（来源：宁夏金融工作） 2026年是闽宁协作三十周年，为准确把握宁夏经济发展重大战略机遇，积极做好福建金融机构在宁服务工作，切实推动闽宁金融协作更加精准、更有实 效，1月27日，兴业银行银川分行与兴业研究在银川联合举办"金融赋能 质兴塞上"——兴业银行助力宁夏高质量发展暨2026年"兴研说·每月星光"走进宁夏 活动。区市两级金融办、国资委、工业和信息化厅（局）、农业农村厅（局）等政府部门相关领导，多家区市属重点国企负责人，兴业银行银川分行、兴 业研究相关负责人和百余家企业客户代表参与本次活动。 兴业银行银川分行党委书记、行长傅健，兴业研究党委书记、院长刘健为活动致辞。兴业银行首席经济学家、兴业研究学术评审委员会主席鲁政委发表主 旨演讲。 傅健表示，自2017年扎根宁夏以来，兴业银行银川分行始终把自身发展深深融入这片热土，用具体实践回应着宁夏高质量发展的需求。近两年，面对内外 部形势，分行按照"挺进主战场、做主流业务"的工作思路，围绕金融"五篇大文章"，持续深化"区域+行业"经营，聚焦区内优势行业、重点产业，细化客 户建设和资产构建主攻方向，以培育壮大核心客户、机构客户为重点，加强客户建设和大类资产项目储备，持 ...

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Core Viewpoint - The recent surge in trading demand for gold accumulation products has overwhelmed the banking system's capacity, leading to transaction failures and delays, which are attributed to operational issues rather than systemic market risks [1][5][6]. Group 1: Trading Demand and Market Behavior - There has been a significant increase in trading activity for gold accumulation products, driven by fluctuations in gold prices, which has exceeded the banks' operational capabilities [1][6]. - Investors have reported difficulties in executing trades during periods of high demand, with many experiencing failed transactions and system overloads [5][6]. - The current trading frenzy is characterized by a mix of speculative behavior and a lack of available trading platforms, leading to frustration among investors [4][5]. Group 2: Bank Responses and Policy Adjustments - Several banks have raised the minimum purchase amounts for gold accumulation products in response to the increased trading volume and associated risks [7][8]. - Banks are likely to implement stricter trading limits, adjust transaction fees, and enhance their product offerings to manage the surge in demand and mitigate risks [6][9]. - Risk assessment requirements for investors have been tightened, with banks now requiring a risk tolerance evaluation before allowing participation in gold accumulation activities [8][9]. Group 3: Future Outlook and Recommendations - Analysts predict that the growth rate of gold accumulation products will slow down, shifting the focus from scale to quality in the industry [9]. - There is a call for improved risk education and information disclosure from banks to help investors make informed decisions based on their risk tolerance [9]. - The market is expected to evolve towards more standardized and differentiated products, potentially including structured products linked to gold for various risk profiles [9].

证券研究报告 银行业月报 ——行业盈利温和修复，关注优质区域行 银行行业 强于大市（维持） 证券分析师 袁喆奇 投资咨询资格编号：S1060520080003 研究助理 李灵琇 一般证券业务编号：S1060124070021 2026年2月4日 请务必阅读正文后免责条款 核心摘要 注：全文所指银行指数均为银行（中信）指数 2 行业核心观点：资金结构深刻变化，顺势而为重配置轻交易。资金流向的变化是推动板块估值修复中不可忽视的力量，一方面被动指数的持续扩容带来了稳定的资 金流入，板块高权重的特征仍将持续推动资金的流入，一方面银行板块低波高红利的特征更易获得险资等中长期资金的青睐，目前板块平均股息率达到4.50%，结 合监管一系列引导中长期资金入市的措施，预计板块的股息配置价值吸引力仍将持续。个股维度，我们结合股息和潜在增量中长期资金流入空间，看好A股股份行 板块以及部分优质区域行（成都、江苏、上海、苏州、长沙），同时关注更具股息优势的港股大行配置机会。 25年度快报综述：营收盈利回暖，资产质量稳中有进。营收盈利回暖，资产质量稳中有进。截至1月末，共10家银行披露2025年度业绩快报，大部分银行营收盈利 同比增速均 ...

Group 1 - The banking sector saw an increase of 1.51% on February 4, with China Merchants Bank leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] - Key stocks in the banking sector showed various performance metrics, with China Merchants Bank closing at 39.01, up 1.85%, and CITIC Bank at 7.35, up 1.66% [1] Group 2 - The banking sector experienced a net inflow of 1.133 billion yuan from main funds, while retail and speculative funds saw net outflows of 0.351 billion yuan and 0.782 billion yuan, respectively [1] - Major banks like China Merchants Bank and Industrial Bank had significant net inflows of 1.642 billion yuan and 0.322 billion yuan, respectively, indicating strong institutional interest [1] - In contrast, banks like Everbright Bank and CITIC Bank faced net outflows of 0.549 billion yuan and 0.239 million yuan, reflecting weaker retail sentiment [1]

Group 1 - The core point of the article highlights the performance of the HuShen 300 Growth ETF managed by Huaxia Fund Management, which has seen a return of 28.50% since its inception on September 5, 2023, and a return of 3.61% over the past month [1][1][1] - As of the midday close on February 4, the HuShen 300 Growth ETF (159523) decreased by 0.31%, with a trading volume of 2.2597 million yuan [1][1][1] - The top holdings of the ETF include companies such as CATL, which rose by 1.58%, Kweichow Moutai, which increased by 2.01%, and Zijin Mining, which saw a slight increase of 0.05% [1][1][1] Group 2 - Other notable stock performances within the ETF include Sunlight Power, which fell by 0.27%, Haiguang Information, which dropped by 3.51%, and Heng Rui Pharmaceutical, which decreased by 2.14% [1][1][1] - The ETF's performance benchmark is the CSI Select 300 Growth Innovation Strategy Index return rate [1][1][1] - The fund manager is Zhao Zongting, indicating a specific leadership in the management of the ETF [1][1][1]

Core Viewpoint - Industrial Bank announced adjustments to its gold accumulation business in response to regulatory requirements and market changes, effective February 4, 2026, increasing the minimum purchase amount for certain transactions [1]. Group 1: Business Adjustments - The minimum purchase amount for single purchases and new regular investment plans will increase from RMB 1,200 to RMB 1,400 for monetary transactions, while the minimum for weight-based transactions remains at 1 gram [1]. - Existing regular investment plans will continue as originally set, unaffected by the new minimum purchase amount; however, modifications to these plans must comply with the new limits [1]. Group 2: Market Conditions - The bank noted significant fluctuations in precious metal prices due to multiple factors, prompting a recommendation for customers to stay informed about market trends and adjust their investment strategies accordingly [1]. - Customers are advised to consider their financial situation and risk tolerance when making investment decisions, emphasizing the importance of risk awareness and cautious decision-making [1].

Core Viewpoint - The A-share market experienced significant declines in various sectors, particularly in metals and banks, with a notable focus on bank stocks as a safe haven amid volatility in precious metals prices [1][3][4]. Group 1: Market Performance - On February 2, A-share non-ferrous metals led the decline with a drop of 7.62%, while steel, chemicals, coal, and oil and gas sectors also fell over 5% [1]. - The Shanghai Composite Index closed down 2.48%, with over 4,600 stocks declining and a trading volume of approximately 2.61 trillion yuan, a decrease of nearly 250 billion yuan from the previous trading day [3][4]. - The banking sector showed resilience, with certain banks like Citic Bank and Shanghai Bank posting gains of 2.64% and 1.62%, respectively, amidst the overall market downturn [4]. Group 2: Bank Sector Analysis - The banking sector has seen a significant correction, with the China Securities Bank Index dropping 6.76% as of January 30, with major banks like Pudong Development Bank and Agricultural Bank of China experiencing declines of 19.29% and 12.5%, respectively [4][5]. - Analysts believe that the peak of fund outflows from the banking sector has passed, with the sector's valuation becoming more attractive, as the median price-to-book (PB) ratio is around 0.57 and the median dividend yield has risen to over 4.5% [5][6]. - Recent reports indicate that passive fund outflows have been a major factor in the banking sector's recent adjustments, but the selling pressure is expected to diminish, allowing for potential recovery in bank stock prices [6][7]. Group 3: Institutional Insights - Institutions are starting to show interest in bank stocks, with reports indicating that active funds had reduced their holdings in bank stocks by 1.3 billion shares by the end of the fourth quarter [7]. - Several regional banks have announced stock buyback plans, which have been positively received by the market, reinforcing confidence in the banking sector's fundamentals [7].

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report provides a comprehensive analysis of 163 regional banks in Zhejiang Province, highlighting their asset and liability structures, profitability, and asset quality [6][20] - The asset growth rate for major city commercial banks in Zhejiang is 9.4%, which is lower than the 14.2% growth rate of listed city commercial banks, while major rural commercial banks show an asset growth rate of 8.0%, exceeding the 6.7% growth rate of listed rural commercial banks [6][25] - The report indicates that the loan-to-asset ratio for city commercial banks is projected to reach 55.5% in 2024, an increase of 95 basis points year-on-year, while rural commercial banks will see a decrease to 59.3%, down 19 basis points [31] - Profitability metrics show that the average Return on Assets (ROA) for city commercial banks in Zhejiang is 0.78%, slightly above the average of listed city commercial banks, while rural commercial banks have an average ROA of 0.82%, which is below the average of listed rural commercial banks [6][31] - The asset quality of regional banks in Zhejiang is reported to be better than that of listed banks, with non-performing loan ratios lower by 16 basis points for city commercial banks and 9 basis points for rural commercial banks compared to their listed counterparts [6][31] Summary by Sections Section 1: Economic Structure of Zhejiang Province - Zhejiang Province is focused on high-quality development and aims to become a model for common prosperity [13] - The province's GDP is heavily concentrated in cities like Hangzhou, Ningbo, and Wenzhou, with Hangzhou accounting for 24.3% of the total GDP in 2025 [15] Section 2: Overview of 163 Regional Banks - The report categorizes the banks into city commercial banks, rural banks, and others, with a total of 163 banks in the region [20] - The distribution of registered capital among these banks is relatively balanced, with 63 banks having over 500 million yuan in registered capital [22] Section 3: Asset and Liability Structure - The asset growth of major city and rural commercial banks has been declining since 2019, with city banks showing a growth rate of 9.4% in the first half of 2025 [25] - The liability structure indicates that customer deposits account for 77.5% of liabilities for city commercial banks, which is higher than the 66.2% for listed city banks [44] Section 4: Profitability and Asset Quality - The average ROE for city commercial banks in Zhejiang is 11.98%, slightly lower than the average of listed city banks [6][31] - The report highlights that the non-performing loan ratio for city commercial banks is lower than that of listed banks, indicating better asset quality [6][31]

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！ 来源：财通社 昨天，国家金融监督管理总局大连监管局（下称"大连金融监管局"）披露了一份行政处罚信息公开表， 兴业银行（601166.SH）大连分行多名责任人因信贷业务问题被追责。 从披露内容看，这是一轮涉及分行管理层与一线客户经理的系统性问责。 具体来看，时任兴业银行大连分行信用审查部总经理高亮，因并购贷款发放和管理不审慎、低风险业务 授信管理不到位、个人经营性贷款管理不到位，被监管部门给予警告。 时任兴业银行大连星海支行行长、大连西安路支行行长的柏贵俊，则因低风险业务授信管理不到位、个 人经营性贷款管理不到位，被警告并罚款5万元。 更为严厉的处罚，落在了一线信贷人员身上。 时任兴业银行大连分行客户经理的王俊、刘宁、吴越、张林，均因贷款业务管理不尽职，被处以三年内 禁止从事银行业工作的行政处罚。 这意味着，此次处罚共涉及6名责任人，其中4人被直接"清出"银行业三年。 01 同一天两家分行被罚 公开资料显示，兴业银行成立于1988年8月，是国内首批股份制商业银行之一，总部位于福建福州， 2007年2月在上交所上市。 此次被罚的兴业银行大连 ...