3月19日，北京建工（香港）有限公司美元及人民币双币种可持续发展债券成功发行。本次债券由法国 巴黎银行担任主承销商，南京银行北京分行参与投资，发行总规模合计6亿美元，期限3年，发行利率 4.1%。这是南京银行与战略股东法国巴黎银行深化跨境金融协同、服务实体企业"走出去"的又一标志性 项目。 本次发行采用Reg S规则，以美元与人民币双币种结构落地，兼顾国际市场流动性与人民币国际化趋 势，为发行人搭建低成本、多元化的离岸融资通道。南京银行北京分行依托本土客户深耕优势，深度参 与本次债券投资，成功认购4400万美元，以实际订单为发行提供稳定支撑。 南京银行与法国巴黎银行自建立战略合作伙伴关系以来，持续在跨境投行、绿色金融、全球资金业务等 领域深化联动。本次跨境可持续债落地，既是双方"联资、联客、联业"合作框架的务实落地，也为中资 企业出海融资、中外资银行协同服务实体经济提供了可复制的实践样本。双方构建"海外主承+境内投 资"的一体化服务模式，实现全球资源与本土服务能力互补叠加，既保障债券顺利定价与配售，也为企 业优化海外负债结构、提升国际资本市场认可度提供全流程支持。 未来，双方将继续发挥各自优势，聚焦可持续金融 ...

证券研究报告 金融 理财评级实行，券商并表监管启动 1）银行：LPR 环比维持不变，有助于呵护银行息差。《理财公司监管评级 暂行办法》印发，评级要素由定性和定量两类评级指标组成，数值越大反映 机构风险越大。上周上海银行发布业绩快报，中信银行、平安银行发布年报， 上海银行归母净利润与营业收入双增。2）证券：上周全 A 日均成交额较前 一周-12%至 2.2 万亿元；融资余额站稳 2.6 万亿元。中证协正式启动并表管 理报告及并表风控指标报送工作，首批包含 6 家并表监管试点券商，行业并 表监管步入实质性落地执行阶段，看好券商板块战略性配置机会。3）保险： 上周保险股先涨后跌，成为市场情绪波动有代表性的注脚。 重点公司及动态 1）银行：推荐质优个股，如南京、成都、上海。2）证券：推荐头部券商如 中信 AH、国泰海通 AH、广发 AH；优质区域券商如东方 AH、国元。3）保 险：推荐优质龙头。 华泰研究 2026 年 3 月 22 日│中国内地 行业周报（第十二周） 投资机会方面银行>证券>保险。LPR 环比维持不变，有助于呵护银行息差。 《理财公司监管评级暂行办法》印发，评级数值越大反映机构风险越大。外 围不确定 ...

核心观点 行业周报 · 银行行业 金融领域制度持续完善，关注业绩披露窗口期 —— 银行业周报（2026.03.16-2026.03.22） 2026 年 03 月 22 日 张一纬 ：010-80927617 ：zhangyiwei_yj@chinastock.com.cn 分析师登记编码：S0130519010001 研究助理：袁世麟 ：yuanshilin_yj@chinastock.com.cn 相对沪深 300 表现图 2026 年 03 月 20 日 -20% -10% 0% 10% 20% 30% 2025/3/24 2025/4/24 2025/5/24 2025/6/24 2025/7/24 2025/8/24 2025/9/24 2025/10/24 2025/11/24 2025/12/24 2026/1/24 2026/2/24 SW银行 沪深300 资料来源：中国银河证券研究院 银行行业 | | | 分析师 相关研究 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 ⚫ 银 行 板 块 表 现优于市 场 ：本 周 沪 深 3 ...

丨证券研究报告丨 行业研究丨行业周报丨银行 [Table_Title] 宽基指数基金重新净流入 ——银行业周度追踪 2026 年第 11 周 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 报告要点 [Table_Summary] 本周受全球地缘事件影响，市场波动率维持高位，红利防御属性的板块上涨，银行股相对沪深 300 和上证综指实现超额收益，但跑输连续两周反弹的创业板指。资金层面，宽基指数基金出 现拐点，沪深 300、上证 50 指数基金 1 月下旬以来首次周度净流入，红利指数基金连续两周 明显净流入。个股层面，A 股国有大行全面上涨，历史上股价弹性较高的中信银行 A 股本周领 涨，前期领涨的部分区域银行调整。当前时点，我们继续看好银行股估值修复，经历半年以上 充分调整，PB-ROE 估值低、业绩趋势向好、资金面压力逐步消化。 分析师及联系人 [Table_Author] 马祥云 盛悦菲 SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 1 [Table_Title 宽基指数基金重新净流入 2] ——银行业周度追踪 ...

[Table_Page] 跟踪分析|银行 证券研究报告 [Table_Title] 银行行业 通胀预期下广谱资产流动性收敛，关注负反馈 ——银行资负跟踪 20260322 [Table_Summary] 核心观点： | [Table_Gr ade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-03-22 | [Table_PicQuote] 相对市场表现 [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 gflinhu@gf.com.cn 请注意，倪军并非香港证券及期货事务监察委员会的注册 持牌人，不可在香港从事受监管活动。 -10% -3% 4% 10% 17% 24% 03/25 06/25 08/25 10/25 01/26 03/26 银行 沪深300 [Table_ 相关研究： DocReport] | 银行行业:山东 ...

2 3 / 2026年初至今，银行板块累计下跌3.1%，跑输沪深300、万得全A指数1.8pct、4.1pct，在30个 中信一级行业中排第21；但3月以来，银行板块累计上涨3.5%，在30个中信一级行业中排第 2。 银行板块内部，23家银行年初以来有正的绝对收益，青岛(14% )、渝农(13% )、杭州(9% )、宁 波(9% )、江苏(8% )涨幅领先。 二季度银行板块投资面临的交易环境和业绩表现均较为友好： 交易环境： 经营支撑： | | | 营收增速 | | | 归母净利润增速 | | | 不良率 | | | 拨备覆盖率 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 25Q1-3 | 25Q4 | 25A | 25Q1-3 | 25Q4 | 25A | 2025Q3 | 2025Q4 | Q4环比Q3 | 2025Q3 | 2025Q4 | Q4环比Q3 | | 招行 | -0.5% | 1.6% | 0.0% | 0.5% | 3.4% | 1.2% | 0.94% | ...

证券简称: 南京银行 证券代码: 601009 编号: 2026-007 优先股简称：南银优 2 优先股代码：360024 南京银行股份有限公司 第十届董事会第十九次会议决议公告 特别提示： 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 南京银行股份有限公司（以下简称"本公司"）第十届董事会第十九次会议 于 2026 年 3 月 19 日召开。会议通知及会议文件已于 2026 年 3 月 13 日以电子邮 件方式发出。本次会议采取书面传签方式召开，会议应到有表决权董事 13 人， 实到董事 13 人。会议符合《中华人民共和国公司法》《中华人民共和国证券法》 等法律、法规及《南京银行股份有限公司章程》的有关规定。会议对如下议案进 行了审议并表决： 一、关于调整南京银行股份有限公司第十届董事会专门委员会委员的议案 | 专门委员会名称 | 调整前组成人员 | 调整后组成人员 | | --- | --- | --- | | 战略与 ESG 委员会 | 谢宁、朱钢、杨伯豪、陈峥、陈云江、 | 谢宁、朱钢、杨伯豪、陈峥、陈云江、 | | ...

Group 1 - The banking operating environment is characterized by a shift to a "quality over quantity" approach in credit growth, with a slowdown in RMB loan growth to 6% as of February 2026, influenced by weak credit demand and a focus on state-supported industries [4][14] - Fiscal policy remains proactive, with a projected general deficit rate of approximately 8.0% in 2026, which is expected to maintain a strong leverage effect on credit demand similar to 2025 [31][32] - The profitability of banks is gradually stabilizing, with state-owned banks showing positive profit growth due to fiscal policies, while smaller banks face operational pressures [7][35] Group 2 - Retail credit risk remains under pressure, with an increase in non-performing loans, particularly among smaller banks, although there is optimism for state-owned banks' asset quality [7][26] - The investment strategy emphasizes two main lines: focusing on wealth management capabilities in joint-stock banks and identifying city and rural commercial banks with controllable risks and strong profit certainty [6][35] - The credit growth momentum is shifting from traditional industries to emerging sectors supported by government policies, with significant growth in loans to green and high-tech enterprises [19][20]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report provides a comprehensive analysis of 219 regional banks in Shandong Province, highlighting their asset structure, profitability, and asset quality compared to listed banks [6][21] - The asset growth rate of major city commercial banks in Shandong is 13.5%, which is lower than the 14.2% growth rate of listed city commercial banks [26] - The report indicates that the loan-to-asset ratio for city commercial banks is 54.9%, while for rural commercial banks it is 51.6%, both showing a slight year-on-year decline [31] - The profitability metrics reveal that the return on assets (ROA) for city commercial banks in Shandong is 50 basis points lower than that of listed city commercial banks, and the return on equity (ROE) is 3.09 percentage points lower [6][31] - The asset quality of regional banks in Shandong is weaker than that of listed banks, with non-performing loan ratios higher by 21 basis points for city commercial banks and 72 basis points for rural commercial banks [6][31] Summary by Sections 1. Economic Structure of Shandong Province - Shandong Province is implementing initiatives to enhance its economic development, focusing on green and high-quality growth [13] 2. Overview of Regional Banks in Shandong - Shandong has 219 commercial banks, including 14 city commercial banks, 91 village banks, and 110 rural commercial banks [21] - The report notes that the majority of these banks were established between 2011 and 2015, with 125 banks founded during this period [21] 3. Asset and Liability Structure - The asset growth of major banks has remained stable since 2017, with city commercial banks showing a growth rate of 13.5% in the first half of 2025 [26] - The report highlights that the loan structure is predominantly corporate loans, with city and rural commercial banks having corporate loan ratios of 72.7% and 64.2%, respectively [32] 4. Profitability and Asset Quality - The report indicates that the profitability of Shandong's regional banks is lower than that of listed banks, with city commercial banks' ROA at 0.66% and ROE at 9.43% [6][31] - The non-performing loan ratio for city commercial banks is reported at 1.21%, which is higher than the average for listed banks [31] 5. Capital Adequacy - The capital adequacy ratios for city and rural commercial banks in Shandong are reported to be 13.4% and 13.8%, respectively, indicating a sufficient safety margin [6][31]

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Insights - Nanjing Bank has been affected by funding factors since the beginning of the year and is currently the only quality city commercial bank that has not turned positive YTD. It is expected to benefit from the current government leverage cycle [2][6] - The bank's investment income ratio has significantly decreased, and it is projected that interest income will continue to drive revenue growth in 2026 [2] - The bank's non-performing loan (NPL) ratio is expected to remain stable at 0.83% in 2025, with improvements in the generation rate of non-performing loans [2] - Major shareholders, including BNP Paribas and Jiangsu provincial state-owned assets, have been increasing their stakes, with Jiangsu Communications holding expected to exceed 15% [2] Summary by Sections Company Overview - Nanjing Bank is currently the only quality city commercial bank that has not turned positive YTD due to funding factors [2] - The bank's PB valuation is low at 0.70x for 2026, indicating significant room for recovery [2] Financial Performance - The bank's total revenue is expected to achieve a high single-digit growth rate driven by interest income in 2026 [2] - The bank's investment income ratio has decreased from 42% in 2024 to around 30% in the first three quarters of 2025, indicating a more stable revenue structure [2] Loan Growth and Asset Quality - Nanjing Bank is expected to achieve a loan growth rate of 12%-13% in 2026, supported by the strong economic growth target of 5% for Jiangsu province [2] - The NPL ratio is projected to remain stable at 0.83% in 2025, with a focus on low-risk government projects in the corporate loan portfolio [2] Shareholder Activity - Major shareholders have been actively increasing their stakes, with BNP Paribas and Jiangsu provincial state-owned assets leading the way [2] - Jiangsu Communications is expected to increase its stake to over 15%, which could lead to an additional investment of 8 billion yuan [2]