从盈利表现看，首批披露业绩快报的8家上市银行归母净利润全部实现同比增长，其中7家实现营收、净 利润双增，整体表现稳健向好。 其中，城商行增速尤为突出。杭州银行以12.05%的归母净利润增速领跑，宁波银行、南京银行分别实 现8.13%和8.08%的同比增长；农商行中，苏农银行也取得5.04%的增长。 股份制银行中，浦发银行归母净利润同比增长10.52%，表现亮眼；中信银行、招商银行、兴业银行分 别实现2.98%、1.21%和0.34%的增长，在复杂经营环境下保持韧性。 上市银行2025年业绩快报披露拉开帷幕。上海证券报记者统计，截至1月25日，招商银行、中信银行、 浦发银行、兴业银行、宁波银行、南京银行、杭州银行、苏农银行等8家上市银行披露了2025年业绩快 报，这些银行全部实现归母净利润同比正增长，其中7家实现营收、净利润双增。 从首批8份业绩快报看，上市银行整体延续稳健增长态势，盈利能力保持韧性，资产规模稳步扩张，经 营基本面呈现"量稳、质优、结构改善"的特征，负债成本改善、中收快速增长等，成为支撑业绩向好的 关键因素。多家银行在2026年工作会议上透露，将继续优化业务结构，拓宽中收来源，深化风险管理和 加 ...

证券研究报告 | 行业深度报告 2026 年 01 月 25 日 25 年理财规模扩张，增配存款和基金 ——金融风向标 2026-W03 总量研究/银行 ❑ 本周 A 股上涨，但银行板块总体走弱。25 年理财规模持续扩张，含权理财 规模触底回升，理财全年增配存款和公募基金。策略上，银行板块等待 A 股 风格切换，持续关注招商银行（600036.SH）等标的。 ❑ 【周观察·动向】 监管动态：央行公布贷款市场报价利率（LPR）为：1 年期 LPR 为 3.0%，5 年 期以上 LPR 为 3.5%，维持不变。行业动态：招商银行、杭州银行、兴业银行、 南京银行、苏农银行和宁波银行发布 2025 年业绩快报。市场动态：本周万得全 A 指数上涨 1.81%，申万银行板块下跌 2.70%。 ❑ 【周综述·数据】 公开市场操作与资金利率：本周央行大幅净投放 1.2 万亿，质押式回购利率大 幅上行。各期限 Shibor 小幅波动，短端至长端均微降。银行资负跟踪：资产端， 中长期限国债收益率全线走低，大行票据转贴现累计净买入规模同比少增，本 期末 1M、3M 和半年票据利率分别为 1.7%、1.45%、1.13%，分别较上期 ...

Investment Rating - The report assigns an "Overweight" rating to the banking sector [4]. Core Insights - As of January 23, 2026, eight banks have reported stable growth in performance and maintained asset quality. The outlook for 2026 suggests continued improvement in bank performance, supported by narrowing interest margin declines and decreasing credit costs [2][4]. Summary by Sections 1. Performance Indicators - Eight banks reported their performance for 2025, showing stable growth and asset quality. The revenue growth rates for major banks were as follows: - Shanghai Pudong Development Bank: +1.9% - Industrial Bank: +0.2% - China Merchants Bank: +0.01% - CITIC Bank: -0.6% - Regional banks showed varied performance, with Nanjing Bank at +10.5%, Ningbo Bank at +8.0%, Hangzhou Bank at +1.1%, and Suzhou Rural Bank at +0.4% [4][6]. 2. Scale and Growth - Quality regional banks continued to experience strong credit growth. By the end of 2025, asset growth rates were: - Nanjing Bank: 16.6% - Ningbo Bank: 16.1% - Hangzhou Bank: 12.0% - Loan growth rates were: - Nanjing Bank: 13.4% - Ningbo Bank: 17.4% - Hangzhou Bank: 14.3% - Overall deposit growth remained stable, with city commercial banks maintaining a growth rate of over 10% and joint-stock banks at 7%-8% [4][6]. 3. Asset Quality - The non-performing loan (NPL) ratios showed a stable or declining trend across the eight banks, with Shanghai Pudong Development Bank at 1.26%, Suzhou Rural Bank at 0.88%, and CITIC Bank at 1.15%. The provision coverage ratios remained robust, with Hangzhou Bank and China Merchants Bank showing a decline of over 10 percentage points but still at high absolute levels [4][6]. 4. Outlook for 2026 - The report anticipates continued improvement in bank performance in 2026, driven by: - A narrowing decline in interest margins leading to improved net interest income growth. - Increased fee income from insurance and wealth management channels. - Continued resolution of risks in key corporate sectors and stabilization of retail risk exposure [4][6]. 5. Investment Recommendations - The report suggests focusing on three main investment lines for 2026: 1. Identifying banks with potential for performance growth, recommending Ningbo Bank, China Merchants Bank, and Nanjing Bank. 2. Considering banks with convertible bond expectations, recommending Chongqing Bank and Changshu Bank. 3. Continuing dividend strategies, recommending Bank of Communications, Jiangsu Bank, and Chongqing Rural Commercial Bank [4][6].

Core Viewpoint - The first batch of 2025 performance reports from listed banks indicates significant improvement in performance metrics, with asset quality remaining stable [1][2]. Group 1: Performance Highlights - As of January 23, 2025, eight listed banks have released performance reports, with all achieving positive growth in net profit [2]. - Notably, the net profit of China Merchants Bank reached 150.18 billion yuan, showing a slight year-on-year increase, while Hangzhou Bank's net profit grew approximately 12% [1][2]. - Among the eight banks, the majority reported a slowdown in revenue growth, with only CITIC Bank experiencing a slight revenue decline of 0.55% [2]. Group 2: Asset Quality and Loan Performance - All eight listed banks demonstrated steady asset expansion, with smaller banks leading in growth rates [1][4]. - The non-performing loan (NPL) ratio remained favorable, with five banks maintaining NPL ratios below 1% [6][8]. - The NPL ratio for several banks improved, with Shanghai Pudong Development Bank showing the largest decline of 10 basis points to 1.26% [6][8]. Group 3: Provisioning and Coverage Ratios - Many banks increased their provisioning efforts, although the provision coverage ratios generally declined, indicating a strategy to use provisions to support profits [6][9]. - Among the eight banks, seven experienced a decrease in provision coverage ratios, with declines ranging from 5.82 to 58.77 percentage points [9][10]. Group 4: Future Outlook - Analysts predict that the net interest margin (NIM) for banks in 2026 will benefit from monetary policy, with a stabilization in the decline of NIM expected [1][10]. - Revenue and net profit growth for banks in 2026 is anticipated to improve, driven by NIM recovery and reduced credit costs [10][11]. - The banking sector is expected to maintain a stable dividend profile and benefit from economic recovery dynamics in 2026 [11].

13.08%的反对票比例，近日在苏州农商行2026年第一次临时股东会上，吸收合并张家港渝农商村镇银 行的议案最终获得通过，但这一投票结果却引发市场关注。 值得注意的是，这并非个案。此前，贵阳银行和广州农商行在类似的村镇银行并购议案表决中，也分别 出现了19.07%的高反对票和83.33%的赞成票。这些数据共同指向一个值得关注的趋势：在防范化解金 融风险、推进村镇银行改革的大背景下，并购过程中的市场化博弈机制正在发挥作用，这既是对银行公 司治理水平的检验，也是资本市场逐步成熟的体现。 股东异议频现：村镇银行整合遭遇治理挑战 村镇银行改革持续推进，但股东投票环节的分歧正成为并购路上的新变量。苏州农商行此次吸收合并的 标的——张家港渝农商村镇银行，从财务数据看颇具吸引力。截至2024年末，该行总资产5.37亿元，年 度净利润2033万元，不良贷款率控制在0.73%的低水平，拨备覆盖率高达930.51%。 按照并购方案，苏州农商行将收购该村镇银行全部股权，吸收合并后改设为分支机构。张家港渝农商村 镇银行解散并注销法人资格，其全部业务、财产、债权债务以及其他各项权利义务均由苏州农商行依法 承继。 "通过本次吸收合并，能 ...

证券之星消息，1月23日农商行板块较上一交易日下跌0.91%，常熟银行领跌。当日上证指数报收于 4136.16，上涨0.33%。深证成指报收于14439.66，上涨0.79%。农商行板块个股涨跌见下表： 从资金流向上来看，当日农商行板块主力资金净流入977.76万元，游资资金净流入6678.14万元，散户资 金净流出7655.9万元。农商行板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601825 | 沪农商行 | > 2690.45万 | 9.36% | 4843.22万 | 16.86% | -7533.68万 | -26.22% | | 601528 | 瑞丰银行 | 1385.85万 | 9.90% | -954.17万 | -6.82% | -431.68万 ...

（苏农银行） 1月21日，苏农银行发布2025年业绩快报。业绩快报显示，截至2025年末，苏农银行总资产2311.03亿元，较年初增长 8.00%；总贷款1394.32亿元，较年初增长7.81%；总存款1829.59亿元，较年初增长7.47%，其中储蓄存款1125.12亿 元，较年初增长11.03%。2025年度实现营业收入41.91亿元，同比增长0.41%；归属于母公司股东的净利润20.43亿元， 同比增长5.04%。截至2025年末，该行不良贷款率0.88%，较年初下降0.02个百分点，关注贷款率1.33%，拨备覆盖率 370.19%，资产质量健康稳健。 ...

Group 1: Commercial Aerospace - The Chinese commercial aerospace sector is entering a new phase aimed at large-scale launches and commercial closed-loop systems, with significant breakthroughs expected in rocket capacity over the next 3 to 5 years [1] - By 2025, China's commercial aerospace is projected to complete 50 launches, accounting for 54% of total space launches, with 25 commercial rockets launched and 311 commercial satellites in orbit, representing 84% of total satellites [1] - The capital market for commercial aerospace companies is accelerating, with several leading firms preparing for IPOs, including Blue Arrow Aerospace and Zhongke Aerospace [1] Group 2: Public Fund Performance - The latest public fund reports reveal that the top ten holdings include companies like Zhongji Xuchuang, Ningde Times, and Tencent, with notable increases in holdings for companies like Zhongji Xuchuang, which saw an increase of 22.602 billion yuan [2] - The automotive industry is facing cost pressures due to rising prices of memory chips and metals, impacting supply chain dynamics and competition [2] Group 3: Biopharmaceutical Industry - Over 50 biopharmaceutical companies have disclosed their 2025 performance forecasts, with nearly 50% showing positive expectations, particularly in the CXO sector, where WuXi AppTec anticipates a revenue increase of approximately 15.84% [3] - The biopharmaceutical industry is expected to enter a new phase of high-quality development as structural reforms and supportive policies continue to evolve [3] Group 4: Fundraising and Market Trends - The public fund market has seen a resurgence, with several equity funds raising over 7 billion yuan, indicating a positive trend in active equity fund performance [4] - The Shanghai Suiruan Technology Co., Ltd. has received approval for its IPO, aiming to raise 6 billion yuan for product development and business expansion [5] Group 5: Aluminum Market - The aluminum market has shown strong performance, with prices rising over 12% since mid-December 2025, supported by favorable macroeconomic conditions and demand for aluminum in various applications [6] - The copper-aluminum price ratio exceeding 4 suggests a potential shift towards aluminum in sectors like air conditioning, indicating new demand growth [6] Group 6: Banking Sector - Five listed banks have reported a year-on-year increase in net profit for 2025, with improvements in non-performing loan ratios for three banks [9] - The banking sector is expected to maintain stable performance, supported by improved funding costs and a potential stabilization of net interest margins [9] Group 7: Chemical Industry - The chemical industry is experiencing positive performance, with over 60% of companies reporting improved earnings, driven by rising prices of certain chemical products [10] - The DOP market is expected to maintain upward momentum due to strong raw material prices and limited supply, indicating a stable support for pricing [10]

浦发银行是首家公布2025年度业绩快报的A股上市银行。2025年，该行实现营收1739.64亿元，同比增长 1.88%；实现归属于母公司股东的净利润500.17亿元，同比增长10.52%。中信银行、兴业银行同期营业 收入分别为2124.75亿元、2127.41亿元；实现归母净利润分别为706.18亿元、774.69亿元，同比增长 2.98%和0.34%。 宁波银行、苏农银行分别是上市城商行、上市农商行中率先公布2025年度业绩数据的银行。2025年，两 家银行的经营效益保持良好，营收、归母净利润均实现双增长。其中，宁波银行营收为719.68亿元，同 比增长8.01%，归母净利润同比增长8.13%至293.33亿元；苏农银行营收为41.91亿元，同比增长0.41%， 归母净利润同比增长5.04%至20.43亿元。 宁波银行还披露了具体的营收结构。其中，利息净收入531.61亿元，同比增长10.77%，实现较快增长； 手续费及佣金净收入60.85亿元，同比增长30.72%，轻资本业务增长势头良好。 5家上市银行的资产规模均稳步增长。截至2025年末，浦发银行、中信银行总资产双双突破10万亿元， 分别为10.08万 ...

本报（chinatimes.net.cn）记者卢梦雪 北京报道 营收增速放缓的背后，息差收窄是主要因素。尽管年报未详细披露息差数据，但根据该行2025年前三季 度报告，净息差收窄导致利息净收入持续下滑，且降幅逐季扩大。 1月21日晚，江苏苏州农村商业银行（下称"苏农银行"，603323.SH）披露2025年年度业绩快报。数据显 示，该行业绩保持稳健增长，但增速较2024年已明显趋缓。 业绩快报显示，2025年苏农银行实现营业收入41.91亿元，同比微增0.41%；实现归属于上市公司股东的 净利润20.43亿元，同比增长5.04%。对比2024年营收3.17%、归母净利润11.62%的同比增幅，2025年业 绩增速下降态势明显。 虽未在业绩报告中披露营收的具体情况，但苏农银行此前财报显示，2025年前三季度该行息差整体收 窄，利息净收入减少且降幅呈扩大趋势；非息收入方面，该行中间业务收入及投资收益保持高速增长， 成为业绩增长的关键支撑。 "我行经营正常，近年来始终维持稳健发展路径，未出现重大异常情况。"1月22日，在记者以投资者身 份咨询时，苏农银行相关工作人员告诉记者，但对于营业收入的具体变化，该行表示以后续 ...