Core Viewpoint - The article discusses the investment potential of certain stocks, particularly focusing on banks and utility companies, suggesting that holding these stocks can provide stable returns over time, especially in a bullish market or during a style rotation [1][16]. Group 1: Investment Opportunities - Companies like China Merchants Bank, Industrial Bank, Yangtze Power, and China Mobile are highlighted as potential investments, with the worst-case scenario being the collection of dividends over time [1]. - The current price-to-book (PB) ratio of China Merchants Bank is approximately 0.89, which is historically low, indicating that the opportunity outweighs the risk [3]. - The article suggests that convertible bonds are currently overpriced, and many investors may have forgotten the risks associated with them, as seen in previous years [3][4]. Group 2: Comparisons Between Investment Types - The article contrasts convertible bonds with the mentioned stocks, arguing that the latter lacks investor-friendly features such as buyback options and downwards adjustments [14]. - It is noted that while convertible bonds have protective clauses, many investors are primarily attracted to the potential for price appreciation rather than the guaranteed returns [16]. - The discussion includes the idea that the current low prices of certain stocks may present a buying opportunity, especially as they are core assets that could rebound [16]. Group 3: Market Sentiment and Historical Context - The article reflects on past market behaviors, mentioning that sectors like real estate and liquor have faced significant downturns, which raises concerns about the stability of banks [6][7]. - There is a sentiment that the current market conditions may lead to a rotation in asset classes, suggesting that the undervalued stocks could start to gain traction [16]. - The potential for a bullish market or style rotation is emphasized, indicating that these stocks could experience a rebound in value [16].

本次由国家金融监督管理总局发布的《商业银行并购贷款管理办法》，对2015年版《商业银行并购贷款 风险管理指引》作出了多方面调整。新规将控制型并购贷款占并购交易价款的比例上限提高至70%，期 限最长可达10年；同时明确允许并购贷款可用于置换并购方先期支付的并购价款，但要求贷款首次提款 时间与拟置换的全部并购交易价款支付完成时间间隔不得超过一年。这一调整，有助于商业银行进一步 增强对并购方的融资支持，助力国有企业转型升级和培育新质生产力。 新版《商业银行并购贷款管理办法》于2025年12月31日修订发布，近日重庆市落地首笔符合新规的并购 融资项目，由兴业银行重庆分行成功为重庆市某市属国有企业发放并购贷款5900万元。 转自：新华财经 编辑：穆皓 具体到本次首笔落地业务，兴业银行重庆分行针对重庆市属国有企业的特点，量身定制了符合新规要求 的并购金融服务方案，重点关注企业转型升级和培育新质生产力的需求。通过前中后台协同配合，开辟 绿色审批通道，提高了业务落地效率，体现了该行对并购贷款新规的精准把握和快速执行能力，为后续 类似项目的开展积累了经验。 该笔业务也是兴业银行系统内首笔基于新规完成的存量并购扩盘项目，彰显其在 ...

1月26日金融一线消息，兴业银行发布公告称，自 2025 年度 A 股中期权益分派实施公告前一交易日 （2026 年 1 月 30 日）至本次权益分派股权登记日期间，"兴业转债"将停止转股。股权登记日后的第一 个交易日起，"兴业转债"恢复转股。 | 证券代码:601166 | 证券简称:兴业银行 | 公告编号:临 2026-006 | | --- | --- | --- | | 可转债代码:113052 | | 可转债情称:兴业转债 | 责任编辑：王馨茹 1月26日金融一线消息，兴业银行发布公告称，自 2025 年度 A 股中期权益分派实施公告前一交易日 （2026 年 1 月 30 日）至本次权益分派股权登记日期间，"兴业转债"将停止转股。股权登记日后的第一 个交易日起，"兴业转债"恢复转股。 证券代码:601166 可转债代码:113052 证券简称:兴业银行 公告编号:临 2026-006 可持惯情称:关业转债 | 证券代码 | 证券简称 | 停复牌类型 停牌起始日 | 停牌期间 停牌终止日 复牌日 | | --- | --- | --- | --- | | 113052 | 兴业转债 | 可转债转股停 ...

1月26日，A股市场震荡，顺周期板块强势，截至15:00，银行ETF汇添富（512820）逆势收涨0.37%，终结三连阴，资金持续涌入高股息的银行板块，银行 ETF汇添富（512820）已连续12日吸金超1.3亿元。 | 1分 5分 15分 = | 综合屏 F9 前复权 超级叠加 画线 工具 Q 2 » | 银行ETF汇添 | 1.350 +0.005 +0.37% | 【银行ETF汇添富】2026/01/26 收1.350 幅0.37%(0.005) 开1.343 高1.360 低1.338 四 | 512 | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 7J MA120 1.447J MA250 1.4191 | 2024/11/25-2026/01/26(286日)▼ | SSE CNY 15:00:15 闭市 查看L2全图 | -1.610 | 交生 | -6.70% 120日 ...

Group 1 - The banking sector saw a slight decline of 0.0% on January 26, with Shanghai Pudong Development Bank leading the drop [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] - Major banks in the sector experienced varied performance, with China Merchants Bank rising by 1.39% and Shanghai Pudong Development Bank falling by 1.52% [1] Group 2 - The banking sector experienced a net outflow of 244 million yuan from institutional investors, while retail investors saw a net inflow of 938 million yuan [1] - Specific banks like Minsheng Bank and Huaxia Bank had mixed capital flows, with Minsheng Bank seeing a net inflow of 107 million yuan from institutional investors [1] - The overall trading volume for the banking sector was significant, with China Merchants Bank recording a trading volume of 216.68 million shares [1]

因实施 2025 年度 A 股中期权益分派,兴业银行股份有限公司（以下简称本公 司）的相关证券停复牌情况如下：自 2025 年度 A 股中期权益分派实施公告前一交 易日（2026 年 1 月 30 日）至本次权益分派股权登记日期间，"兴业转债"将停止 转股。股权登记日后的第一个交易日起，"兴业转债"恢复转股。具体停牌终止日 及复牌日详见本公司后续披露的《兴业银行股份有限公司关于根据 2025 年度中期 利润分配方案调整 A 股可转换公司债券转股价格的公告》。 | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 113052 | 兴业转债 | 可转债转股停牌 | 2026/1/30 | | | | 证券代码：601166 证券简称：兴业银行 公告编号：临 2026-006 可转债代码：113052 可转债简称：兴业转债 兴业银行股份有限公司 关于实施 2025 年度 A 股中期权益分派时 "兴业转债"停止转股的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何 ...

按揭客户张先生在2019年在该分行办理了个人二手房贷款，金额90万元，用于购置房产。然而，2025年 张某因患病失业收入骤减，无力按时偿还贷款。兴业银行工作人员为其量身定制了贷款重组方案。通过 延长还款期限、调整还款计划等方式，大幅减轻了其还款压力。 兴业银行济南分行始终把服务客户、履行社会责任作为工作的出发点和落脚点。该分行相关部门负责人 表示，分行将持续秉持"金融为民"的服务理念，通过不断优化贷款重组业务办理流程、优化服务模式、 传递金融温度，为受困客户提供切实可行的解决方案，以实际行动践行社会责任。（林兴南） 编辑：赵鼎 转自：新华财经 近年来，兴业银行济南分行充分发挥金融属性，积极践行"金融为民"的服务理念，通过办理贷款重组业 务，为受困客户提供及时有效的金融支持，切实减轻客户的经济负担。截至2025年末，该分行在临沂累 计为300余户家庭办理了按揭贷款重组，用实际行动诠释了"雪中送炭"的责任担当。 该分行不断优化服务流程，针对不同客户群体的实际需求，提供灵活多样的服务方案。一方面，通过电 话沟通、线上协商等方式，实现贷款重组方案的便利化协商；另一方面，针对部分签署协议困难的客 户，该分行积极与合作公 ...

（文章来源：证券时报网） 数据宝统计，截至14:40，兴业银行成交额35.56亿元，创2025年6月16日以来新高。最新股价下跌 0.99%，换手率0.88%。上一交易日该股全天成交额为32.90亿元。（数据宝） ...

Investment Rating - The report maintains an "Overweight" rating for the securities and banking sectors, while also recommending the insurance sector [8]. Core Insights - The market remains active with an average daily trading volume of 28 trillion yuan in A-shares, and the financing balance stabilizing at 2.7 trillion yuan. However, the ETF market has experienced significant volatility, with major outflows from core broad-based ETFs [11][16]. - The sentiment for market bullishness is strong, and the spring rally is expected to continue, particularly in the insurance sector where beta trading opportunities are anticipated [2][26]. - The central bank's governor indicated that there is still room for interest rate cuts, with the latest Loan Prime Rate (LPR) remaining unchanged for eight consecutive months [11][32]. Securities Sector Summary - The report highlights a positive outlook for the securities sector, with several brokerages reporting significant profit growth for 2025. The recommendation includes top brokerages such as CITIC Securities, Guotai Junan, and GF Securities [2][12]. - The average daily trading volume in the A-share market is noted at 28 trillion yuan, with a stable financing balance, indicating a recovery opportunity for the brokerage sector [11][12]. Insurance Sector Summary - The report suggests focusing on quality leading companies in the insurance sector, as the market sentiment remains strong and the spring rally is expected to continue [26][27]. - The insurance sector's fund holdings have increased, with major stocks like Ping An and China Life being highlighted for their significant market presence [27][31]. Banking Sector Summary - The banking sector is characterized by stable performance, with several banks reporting positive earnings forecasts for 2025. The report recommends quality individual stocks such as Nanjing Bank and Chengdu Bank [3][40]. - The central bank's comments on potential interest rate cuts and the expansion of wealth management products indicate a favorable environment for banks [32][33]. - The report notes a decline in bond allocations within bank wealth management products, with an increase in deposits and funds [37][34].

Investment Rating - The report maintains a "Strong Buy" rating for Ningbo Bank and Industrial Bank, expecting their stock prices to outperform the CSI 300 Index by over 20% within the next six months [38]. Core Insights - The People's Bank of China (PBOC) Governor Pan Gongsheng indicated that there is still room for interest rate cuts and reserve requirement ratio (RRR) reductions, with a commitment to continue a moderately loose monetary policy in 2026 [9][10]. - Ningbo Bank reported a year-on-year revenue growth of 8.01% and a net profit growth of 8.13% for 2025, with significant increases in intermediary business income by 30.72% and total assets growing by 16.11% [12]. - Industrial Bank's revenue and net profit showed slight increases of 0.24% and 0.34% respectively, with total assets surpassing 11 trillion yuan and a stable non-performing loan (NPL) ratio of 1.08% [12][13]. - The report highlights a recovery in bank holdings by active management funds, with a slight increase in the proportion of bank sector holdings to 1.06%, indicating potential for further investment [22]. Summary by Sections Monetary Policy - Pan Gongsheng emphasized the need for a flexible and effective use of monetary policy tools, including interest rate cuts and RRR reductions, to ensure liquidity remains ample and aligns with economic growth expectations [9][10]. Bank Performance - Ningbo Bank's strong performance is characterized by a low NPL ratio of 0.76% and a high provision coverage ratio of 373%, indicating robust risk management [12]. - Industrial Bank's performance is stable, with a focus on maintaining asset quality and a solid provision coverage ratio of 228% [12][13]. Market Trends - The banking sector saw a slight increase in active fund holdings, suggesting a potential recovery in investor confidence and interest in bank stocks [22]. - The report notes that the banking, securities, insurance, and fintech indices experienced declines, with the banking index down by 2.70% [23].