股 票 研 究 股票研究 /[Table_Date] 2026.02.01 战略投资者拟扩围，利好银行长期资本补充 [Table_Industry] 商业银行 本报告导读： 证监会拟扩大可参与定增的战略投资者类型，并明确最低持股比例要求，利好上市 银行长期资本补充、金融机构合作深化，以及银行理财多元资产投资转型。 投资要点： [Table_Report] 相关报告 商业银行《银行快报陆续披露，25A 业绩稳健增 长》2026.01.25 商业银行《全年增量 3.34 万亿元，公募基金配置 占比提升 2.1pct 至 5.1%》2026.01.25 商业银行《国有大行投放力度较大，不良压力或 企稳》2026.01.23 商业银行《主动基金环比持平，被动基金增持》 2026.01.23 商业银行《利息净收入增速转正，业绩延续改善 趋势》2026.01.19 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 行 银行周报（2026/1/26-2026/1/30） | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 马婷婷(分析 ...

Group 1 - The core viewpoint of the articles highlights the volatility of gold prices, with a significant drop of over 10% on January 30, 2026, marking the largest single-day decline in 40 years, despite previous surges that saw gold prices exceed $5,500 [2] - UBS maintains a bullish stance on gold, raising its price targets for March, June, and September 2026 to $6,200 per ounce, an increase of 24% from the previous target of $5,000 per ounce [2] - The recent fluctuations in gold prices have led to increased caution among banks, with major banks implementing stricter risk assessment measures for clients engaging in precious metal transactions [3] Group 2 - A recent incident involving Shenzhen Jie Wo Rui Jewelry Company has raised concerns, as it has faced issues with abnormal operations and is reportedly offering discounted payouts to clients, with options for principal payments at 40% or 20% of the original value [3] - Ningbo Bank announced adjustments to its gold investment product interest rates, with current rates set at 0% for demand deposits and ranging from 0.3% to 0.5% for fixed-term deposits [3]

Core Viewpoint - Public funds are increasing their allocation to non-bank financials, particularly insurance and brokerage stocks, indicating a shift in investment strategy towards these sectors [2][3]. Group 1: Fund Allocation Trends - In Q4 2025, public funds raised their non-bank financial positions by 1 percentage point, making it the fourth largest sector increase after metals, communications, and basic chemicals [2][3]. - Notable stocks such as China Ping An and China Pacific Insurance received significant over-allocations from funds [3]. - The insurance index saw a substantial increase of 23.42% in Q4 of the previous year, outperforming traditional dividend-paying bank stocks [3]. Group 2: Brokerage Performance Expectations - Several listed brokerages have announced expected net profit increases for 2025, with many projecting year-on-year growth exceeding 50% [4]. - Notable forecasts include CITIC Securities expecting a net profit of 8.542 billion to 10.535 billion yuan, and Dongwu Securities projecting a net profit of 3.431 billion to 3.668 billion yuan, both showing significant growth [4]. - Despite the increase in fund allocations, non-bank financials remain underweight compared to historical averages, currently around 30% [4]. Group 3: Structural Opportunities in the Market - The trading volume in the Shanghai and Shenzhen markets has been increasing, suggesting a continuation of favorable market conditions for brokerage stocks [5]. - Analysts recommend focusing on brokerages with strong retail business shares and those that contribute significantly to profits, as individual stock opportunities may outweigh overall market trends [5]. - The insurance sector is benefiting from the performance of equity markets and a shift in deposit funds, with a stable interest rate environment enhancing its investment appeal [6].

Core Viewpoint - The gold market is experiencing significant volatility, with the London gold spot price surpassing $5,500 per ounce on January 29, leading to a surge in domestic gold investment interest. In response, several banks, including Industrial and Commercial Bank of China (ICBC), China Construction Bank (CCB), and Ping An Bank, have implemented adjustments to their gold accumulation and fixed deposit services to manage risks and guide investor behavior [1]. Group 1: Yield Adjustments - The first category involves a reduction in yields, focusing on optimizing the rules for gold fixed deposits and accumulation. Ping An Bank announced that starting February 4, 2026, the yield for its gold accumulation business will be adjusted, with the current account yield dropping to 0.01%, and fixed deposit yields set at 0.2% for 3 months, 0.4% for 6 months, and 0.8% for 1 year. Existing customers will retain their current rates for fixed deposits made before the new rules take effect [2]. Group 2: Business Threshold and Rules Adjustments - The second category includes adjustments to business thresholds and processing rules, such as raising the minimum investment amount and implementing limit management. CCB announced that effective February 2, 2026, the minimum amount for personal gold accumulation will be raised to 1,500 yuan, marking the fourth increase in the past year. Previously, the threshold had been raised from 700 yuan to 1,200 yuan [2]. - ICBC has focused on managing non-trading day operations by implementing dynamic limit management for its gold accumulation business starting February 7, 2026. This will cover daily accumulation and redemption limits for all customers, with specific limits adjusted based on market volatility [3]. Group 3: Risk Management Enhancements - The third category involves upgrading risk management protocols to enhance investor suitability assessments. Several banks, including Agricultural Bank of China, have begun requiring higher risk tolerance evaluations for individual clients participating in gold accumulation transactions. ICBC has mandated that only clients rated C3 (balanced) and above can engage in gold accumulation starting January 12, 2026, while Agricultural Bank has restricted participation to cautious investors and above from January 30, 2026 [3].

Core Viewpoint - The recent surge in gold prices has led to increased demand for gold accumulation products, causing significant strain on banking systems and prompting banks to adjust their policies to manage risks associated with market volatility [2][6]. Group 1: Market Dynamics - Gold prices have risen from 1150 CNY/gram to 1170 CNY/gram, leading to a rush among investors to purchase gold accumulation products [1]. - Many investors are attempting to capitalize on the price drop, viewing it as an opportunity to lower their average purchase price [2][5]. - The trading volume for gold accumulation products has surged, resulting in system overloads at various banks, including China Construction Bank and Industrial and Commercial Bank of China [2][5]. Group 2: Bank Responses - China Construction Bank announced an increase in the minimum investment amount for gold accumulation products to 1500 CNY, effective February 2, to manage risks associated with market fluctuations [6][8]. - Other banks, such as China Merchants Bank and Ningbo Bank, have also adjusted their policies regarding gold investment, reflecting a cautious approach in light of recent price volatility [6][9]. - Banks are advising customers to enhance their risk awareness and manage their investments prudently, considering their financial situation and risk tolerance [8][9].

Core Viewpoint - The surge in gold prices has led to increased demand for gold accumulation products, causing banking systems to experience overload and transaction failures [1][3][6]. Group 1: Market Dynamics - Gold prices have risen from 1150 CNY/gram to 1170 CNY/gram, prompting investors to seek opportunities to buy [1]. - Many investors are attempting to capitalize on the recent price drop, viewing it as a chance to increase their holdings in gold accumulation products [3][6]. Group 2: Banking System Response - Construction Bank reported that transaction failures were due to high traffic on their system, advising customers to refresh or retry later [3]. - Other banks, including Zhejiang Commercial Bank and Industrial and Commercial Bank of China, also faced similar issues with transaction overload [6]. Group 3: Adjustments in Banking Policies - Construction Bank announced an increase in the minimum amount for personal gold accumulation business to 1500 CNY, effective February 2 [7]. - Other banks, such as Ningbo Bank and China Merchants Bank, have also adjusted their gold product offerings and minimum investment amounts in response to market volatility [9][10].

Core Viewpoint - The overall performance of the banking industry shows a steady improvement in asset scale expansion, profitability, and risk management as ten listed banks report their preliminary performance for 2025 [1] Group 1: Asset Scale Expansion - Ten banks achieved steady growth in total asset scale, with some banks reaching new milestones; for instance, China Merchants Bank's total assets exceeded 13 trillion yuan for the first time, reaching 13.07 trillion yuan, an increase of 918.49 billion yuan or 7.56% year-on-year [3][5] - CITIC Bank and Shanghai Pudong Development Bank both surpassed the 10 trillion yuan mark in total assets, indicating a significant expansion in their asset scale [5][4] - By the end of 2025, the total assets of CITIC Bank reached 10.13 trillion yuan, growing by 6.28%, while Shanghai Pudong Development Bank's total assets reached 10.08 trillion yuan, increasing by 6.55% [5][6] Group 2: Profitability Performance - Nine banks reported both revenue and net profit growth, with notable performances from Hangzhou Bank, Shanghai Pudong Development Bank, and Qingdao Bank, which achieved double-digit growth in net profit [8] - In 2025, Hangzhou Bank's operating income was 38.80 billion yuan, a year-on-year increase of 1.09%, with net profit attributable to shareholders reaching 19.03 billion yuan, up 12.05% [8] - Shanghai Pudong Development Bank's operating income was 173.96 billion yuan, an increase of 1.88%, while net profit attributable to shareholders rose by 10.52% to 50.02 billion yuan [9][10] Group 3: Risk Management - Half of the banks reported a decline in non-performing loan (NPL) ratios, indicating effective risk management; for example, CITIC Bank's NPL ratio was 1.15%, down by 0.01 percentage points [12][11] - The overall NPL ratio for the ten banks remained stable, with five banks showing a decrease, while others maintained their ratios, reflecting strong asset quality management [12][11] - The provision coverage ratio for eight banks decreased, but remained at sufficient levels to absorb potential risks, with Shanghai Pudong Development Bank and Qingdao Bank being the exceptions, as their ratios increased [15][14]

中信、浦发资产规模破十万亿，城商行保持两位数高增 具体来看，中信银行、浦发银行资产规模双双迈入十万亿关口；9家银行实现营收净利双增长，城商行 增速表现亮眼；半数银行不良率下行，拨备出现回调但风险缓冲空间依旧充足。 截至目前，10 家上市银行 2025 年业绩快报首批亮相。整体上，行业规模扩张、盈利表现、风险管控三 大核心维度均呈现稳健向好态势。 2025年，10家银行总资产规模均实现了稳步增长，且部分银行资产规模上了新台阶。其中，招商银行资 产总额首次超过13万亿元，截至2025年12月31日，招商银行资产总规模13.07万亿元，较上年末增加 9184.87亿元，增幅7.56%；负债总额11.79万亿元，较上年末增加8710.63亿元，增幅7.98%。 兴业银行总资产也突破11万亿元，截至年末达11.09万亿元，同比增长5.57%。从核心业务来看，其各项 贷款余额5.95万亿元，同比增长3.70%；各项存款余额5.93万亿元，同比增速达7.18%，存款端增长势头 强劲。 值得关注的是，中信银行、浦发银行的资产规模双双迈进10万亿元大关。 而截至2025年末，中信银行、浦发银行双双迈过十万亿门槛，使该俱乐部成员 ...

精彩数据：101.3亿元 打造科技金融生态圈 2025年是"十四五"规划收官之年，也是嘉兴打造长三角城市群重要中心城市的加速之年。宁波银行嘉兴分行深入学习贯彻党的二十届四中全会精神，严格践 行"八八战略"，锚定国家金融"五篇大文章"战略部署，将金融活水导向区域经济发展关键领域和重要环节，与城市发展同频共振。 2025年，宁波银行嘉兴分行存贷规模超1200亿元，企业客户超1.4万户，其中规上企业客户超6500家，个人客户规模超57万户，努力成为嘉兴城市高质量发 展进程中笃实的同行者与赋能者。 宁波银行嘉兴分行深度融入嘉兴科创金融改革试验区建设，通过搭建科创金融专班，持续完善"资金链、技术链、产业链、供应链"四大维度科创服务体系， 推动"科技+金融"协同发展驶入"快车道"。 创新特色产品，做创新的陪伴者。根据不同发展阶段科技型企业需求，针对性提供覆盖企业全生命周期的"人才贷""伙伴贷""订单贷"等特色产品，以技术专 利、研发能力、人才储备、市场潜力等企业"软实力"作为核心评估维度，将金融活水精准滴灌至科技创新最需要的环节。2025年，宁波银行嘉兴分行科创企 业贷款余额101.3亿元，其中信用贷款占比超39%，有效 ...

一方面，打破行业渠道圈层，倾力搭建"波波知了"平台，为企业提供一站式"端对端"的服务与解决方 案。波波知了平台会聚了内外部经营管理专家，帮助企业解决涵盖税务咨询、法务咨询、海外拓客助 手、工业数字化、优惠政策、找园区等各类经营与管理难题，同时设有进出口企业和科创企业两大特色 专区，旨在为企业提供更专业的金融服务、更全面的服务咨询、更高效的资源对接。截至目前，"波波 知了"在南京区域已有3000多名会员、落地1000多个专项服务。 另一方面，聚焦百姓生活场景，持续丰富"美好生活平台"，为百姓搭建集"衣食住行"于一体的高品质生 活生态圈。美好生活平台围绕"超市、购物、美食、健康、生活"五大板块，立足网络、网周、网格、网 红，精选品质高、口碑好的优质合作伙伴，搭建区域特色化消费场景，配置周四半价、拼团内购会等专 属权益活动，持续提升网周客户的满意度和幸福感，截至目前，宁波银行"美好生活"小程序累计上架超 4000家优质商户，提供超6000种优质商品和权益，平台用户数近20万人，服务品质不断提升。 宁波银行南京分行坚持"跳出银行做银行"的经营理念，聚焦企业综合服务需要、百姓日常生活需求，全 力搭建综合服务平台，精心构 ...