行 业 报 告 银行 2025 年 11 月 4 日 25Q3 银行持仓点评 主动基金降配不改中长期资金增持趋势 强于大市（维持） 行情走势图 相关研究报告 【平安证券】行业动态跟踪报告*银行*25Q2 银行持 仓点评：板块持仓持续回升，关注优质中小银行*强 于大市 20250725 证券分析师 | 袁喆奇 | 投资咨询资格编号 | | --- | --- | | | S1060520080003 | | | YUANZHEQI052@pingan.com.cn | | 许淼 | 投资咨询资格编号 | | | S1060525020001 | | | XUMIAO533@pingan.com.cn | 研究助理 李灵琇 一般证券从业资格编号 S1060124070021 LILINGXIU785@pingan.com.cn 告 3 季度末银行板块整体持仓回落，主动基金持仓回落至 21 年以来低点， 主动类资金下降成为银行板块波动的主要因素。A 股基金 2025 年 3 季报 披露完毕，3 季度末包括股票型、偏股混合和灵活配置基金在内的主动管 理型基金配置银行板块持仓比例环比下降 1.58pct 至 1.03% ...

Core Viewpoint - The recent changes in gold tax policies have led to multiple banks, including Industrial and Commercial Bank of China (ICBC), China Construction Bank, and Agricultural Bank of China, temporarily suspending their gold accumulation and physical exchange services, with some banks adjusting their product offerings and pricing in response to the new regulations [3][5][12]. Group 1: Impact of New Tax Policies - The new gold tax policy has prompted banks to pause gold accumulation services and adjust their product offerings, with ICBC and China Construction Bank announcing suspensions on November 3, 2025 [5][6]. - ICBC quickly resumed its gold accumulation services on the evening of the same day, indicating a rapid response to the regulatory changes [7][8]. - The adjustments made by banks are primarily due to system upgrades and the need to comply with the new tax regulations, rather than a significant impact on their gold business [12][14]. Group 2: Changes in Product Offerings - Banks like China Merchants Bank have shifted some of their self-operated gold products to a consignment model, reducing the range of physical gold products available for exchange [8][15]. - The new tax policy has led to an increase in the prices of physical gold products, with banks adjusting their pricing structures accordingly [12][15]. - The changes in tax regulations mean that banks will now face different invoicing rules, which could affect their cost structures and pricing strategies for gold products [13][14]. Group 3: Market Reactions and Future Outlook - The market for gold products has seen a tightening of inventory, with certain gold bars becoming unavailable for purchase [9][12]. - Industry experts suggest that while the immediate impact on banks' gold businesses may be limited, the overall product and operational structures will undergo adjustments in response to the new tax policies [14].

今日A股市场整体调整，银行板块却逆势走强，成为盘面中的亮点，截至14:28，中证银行指数上涨 1.7%，成份股中，厦门银行涨超5%，江阴银行涨超3%，中信银行、兴业银行、招商银行、工商银行等 涨超2%。 中证银行指数由不超过50只A股中市值大、流动性好的银行业股票组成，反映A股银行业股票的整体表 现。该指数当前市净率约0.7倍，处于指数2013年发布以来34%分位处；指数当前股息率约4%，相对国 债的利差处于历史高位水平，配置价值显现。 （文章来源：每日经济新闻） 有分析表示，三季度科技成长股行情极致演绎后，小盘成长相对大盘价值的超额收益已达历史高位，市 场从高波动成长向低估值、高股息价值板块切换，银行作为大盘价值核心标的，有望受益于这一趋势。 ...

江南时报讯 11月1日，在省分行第九届职工运动会开幕式上，南通分行选送的《蓝印生花·乐动江海》节目以独具匠心的创意编排和精彩动人的现场演绎，荣 获风采展示一等奖。该节目将南通蓝印花布文化与体育精神完美融合，展现了南通分行员工团结进取、奋发向上的精神风貌。 收尾"江海共鸣"。蓝印组轻拉印花布，让蓝白纹样借自然风形成"波浪流动"感。红衣组以"穿梭式走位"嵌入布间，或围绕布浪轻跃、或与蓝印组错身互动。 音乐推向顶点时，双方定格——蓝印组托布呈"江海浪潮"弧度，红衣组立于布浪之上，红蓝对比呼应，传递出"非遗底蕴托举体育精神"的核心主题。一旁方 阵组成员再次组成国旗与开篇呼应。最后一名员工头戴玩偶狼头，身穿红色苏超球衣，手持"南通必胜"条幅上场，巧妙呼应开场口号，完成整个节目的创意 呈现。 "狼啸南通，实干建功，江海雄风，勇攀高峰！"，节目在24名方阵组成员整齐响亮的口号声中拉开帷幕。 获奖背后是参演员工数月来的辛勤排练和精心筹备。节目将地方文化特色与企业文化完美结合，每一个动作、每一个造型都经过反复推敲，最终在短短的2 分钟内展现了最精彩的效果。这种对细节的把握和对完美的追求，正是体育精神的真实写照。这一荣誉不仅是对 ...

对此，博通咨询首席分析师王蓬博表示，银行本次举措本质是对宏观政策导向的响应：一方面，当前贵 金属市场调控更侧重抑制非理性交易、防范价格波动传导的系统性风险，暂停开户、主动积存等增量业 务，是银行配合规范市场秩序的常规操作；另一方面，黄金资产的流动性与价格波动特性，也促使银行 通过收缩增量来控制自身风险敞口，而保留存量定期积存执行、赎回等功能，避免对现有用户正常操作 造成冲击。 财政部、国家税务总局日前发布了《关于黄金有关税收政策的公告》，明确黄金有关税收政策，并于 2025年11月1日起实施，执行至2027年12月31日。 本次黄金税收新政是否对银行的积存金买卖产生影响？ 【深圳商报讯】（首席记者 谢惠茜）11月3日，工商银行（601398）、建设银行（601939）双双发布公 告称，暂停部分积存金业务的开户、主动积存、新增定期积存计划以及提取实物的申请。 工商银行在公告中表示，自11月3日起暂停受理如意金积存业务的开户、主动积存、新增定期积存计划 以及提取实物的申请，存量客户处于有效期内的定期积存计划的执行以及办理赎回、销户不受影响。 建设银行也在公告中表示，受市场波动影响，结合风险审慎管理要求，自11月3 ...

11月3日，受黄金税收政策影响，工商银行、建设银行、农业银行多家银行暂停了黄金积存及实物兑换 等业务，也有银行相关业务并未中断但作出较大调整。 比如，招商银行在周一已将部分自营实物金产品转为代销模式，部分自营产品暂时下架。据网点工作人 员及客服介绍，该行投资金条价格目前已是基于新政调整后的含税价格。 另外，工商银行已于当天晚间火速宣布恢复了相关业务。反反复复背后，税收新政对银行贵金属业务影 响有多大？有业内人士对记者表示，考虑到银行投资金条的销售模式特点，新政对银行贵金属业务的成 本有一定影响，但整体影响不大。后续，银行与黄金公司等第三方机构的合作模式可能会发生变化。 多家大行黄金积存业务暂停，工行已恢复 周一，包括工商银行、建设银行、农业银行等在内的多家银行暂停了积存金买入及实物金购买/兑换业 务，另有招商银行等对在售的黄金产品和金条价格等进行了调整。 据第一财经记者了解，上述调整主要与新的黄金税收政策有关，多位银行工作人员提到了系统切换等阶 段性调整原因。 当天上午，工商银行发布公告称，受宏观政策影响，根据该行风险管理要求，自2025年11月3日起，该 行暂停受理如意金积存业务的开户、主动积存、新增定期积 ...

Market Overview - The main theme for A-shares in November is "forward speculation," following a strong performance in October where companies reported robust earnings [3] - Historically, from November, the market tends to focus on low-priced, undervalued sectors with expected profit recovery [4] Sector Performance - High-dividend assets continue to strengthen, with the banking sector leading the gains. Notably, Xiamen Bank rose over 6% [4][7] - As of the morning close, the Shanghai Composite Index fell by 0.19%, the Shenzhen Component Index by 1.27%, and the ChiNext Index by 1.51% [5][6] Banking Sector Insights - The banking sector saw significant interest from insurance capital, with major banks like Industrial and Commercial Bank of China and Agricultural Bank of China attracting new shareholders [9][10] - Insurance capital is expected to be a crucial incremental allocation for the banking sector, favoring banks with stable earnings and high dividend returns [11] Consumer Sector Developments - Consumer stocks rebounded, particularly in the ice and snow industry, duty-free shops, and tourism hotels [12][13] - Recent government policies aim to enhance the duty-free shopping experience, which is expected to boost the market size of city duty-free shops [15] Investment Trends - Insurance capital has shown a preference for high dividend and high return on equity (ROE) assets, with a total of 34 instances of capital increases in the banking sector this year [11] - The recent surge in interest for outdoor skiing facilities indicates a growing trend in winter tourism, with search volumes increasing significantly [15]

Report Industry Investment Rating - The report is bullish on the bond market, predicting that the yield of the 10Y Treasury bond will return to around 1.65% this year, the 30Y Treasury bond to 1.9%, and the 5Y Tier 2 capital bonds of large banks to 1.9% (for bonds without VAT) [74]. Core Viewpoints - The revenue growth rate of the entire A-share market and the net profit growth rate of the parent company are at a low level, indicating that the economic growth rate may have stabilized at a low level but still faces downward pressure. The yield of the 10-year Treasury bond is more closely related to the revenue growth rate of the entire A-share market than the nominal GDP growth rate [1][4]. - The loan growth rate has been declining, and the proportion of loans in the bank's asset side is decreasing. The demand for personal and corporate loans may be weak in the long term, while the scale of government bonds may significantly expand. The asset structure of the banking system may face long-term changes, with the proportion of loans likely to decline significantly [21][24]. - Since the beginning of 2023, the proportion of financial investments of large banks has rebounded, and the growth rate of bond investments has increased. The cost rate of interest-bearing liabilities of listed banks has been decreasing quarter by quarter, and it is expected to further decline in the future [1][49]. - The decline in bank liability costs will support the downward oscillation of bond yields. Given the current economic situation, the rapid decline in bank liability costs, and the loose capital situation, the report is bullish on the bond market [70][74]. Summary by Directory 1. Analyzing Economic and Bank Operating Pressures from the Q3 Reports of the Entire A-share Market - **Economic Insights from the Entire A-share Performance**: The revenue growth rate of the entire A-share market can reflect the nominal GDP growth rate to some extent. The revenue growth rate of the entire A-share market and the 10-year Treasury bond yield have a similar trend. The performance growth rate of the entire A-share market is still under pressure, and the growth rate of the real economy also faces significant pressure [5][6][9]. - **Economic Insights from the Bank Sector Performance**: The performance of the banking sector is closely related to the economy. In recent years, the performance growth of the banking sector has been under significant pressure, and the net interest margin of commercial banks has been continuously declining [11][12][15]. - **Financing Demand from the Entire A-share Liabilities**: Since Q1 2024, the long-term borrowing growth of the entire A-share market (excluding finance, petroleum, and petrochemicals) has almost stagnated, reflecting the weak financing demand of market-oriented enterprises. The social financing growth rate generally leads the nominal GDP growth rate by 1 - 2 quarters, but its guiding role may decline in the future [18][20]. 2. Changes in Bank Asset and Liability Situations - **Declining Loan Growth Rates of Large and Small Banks**: The loan growth rate has significantly declined. The growth of personal housing loans is facing negative growth pressure, which significantly drags down the growth rate of personal loans. The loan growth rates of both large and small banks have declined, and the proportion of loans is also decreasing. In the long term, the asset structure of the banking system may change, with the proportion of loans likely to decline and the proportion of bond investments likely to increase [21][25][36]. - **Decreasing Deposit Proportion on the Liability Side of Large Banks and Stable Deposit Proportion of Small Banks**: The growth of corporate deposits of large banks has slowed down. In recent years, the proportion of deposits on the liability side of large banks has decreased, while the average deposit proportion of listed joint-stock banks has increased [37][48]. 3. Banks with Significant Financial Investment Growth in Q3 2025 - Since the beginning of 2023, the proportion of financial investments of large banks has rebounded. In Q3 2025, the financial investments of some banks, such as ICBC and CCB, increased significantly, while those of a few banks decreased. The financial investment increments of large banks, joint-stock banks, and city and rural commercial banks were all significant, and the bond investment growth rates of the Big Four banks and small and medium-sized banks were also relatively high [49][56][59]. 4. Decrease in Bank Interest-Bearing Liability Costs - In 2025, the decline of the current deposit proportion slowed down. Since the beginning of 2024, the deposit interest payment rate has significantly decreased, and the interest-bearing liability cost rate has been decreasing quarter by quarter. It is expected to further decline in the future [60][63][66]. 5. Investment Recommendations - The decline in bank liability costs will support the downward oscillation of bond yields. In the future, the liability costs of commercial banks are expected to decline year by year, which will drive the yield of the 10-year Treasury bond to decline. Given the current economic situation and the value of government bond allocation, it is recommended that commercial bank self-operated departments increase the allocation of government bonds. The report is bullish on the bond market [70][73][74].

【导读】上午A股三大股指收跌，红利板块上涨，银行股全线飘红；黄金股持续回调，创新药概念股下跌 伙伴们，基金君和你一起关注今天上午的市场行情！ 11月4日上午，A股三大股指低开低走，创业板指、深证成指跌幅一度扩大至1%。截至午间收盘，沪指跌0.19%，深证成指跌1.27%，创业板指跌1.51%。 沪深两市半日成交额为1.22万亿元，较上个交易日同期缩量1648亿元。个股跌多涨少，市场共1565只个股上涨，55只个股涨停，3707只个股下跌。 从板块看，两岸融合概念股拉升，银行股全线飘红，保险、餐饮旅游等板块上涨；而黄金股持续回调，创新药概念股下挫，CRO、锂电正极、宇树机器 人等概念股跌幅居前。 来看具体情况—— 银行股全线飘红 今天上午，A股银行板块全线飘红，港股内银股同时走高。 个股方面，A股招商银行涨2.92%，兴业银行涨超3%，工商银行、农业银行、邮储银行（601658）、中信银行、光大银行股价均涨超2%，上海银行 （601229）、重庆银行（601963）、江苏银行（600919）、南京银行、北京银行跟涨。 | 代码 | 名称 | 现价 | 涨跌幅 | 总市值1 ▼ | 年初至今涨跌幅 | | --- ...

伙伴们，基金君和你一起关注今天上午的市场行情！ 【导读】 上午 A股三大股指 收跌，红利板块上涨，银行股全线飘红；黄金股持续回调，创新药概念股下跌 中国基金报记者 张舟 银行股全线飘红 今天上午，A股银行板块全线飘红，港股内银股同时走高。 个股方面，A股招商银行涨2.92%，兴业银行涨超3%，工商银行、农业银行、邮储银行、中信银行、光大银行股价均涨超2%，上海银行、 重庆银行、江苏银行、南京银行、北京银行跟涨。 | 代码 | 名称 | 现价 | 涨跌幅 | 总市值1 ▼ | 年初至今涨跌幅 | | --- | --- | --- | --- | --- | --- | | 601288 | 农业银行 | 8.17 | 2.00% | 27792亿 | 59.87% | | 601398 | 工商银行 | 8.10 | 2.53% | 26792亿 | 21.97% | | 601939 | 建设银行 | 9.49 | 1.61% | 19700亿 | 13.04% | | 601988 | 中国银行 | 5.73 | 0.88% | 17133亿 | 8.63% | | 600036 | 招商银行 | 43. ...