Group 1 - The core viewpoint emphasizes the deep integration of technology and industry, showcasing advancements in various sectors such as server virtualization, autonomous logistics, clean technology, and aerospace commercialization, contributing to high-quality development and technological self-reliance [1][5]. Group 2 - The program "New Forces in Venture Capital" produced by Industrial Bank, in collaboration with Southeast TV and Haixia TV, focuses on the importance of technological innovation, inviting experts from various fields to discuss the practices of benchmark enterprises in technology breakthroughs and industrial ecosystem construction [3][9]. Group 3 - The "14th Five-Year Plan" suggests accelerating high-level technological self-reliance, with innovative enterprises being key players in overcoming critical technological challenges and ensuring industrial chain security [5]. Group 4 - Challenges such as funding shortages, resource dispersion, and market validation difficulties hinder the transformation of innovative results into industrial applications, necessitating systemic support from financial services and innovation ecosystems [7]. Group 5 - The program will explore new sectors like artificial intelligence, advanced manufacturing, smart energy, optoelectronic materials, and aerospace technology, featuring visits to representative innovative enterprises and discussions with industry experts [11]. Group 6 - The "Xinghuo Technology Support Package" segment of the program offers tailored financial service solutions from Industrial Bank based on the growth needs of enterprises, aiming to provide precise financial support [13]. Group 7 - Industrial Bank aims to enhance its role in supporting technological innovation and high-quality development through the "Xinghuo Technology" brand service, with significant investments in traditional and emerging industries, targeting over 60 billion yuan by the end of 2025 [13]. Group 8 - The program "New Forces in Venture Capital" will air weekly, starting January 23, on various platforms, aiming to showcase the new momentum of technological innovation and its impact on economic vitality [14].

截至报告期末，该行不良贷款余额642.51亿元，较上年末增加27.74亿元；不良贷款率1.08%，较上年末上升0.01个百分 点；拨备覆盖率228.41%，继续保持较高水平。 （兴业银行） 1月21日，兴业银行发布2025年业绩快报。业绩快报显示，报告期内，兴业银行实现营业收入2,127.41亿元，同比增长 0.24%；利润总额899.73亿元，同比增长3.27%；归属于母公司股东的净利润774.69亿元，同比增长0.34%。 截至报告期末，兴业银行资产总额11.09万亿元，较上年末增长5.57%，其中各项贷款余额5.95万亿元，较上年末增长 3.70%；负债总额10.18万亿元，较上年末增长5.88%，其中各项存款余额5.93万亿元，较上年末增长7.18%。 ...

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies, with Zijin Mining, BAIC Blue Valley, and Huqin Technology leading the rankings with target price increases of 65.69%, 40.29%, and 39.15% respectively, across the industrial metals, passenger vehicles, and consumer electronics sectors [1][2]. Group 2 - On January 22, a total of 24 listed companies received recommendations from securities firms, with Lihigh Food receiving 2 recommendations, while companies like Baolong Oriental and BAIC Blue Valley received 1 recommendation each [4]. - The companies that received first-time coverage on January 22 include BAIC Blue Valley with a "Buy" rating from Guotai Junan Securities, Yanzhou Coal with an "Outperform" rating from Guosen Securities, Hezhu Intelligent with a "Buy" rating from Huayuan Securities, and Jiachih Technology with a "Buy" rating from Kaiyuan Securities [5][6].

1月20日，《Brand Finance 2026年全球品牌价值500强榜单报告》在瑞士达沃斯正式发布。 具体来看，此次有多家银行进入上述榜单，包括工商银行、建设银行、中国银行、农业银 行、招商银行、中信银行、邮储银行、交通银行、浦发银行、兴业银行、民生银行、光大银 行等。与2025年榜单相比，光大银行排名下滑最多，降71个名次至461位；其次是民生银 行，降60个名次至404位。 此外，另有中国平安、中国人寿、中国人保、太平洋保险、友邦保险、保诚保险、国泰人寿 7家中国保险公司上榜。其中，保诚保险排名下滑明显，较上年排位下降117个名次。 | 排名变化 | 2026年排名 | 2025年排名 | 银行名称 | 工商银行 | 12 | 13 | 11 | | --- | --- | --- | --- | --- | --- | --- | --- | | 建设银行 | 1 d | I d | 1 | 12 | 中国银行 | 17 | 19 | | 农业银行 | 19 | J3 | 16 | 招商银行 | 74 | 69 | 1 5 | | 中信银行 | 126 | 128 | V2 | 邮储银行 | 134 ...

消费贷贴息政策持续加码！1月20日，财政部、中国人民银行、金融监管总局三部门联合印发通知，明 确优化实施个人消费贷款财政贴息政策。新政发布后，多家银行迅速响应，密集发布实操细则与答疑指 引，部分机构同步开启信用卡分期贴息补申请通道，确保政策红利快速落地。 1月22日，北京商报记者梳理发现，目前已有工商银行、农业银行、中国银行、建设银行、交通银行、 邮储银行、招商银行、浦发银行、民生银行、兴业银行、平安银行等多家机构发文，对相关贴息服务落 地安排进行介绍和答疑。 从贴息期限来看，个人消费贷款贴息周期为2025年9月1日至2026年12月31日；信用卡账单分期贴息期则 为2026年1月1日至12月31日。 支持范围的扩容更是此次新政的核心亮点。新政首次将信用卡账单分期纳入贴息范畴，执行1个百分点 的年贴息比例；同时全面取消原政策中对消费领域的限制性条款。 针对具体业务操作，多家银行明确，在此前已签订消费贷款贴息服务协议的客户无需重新签署。工商银 行表示，对于2025年已签订个人消费贷款贴息协议的客户，将自动适用最新财政贴息政策(包括个人消 费贷款与信用卡账单分期)，无需重新签订协议；中国银行称，为最大程度便利客户 ...

Group 1: Commercial Aerospace - The Chinese commercial aerospace sector is entering a new phase aimed at large-scale launches and commercial closed-loop systems, with significant breakthroughs expected in rocket capacity over the next 3 to 5 years [1] - By 2025, China's commercial aerospace is projected to complete 50 launches, accounting for 54% of total space launches, with 25 commercial rockets launched and 311 commercial satellites in orbit, representing 84% of total satellites [1] - The capital market for commercial aerospace companies is accelerating, with several leading firms preparing for IPOs, including Blue Arrow Aerospace and Zhongke Aerospace [1] Group 2: Public Fund Performance - The latest public fund reports reveal that the top ten holdings include companies like Zhongji Xuchuang, Ningde Times, and Tencent, with notable increases in holdings for companies like Zhongji Xuchuang, which saw an increase of 22.602 billion yuan [2] - The automotive industry is facing cost pressures due to rising prices of memory chips and metals, impacting supply chain dynamics and competition [2] Group 3: Biopharmaceutical Industry - Over 50 biopharmaceutical companies have disclosed their 2025 performance forecasts, with nearly 50% showing positive expectations, particularly in the CXO sector, where WuXi AppTec anticipates a revenue increase of approximately 15.84% [3] - The biopharmaceutical industry is expected to enter a new phase of high-quality development as structural reforms and supportive policies continue to evolve [3] Group 4: Fundraising and Market Trends - The public fund market has seen a resurgence, with several equity funds raising over 7 billion yuan, indicating a positive trend in active equity fund performance [4] - The Shanghai Suiruan Technology Co., Ltd. has received approval for its IPO, aiming to raise 6 billion yuan for product development and business expansion [5] Group 5: Aluminum Market - The aluminum market has shown strong performance, with prices rising over 12% since mid-December 2025, supported by favorable macroeconomic conditions and demand for aluminum in various applications [6] - The copper-aluminum price ratio exceeding 4 suggests a potential shift towards aluminum in sectors like air conditioning, indicating new demand growth [6] Group 6: Banking Sector - Five listed banks have reported a year-on-year increase in net profit for 2025, with improvements in non-performing loan ratios for three banks [9] - The banking sector is expected to maintain stable performance, supported by improved funding costs and a potential stabilization of net interest margins [9] Group 7: Chemical Industry - The chemical industry is experiencing positive performance, with over 60% of companies reporting improved earnings, driven by rising prices of certain chemical products [10] - The DOP market is expected to maintain upward momentum due to strong raw material prices and limited supply, indicating a stable support for pricing [10]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 2025年末，兴业银行总资产、贷款、非信贷类资产同比增速分别为5.6%、3.7%、7.8%，增速较3Q25末分 别变动+2、-0.6、+5.3pct，规模扩张进一步提速，贷款投放相对平稳。年末公司资产规模突破11万亿关 口，贷款规模增至5.95万亿，其中科技金融贷款突破1.12万亿、绿色贷款达1.1万亿、制造业贷款近万亿规 模，"五大新赛道"业务布局深化。 存款稳步增长，负债稳定性增强 2025年末，兴业银行总负债、存款、市场类负债同比增速分别为5.9%、7.2%、4.1%，分别较3Q末变动 +2.2、-0.4、+5.8pct，年末存款占负债比重58.2%，较年初提升0.7pct，负债端稳定性增强。公司持续拓展 低成本负债，后续伴随存 ...

Macro - The risk of a government shutdown in the U.S. is considered lower than in 2025, with six departmental budgets already passed and preliminary consensus on the remaining six [5] - The Trump administration's pressure on pharmaceutical companies to lower prices has alleviated urgent healthcare disputes, reducing the likelihood of a political standoff [5] - The current administration is focusing more on foreign issues, suggesting a preference for stability in domestic matters to avoid dual fronts [5] Machinery Manufacturing - In December 2025, the sales of excavators in China reached 235,257 units, a year-on-year increase of 17.0%, with domestic sales at 118,518 units, up 17.9% [5] - Non-excavator machinery sales showed significant recovery, with loader sales up 17.6%, grader sales up 70.5%, truck crane sales up 39.1%, crawler crane sales up 95.5%, and truck-mounted crane sales up 36.7% [5] Food and Beverage - Junlebao, starting from yogurt, launched its first infant formula in 2014, followed by the "Jianchun" brand in 2017 and the high-end fresh milk brand "Yuexianhuo" in 2020 [6] - "Jianchun" became the top brand in low-temperature yogurt by retail sales in China starting in 2022, while "Yuexianhuo" is projected to reach an income of 1.88 billion in 2024, becoming a leading high-end fresh milk brand [6] Pharmaceuticals - The AI healthcare sector is expanding, with companies developing AI products and services across various segments, including health management, precision medicine, digital clinical trials, and drug development [8] - The investment logic in AI healthcare is centered on "data closed-loop" and "scene necessity," driven by cost control in healthcare and technological advancements [8] - Future competition will hinge on possessing exclusive, high-quality private data and the ability to achieve continuous data iteration through business scenarios [8] Banking - Industrial Bank reported a revenue of 212.7 billion for 2025, a year-on-year increase of 0.2%, and a net profit of 77.5 billion, up 0.3% [9] - The bank's revenue growth has returned to positive territory, with stable asset expansion and deepening layouts in five new sectors [9] - Deposits are steadily increasing, enhancing liability stability, while the non-performing loan ratio remains low, indicating strong risk compensation capabilities [9]

浦发银行是首家公布2025年度业绩快报的A股上市银行。2025年，该行实现营收1739.64亿元，同比增长 1.88%；实现归属于母公司股东的净利润500.17亿元，同比增长10.52%。中信银行、兴业银行同期营业 收入分别为2124.75亿元、2127.41亿元；实现归母净利润分别为706.18亿元、774.69亿元，同比增长 2.98%和0.34%。 宁波银行、苏农银行分别是上市城商行、上市农商行中率先公布2025年度业绩数据的银行。2025年，两 家银行的经营效益保持良好，营收、归母净利润均实现双增长。其中，宁波银行营收为719.68亿元，同 比增长8.01%，归母净利润同比增长8.13%至293.33亿元；苏农银行营收为41.91亿元，同比增长0.41%， 归母净利润同比增长5.04%至20.43亿元。 宁波银行还披露了具体的营收结构。其中，利息净收入531.61亿元，同比增长10.77%，实现较快增长； 手续费及佣金净收入60.85亿元，同比增长30.72%，轻资本业务增长势头良好。 5家上市银行的资产规模均稳步增长。截至2025年末，浦发银行、中信银行总资产双双突破10万亿元， 分别为10.08万 ...

招联首席研究员董希淼在接受记者采访时表示，三、四线城市和县域消费是我国消费市场的重要增长 点。此次政策优化后，将引导和激励中小金融机构加快落实个人消费贷款贴息政策，进一步支持居民扩 大消费，提升消费意愿和消费能力。 记者注意到，上述发布相关公告的银行中就有不少县域金融机构的身影。例如，长兴农商行1月22日在 微信公众号发布海报，内容为"长兴农商银行个人消费贷款贴息政策来了"。同日，嘉善农商行、海宁农 商行公告称，将对符合条件的个人消费贷款及信用卡账单分期客户提供财政贴息支持。 此外，中国银行、交通银行等部分银行表示，为最大程度便利客户，已完成贴息申请的贷款无需重新签 署贴息协议，2026年1月1日起发生的消费交易，将自动适用最新财政贴息政策。 建设银行等部分银行表示，个人消费贷款客户未能被系统自动识别的消费交易，客户可在手机银行上传 发票等消费凭证申请人工识别。 值得一提的是，此次政策还增加了个人消费贷款财政贴息的经办机构。各省级财政部门会同当地相关部 门制定属地个人消费贷款贴息政策，将监管评级在3A及以上的城市商业银行、农村合作金融机构、外 资银行、消费金融公司、汽车金融公司等纳入属地贴息政策经办机构范围， ...