Core Viewpoint - The banking sector saw a slight increase of 0.54% on January 20, with CITIC Bank leading the gains, while the Shanghai Composite Index experienced a minor decline of 0.01% [1] Group 1: Stock Performance - CITIC Bank closed at 7.85, up by 1.95% with a trading volume of 779,900 shares and a transaction value of 610 million yuan [1] - Huaxia Bank closed at 6.56, up by 1.55% with a trading volume of 602,900 shares and a transaction value of 393 million yuan [1] - Everbright Bank closed at 3.39, up by 1.50% with a trading volume of 2,529,800 shares and a transaction value of 852 million yuan [1] - Minsheng Bank closed at 3.80, up by 1.33% with a trading volume of 3,073,300 shares and a transaction value of 1.16 billion yuan [1] - Zhejiang Commercial Bank closed at 3.00, up by 0.67% with a trading volume of 1,248,500 shares and a transaction value of 373 million yuan [1] - China Merchants Bank closed at 38.73, up by 0.47% with a trading volume of 1,113,900 shares and a transaction value of 4.33 billion yuan [1] - Ping An Bank closed at 11.16, up by 0.36% with a trading volume of 772,300 shares and a transaction value of 862 million yuan [1] - Industrial Bank closed at 20.09, up by 0.05% with a trading volume of 920,800 shares and a transaction value of 1.85 billion yuan [1] - Shanghai Pudong Development Bank closed at 11.03, down by 0.81% with a trading volume of 735,300 shares and a transaction value of 809 million yuan [1] Group 2: Capital Flow - The banking sector experienced a net inflow of 390 million yuan from institutional investors, while retail investors contributed a net inflow of 169 million yuan [1] - The sector saw a net outflow of 558 million yuan from speculative funds [1] - Specific capital flows for major banks include: - China Merchants Bank: 14.2 million yuan net inflow from institutional investors, 259 million yuan net inflow from retail investors [2] - Minsheng Bank: 11.2 million yuan net inflow from institutional investors, with net outflows from both speculative and retail investors [2] - Industrial Bank: 68.9 million yuan net inflow from institutional investors, with significant net outflows from speculative investors [2] - Everbright Bank: 38.9 million yuan net inflow from institutional investors, with net outflows from retail investors [2] - Huaxia Bank: 38.3 million yuan net inflow from institutional investors, with net outflows from retail investors [2] - Zhejiang Commercial Bank: 20.2 million yuan net inflow from institutional investors, with net outflows from retail investors [2] - CITIC Bank: 17.7 million yuan net inflow from institutional investors, with net outflows from both speculative and retail investors [2] - Ping An Bank: 4.9 million yuan net inflow from institutional investors, with net outflows from retail investors [2] - Shanghai Pudong Development Bank: 53.2 million yuan net outflow from institutional investors, with a net inflow from speculative investors [2]

Core Viewpoint - The Ministry of Finance and other departments have issued a notice to optimize the implementation of the equipment renewal loan interest subsidy policy, aimed at supporting enterprises in equipment updates and technological transformation, reducing financing costs, and promoting effective investment [1] Group 1: Support Scope and Areas - The central government will subsidize 1.5% of the principal on fixed asset loans for equipment renewal projects, applicable for a maximum of 2 years from the loan issuance date [1] - The policy will include new technology innovation loans issued by banks starting in 2026, expanding the support to various sectors including construction, aviation, and artificial intelligence, among others [1] Group 2: Implementation and Management - A total of 26 banks will handle the interest subsidy loans, including major state-owned and commercial banks [2] - The subsidy process will be optimized through a "pre-allocation + settlement" method, with specific timelines for fund requests and approvals [3] - The Ministry of Finance and other regulatory bodies will oversee the implementation, ensuring compliance and monitoring of fund usage [4][5] Group 3: Supervision and Reporting - Joint inspections will be conducted to ensure compliance, with penalties for serious violations by enterprises or banks involved in the subsidy process [5] - Banks are required to report on the execution of the policy, including loan issuance and subsidy usage, within specified timeframes [6]

Market Performance - The banking sector saw a slight increase of 0.03% on January 19, with CITIC Bank leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up by 0.29%, while the Shenzhen Component Index closed at 14294.05, up by 0.09% [1] Individual Bank Performance - CITIC Bank closed at 7.70, with a rise of 1.18%, and a trading volume of 778,600 shares, amounting to a transaction value of 602 million yuan [1] - Other notable banks include: - Shanghai Pudong Development Bank at 11.12, up by 0.72%, with a transaction value of 811 million yuan [1] - Huaxia Bank at 6.46, up by 0.16%, with a transaction value of 300 million yuan [1] - Industrial Bank remained unchanged at 20.08, with a transaction value of 1.772 billion yuan [1] - Minsheng Bank decreased by 0.27% to 3.75, with a transaction value of 718 million yuan [1] Fund Flow Analysis - The banking sector experienced a net outflow of 41.31 million yuan from institutional investors, while retail investors saw a net inflow of 408 million yuan [1] - Specific fund flows for individual banks include: - Shanghai Pudong Development Bank had a net inflow of 143 million yuan from institutional investors [2] - CITIC Bank saw a net inflow of 55.12 million yuan from institutional investors [2] - Minsheng Bank experienced a net outflow of 603,920 yuan from institutional investors [2]

Core Viewpoint - The report from Guosheng Securities emphasizes that increasing the allocation of equity assets in bank wealth management is a crucial step towards achieving high-quality development in the capital market and fostering long-term patient capital [1]. Policy Collaboration Empowerment - A series of policies from multiple departments have been introduced to eliminate barriers and expand opportunities for bank wealth management equity investments, providing systematic institutional support across various dimensions such as market access, assessment mechanisms, and investment channels [1][2]. Transition Challenges - The bank wealth management sector faces structural challenges during the transition to equity asset allocation, primarily due to the requirements of the new asset management regulations and the mismatch between customer expectations and the nature of equity investments [3]. - The shift to net asset value management and the requirement for equity assets to be valued at market prices create a conflict with traditional customer perceptions of stable, low-volatility returns [3]. - Liquidity management and the inherent characteristics of assets further constrain the space for equity allocation, as short-term investment horizons do not align with the long-term nature of equity holdings [3]. Industry Value Enhancement - Enhancing the equity allocation capability of bank wealth management is not only a response to policy directives but also a key strategy for upgrading wealth management services, moving away from reliance on fixed-income products [4]. - The "fixed income + equity" product model is seen as a transitional focus that can enhance product returns while maintaining net value stability, aligning with the trend of wealth diversification among consumers [4]. - As the equity allocation ratio increases and research capabilities improve, banks are expected to transition from traditional fixed-income asset managers to comprehensive wealth service providers, creating new valuation opportunities for the banking sector [4][5]. Data Tracking - Weekly stock average trading volume reached 34,652.85 billion yuan, an increase of 6,131.62 billion yuan from the previous week [6]. - The balance of margin financing and securities lending increased by 3.73% to 2.71 trillion yuan [6]. - The issuance of non-monetary fund shares totaled 19.294 billion yuan this week, up by 111.03 billion yuan from the previous week [6]. Interest Rate Market Tracking - The issuance scale of interbank certificates of deposit was 552.88 billion yuan this week, an increase of 377.82 billion yuan from the previous week [7]. - The average yield on 10-year government bonds was 1.85%, a decrease of 3 basis points from the previous week [7]. - The issuance of special refinancing bonds this week totaled 38.876 billion yuan, with an average interest rate of 2.45% [7].

Investment Rating - The industry investment rating is "Buy" [3] Core Viewpoints - The report indicates that there is still room for further cuts in reserve requirement ratios and interest rates, with a focus on structural monetary policy support for high-quality economic development [15][19] - The central bank has implemented a reduction of 0.25 percentage points in various structural monetary policy tool rates, signaling a supportive monetary policy stance [15][19] - The report emphasizes the importance of timing for future policy implementations, particularly in relation to government bond issuance peaks and the maturity schedule of high-interest bank deposits [15] Summary by Sections 1. Monetary Policy Adjustments - The report notes a reduction of 0.25 percentage points in structural monetary policy tool rates, with a focus on supporting key areas through increased re-lending [15] - Future attention is directed towards December economic data and January LPR [22] 2. Central Bank Dynamics and Market Rates - The central bank conducted a total of 9,515 billion yuan in 7-day reverse repos at an interest rate of 1.40%, with a net injection of 9,741 billion yuan [16] - The report highlights that the funding rates remained stable, with expectations of slight increases due to tax payments and government bond net repayments [16] 3. Bank Financing Tracking - The report indicates that the total outstanding amount of interbank certificates of deposit (CDs) is 19.09 trillion yuan, with an average issuance rate of 1.65% [20] - The report also notes that there were no commercial bank bond issuances during the period, with a total outstanding commercial bank bond size of 3.38 trillion yuan [20]

Summary of Key Points Core Viewpoint - The company is providing a guarantee for its wholly-owned subsidiary, Guojin Financial Holdings (Hong Kong) Limited, to enhance its competitive strength and support its business development in Hong Kong, with a total guarantee amount of 105 million HKD [2][6]. Group 1: Guarantee Overview - The current guarantee balance is 70 million HKD, with an additional 35 million HKD being added, resulting in a total guarantee amount of 105 million HKD [2]. - The company has signed a comprehensive credit limit contract with Ping An Bank for an offshore credit limit of 200 million HKD, with an exposure limit of 105 million HKD, valid for one year [2]. - The company will provide a guarantee for the offshore loan application made by Guojin Financial Holdings to Ping An Bank through an internal guarantee for external loans [2][6]. Group 2: Internal Decision-Making Process - The company’s board of directors approved the guarantee proposal on April 23, 2025, and the shareholders' meeting on June 18, 2025, allowing for a total guarantee amount not exceeding 200 million RMB (or equivalent foreign currency) for Guojin Financial Holdings [3]. - The guarantee amount can be managed on a rolling basis within the authorized limit, effective until the next annual shareholders' meeting [3]. Group 3: Reporting Procedures - The company submitted a report to the China Securities Regulatory Commission on December 29, 2025, regarding the internal guarantee for external loan financing [4]. - On December 31, 2025, the company applied for registration and filing with the State Administration of Foreign Exchange, receiving the necessary documentation on January 9, 2026 [4]. Group 4: Financial Data of the Guaranteed Entity - Guojin Financial Holdings (Hong Kong) Limited is a wholly-owned subsidiary with a registered capital of 908,999,900 HKD, and its main business includes securities trading, investment banking, and asset management [5]. - The company’s recent financial data indicates a strong operational capacity, supporting the rationale for the guarantee [5]. Group 5: Board of Directors' Opinion - The board believes that the financial risks associated with Guojin Financial Holdings are manageable and that providing the guarantee will not harm the interests of the company and its shareholders [7]. Group 6: Total Guarantee Amount - As of the announcement date, the total amount of guarantees provided to subsidiaries is approximately 794.38 million RMB, which represents about 2.26% of the equity attributable to the parent company as of September 30, 2025 [8].

Group 1 - The company has signed a sales agreement with several banks, including Bank of Communications, Ningbo Bank, and Ping An Bank, to add them as sales institutions for the Ping An Yuanheng 6-month holding period mixed fund of funds (FOF) starting from January 19, 2026 [1] - The sale period for the Ping An Yuanheng 6-month holding period mixed fund of funds (FOF) is from January 19, 2026, to January 30, 2026 [1] - Investors can consult details through the customer service numbers and websites of the involved banks and the fund management company [1] Group 2 - The announcement is made by Ping An Fund Management Co., Ltd. on January 19, 2026 [2] - A MACD golden cross signal has formed, indicating that certain stocks are experiencing a good upward trend [2]

◎ 记者 黄坤 重新审视传统盈利模式 在低利率背景下，银行、保险机构面临的核心挑战，在于依赖传统业务的盈利路径正在失效，必须主动 求变、探索新路径。 "躺着赚息差的日子一去不复返了。"浙江一家城商行人士告诉上海证券报记者，过去加大信贷资产投放 尚能通过"以量补价"维持营收规模，如今即便资产规模继续增长，利息收入却不升反降，营收承压成普 遍现象。 "新的一年，利差收窄仍是我们面临的最大挑战。"站在2026年初的时间节点上，无论是来自银行、保险 公司，还是资管机构的人士，几乎都表达了相同的感慨——低利率正在重塑资管行业的盈利模式和经营 思路。 低利率带来的是低息差、低收益，利率中枢持续下移的趋势下，银行净息差承压、保险利差损风险加 大，这些相互交织的挑战，正将金融行业推入一个前所未有的压力测试。如何在低利率环境中优化业务 结构、寻找可持续的业绩新增长点，金融从业者正在积极寻求答案。 "做了才有机会" "现在贷款利率这么低，大家都是赔本赚吆喝。"多位银行业人士向上海证券报记者感慨道，银行盈利空 间正被不断挤压，业务打法也随之发生变化，过去是银行"筛选客户"，现在变为"做了才有机会"，只能 把希望放在未来业务合作上， ...

Investment Rating - The report does not explicitly state an overall investment rating for the financial industry, but it provides specific recommendations for various sectors and companies within the industry [3][21]. Core Insights - The financial industry experienced a decline this week, with the non-bank financial index down by 2.63%, underperforming the CSI 300 index by 2.06 percentage points. The banking sector saw a decline of 3.03%, also underperforming the CSI 300 index by 2.46 percentage points [1][9]. - The report highlights a structural interest rate cut by the central bank, which is expected to impact various financial sectors, particularly banks and insurance companies. The insurance sector is viewed as being in a critical window for performance and valuation recovery [3][21]. - Regulatory measures have been introduced to stabilize the derivatives market, which is expected to benefit well-capitalized and compliant brokerage firms [2][17]. Summary by Sections 1. Weekly Performance and Sector Insights - The non-bank financial index decreased by 2.63%, with the securities, insurance, and diversified financial indices down by 2.21%, 3.59%, and 1.83% respectively [1][9]. - The banking sector's performance was notably poor, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks experiencing declines of 2.20%, 4.08%, 2.40%, and 2.20% respectively [1][9]. 2. Insurance Sector Insights - The insurance sector's index fell by 3.59%, underperforming the CSI 300 index by 3.02 percentage points. The report indicates that regulatory cooling measures have created short-term pressure on the insurance sector, but the long-term outlook remains positive due to asset growth and interest margin recovery [1][13][15]. - Key companies such as China Pacific Insurance, China Life, and New China Life are recommended for investment due to their strong fundamentals and recovery potential [3][16]. 3. Brokerage Sector Insights - The brokerage sector saw a decline of 2.21%, with the report emphasizing the potential benefits of new regulatory measures aimed at enhancing the derivatives market. The focus is on larger, well-capitalized firms that can navigate the evolving regulatory landscape [2][17]. - Recommendations include major brokerages like Guotai Junan and Huatai Securities, which are expected to benefit from the anticipated recovery in profitability and valuation [2][18]. 4. Banking Sector Insights - The banking sector's index fell by 3.03%, with the central bank's recent interest rate cut expected to support the sector's performance in the long run. The report suggests that banks may see a gradual recovery in net interest income and profitability [3][21][22]. - Specific banks such as Hangzhou Bank and Ningbo Bank are highlighted as potential investment opportunities, particularly those with previously undervalued positions [3][22].

Market Overview - The banking sector saw a decline of 1.73% on January 16, with Huaxia Bank leading the drop [1] - The Shanghai Composite Index closed at 4101.91, down 0.26%, while the Shenzhen Component Index closed at 14281.08, down 0.18% [1] Individual Bank Performance - CITIC Bank closed at 7.61, down 0.26% with a trading volume of 648,900 shares and a transaction value of 493 million [1] - Zheshang Bank closed at 2.98, down 0.67% with a trading volume of 1.34 million shares and a transaction value of 401 million [1] - Minsheng Bank closed at 3.76, down 0.79% with a trading volume of 3.41 million shares and a transaction value of 1.285 billion [1] - Everbright Bank closed at 3.35, down 0.89% with a trading volume of 2.31 million shares and a transaction value of 777 million [1] - China Merchants Bank (XD) closed at 38.72, down 0.97% with a trading volume of 1.52 million shares and a transaction value of 5.941 billion [1] - Ping An Bank closed at 11.19, down 1.06% with a trading volume of 1.12 million shares and a transaction value of 1.258 billion [1] - Pudong Development Bank closed at 11.04, down 1.08% with a trading volume of 1.27 million shares and a transaction value of 1.399 billion [1] - Industrial Bank closed at 20.08, down 1.18% with a trading volume of 1.66 million shares and a transaction value of 3.353 billion [1] - Huaxia Bank closed at 6.45, down 1.38% with a trading volume of 1.12 million shares and a transaction value of 727 million [1] Capital Flow Analysis - The banking sector experienced a net outflow of 502 million from institutional investors and 687 million from retail investors, while retail investors saw a net inflow of 1.189 billion [1] - Specific capital flows for individual banks indicate varying trends, with Shanghai Pudong Bank seeing a net inflow of 88.92 million from institutional investors [2] - CITIC Bank had a net inflow of 42.84 million from institutional investors, while retail investors experienced a net outflow of 53.64 million [2] - Everbright Bank had a net inflow of 13.72 million from institutional investors, but retail investors faced a net outflow of 53.07 million [2] - Minsheng Bank saw a net outflow of 51.56 million from institutional investors, while retail investors had a net inflow of 51.08 million [2] - Huaxia Bank experienced a significant net outflow of 114 million from institutional investors, with a smaller net inflow of 10.25 million from retail investors [2] - Ping An Bank had a net outflow of 139 million from institutional investors, but retail investors saw a net inflow of 95.90 million [2]