来源：金十数据 国外 1. 高盛：美联储1月很可能按兵不动，但2026年剩余时间会降息两次 1. 中信证券：2026年中国有望迎来"温和再通胀" 高盛资产管理公司多行业固定收益投资部门主管林赛·罗森纳评美国非农：再见了，一月！美联储目前 很可能会维持现状，因为劳动力市场已显示出初步的稳定迹象。失业率的改善表明，11月的大幅上升只 是由于个别员工因"推迟离职"政策而提前离职以及数据失真所致，并非系统性疲弱的迹象。我们预计美 联储目前会保持不变的政策立场，但预计2026年剩余时间里还会再降息两次。 2. 摩根大通：美联储2026年降息预期取消，预计2027年加息25个基点 就业数据公布后，摩根大通不再预期美联储将于2026年降息，此前预测为2026年1月降息25个基点；摩 根大通预计美联储将于2027年第三季度进行一次25个基点的加息。 3. 法兴银行：失业率的下降以及工资的提高使美联储更有理由在1月份按兵不动 法兴银行美国利率策略主管苏巴德拉·拉贾帕评美国非农：目前的关注重点主要集中在失业率上，因为 就业增长的速度一直在放缓。失业率的下降以及工资的提高使得美联储在1月份维持利率不变的理由更 加充分。债券市场对这 ...

丨证券研究报告丨 行业研究丨行业周报丨银行 [Table_Title] 如何理解银行股开年调整？ ——银行业周度追踪 2026 年第 1 周 报告要点 [Table_Summary] 开年第一周银行板块继续调整，相对沪深 300 及创业板指数均出现显著的负超额收益。考虑板 块基本面预期并未发生变化，预计依然受到市场风险偏好明显上升的影响。个股层面，渝农商 行董事长任职资格本周获批，管理层不确定性落地后推动股价回升，经营层面最稳定的杭州银 行领涨城商行板块。去年机构持仓相对高的浦发银行、南京银行、国有大行等个股明显调整。 目前展望 2026 年，主流银行将继续保持业绩稳定增长，近期调整后银行股的 PB-ROE 估值性 价比吸引力进一步上升，关注配置时点。 分析师及联系人 [Table_Author] 马祥云 盛悦菲 SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table_Title 如何理解银行股开年调整？ 2] ——银行业周度追踪 2026 年第 1 周 [Tab ...

January 11, 2026 09:00 PM GMT China Financials | Asia Pacific M Idea 2026 Outlook: Gradually back to a positive loop We expect the China financial sector to return to a positive development loop after bottoming in 2025, marked by a gradual rebound in new loan and financial asset yields, continued orderly digestion of high-risk financial assets, with stable credit costs and an active capital market. We expect 2026 to be a steady year with several favorable trends for China financial stocks including: 1) stea ...

此外，南财理财通虽力求客观公正，但不对本评价榜信息的真实性、完整性和准确性作任何保证，排名信息仅供参考。 | 2 | 宁波银行 | 宁银理财宁赢卓然 混合类开放式理财 | 宁银理财 | 109 | 47.4 | 37.7 | 43.3 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | ਦੇ ਦੇ | 7% | 4% | 3% | | | | 3号(最短持有3年) | | | | | | | 3 | 宁波银行 | 宁银理财宁赢卓然 混合类开放式理财 | 宁银理财 | 109 | 39.8 | 33.7 | 42.2 | | | | | | 55 | 2% | 5% | 7% | | | | 1号(最短持有3年) | | | | | | | ব | 宁波银行 | 量根理财产赢卓然 混合类开放式理财 | 宁银理财 | 109 | 48.0 | 31.4 | 39.7 | | | | | | ਦੇਵ | 3% | 3% | 2% | | | | 2号(最短持有3年) | | | | | | | 5 | 宁波银行 | 宁银理财宁赢卓然 混合类开放 ...

Investment Ratings - Banking: Overweight (Maintain) [1] - Securities: Market Weight (Maintain) [1] - Insurance: Overweight (Maintain) [1] Core Insights - The banking sector shows a continued growth trend in social financing, with a marginal decrease in the contribution of government bonds. Corporate bonds increased by 178.8 billion yuan year-on-year, becoming the main increment in social financing. However, the demand for loans remains weak, with a year-on-year decrease of 190 billion yuan in new RMB loans in November [5][44]. - The securities industry has seen multiple core indicators reach historical highs in 2025, with total stock fund transaction volume exceeding 500 trillion yuan, a year-on-year increase of over 70%. The primary market has rebounded, with IPO and refinancing scales increasing by 95.64% and 326.17% respectively, indicating improved market liquidity and financing conditions [3][46]. - The insurance sector reported a total original premium income of 57,629 billion yuan in the first 11 months of 2025, a year-on-year growth of 7.6%. Life insurance companies saw a 9.1% increase in premium income, while property insurance companies grew by 3.9% [4][47]. Summary by Sections Market Review - As of January 8, 2026, the banking, securities, and insurance indices changed by -0.87%, +0.91%, and +1.95% respectively, while the CSI 300 index increased by +2.05%. Among 31 industries, the banking and non-banking sectors ranked 29th and 21st in performance [5][13]. Valuation Situation - As of January 8, 2026, the PB ratio for the banking sector is 0.74, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks having PB ratios of 0.79, 0.61, 0.71, and 0.63 respectively. Notably, China Merchants Bank, Agricultural Bank of China, and Ningbo Bank have the highest valuations at 0.96, 0.95, and 0.87 [22][24]. Recent Market Indicators - The one-year MLF operation rate is 2.0%, with LPR rates at 3.0% for one year and 3.50% for five years. The average interbank borrowing rates for one day, seven days, and fourteen days are 1.33%, 1.50%, and 1.60% respectively [29][30]. Industry News - The China Banking and Insurance Regulatory Commission has released guidelines for data classification and grading in the insurance asset management industry, effective January 1, 2026, aimed at enhancing data security management standards [39][40].

双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 2026 年 01 月 09 日 市场情绪：82 分（过热） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -10 0 10 20 30 (%) 沪深300 相关研究 ▌ 华鑫市场情绪温度指标：（过热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 82 分，市场情绪处于"过热"。历史市场情绪趋势变化可参 考图表 1 ▌ 热点主题追踪 今日热点主题：机器人、银行、脑机接口 1、机器人主题：工业和信息化部人形机器人与具身智能标准 化技术委员会于 2025 年 12 月 26 日正式成立。这一国家级标 准组织的落地，标志着行业从"技术探索"和"局部试点" 迈入 "产业协同"与"规模化落地" 的新阶段。该举措将 统一"大脑"（AI）与"身体"（硬件）的接口与标准，极 大加速技术落地与生态形成。它不仅解决了产业链协作的关 键瓶颈，降低了开发成本与复杂度，更预示着规模化应用即 将 到 来 。 相 关 标 的 ： 三 花 智 控 （ 002050 ） 、 卧 龙 电 驱 （600580） 2、银行主题：银行 ...

证券日报网1月8日讯，宁波银行（002142）在接受调研者提问时表示，一直以来公司始终着眼长远，统 筹好分红与内源性资本增长的关系，夯实业务稳健可持续发展所必需的资本基础。鉴于当前再融资的监 管政策要求，内源性资本将为公司发展创造更大的价值。公司将一如既往地努力提升公司的业绩，保持 内源性资本的稳健增长，为股东创造更多的回报。 ...

证券日报网1月8日讯，宁波银行（002142）在接受调研者提问时表示，近年来，公司认真贯彻落实各级 政府和金融监管部门的决策部署，聚焦民营小微企业、制造业企业、进出口企业、民生消费等重点领 域，加大资源倾斜和支持力度，持续提升金融服务水准，助力实体经济提质增效，实现贷款规模稳步增 长。下阶段，随着扩内需、促消费等政策红利持续释放，新质生产力加速培育，公司将持续扩大金融服 务的覆盖面，有效对接实体经济融资需求，保持信贷合理增长，切实支持实体经济发展。 ...

证券日报网1月8日讯，宁波银行（002142）在接受调研者提问时表示，公司坚持差异化的经营策略，主 动适应经营环境变化，持续积累差异化的比较优势，推动银行高质量发展：一是深化经营主线，推动持 续发展；二是强化专业经营，夯实核心优势；三是加快科技转型，赋能经营管理；四是守牢风险底线， 确保平稳运营。 ...

Market Overview - The city commercial bank sector experienced a decline of 0.89% on January 8, with Chongqing Bank leading the drop [1] - The Shanghai Composite Index closed at 4082.98, down 0.07%, while the Shenzhen Component Index closed at 13959.48, down 0.51% [1] Individual Stock Performance - Zhengzhou Bank closed at 1.94 with no change, while Lanzhou Bank also remained unchanged at 2.33 [1] - Shanghai Bank closed at 9.95, down 0.10%, and Chengdu Bank closed at 16.23, down 0.18% [1] - Chongqing Bank saw a significant decline of 2.70%, closing at 10.45, with a trading volume of 99,000 shares [2] Trading Volume and Turnover - The trading volume for Zhengzhou Bank was 769,900 shares with a turnover of 149 million yuan, while Lanzhou Bank had a trading volume of 363,100 shares and a turnover of 84.51 million yuan [1] - The highest turnover was recorded for Nanjing Bank at 1.342 billion yuan with a trading volume of 1,217,000 shares [2] Capital Flow Analysis - The city commercial bank sector saw a net inflow of 6.7397 million yuan from institutional investors, while retail investors experienced a net outflow of 70.5351 million yuan [2] - Chengdu Bank had a net inflow of 87.0825 million yuan from institutional investors, but a net outflow of 46.0321 million yuan from retail investors [3] Summary of Capital Flows - Institutional investors showed a positive net flow for several banks, including Hangzhou Bank with 77.8301 million yuan and Qingdao Bank with 8.4480 million yuan [3] - Conversely, Chongqing Bank had a negative net flow of 535,600 yuan from institutional investors, indicating a lack of confidence [3]