本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。 重要内容提示： ● 担保对象及基本情况 ■ ● 累计担保情况 公司与交通银行股份有限公司江西省分行签署的《保证合同》的主要内容： 一、担保情况概述 （一）担保的基本情况 ■ 三、担保协议的主要内容 ■ 为满足子公司生产经营需要，江西长运股份有限公司（以下简称"公司"或"本公司"）于2026年2月25日 与交通银行股份有限公司江西省分行签署《保证合同》，公司为全资子公司鄱阳县长途汽车运输有限公 司（以下简称"鄱阳长运"）在交通银行股份有限公司江西省分行办理流动资金借款形成的债务提供保证 担保，担保的主债权本金余额最高额为人民币800万元，保证期间为：自该笔债务履行期限届满之日 （或债权人垫付款项之日）起，计至全部主合同项下最后到期的主债务的债务履行期限届满之日（或债 权人垫付款项之日）后三年止，担保方式为连带责任保证。 公司2025年度为鄱阳长运在综合授信额度内贷款提供的新增担保额度为3,000万元。本次担保前，公司 为鄱阳长运已提供的担保余额为900万元。截至公告披露日，公司已实 ...

股 票 研 究 大型银行短贷显著增加，中小银行信贷增长放缓 [Table_Industry] 商业银行 202601 信贷收支表 | [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： 1 月信贷收支表：负债端，春节错位对存款增长节奏形成扰动，个人定期储蓄存款延 续由中小银行向大型银行迁移的特征；资产端，信贷增速继续放缓，短期贷款显著 增加，其中大型银行更为明显。 投资要点： [Table_Summary] 负债端：春节错位对存款形成扰动 资产端：大型银行短贷显著增加，中小银行信贷增长放缓 1） 贷款：同比少增 4893 亿元，其中大型银行、中小银行分别同比 少增 2130 亿元、少增 2763 亿元，中小银行受信贷需求平淡、 揽储压力增加等因素影响，信贷增速 ...

近期，交通银行湖南省分行高效为湖南怀化国际陆港发展有限公司(以下简称"怀化国际陆港")发放2亿 元固定资产贷款，全力支持怀化国际陆港现代物流分拨配送中心子项目建设，以高效精准的金融供给助 力怀化低碳物流高质量发展。 "在得知我们的资金需求后，交行怀化分行快速行动，不到3个工作日完成贷款投放，及时填补了项目基 建资金缺口。"怀化国际陆港相关负责人介绍，这笔贷款将用于助力陆港完善货物集散、中转的配套设 施建设，契合项目的可持续发展定位，是银企双方践行绿色金融理念，携手打造绿色示范型国家物流枢 纽的生动实践。 近年来，交通银行怀化分行始终以高质量金融服务与西部陆海新通道建设同频共振。一方面，该行聚焦 怀化国际陆港核心区及配套产业园内小微企业"短频快"的资金需求，为近40户小微企业配置1亿元授 信，为100余户个体工商户及小微企业主提供近亿元经营性贷款，覆盖采购、仓储、运输全产业链条。 同时，创新推出线上小微快贷，配套专属绿色通道，审批时限压缩30%以上，真正让金融"活水"直达经 营主体。在金融活水的有力支持下，沅陵碣滩茶、麻阳冰糖橙、靖州茯苓等怀化特色产品借港出海、香 飘东盟，昔日的"山货"正成为国际市场的"抢手货 ...

文章称，从个股表现来看，2025蛇年共有32只银行股飘红，涨幅TOP3为青岛银行、厦门银行、农 业银行，涨幅均在30%以上；涨幅垫底的是光大银行、北京银行、华夏银行，最大跌幅超过10%。 (责任编辑：关婧) 标签： 交通 交通银行 市值 华夏银行 北京银行 【资料图】 中国经济网北京2月25日讯 第一财经近日发布文章《蛇年收官！银行股14万亿市值背后几家欢喜几 家愁》。文章称，2025蛇年，共有10只银行股飘绿。聚焦国有大行，虽然板块轮动背景下各大行股价均 有不同程度回调，但全年有4只飘红，邮储银行、交通银行收跌。 图表显示，交通银行蛇年股价跌幅3.74%，居国有行跌幅第一，居A股42只银行股跌幅第五。 ...

| | 漆肤味 | 区间涨跌幅 | △酸市值(含限售股) | 总市值1 | | --- | --- | --- | --- | --- | | 银行 | 最新收盘日 | 20250205 至今 | 最新收盘日 | 最新收盘日 | | | (%) | (%) | (亿元) | (亿元) | | 青岛银行 | -1.99 | 39.37 | 191.59 | 281.74 | | 厦门银行 | -1.60 | 38.36 | 194.24 | 194.24 | | 农业银行 | -1.51 | 30.86 | 20782,80 | 22259.30 | | 宁波银行 | -0.54 | 23.52 | 2060.32 | 2060.32 | | 重庆银行 | -0.20 | 17.45 | 193.54 | 304.15 | | 张家港行 | -0.86 | 16.17 | 113.17 | 113.17 | | 渝农商行 | -0.89 | 15.41 | 588.10 | 724.00 | | 中信银行 | -0.94 | 15.37 | 2992.00 | 3961.87 | | 长沙银行 | -1.00 ...

Investment Rating - The report assigns a "Buy" rating for the banking sector, indicating an expectation of stock performance exceeding the market by more than 10% over the next 12 months [58]. Core Insights - In 2025, the banking sector's asset growth is projected to be 8.01%, an increase from 6.52% in 2024, driven by factors such as fiscal stimulus, cross-border capital inflows, and the activation of maturing deposits [5][13]. - The report identifies two key cycles affecting asset pricing in banking: the bank expansion cycle and the interest margin cycle, suggesting a comprehensive analysis of these cycles [5][13]. - The debt cycle is characterized as a fundamental aspect of the bank expansion cycle, with a model proposed by Dalio outlining seven stages of a typical debt cycle, which can be influenced by external debt reliance [16][19]. - The report anticipates limited upward space for the debt cycle in 2026, with government leverage expected to increase by 5.89%, lower than the 7.6% projected for 2025 [35][36]. - The banking interest margin cycle is expected to stabilize in 2025, following two complete cycles since 2010, with a correlation observed between bank interest margins and the 30Y-10Y government bond spread [41][45]. Summary by Sections Bank Expansion Cycle - The asset growth rates for different types of banks in 2025 are projected as follows: state-owned banks at 11%, joint-stock banks at 4.74%, city commercial banks at 9.68%, and rural commercial banks at 5.17%, all exceeding the average growth rate [5][13]. - The report emphasizes the importance of understanding the relationship between bank assets and liabilities, highlighting that credit and debt expansion are cyclical and self-reinforcing [15][16]. Debt Cycle Analysis - The report outlines that the current debt cycle, which began in 2022, has lasted 16 quarters, surpassing previous cycles, and indicates a shift in leverage dynamics among enterprises, government, and households [35][36]. - The analysis includes a comparison of deflationary and inflationary debt cycles, noting that the U.S. faces greater inflationary pressures due to higher external debt reliance compared to China [21][19]. Interest Margin Cycle - The report notes that the banking interest margin has experienced significant fluctuations since 2010, with a stabilization phase expected to begin in 2025 [41][45]. - It highlights the impact of loan repricing cycles on interest margins, with a notable decline in loan rates observed in recent years [49][50].

春潮涌动处，年味正浓时。湖南湘西，素有"腊肉之乡"的美誉，腊肉不仅是当地具有悠久历史的特色产 业，更是镌刻在国人记忆里的年味符号。 湘西自治州榜爷食品有限责任公司（以下简称"榜爷食品"）凭借地道风味与过硬品质，成为当地腊肉产 业的标杆企业。不过，要保障招牌腊肉的稳定供应，需批量采购优质猪肉原材料，这对资金周转提出了 很高要求。交通银行精准对接企业需求，创新采用商标知识产权质押的金融服务方案，迅速为榜爷食品 批复一笔流动资金贷款。 从湖南腊肉、千岛湖螃蟹到南汇水蜜桃，一方水土孕育一方风物，神州大地处处藏着独具特色的优质物 产。银行创新商标知识产权质押金融服务方案，不仅为企业注入融资动能，也让优质供给与大众消费需 求精准对接。 "南汇水蜜桃"的无形价值获得了上海农商银行发放的100万元商标质押融资贷款；广东省市场监管局引 导商业银行创新将地理标志、集体商标、证明商标等纳入可质押知识产权范畴，相关金融机构为13个地 理标志产品的502家用标企业集体授信80亿元。 受访人士指出，在国内国际双循环的大背景下，消费潜力不仅取决于购买力，更取决于供给侧的质量。 通过盘活商标及其他无形资产，获得资金支持的企业能够在包装设计、 ...

Core Viewpoint - The People's Bank of China and the National Financial Regulatory Administration have conducted the 2025 assessment of systemically important banks, identifying 21 domestic banks categorized into five groups based on their systemic importance scores [1] Group 1: Assessment of Systemically Important Banks - A total of 21 domestic systemically important banks have been recognized, including 6 state-owned commercial banks, 10 joint-stock commercial banks, and 5 city commercial banks [1] - The banks are divided into five groups based on their systemic importance scores, with the first group consisting of 11 banks, the second group having 4 banks, the third group with 2 banks, the fourth group containing 4 banks, and the fifth group having no banks [1] Group 2: Breakdown of Bank Groups - The first group includes: China Minsheng Bank, China Everbright Bank, Ping An Bank, Huaxia Bank, Ningbo Bank, Jiangsu Bank, Beijing Bank, Nanjing Bank, Guangfa Bank, Zheshang Bank, and Shanghai Bank [1] - The second group consists of: Industrial Bank, China CITIC Bank, Shanghai Pudong Development Bank, and China Postal Savings Bank [1] - The third group includes: Bank of Communications and China Merchants Bank [1] - The fourth group comprises: Industrial and Commercial Bank of China, Bank of China, China Construction Bank, and Agricultural Bank of China [1] - The fifth group currently has no banks included [1] Group 3: Future Regulatory Actions - The People's Bank of China and the National Financial Regulatory Administration will implement additional regulatory measures for systemically important banks according to the "Regulations on Additional Supervision of Systemically Important Banks (Trial)" [1] - The aim is to enhance the synergy between macro-prudential management and micro-prudential supervision, ensuring the safe and sound operation of systemically important banks [1] - This initiative is intended to better support the high-quality development of the real economy [1]

Investment Rating - The report assigns an "Overweight" rating for the banking sector [4]. Core Insights - The banking sector's net profit growth has turned positive, with a year-on-year increase of 2.33% in Q4 2025, showing an improvement compared to the previous quarters [4][10]. - The net interest margin has stabilized at 1.42%, with expectations of a narrowing decline in 2026 due to the re-pricing of high-cost long-term deposits and a slowdown in the reduction of new loan rates [4][10]. - The non-performing loan (NPL) ratio decreased to 1.50%, indicating a positive trend in asset quality [4][10]. - The capital adequacy ratio improved slightly to 15.5%, reflecting a marginal increase in capital levels [4][10]. Summary by Sections 1. Key Regulatory Indicators for Q4 2025 - Total assets of commercial banks grew by 9.0% year-on-year, with large banks showing a growth rate of 10.8% [7]. - The average capital return rate was 7.78%, and the average asset return rate was 0.60% [10]. 2. Industry and Company Dynamics - The report highlights the ongoing implementation of a moderately loose monetary policy by the central bank, aimed at stabilizing economic growth and ensuring adequate liquidity [10]. - The banking sector's focus for 2026 includes identifying banks with potential for performance growth, particularly recommending Ningbo Bank, China Merchants Bank, and Nanjing Bank [4][10]. 3. Weekly Data Tracking - The report includes weekly tracking of stock performance, with notable fluctuations in bank stock prices, indicating market volatility [18].

Core Insights - The report indicates that the average monthly active users (MAU) for major Chinese mobile banking apps in 2025 shows a significant user base, with the Agricultural Bank of China leading at approximately 24.9 million users [1]. Group 1: User Metrics - The average MAU for the top five mobile banking apps in 2025 are as follows: Agricultural Bank of China (24.9 million), Industrial and Commercial Bank of China (19.4 million), China Construction Bank (10.9 million), Bank of China (8.9 million), and Postal Savings Bank (5.3 million) [1]. - The total number of independent devices for mobile banking in China is projected to stabilize between 648 million and 739 million, indicating a plateau in user growth [1]. Group 2: Industry Trends - The report highlights a shift in industry dynamics from acquiring new users to enhancing existing user engagement, as the flow of new users has reached a ceiling [1]. - User behavior is changing structurally, with the effective daily usage time per device decreasing from 4.9 minutes in 2023 to around 2.7 minutes by mid-2025, stabilizing at approximately 3 minutes [1]. - The trend towards high-frequency, short-duration, and function-oriented usage is prompting financial institutions to streamline processes and focus on core transaction scenarios [1].