Market Overview - The Shanghai Composite Index increased by 0.04% as of 10:28 AM, with a trading volume of 995.73 million shares and a transaction value of 1,824.82 billion yuan, representing a 1.67% increase compared to the previous trading day [1] Industry Performance - The pharmaceutical and biological sector led the gains with a rise of 2.60%, followed by media at 2.07%, and oil and petrochemicals at 1.50% [1] - The defense and military industry experienced the largest decline at 5.76%, followed by electronics at 1.95%, and electric power equipment at 1.37% [2] Top Performing Stocks - In the pharmaceutical sector, Xinjianjiang surged by 30.00%, while in media, Liujin Technology rose by 25.66% [1] - The top performer in the oil and petrochemical sector was Bohai Chemical, which increased by 10.14% [1] - In the non-banking financial sector, Hualin Securities saw a rise of 10.02% [1] Declining Stocks - The largest decline in the defense and military sector was seen in Guolian Aviation, which fell by 14.12% [2] - In the electronics sector, Jiuzhiyang dropped by 13.00% [2] - The electric power equipment sector's top loser was Tongguang Cable, which decreased by 11.66% [2]

Investment Rating - The report maintains a "Recommended" rating for the banking sector, indicating an expectation that the sector will outperform the benchmark index by more than 5% in the next 3-6 months [25]. Core Insights - The average yield of bank wealth management products has been on a downward trend, with the average yield falling below the average personal deposit rate of listed banks for the first time since 2012. This trend is attributed to regulatory changes and market conditions [7][8]. - There is a potential for increasing the allocation of equity assets in wealth management products, which could enhance overall returns and attract more investors. Currently, equity products account for only 0.08% of the total wealth management product market, which has a total size of 31.63 trillion yuan [2][8]. - The banking sector is expected to see a systematic recovery in valuations in 2026, driven by a combination of improved fundamentals and capital inflows. The investment logic is shifting from pure defensive strategies to a dual focus on dividends and growth [8]. Summary by Sections Wealth Management Products - As of December 2025, the total market size of wealth management products reached 31.63 trillion yuan, with fixed income products making up 76.60%, cash management products 20.87%, mixed products 2.37%, and equity products only 0.08% [2]. - Regulatory bodies are exploring ways to facilitate greater equity market participation by wealth management funds, which could lead to an increase in the proportion of equity investments [2][8]. Company Earnings Forecasts and Valuations - Key companies in the banking sector have been rated as "Recommended" with projected earnings per share (EPS) and price-to-earnings (PE) ratios indicating potential for growth. For example, Ningbo Bank is projected to have an EPS of 4.33 yuan in 2025 with a PE ratio of 6.48 [3]. - The report highlights several banks, including China Merchants Bank and Jiangsu Bank, as having strong growth potential and favorable valuations, suggesting they are well-positioned for investment [3][8]. Market Performance - The report notes that the banking index underperformed the broader market indices, with a weekly decline of 1.90% compared to a 2.79% increase in the CSI 300 index [7]. - The report emphasizes the importance of monitoring market trends and the performance of individual banks to identify investment opportunities [5][8].

Group 1: Federal Reserve and Employment Data - Goldman Sachs expects the Federal Reserve to maintain its current policy in January, with two rate cuts anticipated in the remainder of 2026 due to initial signs of labor market stability [1] - JPMorgan has removed its forecast for a rate cut in 2026, now predicting a 25 basis point increase in Q3 2027 [1] - Societe Generale believes the decline in unemployment and rising wages provide a stronger rationale for the Fed to hold rates steady in January [1] Group 2: Oil Prices and Geopolitical Risks - Goldman Sachs indicates that despite ongoing geopolitical risks, oil prices may continue to decline due to ample supply, predicting Brent and WTI crude oil prices to average $56 and $52 per barrel respectively in 2026 [2] Group 3: Chinese Economic Outlook - CITIC Securities forecasts a "mild re-inflation" in China in 2026, driven by a slight increase in PPI and CPI, with core CPI expected to rise due to various factors including food prices and service costs [3] - CITIC Securities also notes that the balance between external and internal demand will be crucial for the A-share market, with a higher probability of upward movement in early 2026 [4] Group 4: Commodity Prices and Market Trends - CITIC Jinpu predicts that copper prices will continue to rise, with the market not yet at an end, and expects significant support for copper prices despite short-term corrections [5] - CITIC Securities anticipates that investment in the power grid during the 14th Five-Year Plan period may reach 3.8 trillion yuan, focusing on high-quality development and stability in the energy sector [6] Group 5: Currency and Market Dynamics - Huatai Securities expects the Federal Reserve to pause rate cuts from January to May, with potential cuts occurring after the new Fed chair takes office [7] - Huachuang Securities highlights the commercialization of brain-computer interfaces, indicating a growing market with significant potential for expansion beyond the medical field [8] - Shenwan Hongyuan predicts that the RMB will appreciate by 2-3% annually over the next few years, with a total appreciation of over 30% in the next decade, benefiting the stock market [10]

Investment Rating - The investment rating for the banking sector is "Positive" and is maintained [12]. Core Insights - In the first week of 2026, the banking sector continued to adjust, with a cumulative decline of 1.9% in the banking index, significantly underperforming the CSI 300 and ChiNext indices by -4.7% and -5.8% respectively. Despite this, the fundamental expectations for the sector remain unchanged, and the market's risk appetite has notably increased [2][6][19]. - The main banks are expected to maintain stable growth in performance throughout 2026. Following recent adjustments, the PB-ROE valuation attractiveness of bank stocks has further increased, suggesting a favorable timing for allocation [2][6][19]. Summary by Sections Market Performance - The banking sector's performance in the first week of 2026 showed a cumulative decline of 1.9%, with significant negative excess returns compared to the CSI 300 and ChiNext indices [6][19]. - Individual stocks such as Chongqing Rural Commercial Bank saw price recovery after management uncertainties were resolved, while stable performers like Hangzhou Bank led the city commercial bank sector [2][6][19]. Fundamental Analysis - The banking sector's performance has been influenced by structural concerns, particularly regarding real estate and retail asset quality. Despite these concerns, overall performance remains stable with steady growth [8][37]. - The LTV (Loan-to-Value) ratios for major banks are stable at 40%-50%, providing a safety margin despite rising asset quality pressures in mortgage loans [8][37]. Trading Dynamics - The increase in market risk appetite has continued to suppress bank stock valuations. Historically, January has seen excess returns for bank stocks, but this year, the rapid recovery in market sentiment has led to underperformance [9][38]. - The report recommends focusing on high-quality city commercial banks such as Hangzhou Bank, Nanjing Bank, and Jiangsu Bank, as well as dividend-oriented assets like Bank of Communications and China Merchants Bank [9][38]. Convertible Bonds - The prices of convertible bonds linked to bank stocks have generally followed the sector's adjustment, with the distance to mandatory conversion prices widening. The report highlights potential trading opportunities in convertible bonds for banks like Changshu Bank and Shanghai Bank, which have stable fundamental performance expectations [7][32].

Summary of China Financials Conference Call Industry Overview - The China financial sector is expected to return to a positive development loop after bottoming in 2025, characterized by a gradual rebound in new loan and financial asset yields, stable credit costs, and an active capital market [1][2][16]. Key Points and Arguments Economic Growth and Policy Support - 2026 is anticipated to be a steady year with nominal GDP growth slightly higher than in 2025, supporting financial stocks [2][16]. - A shift in policy support from credit to fiscal measures is expected, which will help reduce long-term credit risks [2][17]. - The removal of specific growth targets for M2 and TSF indicates less policy intervention in loan growth and pricing, creating a favorable environment for financial firms [2][17]. Financial Asset Yields and Banking Sector - A potential rebound in new financial asset yields is expected to begin in the second half of 2026, driven by tighter loan supply and risk-based loan pricing [3][19]. - The banking sector's net interest margin (NIM) is projected to bottom in the first half of 2026, with recovery supported by delayed deposit repricing [3][24]. - Continued strong household financial asset growth is anticipated, supporting revenue and earnings growth for banks and insurance firms [3][25]. Risk Management and Credit Costs - The financial sector is expected to continue digesting existing financial risks, with lower new risk formation [2][26]. - Credit growth excluding government bonds has slowed to 6%, indicating a shift from expansion to risk digestion [26][30]. - Stable credit costs are expected in 2026 as the system continues to manage high-risk financial assets [30]. Sector Preferences and Stock Recommendations - Insurance is identified as the preferred sector, with Ping An as the top pick due to its structural growth in household assets and product innovation [4][32]. - Among banks, Bank of Ningbo is highlighted for strong revenue and profit growth, while Minsheng Bank is noted for its turnaround potential [4][33]. - CICC-H and FUTU are recommended as preferred broker stocks, with FUTU being recognized for its overseas expansion and comprehensive wealth franchise [4][36]. Additional Important Insights - The anticipated stable environment and reduced financial risks are expected to lower the cost of equity for China financial stocks, driving further re-rating for the sector [31]. - The expected rebound in bank profit growth is aligned with nominal GDP growth in 2026, primarily driven by net interest income and healthy fee income growth [33]. - The capital market is expected to remain active, with a rebound in IPO volumes, particularly in A shares, supported by institutional investment trends [34][36]. Conclusion - The outlook for the China financial sector in 2026 is positive, with expectations of steady economic growth, reduced financial risks, and a favorable environment for financial firms, particularly in the insurance and banking sectors.

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].

Market Sentiment - The current market sentiment score is 82, indicating an "overheated" market condition, which suggests a high level of investor optimism [5][7][21]. Hot Themes Tracking - **Robotics Theme**: The establishment of a national standard organization for humanoid robots and embodied intelligence marks a transition from "technical exploration" to "industrial collaboration" and "scale deployment," which is expected to accelerate technology implementation and ecosystem formation. Related stocks include Sanhua Intelligent Control (002050) and Wolong Electric Drive (600580) [5]. - **Banking Theme**: Bank stocks exhibit high dividend characteristics, with the CSI Bank Index yielding 6.02%, significantly higher than the 10-year government bond yield. In a slowing economy with increased market volatility, bank stocks become important investment targets for long-term funds such as insurance and social security. Related stocks include Agricultural Bank of China (601288) and Ningbo Bank (002142) [5]. - **Brain-Computer Interface Theme**: Neuralink plans to begin large-scale production of brain-computer interface devices in 2026, transitioning to a more streamlined and nearly fully automated surgical process. The global brain-computer interface market is projected to reach $12.4 billion by 2034, with a CAGR of 17% from 2025 to 2034. Related stocks include Aipeng Medical (300753) and Maipu Medical (301033) [5]. Capital Flow Analysis - The top ten stocks with the highest net inflow include Aerospace Science and Technology (000901.SZ) with a net inflow of 909.93 million, and Hailanxin (300065.SZ) with 887.38 million [8]. - The top ten stocks with the highest net outflow include Zhongji Xuchuang (300308.SZ) with a net outflow of 322.72 million, and Lixun Precision (002475.SZ) with 219.50 million [13]. - The top ten industries with the highest net inflow include Defense and Military (SW) and Computer (SW), while the industries with the highest net outflow include Electronics (SW) and Non-bank Financials (SW) [16][22].

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。 ...

Core Viewpoint - Ningbo Bank is committed to enhancing financial services and supporting the real economy by focusing on key sectors such as private small and micro enterprises, manufacturing, import and export businesses, and consumer spending [1] Group 1: Company Strategy - The company has been implementing government and regulatory decisions to increase resource allocation and support for targeted sectors [1] - There is a continuous improvement in financial service standards to assist in the quality and efficiency of the real economy [1] Group 2: Financial Growth - The loan scale of the company has been steadily increasing, reflecting its commitment to supporting the real economy [1] - Future policies aimed at expanding domestic demand and promoting consumption are expected to further enhance the company's financial service coverage [1] Group 3: Economic Support - The company aims to effectively meet the financing needs of the real economy while maintaining reasonable credit growth [1] - There is a focus on fostering new productive forces to align with the evolving economic landscape [1]