新华财经北京2月4日电（记者吴丛司）截至4日，已有浦发银行、中信银行、宁波银行、兴业银行等10 家A股上市银行发布2025年业绩快报。业绩快报显示，已做业绩预批的10家上市银行业绩总体稳健增 长，盈利端全线飘红，资产质量稳健。市场预计，2026年银行息差降幅有望收窄、信用成本继续下行， 上市银行业绩有望延续改善趋势。 净利润增长全线飘红城商行增速领跑 | 从盈利能力来看，已做业绩预批的10家A股上市银行在2025年均实现归母净利润的同比增长，部分城商 | | --- | | 行增速亮眼。 | | 证券代码 | 证券简称 | 营业收入 [报告期] 2025年年报 | 营业收入(同比增长室) | 归属母公司股东的净利润 归属母公司股东的净利 [报告期] 2025年年报 | 润(目比墙长室) | | --- | --- | --- | --- | --- | --- | | | | [报表类型] 合并报表 | [报告期] 2025年年报 | [报表类型] 合并报表 | [报告期] 2025年年报 | | | | [单位] 亿元 | [单位] % | [单位] 亿元 | [单位] % | | 002948.SZ | ...

2月4日，银行低开高走，全天走强，个股集体拉升，截至收盘，A股42只银行股近九成涨逾1%，宁波 银行、厦门银行涨超3%，青岛银行、齐鲁银行涨超2%，常熟银行、杭州银行、招商银行等涨幅居前。 | | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | | 002142 | 宁波银行 | | 31.70 | | | | 2 | 601187 | 厦门银行 | | 7.21 | 0.22 | 3.15% | | 3 | 002948 | 青岛银行 | | 5.52 | 0.15 | 2.79% | | 4 | 601665 | 齐鲁银行 | m | 5.76 | 0.12 | 2.13% | | 5 | 601128 | 常熟銀行 | | 7.26 | 0.14 | 1.97% | | 6 | 600908 | 元锡银行 | | 5.88 | 0.11 | 1.91% | | | 600926 | 杭州银行 | Ma | 16.14 | 0.30 | 1.89% | | 8 | 601009 | 南京银行 | | ...

Investment Rating - The report provides a "Buy" rating for several key stocks in the financial and manufacturing sectors, including China Resources Land and Beike-W [15][18][20][21]. Core Insights - The macroeconomic environment shows a continuation of strong supply and weak demand characteristics, with short-term growth pressure remaining manageable [9]. - The real estate sector is experiencing a valuation recovery opportunity for quality developers due to a resonance between fundamentals and policies [10]. - The banking sector is witnessing a recovery from oversold conditions, with stock prices rebounding ahead of improvements in the funding environment [20]. - The non-bank financial sector is expected to benefit from policy-driven high-quality development, with a focus on high-performing stocks [22]. - The new energy sector has established a bottom line, with attention on marginal changes in new technologies [25]. - The machinery sector is gaining order resilience from overseas solar expansion and new business developments, while space solar technology opens growth opportunities [31]. - The environmental sector is focusing on carbon neutrality opportunities, with overseas expansion and metal prices providing elasticity [33]. Summary by Sections Real Estate - The sector is expected to face challenges in 2026, but recent policy easing and improved second-hand housing sales indicate a potential recovery [14]. - China Resources Land is highlighted as a leading developer with strong operational capabilities and a solid financial position, projected to achieve a net profit of 26.2 billion, 27 billion, and 28.2 billion from 2025 to 2027 [15]. Banking - Nanjing Bank is recommended due to its expected double-digit revenue growth in 2025, driven by stable asset quality and improved net interest margins [21]. Non-Bank Financials - New China Life Insurance is noted for its high elasticity and potential for improved returns on equity, with projected intrinsic values of 292.1 billion and 329.0 billion for 2025 and 2026, respectively [24]. New Energy - The storage sector is expected to see demand stability supported by national capacity pricing, while lithium battery technology is anticipated to rebound with improved economic conditions [25]. - JunDa Co. is recognized for its strategic partnerships and potential growth in the space solar sector, with projected profits increasing significantly by 2027 [27]. Machinery - The machinery sector is benefiting from overseas solar project expansions, with companies like DiEr Laser positioned to capitalize on new technologies and increased order volumes [31][32]. Environmental - Weiming Environmental is highlighted for its potential in the Indonesian waste-to-energy market, with expected project launches in early 2026 [39]. - The company is projected to achieve net profits of 2.88 billion and 3.44 billion in 2025 and 2026, respectively [39]. Light Industry - The light industry is seeing a rebound in export-driven companies, with a focus on quality stocks that can leverage cost efficiencies and supply chain advantages [43]. Military Industry - The military sector is expected to benefit from the transition of military technology to civilian applications and increased military trade, with key recommendations including Aviation Power and AVIC Xi'an Aircraft Industry [51][53].

证券研究报告 银行业月报 ——行业盈利温和修复，关注优质区域行 银行行业 强于大市（维持） 证券分析师 袁喆奇 投资咨询资格编号：S1060520080003 研究助理 李灵琇 一般证券业务编号：S1060124070021 2026年2月4日 请务必阅读正文后免责条款 核心摘要 注：全文所指银行指数均为银行（中信）指数 2 行业核心观点：资金结构深刻变化，顺势而为重配置轻交易。资金流向的变化是推动板块估值修复中不可忽视的力量，一方面被动指数的持续扩容带来了稳定的资 金流入，板块高权重的特征仍将持续推动资金的流入，一方面银行板块低波高红利的特征更易获得险资等中长期资金的青睐，目前板块平均股息率达到4.50%，结 合监管一系列引导中长期资金入市的措施，预计板块的股息配置价值吸引力仍将持续。个股维度，我们结合股息和潜在增量中长期资金流入空间，看好A股股份行 板块以及部分优质区域行（成都、江苏、上海、苏州、长沙），同时关注更具股息优势的港股大行配置机会。 25年度快报综述：营收盈利回暖，资产质量稳中有进。营收盈利回暖，资产质量稳中有进。截至1月末，共10家银行披露2025年度业绩快报，大部分银行营收盈利 同比增速均 ...

证券之星消息，2月4日城商行板块较上一交易日上涨1.9%，宁波银行领涨。当日上证指数报收于 4102.2，上涨0.85%。深证成指报收于14156.27，上涨0.21%。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) | | --- | --- | --- | --- | --- | --- | | 002142 | 宁波银行 | 31.70 | 3.26% | 36.54万 | 11.53亿 | | 601187 | 厦门银行 | 7.21 | 3.15% | 18.45万 | ● 1.32亿 | | 002948 | 青岛银行 | 5.52 | 2.79% | 93.00万 | 5.08亿 | | 601665 | 齐鲁银行 | 5.76 | 2.13% | 55.16万 | 3.16亿 | | 600926 | 杭州银行 | 16.14 | 1.89% | 39.19万 | 6.30 Z | | 6000000 | 南京银行 | 10.78 | 1.89% | 77.33万 | 8.33亿 | | 616009 | 江苏银行 | 10.18 | ...

新动能，新头部 ——南京银行推荐报告 投资要点 南京银行交易面支撑力主要来自：①股息估值性价比高。截至 2026年 2月 3日， 南京银行 2025 年股息率为 5.0%，较城商行平均高 56bp。我们预计南京银行 2026 年利润增速有望维持大个位数乃至接近双位数的利润增长，那么 2026 年动态股 息率约为 5.5%；截至 2026 年 2 月 3 日，南京银行 PB（对应 25Q3 末每股净资 产）为 0.72x，低于其他优质区域城商行，如宁波银行、杭州银行、成都银行 PB 分别为 0.93x、0.86x、0.79x。②筹码结构优的权重股。南京银行主动公募持仓低 于板块平均，25Q4 末南京银行主动公募基金持仓占自由流通比例为 1.0%，较城 商行平均低 0.2pc，显著低于其他优质城商行；南京银行在沪深 300、主要红利指 数中，有望受益于未来指数基金扩容。③主要股东较持股上限仍有空间。2025年 以来主要股东大举增持，累计净买入股票对应市值为 74 亿，位居上市公司第 一；主要股东实力雄厚，仍有增持空间，前十大股东中如法巴、江苏交控、南京 紫投较增持上限仍有 1.9pc、0.8pc、1.5pc，新进 ...

Investment Rating - The report maintains a "Buy" rating for Nanjing Bank, with a target price of 16.26 CNY per share, indicating a potential upside of 54% from the current price [3]. Core Insights - Nanjing Bank is expected to experience a strong profit growth rate, with projected net profit growth of 8.08% in 2025, 9.54% in 2026, and 8.86% in 2027, supported by a favorable dividend yield and a strong shareholder base [3][11]. - The bank's capital replenishment is expected to enhance operational management, leading to an improvement in Return on Equity (ROE) [3][25]. - The bank's dividend yield is projected to be 5.0% for 2025, which is 56 basis points higher than the average for city commercial banks, with an expected dynamic dividend yield of approximately 5.5% in 2026 [2][45]. Summary by Sections 1. Capital Injection and Operational Improvement - Nanjing Bank's performance has shown a U-shaped recovery since 2024, with revenue and net profit growth rates improving significantly compared to 2023 [16]. - The bank's non-performing loan ratio was at a low of 0.83% as of Q4 2025, reflecting effective cost control [16][24]. - The management team, led by experienced executives, is focused on enhancing operational performance and value creation [41]. 2. High Dividend Valuation and Strong Trading Support - The bank's stock is undervalued compared to other quality city commercial banks, with a Price-to-Book (PB) ratio of 0.72x, lower than peers like Ningbo Bank and Hangzhou Bank [2][45]. - Nanjing Bank has a low public fund holding ratio of 1.0%, which is below the average for city commercial banks, indicating a favorable trading structure [2][47]. - Major shareholders have been actively increasing their stakes, providing additional support for the stock price [2][47]. 3. Profit Forecast and Valuation - The bank's net profit is projected to grow at a compound annual growth rate (CAGR) of 8.08% from 2025 to 2027, with corresponding Book Value per Share (BPS) estimates of 14.64 CNY, 16.26 CNY, and 17.69 CNY [3][11]. - The report anticipates that the bank's valuation will return to the top tier of city commercial banks, driven by both fundamental and trading factors [3][9].

Core Viewpoint - The A-share banking sector has experienced a significant decline of 5.8% year-to-date, contrasting with a 1.1% increase in H-share Chinese banks, indicating a divergence in market performance [1] Group 1: Market Performance - The banking sector's performance has been weak, ranking last among 35 industries in the Wind secondary industry classification [1] - Despite the overall downturn, certain banks like Qingdao Bank and Ningbo Bank have shown strong performance, with increases of 19.87% and 9.29% respectively in January [2] - The average dividend yield for A-share banks remains at approximately 4.5%, which is higher than the 0.5%-2.0% returns of various risk-free assets, making bank stocks attractive for long-term investors [3] Group 2: Fund Flow and Market Sentiment - Since October 2025, there has been a cautious approach from funds towards the banking sector, leading to a period of consolidation [5] - Significant outflows have been recorded, with estimates showing that around 10% of the trading volume has been affected by net outflows from bank-related ETFs, totaling approximately 9111 billion yuan [6] - Despite short-term pressures, there is a belief that the fundamentals of the banking sector are improving, as indicated by increased institutional interest in bank credit issuance [6][9] Group 3: Long-term Opportunities - The banking sector is expected to see internal differentiation, with regional banks like Qingdao Bank and Ningbo Bank performing well against the backdrop of overall sector weakness [7] - Analysts predict that Qingdao Bank will maintain double-digit profit growth in 2026, supported by strong loan issuance capabilities and stable asset quality [8] - The demand for high-dividend assets remains strong, with expectations that insurance funds will inject over 2 trillion yuan into the market in 2026, further supporting bank stocks [9][10] Group 4: Investment Strategies - The current market adjustment reflects short-term fund disturbances, but the long-term outlook remains positive due to improving fundamentals [9] - Institutions are focusing on banks with strong asset quality and those that are improving their cost of liabilities and non-interest income [10] - The banking sector is anticipated to benefit from a stable dividend profile and recovery trading logic, especially as credit issuance continues to grow [10]

Investment Rating - The report maintains a "Positive" outlook for the banking sector in 2026 [5] Core Insights - The banking sector is expected to return to fundamental narratives in 2026, supported by policy financial tools and resilient asset expansion. The sector is still in a deposit repricing cycle, which is likely to stabilize net interest margins. Structural risks are anticipated to be supported by policy measures [3][32] - The report highlights two main investment themes: 1. High-quality small and medium-sized banks with confirmed fundamentals, including Nanjing Bank (601009, Buy), Ningbo Bank (002142, Buy), and Chongqing Rural Commercial Bank (601077, Buy) 2. State-owned large banks with stable fundamentals and good defensive value, including Bank of Communications (601328, Not Rated) and Industrial and Commercial Bank of China (601398, Not Rated) [3][32] Summary by Sections Impact of Corporate Foreign Exchange Settlement on Interbank Liquidity - Corporate foreign exchange settlement has increased due to the continuous appreciation of the RMB, with a record high of USD 99.9 billion in December 2025. The strong RMB trend is expected to maintain high settlement levels throughout 2026 [8][11] - The settlement process involves two stages: 1. Corporates settle with commercial banks, leading to a decrease in foreign currency deposits and a corresponding decrease in excess reserves. This results in an increase in RMB deposits and a need for banks to match more statutory reserves, which may reduce excess reserves [10][13] 2. If commercial banks settle with the central bank, it results in a decrease in foreign currency assets and an increase in excess reserves, thereby injecting liquidity into the market [10][13] Current Liquidity Conditions - Current liquidity is relatively loose, supported by the central bank's clear stance on maintaining liquidity and stable growth in deposits. Concerns about deposit disintermediation have not materialized, and the overall disintermediation pressure remains moderate [26][32] - The central bank has net injected CNY 1 trillion in medium- and long-term funds through various operations, indicating a proactive approach to liquidity management [15][32]

Group 1 - A-shares of bank stocks collectively rose, with notable increases in stocks such as Chongqing Rural Commercial Bank, which rose over 2%, and several others including Ningbo Bank, Shanghai Bank, and Qilu Bank, which rose over 1% [1] - Specific stock performance includes Chongqing Rural Commercial Bank increasing by 2.24% with a total market value of 72.7 billion, and Ningbo Bank rising by 1.76% with a market value of 206.3 billion [2] - The year-to-date performance shows significant variations, with Ningbo Bank up 11.21%, while Shanghai Bank down 7.03%, and Hu'nong Commercial Bank down 10.23% [2] Group 2 - The MACD golden cross signal has formed, indicating a positive trend for these bank stocks [2]