Investment Rating - The report maintains an "Overweight" rating for the securities and banking sectors [9]. Core Insights - The report highlights the structural relaxation of refinancing policies, which is expected to improve profitability in the banking sector. The central bank's Q4 monetary policy report emphasizes the implementation of personal credit repair measures, supporting micro-entities [1][28]. - The report identifies investment opportunities in the order of securities > insurance > banking, with a focus on the potential for marginal improvements in the brokerage business due to the recent refinancing policy adjustments [12][24]. Summary by Sections Securities Sector - The optimization of refinancing measures announced by the exchanges is expected to lead to marginal improvements in the brokerage business, with leading firms likely to solidify their advantages through professional capabilities. The Chinese brokerage index performed better than the Hang Seng index during the holiday period, increasing by 0.20% [2][13]. - Recommended stocks include leading brokerages such as CITIC Securities, Guotai Junan, and GF Securities, as well as quality regional firms like Guoyuan Securities [3][12]. Insurance Sector - The report notes a mixed performance in the insurance sector, with property insurance companies showing gains while life insurance companies mostly declined. China Property & Casualty Insurance rose by 5%, while China Taiping fell by 4% [24][25]. - Investors are advised to focus on quality leaders in the insurance sector, with a preference for defensive stocks like China Ping An and China Life Insurance for conservative investors [24][25]. Banking Sector - The banking sector is experiencing a recovery in performance, with Q4 profits improving and net interest margins stabilizing. The report indicates a year-on-year increase in social financing, primarily due to the pre-positioning of government bonds and a rebound in off-balance-sheet financing [28][37]. - Recommended stocks include quality regional banks such as Nanjing Bank and Chengdu Bank, which are expected to perform well due to their strong fundamentals [3][28].

文丨吴海珊 编辑丨承承 11家A股银行发布2025年业绩快报，总资产平均增速11.32%，城商行盈利增速显著领先股份行。 截至2月11日，共有11家A股上市银行发布2025年业绩快报。包括4家股份行，6家城商行，1家农商行。 从业绩快报数据看，11家银行2025年总资产规模同比增速平均为11.32%，营业收入平均增速为3.30%， 归母净利润平均增速为7.83%。 申万宏源证券分析师郑庆明预计，上市银行2025年呈现"营收平稳，利润增速逐步改善"的特征，同时业 绩表现分化明显。他预计，上市银行2025年营收同比增长0.9%，归母净利润增速修复至1.9%。 股份行企稳 浦发、中信资产规模站上10万亿 截至2月11日，发布业绩快报的4家股份行（浦发银行、中信银行、招商银行、兴业银行）资产规模均突 破10万亿元。 其中，浦发银行2025年末的资产总额达至100817.46亿元，较2024年末增加6198.66亿元，增长 6.55%； 中信银行（601998．SH）资产总额达101316.58亿元，相比2024年末的95327.22亿元同比增长6.28%；招 商银行资产规模为130705.23亿元，同比增长7.56% ...

| ঙ্গি | 当事人名称e | 行政处罚← | 造法行为类型e | 行政处罚内容 处罚决定 | 作出行政 作出行政 处罚← | 公示 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 期限 | | | (姓名) < | 决定书文号 | | 机关名称← | 决定日期 | | | | 厦门银行股份有限公同 | 闽银罚决字 | 警告,没收违法所得 1.违反收单业务管理规定。 ← | 中国人民银行 | 2026年2月 | 三年 | | | | | 219,504元,并处罚款 | | | | | | | | 150万元。 ← | | | | | | 陈某琨(厦门银行股份有 限公司厦门业务管理总 | 闽银罚决字 | 对厦门银行股份有限公司违反反假警告，并处罚款 6.5 万 中国人民银行 货币管理规定的违法违规行为负有 | | 2026年2月 | 三年 | | | 部营运管理部) < | 〔2026〕 9 号( | 元。 ← 责任。 « | 福建省分行e | 11 日ぐ | | | રૂલ | 谢某(厦门银行股份有限 | 闽银罚决字 | 对厦门银行股 ...

Group 1 - The People's Bank of China, Fujian Branch, issued an administrative penalty against Xiamen Bank for violations related to acquiring business management and counterfeit currency regulations [1] - Xiamen Bank was fined 1.5 million yuan and had illegal gains of 219,504 yuan confiscated [1] - Individuals responsible for the violations, including Chen Moukun and Xie Mou, received warnings and fines of 65,000 yuan and 50,000 yuan respectively [1]

Core Viewpoint - The A-share banking sector has shown significant performance in 2025, with a total market capitalization surpassing 10 trillion yuan, indicating a structural bull market despite a mixed performance among individual stocks [2][6]. Group 1: Market Performance - As of February 13, the total market capitalization of the banking sector reached approximately 13.72 trillion yuan, an increase of 1.45 trillion yuan from the end of the previous year [2][6]. - The A-share market capitalization grew by over 20 trillion yuan compared to the previous year, reaching nearly 114 trillion yuan [6]. - The banking sector's market capitalization as a proportion of the total A-share market decreased from 11.19% at the end of the previous year to around 9% [6]. Group 2: Stock Performance - In 2025, 32 banking stocks recorded gains, with Qingdao Bank, Xiamen Bank, and Agricultural Bank leading with increases of over 30% [2][3]. - The banking sector's overall performance was relatively weak, with a decline of 0.3% for the year, making it one of the lowest-performing sectors among 31 major industries [3][4]. - Notable individual stock performances included Qingdao Bank with a 39.37% increase, Xiamen Bank at 38.36%, and Agricultural Bank at 30.86% since February 5 [3][5]. Group 3: Structural Trends - The banking sector experienced a clear differentiation in performance, with large state-owned banks initially performing well, while smaller banks gained momentum later in the year [4][6]. - Despite the overall positive trend, 10 banking stocks ended the year in the red, with Everbright Bank showing the largest decline at 10.7% [4][5]. - The competition for market capitalization among major banks saw Agricultural Bank briefly surpass Industrial and Commercial Bank of China, although the latter regained its position as the market leader by year-end [6][7].

Core Insights - The A-share banking sector has seen a significant market capitalization increase, surpassing 10 trillion yuan for the first time, indicating a structural bull market despite a mixed performance among individual stocks [1][6][7] - The total market capitalization of the banking sector reached approximately 13.72 trillion yuan, growing by 1.45 trillion yuan from the previous year, while the overall A-share market capitalization increased by 0.93 trillion yuan to about 10.27 trillion yuan [1][6] - The year 2025 has shown a clear divergence in stock performance, with 32 out of 42 banking stocks gaining, while some, like Everbright Bank and Beijing Bank, experienced declines exceeding 10% [1][3] Market Performance - The banking sector's performance was characterized by a "structural bull market," with significant gains in high-dividend, low-valuation stocks acting as a safe haven [1][2] - The top three performing stocks were Qingdao Bank, Xiamen Bank, and Agricultural Bank, each with gains exceeding 30%, while the worst performers included Everbright Bank, Beijing Bank, and Huaxia Bank, with declines over 10% [1][3] - The overall banking index saw a slight decline of 0.3% for the year, contrasting with a 25.58% increase in the Shanghai Composite Index [2][3] Individual Stock Analysis - Notable individual stock performances included Qingdao Bank with a 39.37% increase, Xiamen Bank at 38.36%, and Agricultural Bank at 30.86% since February 5, 2025 [3][5] - The performance of state-owned banks showed mixed results, with four banks ending the year positively, while others like Postal Savings Bank and Bank of Communications saw declines [4][6] - The market capitalization of Agricultural Bank surpassed that of Industrial and Commercial Bank at one point, highlighting a competitive shift in the sector [7] Market Dynamics - The banking sector's market share within the A-share market decreased from 11.19% at the end of the previous year to around 9% [6][7] - The competition for the title of "market capitalization king" saw Agricultural Bank briefly take the lead before Industrial and Commercial Bank regained its position [7] - Future performance will be influenced by factors such as market rotation, earnings reports, and monetary policy adjustments, with expectations of continued divergence among individual bank stocks [7]

Group 1 - In January, the A-share market saw increased trading activity and risk appetite, with all three major indices achieving gains, notably the Shanghai Composite Index rising by 3.76% and the CSI 500 Index increasing by 12.12% [1] - The rise in cyclical industries such as precious metals, non-ferrous metals, chemicals, and oil and gas was driven by multiple factors including complex international dynamics, a weakening US dollar, and domestic industrial policy support, although there was significant volatility at the end of the month [1] - The technology sector, particularly AI applications, is expected to enter a critical validation window as large model technologies mature, with strong demand for computing power and investments in AI hardware like storage chips and semiconductor equipment [1] Group 2 - As of January 2026, the total number of bank wealth management products in the market reached 46,845, an increase of 553 from December 2025, with fixed-income products making up the majority at 43,215 [2] - In January, 2,969 new wealth management products were launched, a decrease of 305 from the previous month, with wealth management subsidiaries of banks accounting for 76.56% of the new issuances [2] - The overall risk level of wealth management products in January increased significantly, with 51 products rated as medium risk and 4 additional products rated as medium-high risk compared to the previous month [12] Group 3 - The asset allocation of wealth management products in January showed a high proportion of bonds and public funds, with a focus on cash, bank deposits, and short-term bond ETFs for liquidity and low risk [17] - Mixed wealth management products had diverse asset allocations, covering debt, convertible bonds, equity assets, and gold, with many products cautiously investing in gold ETFs to capture commodity investment opportunities [18] - The top five institutions accounted for 43.81% of the products listed, indicating a competitive advantage for state-owned and joint-stock bank wealth management subsidiaries [14]

Core Viewpoint - Xiamen Bank has elected Mr. Wang Jianping as the employee director of the ninth board of directors, pending regulatory approval for his qualifications [1][2]. Group 1: Election Announcement - The sixth employee representative assembly and the thirteenth trade union member representative assembly of Xiamen Bank were held on February 12, 2026 [1]. - Mr. Wang Jianping's term will commence upon regulatory approval and will last until the end of the ninth board's term [1]. Group 2: Profile of Mr. Wang Jianping - Mr. Wang Jianping, born in July 1970, is a Chinese national with no permanent residency abroad, holding a bachelor's degree and a master's degree [2]. - His previous roles include positions in the Xiamen Municipal Finance Bureau and as the deputy director and director of the Xiamen Administrative Assets Management Center [2]. - Currently, he serves as the deputy secretary of the party committee and chairman of the trade union at Xiamen Bank [2].

特此公告。 附件：厦门银行股份有限公司第九届董事会职工董事简历 厦门银行股份有限公司董事会 2026 年 2 月 12 日 证券代码：601187 证券简称：厦门银行 公告编号：2026-005 厦门银行股份有限公司 关于选举产生第九届董事会职工董事的公告 厦门银行股份有限公司董事会及全体董事保证本公告内容不存在任何虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 厦门银行股份有限公司（以下简称"公司"）于 2026 年 2 月 12 日召开第六 届职工代表大会第十四次会议暨工会会员代表大会第十三次会议，选举王建平先 生为公司第九届董事会职工董事。董事任职资格自监管机构核准后生效，任期自 监管机构核准其任职资格之日起至第九届董事会届满之日止。 附件：职工董事简历 王建平先生，1970年7月出生，中国国籍，无境外永久居留权，本科学历， 硕士学位。历任厦门市财政局政治处科员、组织人事处主任科员、会计处主任科 员，厦门市公物处理中心主任，厦门市行政事业资产管理中心副主任、主任，厦 门市财政局办公室主任、办公室（政策研究室）主任、文教处处长（挂职任两岸 区域性金融中心片区指挥部总 ...

Core Viewpoint - Xiamen Bank (601187.SH) announced the election of Mr. Wang Jianping as the employee director of the ninth board of directors during the 14th meeting of the sixth employee representative assembly and the 13th meeting of the trade union members assembly, scheduled for February 12, 2026 [1] Summary by Categories - **Board Election** - Mr. Wang Jianping has been elected as the employee director of the ninth board of directors [1] - **Meeting Details** - The sixth employee representative assembly's 14th meeting and the trade union members assembly's 13th meeting will take place on February 12, 2026 [1] - **Regulatory Approval** - The appointment of Mr. Wang Jianping will take effect upon approval from regulatory authorities, with the term lasting until the end of the ninth board's tenure [1]