股票研究 /[Table_Date] 2026.01.23 票 研 究 主动基金环比持平，被动基金增持 [Table_Industry] 商业银行 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 马婷婷(分析师) | 021-23185608 | matingting@gtht.com | S0880525100001 | | 陈惠琴(分析师) | 021-38676666 | chenhuiqin@gtht.com | S0880525100003 | 本报告导读： 25Q4 主动基金对银行持仓比例环比持平于 1.9%，被动基金持仓比例环比+1.6pct 至 7.0%，其中宁波银行、兴业银行、中国银行、建设银行等获主动基金增配。 25Q4 基金对银行持仓点评 投资要点： [Table_Summary] 2025 年四季度基金重仓持股情况披露（主动基金包括普通股票型、 偏股混合型、灵活配置型，被动基金包括被动指数型、指数增强型）： [Table_Report] 相关报告 商业银行《国有大行投放力度较大，不良压力或 企稳》20 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report provides a comprehensive analysis of 127 regional banks in Jiangsu Province, highlighting their asset and liability structures, profitability, and asset quality [6][18] - Jiangsu's regional banks have shown a significant increase in asset growth, with major city commercial banks growing at 19.4%, surpassing the growth of listed city commercial banks at 14.2% [24][26] - The report indicates that the loan-to-asset ratio for city commercial banks is projected to reach 48.4% in 2024, reflecting a gradual increase in lending activities [30] - Jiangsu's regional banks exhibit better return on assets (ROA) compared to listed banks, with city commercial banks outperforming by 16 basis points and rural commercial banks by 9 basis points [6][42] - The asset quality of Jiangsu's regional banks is superior to that of listed banks, with lower non-performing loan ratios and higher provision coverage ratios [6][42] Summary by Sections 1. Economic Structure of Jiangsu Province - Jiangsu Province is focusing on new industrialization and strategic emerging industries, with significant contributions from cities like Nanjing and Suzhou [13][14] 2. Overview of 127 Regional Banks in Jiangsu - The report categorizes the banks into city commercial banks, rural commercial banks, and others, with a total of 127 banks established between 2006 and 2015 [18][20] 3. Asset/Liability Structure - The asset growth of major city commercial banks is accelerating, while rural commercial banks are experiencing a decline in growth rates [24][26] - The loan-to-asset ratio for city commercial banks is expected to increase to 48.4% by 2024, indicating a shift towards more lending [30] 4. Profitability - Jiangsu's regional banks have a higher ROA compared to listed banks, with city commercial banks showing a 16 basis point advantage [6][42] 5. Asset Quality/Capital Levels - Jiangsu's regional banks maintain a lower non-performing loan ratio compared to listed banks, with city commercial banks having a 30 basis point lower ratio [6][42]

Group 1 - Beijing Bank held its 2026 work conference on January 22, where Guo Wenjie, the newly appointed Party Secretary, made his first official appearance [1] - Guo Wenjie, born in October 1970, holds a master's degree and is a senior accountant with extensive experience in various financial roles [1] - His previous positions include leadership roles at China Construction Bank and Huaxia Bank, where he served in various capacities including CFO and Party Secretary [1]

原标题：锐意进取 真抓实干 北京银行召开2026年工作会议 来源：北京银行 要奋发有为抓好各项工作落实。一是要坚持党建引领，坚持把党的政治建设摆在首位，持续强化宣传思 想工作，扎实推进基层党组织建设，打造过硬人才队伍，持之以恒正风肃纪反腐，建设清朗美丽银行。 二是要坚持价值创造，优化资产负债体系。三是要坚持客群建设，做好深度经营、协同经营、价值经 营，厚植长远发展根基。四是要坚持特色发展，做深"五篇大文章"，做透"五大特色银行"，做专"六大 创新金融"，巩固市场竞争优势。五是要坚持业技融合，加快打造一流数智银行。六是要坚持因地制 宜，做实做细差异化区域政策。七是要坚持集团协同，强化投资机构管理。八是要坚持守牢底线，确保 稳健合规发展。九是要坚持改革攻坚，释放运营管理成果；十是要坚持精细高效，不断打造规范、精 细、赋能、系统、科学的管理体系，稳步提升管理质效。 会议强调 1月22日，北京银行召开2026年工作会议。党委书记关文杰讲话，党委副书记、行长戴炜作工作报告， 党委常委、党委委员出席会议。 会议指出 2025年，北京银行党委坚持以习近平新时代中国特色社会主义思想为指导，认真贯彻新时代党的建设总 要求，党建 ...

证券之星消息，1月22日城商行板块较上一交易日上涨0.8%，青岛银行领涨。当日上证指数报收于 4122.58，上涨0.14%。深证成指报收于14327.05，上涨0.5%。城商行板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600919 江苏银行 | | 2.02亿 | 13.49% | -1.14 Z | -7.60% | -8827.44万 | -5.89% | | 600926 杭州银行 | | 7317.50万 | 6.96% | -6483.11万 | -6.17% | -834.39万 | -0.79% | | 601169 | 北京银行 | 5714.07万 | 7.81% | -159.29万 | -0.22% | -5554.78万 | -7.59% | | 6000000 | 南京银行 | 3295.77万 | 4.44% | 2708.43万 | 3.65% | -6004 ...

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].

Market Overview - The city commercial bank sector experienced a decline of 0.55% on January 21, with Chongqing Bank leading the drop [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Individual Stock Performance - Ningbo Bank closed at 28.88, with an increase of 1.16% and a trading volume of 432,300 shares, amounting to a transaction value of 1.246 billion [1] - Chongqing Bank closed at 10.25, down 1.82%, with a trading volume of 106,800 shares and a transaction value of 110 million [2] - Other notable performers include Xiamen Bank, which closed at 7.13, down 1.66%, and Chengdu Bank, which closed at 15.72, down 1.38% [2] Capital Flow Analysis - The city commercial bank sector saw a net inflow of 508 million from institutional investors, while retail investors experienced a net outflow of 566 million [2] - The capital flow for individual stocks indicates that Hangzhou Bank had a net inflow of 158 million from institutional investors, while it faced a net outflow of 86.5 million from retail investors [3] - Shanghai Bank also saw a net inflow of 107 million from institutional investors, with a net outflow of 121 million from retail investors [3]

2000年，关文杰加入华夏银行，先后担任华夏银行青岛分行计划财会处副处长、行长，总行会计部总经 理、财务负责人、首席财务官等职务，2023年4月正式出任华夏银行行长。在华夏银行任职期间，他深 度参与财务管控、经营管理及数字化转型相关工作。 2024年1月，关文杰调任北京农商行党委书记，同年6月其董事长任职资格获监管部门核准，掌舵这家万 亿级农商行。任职期间，他将数字化转型作为战略重点，明确精准营销、智能风控、智慧经营和监管合 规四大转型方向，推动设立数据信息部，搭建数字化治理支撑体系，同时积极布局产业数字金融与乡村 振兴金融服务，为机构发展注入新动能。 即将卸任的霍学文则出生于1965年9月，履历横跨学界、政界与业界。在2022年2月调任北京银行党委书 记、次年3月当选董事长前，他曾担任北京市地方金融监督管理局局长、北京市发展改革委副主任等 职。 除了资产规模的跨越式增长，北京银行在盈利水平上也展现出极强的韧性。2022年至2024年，公司营业 收入分别为662.78亿元、667.11亿元、699.2亿元；同期归母净利润为247.6亿元、256.2亿元、258.31亿 元，已连续十五年保持营收净利双增长。 1 ...

【文/羽扇观金工作室】 1月20日下午，北京银行召开干部大会，任命关文杰为北京银行党委书记，按照惯例，在履行人事任命 流程后，他将出任北京银行董事长。北京银行原党委书记，董事长霍学文到龄卸任。 关文杰 公开资料显示：出生于1970年的关文杰是银行业资深老将，履历覆盖国有大行、股份行、农商行等多类 机构。其职业生涯起步于建设银行，曾任建行青岛市分行台东区办事处财会科副科长、铁路专业支行会 计科科长、财会科科长。 霍学文 另一方面，即将卸任的霍学文出生于1965年9月，已年满60周岁。霍学文熟悉经济金融工作，在学界、 政界和业界均有任职经验。霍学文早期曾在南开大学经济学院任教，后进入中国证监会工作。 2001年11月，霍学文出任中共北京市委金融工委副书记，并先后担任北京市国资委副主任、北京市发展 改革委副主任、北京市地方金融监督管理局（北京市金融工作局）局长等职。2022年2月，霍学文调任 北京银行党委书记，2022年3月被选举为北京银行董事长，直至此次卸任。 据去年三季报披露的数据，北京银行最大股东为荷兰商业银行，持股13.03%，北京市国有资产经营有 限责任公司（简称"北京国资公司"）和北京能源集团有限责任公 ...

Group 1 - The Ministry of Finance and other departments have released five policy documents aimed at optimizing financial support for personal consumption loans, equipment updates, private investment guarantees, service industry loans, and small and micro enterprise loans [1][9][29] - The personal consumption loan subsidy policy has been extended until December 31, 2026, with adjustments to the subsidy standards and an expanded range of supported financial institutions [4][5][6] - The equipment update loan subsidy policy includes a 1.5% subsidy on fixed asset loans for equipment updates, applicable for up to two years, and has been expanded to include various sectors such as construction, aviation, and digital technology [10][11][12] Group 2 - The private investment guarantee plan has a total quota of 500 billion yuan, to be implemented over two years, focusing on supporting small and micro enterprises in various sectors including technology upgrades and service industry enhancements [17][18] - The plan includes a risk-sharing mechanism where banks will bear at least 20% of the loan risk, while the government guarantee fund will cover up to 80% [19] - The government will also reduce guarantee fees and increase the compensation limit for the guarantee fund to enhance support for private investments [20] Group 3 - The service industry loan subsidy policy has been extended to December 31, 2026, with an increased subsidy cap of 10 million yuan per loan and a 1% annual subsidy rate [23][24] - The policy now includes additional sectors such as digital, green, and retail industries, expanding the scope of financial support [24][25] - The implementation of these policies will involve streamlined processes for fund allocation and enhanced collaboration among financial institutions and regulatory bodies [26][28]