中国经济网北京2月26日讯 国家金融监督管理总局网站日前公布的泰州监管分局行政处罚信息公开表（泰金监罚决字〔2025〕41号、 42号、43号、44号、45号）显示，光大银行（601818）股份有限公司泰州分行项目贷款"三查"不到位；流动资金贷款贷前调查不到 位、贷后管理不到位；并购贷款贷前调查不到位、贷后管理不到位。泰州金融监管分局对光大银行股份有限公司泰州分行罚款115万 元。 张鑫（光大银行股份有限公司泰州分行营业部总经理）被警告并罚款7万元、王佶（时任光大银行股份有限公司泰兴支行行长）被警 告并罚款5万元、吴姚陵阳（光大银行股份有限公司靖江支行行长）被警告并罚款6万元、李伟（时任光大银行股份有限公司泰州分行 公司业务二部总经理、姜堰支行行长）被警告并罚款5万元。 国家金融监督管理总局网站1月23日公布焦作监管分局行政处罚信息公示表（焦金罚决字〔2026〕1、2、3号）。中国光大银行股份有 限公司焦作分行存在以下违法违规事实：贷后管理不到位，信贷资金回流至借款人；以贷转存，虚增存贷款规模。焦作金融监管分局 决定对其处以罚款60万元。毋志鹏（光大银行解放路支行公司业务部原经理）存在以下违法违规事实：贷后管 ...

近日，银行优先股迎来密集赎回。 《国际金融报》记者注意到，2月以来，已有光大银行（601818）、平安银行（000001）两家股份制银 行宣布完成或即将赎回此前发行的优先股，合计规模高达550亿元。而在去年末，南京银行 （601009）、杭州银行（600926）等5家城商行陆续宣布赎回优先股，合计规模为458亿元。 受访专家指出，本轮赎回潮是银行顺应低利率周期进行资本结构升级的体现。展望后续，在发行节奏 上，未来仍会看到银行优先股"到期赎回+新发替换"的结合，但可能不会出现扎堆赎回，节奏会更平 滑。 银行优先股属于一级资本工具，兼具股票和债券的双重特性。上市银行发行优先股，往往是为了补充一 级资本、优化资本结构及满足监管要求等，且多数会设置赎回条款，自发行之日起5年后有权赎回。 数据统计显示，2026年以来，被赎回的银行优先股已超百亿元。 银行密集赎回优先股 存量规模持续收窄 iFinD数据显示，银行优先股曾于2014年至2016年间迎来发行的高峰期。截至2026年2月25日，银行合计 发行的优先股共计35只，发行规模为8391.50亿元，目前存量银行优先股有21只。此外，在长沙银行于 2020年1月21日发 ...

Core Viewpoint - The article discusses the upward trend in the stock market driven by cyclical price increases and the spread of AI, suggesting a potential for market fluctuations to rise ahead of the Two Sessions [1]. Market Performance - The three major stock indices collectively rose, with the Shanghai Composite Index closing at 4147.23 points, up 0.72%, the Shenzhen Component at 14475.87 points, up 1.29%, and the ChiNext Index at 3354.82 points, up 1.41% [3][13]. - Over 3700 stocks increased in value, indicating a predominance of gains in the market [3][13]. Sector Highlights - **Rare Earth Permanent Magnet Sector**: Stocks such as Baotou Steel and China Aluminum International saw significant gains, with prices for various rare earth products increasing post-holiday. For instance, the average price of praseodymium and neodymium oxide rose by 4.16 million yuan/ton [5][14]. - **Real Estate Sector**: Companies like I Love My Home and Hualian Holdings experienced stock price surges, supported by promotional activities from nearly 50 real estate firms in Guangzhou, offering over 140 properties with discounts [6][15]. Consumer Trends - **Restaurant Industry**: Goldman Sachs forecasts a 4.2% year-on-year growth in mainland China's restaurant sales, up from 3.2% last year. The report notes a stabilization in consumer demand and price increases due to rising operational and raw material costs [9][18]. - **Takeout Orders**: The increase in takeout orders is expected to impact profitability negatively, but ongoing high levels of subsidies and product variety expansion are anticipated to support same-store sales growth [9][18]. Institutional Insights - Zhongyuan Securities indicates that the inflow of funds into the market is expected to provide a solid foundation for upward market movements, with a likely scenario of wide fluctuations and structural differentiation in indices [10][19]. - Dongguan Securities highlights a general rise in global assets during the Spring Festival, with AI and resource products becoming market focal points, suggesting a high probability of index increases post-holiday [10][19].

(责任编辑：关婧) 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，其中光大银行以10.7%跌幅垫底，北京银行 （-7.12%）、华夏银行（-6.68%）跌幅也均超过5%。 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%。 ...

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].

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]

兴业银行与光大银行：差异化竞争下的投资选择 在A股上市的全国性股份制银行中，兴业银行与光大银行作为两家资产规模均超万亿的金融机构，近年来呈现出不同的发展路径。2026年初，兴 业银行披露的2025年业绩快报显示其资产规模突破11万亿元，营收净利实现双增；而光大银行则聚焦科技金融领域，发布2026年科技金融行动方 案，打造"阳光科创"特色业务。这两家银行孰强孰弱？从投资者的角度来看，关键在于理解它们的差异化竞争优势。 规模实力对比呈现显著差距。截至2025年末，兴业银行资产总额达11.09万亿元，各项贷款余额5.95万亿元，存款余额5.93万亿元，市值约3913亿 元。相比之下，光大银行资产规模约7万亿元，市值1527亿元，两者差距明显。这种规模差异使得兴业银行稳居股份制银行"第一梯队"，而光大银 行则处于中游位置。值得注意的是，兴业银行的存款规模优势为其提供了更稳定的负债基础，这在当前利率市场化深化的背景下尤为重要。 盈利能力分化明显。兴业银行2025年实现营业收入2127.41亿元，归母净利润774.69亿元，均实现正增长，特别是第四季度营收同比增长7.3%，呈 现明显的业绩回升态势。反观光大银行，2025 ...

2026年开年，股份行整合与退出旗下村镇银行的步伐加快，"村改支"的行业浪潮已席卷股份制银行领域。 日前，21世纪经济报道记者注意到，截至今年1月底，光大银行（601818）在三个月内迅速完成了旗下三家村 镇银行的退出，实现了存量机构的全面"清零"。与此同时，浦发银行（600000）也正以"村改支"模式密集推进 整合，仅在2月5日、6日就接连有旗下两家村镇银行退出，成为近期股份行中退出动作最为频繁的机构。 专业人士指出，这一系列退出行动属于"主动申请+合规审批"的良性模式。早在2025年10月，湖南、江苏两地 金融监管部门就已批复同意两家机构解散，并明确主发起行光大银行承继所有权利义务，同时要求机构在批复 后15个工作日内缴回金融许可证。这一环节明确了"主发起行兜底"的核心原则，为后续的人员安置与资产交割 奠定了坚实基础。 值得注意的是，尽管上述三家村镇银行在2024年全部实现盈利，但其2025年的业绩却出现了分化。比如，光大 银行2025年半年报显示，截至2025年6月末，韶山光大村镇银行总资产为8.32亿元，净资产为2.46亿元，但上半 年亏损116.88万元。 股份行整合路径分化 浦发银行退出步伐最快 ...

Core Viewpoint - The article highlights the accelerated pace of integration and exit of village banks by joint-stock banks, marking a shift from rapid expansion to a focus on high-quality development in the industry [1][6]. Group 1: Recent Developments in Village Bank Exits - As of the end of January 2026, Everbright Bank has completed the exit of its three village banks, achieving a total "zero" status for its village banking operations [1][3]. - Shanghai Pudong Development Bank (SPDB) is also actively pursuing the "village to branch" model, with two of its village banks exiting in early February 2026, making it one of the most active banks in this regard [1][5]. - Nearly 30 village banks have been deregistered since the beginning of 2026, significantly higher than the same period last year [1][6]. Group 2: Integration and Exit Strategies - The exit actions by Everbright Bank are characterized as a "proactive application + compliance approval" model, with the bank inheriting all rights and obligations of the exited banks [3][4]. - The trend indicates a shift towards a more specialized and high-quality development phase for village banks, as the government emphasizes risk management and transformation of local financial institutions [6][10]. - The restructuring of over 230 village banks in 2025 through mergers, acquisitions, and exits reflects a deep reshaping of the industry, driven by both state-owned and joint-stock banks [6][9]. Group 3: Differentiated Approaches Among Joint-Stock Banks - SPDB has notably accelerated its exit process, reducing its village banks from 28 to approximately 13, with significant exits occurring between July 2025 and February 2026 [8][9]. - In contrast, Minsheng Bank has retained a broader network of village banks, exiting only two out of 28, indicating a different strategic focus [9]. - Other banks like Huaxia Bank and several others have completed their exits, while some banks have not engaged in village banking at all, highlighting varied strategies across the sector [7][9]. Group 4: Implications for Industry Personnel - The integration and exit of village banks signal a transition for employees, potentially moving from subsidiary roles to formal positions within parent banks, which may offer better resources and processes [9][10]. - However, this transformation also poses challenges, including changes in job roles and assessment systems, as well as potential impacts on existing business structures and client relationships [9][10].

据经济观察报-经济观察网 2025年，中国手机银行用户规模见顶，行业从增量获取转入存量提升，金融 机构需极致效率与精准生态才能生存。艾瑞咨询报告显示，在存量博弈中，股份制银行选择差异化生存 路径，头部效应显著。招商银行以7185.4万MAU稳居股份制银行首位，超越部分国有大行，得益于其 在财富管理与智能交互领域的深耕。平安银行与中信银行构成第二梯队，MAU维持在2000万至3000万 区间，前者通过AI重构服务链路，后者依托消费生态整合。民生银行、光大银行等第三梯队及之后机 构，MAU滑落至1000万至2000万区间，生存空间逼仄。地方银行中，深耕本地的机构逆势增长。城商 行如江苏银行、北京银行等，MAU稳定在300万以上；农商行与农信社中，福建农信等MAU突破450 万，占据县域与农村流量腹地。民营银行处境严峻，2025年TOP50榜单几近绝迹，因缺乏线下网点、本 地生活生态，且获客成本高，在手机银行赛道失去竞争力。存量时代，生态与区域能力成为制胜关键。 ...