从"一日售罄"到多只产品募集超40亿元，一度深受投资者诟病的FOF开年以来持续迎来爆发式发行潮，一 举成为今年公募行业最受瞩目的"明星品类"。 从发行热度、渠道格局到行业规模，FOF基金总规模正式突破3000亿元（注：最新规模采用2025年末规模+新 产品发行规模测算），成为行业发展的重要增长极。不仅点燃市场投资热情，更重塑了公募基金FOF领域的竞 争格局。 一日售罄成常态，FOF发行热度持续飙升 3月14日，3只FOF产品同日发布基金合同生效公告，其中中欧盈欣稳健6个月持有FOF在62天内募集了51.25亿 元，富国智安稳健90天持有FOF在16天内募集了10.97亿元，兴全安养稳健养老一年持有FOF在14天内共募集 3.36亿元。亮眼的募集成绩进一步助推市场热度攀升。 近一周以来，FOF市场迎来结募高峰，爆款产品持续涌现。招商智盈优选6个月持有FOF在3月13日宣布募集 34.13亿元，易方达如意盈泽6个月持有FOF单日募集33.83亿元，再现"一日售罄"的火爆场景。 回顾2026年开年以来的市场表现，FOF的热度一路走高，成为今年"一日售罄"基金中数量最多的品类，截至目 前，全市场已有10只FOF实现单 ...

2 月资金月报： 受季节因素影响，机构资金流出，散户资金流入较多 评级： 增持（维持） 分析师：戴志锋 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 执业证书编号：S0740519050002 Email：dengmj@zts.com.cn 分析师：陈程 | 上市公司数 | 42 | | --- | --- | | 行业总市值(亿元) | 147,098.51 | | 行业流通市值(亿元) | 140,825.95 | 辑：定力和底线思维》2026-03-08 净息差保持平稳，净利润增速转正》 2026-02-22 工》2026-02-14 银行 证券研究报告/行业点评报告 2026 年 03 月 13 日 执业证书编号：S0740525110001 Email：chencheng07@zts.com.cn 基本状况 市场资金：理财、公募规模稳步增长，北向资金持仓市值增加。 请务必阅读正文之后的重要声明部分 报告摘要 分析师：邓美君 银行板块个股表现与资金流向：1）板块表现：2 月份银行板块录得下跌-0.55%，跑 输沪深 300 指数 0.64 个百分点，在 31 ...

Investment Rating - The report maintains a "Recommended" rating for the banking sector, highlighting multiple favorable factors including policy, fundamentals, and capital market conditions [4]. Core Insights - The "14th Five-Year Plan" emphasizes the acceleration of building a financial power, focusing on risk prevention, strong regulation, and promoting high-quality development, which will significantly reshape the banking industry's operating environment, business structure, profit models, and valuation systems [6][9]. - The banking sector is expected to undergo a critical phase of structural adjustment, model transformation, and valuation reshaping, shifting from total expansion to structural optimization to capture incremental business opportunities [4][6]. - The report identifies that the financial services provided by banks will increasingly focus on supporting the real economy, particularly in areas such as technology innovation, green finance, and consumption [13][15]. Summary by Sections 1. Financial Power Enhancement - The "14th Five-Year Plan" outlines the need for a robust central bank system and a comprehensive macro-prudential management framework, aiming to enhance the resilience of the banking system and support stable operations [9][10]. - Systemically important banks are likely to face stricter regulatory requirements, which may increase compliance costs in the short term but will strengthen the banking system in the long run [10][11]. 2. Capital Market Reforms - Continuous deepening of capital market reforms is expected to provide financial support for the banking sector's valuation reshaping, with an emphasis on enhancing the participation of long-term capital [15][4]. - The report notes that the average dividend payout ratio for banks is projected to remain stable at a relatively high level, with significant potential for long-term capital inflows [15]. 3. Differentiated Development - The plan encourages financial institutions to focus on their core businesses and improve governance, which will help reduce homogeneous competition in the banking sector [17][20]. - The optimization of the financial system is expected to enhance the pricing order and improve net interest margins for banks [20][22]. 4. Regulatory and Legislative Enhancements - The report highlights the acceleration of financial legislation, with new laws aimed at enhancing the regulatory framework for the banking sector, including the formulation of a financial law and a financial stability law [22][23]. - Comprehensive financial regulation will focus on preventing systemic risks, particularly in key areas such as real estate and local government debt [22][24].

Investment Rating - The report maintains a "Recommended" rating for the banking industry, indicating a positive outlook on the industry's fundamentals [1]. Core Insights - In February 2026, social financing (社融) increased by 8.2% year-on-year, remaining stable month-on-month, with total new loans growing by 6.0% year-on-year, reflecting strong loan issuance [6]. - The total new social financing in February 2026 was 2.38 trillion yuan, slightly higher than the same period in 2025, primarily due to robust loan issuance [6]. - Corporate short-term and medium-to-long-term loans showed strong growth, with short-term loans increasing by 600 billion yuan and medium-to-long-term loans by 890 billion yuan compared to February 2025 [6]. - The report highlights a trend of "deposit migration," where non-bank deposits grew by 26.13% year-on-year, indicating a shift in asset allocation from deposits to wealth management products [6]. Summary by Sections Recent Performance - The banking sector's performance over the last month shows a 2.1% increase, while the Shanghai and Shenzhen 300 index has seen a 0.2% increase [3]. Key Companies and Earnings Forecast - Several banks are highlighted with their respective stock prices and earnings per share (EPS) forecasts for 2024, 2025E, and 2026E, all rated as "Buy": - Hangzhou Bank (600926.SH): Price 17.16, EPS 2.91 for 2026E [8] - Nanjing Bank (601009.SH): Price 11.18, EPS 1.94 for 2026E [8] - Shanghai Bank (601229.SH): Price 9.87, EPS 1.74 for 2026E [8] - Ningbo Bank (002142.SZ): Price 31.15, EPS 4.76 for 2026E [8] - Industrial and Commercial Bank of China (601398.SH): Price 7.20, EPS 1.03 for 2026E [8]

Investment Rating - The industry rating is positive, with a focus on high dividend low valuation state-owned banks and policy-driven specialty targets [4][5]. Core Insights - The report reveals the deep connection between macro leverage cycles and the differentiation in bank stock performance from 2005 to 2025, identifying five key sectors driving leverage: residents, non-local government financing vehicles, central government, local government, and urban investment [1][11]. - The pricing logic of bank stocks has evolved from growth/model premium to dividend/certainty premium, influenced by three major shifts in macro leverage [1][11]. - The current macro leverage cycle indicates a continuation of government leverage, a reduction in resident leverage, and a focus on high dividend low valuation state-owned banks as new leaders in the market [3][5]. Summary by Sections Macro Leverage Cycle: Underlying Logic of Bank Stock Differentiation - The macro leverage cycle from 2005 to 2025 shows distinct phases, with the first phase (2005-2007) characterized by low leverage and a gradual increase, primarily driven by the resident sector [13][14]. - The second phase (2008-2015) saw significant leverage from government and urban investment, with a notable increase in bank stock performance [14][42]. - The third phase (2016-2021) involved a simultaneous increase in resident leverage and a decrease in non-local government financing vehicles, leading to a focus on retail banks [15][16]. - The fourth phase (2022-2025) indicates a shift where the government becomes the main leverage driver, while residents and urban investment vehicles stabilize or reduce leverage [15][16]. Stock Selection Logic Based on Macro Leverage Cycle - The report establishes a three-dimensional stock selection system: identifying core leverage sectors at the macro level, focusing on fundamental strengths at the micro level, and dynamically adjusting portfolios based on leverage shifts [2][11]. - The recommended stock selection lines include high dividend low valuation state-owned banks, policy-driven specialty targets, and quality regional commercial banks benefiting from structural leverage in non-local enterprises [5][11]. Investment Recommendations - The report emphasizes the importance of aligning with the current leverage cycle, suggesting three main stock selection lines: high dividend low valuation state-owned banks, policy-oriented targets, and quality regional commercial banks [5][11].

证券代码：601288 证券简称：农业银行 公告编号：临2026-004号 中国农业银行股份有限公司 关于150亿美元中期票据发行计划于香港联合交易所有限公司上市的公告 特此公告。 中国农业银行股份有限公司董事会 2026年3月13日 中国农业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。 中国农业银行股份有限公司（以下简称"本行"）已向香港联合交易所有限公司（以下简称"香港联交 所"）申请本行15,000,000,000美元中期票据发行计划（以下简称"发行计划"）上市。根据该发行计划， 本行可自2026年3月13日起的十二个月内向专业投资者发行票据。发行计划的上市预计于2026年3月16日 开始生效。详情请参考本行刊载于香港联交所网站（www.hkexnews.hk）的相关公告。 ...

责任编辑：曹睿潼 3月13日金融一线消息，中国人民银行新疆维吾尔自治区分行行政处罚决定信息公示表显示，中国农业 银行股份有限公司新疆维吾尔自治区分行违反金融统计管理规定，被罚款150万元。 | | 当事人名称 | 行政处罚 | | | 作出行政处 | 作出行政 | 公示期限 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 序 | | | 违法行为类 | 行政处罚内 | 罚 | | （自公示 | 备 | | 号 | （姓名、职 | 决定书文 | | | | 处罚决定 | 之日起计 | | | | 务） | 号 | 型 | 容 | 决定机关名 | 日期 | | 注 | | | | | | | 称 | | 算） | | | | 中国农业银 | | | | | | | | | | 行股份有限 | 新银罚决 | | | 中国人民银 | | | | | | | 字 | 违反金融统 | 罚款150万元 | 行新疆维吾 | 2026年3 | | | | 1 | 公司新疆维 | | | | | | 三年 | | | | | 〔2026〕6 | 计管理规 ...

专题：2026年度金石奖暨金融消保优秀案例评选 由新浪财经主办的"2026年度金石奖暨金融消保优秀案例评选"活动评选结果出炉，本期推出金融消保优 秀机构案例。在多家金融机构角逐中，中国农业银行脱颖而出，凭借报送的"推进'全行管消保，全行为 消保工作负责'理念深入人心"案例，荣获"金融消保优秀机构"。 以下为案例内容简述： 农业银行积极践行消保工作的政治性、人民性，坚持"以人民为中心"的价值取向，加强行党委、董事 会、高管层、监事会对消保工作的高层指导，全面推进"全行管消保，全行为消保工作负责"大格局建 设，将消保理念贯穿全行发展战略。 在高层管理方面，2025年农业银行党委、董事会及专委会、高管层研究金融服务向乡镇延伸、特殊客群 服务、客户渠道和权益整合等重点消保事项60余项次。董事长、行领导多次在全行性会议上，就加强服 务态度、质量问题源头治理、投诉管理、落实销售合规等工作作出具体部署。各班子成员坚持"四下基 层"，察实情、出实招，全年赴基层调研督导百余次，解决了一批群众急难愁盼问题。分管行领导多次 专题研究优化特殊群体服务、强化投诉源头治理等重点工作。 扎实做好"分层级、全覆盖"员工消保培训，2025年开 ...

格隆汇3月13日丨农业银行(601288.SH)公布，中国农业银行股份有限公司已向香港联合交易所有限公司 申请本行150亿美元中期票据发行计划上市。根据该发行计划，本行可自2026年3月13日起的十二个月内 向专业投资者发行票据。发行计划的上市预计于2026年3月16日开始生效。 ...

证券代码：601288 证券简称：农业银行 公告编号：临 2026-004 号 特此公告。 中国农业银行股份有限公司董事会 2026 年 3 月 13 日 1 中国农业银行股份有限公司 关于 150 亿美元中期票据发行计划于香港联合 交易所有限公司上市的公告 中国农业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。 中国农业银行股份有限公司（以下简称"本行"）已向香港联 合交易所有限公司（以下简称"香港联交所"）申请本行 15,000,000,000美元中期票据发行计划（以下简称"发行计划"）上 市。根据该发行计划，本行可自2026年3月13日起的十二个月内 向专业投资者发行票据。发行计划的上市预计于2026年3月16日 开 始 生 效 。 详 情 请 参 考 本 行 刊 载 于 香 港 联 交 所 网 站 （www.hkexnews.hk）的相关公告。 ...