Core Viewpoint - Ningbo Bank (002142) emphasizes a differentiated business strategy to adapt to changing operating environments and accumulate comparative advantages for high-quality development [1] Group 1: Business Strategy - The company aims to deepen its operational focus to promote sustainable growth [1] - It seeks to strengthen professional operations to solidify core advantages [1] Group 2: Technological Transformation - The bank is accelerating its technological transformation to empower management and operations [1] Group 3: Risk Management - The company is committed to maintaining a risk baseline to ensure stable operations [1]

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]

针对"未来能否保持目前贷款增速"的问题，宁波银行表示，近年来公司聚焦民营小微企业、制造业企 业、进出口企业、民生消费等重点领域，加大资源倾斜与支持力度，推动贷款规模稳步增长。下阶段， 随着扩内需、促消费等政策红利持续释放及新质生产力加速培育，公司将进一步扩大金融服务覆盖面， 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。 竞争优势：坚持差异化策略，筑牢高质量发展基础 登录新浪财经APP 搜索【信披】查看更多考评等级 1月8日，宁波银行股份有限公司（以下简称"宁波银行"）在公司总部大厦接待了特定对象调研活动。招 商信诺、信达澳亚、工银瑞信等8家机构参与此次调研，双方就公司贷款增速、行业竞争优势及再融资 等核心议题展开深入交流。 调研基本情况 投资者关系活动类别为特定对象调研，活动时间为2026年1月8日上午，地点位于宁波银行总部大厦，形 式为现场会议。参与单位包括招商信诺、信达澳亚、工银瑞信、东兴证券、摩根基金、财通资管、长江 养老、中信保诚等8家机构，上市公司接待人员为公司投关团队。 核心议题交流要点 贷款增速：聚焦实体重点领域，政策红利下保持合理增长 责任编辑：小浪快报 在行业竞争优势方 ...

Group 1: Loan Growth and Economic Support - The company aims to maintain steady loan growth by focusing on key sectors such as private small and micro enterprises, manufacturing, import-export businesses, and consumer spending, supported by government policies and financial regulations [2]. - The company plans to expand its financial services coverage to effectively meet the funding needs of the real economy, driven by ongoing policy benefits aimed at boosting domestic demand and consumption [2]. Group 2: Competitive Advantage Strategies - The company adopts a differentiated business strategy to adapt to changes in the operating environment, focusing on accumulating comparative advantages to promote high-quality development [2]. - Key strategies include deepening operational focus, strengthening professional management, accelerating technological transformation, and maintaining a strong risk management framework to ensure stable operations [2]. Group 3: Capital Growth and Shareholder Returns - The company emphasizes the balance between dividends and internal capital growth, ensuring a solid capital foundation for sustainable business development [2]. - Given current regulatory requirements for refinancing, internal capital is expected to create greater value for the company's development, with a commitment to enhancing performance and providing higher returns to shareholders [2]. Group 4: Compliance and Communication - During the investor relations activity, the company ensured thorough communication with investors while adhering to disclosure regulations, with no significant undisclosed information leaks reported [2].

Core Viewpoint - The recent announcement by Industrial and Commercial Bank of China (ICBC) to raise the risk acceptance level for personal gold accumulation business to C3 (balanced) and above has triggered significant changes in the precious metals investment market, reflecting a broader industry trend towards stricter risk management in response to increased market volatility and rising gold prices [1][6]. Group 1: Industry Trends - Major banks have collectively raised the entry-level risk tolerance for gold accumulation products to at least a balanced level (C3), with some banks even setting it to aggressive levels, indicating a comprehensive industry-wide upgrade in risk control measures [1][3][4]. - The international gold price has surpassed $4,400 per ounce, prompting banks to filter out investors with lower risk tolerance to prevent significant losses due to market volatility [6][7]. Group 2: Bank-Specific Requirements - ICBC requires personal clients to achieve a C3 (balanced) risk assessment result to engage in gold accumulation business, a shift from the previous requirement of C1 (conservative) [3][4]. - Other banks, such as Postal Savings Bank and Shanghai Rural Commercial Bank, have also raised their risk assessment standards, with some requiring a minimum of C3 or higher for participation in gold accumulation products [4][6]. - Banks like China CITIC Bank and Ningbo Bank have announced future adjustments to their risk assessment requirements, aligning with the trend of increasing risk thresholds for gold investment [6][7]. Group 3: Investor Behavior and Risks - There is a growing concern about investors attempting to misrepresent their risk tolerance in order to qualify for gold accumulation products, which undermines the integrity of the risk assessment process [8][9]. - The industry is urged to enhance investor education and awareness regarding the risks associated with gold investments, especially in a volatile market environment [8][9].

Core Insights - The banking sector has entered a "full bow" state at the beginning of the year, with a noticeable acceleration in credit issuance, emphasizing "early deployment, rapid disbursement, and quality" [1] - There is a shift from a "scale-first" approach to a focus on the rhythm, structure, and strategy of credit issuance, aiming to optimize credit structure and upgrade service models for long-term development [1] Group 1: Credit Issuance Trends - Banks are prioritizing early loan disbursement to support enterprises' operational needs, with a focus on completing project funding before the Spring Festival [2] - A significant portion of annual credit issuance typically occurs in the first quarter, with frontline credit personnel recognizing the importance of "early disbursement, early returns" [2][3] - A head of a major joint-stock bank noted that achieving 50% to 60% of the annual loan target in the first quarter is crucial to meeting overall goals [3] Group 2: Structural Adjustments in Credit Supply - In response to narrowing net interest margins, banks are recalibrating their credit issuance direction, emphasizing quality and structural optimization over sheer volume [4] - Agricultural Bank of China plans to focus on high-quality credit issuance, targeting key areas aligned with national strategies, with a goal of adding over 60 billion yuan in loans in 2026 [4] - Zhejiang Commercial Bank aims to increase lending in green, technology, manufacturing, agricultural, and private enterprise sectors [4] Group 3: Innovative Approaches to Credit - The People's Bank of China is enhancing the financial policy framework to improve service evaluation and professionalization in financial services [5] - Banks are adjusting their credit structures to address interest margin pressures, with a focus on supporting technology startups despite their limited short-term profitability [5] - Mechanisms such as "pre-approval" processes are being implemented to expedite loan disbursement, exemplified by Ningbo Bank's rapid funding for technology enterprises [5] Group 4: Shift in Business Strategy - Banks are moving away from traditional interest rate competition, focusing instead on comprehensive service and long-term partnerships with clients [6] - A case study of a small agricultural machinery manufacturer illustrates this shift, where service quality and problem-solving capabilities outweighed the importance of interest rates in client decisions [6] - The transition from "single-point service" to "comprehensive empowerment" is becoming a prevalent strategy among banks, integrating various financial tools to support enterprises [6]

Market Performance - The city commercial bank sector experienced a slight increase of 0.0% on January 7, with Hangzhou Bank leading the gains [1] - The Shanghai Composite Index closed at 4085.77, up 0.05%, while the Shenzhen Component Index closed at 14030.56, up 0.06% [1] Individual Stock Performance - Hangzhou Bank (600926) closed at 15.80, with a rise of 1.61% and a trading volume of 817,400 shares [1] - Ningbo Bank (002142) closed at 29.12, up 0.83%, with a trading volume of 411,100 shares [1] - Other notable performances include Jiangsu Bank (601963) at 10.64 (+0.38%) and Shanghai Bank (601229) at 9.96 (+0.30%) [1] Capital Flow Analysis - The city commercial bank sector saw a net outflow of 170 million yuan from institutional investors, while retail investors contributed a net inflow of 188 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Detailed Capital Flow by Bank - Jiangsu Bank had a net inflow of 123 million yuan from institutional investors, while retail investors saw a net outflow of 27 million yuan [3] - Hangzhou Bank experienced a net inflow of 84 million yuan from institutional investors, but retail investors had a significant outflow of 132 million yuan [3] - Chengdu Bank recorded a net inflow of 55 million yuan from institutional investors, with retail investors also experiencing a net outflow [3]

Investment Rating - The report maintains an "Outperform the Market" rating for the banking sector [4][5]. Core Insights - The banking industry is expected to see a reasonable M2 growth target of approximately 7.5%, with credit growth around 6.0% and social financing growth at about 8.0% for 2026. This aligns with the anticipated nominal GDP growth of about 5.0% and actual GDP growth of approximately 4.9% [1][15][21]. - The report highlights that the flow of deposits will be a key factor affecting the asset-liability structure of banks in 2026, with a significant amount of term deposits maturing, estimated at around 57 trillion yuan [3][49]. - The credit allocation is expected to show strong support for corporate lending, contributing approximately 80% to 85% of new loans, while retail lending is projected to improve marginally, contributing about 10% to 15% [2][36]. Summary by Sections M2 and Credit Growth - The M2 growth target for 2026 is set at approximately 7.5%, with an expected M2 increment of about 25.4 trillion yuan, driven by fiscal net injection of around 12.0 trillion yuan and bank credit issuance of about 16.8 trillion yuan [1][21][22]. - The anticipated credit growth for 2026 is around 6.0%, with new social financing expected to reach approximately 35.3 trillion yuan, reflecting an 8.0% growth rate [21][26][30]. Deposit Flow and Asset-Liability Structure - The report indicates that the flow of deposits from large banks to smaller banks will be a critical factor in determining the marginal changes in the asset-liability gap for large banks in 2026. The pressure from deposit migration is expected to ease somewhat [2][41][54]. - The maturing term deposits for the six major banks are estimated to be between 27 trillion and 32 trillion yuan, with a significant portion being long-term deposits [3][49][50]. Investment Recommendations - The report suggests focusing on two main lines for investment in 2026: high-quality companies with improving fundamentals, such as Ningbo Bank and Changshu Bank, and stable high-dividend stocks like China Merchants Bank and Industrial and Commercial Bank of China [3][4].

Investment Rating - The report maintains an "Outperform the Market" rating for the banking sector [4][5]. Core Insights - The banking sector is expected to see a reasonable M2 growth target of approximately 7.5%, with credit growth around 6.0% and social financing growth at about 8.0% for 2026. This aligns with the goal of stabilizing economic growth and ensuring reasonable price recovery [1][21]. - The report highlights that the flow of deposits will be a key factor affecting the asset-liability structure of banks in 2026, with a significant amount of term deposits maturing, estimated at around 57 trillion yuan [3][49]. - The credit allocation is expected to remain strong for corporate lending, contributing approximately 80% to 85% of new loans, while retail lending is anticipated to show marginal improvement, contributing about 10% to 15% [2][36]. Summary by Sections Economic Outlook - The actual GDP growth target for 2026 is estimated at 4.9%, with a nominal GDP growth target of about 5.0%, which corresponds to a reasonable M2 growth target of 7.5% [1][15]. - The projected M2 increment for 2026 is approximately 25.4 trillion yuan, with fiscal net M2 injection around 12.0 trillion yuan and bank credit (including write-offs and ABS) contributing about 16.8 trillion yuan [21][22]. Credit Allocation - Corporate lending is expected to remain the primary support for new loans, while retail lending will experience structural differentiation, with personal operating loans maintaining good growth and housing loans likely showing slight positive growth [2][36]. - The report indicates that the flow of deposits from large banks to smaller banks will be a critical factor in the marginal changes in the asset-liability gap for large banks in 2026 [3][41]. Investment Recommendations - The report suggests focusing on two main lines for investment in 2026: high-quality companies with improving fundamentals, such as Ningbo Bank and Changshu Bank, and stable high-dividend stocks like China Merchants Bank and Industrial and Commercial Bank of China [4][5].

Core Viewpoint - The A-share banking sector is expected to achieve a market value breakthrough in 2025, but the overall growth rate is slowing and underperforming compared to the broader market, with significant individual stock differentiation [1][7]. Market Performance - As of December 31, 2025, the Wind Banking Index reached 7180.68 points, with an annual growth of 12.04%, lower than the previous year's 43.56%. The total market value of the sector at year-end was 15.71 trillion yuan, an increase of over 15% from the beginning of the year, having briefly surpassed 16 trillion yuan [1][7]. - The banking sector exhibited a clear phase differentiation throughout the year, with a mild increase in Q1, a significant rise in Q2, a deep correction in Q3, and a recovery in Q4 [2][8]. Individual Stock Performance - In 2025, 35 out of 42 A-share listed banks saw their stock prices rise, accounting for over 83%. Among the six banks with over 20% growth, Agricultural Bank led with a 52.66% increase, followed by Xiamen Bank, Shanghai Pudong Development Bank, Chongqing Bank, Industrial and Commercial Bank, and Ningbo Bank with growth rates ranging from 20.68% to 35.78% [3][9]. - Conversely, seven banks experienced declines, with Huaxia Bank at the bottom with a 9.82% drop, and Zhengzhou Bank, Beijing Bank, and China Everbright Bank all declining by over 5% [3][9]. Future Outlook - Multiple brokerage firms predict an improvement in revenue and profit growth for listed banks in 2026, with expected revenue growth rates of +2.5% and +3.6% for 2026 and 2027, respectively, and net profit growth rates of +1.9% and +2.6% [4][10]. - The improvement in revenue and profit growth is attributed to several factors, including a reduction in net interest margin pressure, a shift towards quality in credit issuance, and a stabilization in fee income growth [4][10]. Investment Strategy - In light of the different characteristics of new inflows, the equity market in 2025 is characterized by increased stable return strategy products, enhanced structural trends, and greater individual stock volatility. For 2026, it is recommended to prioritize stable stocks and adopt a bottom-fishing strategy, while also considering elastic stocks for rotation trading [6][12].