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]

Market Overview - The Shanghai Composite Index rose by 0.08% on January 21, with 18 out of the 28 sectors experiencing gains. The top-performing sectors were non-ferrous metals and electronics, with increases of 2.79% and 2.62% respectively [1] - The banking and coal sectors were the worst performers, declining by 1.58% and 1.57% respectively, with the banking sector leading the decline [1] Capital Flow - The net inflow of capital in the two markets was 11.983 billion yuan, with 14 sectors seeing net inflows. The electronics sector had the highest net inflow of 16.369 billion yuan, while the non-ferrous metals sector followed with a net inflow of 7.289 billion yuan [1] - Conversely, 17 sectors experienced net outflows, with the power equipment sector seeing the largest outflow of 6.688 billion yuan, followed by the defense and military industry with a net outflow of 2.906 billion yuan [1] Banking Sector Performance - The banking sector saw a decline of 1.58% with a net outflow of 447 million yuan. Out of 42 stocks in this sector, only one stock rose while 41 stocks fell [2] - Among the stocks with net inflows, Hangzhou Bank led with an inflow of 153 million yuan, followed by China Transportation Bank and Jiangsu Bank with inflows of 106 million yuan and 96.849 million yuan respectively [2] - The stocks with the highest net outflows included Agricultural Bank of China, Industrial and Commercial Bank of China, and Bank of China, with outflows of 555.7 million yuan, 227.4 million yuan, and 167.4 million yuan respectively [2] Detailed Banking Sector Data - A detailed table of banking stocks shows various performance metrics, including daily price changes and turnover rates. For instance, Agricultural Bank of China decreased by 2.93% with a turnover rate of 0.17% and a net outflow of 55.707 million yuan [3] - Other notable declines included Industrial and Commercial Bank of China at -2.52% and Bank of China at -2.02%, with respective net outflows of 22.740 million yuan and 16.737 million yuan [3]

证券时报·数据宝统计，截至1月21日收盘，深沪北共101只个股连续5日或5日以上主力资金净流入。杭 州银行等连续15日主力资金净流入，排名第一；云南白药连续13日主力资金净流入，位列第二。从主力 资金净流入总规模来看，德明利主力资金净流入金额最大，连续6天累计净流入15.50亿元，杭州银行紧 随其后，15天累计净流入14.39亿元。从主力资金净流入占成交额的比例来看，锋龙股份占比排名居 首，该股近15日上涨317.94%。（数据宝） 连续5日或以上主力资金净流入个股排名 | 证券代 | 证券简 | 主力资金净流入 | 主力资金净流入金额 | 主力资金净流入比例 | 累计涨跌幅 | | --- | --- | --- | --- | --- | --- | | 码 | 称 | 天数 | （亿元） | （%） | （%） | | 001309 | 德明利 | 6 | 15.50 | 6.77 | 22.39 | | 600926 | 杭州银 行 | 15 | 14.39 | 9.88 | -0.65 | | 000333 | 美的集 团 | 6 | 11.55 | 6.11 | 2.07 | | 000776 | ...

Market Overview - The city commercial bank sector experienced a decline of 0.55% on January 21, with Chongqing Bank leading the drop [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Individual Stock Performance - Ningbo Bank closed at 28.88, with an increase of 1.16% and a trading volume of 432,300 shares, amounting to a transaction value of 1.246 billion [1] - Chongqing Bank closed at 10.25, down 1.82%, with a trading volume of 106,800 shares and a transaction value of 110 million [2] - Other notable performers include Xiamen Bank, which closed at 7.13, down 1.66%, and Chengdu Bank, which closed at 15.72, down 1.38% [2] Capital Flow Analysis - The city commercial bank sector saw a net inflow of 508 million from institutional investors, while retail investors experienced a net outflow of 566 million [2] - The capital flow for individual stocks indicates that Hangzhou Bank had a net inflow of 158 million from institutional investors, while it faced a net outflow of 86.5 million from retail investors [3] - Shanghai Bank also saw a net inflow of 107 million from institutional investors, with a net outflow of 121 million from retail investors [3]

Group 1 - The core viewpoint of the news is that Hangzhou Bank is demonstrating confidence in its operational stability and growth potential, as evidenced by recent institutional research and responses to key questions regarding credit lending and asset quality [1][2][3] - Hangzhou Bank has achieved steady growth in corporate credit lending at the beginning of 2026, with a notable increase in lending scale compared to the same period in previous years, ensuring stable profitability [1] - The bank's retail mortgage loan demand is expected to stabilize and recover in 2026, supported by ongoing policy efforts and a gradual market adjustment, with a focus on high-quality projects and differentiated strategies [2] Group 2 - For the first three quarters of 2025, Hangzhou Bank reported a steady performance with operating income of 28.88 billion yuan, a year-on-year increase of 1.35%, and a net profit attributable to shareholders of 15.88 billion yuan, a significant year-on-year growth of 14.53% [3] - The bank announced a mid-term dividend, distributing 3.80 yuan per 10 shares to ordinary shareholders, totaling approximately 2.76 billion yuan, which reflects its strong profitability and commitment to returning value to investors [3] - Hangzhou Bank has established a clear strategic plan for the next five years, aiming to become a "value-leading bank in China" and aligning with national and regional development strategies [3][4] Group 3 - The bank's strategic framework for 2026-2030 focuses on three core objectives: customer, scale, and efficiency, while emphasizing digitalization, internationalization, and enhancing key capabilities in talent, risk control, and technology [4] - The bank aims to concentrate its efforts on six core business segments, including corporate finance, small and micro finance, and retail finance, to drive high-quality growth [4]

据数据宝，截至1月20日收盘，深沪北共71只个股连续5日或5日以上主力资金净流入。杭州银行等连续 14日主力资金净流入，排名第一；晶品特装连续13日主力资金净流入，位列第二。从主力资金净流入总 规模来看，德明利主力资金净流入金额最大，连续5天累计净流入13.53亿元，杭州银行紧随其后，14天 累计净流入12.86亿元。从主力资金净流入占成交额的比例来看，锋龙股份占比排名居首，该股近14日 上涨279.93%。 ...

证券日报网1月20日讯，杭州银行（600926）在接受调研者提问时表示，得益于近几年公司条线春耕行 动的积极开展，本行积累了对公资产开门红营销的丰富经验，同时形成了高效的营销组织模式。2026年 开门红对公信贷投放情况整体良好，较往年同期有所多增，资产投放收益率较上年四季度保持稳定。 2026年本行对公信贷将继续围绕具备良好发展动能和优秀产业基础的区域，聚焦主流市场、主流客户、 主流资产，做好浙江省内以及省外重点城市区域客户的服务。 ...

证券日报网1月20日讯，杭州银行（600926）在接受调研者提问时表示，公司消费贷业务主要面向公务 员、事业单位员工及上市公司等优质企业员工，该类客群工作、收入相对稳定，消费贷资产质量整体保 持稳健；按揭贷款业务受居民收入波动及房地产市场疲软等影响，2025年以来住房按揭贷款的不良率有 所上升，但目前仍保持在相对较低水平，抵押物平均抵押率处于相对安全区间，风险整体可控。 ...

Core Insights - The city commercial bank sector experienced a rise of 1.35% on January 20, with Chengdu Bank leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Stock Performance - Chengdu Bank (601838) closed at 15.94, up 3.10% with a trading volume of 606,000 shares and a transaction value of 9.56 billion [1] - Chongqing Bank (601963) closed at 10.44, up 2.96% with a trading volume of 133,800 shares and a transaction value of 138 million [1] - Other notable performers include: - Changsha Bank (601577): closed at 9.36, up 2.41% [1] - Qilu Bank (601665): closed at 5.48, up 2.05% [1] - Beijing Bank (601169): closed at 5.32, up 1.92% [1] - Qingdao Bank (002948): closed at 4.30, up 1.90% [1] - Xiamen Bank (601187): closed at 7.25, up 1.54% [1] - Shanghai Bank (601229): closed at 9.79, up 1.35% [1] - Nanjing Bank (601009): closed at 10.56, up 1.34% [1] - Hangzhou Bank (600926): closed at 15.24, up 1.20% [1] Capital Flow - The city commercial bank sector saw a net inflow of 266 million from institutional investors, while retail investors experienced a net outflow of 42.84 million [1] - Detailed capital flow for selected banks includes: - Shanghai Bank (601229): net inflow of 1.051 billion from institutional investors, with net outflows from retail and speculative investors [2] - Hangzhou Bank (600926): net inflow of 90.48 million from institutional investors, with significant outflows from retail and speculative investors [2] - Nanjing Bank (601009): net inflow of 26.57 million from institutional investors, with outflows from retail investors [2] - Other banks also showed varying levels of net inflows and outflows [2]