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]

智通财经APP获悉，国盛证券发布研报称，推动银行理财资金合理提升权益类资产配置比例，是落实资 本市场高质量发展要求、壮大中长期耐心资本的重要举措。在政策引导与机构主动发力下，银行理财权 益投资的长期增长路径已清晰显现，但短期仍面临资管转型过渡期的客观挑战，待相关瓶颈逐步突破 后，银行理财行业有望迎来高质量发展新机遇，同时为银行板块注入更持久的增长动能。 国盛证券主要观点如下： 政策协同赋能 为银行理财权益投资破除壁垒、拓宽空间多部门协同出台的系列政策，从市场准入、考核机制、投资渠 道等多个维度，为银行理财权益投资提供了系统性制度支持，持续优化行业发展生态。 2024年9月，中央金融办、中国证监会联合印发《关于推动中长期资金入市的指导意见》，明确鼓励银 行理财积极参与资本市场建设，提出"优化激励考核机制，畅通入市渠道，提升权益投资规模"的核心导 向，为行业权益投资转型定调;2025年1月，六部委联合印发《关于推动中长期资金入市工作的实施方 案》，在前期政策基础上实现关键突破，明确银行理财在新股申购、上市公司定向增发、举牌认定标准 等方面，享有与公募基金同等的政策待遇，这一举措有效消除了市场准入层面的差异化壁垒， ...

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]