是"合伙人"更是"同行者" 从"看资产"转变为"看知产" 2024年5月，由省生产力促进中心、南京银行主办，镇江市科技局、中国人民银行镇江市分行、国家金 融监管总局镇江监管分局、南京银行镇江分行承办的"投贷联动"科技金融服务直通车（镇江站）成效发 布会，在镇江科创沃土上搭建了一个深度的对接平台，为地方"轻资产、融'智'难"的科技企业破解发展 中的资金瓶颈。 "传统信贷看重的是企业过去的财务报表和固定资产，但许多科技型企业在初创期或成长期，最宝贵的 资产是人才、技术和知识产权。"南京银行镇江分行党委书记、行长经涛在活动现场介绍道。他表示， 该行推出的"投贷联动"模式，正是为了打破这一局限，将服务逻辑从"看资产"转变为"看知产"、"看潜 力"。 这一模式通过整合银行信贷与股权投资功能，联合政府园区、创投机构、产业基金等多方资源，为处于 不同发展阶段的科技企业提供"股权+债权"的综合融资方案。 一份检测报告背后的金融"加速度" "投贷联动"带来的不仅是资金，更是深度赋能。作为该模式的受益者，勃肯特机器人公司董事长王岳超 在分享中深有感触："南京银行没有仅仅做一个资金的提供方，更像是我们创新路上的'合伙人'。" 勃肯 ...

Investment Rating - The report maintains an "Overweight" rating for the securities and banking sectors, while also recommending a focus on quality insurance companies [9]. Core Insights - The report highlights investment opportunities in the order of securities > banking > insurance, emphasizing the optimization of performance evaluation rules for fund companies, which is expected to enhance long-term incentive mechanisms and promote sustainable development in the fund industry [12][31]. - The China Securities Regulatory Commission (CSRC) has introduced new regulations to strengthen governance and oversight across the entire lifecycle of listed companies, which is anticipated to improve market stability and investor confidence [15][16]. - The People's Bank of China (PBOC) has conducted a 1 trillion yuan reverse repurchase operation to support liquidity, particularly during the year-end and Spring Festival periods, with major banks expected to begin distributing mid-term dividends [31][33]. Summary by Sections Securities - The CSRC has proposed to relax capital and leverage restrictions for high-quality securities firms, which is expected to enhance their operational efficiency [14]. - In November, the number of new A-share accounts increased by 3% month-on-month, with a year-to-date growth of 8%, indicating sustained market interest [18]. - The report recommends focusing on high-quality brokers with low price-to-book (PB) ratios, including CITIC Securities, Guotai Junan, and GF Securities [12][13]. Banking - The PBOC's recent reverse repurchase operations are aimed at ensuring ample liquidity in the market, especially during high-demand periods [31][32]. - The report notes that the banking sector's PB ratio is currently at 0.71, indicating a relatively low valuation compared to historical levels, suggesting potential for recovery [31]. - Recommended banking stocks include Nanjing Bank, Chengdu Bank, and Shanghai Bank, which are considered high-quality picks [31][33]. Insurance - The insurance sector has shown resilience, with regulatory adjustments to risk factors for equity investments leading to a significant increase in stock prices [46]. - The report suggests that investors should focus on leading insurance companies, such as China Life and Ping An, which are expected to benefit from improved liquidity conditions [46][47]. - Regulatory changes are aimed at encouraging long-term investments by insurance companies, which could enhance their stability and support economic growth [48][49].

行业周报 | 非银金融 险资股票因子下调，看好券商板块盈利修复 金融行业周报（2025/12/7） 核心结论 金融行业周涨跌幅跟踪：1）本周非银金融（申万）指数涨跌幅为 2.27%，跑 赢沪深 300 指数 0.99pct。本周证券Ⅱ（申万）、保险Ⅱ（申万）、多元金融 指数涨跌幅分别为+1.14%、+5.08%、+0.49%。 2）本周银行（申万）涨跌幅 为-1.18%，跑输沪深 300 指数 2.46pct。其中，国有行、股份行、城商行、 农商行本周涨跌幅分别为-2.67%、-0.50%、-0.86%、+0.41%。 投资观点：保险：本周五保险指数大涨 5.80%，我们认为主要系以下几个因 素形成合力：1）长期股票持仓风险因子调降，虽短期对偿付能力改善有限， 但长期资金入市态度明确，点燃市场做多情绪；2）开门红预计将超预期： 在居民"挪储"需求背景下，分红险优势凸显，成为头部险企主力产品，明 年负债端稳健增长开始被市场交易； 3）12 月美国降息概率提升，全球流动 性改善利好保险等高弹性品种。我们认为，保险将是产业结构转型中金融业 最具成长性的方向，一旦总量政策进一步发力，通胀趋势加强，那么保险的 估值修复 ...

证 券 研 究 报 告 其次，在基础设施建设方面，25 年 9 月，央行已经在上海设立数字人民币国 际运营中心，负责数字人民币跨境合作和使用；10 月在北京设立数字人民币 运营管理中心，负责数字人民币系统的建设、运行和维护，促进数字人民币发 展，助力首都国家金融管理中心建设。而更广密的"毛细血管"则需要依靠各家 商业银行及金融科技公司等商业机构搭建。11 月，恒生银行、恒生中国与建设 银行在香港推出数字人民币商户收款服务，拓展数字人民币在香港零售消费的 应用。目前数字人民币应用场景已覆盖全国 17 个省（市）的 26 个地市，试点 区域覆盖了全国五分之一的人口。截至 2025 年 9 月末，数字人民币试点地区 累计交易金额达 14.2 万亿元，累计处理交易 33.2 亿笔，通过数字人民币 App 开立个人钱包 2.25 亿个。数字人民币已经在批发零售、餐饮文旅、教育医疗、 公共服务、社会治理、乡村振兴等领域形成了覆盖线上线下、可复制可推广的 应用模式。 行业研究 银行 2025 年 12 月 07 日 华创证券研究所 证券分析师：贾靖 邮箱：jiajing@hcyjs.com 执业编号：S0360523040 ...

Core Insights - The first "data intellectual property + data asset" dual pledge financing has been successfully implemented in Nanjing, marking a significant innovation in the financialization of data assets [1][3] - The "Shuzhi Loan" product, launched by Nanjing Bank, allows technology-based SMEs to convert their data assets into low-cost credit funding, providing a new financing pathway for innovative enterprises [3][6] Group 1 - Nanjing Bank has completed the first full-process data intellectual property and data asset pledge financing for Kaos Data Technology Co., Ltd., indicating that data assets can serve as collateral for financing [1][4] - The financing involved a total credit issuance of 10 million RMB, supported by a comprehensive evaluation of data rights ownership, value, and compliance conducted by Nanjing Bank in collaboration with relevant institutions [3][4] Group 2 - Nanjing Bank has been actively innovating its financial services for technology enterprises, having served nearly 88,000 tech companies and provided over 860 billion RMB in funding as of November [6] - The bank has also launched various innovative financial products, including the "R&D Pipeline Loan" and a talent financing fund, to address the funding needs of biotech companies and tech talent [6]

基本面筑底回升，聚焦息差改善和风险演 绎 ——银行行业 2026 年度投资策略 核心观点 投资建议与投资标的 ⚫ 2026 年银行板块有望回归基本面叙事：十五五开局之年，政策性金融工具加持下 资产扩张仍有韧性；仍处于存款集中重定价周期，支撑净息差有望企稳回升；结构 性风险暴露仍期待有政策托底。2026 年，保险行业将系统性执行 I9，公募考核新 规的中长期引导效应也有望显现，我们看好 2026 年银行板块绝对收益。建议关注 两条主线：1、基本面确定的优质中小行，相关标的：南京银行(601009，买入)、 杭州银行(600926，买入)、宁波银行(002142，买入)、上海银行(601229，未评 级)、渝农商行(601077，买入)；2、基本面稳健、具备较好防御价值的国有大行， 相关标的：交通银行(601328，未评级)、工商银行(601398，未评级)。 风险提示 经济复苏不及预期；房地产等重点领域风险蔓延；假设条件变化影响测算结果。 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 银行行业 行业研究 | 策略报告 ...

"科技金融是五篇大文章的第一项。长期来看，银行加大对科技企业的信贷支持是必然。"某国有行人士 向智通财经记者表示，该行已经组建科技金融专班，并设立科技金融中心，积极发力科技金融。 日前，智通财经记者调研多家银行了解到，今年各家科技类贷款均有显著增长，支持的科技企业数量也 在增加。比如，农行方面信息显示，截至目前该行科技贷款余额已经超过4.7万亿元，年增量超过8000 亿元。"宇宙行"的情况也不遑多让。截至目前，工行的科技贷款余额已经突破6万元亿元，科技型企业 贷款突破2.5万亿。 而股份行、城商行也在积极发力。中信银行介绍，年内科技企业大口径科技贷款余额突破1万亿。而南 京银行也指出，目前该行的科创企业在整个全行对公贷款的客户数占比超60%。 在基层的省级分行、下属分支行层面，科技类贷款投放也在增加。农行湖北省分行相关人士向记者介 绍，截至9月末，该分行战略性新兴产业贷款余额1218.1亿元，增量420.1亿元，"科技型企业贷款余额 882.4亿元，有267.2亿元的增量"。即便是在宜昌市的三峡分行，至10月底已对科技型企业实际支持 173.88亿元。 在具体执行中，银行下属分支正在围绕制造业、机器人、农业科 ...

证券时报·数据宝统计，12月3日共24家公司被机构调研，按调研机构类型看，基金参与13家公司的调研 活动。南京银行最受关注，参与调研的基金达7家；大地海洋、实丰文化等分别获5家、4家基金集体调 研。 昨日基金共对13家公司进行调研，扎堆调研南京银行、大地海洋、实丰文化等。 数据宝统计，基金参与调研股中，近5日资金净流入的有5只，丰元股份近5日净流入资金9062.39万元， 主力资金净流入最多；净流入资金较多的还有实丰文化、联动科技等，净流入资金分别为5655.29万 元、5492.20万元。（数据宝） 12月3日基金调研公司一览 | 代码 | 简称 | 基金家数 | 最新收盘价（元） | 近5日涨跌幅（%） | 行业 | | --- | --- | --- | --- | --- | --- | | 601009 | 南京银行 | 7 | 11.81 | 2.79 | 银行 | | 301068 | 大地海洋 | 5 | 29.60 | 4.89 | 环保 | | 002862 | 实丰文化 | 4 | 21.98 | 0.18 | 轻工制造 | | 000957 | 中通客车 | 2 | 10.90 | 1 ...

原标题：南京银行北京分行2026届校招进入体检阶段——校企联动共筑人才培养生态 近日，南京银行北京分行2026届校园招聘工作稳步推进，迎来新进展，首批体检通知已于12月初陆续发 出。自校招启动以来，该行始终以"引才赋能、校企共赢"为宗旨，通过精准招聘与深化校企合作，积极 吸引金融行业优秀的青年人才，同时也为高校毕业生搭建起通往职业发展的坚实桥梁。 未来，南京银行北京分行将继续严把校招人才选拔质量关，确保优秀青年顺利入职。同时，进一步拓展 校企合作的维度，探索人才共育新模式，为金融行业的高质量发展持续注入青春动能。 本次校招采取"线下深耕+线上联动"双轨并行的模式，多渠道拓展引才路径，提升招聘成效。线下方 面，密集走访北京25所高校参与双选会，并与多所院校就人才培养、实习实践等议题开展座谈交流。线 上则联合近60所高校就业部门同步发布招聘信息。凭借清晰的职业发展通道、完善的人才培养体系以及 良好的雇主品牌口碑，南京银行北京分行吸引了全国各地众多高校毕业生踊跃报名，简历投递总量较去 年同期增长30%。参与学生普遍展现出优秀的综合素质、扎实的专业功底和显著的成长潜力。从笔试到 面试，该行致力于为青年学子提供公平竞争 ...

Core Viewpoint - Nanjing Bank has become a market focus due to significant shareholding increases by its largest shareholder, BNP Paribas, raising concerns about foreign control over domestic banks [1][3]. Group 1: Shareholding Changes - BNP Paribas and its concerted parties have increased their stake in Nanjing Bank to over 18.06% through continuous market purchases [1]. - This marks the second large-scale increase by BNP Paribas in 2023, having previously raised its stake from 16.14% to 17.02% between September 22 and 26 by acquiring 108 million shares [3]. - Other major shareholders, including Zijin Trust and Nanjing Gaoke, have also made decisions to increase their holdings, indicating a consensus among multiple stakeholders [3]. Group 2: Financial Performance - Nanjing Bank reported a revenue of 41.949 billion yuan for the first three quarters of the year, reflecting an 8.79% year-on-year growth [3]. - The net profit attributable to shareholders reached 18 billion yuan, marking an 8.06% increase compared to the previous year [3]. - As of the end of September, the bank's total assets amounted to 2.96 trillion yuan, a 14.31% increase from the end of the previous year, with deposits and loans growing by 9.65% and 12.34%, respectively [3]. Group 3: Concerns Over Foreign Control - There is a heightened caution regarding foreign entities increasing their stakes in domestic banks, referencing the case of Supor, which was acquired by France's SEB Group, leading to significant dividend outflows to foreign shareholders [4]. - The more shares foreign entities hold in Nanjing Bank, the greater the potential for dividend losses to foreign companies [4].