法国兴业银行美国利率策略主管拉贾帕：经济表现异常强劲。 ...

法国兴业银行美国利率策略主管拉贾帕：市场预期将出现鹰派降息。 ...

法国兴业银行美国利率策略主管拉贾帕：（明年）上半年通胀可能会更顽固。 ...

今年以来，兴业银行济南分行已通过"科创贷"业务，为日照市3家科技型中小企业提供融资支持，有效 推动了科技创新成果向现实生产力转化。下一步，兴业银行济南分行将持续扩大走访覆盖面，优化"技 术流"评价体系，丰富科创金融产品供给，拓宽线上服务场景，让金融活水更精准、更高效地滴灌小微 科创企业。 未来，该行将以更优质的金融服务、更创新的产品体系，陪伴小微科创企业从初创到成长的全生命周 期，为日照科技创新生态建设与实体经济高质量发展注入源源不断的金融力量！ 深化走访对接，精准捕捉融资需求。兴业银行济南分行组建专项服务团队，依托科技局企业名录，开 展"进园区、访企业、解难题"全覆盖走访行动。团队成员面对面倾听企业诉求，详细了解企业在核心技 术研发、专利转化、产能扩张等环节的资金需求。针对科创企业"重技术、轻资产"的特性，双方联合搭 建"需求快速响应通道"，通过"一企一档"建立服务台账，将企业的科技资质、专利数量、研发投入等信 息纳入评估体系，为精准匹配金融服务奠定基础。 依托兴业银行特色"技术流"评价体系，该行打破传统"资金流"评估模式，将企业的科技创新能力、知识 产权、科技资质等纳入核心评价维度，推出涵盖"兴速贷（优质 ...

"没有抵押物就拿到了500万元纯信用贷款，正好赶上智能检测设备的采购窗口期！"日照某汽车电子零 部件企业负责人的感慨，道出了众多科创型零部件企业的心声。为适配行业"研发投入高、资金需求 急、用款频率高"的特点，兴业银行济南分行持续优化服务效能：一方面简化审批流程，组建汽车产业 专项服务团队，深入日照高新区汽车零部件产业园开展"一对一"走访，建立"一企一档"服务台账，将贷 款审批周期压缩至1-2个工作日；另一方面优化产品定价，叠加普惠金融与科技创新双重政策红利，大 幅降低融资利率，切实减轻企业财务负担，让企业能将更多资金投入核心技术研发与生产线智能化改 造。 在汽车产业向电动化、智能化、网联化加速转型的浪潮中，日照汽车零部件产业正迎来技术迭代与产能 升级的关键期。作为支撑区域实体经济的重要集群，日照市汽车配件行业呈现集群化发展、龙头引领、 高端化与国际化兼具的鲜明特点，形成了以高新区、五莲县为核心集聚区，覆盖商用车、新能源汽车等 多领域的完整产业生态。兴业银行（601166）济南分行精准锚定产业痛点，以"科创贷"为核心抓手，打 破传统信贷对抵押物的依赖，将企业的技术实力、专利成果、科创资质转化为融资优势，为汽车 ...

●花园路支行：奥森健步走，运动中融入金融关怀 11月10日，花园路支行组织多位老年客户走进奥林匹克森林公园。支行工作人员全程保驾护航：递上温 水、指引路线，细心叮嘱"慢步观景，注意脚下"。秋阳映照着金黄的落叶，老年客户们精神矍铄，或结 伴闲谈，或驻足拍照，完成5公里全程者荣获定制奖牌。休息间隙，支行开设"金融小课堂"，围绕"养老 理财选择"和"存款安全常识"，用生活案例拆解知识点，配合宣传册讲解，让老年客户轻松掌握财富管 理小技巧。 ●上地支行：社区反诈行，趣味互动守护"钱袋子" 老年群体的生活需求与金融安全成为社会关注的焦点。兴业银行北京分行精准把握老年客群的核心需 求，以健康陪伴、反诈防护、便民服务为着力点，精心策划并推出了一系列温情敬老活动，凭借专业素 养与诚挚服务，织就了一张坚实的"幸福保障网"。 从健步走活动到社区反诈宣传，从上门便民服务到科普讲座，北京分行通过贴心专业的服务与丰富多彩 的活动传递温暖关怀。未来，分行将持续优化对老年客群的服务，确保金融服务既具备专业"力度"，又 充满暖心"温度"，陪伴老年客户安享幸福生活。 11月24日，上地支行工作人员走进柳浪家园小区，针对老年群体易被"高息""温 ...

Investment Rating - The report assigns a "Buy" rating for the banking sector, indicating an expectation that stock prices will outperform the market by more than 10% over the next 12 months [40]. Core Insights - The growth of M2 is primarily driven by government and corporate leverage, with government leverage's contribution increasing from 23.9% in 2015 to 45.5% in 2025, while corporate leverage is expected to contribute 63.6% to M2 growth in 2025 [5][14]. - The report highlights a divergence between the social financing (社融) and M2 growth rates, indicating a liquidity accumulation in the financial system when the demand for financing from the real economy is insufficient, which can lead to a decline in bond yields [5][19]. - The expected social financing-M2 differential for 2026 is projected to be 0.56%, with a quarter-on-quarter increase of 33 basis points [32]. Summary by Sections M2 and Liquidity Analysis - M2 includes cash, personal deposits, corporate deposits, non-bank deposits, and deposits from non-deposit financial institutions. The main contributors to M2 growth are government and corporate leverage [5][13]. - The report discusses the relationship between the social financing-M2 differential and bond market performance, noting a shift in correlation since the second half of 2022 [5][19]. Social Financing Projections - For 2026, the report forecasts a total of 16.3 trillion yuan in new loans under the social financing framework, with a growth rate of 8.11% [32][34]. - The report anticipates that the net issuance of government bonds will reach 14.8 trillion yuan in 2026, with a focus on maintaining a proactive fiscal policy [34]. M2 Growth Forecast - The M2 growth rate for 2026 is projected at 7.55%, influenced by factors such as net fiscal deposits, the strengthening of the equity market, and cross-border capital flows [32][36].

Group 1 - The banking industry in 2026 will face a mixed external environment with strong macroeconomic resilience but insufficient effective demand, leading to continued moderate monetary policy and challenges in asset allocation due to a low interest rate environment [4][10] - The "14th Five-Year Plan" emphasizes the construction of a financial powerhouse, urging banks to leverage their resource endowments and deepen their strategic initiatives over the next five years [4][10][22] - The overall financial performance of listed banks is expected to improve in 2026, driven by the recovery of net interest income and non-interest income, with a projected net profit growth of 2.4% year-on-year [4][27] Group 2 - The net interest margin is expected to narrow by 6 basis points in 2026, with net interest income growth projected to rise to 4% compared to 0.3% in 2025 [4][27] - Non-interest income is anticipated to continue improving due to the recovery of wealth management opportunities and the fading impact of fee reductions from previous years [4][27] - The overall asset quality of the banking sector is expected to remain stable, with a focus on monitoring risks in the retail sector [4][27] Group 3 - The investment strategy emphasizes high dividend yields as a protective measure, with the banking sector's average dividend yield at 3.94%, providing a significant premium over ten-year government bonds [4][27] - Specific banks such as Chengdu Bank, Jiangsu Bank, and Shanghai Bank are highlighted for their strong regional advantages and potential for continued dividend growth [4][27][34] - The report suggests that the active capital market will provide a potential boost to quality retail banks, enhancing their recovery prospects [4][27]

"以前只知道征信重要，但不太清楚具体如何保护自己。今天的案例让我明白了骗子手段这么多，自己 也学到了实用的防诈骗方法。"现场一名学生感触颇深。校方相关负责人也对本次活动予以积极评价， 认为活动有效补充了校园征信教育，对构建平安校园、诚信校园具有积极意义。 兴业银行乌鲁木齐分行始终践行"金融为民"理念，通过线上线下（300959）相结合的方式，推动征信知 识、防骗技能进校园，进课堂，持续巩固校园金融安全防线，护航青年学子健康成长。（秦声） 为切实提升高校师生征信安全意识，防范校园金融诈骗，近日，兴业银行（601166）乌鲁木齐分行走进 乌鲁木齐市一院校，开展以"守护信用、青春无'债'"为主题的征信知识宣传活动。助力在校师生增强金 融风险防范能力，筑牢校园诚信安全防线。 近年来，不法分子以"注销校园贷""征信修复"等名义实施诈骗，威胁学生群体财产安全及个人信用记 录。针对这一现状，兴业银行乌鲁木齐分行将征信知识普及与校园安全教育紧密结合，开展了一场生动 的征信知识宣讲课堂，切实回应师生关切。 兴业银行乌鲁木齐分行工作人员通过专题讲座、案例剖析、互动问答等多种形式，围绕"什么是征 信""征信记录的重要性""常见校园 ...

银行 2025 年 12 月 10 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2024-12 2025-04 2025-08 2025-12 银行 沪深300 相关研究报告 《大行 ΔEVE 指标测算及承接债券 能力评估—行业深度报告》-2025.12.8 《存款偏离与指标问题对当前司库策 略的影响—行业深度报告》-2025.12.4 《理财投资权益的当下与未来—理财 持仓全景扫描系列（七）》-2025.11.27 测算：BCBS 调整利率冲击幅度对ΔEVE 的影响 ——行业点评报告 投资建议 （1）底仓配置：大型国有银行。受益标的农业银行、工商银行；（2）核心配置： 头部综合龙头。受益标的招商银行、兴业银行，推荐标的中信银行；（3）弹性配 置：受益标的江苏银行、重庆银行、渝农商行。 风险提示：宏观经济增速下行；债市利率大幅调整。 | 刘呈祥（分析师） | 朱晓云（分析师） | | --- | --- | | liuchengxiang@kysec.cn | zhuxiaoyun@kysec.cn | | 证书编号：S0790523060002 ...