Core Viewpoint - The 2025 annual performance reports of A-share listed banks indicate a general increase in net profit and asset scale, with many banks showing significant growth in key sector loans, despite a decline in provision coverage ratios [1][2][3]. Group 1: Net Profit Growth - All 10 disclosed banks reported year-on-year growth in net profit, with notable performances from specific banks: China Merchants Bank led with a net profit of 150.18 billion yuan, up 1.21% year-on-year, while Shanghai Pudong Development Bank showed a remarkable increase of 10.52% [2][3]. - Among the city commercial banks and rural commercial banks, all reported both revenue and net profit growth, with Ningbo Bank and Nanjing Bank achieving significant revenue figures of 71.97 billion yuan and 55.54 billion yuan, respectively [2][3]. Group 2: Asset Scale and Quality - The total assets of the 10 listed banks showed steady growth, with several joint-stock banks reaching new milestones; for instance, China CITIC Bank and Shanghai Pudong Development Bank both surpassed 1 trillion yuan in total assets [4]. - The asset quality remained robust, with non-performing loan (NPL) ratios ranging from 0.76% to 1.26%, and several banks, including Ningbo Bank and Hangzhou Bank, maintaining the lowest NPL ratios at 0.76% [6][7]. Group 3: Loan Growth in Key Sectors - City commercial banks demonstrated strong loan growth, with Ningbo Bank and Xiamen Bank reporting loan growth rates of 17.43% and 18.39%, respectively, surpassing their total asset growth rates [5]. - Specific sectors such as green and technology loans saw significant increases, with Xiamen Bank's green loans growing by 68.55% year-on-year, indicating a focus on strategic lending [5].

Core Viewpoint - The performance of A-share listed banks shows resilience despite challenges such as declining interest rates and narrowing interest margins, with all 10 banks reporting positive growth in net profit attributable to shareholders for 2025 [1][4]. Group 1: Financial Performance - As of January 29, 2026, 10 A-share listed banks reported their 2025 performance, with 9 banks achieving both revenue and net profit growth [1]. - Qingdao Bank led with a 21.66% increase in net profit, reaching 5.188 billion yuan, while its revenue grew by 7.97% to 1.457 billion yuan [1]. - Hangzhou Bank and Pudong Development Bank also showed strong net profit growth rates of 12.05% and 10.52%, respectively [2]. Group 2: Asset Growth - All 10 banks reported positive growth in total assets for 2025, with four banks reaching new asset scale milestones [2]. - China Merchants Bank's total assets exceeded 13 trillion yuan, making it the largest among the disclosed banks, while Industrial Bank reached 11 trillion yuan [2]. - City commercial banks demonstrated significant asset growth, with Nanjing Bank and Ningbo Bank increasing their total assets by 16.63% and 16.11%, respectively [2]. Group 3: Asset Quality - The non-performing loan (NPL) ratios of the 10 banks remained low, with several banks reporting stable or slightly declining rates [3]. - Ningbo Bank and Hangzhou Bank had NPL ratios of 0.76%, while Qingdao Bank's NPL ratio decreased to 0.97% [3]. - The provision coverage ratios, although slightly decreased, remained at sufficient levels, with Hangzhou Bank exceeding 500% [3]. Group 4: Strategic Responses - Banks are adapting to industry challenges by optimizing their income structure and focusing on middle business income sources [4]. - City commercial banks and joint-stock banks are actively pursuing new growth engines through specialized business development, particularly in technology and green finance [4]. - Despite positive profit growth, many banks face pressure on return on equity (ROE) due to asset scale expansion [4][5]. Group 5: Market Outlook - Analysts suggest that the banking sector's investment logic has shifted from "valuation recovery" to "dividend returns + profit resilience" [6]. - City commercial banks and rural commercial banks are expected to outperform the industry due to their regional advantages and understanding of local financial needs [5][6].

Core Viewpoint - The performance indicators of the banking industry in 2025 show significant improvement, with operational trends becoming more favorable and asset quality continuously optimizing [3]. Revenue Performance - As of January 29, 2026, among the 10 listed banks that disclosed their 2025 performance reports, 9 banks reported revenue growth, while only one bank (CITIC Bank) experienced a decline [5]. - Among the four major joint-stock banks, three achieved total revenues exceeding 200 billion yuan, with Shanghai Pudong Development Bank leading in growth at 1.88%, followed by Industrial Bank at 0.24%, and China Merchants Bank at 0.01%. CITIC Bank reported a revenue decline of 0.55% [5][6]. Net Profit Growth - All 10 listed banks reported positive growth in net profit attributable to shareholders in 2025, with 9 banks achieving both revenue and profit growth, indicating overall stable performance [8]. - China Merchants Bank led with a net profit of 150.18 billion yuan, a year-on-year increase of 1.21%. Industrial Bank followed with a net profit of 77.47 billion yuan, up 0.34%, while CITIC Bank reported a net profit of 70.62 billion yuan, up 2.98%. Shanghai Pudong Development Bank's net profit grew significantly by 10.52% to 50.02 billion yuan [8][10]. Asset Quality - The non-performing loan (NPL) ratio among the 10 banks showed a general decline, with five banks reducing their NPL ratios compared to the previous year, while three remained stable and two saw slight increases [12]. - The overall NPL ratio for the banks improved, with Shanghai Pudong Development Bank showing the most significant decline of 0.1 percentage points to 1.26%. China Merchants Bank and CITIC Bank both decreased by 0.01 percentage points to 0.94% and 1.15%, respectively [12][15]. - The provision coverage ratio saw a general decline, with eight banks reporting lower ratios compared to the previous year, although the overall provision cushion remains adequate [13]. Future Outlook - The banking sector is expected to benefit from monetary policy easing, which may alleviate margin pressures and support profit growth through liability optimization and business structure adjustments [18]. - Banks are focusing on quality and efficiency in operations, with an emphasis on risk management and customer base strengthening as they navigate ongoing industry challenges [18].

以下文章来源于阿尔法工场金融家 ，作者银妹妹 阿尔法工场金融家 . 追踪保险银行业圈内动态，剖析最新风向，分享有料、有价值的"内行人"洞察见解。 导语：万亿资产规模体量下，灵活性是相对的，波动性却是绝对的。 分析师发的"扎心"朋友圈， 也让长期重仓债券的银行们多少有些破防。 2025年第23届新财富最佳分析师评选中，浙商证券(601878.SH)覃汉团队首次进入前五。但固 收首席分析师覃汉本人对这一成绩并不满意，他随后在朋友圈发文称，为了评选拉票，他明知市 场即将转向还是选择了放弃发出看空信号，结果"只拿到第五，我今天真的哭了"。据21世纪经济 报道，覃汉已因不当言论被调查。 这句"早知道第三季度就该翻空"，一语成谶，重重砸在了深度布局2025年债市的各家银行商业 银行资产负债表上。 对于那些习惯了利用债牛行情增厚业绩的城商行而言，经历漫长低利率舒适区后，收益率曲线开 始剧烈波动，曾经被视为银行资产配置"压舱石"的债券，也变得狰狞起来。 长三角区域城商行的佼佼者杭州银行（600926.SH），在这一轮波动中的经历相当具有典型性。 杭州银行披露的2025年三季度报告中， 其中第三季度单季营收同比负增长达4.02 ...

从资金流向上来看，当日城商行板块主力资金净流入7.24亿元，游资资金净流入8565.32万元，散户资金 净流出8.1亿元。城商行板块个股资金流向见下表： | 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 | | 2.49 Z | 13.77% | -2499.87万 | -1.38% | -2.24 Z | -12.39% | | eoilea | 北京银行 | 2.15 Z | 16.03% | -3997.26万 | -2.97% | -1.75 Z | -13.06% | | 601229 上海银行 | | 1.08亿 | 13.65% | 4314.61万 | 5.44% | -1.51 Z | -19.09% | | 6000009 | 南京银行 | 8171.13万 | 11.53% | 3568.90万 | 5.04% | -1.17 Z | -16.56% | | 601838 ...

Group 1 - The core point of the report indicates that the total number of newly issued open-ended wealth management products decreased to 115, a reduction of 27 products compared to the previous week, with a market share of 20.28% and an average performance benchmark of 1.91%, which increased by 0.21 percentage points [1] - Wealth management companies issued the most products, totaling 103, accounting for 89.57% of the new offerings, while city commercial banks also held a significant share. The average performance benchmark for city commercial bank products was 2.27%, up by 0.06 percentage points, while that for wealth management companies was lower at 1.85%, increasing by 0.18 percentage points [1] - Fixed income products were the most prevalent, with 112 products issued, a decrease of 26 from the previous week. Mixed products followed with 3 offerings, down by 1, while commodity and financial derivatives, as well as equity products, were negligible, totaling 0. The average performance benchmark for fixed income products was 1.91%, which increased by 0.23 percentage points [1] Group 2 - In terms of risk levels, R2 products were the most numerous with 95 offerings, down by 24, followed by R3 products with 14, which increased by 7. R1 products were limited to 6, while R4 and R5 products were absent. The average performance benchmark for R3 products was 2.40%, down by 0.3 percentage points, while R1 products had a lower average benchmark of 1.39%, which increased by 0.04 percentage points [2]

[Table_Page] 深度分析|银行 证券研究报告 [Table_Title] 银行行业 一文纵览全国分省份财政社融特征 [Table_Summary] 核心观点： （5）地方债务：2024 年所有省份狭义赤字率平均为 16.4%，广义赤 字率平均为 20.0%，处于 2010 年来偏低水平；债务率平均为 357.0%， 2016 年来持续上行。 [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2026-01-28 [Table_PicQuote] 相对市场表现 -10% -2% 6% 14% 22% 30% 01/25 04/25 06/25 09/25 11/25 01/26 银行 沪深300 | [分析师： Table_Author]倪军 | | | --- | --- | | | SAC 执证号：S0260518020004 | | | 021-38003646 | | | nijun@gf.com.cn | | 分析师： | 林虎 | | | SAC 执证号：S0260525040004 | | | SFC CE No. BWK411 | | | 021-38003643 ...

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com （责任编辑：郭健东 ） 国海证券研报指出，杭州银行2025年营收预计同比增长1.09%，归母净利润同比增长12.05%；公司 中收占比提升，逾期贷款占比压降显著，维持"买入"评级。公司2025Q4单季度营收同比+0.3%，归母净 利润同比+1.0%，预计主要受其他非息收入波动影响。2025年利息净收入275.94亿元，同比增长 12.83%，突破两位数，估算净息差同比平稳。逾期贷款占比压降显著，计算2025年末逾期贷款占比仅 有0.42%，较2025Q3末下降约20bps。 ...

Group 1: Financial Information Services - The market is recovering, and AI empowerment is driving the continuous release of value in financial information services, with significant profit growth expected for Tonghuashun, projecting a net profit of 2.735 to 3.282 billion yuan for 2025, representing a year-on-year increase of 50% to 80% [3][4] - The increase in profitability is attributed to the company's investment in AI technologies, enhancing product competitiveness and user experience, alongside a rise in demand for financial information services as investor confidence improves [3][4] Group 2: Advertising and Marketing - Focus on the exit from Shuhua, with a significant impairment of 2.153 billion yuan recorded, leading to a net profit reduction of 2.529 billion yuan for 2025, while the company anticipates a net profit increase of 565 million yuan in Q1 2026 [7][10] - The company maintains a high dividend policy, committing to a minimum annual dividend of 80% of net profit, with a projected dividend yield of 4.2% based on current stock prices [11] Group 3: Banking Sector - Hangzhou Bank expects a revenue growth of 1.09% and a net profit growth of 12.05% for 2025, with a significant reduction in overdue loans and an increase in non-interest income [15][17] - The bank's non-performing loan ratio remains stable at 0.76%, with overdue loans significantly reduced, indicating improved asset quality [17][19] - China Merchants Bank anticipates a slight revenue growth of 0.01% and a net profit growth of 1.21% for 2025, with a stable deposit growth rate and a steady non-performing loan ratio [20][22] Group 4: Independent Medical Laboratory Industry - Aidi Kang Holdings is a pioneer in the independent medical laboratory (ICL) industry in China, providing standardized third-party testing services through a nationwide network of 34 self-operated laboratories [24][25] - The company has announced the acquisition of a global CRO focused on oncology and immuno-oncology for 204 million USD, enhancing its service capabilities in core disease areas [24][25] Group 5: Aviation Industry - The aviation industry is expected to see improved supply-demand dynamics, with ticket prices stabilizing after a decline, indicating potential for revenue growth for airlines [27][29] - Domestic travel demand is gradually recovering, with business travel increasing and international travel showing strong growth, suggesting a positive outlook for airline performance [31][32]

丨证券研究报告丨 行业研究丨专题报告丨银行 [Table_Title] 从主动基金 Q4 持仓看配置思路 ——银行股配置重构系列九 报告要点 [Table_Summary] 2025Q4 主动基金并未进一步减仓银行股，配置比例环比基本稳定，主要反映市场风险偏好回 落。但我们预计 2026Q1 配置比例可能进一步降低，主要风险偏好大幅回升，银行股年初的相 对收益明显落后。从 2025Q4 个股配置比例来看，基本面趋势成为核心选股思路，确立零售资 产质量拐点和业绩预期向好的宁波银行获得明显加仓，今年以来领涨。近期宽基指数基金流出 等资金面因素造成银行股超跌，建议把握优质城商行低位的配置机会。 分析师及联系人 [Table_Author] 马祥云 盛悦菲 SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 从主动基金2]Q4 持仓看配置思路 ——银行股配置重构系列九 [Table_Summary2] 2025Q4 主动基金并未明显减仓银行股，预计今年 ...