Market Overview - The city commercial bank sector experienced a decline of 0.33% on December 31, with Xiamen Bank leading the drop [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] Individual Bank Performance - Qilu Bank closed at 5.74, up 1.77% with a trading volume of 848,200 shares and a transaction value of 485 million [1] - Suzhou Bank closed at 8.29, up 0.24% with a trading volume of 263,500 shares and a transaction value of 219 million [1] - Xiamen Bank closed at 7.34, down 1.08% with a trading volume of 133,200 shares and a transaction value of 97.8 million [2] - Nanjing Bank closed at 11.43, down 0.78% with a trading volume of 235,600 shares and a transaction value of 270 million [2] Capital Flow Analysis - The city commercial bank sector saw a net inflow of 201 million from institutional investors, while retail investors experienced a net outflow of 9.56 million [2] - The capital flow for individual banks shows that Shanghai Bank had a net inflow of 48.9 million from institutional investors, while Hangzhou Bank had a net outflow of 50.55 million [3] - Suzhou Bank recorded a net inflow of 30.66 million from institutional investors, while retail investors had a net outflow of 27.1 million [3]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601187 | 厦门银行 | 7.42 | -1.85% | 14.08万 | 1.04亿 | | 600928 | 西安银行 | 3.71 | -1.07% | 18.10万 | 6755.34万 | | 601963 | 重庆银行 | 10.90 | -0.82% | 12.16万 | 1.32亿 | | 601169 | 北京银行 | 5.48 | -0.72% | 121.96万 | 6.70亿 | | 6000009 | 南京银行 | 11.52 | -0.60% | 29.57万 | 3.41 乙 | | 002936 | 郑州银行 | 1.93 | -0.52% | 56.10万 | 1.09亿 | | 601577 | 长沙银行 | 9.74 | -0.51% | 10.98万 | 1.07亿 | | 601838 | 成都银行 | 16.12 | -0.31% | 29.85万 | 4.81亿 | | 002948 | 青岛银行 ...

12月26日，以"新开局、新动能、新征程"为主题的"启航·2025金融峰会"在北京圆满举办，大会由金融界主办，汇聚监管部门、行业协会、金融机构、上市 公司、媒体等数百位相关领导和重磅嘉宾。会上，第十四届金融界"金智奖"年度评选结果重磅揭晓，江苏银行荣获"投资价值上市公司"。 "金智奖"旨在树立高质量发展标杆，引导上市公司聚焦主业、持续创新、践行社会责任，推动资本向优质企业集聚。本届评选中，金融界上市公司研究院紧 密契合"十五五"规划建议中"提升上市公司质量"的要求，将高质量发展内核分解为社会责任、实业贡献、投资回报、成长前景、创新效率、杰出品牌六大维 度，以企业财务数据和公开信息为基础建立量化分析模型，最终覆盖A股、港股及中概股超8000家企业，评选出近200家获奖企业。 "投资价值上市公司"以资本价值与发展潜力为核心评判标准，聚焦财务健康度、行业赛道前景、核心竞争力、公司治理规范性及可持续发展能力。旨在树立 价值投资标杆，推动行业结构优化，引导市场回归理性投资，构建良性资本市场生态。 风险防控是银行稳健经营的核心，江苏银行深入推进风险管理体制改革，智慧化防控体系日益成熟。2025年三季报显示，报告期末不良贷 ...

证券之星消息，12月29日城商行板块较上一交易日上涨0.79%，南京银行领涨。当日上证指数报收于 3965.28，上涨0.04%。深证成指报收于13537.1，下跌0.49%。城商行板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 6000109 | 南京银行 | 11.59 | 3.30% | 78.65万 | | 9.03亿 | | 601229 | 上海银行 | 10.13 | 2.12% | 70.78万 | | 7.13亿 | | 601963 | 重庆银行 | 10.99 | 1.29% | 11.06万 | | 1.22亿 | | 601577 | 长沙银行 | 9.79 | 0.82% | 13.55万 | | 1.32亿 | | 616009 | 江苏银行 | 10.32 | 0.78% | 121.46万 | | 12.45 Z | | 601169 | 北京银行 | 5.52 | 0.55% | 89.65万 | | 4.93亿 | | ...

依据证监会指导沪深北交易所《上市公司自律监管指引——可持续发展报告》，ESG强信披阵营锁定上 证180、深证100、科创50、创业板指成分股及境内外同步上市企业。伴随上证180等指数调整，成都银 行（601838）、沪农商行（601825）两家上市银行新晋入列。 财政部会同9部门印发《企业可持续披露准则第1号——气候（试行）》 12月25日，财政部会同生态环境部、外交部等9部门《企业可持续披露准则第1号——气候（试行）》 （以下简称《气候准则》）。《气候准则》是国家统一的可持续披露准则体系中的第一个具体准则，自 今年4月底公开征求意见至今，终于"靴子落地"。业内认为，这是我国向统一可持续披露准则体系迈进 的一大步。 财政部会计司有关负责人答记者问时表示，现阶段将《气候准则》定位为试行文件，明确在实施范围和 实施要求作出规定之前，由企业自愿实施。 "综合考虑我国企业的发展阶段和披露能力，财政部将坚持准则制定和实施分开的原则，不采取'一刀 切'的强制实施要求。后续将采取区分重点、试点先行、循序渐进、分步推进的策略，从上市公司向非 上市公司扩展，从大型企业向中小企业扩展，从定性要求向定量要求扩展，从自愿披露向强制披 ...

Group 1 - The article highlights the growing production of solid-state batteries, which are considered the "ultimate answer" for next-generation power batteries, transitioning from laboratory to mass production [1] - Jiangsu Bank has provided a comprehensive credit line of 1 billion yuan to support the solid-state battery production, emphasizing the need for financial backing in high-investment, long-cycle projects [1] - The implementation of structural monetary policy tools in Jiangsu aims to direct financial resources towards technology innovation, green development, and consumption, contributing to high-quality economic growth [1] Group 2 - Jiangsu has adopted a "policy-driven + innovation-driven" approach to incentivize financial institutions to meet the reasonable funding needs of enterprises, launching 39 government-bank cooperation products [2] - The capital market is also actively supporting this initiative, with 70 listed companies in Jiangsu applying for stock repurchase loans amounting to 13.7 billion yuan, enhancing confidence in the stability of the capital market [2] - The effective use of structural monetary policy tools is expected to stimulate market vitality, promote industrial upgrades, and cultivate development momentum, aligning with the goal of better serving the real economy [2]

Core Insights - The report focuses on the performance of minimum holding period RMB public funds, ranking them based on annualized returns over various holding periods: 7 days, 14 days, 30 days, and 60 days [1] - The ranking is based on annualized yield calculations, with the calculation period matching the holding period [1] Group 1: 7-Day Holding Period Products - The top-performing product is "富竹纯债7天持有期20号(E份额)" from 民生理财 with an annualized return of 28.00% [3] - Other notable products include "固定收益纯债最短持有7天Y款-A份额" from 华夏银行 with a return of 17.38% and "易享利-7天持有期7号A" from 上海银行 with a return of 16.58% [4] Group 2: 14-Day Holding Period Products - The leading product is "景前固收增利双周窓14天持有期28号" from 中信银行 with an annualized return of 15.59% [6] - Other significant products include "富竹纯债14天持有期14号(E份额)" from 民生理财 with a return of 11.68% and "嘉鑫(歳刊)固收类最低持有14天第13期-B份额" from 建信理财 with a return of 9.77% [7] Group 3: 30-Day Holding Period Products - The highest return is from "幸福99鸡益(金盈) 30天持有期" from 杭州银行 with an annualized return of 25.44% [10] - Other notable products include "盈30天持有期27号" from 民生银行 with a return of 18.61% and "易享利-28天持有期6号A" from 上海银行 with a return of 12.19% [11] Group 4: 60-Day Holding Period Products - The top product is "贵竹固收增利双月盈60天持有期3号" from 中信银行 with an annualized return of 15.26% [14] - Other significant products include "富竹纯债60天持有期12号(E份额)" from 民生理财 with a return of 7.00% and "智富指数跟踪策略60天持有期-A份额" from 中银理财 with a return of 4.63% [15]

经营周期与配置价值的再平衡——银行业 2026 年度投资 策略 20251228 银行业供给侧改革对未来有何影响？ 2026 年长江银行的投资策略主题是"经营周期和配置价值的再平衡"。与过 去两年主要强调红利价值不同，2026 年的策略将经营周期作为核心关注点。 预计银行板块在 2026 年将继续实现一轮绝对收益上涨，进一步修复其较低的 估值。然而，相对收益和弹性可能较低。重点推荐方向仍围绕基本面，特别是 经营周期相对优异的优质城商行，如杭州银行、江苏银行和南京银行。 长江银行如何看待 2026 年的息差企稳和资产质量风险？ 对于 2026 年的息差企稳，我们持乐观态度。过去几年，宏观经济下行导致息 差大幅收窄，但政策支持和债券市场收益帮助稳定了业绩。预计到 2026 年， 一部分银行将全面看到息差企稳，个别银行甚至可能出现息差回升。然而，在 资产质量方面，尽管整体稳定，但地产和零售领域存在风险压力。这些领域涉 及按揭贷款及个人经营性贷款，受房价持续下跌影响可能出现波动。因此，需 要持续观察这些领域的资产质量问题。 对于重大风险底线确立的逻辑有何看法？ 我们认为重大风险底线确立是整个板块持续修复估值的重要逻辑 ...

Core Viewpoint - The article emphasizes the importance of the restaurant industry as a key driver of consumer demand and economic vitality, highlighting Jiangsu Bank's initiatives to integrate financial services into the dining sector to stimulate consumption and support social welfare [1][4]. Group 1: Jiangsu Bank's Initiatives - Jiangsu Bank has launched the "I am Chef" series of activities to promote dining consumption, providing a platform for over 22 million customers to explore local cuisine and enjoy dining discounts [4][6]. - The bank offers a combination of consumer-oriented and merchant-oriented services, including "consumption red envelopes" and payment discounts for consumers, while providing credit and operational support for merchants [4][5]. - The bank has developed a "聚惠" platform to offer significant discounts during promotional events, collaborating with well-known brands to enhance consumer benefits [7][8]. Group 2: Consumer Engagement and Marketing Strategies - Jiangsu Bank organizes various themed food festivals and events throughout the year, such as "Lobster Festival" and "Hot Pot Festival," to keep consumers engaged and stimulate continuous dining consumption [7][8]. - The bank utilizes social media and live streaming to promote food experiences and enhance consumer interaction, creating a vibrant dining atmosphere [4][6]. - Special financial products, such as the "Foodie" credit card, are introduced to provide exclusive benefits and enhance the value of consumer spending [4][5]. Group 3: Financial Services and Support for Merchants - Jiangsu Bank supports restaurant businesses through a comprehensive approach that includes funding, credit support, and wealth management services, aiming to drive growth in the dining sector [5][11]. - The bank's initiatives also focus on enhancing payment experiences for merchants by promoting digital currency transactions, ensuring safer and more efficient payment processes [11]. - By extending financial services to the supply side of the consumption chain, Jiangsu Bank aims to create a win-win situation for consumers and merchants, fostering a thriving consumption ecosystem [11].

——银行业 2026 年度投资策略 行业研究丨深度报告丨银行 [Table_Title] 经营周期与配置价值的再平衡 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 风险底线牢固是银行股估值修复的基础，银行股仍处于确立风险底线的进程中，稳定的配置价 值主导估值修复，长期角度金融供给侧改革加速，国有行和头部城商行份额加速集中。基本面 维度，2026 年重点关注净息差企稳与零售风险压力，预计 2026 年行业负债成本继续改善推动 净息差有望实现企稳，资产质量重点关注按揭等房抵类资产风险压力，预计目前银行按揭贷款 LTV 仍处于可控水平。目前银行股 PB-ROE 视角下仍被显著低估，短期资金面波动不改变银行 股配置价值，险资等配置型资金力量仍在持续加仓应对资产荒压力。 分析师及联系人 [Table_Author] SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 请阅读最后评级说明和重要声明 2 / 27 %% %% %% %% research.95579.com 2 [Table_Tit ...