Core Insights - The average cost of personal deposits is a key indicator of banks' liability costs, with lower rates indicating stronger competitiveness in attracting deposits [1][7]. Group 1: Ranking of Banks by Deposit Cost - The banks with the lowest average cost of personal deposits are primarily state-owned large banks and some retail-focused joint-stock banks, with China Merchants Bank leading at 1.18% for the 2025 mid-year report [2][8]. - Following China Merchants Bank are China Postal Savings Bank at 1.23% and Agricultural Bank of China at 1.38%, benefiting from extensive branch networks and strong customer bases [2][8]. - The top six banks all have costs below 2%, indicating strong deposit cost control capabilities [2][8]. Group 2: Cost Trends and Observations - A notable trend is the general decline in average deposit costs across most banks when comparing 2024 annual reports to 2025 mid-year reports, with China Merchants Bank decreasing from 1.44% to 1.18% [6][12]. - This decline reflects a reduction in liability cost pressures for the banking industry, positively impacting net interest margins and profitability [6][12]. - However, lower deposit costs must align with asset yield and risk management capabilities, as a healthy bank seeks to balance these factors [12]. Group 3: Challenges for Joint-Stock and Regional Banks - Joint-stock banks and regional commercial banks generally face higher average deposit costs, often exceeding 2%, which can challenge their net interest margin management [5][11]. - National joint-stock banks like Industrial Bank and Minsheng Bank have costs ranging from 2.11% to 2.18%, while some regional banks experience even greater cost pressures [5][11].

在移动信息服务业务领域，公司将加强通道资源开发，加大成本及费用管控力度，提升运营效率，提高 公司市场竞争力。在电子及通讯智能制造业务领域，公司将充分发挥已在新能源汽车行业逐步形成并不 断提升的品牌影响力，进一步巩固在BMS及其他三电零部件方面所积累的工艺技术、质量管控、研发 创新、供应链资源等经验及体系优势，聚焦新能源汽车、储能系统、工业控制、通讯及算力等行业市场 战略客户的拓展与开发，为公司健康可持续发展提供有力的业绩支撑。同时，公司将加快储能连接器等 新产品的市场拓展，培育新的增长点。 格隆汇1月19日丨吴通控股(300292.SZ)公布，2026年1月19日，中国农业银行股份有限公司"农银e采平 台"发布了《中国农业银行股份有限公司手机短信长号码代理服务商项目-中标候选人及中标结果公 示》。根据相关公示，该项目按照最低评标价法评标，吴通控股集团股份有限公司全资子公司北京国都 互联科技有限公司（简称"国都互联"）未中标及未入选备选人，目前该中标结果处于公示期。 中国农业银行股份有限公司手机短信长号码代理服务项目当前由国都互联承接，2025年前三季度，该项 目业务收入占公司总收入的32.98%。此次项目未中 ...

每经AI快讯，1月19日，吴通控股（300292）(300292.SZ)公告称，公司全资子公司北京国都互联科技有 限公司未中标中国农业银行"农银e采平台"发布的手机短信长号码代理服务商项目，该项目业务收入占 公司总收入的32.98%，预计将对公司未来经营业绩产生较大不利影响。公司将加强移动信息服务业务 的通道资源开发和成本费用管控，提升运营效率；在电子及通讯智能制造业务领域，将巩固新能源汽车 行业的优势，拓展新客户，并加快储能连接器等新产品的市场拓展。 ...

来源：中国农业发展银行 1月16日，中国农业发展银行（以下简称农发行）董事长湛东升在总行会见乌兹别克斯坦农业银行（以 下简称乌农行）董事长埃尔金·卡霍罗夫一行。双方就区域农业金融、知识分享与能力建设、企业客户 对接等领域合作进行深入交流。 湛东升表示，中乌两国是好邻居好伙伴，农业是两国合作的重要领域，两行拥有广阔的合作空间。农发 行愿同乌农行一道，充分发掘"一带一路"沿线农业金融合作空间，交流分享在支持农业农村发展领域的 有益经验和成功实践，共同推动农产品贸易领域的客户资源对接，为促进两国农业高质量发展贡献力 量。 卡霍罗夫高度赞扬农发行在促进农业农村发展、助力农业现代化和推动金融科技创新等方面取得的成 就，表示希望以此次会谈为契机，加强信息共享和经验交流，充分发挥双方资源优势，推动双方农业金 融领域的务实合作。 农发行副行长张连钢，总行战略规划部、基础设施部、国际部、信息科技部负责人及相关人员，乌农行 相关人员参加会见。 责任编辑：王馨茹 来源：中国农业发展银行 1月16日，中国农业发展银行（以下简称农发行）董事长湛东升在总行会见乌兹别克斯坦农业银行（以 下简称乌农行）董事长埃尔金·卡霍罗夫一行。双方就区域 ...

Market Overview - The Shanghai Composite Index rose by 0.29% on January 19, with 23 out of the 28 sectors experiencing gains. The top-performing sectors were basic chemicals and petroleum & petrochemicals, with increases of 2.70% and 2.08% respectively. Conversely, the computer and communication sectors saw declines of 1.55% and 0.96% respectively [1] - The net outflow of capital from the two markets was 35.714 billion yuan, with 13 sectors experiencing net inflows. The power equipment sector led with a net inflow of 7.597 billion yuan and a daily increase of 1.84%, followed by the basic chemicals sector with a net inflow of 1.331 billion yuan [1] Banking Sector Performance - The banking sector declined by 0.60% with a net outflow of 804 million yuan. Among the 42 stocks in this sector, 7 stocks increased while 28 stocks decreased. Notably, 15 stocks had net inflows, with the highest being Shanghai Pudong Development Bank, which saw a net inflow of 133 million yuan [2] - Major banks with significant net outflows included China Merchants Bank, Agricultural Bank of China, and Chengdu Bank, with outflows of 384 million yuan, 312 million yuan, and 146 million yuan respectively [2] Capital Flow in Banking Stocks - The top banking stocks by capital flow included: - Shanghai Pudong Development Bank: +0.72%, net inflow of 1.334 billion yuan - Industrial Bank: +0.00%, net inflow of 1.082 billion yuan - China Communications Bank: -0.73%, net inflow of 1.046 billion yuan - China Merchants Bank: -0.44%, net outflow of 384 million yuan - Agricultural Bank of China: -1.53%, net outflow of 312 million yuan [3]

Group 1 - The core viewpoint of the news is that the state-owned large bank sector experienced a decline of 1.12% on January 19, with Agricultural Bank leading the drop [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] - The trading performance of individual stocks in the state-owned large bank sector showed varied results, with Agricultural Bank down 1.53% and Industrial and Commercial Bank down 1.05% [1] Group 2 - The net outflow of main funds from the state-owned large bank sector was 407 million yuan, while retail investors saw a net inflow of 539 million yuan [1] - The detailed fund flow data indicates that the Agricultural Bank had a significant net outflow of 35.37 million yuan from main funds, but a net inflow of 73.72 million yuan from retail investors [2] - The overall trend shows that while main and speculative funds are withdrawing, retail investors are increasing their positions in certain banks [2]

Investment Rating - The industry investment rating is "Buy" [3] Core Viewpoints - The report indicates that there is still room for further cuts in reserve requirement ratios and interest rates, with a focus on structural monetary policy support for high-quality economic development [15][19] - The central bank has implemented a reduction of 0.25 percentage points in various structural monetary policy tool rates, signaling a supportive monetary policy stance [15][19] - The report emphasizes the importance of timing for future policy implementations, particularly in relation to government bond issuance peaks and the maturity schedule of high-interest bank deposits [15] Summary by Sections 1. Monetary Policy Adjustments - The report notes a reduction of 0.25 percentage points in structural monetary policy tool rates, with a focus on supporting key areas through increased re-lending [15] - Future attention is directed towards December economic data and January LPR [22] 2. Central Bank Dynamics and Market Rates - The central bank conducted a total of 9,515 billion yuan in 7-day reverse repos at an interest rate of 1.40%, with a net injection of 9,741 billion yuan [16] - The report highlights that the funding rates remained stable, with expectations of slight increases due to tax payments and government bond net repayments [16] 3. Bank Financing Tracking - The report indicates that the total outstanding amount of interbank certificates of deposit (CDs) is 19.09 trillion yuan, with an average issuance rate of 1.65% [20] - The report also notes that there were no commercial bank bond issuances during the period, with a total outstanding commercial bank bond size of 3.38 trillion yuan [20]

Group 1 - The "Credit Village" initiative by Agricultural Bank of China in Tianjin addresses financing challenges for farmers by providing timely loans and flexible repayment plans, enhancing agricultural productivity [1][2] - In 2025, a farmer in Baodi District received 3 million yuan in credit loans, allowing for an expansion of 2,000 acres in grain cultivation due to improved credit access [1] - The bank's approach includes collaboration with local party committees, on-site visits, and mobile technology for efficient loan processing, significantly improving service timeliness [1] Group 2 - Agricultural Bank of China has increased credit support for rice farmers, addressing the need for upfront investment in quality production processes, with a specific loan of 500,000 yuan issued to a rice grower in 2025 [2] - The bank's financial support also extends to the grain circulation sector, with a company receiving 4.9 million yuan in credit to ensure stable market supply during peak sales periods [2] - The bank emphasizes the importance of financial support throughout the agricultural value chain, aligning with national policies promoting various forms of finance to enhance agricultural stability and farmer income [3]

2026年1月9日，菏泽金融监管分局发布批复称，《中国农业银行股份有限公司山东省分行关于核准高兆 国中国农业银行菏泽分行副行长任职资格的请示》（农银鲁发〔2025〕102号）收悉。经审核，现批复 如下： 一、核准高兆国中国农业银行菏泽分行副行长任职资格。 二、中国农业银行应要求上述核准任职资格人员严格遵守金融监管总局有关监管规定，自中国农业银行 政许可决定作出之日起3个月内到任，并按要求及时报告到任情况。未在上述规定期限内到任的，本批 复文件失效，由决定机关办理行政许可注销手续。 三、中国农业银行应督促上述核准任职资格人员持续学习和掌握经济金融相关法律法规，牢固树立风险 合规意识，熟悉任职岗位职责，忠实勤勉履职。 ...

Investment Rating - The report maintains a "Recommended" rating for the banking sector, highlighting the continued dividend value of bank stocks and the positive outlook for the sector [39]. Core Insights - The expansion of structural monetary policy tools and interest rate cuts is expected to support banks in stabilizing their interest margins and enhance support for key areas of the real economy [5][39]. - The report anticipates a marginal improvement in corporate financing demand, with public loans expected to continue supporting the bank's credit growth in early 2026 [5][39]. - The report emphasizes the importance of monitoring the effectiveness of policies and the potential for further monetary easing, including a projected 50 basis points (BP) reduction in reserve requirements and a 10-20 BP cut in interest rates throughout the year [8][39]. Summary by Sections Latest Research Insights - The People's Bank of China (PBOC) has reduced the interest rates on various structural monetary policy tools by 25 BP, which is expected to enhance banks' credit allocation to key sectors [7][8]. - The PBOC's measures include increasing the quotas for re-lending to small and medium-sized enterprises and expanding support for technology innovation and green financing [7][8]. Market Performance - The banking sector underperformed the market, with a decline of 3.03% compared to a 0.57% drop in the CSI 300 index [5][15]. - The report notes that only three A-share banks saw an increase in stock prices, while the majority experienced declines [15]. Investment Recommendations - The report suggests focusing on banks that are likely to benefit from the structural monetary policy changes, recommending specific banks such as Industrial and Commercial Bank of China, Agricultural Bank of China, and Postal Savings Bank of China [39]. - The report highlights the ongoing dividend appeal of bank stocks, driven by factors such as low interest rates and substantial dividend payouts [39]. Financial Data - As of December, the total social financing (TSF) showed a year-on-year increase of 8.3%, with corporate loans demonstrating a notable increase, indicating a recovery in financing demand [9][10]. - The report projects that the total new RMB loans in January 2026 will be approximately 5.5-5.6 trillion yuan, with public loans expected to perform slightly better than the previous year [12][39].