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].

2025年12月3日 2025年12月3日 标的指数成份股涨幅 TOP20 标普中国 A 股红利机会指数(CSPSADRP) 标的指数成份股涨幅 TOP20 标普中国 A 股红利机会指数(CSPSADRP) | 序号 | 代码 | 简称 | 東日涨幅 | 年内涨幅 | 股息率(沂12个 | | --- | --- | --- | --- | --- | --- | | | | | (%) | (%) | 月) (%) | | 1 | 603508.SH | 思维列控 | 6.38 | 38.28 | 12.69 | | 2 | 603408.SH | 建霖家居 | 3.25 | 11.24 | 5.65 | | 3 | 603 Pick SH | 欧普照明 | 2.61 | 15.74 | 5.08 | | 4 | 002508.SZ | 老板电器 | 2.08 | 1.34 | 4.95 | | 5 | 002083.SZ | 学日股份 | 1.96 | 118.84 | 1.41 | | 6 | 000333.SZ | 美的集团 | 1.95 | 14.38 | 4.96 | | 7 | 600901 S ...

Core Insights - The rise of "bank direct supply housing" has garnered attention due to its price advantages, but complexities and risks associated with certain properties deter ordinary buyers [2][18] - Major banks are accelerating asset liquidation as year-end approaches, with significant volumes of properties being auctioned through platforms like Alibaba and JD [4][20] - Despite attractive pricing, many properties are facing high rates of unsold listings and repeated auctions, indicating a lack of buyer interest [9][25] Group 1: Definition and Market Dynamics - "Bank direct supply housing" refers to properties obtained by banks through judicial processes after borrower defaults, allowing banks to sell with complete ownership [6][22] - The volume of properties listed for sale has surged, with banks like Lanzhou Bank and Jilin Bank significantly increasing their offerings, indicating a shift in asset disposal strategies [7][23] - The recovery rate for non-performing assets through direct sales is reported to be 15%-20% higher than traditional debt transfer methods, enhancing banks' efficiency in asset management [7][23] Group 2: Pricing and Market Response - "Bank direct supply housing" typically offers prices 20%-30% lower than market evaluations, with some properties discounted by over 50% [8][24] - Despite these discounts, many properties remain unsold, with over 9,000 listings entering second auction phases, highlighting a disconnect between pricing and buyer demand [9][25] - Specific examples illustrate the challenges, such as properties that failed to attract bids even after price reductions, indicating potential issues with property desirability [11][27] Group 3: Risks and Considerations - Buyers are cautioned to scrutinize the reasons behind low pricing, as properties may have underlying issues such as lack of liquidity or legal complications [30][32] - The cleanliness of the asset is a critical factor, as buyers must ensure that properties are legally compliant and free from outstanding debts or occupancy issues [30][32] - The expansion of bank direct sales poses both risks and opportunities for real estate agents, as banks may require professional assistance in property sales despite not traditionally being in the real estate business [30][32]

Core Insights - The article focuses on the performance of minimum holding period RMB public offering products, ranking them based on annualized returns for holding periods of 7, 14, 30, and 60 days [1][4][12] Group 1: 7-Day Holding Period Products - The top-performing product is from Minsheng Bank with an annualized return of 4.17% [3] - Other notable products include: - Huishang Bank with 3.58% [3] - Bank of China with 2.96% [3] - Minsheng Bank's Fuzhu Pure Bond with 2.54% [3] - Bohai Bank with 2.39% [3] Group 2: 14-Day Holding Period Products - Minsheng Bank's product "Jingxiang Fixed Income Incremental Dual-Week" leads with a return of 34.68% [5] - Other significant products include: - Minsheng Bank's Fuzhu Pure Bond with 5.66% [5] - WeBank's "Anying" Stable Income with 4.47% [5] - SPDB's "Wealth Management Series" with 2.33% [5] Group 3: 30-Day Holding Period Products - Minsheng Bank's "Guizhu Fixed Income Incremental Monthly" tops the list with a return of 21.23% [9] - Other key products include: - Minsheng Bank's Fuzhu Fixed Income with 13.53% [9] - Bank of China with 7.64% [9] - Huishang Bank's "Happiness 99" with 6.07% [9] Group 4: 60-Day Holding Period Products - The leading product is from Minsheng Bank with a return of 15.12% [13] - Other notable products include: - CITIC Bank's Fuzhu Pure Bond with 8.94% [14] - Bank of China with 4.57% [14] - Huishang Bank's product with 3.46% [14]

Group 1 - The city commercial bank sector increased by 0.43% on December 2, with Jiangsu Bank leading the gains [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] - Jiangsu Bank's closing price was 10.95, reflecting a 1.67% increase, with a trading volume of 1.7435 million shares and a transaction value of 1.897 billion [1] Group 2 - The city commercial bank sector experienced a net outflow of 316 million from institutional funds, while retail investors saw a net inflow of 421 million [2][3] - The trading data for various banks showed mixed performance, with Ningbo Bank declining by 0.69% and Guizhou Bank remaining unchanged [2] - Shanghai Bank had a net outflow of 46.6477 million from institutional funds, while retail investors contributed a net inflow of 2.33839 million [3]

东莞证券表示，低估值与盈利稳定双轮驱动的红利高股息资产迎来估值重塑。当前政策不断引导上市公司加大增持回购分红力度，强化投资 者回报；同时在地缘政治紧张等不确定性环境下，红利高股息资产的确定性溢价提升。此外，低利率环境放大了其"类债"吸引力。因此，兼 具"低估值"与"盈利稳定"特性的红利高股息资产配置价值凸显，建议关注金融、有色金属、公用事业和交通运输等行业。 成分股方面，银行、保险、石化等板块部分个股涨幅居前。截至发稿，中国石化大涨超2%，中国人保、南京银行、中国太保等多股跟涨超 1%；下跌方面，航运、基建板块部分个股表现不佳，招商轮船跌超9%，潞安环能、中国电建等跌超1%，拖累板块走势。 | 14 54 | 15分 30分 | ୧୦સ | 盘前盘后 叠加 九转 圆线 工具 < 2 | 2日 | 510030 | Ed | 14:13 价 | 1.092 | 夫 -0.002(-0.18%) 均价 1.093 成交量 0 IOPV | -0.002 -0.18% | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- ...