兴业银行南京分行副行长张健华先生代表赛区组委会致开场辞，银行数字化转型既是服务实体经济高质 量发展的必然路径，更是构建"第二增长曲线"的必然选择。作为数字中国建设峰会的核心赛事，"兴火· 燎原"创新马拉松公开赛始终以凝聚社会各界创新力量为己任，持续搭建优质交流平台，有力地促进了 银政企、产学研深度融合，为创新成果从理念走向落地筑牢桥梁。同时，他寄语全体参赛团队，秉持初 心、全力以赴、赛出专业风采、赛出创新实力。 决赛现场氛围热烈而紧张，决赛各团队以清晰的思路、专业的表达，全面阐述项目的创新亮点、核心优 势、应用场景及市场价值，涵盖新技术应用、智能营销、科技金融、智慧运营、数字风控等多个核心领 域，一个个兼具前瞻性与实用性的创新方案，赢得了现场评委与观众的高度关注。评审团则本着公平、 公正、专业的原则，围绕项目核心痛点、技术可行性、落地潜力等关键维度精准提问、细致点评，既为 参赛项目优化提供了宝贵建议，也为后续成果转化指明了方向。 经过多轮激烈角逐与评审团专业研判，大赛最终评选出一等奖、二等奖、三等奖及优秀奖多个荣誉奖 项。其中《东方财富Choice五篇大文章企业智能识别及全天候监测系统》《需求分析AI平台-软 ...

Core Viewpoint - Industrial Bank disclosed its preliminary performance report for 2025, showing positive growth in both revenue and profit. The operating income increased by 0.24% year-on-year, with a growth rate rebound of 2.1 percentage points compared to the first three quarters of 2025. The net profit attributable to shareholders grew by 0.3% year-on-year, with a growth rate rebound of 0.2 percentage points compared to the first three quarters of 2025. In Q4 2025, operating income increased by 7.3% year-on-year, with a significant growth rate rebound of 8.1 percentage points compared to Q3 2025, and net profit attributable to shareholders increased by 1.3% year-on-year, with a growth rate rebound of 1.4 percentage points compared to Q3 2025 [1]. Group 1: Financial Performance - In 2025, total assets and total loans increased by 5.6% and 3.7% year-on-year, respectively, with growth rates changing by +2.0 percentage points and -0.6 percentage points compared to the first three quarters of 2025. Total assets exceeded 11 trillion yuan [2]. - In Q4, the increase in assets primarily came from non-credit assets, with total loan scale decreasing by 41 billion yuan in a single quarter, a year-on-year decline of 36 billion yuan. Non-credit asset scale increased by 461.5 billion yuan, a year-on-year increase of 256 billion yuan [2]. - The credit structure is continuously optimized, with technology finance loans exceeding 1.12 trillion yuan (over 18.8% of total loans), green finance loans reaching 1.1 trillion yuan (approximately 18.5% of total loans), and manufacturing loans nearing 1 trillion yuan (approximately 16.8% of total loans), all leading among joint-stock banks [2]. Group 2: Asset Quality and Risk Management - The total liabilities at the end of 2025 increased by 5.9% year-on-year, with a growth rate improvement of 2.2 percentage points compared to the first three quarters of 2025. Total deposits increased by 7.2% year-on-year, with a growth rate decline of 0.4 percentage points compared to the first three quarters of 2025 [2]. - The increase in liabilities in Q4 mainly came from active liabilities, with total deposit scale growing by 94.8 billion yuan in a single quarter, a year-on-year decrease of 12.5 billion yuan. Active liabilities increased by 314 billion yuan, a year-on-year increase of 234.9 billion yuan [2]. - The asset quality remains strong, with a non-performing loan ratio of 1.08%, unchanged from the previous quarter. The provision coverage ratio is 228.41%, an increase of 0.60 percentage points from the end of Q3 2025. The provision-to-loan ratio is 2.47%, up 1 basis point from the end of Q3 2025. Risks in the three major areas of real estate, local government platforms, and credit cards are showing signs of convergence [2]. Group 3: Shareholder Returns - On January 20, the company held a temporary shareholders' meeting and approved an interim dividend, proposing to distribute a cash dividend of 5.65 yuan (pre-tax) for every 10 shares to all ordinary shareholders, with an expected total cash dividend of 11.957 billion yuan. Based on the net profit attributable to ordinary shareholders of 39.827 billion yuan disclosed in the 2025 semi-annual report, the interim dividend ratio is estimated to be 30.02% [3]. - Profit forecasts for 2026 and 2027 project net profit growth rates of 3.12% and 4.83%, respectively, with earnings per share (EPS) of 3.58 and 3.77 yuan per share. The current stock price corresponds to price-to-earnings (PE) ratios of 5.47X and 5.21X for 2025 and 2026, respectively, and price-to-book (PB) ratios of 0.49X and 0.46X for 2026 and 2027, respectively. Considering historical PB valuation and fundamental conditions, the company is given a reasonable value of 22.99 yuan per share at 0.60 times PB [3].

【#兴业银行总资产破11万亿元#】2026年1月21日晚间，兴业银行发布2025年业绩快报。截至2025年年 末，该行总资产突破11万亿元达11.09万亿元，较2024年年末增长5.57%；实现营业收入2127.41亿元， 同比增长0.24%；利润总额899.73亿元，同比增长3.27%；归属母公司股东的净利润为774.69亿元，同比 增长0.34%。 截至2025年年末，该行各项贷款余额较2024年年末增长3.70%至5.95万亿元，其中科技金融贷款突破 1.12万亿元、绿色金融贷款达到1.1万亿元、制造业贷款接近万亿元；各项存款余额较2024年年末增长 7.18%至5.93万亿元。 1月20日，兴业银行股东会通过中期分红议案，将向全体普通股股东派发现金股利人民币5.65元（每10 股，税前），预计派发现金股利119.57亿元。#兴业银行 sh601166[股票]# 中经记者 慈玉鹏 北京报道 ...

Investment Rating - The report provides a "Buy" rating for all major banks analyzed, indicating a positive outlook for the banking sector [7]. Core Insights - The digital renminbi has entered its 2.0 era, transitioning from a central bank liability (M0) to a commercial bank liability (M1), allowing it to earn interest and be included in deposit insurance and reserve requirements [6][14]. - This transformation positions China as the first economy to offer interest on its central bank digital currency (CBDC), fundamentally altering its monetary attributes and creating a new financial paradigm in the digital economy [27]. - The digital renminbi's interest-bearing feature enhances user motivation to hold it, shifting its perception from a mere payment tool to a viable store of value, thus promoting its integration into everyday financial activities [27][28]. Summary by Sections 1. Digital Renminbi 2.0 Era - The digital renminbi (e-CNY) is now classified as a digital deposit currency, which can earn interest and is managed under a new regulatory framework [14]. - Major state-owned banks have begun offering interest on digital renminbi wallet balances, marking a significant shift in its utility and appeal [14][27]. 2. Development Progress and Application Status - The development of the digital renminbi began in 2014, with significant milestones including pilot tests in various cities and the establishment of a comprehensive operational framework by 2025 [32][33]. - As of November 2025, the digital renminbi has processed 34.8 billion transactions amounting to 16.7 trillion yuan, with extensive coverage across multiple provinces and cities [37]. 3. Global CBDC Development Trends - The report identifies three main trends in global CBDC development: active retail CBDC initiatives, innovation in payment systems, and cautious approaches in some countries like the U.S. [6]. - China's proactive stance in developing its CBDC positions it favorably in the global digital economy landscape, particularly in cross-border trade applications [30].

Core Viewpoint - The financial performance of Industrial Bank for the year 2025 shows moderate growth in total assets, revenue, and profits, indicating stability in its operations and a focus on key lending sectors [2] Financial Performance - As of the end of 2025, the total assets of Industrial Bank reached 11.09 trillion yuan, an increase of 5.57% compared to the end of 2024 [2] - The bank achieved an operating income of 212.741 billion yuan, reflecting a year-on-year growth of 0.24% [2] - The total profit amounted to 89.973 billion yuan, which is a 3.27% increase year-on-year [2] - The net profit attributable to shareholders was 77.469 billion yuan, showing a growth of 0.34% compared to the previous year [2] Loan and Deposit Growth - The balance of various loans increased by 3.70% to 5.95 trillion yuan compared to the end of 2024 [2] - Technology finance loans exceeded 1.12 trillion yuan, while green finance loans reached 1.1 trillion yuan, and loans to the manufacturing sector approached 1 trillion yuan [2] - The balance of deposits grew by 7.18% to 5.93 trillion yuan compared to the end of 2024 [2] Dividend Announcement - On January 20, the shareholders' meeting approved a mid-term dividend proposal, with a cash dividend of 5.65 yuan per 10 shares (pre-tax) to be distributed to all ordinary shareholders, amounting to an expected total cash dividend of 11.957 billion yuan [2]

Core Viewpoint - The A500 index and related ETF are showing positive performance, with significant growth in specific sectors such as semiconductors, new energy vehicles, and artificial intelligence, driven by technological innovation and favorable commodity prices [1][2]. Group 1: A500 Index and ETF Performance - As of January 22, 2026, the A500 index rose by 0.04%, with notable increases in individual stocks such as Gotion High-tech (12.39%) and Deepin Technology (10.54%) [1]. - The A500 ETF (512050) increased by 0.08%, with a latest price of 1.24 yuan, and a trading volume of 82.86 billion yuan, indicating active market participation [1]. - Over the past month, the A500 ETF's scale grew by 90.21 billion yuan, reflecting significant growth [1]. Group 2: Market Trends and Company Performance - As of January 21, 2026, 578 A-share listed companies released earnings forecasts, with 29 companies providing earnings reports, indicating a solid growth trend and structural optimization in the industry [1]. - Emerging sectors such as semiconductors, new energy vehicles, and AI are performing well, with companies attributing their growth to the acceleration of AI implementation and the improved outlook of the new energy vehicle supply chain [1]. - The performance of companies in the non-ferrous metals sector has improved due to rising prices of commodities like gold and copper, while breakthroughs in overseas business have also contributed to earnings growth [1]. Group 3: Regulatory Environment and Market Outlook - Short-term market consolidation is expected after reaching new highs, with recent regulatory policies likely to stabilize market sentiment [2]. - In the medium term, the market is anticipated to maintain an upward trajectory, supported by the active guidance of long-term capital into the market and macroeconomic factors [2]. - As the annual earnings forecast disclosure period intensifies, market sentiment is expected to heat up, shifting focus from macro liquidity to micro performance verification [2].

Group 1 - The core theme of the recent Tianjin pension finance project promotion conference is to "release financial vitality and serve the silver economy," emphasizing the collaboration between government, financial institutions, and pension enterprises to address pension challenges and invigorate the silver economy [1] - The aging population in Tianjin has reached 3.53 million people aged 60 and above, accounting for 25.88% of the resident population, highlighting the urgent need for systematic and efficient solutions to the challenges posed by rapid aging [1] - The integration of finance and pension services is seen as a dual engine to solve pension issues and activate the silver economy, creating a virtuous cycle where financial resources empower pension services and vice versa [1] Group 2 - Industrial Bank, as one of the earliest banks to enter the pension finance sector in China, has been focusing on the development of pension finance since launching its first pension financial service plan, "Anyu Life," in 2012 [2] - The Tianjin branch of Industrial Bank has combined its "Tianjin Pension" brand with the "Anyu Life" pension finance brand, serving over 180,000 personal pension accounts and nearly 750,000 clients aged 50 and above, with total financial assets reaching 58.2 billion [2] - The bank has established a specialized team for pension finance, with 37 individuals certified as pension financial planners, and has actively engaged in community service through the "Industrial Bank Respect for the Elderly Public Welfare" initiative, demonstrating corporate social responsibility [2] Group 3 - The Tianjin branch of Industrial Bank aims to focus on the diverse pension needs of the public, contributing to the sustainable and high-quality development of pension finance in Tianjin [3]

Group 1: Profit Forecasts - Gan Li Pharmaceutical expects a net profit of 1.1 billion to 1.2 billion yuan for 2025, an increase of 78.96% to 95.23% year-on-year [1] - Astone Technology anticipates a net loss of 40 million to 60 million yuan for 2025, compared to a loss of 25.34 million yuan in the previous year [2] - JinkoSolar forecasts a net loss of 5.9 billion to 6.9 billion yuan for 2025 [6] - Time Space Technology expects a net loss of 235 million to 290 million yuan for 2025 [7] - Phi Li Hua predicts a net profit of 412 million to 472 million yuan for 2025, a year-on-year increase of 31.12% to 50.22% [8] - Southern Precision expects a net profit of 300 million to 370 million yuan for 2025, representing a growth of 1130% to 1417% [10] - Daikin Heavy Industries anticipates a net profit of 1.05 billion to 1.2 billion yuan for 2025, an increase of 121.58% to 153.23% [11] - Qianfang Technology expects a net profit of 250 million to 320 million yuan for 2025, recovering from a loss of 1.193 billion yuan in the previous year [18] - Bohai Leasing forecasts a net loss of 250 million to 500 million yuan for 2025, with a significant goodwill impairment loss expected [13] - Qujiang Cultural Tourism anticipates a net loss of 130 million to 165 million yuan for 2025 [31] Group 2: Corporate Announcements - Hualan Biological Engineering received approval for clinical trials of its recombinant shingles vaccine [3] - Baishan Nonferrous Metals announced the resignation of its chairman, Wang Pugong, due to work changes [4] - Binhai Energy plans to invest approximately 548 million yuan in two projects related to porous carbon and silicon-carbon anode materials [15] - Nankai Group signed a 296 million yuan equipment sales contract with Inner Mongolia Xijin Mining Co., Ltd. [16] - Tianhua New Energy is planning to issue H-shares and list on the Hong Kong Stock Exchange [12] - Xinneng Technology is also planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange [28] - Lu Wei Optoelectronics intends to raise no more than 1.38 billion yuan through a private placement [26]

Group 1: Earnings Reports Overview - As of January 22, 31 companies have released their earnings reports for 2025, with earnings forecasts being more accurate than preliminary announcements [1] - The highest revenue reported was by Poly Developments, achieving 308.26 billion yuan, a year-on-year decrease of 1.09% [1][3] - Other notable companies in terms of revenue include Industrial Bank and CITIC Bank, with revenues of 212.74 billion yuan and 212.48 billion yuan, respectively [1][3] Group 2: Revenue Growth - Among the companies that reported earnings, 21 experienced year-on-year revenue growth, with the highest growth rate of 37.18% reported by Siyuan Electric, which achieved 21.21 billion yuan in revenue [1][2] - CITIC Securities and Beiding Co. followed with revenue growth rates of 28.75% and 26.04%, respectively [1][2] Group 3: Profitability Analysis - All companies that released earnings reports were profitable, with eight companies reporting net profits exceeding 10 billion yuan [2] - The highest net profit was recorded by Industrial Bank at 77.47 billion yuan, reflecting a year-on-year increase of 0.34% [2][3] - The largest increase in net profit was seen in Quanyuan Spring, which reported a net profit of 0.15 billion yuan, up 147.89% year-on-year [2]

[Table_Page] 公告点评|股份制银行Ⅱ 证券研究报告 | [Table_Title] 兴业银行（601166.SH） | | --- | | 营收利润双增，业绩筑底回升 | [Table_Summary] 1核心观点： | Table_Invest] [公司评级 | 买入 | | --- | --- | | 当前价格 | 19.61 元 | | 合理价值 | 22.99 元 | | 前次评级 | 买入 | | 报告日期 | 2026-01-22 | [Table_PicQuote] 相对市场表现 -10% -2% 7% 15% 24% 32% 01/25 03/25 05/25 07/25 09/25 11/25 01/26 兴业银行 沪深300 | [分析师： Table_Author]倪军 | | --- | | SAC 执证号：S0260518020004 | | 021-38003646 | | nijun@gf.com.cn | | 分析师： 林虎 | | SAC 执证号：S0260525040004 | | SFC CE No. BWK411 | | 021-38003643 | | g ...