Investment Rating - The report maintains an "Overweight" rating for the securities and banking sectors, while also recommending the insurance sector [8]. Core Insights - The market remains active with an average daily trading volume of 28 trillion yuan in A-shares, and the financing balance stabilizing at 2.7 trillion yuan. However, the ETF market has experienced significant volatility, with major outflows from core broad-based ETFs [11][16]. - The sentiment for market bullishness is strong, and the spring rally is expected to continue, particularly in the insurance sector where beta trading opportunities are anticipated [2][26]. - The central bank's governor indicated that there is still room for interest rate cuts, with the latest Loan Prime Rate (LPR) remaining unchanged for eight consecutive months [11][32]. Securities Sector Summary - The report highlights a positive outlook for the securities sector, with several brokerages reporting significant profit growth for 2025. The recommendation includes top brokerages such as CITIC Securities, Guotai Junan, and GF Securities [2][12]. - The average daily trading volume in the A-share market is noted at 28 trillion yuan, with a stable financing balance, indicating a recovery opportunity for the brokerage sector [11][12]. Insurance Sector Summary - The report suggests focusing on quality leading companies in the insurance sector, as the market sentiment remains strong and the spring rally is expected to continue [26][27]. - The insurance sector's fund holdings have increased, with major stocks like Ping An and China Life being highlighted for their significant market presence [27][31]. Banking Sector Summary - The banking sector is characterized by stable performance, with several banks reporting positive earnings forecasts for 2025. The report recommends quality individual stocks such as Nanjing Bank and Chengdu Bank [3][40]. - The central bank's comments on potential interest rate cuts and the expansion of wealth management products indicate a favorable environment for banks [32][33]. - The report notes a decline in bond allocations within bank wealth management products, with an increase in deposits and funds [37][34].

Investment Rating - The report maintains an "Overweight" rating for both the banking and securities sectors [6]. Core Insights - The financial sector shows a strategic allocation opportunity, with increased fund positions in banking, securities, and insurance stocks [1][5]. - The banking sector's fund position has slightly increased, indicating a return of risk appetite among investors [2][13]. - The securities sector is experiencing a recovery in fund positions, driven by market activity and performance expectations [3][5]. - The insurance sector has seen a significant increase in fund positions, with major insurance stocks being favored by investors [4][5]. Summary by Sections Banking Sector - As of Q4 2025, the banking sector's fund position increased by 0.04 percentage points to 1.89%, with large banks and joint-stock banks seeing gains, while city commercial banks experienced a decline [2][13]. - The top three heavy-weighted stocks in the banking sector account for 46.0% of the total fund position, indicating a concentration in holdings [13][27]. - The dividend yield for A/H shares in the banking sector is approximately 4.87%/4.88%, making it attractive compared to the 10-year government bond yield of 1.83% [5]. Securities Sector - The securities sector's fund position rose by 0.10 percentage points to 0.72%, although it remains at a historically low level [3][5]. - Major securities firms like CITIC Securities and Guotai Junan have been favored for their performance potential amidst market recovery [5][8]. - The average price-to-book ratio for large and small securities firms is 1.44x and 1.67x, respectively, indicating they are trading at 27% and 42% of their historical averages [5]. Insurance Sector - The insurance sector's fund position increased by 0.94 percentage points to 1.72%, with major stocks like Ping An and China Pacific receiving significant increases in holdings [4][5]. - The insurance index's price-to-book ratio is at 1.53x, which is at the 40th percentile of valuations since 2014, suggesting potential for valuation recovery [4][5]. - Strong sales performance in life insurance is noted, with a focus on high-elasticity stocks as key investment opportunities [4].

证券研究报告 银行 华泰研究 2026 年 1 月 24 日 | 中国内地 动态点评 增持 (维持) | 12 月至今中信银行指数回调 8.4pct,主要受地产舆情、降息预期、资金风 | 沈娟 | 研究员 | | --- | --- | --- | | | SAC No. S0570514040002 | shenjuan@htsc.com | | 格切换影响,指数估值降至 0.65xPB、近 5 年 65%分位,部分优质个股 25E | SFC No. BPN843 | +(86) 755 2395 2763 | | 股息率近6%。险资开门红同比高增,预计后续新增保费对高股息、低波动 | | | | 的优质银行股仍有配置需求:银行开年投放积极,息差降幅明显收窄,盈利 | 贺雅亭 | 研究员 | | | SAC No. S0570524070008 | heyating@htsc.com | | 有望改善,地产链影响或较为可控。南京、宁波、兴业等 8家银行披露 25A | SFC No. BUB018 | +(86) 10 6321 1166 | | 业绩快报，其中６家营收提升、5 家利润改善，我们预计 20 ...

2025 年 4 季度公募基金银行持仓点评 主动基金配置比例仍处低位 glmszqdatemark 分析师：王先爽 分析师：乔丹 执业证书：S0590525120014 执业证书：S0590526010003 邮箱：wangxianshuang@glms.com.cn 邮箱：qiaodan@glms.com.cn 推荐 维持评级 相对走势 -10% 3% 17% 30% 2025/1 2025/7 2026/1 银行 沪深300 相关研究 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明 证券研究报告 1 2026 年 01 月 25 日 [Table_Author] 25Q4 公募基金持仓银行情况。为了追踪市场偏股公募基金对银行的持仓情况， 我们把其分为三类：1、主动基金：主动股票、偏股混合和灵活配置型基金；2、 ETF 基金：追踪沪深 300、中证 A500 等与银行相关的主要指数的 ETF 基金；3、 非 ETF 指数基金：追踪以上主要指数的非 ETF 类被动指数、指数增强型基金。25 年四季度主动、ETF 和非 ETF 指数基金分别持有银行板块 305.8、2607.2、574.1 亿元，分 ...

股票研究 /[Table_Date] 2026.01.23 票 研 究 主动基金环比持平，被动基金增持 [Table_Industry] 商业银行 | [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： 25Q4 主动基金对银行持仓比例环比持平于 1.9%，被动基金持仓比例环比+1.6pct 至 7.0%，其中宁波银行、兴业银行、中国银行、建设银行等获主动基金增配。 25Q4 基金对银行持仓点评 投资要点： [Table_Summary] 2025 年四季度基金重仓持股情况披露（主动基金包括普通股票型、 偏股混合型、灵活配置型，被动基金包括被动指数型、指数增强型）： [Table_Report] 相关报告 商业银行《国有大行投放力度较大，不良压力或 企稳》20 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report provides a comprehensive analysis of 127 regional banks in Jiangsu Province, highlighting their asset and liability structures, profitability, and asset quality [6][18] - Jiangsu's regional banks have shown a significant increase in asset growth, with major city commercial banks growing at 19.4%, surpassing the growth of listed city commercial banks at 14.2% [24][26] - The report indicates that the loan-to-asset ratio for city commercial banks is projected to reach 48.4% in 2024, reflecting a gradual increase in lending activities [30] - Jiangsu's regional banks exhibit better return on assets (ROA) compared to listed banks, with city commercial banks outperforming by 16 basis points and rural commercial banks by 9 basis points [6][42] - The asset quality of Jiangsu's regional banks is superior to that of listed banks, with lower non-performing loan ratios and higher provision coverage ratios [6][42] Summary by Sections 1. Economic Structure of Jiangsu Province - Jiangsu Province is focusing on new industrialization and strategic emerging industries, with significant contributions from cities like Nanjing and Suzhou [13][14] 2. Overview of 127 Regional Banks in Jiangsu - The report categorizes the banks into city commercial banks, rural commercial banks, and others, with a total of 127 banks established between 2006 and 2015 [18][20] 3. Asset/Liability Structure - The asset growth of major city commercial banks is accelerating, while rural commercial banks are experiencing a decline in growth rates [24][26] - The loan-to-asset ratio for city commercial banks is expected to increase to 48.4% by 2024, indicating a shift towards more lending [30] 4. Profitability - Jiangsu's regional banks have a higher ROA compared to listed banks, with city commercial banks showing a 16 basis point advantage [6][42] 5. Asset Quality/Capital Levels - Jiangsu's regional banks maintain a lower non-performing loan ratio compared to listed banks, with city commercial banks having a 30 basis point lower ratio [6][42]

| 代码 | 名称 | | 涨幅%↑ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 601229 | 上海银行 | 1 | -2.30 | 1329亿 | -7.43 | | 601128 | 常熟銀行 | | -1.51 | 238亿 | 1.99 | | 601998 | 中信銀行 | 1 | -1.47 | 4107亿 | -4.16 | | 601166 | 兴业银行 | 1 | -1.40 | 4038亿 | -9.40 | | 002142 | 宁波银行 | 1 | -1.39 | 1921亿 | 3.56 | | 601838 | 成都银行 | | -1.26 | 664亿 | -2.85 | | 600000 | 浦发银行 | 1 | -1.13 | 3500亿 | -15.51 | | 600919 | 江苏银行 | 兼 | -1.12 | 1786亿 | -3.44 | | 601398 | 工商银行 | 1 | -1.10 | 25626亿 | -9.33 | | 600926 | 杭州银行 | 张 | -1.04 | ...

Investment Rating - The report provides a "Buy" rating for all major banks analyzed, indicating a positive outlook for the banking sector [7]. Core Insights - The digital renminbi has entered its 2.0 era, transitioning from a central bank liability (M0) to a commercial bank liability (M1), allowing it to earn interest and be included in deposit insurance and reserve requirements [6][14]. - This transformation positions China as the first economy to offer interest on its central bank digital currency (CBDC), fundamentally altering its monetary attributes and creating a new financial paradigm in the digital economy [27]. - The digital renminbi's interest-bearing feature enhances user motivation to hold it, shifting its perception from a mere payment tool to a viable store of value, thus promoting its integration into everyday financial activities [27][28]. Summary by Sections 1. Digital Renminbi 2.0 Era - The digital renminbi (e-CNY) is now classified as a digital deposit currency, which can earn interest and is managed under a new regulatory framework [14]. - Major state-owned banks have begun offering interest on digital renminbi wallet balances, marking a significant shift in its utility and appeal [14][27]. 2. Development Progress and Application Status - The development of the digital renminbi began in 2014, with significant milestones including pilot tests in various cities and the establishment of a comprehensive operational framework by 2025 [32][33]. - As of November 2025, the digital renminbi has processed 34.8 billion transactions amounting to 16.7 trillion yuan, with extensive coverage across multiple provinces and cities [37]. 3. Global CBDC Development Trends - The report identifies three main trends in global CBDC development: active retail CBDC initiatives, innovation in payment systems, and cautious approaches in some countries like the U.S. [6]. - China's proactive stance in developing its CBDC positions it favorably in the global digital economy landscape, particularly in cross-border trade applications [30].

Market Overview - The city commercial bank sector experienced a decline of 0.55% on January 21, with Chongqing Bank leading the drop [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Individual Stock Performance - Ningbo Bank closed at 28.88, with an increase of 1.16% and a trading volume of 432,300 shares, amounting to a transaction value of 1.246 billion [1] - Chongqing Bank closed at 10.25, down 1.82%, with a trading volume of 106,800 shares and a transaction value of 110 million [2] - Other notable performers include Xiamen Bank, which closed at 7.13, down 1.66%, and Chengdu Bank, which closed at 15.72, down 1.38% [2] Capital Flow Analysis - The city commercial bank sector saw a net inflow of 508 million from institutional investors, while retail investors experienced a net outflow of 566 million [2] - The capital flow for individual stocks indicates that Hangzhou Bank had a net inflow of 158 million from institutional investors, while it faced a net outflow of 86.5 million from retail investors [3] - Shanghai Bank also saw a net inflow of 107 million from institutional investors, with a net outflow of 121 million from retail investors [3]

2026年1月21日 1月20日 标的指数成份股涨跌幅TOP20 标普中国 A 股红利机会指数(CSPSADRP) | 序号 | 代码 | 简称 | 更日涨幅 | 年内涨幅 | 股息率(近12个 | | --- | --- | --- | --- | --- | --- | | | | | (%) | (%) | 月) (%) | | 1 | 603816.SH | 顾家家居 | 7.82 | 9.95 | 4.40 | | 2 | 600219.SH | 南山铝业 | 7.49 | 22.68 | 6.35 | | 3 | 002572.SZ | 家非业 | 5.63 | 4.85 | 7.40 | | 4 | 002833.SZ | 弘亚数控 | 4.73 | 9.47 | 4.09 | | 5 | 603515.SH | 欧普照明 | 3.95 | 6.56 | 4.78 | | 6 | 603730.SH | 岱美股份 | 3.61 | 17.81 | 2.70 | | 7 | 603833.SH | 欧派家居 | 3.59 | 11.80 | 6.73 | | 8 | 300441.SZ | 鮑斯股 ...