Core Viewpoint - The banking sector in A-shares is expected to perform well in 2026, driven by stable fundamentals and increased dividend attractiveness, despite a less impressive performance in 2025 compared to previous years [4][9][10]. Group 1: Annual Report Disclosure - Ping An Bank will be the first to disclose its annual report on March 21, followed by CITIC Bank on the same day [1]. - A total of 10 banks will disclose their 2025 annual reports on March 31, marking the highest number of disclosures on a single day [3]. - The total market capitalization of 42 A-share banks exceeded 15 trillion yuan, increasing by approximately 2.1 trillion yuan from the end of 2024 [2][3]. Group 2: Market Performance - The banking sector index rose by 12.05% in 2025, underperforming the CSI 300 index, which increased by 17.66% [3]. - Among the 42 banks, 35 experienced stock price increases, with Agricultural Bank of China leading at a 52.66% rise [3]. - The overall market sentiment towards bank annual reports is positive, with expectations of continued growth in 2026 [4][9]. Group 3: Investment Drivers - The strong performance of the banking sector in 2025 was supported by both funding and fundamental factors, including inflows from passive index funds and insurance [4]. - Significant shareholder buybacks have also contributed to the rise in bank stocks, with 523 companies increasing their holdings, totaling 939.6 billion yuan [6]. - Analysts predict that the demand for high-dividend stocks will remain strong, particularly for state-owned banks known for stable returns [10]. Group 4: Future Outlook - Analysts expect the banking sector to maintain stable performance in 2026, supported by a recovering real economy and high dividend yields [9]. - The issuance of ETFs linked to broad indices and dividend indices is expected to continue, attracting more passive fund inflows into the banking sector [9]. - The differentiation in performance among various banks is anticipated to become a key theme, with larger banks likely to see more consistent revenue growth compared to smaller banks [10]. Group 5: Seasonal Trends - Historical data shows that the banking sector has a high success rate for absolute and excess returns before the Spring Festival, with an average absolute return of 4.4% [11]. - The upcoming Spring Festival in 2026 is expected to see continued strong performance in bank stocks, driven by balanced market styles and robust demand for high-dividend stocks [12]. - Recommendations for stock allocation include a stable base in state-owned banks and a more aggressive approach with quality joint-stock and city commercial banks [12].

南京银行股份有限公司 关于董事任职资格获监管机构核准的公告 特别提示： ■ 陈云江先生担任本公司董事的任期自国家金融监督管理总局江苏监管局核准其任职资格之日起生效，至 本公司第十届董事会任期届满之日止，任期届满可以连选连任。陈云江先生的简历请见本公司刊登在上 海证券交易所网站（www.sse.com.cn）的《南京银行股份有限公司2024年年度股东大会资料》。 特此公告。 南京银行股份有限公司董事会 2026年1月5日 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。 近日，南京银行股份有限公司（以下简称"本公司"）收到国家金融监督管理总局江苏监管局下发的《江 苏金融监管局关于陈云江南京银行董事任职资格的批复》（苏金复〔2026〕1号），核准陈云江先生担 任本公司董事的任职资格。 ...

Core Viewpoint - The development of zero-carbon parks is becoming a crucial driver for high-quality economic growth, with Nanjing Bank actively supporting this trend through innovative green financial products and deepening cooperation with government and enterprises [1]. Group 1: Support for Zero-Carbon Parks - Nanjing Bank has made significant progress in supporting zero-carbon parks by offering innovative financial products such as the "near-zero carbon factory" linked loan, which provides interest rate exemptions for companies achieving near-zero emissions [2]. - The bank has established a green low-carbon development co-creation center in the Jiangning Economic and Technological Development Zone, aiming to support the creation of Jiangsu's first "near-zero" demonstration factories and the first "zero-carbon outlet" in Nanjing [2]. - Nanjing Bank has provided over 1.3 billion yuan in green credit to support multiple zero-carbon industrial park pilot projects in Yancheng, focusing on sectors like green food, green infrastructure, and green energy [2]. Group 2: Innovative Financial Products - Nanjing Bank launched the "Park Support Plan" in 2021, offering tailored financial services to meet the diverse needs of zero-carbon park development [3]. - The bank provides comprehensive financing services for energy projects, contract energy management services to alleviate initial investment pressures, and financing leasing for green transportation upgrades [3]. - Nanjing Bank has introduced innovative financing options such as pollution rights and virtual power plant revenue rights, along with professional consulting services for carbon asset management [3]. Group 3: Strategic Partnerships and Future Outlook - Nanjing Bank has signed green low-carbon strategic cooperation agreements with nearly 30 parks, aiming for a win-win collaboration through specialized financial services and preferential policies [4]. - The bank has increased its green loan issuance, with an annual growth rate exceeding 30%, supporting the sustainable development of the regional economy [5]. - Nanjing Bank aims to deepen green financial product innovation and collaborate with various stakeholders to build a multi-win zero-carbon financial ecosystem, contributing to the national "dual carbon" goals [6].

Investment Rating - The report indicates a positive outlook for the banking sector, recommending long-term investments in leading city commercial banks with clear ROE advantages and large banks with low valuations and high dividend yields [2][10]. Core Insights - The banking sector experienced a slight increase at the end of the year, outperforming the CSI 300 and ChiNext indices, driven by risk appetite and institutional allocation behavior [2][10]. - The introduction of interest-bearing digital RMB is expected to enhance the promotional drive for commercial banks and attract more users [8][42]. - The banking sector is undergoing a rebalancing of its operational cycle and investment value, with a focus on establishing a risk bottom line as a foundation for valuation recovery [6][42]. Summary by Sections Banking Sector Performance - The banking index rose by 1.0% this week, outperforming the CSI 300 and ChiNext indices by 1.6% and 2.2% respectively [10]. - Major banks' H-shares generally increased, with Shanghai Pudong Development Bank leading the gains, while Xiamen Bank saw a pullback [10]. Digital RMB - Digital RMB wallets that have undergone real-name authentication will now earn interest at a rate of 0.05%, transitioning from being treated as cash to being managed like demand deposits [8][42]. - The digital RMB's interest-bearing feature is expected to boost commercial banks' promotional efforts and user attraction [42]. Credit Growth - As of the end of November 2025, credit growth rates varied across regions, with Jiangsu, Zhejiang, Sichuan, and Anhui maintaining growth rates above 8%, and Sichuan leading at 10.4% [37]. - Corporate loans remain the primary growth driver, with Jiangsu and Sichuan showing growth rates of 13.6% and 13.0% respectively [37]. Valuation and Investment Strategy - The report highlights that banking stocks are significantly undervalued from a PB-ROE perspective, particularly quality city commercial banks with leading ROE [7]. - The report recommends focusing on quality city commercial banks such as Hangzhou Bank, Nanjing Bank, and Jiangsu Bank, as well as dividend-focused assets like Bank of Communications and China Merchants Bank [7][10].

证券简称: 南京银行 证券代码: 601009 编号:2026-001 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 关于董事任职资格获监管机构核准的公告 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。 近日，南京银行股份有限公司（以下简称"本公司"）收到国家金融监督管 理总局江苏监管局下发的《江苏金融监管局关于陈云江南京银行董事任职资格的 批复》（苏金复〔2026〕1 号），核准陈云江先生担任本公司董事的任职资格。 陈云江先生担任本公司董事的任期自国家金融监督管理总局江苏监管局核 准其任职资格之日起生效，至本公司第十届董事会任期届满之日止，任期届满可 以连选连任。陈云江先生的简历请见本公司刊登在上海证券交易所网站 （www.sse.com.cn）的《南京银行股份有限公司 2024 年年度股东大会资料》。 特此公告。 南京银行股份有限公司董事会 2026 年 1 月 5 日 1 ...

1月5日金融一线消息，南京银行今日发布公告称，近日该行收到国家金融监督管理总局江苏监管局下发 的《江苏金融监管局关于陈云江南京银行董事任职资格的批复》（苏金复〔2026〕1 号），核准陈云江 担任公司董事的任职资格。陈云江担任公司董事的任期自国家金融监督管理总局江苏监管局核准其任职 资格之日起生效，至公司第十届董事会任期届满之日止，任期届满可以连选连任。 公开资料显示，陈云江，中国国籍，中共党员，1973 年出生，硕士研究生学历。历任南京金陵建筑装 饰有限责任公司办公室副主任；江苏航空产业集团有限责任公司企业管理发展部经理助理；南京禄口机 场南京奥特佳冷机有限公司办公室主任；江苏航空产业集团有限责任公司党委委员、副总经理；江苏云 杉清洁能源投资控股有限公司总经理，党总支书记、董事长；江苏交通控股有限公司党委组织部（人力 资源部）部长，总经理助理。现任江苏交通控股有限公司党委委员、副总经理，江苏宁沪高速公路股份 有限公司党委书记、董事长。 责任编辑：曹睿潼 1月5日金融一线消息，南京银行今日发布公告称，近日该行收到国家金融监督管理总局江苏监管局下发 的《江苏金融监管局关于陈云江南京银行董事任职资格的批复》（苏金 ...

三、南京银行应督促上述核准任职资格人员持续学习和掌握经济金融相关法律法规，牢固树立风险合规 意识，熟悉任职岗位职责，忠实勤勉履职。 二、南京银行应要求上述核准任职资格人员严格遵守金融监管总局有关监管规定，自南京银行政许可决 定作出之日起3个月内到任并向我分局报告。未在上述规定期限内到任的，本批复文件失效，由苏州金 融监管分局办理行政许可注销手续。 2025年12月30日，苏州金融监管分局发布批复称，《南京银行（601009）关于孙惠任职资格审核的请 示》（宁银发〔2025〕358号）收悉。经审核，现批复如下： 一、核准孙惠南京银行股份有限公司苏州分行副行长的任职资格。 ...

® 谢宁 ◎记者 黄坤 南京银行董事长谢宁在发表2026年新年寄语时表示，2025年是"十四五"规划收官之年，也是南京银行新 时期高质量发展的攻坚之年、实干之年。全体南京银行人紧扣时代脉搏、奏响改革强音，与地方经济社 会发展同频共振、共生共荣，"向好奋进"的发展成色进一步彰显，"向新而行"的发展动能进一步增 强，"向高攀登"的发展空间进一步打开，交出了一份高质量发展的新答卷。 谢宁表示，前行路上，风雨与彩虹共生，机遇和挑战同在。回望2025年，从繁华都市到美丽乡村，从产 业园区到田间地头，从智能化工厂到街边小店，全体南京银行人以实干创造实绩、以奋斗展现作为，用 点点微光汇聚成璀璨星河，陪伴万千客户一路前行，也在孜孜耕耘中感受了成长的喜悦、品尝了收获的 回甘。 "三十而励，跃见未来"。谢宁表示：2026年是"十五五"规划的开局之年，也是南京银行三十而立再出发 的起步之年。在充满光荣和梦想的新征程上，南京银行将坚守战略定力、激发变革锐气、释放管理效 能、厚植优良文化，奋力点亮"好银行"的鲜明标识，朝着"打造国内一流的区域综合金融服务商"的战略 愿景加速迈进，坚定谱写南京银行高质量发展的灿烂新篇！ ...

Core Viewpoint - The Chinese banking industry is undergoing a significant transformation, with banks redeeming high-cost preferred shares and issuing perpetual bonds as a more cost-effective financing alternative, driven by declining social financing costs and regulatory changes [2][4][11]. Group 1: Redemption of Preferred Shares - By the end of 2025, a total of 9 banks announced the redemption of preferred shares, amounting to 111.8 billion RMB in domestic preferred shares and 5.72 billion USD in foreign preferred shares [4]. - In December 2025 alone, five banks, including Changsha Bank and Beijing Bank, redeemed a total of 45.8 billion RMB in preferred shares [3]. - The redemption of preferred shares is facilitated by their lack of maturity dates but includes redemption clauses, allowing banks to manage capital flexibly [4]. Group 2: Issuance of Perpetual Bonds - As of December 31, 2025, Chinese commercial banks issued 69 perpetual bonds, raising a total of 821.8 billion RMB, marking a historical high in both issuance quantity and scale [5]. - The interest rates for newly issued perpetual bonds generally ranged from 2.0% to 2.9%, the lowest in nearly three years, with a significant issuance peak occurring in the second half of 2025 [5][6]. - The issuance of perpetual bonds is seen as a response to the urgent need for capital replenishment, especially among small and medium-sized banks facing declining capital adequacy ratios [2][6]. Group 3: Cost Savings and Financial Efficiency - By replacing preferred shares with perpetual bonds, banks can save at least 3% annually on interest expenses, significantly reducing their financing costs [8][10]. - For instance, the interest rate on newly issued perpetual bonds is substantially lower than that of previously issued preferred shares, with examples showing potential annual savings of 12.8 million RMB for banks like Industrial Bank [10]. - The transition from preferred shares to perpetual bonds is viewed as a strategic move to optimize capital structure and reduce interest payment burdens, aligning with regulatory requirements [8][10]. Group 4: Regulatory Environment and Market Dynamics - The shift towards perpetual bonds is influenced by regulatory changes that favor capital instruments with loss absorption capabilities, making traditional preferred shares less attractive [11]. - The approval process for issuing perpetual bonds is simpler and faster compared to preferred shares, which require dual regulatory approvals, thus enhancing their appeal to banks [11]. - The current low-interest-rate environment is expected to persist, allowing banks to lock in low financing costs for the next 5 to 10 years, effectively mitigating the pressure from narrowing net interest margins [10].

Market Overview - The city commercial bank sector experienced a decline of 0.33% on December 31, with Xiamen Bank leading the drop [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] Individual Bank Performance - Qilu Bank closed at 5.74, up 1.77% with a trading volume of 848,200 shares and a transaction value of 485 million [1] - Suzhou Bank closed at 8.29, up 0.24% with a trading volume of 263,500 shares and a transaction value of 219 million [1] - Xiamen Bank closed at 7.34, down 1.08% with a trading volume of 133,200 shares and a transaction value of 97.8 million [2] - Nanjing Bank closed at 11.43, down 0.78% with a trading volume of 235,600 shares and a transaction value of 270 million [2] Capital Flow Analysis - The city commercial bank sector saw a net inflow of 201 million from institutional investors, while retail investors experienced a net outflow of 9.56 million [2] - The capital flow for individual banks shows that Shanghai Bank had a net inflow of 48.9 million from institutional investors, while Hangzhou Bank had a net outflow of 50.55 million [3] - Suzhou Bank recorded a net inflow of 30.66 million from institutional investors, while retail investors had a net outflow of 27.1 million [3]