Group 1 - The Ministry of Finance, the People's Bank of China, and the Financial Regulatory Administration announced the optimization of the personal consumption loan interest subsidy policy, which has been positively received by major banks [1] - The implementation period for the personal consumption loan interest subsidy policy has been extended to the end of 2026, and restrictions on consumption fields for loans of 50,000 yuan and above have been removed [1] - Several banks, including China Bank and Bank of Communications, have stated that loans with completed subsidy applications will automatically apply the new subsidy policy starting from January 1, 2026, without the need for customers to re-sign subsidy agreements [1] Group 2 - The policy has expanded the range of institutions eligible to process personal consumption loan interest subsidies, including city commercial banks, rural cooperative financial institutions, foreign banks, and consumer finance companies [2] - The optimization of the policy is expected to stimulate consumption in third- and fourth-tier cities and rural areas, which are significant growth points for China's consumption market [2] - Several county-level financial institutions have also announced their participation in the subsidy program, indicating a broader reach of the policy [2]

Core Viewpoint - Industrial Bank's 2025 performance report highlights significant growth in total assets, revenue, and net profit, indicating a shift towards high-quality development and structural optimization [2][27][49]. Group 1: Financial Performance - Total assets reached 11.09 trillion yuan, a year-on-year increase of 5.57% [4][28]. - Operating income was 212.74 billion yuan, showing a slight increase of 0.24% compared to the previous year [3][28]. - Net profit attributable to shareholders was 77.47 billion yuan, reflecting a growth of 0.34% [3][28]. Group 2: Structural Highlights - In Q4 alone, total assets surged by 420.4 billion yuan, accounting for over 72% of the annual increase [4][29]. - Deposits grew by 7.18%, significantly outpacing the loan growth rate of 3.70%, indicating effective low-cost liability expansion [7][32]. - Loans in technology, green finance, and manufacturing sectors exceeded 50% of total loans, demonstrating a successful structural adjustment towards new productive forces [19][44]. Group 3: Risk Management and Asset Quality - The non-performing loan ratio stood at 1.08%, showing a slight increase but significant improvement from 1.25% in 2020 [10][35]. - The provision coverage ratio was 228.41%, maintaining a strong buffer despite a decrease from the previous year [12][37]. - The bank's risk management strategy includes agile teams focusing on key sectors, enhancing overall risk management effectiveness [13][38]. Group 4: Strategic Business and Profitability - The average return on equity (ROE) decreased to 9.15%, down 0.74 percentage points from the previous year, indicating pressure on capital returns [21][46]. - The bank's transformation towards lower capital consumption and stronger value creation is essential for future growth [23][48]. - Overall, the performance can be summarized as "total breakthrough, structural highlights, and profitability pressure," emphasizing the bank's stability and strategic execution capabilities [24][49].

Investment Rating - The investment rating for the company is "Neutral" [4][2] Core Views - The company's revenue growth has turned positive, with a total revenue of 212.7 billion yuan in 2025, reflecting a year-on-year increase of 0.24%. The net profit attributable to shareholders reached 77.5 billion yuan, up 0.34% year-on-year [1][2] - The revenue growth improvement is attributed to two main factors: a narrowing decline in net interest margin leading to an increase in net interest income, and a reduction in the decline of non-interest income, with net commission income turning positive [1][2] - The company's total assets at the end of the period were 11.09 trillion yuan, with total loans amounting to 5.95 trillion yuan, showing growth of 5.57% and 3.70% respectively compared to the beginning of the year [1] Financial Performance Summary - The company reported a net bad loan balance of 64.25 billion yuan at the end of the period, with a non-performing loan ratio of 1.08%, unchanged from the end of September [2] - The provision coverage ratio stood at 228.41%, showing a slight increase from the end of September but a decrease of 9.4 percentage points from the beginning of the year [2] - The forecast for net profit attributable to shareholders for 2025-2027 is 77.6 billion, 80.3 billion, and 84.6 billion yuan respectively, with corresponding year-on-year growth rates of 0.5%, 3.5%, and 5.4% [2][3]

Core Viewpoint - The Chinese government has introduced a new personal consumption loan interest subsidy policy, which aims to enhance consumer spending and stimulate the economy by providing financial incentives through interest subsidies on personal loans and credit card installments [1][3]. Group 1: Policy Implementation - The new subsidy policy will be effective from September 1, 2025, to December 31, 2026, for personal consumption loans, while the credit card installment subsidy period will be from January 1, 2026, to December 31, 2026 [3]. - The policy expands the support scope by including credit card installment payments for the first time, with a subsidy rate of 1% per annum, and removes previous restrictions on consumption areas [3][4]. Group 2: Bank Responses - Major banks such as ICBC, ABC, BOC, CCB, and others have quickly responded by issuing operational guidelines and clarifications regarding the implementation of the subsidy policy [2][3]. - Banks have confirmed that customers who have already signed consumption loan subsidy agreements will automatically benefit from the new policy without needing to re-sign agreements [4][5]. Group 3: Customer Guidance - Customers are required to sign a supplementary agreement for credit card installment subsidies, with each card needing a separate agreement to benefit from the subsidy during the policy period [5][6]. - Banks are advised to streamline the process for customers to access the subsidy, including online application portals and clear communication of interest rates and subsidy limits [6][7]. Group 4: Market Impact - The minimum execution interest rate for consumption loans remains at 3%, but with the subsidy, the effective interest rate for eligible borrowers could potentially drop to the "2% range" [7].

Investment Rating - The investment rating for the company is "Neutral" [4][7]. Core Views - The company's revenue growth has turned positive, with a total revenue of 212.7 billion yuan in 2025, reflecting a year-on-year increase of 0.24%. The net profit attributable to shareholders reached 77.5 billion yuan, up 0.34% year-on-year [1][2]. - The revenue growth improvement is attributed to two main factors: a narrowing decline in net interest margin leading to an increase in net interest income, and a reduction in the decline of non-interest income, with net commission income turning positive [1][2]. - The total assets at the end of the period were 11.09 trillion yuan, with total loans amounting to 5.95 trillion yuan, showing growth of 5.57% and 3.70% respectively compared to the beginning of the year [1]. Financial Performance Summary - The company reported a quarterly revenue growth of 7.3% in Q4, significantly improving from a 1.82% decline in the first three quarters [1]. - The non-performing loan balance was 64.25 billion yuan, with a non-performing loan ratio of 1.08%, remaining stable compared to the previous quarter [2]. - The provision coverage ratio stood at 228.41%, showing a slight increase from the previous quarter [2]. Earnings Forecast and Financial Metrics - The forecast for net profit attributable to shareholders for 2025-2027 is 77.6 billion, 80.3 billion, and 84.6 billion yuan respectively, with corresponding year-on-year growth rates of 0.5%, 3.5%, and 5.4% [2][3]. - The price-to-earnings (PE) ratio for 2025-2027 is projected to be 5.7x, 5.5x, and 5.2x, while the price-to-book (PB) ratio is expected to be 0.51x, 0.48x, and 0.45x [2][3].

2025年，中国银行业整体仍处于盈利增速放缓、资产质量承压、资本约束趋紧的调整周期。在此环境 下，兴业银行的业绩表现呈现出一种结构性张力：一方面，归属于母公司股东净利润微增，每股收益小 幅回落；另一方面，净资产（即归属于母公司普通股股东的所有者权益）规模稳步扩张，资本基础持续 夯实。这种看似矛盾的组合，恰恰揭示了其战略重心的深层转移，从追求短期盈利最大化，转向构建长 期可持续的价值体系。 根据业绩快报，兴业银行2025年营业收入为2,127.41亿元，同比微增0.24%；净利润774.69亿元，增速仅 为0.34%。基本每股收益3.46元，较2024年的3.51元下降1.42%。这一下滑主要受多重因素影响：一是贷 款市场报价利率（LPR）持续下行，银行业净息差普遍承压，利息净收入增长受限；二是归属于母公司 股东的净利润增速显著低于利润总额增速，反映出优先股股息分配及少数股东损益等结构性因素的影 响；三是结合该行近年来强调的资本节约与风险审慎策略，部分高资本消耗业务的有序调整，也可能对 短期收入结构产生一定作用。 然而，与利润指标的疲软形成鲜明对比的是资本实力的增强。截至2025年末，兴业银行归属于母公司普 通 ...

银行人事了解到，兴业银行七家一级分行合规官已定，均由分行行长兼任。 北京分行行长郝超，兼任北京分行合规官；历任兴业银行济南分行副行长，长春分行行长，石家庄分行 行长，南京分行行长，2022年任北京分行行长。 来源：金融人事mini 自2025年12月以来，国内银行配备首席合规官职位明显提速，多由现有高管兼任。 股份行中，兴业银行首席合规官由副行长孙雄鹏兼任；民生银行的由副行长黄红日兼任；平安银行的由 行长助理、首席风险官吴雷鸣兼任。 这一系列动作的背后，源于监管政策指导。2025年3月《金融机构合规管理办法》正式施行，过渡期为 一年，目前已接近尾声。办法明确要求金融机构应在总部设立首席合规官，原则上应在省级分支机构或 者一级分支机构设立合规官，可根据自身经营情况单独设立，也可由高管兼任。 其中，由金融机构行长兼任首席合规官，以及由金融机构省级分支机构或者一级分支机构行长兼任合规 官的，不需要另行取得任职资格许可。比如，南京银行、江苏银行、江阴银行的首席合规官均由行长兼 任。 上海分行行长柯楷，兼任上海分行合规官；曾任兴业银行企业金融业务管理部总经理、人力资源部总经 理，2024年5月任上海分行行长。 南京分行 ...

从资金流向上来看，当日股份制银行板块主力资金净流出9.6亿元，游资资金净流出2.76亿元，散户资金 净流入12.36亿元。股份制银行板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601818 | 光大银行 | 3.38 | 0.60% | 220.24万 | 7.45 Z | | 600016 | 民生银行 | 3.77 | 0.27% | 234.59万 | 8.87亿 | | 601916 | 浙商银行 | 2.96 | 0.00% | 101.89万 | 3.02亿 | | 000001 | 平安银行 | 11.07 | 0.00% | 78.86万 | 8.74亿 | | 600015 | 华夏银行 | 6.44 | -0.92% | 126.87万 | 8.20亿 | | 600036 | 招商银行 | 37.85 | -1.02% | 187.75万 | 71.38亿 | | 600000 | 浦发银行 | 10.63 | -1.02% | 152.98万 ...

光大证券研报指出， 兴业银行25年全年实现营业收入2127亿，同比增长0.2%，实现归母净利润775亿， 同比增长0.3%。营收增速回正，盈利维持小幅正增。公司战略目标清晰，坚持"轻资本、轻资产、高效 率"转型方向，以"1234"战略为核心主线，以数字化转型为增长引擎，赋能"F+G+B+C"端场景生态服务 获客，树牢擦亮"绿色银行、财富银行、投资银行"三张名片，推进"五大新赛道""数字兴业"与"五篇大 文章"有机融合。公司资产端信贷投放保持稳定，负债成本管控使得息差具有相对韧性，同时 财富管 理、投行业务双向发力，中间业务收入增长空间可期。截至1月21日，公司500亿可转债仍有413.5亿未 转股，转股比例较低，最新转股价21.19元，当前股价19.61元，尚未触及转股价，公司经营基本面稳健 向好，未来转债转股可期，有望进一步增厚股本。维持"增持"评级。 ...

| Email：chencheng07@zts.com.cn | | --- | | 基本状况 | | | --- | --- | | 总股本(百万股) | 21,162.86 | | 流通股本(百万股) | 21,162.86 | | 市价(元) | 19.61 | | 市值(百万元) | 415,003.59 | | 流通市值(百万元) | 415,003.59 | 股份制银行Ⅱ 详解兴业银行 2025 业绩快报： 业绩表现持续改善，存贷规模稳步增长 兴业银行（601166.SH） 证券研究报告/公司点评报告 2026 年 01 月 21 日 | 评级： | 增持（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | | 2024A | 2025E | 2026E | 2027E | | 分析师：戴志锋 | | 营业收入（百万元） | 210,245 | | 211,818 | 212,651 | 215,121 | 218,820 | | 执业证书编 ...