheng Bank with inflows of 152 million yuan and 98.929 million yuan respectively [2] - The stocks with the highest net outflows included China Merchants Bank, Huaxia Bank, and Shanghai Pudong Development Bank, with outflows of 743 million yuan, 184 million yuan, and 156 million yuan respectively [2] Individual Stock Performance - The following table summarizes the performance of key banking stocks based on their net capital flow and daily change: | Stock Code | Stock Name | Daily Change (%) | Turnover Rate (%) | Net Capital Flow (10,000 yuan) | | --- | --- | --- | --- | --- | | 600036 | China Merchants Bank | -1.02 | 0.91 | -7426.622 | | 600015 | Huaxia Bank | -0.92 | 0.82 | -1836.242 | | 600000 | Shanghai Pudong Development Bank | -1.02 | 0.46 | -1555.792 | | 601939 | China Construction Bank | -1.92 | 1.44 | -1473.762 | | 601988 | Bank of China | -0.56 | 0.12 | -1247.776 | | 601288 | Agricultural Bank of China | -2.16 | 0.15 | -504.228 | | 601166 | Industrial Bank | -1.33 | 0.69 | -398.051 | | 601998 | CITIC Bank | -1.58 | 0.17 | -213.897 | | 002936 | Zhengzhou Bank | 0.53 | 1.30 | -147.699 | | 601665 | Qilu Bank | 1.65 | 0.89 | -144.610 | | 601577 | Changsha Bank | 0.75 | 0.32 | -122.400 | | 601187 | Xiamen Bank | -1.40 | 0.49 | -100.037 | | 603323 | Suning Bank | 1.01 | 1.52 | -89.489 | | 002839 | Zhangjiagang Bank | 0.90 | 1.07 | -67.650 | | 002958 | Qingnong Commercial Bank | 0.97 | 0.86 | -54.434 | | 601963 | Chongqing Bank | 0.10 | 0.48 | -44.601 | | 601997 | Guiyang Bank | 0.35 | 0.71 | -9.478 | | 600928 | Xi'an Bank | 0.82 | 0.49 | 47.776 | | 601860 | Zijin Bank | 0.73 | 1.18 | 49.415 | [2][3]

证券之星消息，1月22日城商行板块较上一交易日上涨0.8%，青岛银行领涨。当日上证指数报收于 4122.58，上涨0.14%。深证成指报收于14327.05，上涨0.5%。城商行板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600919 江苏银行 | | 2.02亿 | 13.49% | -1.14 Z | -7.60% | -8827.44万 | -5.89% | | 600926 杭州银行 | | 7317.50万 | 6.96% | -6483.11万 | -6.17% | -834.39万 | -0.79% | | 601169 | 北京银行 | 5714.07万 | 7.81% | -159.29万 | -0.22% | -5554.78万 | -7.59% | | 6000000 | 南京银行 | 3295.77万 | 4.44% | 2708.43万 | 3.65% | -6004 ...

Core Insights - Jiangsu Province has achieved significant financial development during the "14th Five-Year Plan" period, maintaining a leading position in social financing, loan growth, and the number of listed companies [1][2][3] Group 1: Financial Growth and Support for the Real Economy - Jiangsu's social financing increment averaged 3.35 trillion yuan annually from 2021 to 2024, with a total of 3.09 trillion yuan added in the first eleven months of 2025, ranking first in the country [2] - By the end of 2025, the total RMB loan balance in Jiangsu is projected to reach 28.25 trillion yuan, with an average annual growth rate of 12.8%, consistently outpacing the nominal GDP growth [2][3] - The balance of technology loans reached 5.2 trillion yuan, benefiting over 148,000 enterprises, while green loans and inclusive small and micro loans also saw substantial growth [2][3] Group 2: Capital Market Development - Jiangsu added 259 domestic listed companies during the "14th Five-Year Plan," leading the nation, with a total of 722 companies listed [5] - The province's capital market achieved direct financing of 6.97 trillion yuan, with bond financing amounting to 6.37 trillion yuan and public REITs raising 240 billion yuan [5] - The issuance of technology innovation bonds increased by 183% year-on-year, totaling 706 billion yuan [5] Group 3: Support for Private Enterprises - Jiangsu has implemented various policies to support the growth of private enterprises, including the establishment of 105 financial service points and nearly 300 specialized financial service events [6] - Over 8.9 trillion yuan in preferential loans were issued to nearly 100,000 small and micro enterprises during the "14th Five-Year Plan" [6] - The balance of inclusive small and micro loans exceeded 4 trillion yuan by the end of 2025 [6] Group 4: Insurance and Risk Management - The insurance sector in Jiangsu has seen cumulative payouts of 892.9 billion yuan, with over 7 trillion yuan in insurance capital entering the province [7] - The province has established a comprehensive government financing guarantee system, with a guarantee balance exceeding 1.16 trillion yuan [7] - Jiangsu has maintained a "zero default" record in the public bond market for 35 consecutive months, reflecting effective risk management [8] Group 5: Financial Ecosystem and Innovation - Jiangsu has developed a financial service system that supports enterprises throughout their lifecycle, enhancing innovation and industrial upgrading [4] - The province has launched over 200 innovative financial products in the Nanjing and Taizhou regions, contributing to a robust financial ecosystem [3][4] - Collaborative efforts with various financial institutions have led to the establishment of a supportive environment for technology innovation and industrial transformation [4][5]

Investment Rating - The report provides a "Buy" rating for all major banks analyzed, indicating a positive outlook for the banking sector [7]. Core Insights - The digital renminbi has entered its 2.0 era, transitioning from a central bank liability (M0) to a commercial bank liability (M1), allowing it to earn interest and be included in deposit insurance and reserve requirements [6][14]. - This transformation positions China as the first economy to offer interest on its central bank digital currency (CBDC), fundamentally altering its monetary attributes and creating a new financial paradigm in the digital economy [27]. - The digital renminbi's interest-bearing feature enhances user motivation to hold it, shifting its perception from a mere payment tool to a viable store of value, thus promoting its integration into everyday financial activities [27][28]. Summary by Sections 1. Digital Renminbi 2.0 Era - The digital renminbi (e-CNY) is now classified as a digital deposit currency, which can earn interest and is managed under a new regulatory framework [14]. - Major state-owned banks have begun offering interest on digital renminbi wallet balances, marking a significant shift in its utility and appeal [14][27]. 2. Development Progress and Application Status - The development of the digital renminbi began in 2014, with significant milestones including pilot tests in various cities and the establishment of a comprehensive operational framework by 2025 [32][33]. - As of November 2025, the digital renminbi has processed 34.8 billion transactions amounting to 16.7 trillion yuan, with extensive coverage across multiple provinces and cities [37]. 3. Global CBDC Development Trends - The report identifies three main trends in global CBDC development: active retail CBDC initiatives, innovation in payment systems, and cautious approaches in some countries like the U.S. [6]. - China's proactive stance in developing its CBDC positions it favorably in the global digital economy landscape, particularly in cross-border trade applications [30].

Investment Rating - The report maintains a "Recommended" rating for the banking industry [1] Core Insights - The implementation of six fiscal and financial policies aims to stimulate domestic demand, focusing on structural optimization and interest margin improvement [3] - The fiscal interest subsidies, typically between 1-1.5 percentage points, are designed to lower overall financing costs, boost investment and consumption demand, and guide financial resources towards key areas such as technology innovation and support for small and micro enterprises [3] - The report highlights that the fiscal policies will positively support banks in optimizing their structures and stabilizing interest margins, with expectations of a narrowing decline in interest margins due to the upcoming maturity of high-interest fixed deposits in 2026 [3] - The establishment of a 500 billion yuan special guarantee plan for private investment and the optimization of risk-sharing mechanisms for corporate bonds are expected to enhance banks' asset quality and increase their willingness to issue long-term loans [3] - The report suggests that the collaborative fiscal and financial policies will directly benefit credit growth, structural optimization, and risk expectation improvement, while the stable interest margin guidance remains unchanged [3] Summary by Sections Banking Industry - The report emphasizes the positive impact of fiscal policies on credit growth and structural optimization, with a focus on improving risk expectations and stabilizing interest margins [3] - Specific recommendations for individual banks include Industrial and Commercial Bank of China, Agricultural Bank of China, Postal Savings Bank of China, Jiangsu Bank, Hangzhou Bank, and China Merchants Bank [3]

Group 1 - The core event "Winter Food Festival" and "I am Chef" series are actively taking place across thirteen cities in Jiangsu, promoting local culinary culture and boosting winter food consumption [1][2] - Jiangsu Bank is the exclusive sponsor of the event, leveraging financial empowerment, resource integration, and innovative scenarios to stimulate consumer spending [1][3] - Various activities are organized, including food markets, cooking competitions, and interactive experiences, enhancing community engagement and participation [1][2] Group 2 - The "I am Chef" regional competition features themed contests such as "Taihu Fresh," "Huaiyang Showdown," and "Chuhan Mountain Sea," showcasing culinary skills and creativity among chefs [2] - Jiangsu Bank has launched a dedicated section in its mobile banking app for the "I am Chef" event, facilitating food-related lottery activities that have attracted over 60,000 participants [2] - The bank is also running a promotional campaign offering cash discounts for uploaded restaurant invoices, with significant participation and rewards distributed [2]