详解基金 4Q25 银行持仓： 板块资金面整体稳健，主动基金比例小幅提升 0.04pcts 至 2.08% 评级： 增持（维持） 分析师：戴志锋 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 分析师：邓美君 执业证书编号：S0740519050002 Email：dengmj@zts.com.cn 分析师：陈程 执业证书编号：S0740525110001 Email：chencheng07@zts.com.cn 基本状况 上市公司数 42 行业总市值(亿元) 143,909.38 行业流通市值(亿元) 137,804.25 行业-市场走势对比 官信贷投放改善、存款总量稳增；预 计开门红趋势延续》2026-01-16 2、《12 月金融数据前瞻： 预计新增 8.3%》2026-01-08 | 一、主动基金配置银行板块情况：主动基金持仓银行市值占比升至 2.08%，但低配比例小 | | --- | | 幅扩大 | | 二、主动基金持仓银行个股情况： 共 21 家上市银行持仓比例环比提升 . | | 三、被动基金配置银行板块及个股情况：资金整体流入银行板块，合计净流入规模 ...

Group 1: Gold Price Surge - The price of gold has surged significantly, with spot gold reaching $4981.309 per ounce, approaching the $5000 mark [1] - Domestic gold prices have also increased, with several brands of gold jewelry exceeding 1500 yuan per gram, and some reaching 1548 yuan, marking a daily increase of over 50 yuan [3] Group 2: Demand for Bank Safe Deposit Boxes - The demand for bank safe deposit boxes has skyrocketed, with many banks reporting that all available boxes are rented out, leading to waiting lists for new customers [7][9] - In Hangzhou, major banks have completely rented out their safe deposit boxes, and new customers must wait for existing customers to return their boxes before they can rent one [8] - The surge in demand for safe deposit boxes is attributed to the increasing need for secure storage of high-value items like gold bars, particularly among high-net-worth individuals in major cities [9]

Group 1 - The first major acquisition loan in the critical metals industry in Guangxi was successfully issued, amounting to 224 million yuan, aimed at supporting resource integration and capacity expansion [1] - Guangxi is recognized as a significant region for non-ferrous metals, holding a leading position in the reserves of various critical metals such as tin, antimony, indium, gallium, germanium, and rare earths [1] - To promote the high-quality development of the critical metals industry, Guangxi has introduced several policy documents in 2025, including measures for financial support and the establishment of the "Nandan Critical Metals Loan" [1] Group 2 - Financial institutions in Guangxi are innovating to support the green and high-quality development of the critical metals industry, with notable loans such as 100 million yuan from China Construction Bank for operational needs and 300 million yuan from Industrial and Commercial Bank of China for production stability [2] - The establishment of the Guangxi Critical Metals Industry Development Group in January 2026 aims to provide comprehensive financial services, with plans for Guangxi Beibu Gulf Bank to invest at least 20 billion yuan in the critical metals sector over the next five years [2] - By the end of 2025, 53 enterprises in the critical metals industry chain in Guangxi had been included in the "Nandan Critical Metals Loan" list, with 33 enterprises receiving a total of 2.838 billion yuan in loans [3]

Core Insights - The Chinese private banking industry is undergoing a historic shift from "scale expansion" to "value cultivation," with high-quality growth expected by 2025 [3][4] - The number of high-net-worth individuals (HNWIs) in China has surpassed 3 million, with assets under management (AUM) reaching 24.6 trillion yuan, projected to grow to 42 trillion yuan by 2030, reflecting a compound annual growth rate (CAGR) of 9.5% [3][6] - The market is characterized by a dual trend of "head concentration and distinctive breakthroughs," with major state-owned banks dominating the sector [3][8] Industry Overview - The private banking sector in China continues to show steady growth, with AUM reaching 18.8 trillion yuan by mid-2025, a 9.3% increase from the end of 2024 [5][6] - The number of clients served by 16 banks reached 1.649 million, a year-on-year growth of 13.17% [5] - The market is highly concentrated, with the top four state-owned banks holding nearly 70% of the total AUM among the 12 major private banks [8][7] Market Dynamics - Business innovation is becoming a new driving force for industry development, with family trusts and insurance trusts experiencing rapid growth [4][19] - By Q3 2025, the total scale of family trusts exceeded 950 billion yuan, while insurance trusts reached 420 billion yuan, reflecting growth rates of 5.6% and 19.1% respectively [4][19] - The industry faces challenges such as stricter regulations, talent shortages, and intensified competition [4][29] Client Demographics - The number of high-net-worth families in China reached 2.066 million by 2025, with the total wealth of billionaires growing to 1.8 trillion USD, a 22.2% increase [12][6] - The average age of high-net-worth individuals is 35, with a significant portion being young entrepreneurs [13][12] - The income sources of high-net-worth individuals are diverse, with business income being the primary source [13][16] Business Model Innovations - Family office services are rapidly developing, with over 85% of private banking departments establishing independent family office service systems by the end of 2023 [22] - The demand for family office services is expected to grow, with annual expenditures on tax planning projected to reach 2.8 million yuan by 2025 [23] - ESG investments are becoming a key focus, with ESG-themed financial products seeing significant growth [24][25] Digital Transformation - The digital transformation of the private banking sector is entering a deepening phase, with at least 60% of institutions expected to adopt AI-driven advisory systems by 2025 [26][27] - Technology investments are projected to exceed 4.8 billion yuan, with a CAGR of 27.3% [26] - The integration of digital services is crucial for enhancing customer experience and operational efficiency [28] Regulatory Environment - The regulatory environment is becoming stricter, leading to increased compliance costs, which are expected to rise by 23 percentage points of operating income [29][30] - The implementation of new asset management regulations is reshaping product design and increasing the entry barriers for new players [29][30] Talent Shortage - The private banking industry faces a significant talent shortage, with a demand gap of approximately 24,000 professional bankers by 2025 [33][34] - The ratio of talent supply to demand is 1:8, indicating a critical need for skilled professionals [33] - The industry is increasingly focusing on talent training and recruitment to address this gap [34]

（央视财经《经济信息联播》）财政部等三部门近日发布通知，升级优化个人消费贷款财政贴息政策。 此次新政发布后，多家银行迅速响应，纷纷发布实操细则，部分机构同步开启信用卡分期贴息操作路 径。 记者在工商银行深圳分行的一家营业厅内看到，随着新政策落地，网点陆续有客户前来咨询。客户经理 徐碧婷，刚刚就成功帮助一名客户申请了信用卡分期的贴息优惠。 中国工商银行深圳市分行营业部客户经理 徐碧婷：客户近期准备购买家具，我们引导他通过手机银行 去操作贴息的办理，整个流程非常的简单、方便，通过手机银行就能马上看到我们的贴息优惠。 银行工作人员表示，这几天，信用卡业务办理量明显增加。 中国工商银行深圳市分行银行卡中心总经理 胡济峰：目前看，客户参与的积极性非常高。我们工行深 圳分行这两天的账单分期每日平均办理量比政策发布前提升了16.27%，日均办理金额由860万元提升到 了1千万元以上。 业内人士表示，此次政策升级的核心突破在于，实现了全场景、全机构、强激励的普惠化转型。为实现 精准促消费，各家银行也在着力打造"全场景覆盖"的消费支持体系。不过，银行也做出提醒，若相关申 请未通过审核或存在违法违规套取贴息资金的行为，银行将按规 ...

国家知识产权局信息显示，中国工商银行股份有限公司取得一项名为"一种硬币计数装置"的专利，授权 公告号CN119672853B，申请日期为2024年12月。 天眼查资料显示，中国工商银行股份有限公司，成立于1985年，位于北京市，是一家以从事货币金融服 务为主的企业。企业注册资本35640625.7089万人民币。通过天眼查大数据分析，中国工商银行股份有 限公司共对外投资了28家企业，参与招投标项目5000次，财产线索方面有商标信息969条，专利信息 5000条，此外企业还拥有行政许可79个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 ...

国家知识产权局信息显示，中国工商银行股份有限公司取得一项名为"异常账户匹配方法、装置、计算 机设备和存储介质"的专利，授权公告号CN115438072B，申请日期为2022年9月。 天眼查资料显示，中国工商银行股份有限公司，成立于1985年，位于北京市，是一家以从事货币金融服 务为主的企业。企业注册资本35640625.7089万人民币。通过天眼查大数据分析，中国工商银行股份有 限公司共对外投资了28家企业，参与招投标项目5000次，财产线索方面有商标信息969条，专利信息 5000条，此外企业还拥有行政许可79个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 ...

国家知识产权局信息显示，中国工商银行股份有限公司取得一项名为"卡号生成方法、装置、计算机设 备和存储介质"的专利，授权公告号CN115048429B，申请日期为2022年6月。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 天眼查资料显示，中国工商银行股份有限公司，成立于1985年，位于北京市，是一家以从事货币金融服 务为主的企业。企业注册资本35640625.7089万人民币。通过天眼查大数据分析，中国工商银行股份有 限公司共对外投资了28家企业，参与招投标项目5000次，财产线索方面有商标信息969条，专利信息 5000条，此外企业还拥有行政许可79个。 ...

Group 1 - The core viewpoint of the news is the optimization of the personal consumption loan interest subsidy policy, which aims to stimulate consumer spending by extending the policy duration and expanding its coverage [1][2][4] - The new policy extends the implementation period until the end of this year and includes credit card installment payments in the subsidy scope, thereby broadening the areas eligible for interest subsidies [1][3] - Financial institutions, including major banks, are quickly responding to the policy by optimizing their services to ensure consumers can benefit from the subsidies seamlessly, enhancing the overall consumer experience [4][6] Group 2 - The collaboration between financial institutions and e-commerce platforms is highlighted, with initiatives like interest-free installment products being offered to consumers, which have led to significant increases in sales for participating brands [6] - The policy is part of a broader strategy to boost domestic demand and consumer confidence, aligning with the central economic work conference's focus on enhancing the domestic market [7] - The implementation of the policy is expected to improve consumer sentiment and market vitality, contributing to a stable economic outlook and encouraging higher quality consumption [7]

Core Viewpoint - The issuance and subsequent redemption of subordinated capital bonds by banks, particularly ICBC, reflect a strategic capital management decision that balances liquidity, cost, and regulatory compliance, while also transferring market uncertainties to bond investors [1][3][5]. Group 1: Bank's Perspective - The issuance of 30 billion yuan in subordinated capital bonds by ICBC is a common practice that allows banks to optimize their capital structure, especially if future interest rates decline or alternative capital tools become available at lower costs [1][3]. - The redemption of these bonds indicates that ICBC has sufficient liquidity or access to cheaper funding sources, suggesting a proactive approach to capital management [1][3]. - This action also highlights the bank's ability to navigate market conditions and regulatory requirements effectively, demonstrating a sophisticated understanding of capital management [1][3][5]. Group 2: Investor's Perspective - Investors in subordinated capital bonds face credit and liquidity risks, and they must be aware of the potential for capital write-downs, which are often underestimated due to a lack of risk pricing awareness [5][9]. - Many investors mistakenly treat these bonds as stable income-generating assets, particularly in a declining interest rate environment, leading to a mispricing of risks until redemption or market shocks occur [5][9]. - The need for investors to recognize the quasi-equity nature of these bonds is crucial, as they should not be viewed as safe alternatives like government bonds [9][12]. Group 3: Regulatory Perspective - Regulators encourage banks to diversify their capital sources to mitigate macro and micro risks, with subordinated capital bonds being a recognized component of this strategy [5][9]. - There is a tension between promoting bond issuance and preventing these instruments from becoming tools for evading capital constraints, leading to increasingly detailed regulations [5][9][12]. - The regulatory framework must evolve to provide clearer guidance on information disclosure and product suitability, ensuring that market participants are not left vulnerable to the complexities of capital management strategies [9][12][14]. Group 4: Market Implications - The full redemption by ICBC is seen as a normal capital management action, but it raises questions about the clarity of information disclosure and the need for transparent communication regarding the implications for capital adequacy [7][16]. - Frequent design of capital tools as "redeemable" could undermine investor confidence in the sustainability of returns, potentially leading to higher risk premiums and increased financing costs over time [14][16]. - The interaction between banks, investors, and regulators in this context emphasizes the importance of a well-functioning institutional framework, where transparency and risk awareness are prioritized for the benefit of all market participants [16].