2025.12. 29 本文字数：2244，阅读时长大约4分钟 作者 | 第一财经 陈君君 2025年以来，银行理财代销市场明显升温。一方面，多家银行代销理财产品数量和规模快速扩张， 理财代销成为不少银行在息差收窄背景下的重要"发力点"；另一方面，随着业务加速推进，理财、 代销等环节的管理漏洞也逐步暴露，监管罚单密集落地，合规压力同步上行。年内多家银行因理财、 代销等业务管理不审慎等被处罚。 业内人士指出，理财代销正从"规模竞争"迈入"能力竞争"阶段。如何在抢占市场窗口期的同时守住 风险底线，成为摆在银行面前的一道现实考题。 理财规模创新高，中小银行加速入场 银行业理财登记托管中心发布的《中国银行业理财市场季度报告（2025年三季度）》显示，截至今 年9月末，全市场存续理财产品规模达32.13万亿元，首次突破32万亿元大关，创下历史新高；持有 理财产品的投资者数量达1.39亿，同比增长12.7%。 从产品数量看，三季度末全市场存续理财产品4.39万只，同比增加10.01%；存续规模同比增长 9.42%。在低利率环境下，银行理财作为"存款替代"的重要工具，其市场吸引力持续增强。 在此背景下，理财代销成为银行扩张 ...

合规压力同步上行，多家银行因理财、代销业务被罚。 业内人士指出，理财代销正从"规模竞争"迈入"能力竞争"阶段。如何在抢占市场窗口期的同时守住风险 底线，成为摆在银行面前的一道现实考题。 理财规模创新高，中小银行加速入场 2025年以来，银行理财代销市场明显升温。一方面，多家银行代销理财产品数量和规模快速扩张，理财 代销成为不少银行在息差收窄背景下的重要"发力点"；另一方面，随着业务加速推进，理财、代销等环 节的管理漏洞也逐步暴露，监管罚单密集落地，合规压力同步上行。年内多家银行因理财、代销等业务 管理不审慎等被处罚。 业内人士普遍认为，中小银行加码理财代销，既是应对息差持续收窄、压降负债成本的现实选择，也是 在资管新规全面落地背景下，对自营理财空间受限的一种"转向式布局"。 扩张背后罚单频现，监管持续加码 在理财代销快速扩张的同时，部分银行在理财、代销及相关业务环节的管理短板逐渐显现。 银行业理财登记托管中心发布的《中国银行业理财市场季度报告（2025年三季度）》显示，截至今年9 月末，全市场存续理财产品规模达32.13万亿元，首次突破32万亿元大关，创下历史新高；持有理财产 品的投资者数量达1.39亿，同比 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 回望今年的债券市场，科创债是不容忽视的重要板块。 自今年5月债市"科技板"正式推出后，全新的科技创新债券市场快速扩张。Wind数据显示，今年以来， 科创债（含科创票据等）发行规模达2.26万亿元，覆盖2000余只债券。 从政策落地到规模扩容、主体丰富，科创债不仅实现了发行量的持续增长，更打通了金融资本流向硬科 技领域的新通道，推动"投早、投小、投科技"的理念在债市落地。时值年末，科创债市场表现究竟如 何？"真科技、真创新"体现在哪？未来市场规模又能否持续拓展？ 规模稳步跃升 科创债今年的成长轨迹，堪称债券市场的一抹亮色。 Wind数据显示，今年以来，截至12月26日，科创债发行规模合计达2.26万亿元，发行数量及总规模同比 实现明显增长，为科技创新企业提供了有力资金支持。 2025年5月，中国人民银行与中国证监会联合发布的《关于支持发行科技创新债券有关事宜的公告》， 从丰富科技创新债券产品体系和完善科技创新债券配套支持机制等方面，对支持科技创新债券发行提出 多项重要举措。同月，交易商协会发布《关于推出科技创新债券 构建债市"科技板"的通 ...

Core Viewpoint - The rural commercial bank sector experienced a decline of 0.72% on December 26, with Yunnan Rural Commercial Bank leading the drop [1] Market Performance - The Shanghai Composite Index closed at 3963.68, up 0.1% - The Shenzhen Component Index closed at 13603.89, up 0.54% [1] Individual Stock Performance - 瑞丰银行 (Rui Feng Bank) closed at 5.69, up 1.25% with a trading volume of 191,600 shares and a transaction value of 1.09 billion - 常熟银行 (Changshu Bank) closed at 7.06, down 0.28% with a trading volume of 257,400 shares and a transaction value of 182 million - 青农商行 (Qingnong Bank) closed at 3.13, down 0.32% with a trading volume of 308,500 shares and a transaction value of 96.6 million - 紫金银行 (Zijin Bank) closed at 2.76, down 0.36% with a trading volume of 234,900 shares and a transaction value of 64.99 million - 张家港行 (Zhangjiagang Bank) closed at 4.59, down 0.43% with a trading volume of 195,400 shares and a transaction value of 89.74 million - 苏农银行 (Sunong Bank) closed at 5.10, down 0.58% with a trading volume of 155,300 shares and a transaction value of 79.41 million - 元锡银行 (Yuanxi Bank) closed at 5.93, down 0.67% with a trading volume of 110,400 shares and a transaction value of 65.56 million - 江阴银行 (Jiangyin Bank) closed at 4.65, down 0.85% with a trading volume of 263,100 shares and a transaction value of 123 million - 沪农商行 (Hu Nong Bank) closed at 9.05, down 0.88% with a trading volume of 189,500 shares and a transaction value of 173 million - 渝农商行 (Yun Nong Bank) closed at 6.34, down 1.25% with a trading volume of 368,900 shares and a transaction value of 235 million [1] Capital Flow - The rural commercial bank sector saw a net outflow of 63.53 million from main funds, while retail funds had a net inflow of 15.54 million [1] - The detailed capital flow for individual stocks shows varying trends, with some banks experiencing significant net outflows from main funds [2]

Market Overview - The agricultural commercial bank sector experienced a slight decline of 0.05% on December 24, with Changshu Bank leading the drop [1] - The Shanghai Composite Index closed at 3940.95, up 0.53%, while the Shenzhen Component Index closed at 13486.42, up 0.88% [1] Individual Stock Performance - Jiangyin Bank closed at 4.70, with a gain of 0.64% and a trading volume of 252,600 shares, amounting to 118 million yuan [1] - Zhangjiagang Bank closed at 4.59, up 0.44%, with a trading volume of 232,800 shares, totaling 106 million yuan [1] - Zijin Bank closed at 2.76, gaining 0.36%, with a trading volume of 232,500 shares, amounting to 63.89 million yuan [1] - Qingnong Commercial Bank closed at 3.14, up 0.32%, with a trading volume of 241,600 shares, totaling 7.56 million yuan [1] - Shinan Bank closed at 5.15, gaining 0.19%, with a trading volume of 151,100 shares, amounting to 7.75 million yuan [1] - Wuxi Bank closed at 5.96, up 0.17%, with a trading volume of 93,900 shares, totaling 5.59 million yuan [1] - Yunnan Agricultural Commercial Bank closed at 6.43, gaining 0.16%, with a trading volume of 424,500 shares, amounting to 272 million yuan [1] - Shanghai Agricultural Commercial Bank closed at 9.16, down 0.22%, with a trading volume of 192,800 shares, totaling 177 million yuan [1] - Ruifeng Bank closed at 5.54, down 0.72%, with a trading volume of 121,600 shares, amounting to 6.74 million yuan [1] - Changshu Bank closed at 7.07, down 0.84%, with a trading volume of 363,200 shares, totaling 257 million yuan [1] Fund Flow Analysis - The agricultural commercial bank sector saw a net outflow of 10.80 million yuan from main funds, while speculative funds had a net inflow of 53.25 million yuan, and retail investors experienced a net outflow of 42.45 million yuan [1] - Yunnan Agricultural Commercial Bank had a main fund net inflow of 18.22 million yuan, accounting for 6.69% of its total [2] - Wuxi Bank experienced a main fund net inflow of 1.33 million yuan, representing 2.37% of its total [2] - Zijin Bank had a main fund net inflow of 130,700 yuan, which is 0.20% of its total [2] - Changshu Bank faced a main fund net outflow of 2.10 million yuan, accounting for -0.82% of its total [2] - Jiangyin Bank had a main fund net outflow of 5.73 million yuan, representing -4.84% of its total [2] - Zhangjiagang Bank experienced a main fund net outflow of 6.66 million yuan, accounting for -6.26% of its total [2] - Qingnong Commercial Bank had a significant main fund net outflow of 9.53 million yuan, representing -12.61% of its total [2]

Core Viewpoint - The rural commercial bank sector experienced a decline of 1.18% on December 22, with Yunnan Rural Commercial Bank leading the drop [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3917.36, up by 0.69% [1] - The Shenzhen Component Index closed at 13332.73, up by 1.47% [1] - The rural commercial bank sector saw mixed individual stock performances, with notable declines in several banks [1] Group 2: Individual Stock Performance - Wuxi Bank (600908) had a closing price of 5.96, down by 1.32%, with a trading volume of 141,500 shares and a transaction amount of 84.89 million [1] - Changshu Bank (601128) closed at 7.16, down by 1.10%, with a trading volume of 259,900 shares and a transaction amount of 187 million [1] - Yunnan Rural Commercial Bank (601077) closed at 6.36, down by 2.15%, with a trading volume of 418,000 shares and a transaction amount of 267 million [1] Group 3: Capital Flow - The rural commercial bank sector had a net inflow of 19.98 million from main funds, while retail investors saw a net outflow of 44.62 million [1] - Individual stocks within the sector showed varied capital flows, with some banks experiencing significant net outflows from retail investors [2]

Group 1 - The agricultural commercial bank sector increased by 2.0% on December 18, with Chongqing Rural Commercial Bank leading the gains [1] - The Shanghai Composite Index closed at 3876.37, up 0.16%, while the Shenzhen Component Index closed at 13053.98, down 1.29% [1] - Key stocks in the agricultural commercial bank sector showed various performance metrics, with Chongqing Rural Commercial Bank closing at 6.45, up 3.20% [1] Group 2 - The net capital flow for the agricultural commercial bank sector showed a net outflow of 12.09 million yuan from institutional investors and 10.73 million yuan from speculative investors, while retail investors had a net inflow of 22.82 million yuan [1] - Detailed capital flow data indicates that Chongqing Rural Commercial Bank had a net inflow of 17.10 million yuan from institutional investors, but a net outflow of 17.70 million yuan from retail investors [2] - Jiangyin Bank experienced a net inflow of 9.28 million yuan from institutional investors, while retail investors contributed a net inflow of 1.45 million yuan [2]

Core Viewpoint - Changshu Bank's stock has shown a positive trend with a year-to-date increase of 11.61%, reflecting investor interest and market performance [1][2]. Financial Performance - As of September 30, 2025, Changshu Bank reported operating revenue of 9.052 billion yuan, a year-on-year increase of 8.15% [2]. - The net profit attributable to shareholders reached 3.357 billion yuan, marking a year-on-year growth of 12.82% [2]. Stock Market Activity - On December 18, Changshu Bank's stock price rose by 2.11%, reaching 7.26 yuan per share, with a trading volume of 338 million yuan [1]. - The stock's turnover rate was 1.42%, and the total market capitalization stood at 24.078 billion yuan [1]. - The stock has experienced a net outflow of 13.7116 million yuan from major funds, with significant buying and selling activity noted [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 20.12% to 49,600, while the average number of circulating shares per person decreased by 16.75% to 66,927 shares [2][3]. - The bank has distributed a total of 5.560 billion yuan in dividends since its A-share listing, with 2.622 billion yuan distributed in the last three years [3]. Business Composition - Changshu Bank's main business segments include personal finance (51.80%), corporate finance (28.08%), funding operations (19.34%), and other services (0.78%) [1].

Investment Rating - The report assigns an "Overweight" rating to the banking sector [6] Core Insights - The growth rate of social financing is stabilizing, with a year-on-year increase of 8.5% in November 2025, remaining unchanged from the previous month. Excluding government bonds, the growth rate is 6.0%, which is an increase of 0.1 percentage points from the previous month [6] - New social financing in November amounted to 2.49 trillion yuan, a year-on-year increase of 159.7 billion yuan, primarily supported by corporate bond issuance, while credit and government bonds showed negative growth [6] - The report highlights a trend of short-term borrowing among enterprises, with corporate loans increasing by 610 billion yuan, a year-on-year increase of 360 billion yuan [6][4] Summary by Sections 1. Social Financing Data - In November, the total social financing growth rate was 8.5%, with a new social financing addition of 2.49 trillion yuan, up 159.7 billion yuan year-on-year. The growth rate excluding government bonds was 6.0% [6][2] - Corporate bond financing net increased by 416.9 billion yuan, a year-on-year increase of 178.8 billion yuan, primarily driven by state-owned enterprises [6][4] 2. Credit and Loan Trends - The report indicates a weak increase in credit, with November's RMB loan growth rate at 6.4%, down 0.1 percentage points from the previous month. New loans for the month totaled 390 billion yuan, a year-on-year decrease of 190 billion yuan [6] - Personal loans decreased by 206.3 billion yuan, with short-term loans down by 215.8 billion yuan year-on-year, indicating pressure on both short-term and medium-to-long-term loans [4][6] 3. Deposit Trends - RMB deposit growth rate in November was 7.7%, down 0.3 percentage points from the previous month, with new deposits amounting to 1.41 trillion yuan, a year-on-year decrease of 760 billion yuan [6] - The report notes a slowdown in deposit migration, with corporate deposits increasing by 645.3 billion yuan, a year-on-year decrease of 94.7 billion yuan [6][4] 4. Investment Recommendations - The report suggests focusing on three investment themes: identifying banks with potential for performance growth, emphasizing banks with convertible bond expectations, and continuing dividend strategies [6]

"农商行立足县域和乡村，定位支农支小，重点发力普惠金融。"常熟农商银行人力资源部、培训中 心总经理陈若骁介绍，该行针对小微企业多元需求，通过链接政府、产业、客户资源，帮助企业解决超 越融资的实际问题。这种赋能提升了客户的整体竞争力，也反哺提升了银行的资产质量。目前，常熟农 商银行贷款业务中，1000万元以下贷款占比72%，户数占比达到99.6%，客户数量达到57万户、平均每 户贷款金额为44万元，普惠金融特色鲜明。 12月11日，记者从苏州金融会客厅共建发展大会上获悉，苏州地区法人农商银行总资产规模突破万 亿元。万亿资产规模意味着苏州地区法人农商银行有更强的资金实力支农支小，服务区域经济高质量发 展。 苏州地区的法人农商银行共5家，分别是苏州农商银行、张家港农商银行、常熟农商银行、太仓农 商银行、昆山农商银行。其中，常熟农商银行资产规模最高，超过4000亿元。 ...