Core Viewpoint - The city commercial bank sector experienced a decline of 1.27% on January 16, with Jiangsu Bank leading the drop. The Shanghai Composite Index closed at 4101.91, down 0.26%, while the Shenzhen Component Index closed at 14281.08, down 0.18% [1]. Group 1: Stock Performance - Ningbo Bank closed at 29.30, up 1.70% with a trading volume of 589,500 shares and a transaction value of 1.723 billion [1]. - Xiamen Bank closed at 7.20, up 0.70% with a trading volume of 128,700 shares and a transaction value of 92.3661 million [1]. - Jiangsu Bank closed at 9.76, down 2.69% with a trading volume of 2,061,300 shares and a transaction value of 2.033 billion [2]. - Shanghai Bank closed at 9.64, down 2.43% with a trading volume of 961,200 shares and a transaction value of 933.3 million [2]. Group 2: Capital Flow - The city commercial bank sector saw a net outflow of 229 million from main funds, while speculative funds had a net inflow of 716 million, and retail investors experienced a net outflow of 487 million [2]. - Hangzhou Bank had a main fund net inflow of 153 million, while retail investors saw a net outflow of 113 million [3]. - Nanjing Bank recorded a main fund net inflow of 70.5 million and a retail net outflow of 131 million [3].

Investment Rating - Investment rating: Positive (maintained) [2] Core Viewpoints - In December, corporate credit experienced a seasonal growth, with expectations that the credit issuance in Q1 2026 may reach the highest level in history [4] - The report highlights that while the year-end credit issuance slowed down, the impact of debt reduction policies has weakened, allowing for stable credit growth [4] - The report indicates that the demand for corporate loans has shown signs of recovery, with a year-on-year increase of 5.8 trillion yuan in December, although the overall demand still requires further observation [4] - The report notes that the new issuance rates for corporate and personal housing loans have stabilized at 3.10%, reflecting a shift in bank lending strategies [5][6] Summary by Sections Credit Market Analysis - December saw a new issuance of 910 billion yuan in RMB loans, a year-on-year decrease of 80 billion yuan, with a balance growth rate of 6.4% [4] - The corporate loan structure improved, with short-term and medium-to-long-term loans increasing by 3.9 trillion yuan and 2.9 trillion yuan respectively [4] - The report emphasizes that the overall credit demand from residents remains weak, with a year-on-year decrease of 441.6 billion yuan in December [4] Social Financing and Government Bonds - In December, social financing increased by 2.2 trillion yuan, a year-on-year decrease of 646.2 billion yuan, with a stock growth rate of 8.3% [5] - The slowdown in government bond issuance has been identified as a drag on social financing, with new government bonds issued at 683.3 billion yuan, one of the lowest levels of the year [5] Monetary Supply and Deposits - M2 growth in December was 8.5%, while M1 growth fell to 3.8% [6] - The report notes that the increase in fiscal deposits may indicate a weaker year-end fiscal spending compared to the previous year [6] Investment Recommendations - The report suggests that banks with strong wealth management businesses and active financial environments in key regions will benefit from the stable growth policies [7] - Recommended banks include CITIC Bank, with beneficiaries including Agricultural Bank of China, China Merchants Bank, and others [7]

Investment Rating - The investment rating for the banking industry is "Positive" (maintained) [2] Core Viewpoints - The report emphasizes that policy support is crucial for stabilizing growth, with a focus on the recovery of banking sector sentiment in Q1 [4][7] - The People's Bank of China (PBOC) has indicated the feasibility of further interest rate cuts and reserve requirement ratio (RRR) reductions due to high current levels of RRR and a stable exchange rate environment [4] - Structural monetary policy tools have been introduced to lower the overall financing costs in society, with specific interest rate cuts for various loans [5] - The resumption of government bond trading operations by the PBOC is aimed at enhancing the monetary policy toolkit and ensuring smooth issuance of government bonds [6] Summary by Sections Monetary Policy and Economic Recovery - The PBOC's recent measures include a potential for 1-2 interest rate cuts within the year, with a possible reduction of 10 basis points each time, with the earliest cut expected in Q1 [4] - The report notes that the core Consumer Price Index (CPI) has shown positive growth, indicating effective policy collaboration [7] Banking Sector Performance - The banking sector is expected to benefit from improved economic conditions, with a significant increase in credit issuance anticipated in January, potentially the highest in history [7] - Banks with strong wealth management capabilities and those in active financial environments are likely to gain more from the supportive policy landscape [7] Recommendations - The report recommends focusing on banks such as CITIC Bank, Construction Bank, Agricultural Bank, and others, which are expected to benefit from the current economic recovery and policy support [7]

Investment Rating - The report maintains a "Recommended" rating for the banking industry [1] Core Insights - The banking sector is experiencing a marginal recovery in medium to long-term loans, with a focus on the effectiveness of policy measures being released [1] - Social financing (社融) has shown a year-on-year decrease, with a month-on-month decline in growth rate. In December, new social financing amounted to 2.21 trillion yuan, a year-on-year decrease of 645.7 billion yuan [5] - The growth of RMB loans and corporate bonds has made a significant positive contribution to social financing increment, with RMB loans increasing by 975.7 billion yuan in December, a year-on-year increase of 135.5 billion yuan [5] - Corporate loans have shown a notable increase, with a total increase of 1.1 trillion yuan in December, a year-on-year increase of 580 billion yuan, indicating a marginal recovery in financing demand from the real economy [5] - The M2 growth rate has risen, with M1 and M2 increasing by 3.8% and 8.5% year-on-year, respectively [5] - The report suggests that the government bond's contribution to social financing has weakened towards the end of the year, while RMB credit shows signs of marginal improvement, primarily supported by corporate loans [5] Summary by Sections Social Financing - In December, the total social financing stock increased by 8.3% year-on-year, with a month-on-month decline of 0.2 percentage points [5] - The structure of corporate loans has improved, with medium to long-term loans increasing by 330 billion yuan and short-term loans by 370 billion yuan [5] Loan Data - As of the end of December, the balance of RMB loans from financial institutions increased by 6.4% year-on-year, remaining stable compared to the previous month [5] - The demand for loans from the household sector remains weak, with a decrease of 916 billion yuan in December, a year-on-year decrease of 4.416 trillion yuan [5] Investment Recommendations - The report emphasizes the continued attractiveness of the banking sector's dividend value, recommending specific banks such as Industrial and Commercial Bank of China, Agricultural Bank of China, and others [5]

公告显示，张精科现任杭州银行党委副书记、副行长。曾任杭州银行科技支行副行长，杭州银行文创支行行长，杭州银行资产管理部总经理，杭州银行科技 文创金融事业部党委书记、总经理，杭州银行党委委员、人力资源部总经理。截至公告披露日，张精科持有该行股份117600股。 1月12日，杭州银行发布公告称，董事会已审议通过《关于聘任杭州银行股份有限公司行长的议案》，同意聘任张精科为行长。 2025年4月，杭州银行原行长虞利明因个人原因离任，此后，该行行长一职便空缺至今。 与张精科的内部成长路径不同，杭州银行前任行长虞利明是"空降"而来。他曾任杭州市金融投资集团有限公司党委副书记、副董事长、总经理，2016年至 2022年期间，还担任杭州金投董事长兼杭州工商信托董事长，主导了多个房地产信托项目。 ...

Core Viewpoint - The city commercial bank sector experienced a decline of 2.11% on January 14, with Beijing Bank leading the drop, while the overall market showed mixed results with the Shanghai Composite Index down 0.31% and the Shenzhen Component Index up 0.56% [1] Group 1: Market Performance - The closing price of Beijing Bank was 5.38, down 2.71%, with a trading volume of 4.6089 million shares and a transaction value of 2.514 billion [1] - Other notable declines included Chongqing Bank at 10.30 (-2.37%), Hangzhou Bank at 15.62 (-2.13%), and Qilu Bank at 5.57 (-2.11%) [1] - The city commercial bank sector saw a net outflow of 729 million in main funds, while retail investors contributed a net inflow of 53.1975 million [1] Group 2: Fund Flow Analysis - Hangzhou Bank had a main fund net inflow of 1.20 billion, but a net outflow from retail investors of 92.9469 million [2] - Suzhou Bank recorded a net inflow of 52.503 million from main funds, while retail investors had a net outflow of 54.0558 million [2] - Shanghai Bank experienced a main fund net inflow of 45.3249 million, with a retail net outflow of 46.6735 million [2]

Group 1 - The main market saw a net inflow of 19.18 billion yuan as of January 14 [1] - The top ten sectors with the largest capital outflows included Energy Metals (-1.365 billion yuan), Wind Power Equipment (-1.086 billion yuan), and Communication Equipment (-0.983 billion yuan) [1] - The banking sector experienced a capital outflow of 0.721 billion yuan, while the healthcare services sector saw an outflow of 0.628 billion yuan [1] Group 2 - The Energy Metals sector had a slight decline of 0.13% with a net outflow of 1.365 billion yuan, led by the company Greenmei [2] - The Wind Power Equipment sector increased by 1.61% but still faced a net outflow of 1.086 billion yuan, with major outflow attributed to Daikin Heavy Industries [2] - The Communication Equipment sector rose by 4.01% despite a net outflow of 0.983 billion yuan, primarily driven by Galaxy Electronics [2][3]

| 2026年1月14日星期三 | NO.1 央行开展3586亿元7天期逆回购操作 1月13日，央行公开市场开展3586亿元7天期逆回购操作，操作利率1.40%。Wind数据显示，当日162亿 元逆回购到期，7天期逆回购净投放3424亿元。 点评：本次逆回购操作规模较大且利率保持稳定，表明央行在维护流动性合理充裕方面态度明确。在当 前经济企稳复苏的关键阶段，此举有助于稳定市场预期，平滑资金面波动，为金融机构提供适宜的流动 性环境。 点评：增资有助于公司增强资本实力，拓展年金、养老保险等业务空间，符合行业向专业化、规模化发 展的趋势。 NO.3 张精科拟升任杭州银行行长 近日，杭州银行公告称，公司董事会同意聘任张精科为公司行长，任期至第八届董事会届满之日止，其 任职资格待监管部门核准。去年4月初，杭州银行原行长虞利明因个人原因辞任，此后该行董事长宋剑 斌代为履行行长职责。 NO.4 美联储风波叠加地缘政治不确定性，黄金白银期价再创新高 据新华社，受美国联邦储备委员会主席遭调查和地缘政治高度不确定影响，美国纽约商品交易所2月黄 金期货价格12日一度突破每盎司4640美元，3月白银期货价格一度冲上每盎司86美元，均 ...

以下文章来源于风财眼 ，作者银行财眼 风财眼 . 风财眼致力于银行领域的原创报道，旨在履行媒体监督职责，以期共营健康的金融环境。 来源丨 凤凰网财经《银行财眼》 在前任行长"闪辞"，董事长代履职9个多月后，杭州银行行长人选终于落定。 1月12日，杭州银行公告称，董事会同意聘任张精科为该行行长。至此，"75后"副行长张精科被正式提拔为杭州银行行长，任职资格尚待监管部门核 准。 杭州银行2024年年报显示，彼时作为副行长的张精科以年薪252.57万元居高管层之首。 早在半个多月前，就有多家媒体报道张精科有望获得提拔。2025年，杭州银行经历了人事动荡，前任行长虞利明被传"失联"后卸任，董事长宋剑斌 代行行长期限已超监管红线。高层更迭的背后，尽管杭州银行在业绩上保持增长态势，但营收增速却创近年来最低水平，第三季度还出现了"增利不 增收"的局面。 01 为什么是张精科？ 在张精科出任新行长之前，杭州银行行长职位已空缺超过9个月之久。去年4月2日，时任杭州银行行长的虞利明被传"失联"。次日，杭州银行便发布 公告称，虞利明因个人原因辞职，由董事长宋剑斌代为履行行长职责。值得一提的是，彼时公告中未见对前行长的致谢词，只表示 ...

Group 1 - The 2026 commemorative coins and banknotes will be available for online reservation starting January 13, with a total issuance of 100 million for each product [1] - Shanghai government has introduced four financial measures focusing on consumer scenarios and innovation in consumer finance, aiming to support the expansion of consumer finance business in the banking sector [4] - The banking industry is experiencing a retail "asset enhancement battle," with state-owned banks offering rewards exceeding 3,000 yuan to attract retail deposits and investment [7] Group 2 - Pudong Development Bank reported total assets exceeding 10 trillion yuan, with a net profit growth of 10.52% year-on-year, indicating improved asset quality and profitability [1] - The Chongqing Rural Commercial Bank's management has increased their shareholdings, signaling confidence in the bank's future development [2] - A significant amount of high-interest fixed deposits, estimated at around 50 trillion yuan, will mature in 2026, which may stabilize bank profitability as funds are reallocated [3] Group 3 - Over 60 village banks have been transformed into branches by state-owned banks in 2026, aiming to enhance financial services in rural areas [5] - Banks are launching structured deposits linked to gold, with annualized returns reaching up to 5%, as gold investment products gain popularity amid fluctuating gold prices [8] - Many small and medium-sized banks are closing cross-border transaction capabilities for debit cards in response to increasing incidents of overseas card fraud, enhancing their risk management systems [10]