智通财经记者 | 杨志锦 智通财经编辑 | 王姝 2025年，是商业银行治理架构剧烈变动的一年。 据智通财经记者梳理，2025年以来，42家A股上市银行均已公告，正式取消或将取消监事会，其中大部分已发布修订后的公司章程。监事会取消后，公司治 理结构由"三会一层"（股东大会、董事会、监事会和高级管理层）调整为"两会一层"，监事会职权则由董事会下属审计委员会承接。 据智通财经记者梳理，截至目前，42家A股上市银行均已发布类似公告，意味着运作了20多年的监事会即将走入历史。 银行监事会制度起源于本世纪初。2000年3月，国务院印发《国有重点金融机构监事会暂行条例》，随后国务院派出15个监事会进驻包括四大行在内的16家 机构，标志着国有重点金融机构监事会制度全面建立。2004年修订后的公司法明确要求股份有限公司设立监事会，随着股份制改革的推进，中小银行也陆续 设立了监事会。 监事会的设立对完善商业银行公司治理起到了积极作用，但在实践中也出现一些问题。"领导职务的重要性排序上，董事长肯定是排第一位的。相比之下， 监事长虽然是三长之一，但排序靠后，监督力量不够。另外，也确实存在一种情况，有些企业的监事会成了安排'关系户' ...

Core Viewpoint - The banking sector in A-shares is expected to perform well in 2026, driven by stable fundamentals and increased dividend attractiveness, despite a less impressive performance in 2025 compared to previous years [4][9][10]. Group 1: Annual Report Disclosure - Ping An Bank will be the first to disclose its annual report on March 21, followed by CITIC Bank on the same day [1]. - A total of 10 banks will disclose their 2025 annual reports on March 31, marking the highest number of disclosures on a single day [3]. - The total market capitalization of 42 A-share banks exceeded 15 trillion yuan, increasing by approximately 2.1 trillion yuan from the end of 2024 [2][3]. Group 2: Market Performance - The banking sector index rose by 12.05% in 2025, underperforming the CSI 300 index, which increased by 17.66% [3]. - Among the 42 banks, 35 experienced stock price increases, with Agricultural Bank of China leading at a 52.66% rise [3]. - The overall market sentiment towards bank annual reports is positive, with expectations of continued growth in 2026 [4][9]. Group 3: Investment Drivers - The strong performance of the banking sector in 2025 was supported by both funding and fundamental factors, including inflows from passive index funds and insurance [4]. - Significant shareholder buybacks have also contributed to the rise in bank stocks, with 523 companies increasing their holdings, totaling 939.6 billion yuan [6]. - Analysts predict that the demand for high-dividend stocks will remain strong, particularly for state-owned banks known for stable returns [10]. Group 4: Future Outlook - Analysts expect the banking sector to maintain stable performance in 2026, supported by a recovering real economy and high dividend yields [9]. - The issuance of ETFs linked to broad indices and dividend indices is expected to continue, attracting more passive fund inflows into the banking sector [9]. - The differentiation in performance among various banks is anticipated to become a key theme, with larger banks likely to see more consistent revenue growth compared to smaller banks [10]. Group 5: Seasonal Trends - Historical data shows that the banking sector has a high success rate for absolute and excess returns before the Spring Festival, with an average absolute return of 4.4% [11]. - The upcoming Spring Festival in 2026 is expected to see continued strong performance in bank stocks, driven by balanced market styles and robust demand for high-dividend stocks [12]. - Recommendations for stock allocation include a stable base in state-owned banks and a more aggressive approach with quality joint-stock and city commercial banks [12].

证券之星消息，1月6日城商行板块较上一交易日上涨0.63%，宁波银行领涨。当日上证指数报收于 4083.67，上涨1.5%。深证成指报收于14022.55，上涨1.4%。城商行板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002142 | 宁波银行 | 28.88 | 2.59% | 53.75万 | 15.31亿 | | 616009 | 江苏银行 | 10.60 | 1.34% | 133.55万 | 14.04亿 | | 601169 | 北京银行 | 5.59 | 1.27% | 172.97万 | 9.61亿 | | 002936 | 郑州银行 | 1.96 | 1.03% | 76.80万 | 1.50亿 | | 600926 | 杭州银行 | 15.55 | 0.65% | 54.06万 | 8.34亿 | | 600928 | 西安银 ...

Core Insights - The report maintains a strong market rating for the banking sector, highlighting structural opportunities amid a new economic starting point in 2026 [3][5] - The macroeconomic environment is expected to support credit growth, with fiscal policies becoming more proactive and monetary policies remaining moderately accommodative [3][4] - The banking sector is anticipated to experience a stabilization in net interest margins, with a narrowing space of less than 5 basis points expected in 2026 [4][40] Macroeconomic Fundamentals - The GDP growth target for 2026 is projected to remain stable at around 5%, supported by structural improvements in financing demand from enterprises and households [12][14] - The fiscal deficit rate is expected to increase from 4% in 2025, with proactive fiscal policies aimed at stabilizing growth and expectations [14][16] - Monetary policy will continue to be moderately accommodative, with social financing growth expected to maintain above 8% [16][17] Industry Core Policy Guidance - Regulatory bodies are focusing on protecting net interest margins, with measures in place to guide banks in pricing management and alleviate margin pressures [25][26] - New supportive policies, including interest subsidies for personal consumption loans, are expected to create favorable asset deployment scenarios for banks [27][28] - Capital supplementation policies are being optimized to enhance banks' credit expansion capabilities and risk resilience [28][29] 2026 Profitability Outlook - Corporate loan growth is expected to be a key driver of credit expansion, while retail credit improvements will depend on policy support for income and consumption [4][34] - The net interest margin is projected to stabilize, with a potential bottoming out in 2026, supported by regulatory measures and market conditions [40][41] - Fee income is anticipated to recover, particularly for city commercial banks, as market sentiment improves [42][43] 2026 Asset Quality Outlook - The overall asset quality of the banking sector is expected to stabilize, with non-performing loan ratios remaining low for corporate lines, while retail lines may still face risks [4][20] - The trend of provisioning coverage is expected to improve, providing banks with more flexibility in managing their asset quality [20][21] 2026 Industry Landscape Outlook - Differentiation among banks is likely to become a dominant theme, with larger banks expected to see more stable revenue growth compared to smaller banks facing complex operating environments [4][5] - Regional economic vitality will significantly influence the performance of local banks, with areas of strong economic growth presenting better investment opportunities [5][6] Investment Recommendations - The insurance sector is projected to see over 2 trillion yuan in new market funds in 2026, increasing demand for high-dividend assets [5] - Focus on state-owned banks with stable operations, such as Industrial and Commercial Bank of China and China Construction Bank, as attractive investment targets [5] - Attention should be given to regional banks in economically vibrant areas, such as Jiangsu Bank and Chongqing Bank, which are expected to perform well [5][6]

一份来自监管层的过渡期安排，正在悄然改写数千家上市公司的治理结构。 2024年12月底，中国上市公司协会发布《关于新〈公司法〉配套制度规则实施相关过渡期安排》的公 告。这份文件明确要求：上市公司应当在2026年1月1日前，完成公司内部监督机构的调整。 就在新规过渡期即将结束之际，宁波银行发布公告称，公司收到金融监管局批复，自2025年12月31日起 不再设立监事会。这家城商行领先者的动作，或许预示着上市公司治理结构改革已进入实质性阶段。 01 制度变革 上市公司在过渡期面临多重实操挑战，需要谨慎应对，平衡好改革要求与公司稳定。 新《公司法》的实施，标志着我国公司治理结构的一次重大调整。根据过渡期安排，上市公司需在董事 会中设审计委员会，行使《公司法》规定的监事会的职权，不设监事会或者监事。 这一变革并非简单机构撤并，而是公司内部监督机制的重构。审计委员会将承担起原监事会的监督职 能，同时发挥其在财务合规和风险控制方面的专业优势。 对申请首发上市的企业，监管要求更加明确。自2026年1月1日起，申请首发上市的企业仍设有监事会或 监事的，应当制定调整计划，确保于上市前完成内部监督机构调整。 这意味着，未来资本市场 ...

证券代码：002142 证券简称：宁波银行 公告编号：2026-001 优先股代码：140001 优先股简称：宁行优01 登录新浪财经APP 搜索【信披】查看更多考评等级 宁波银行股份有限公司关于 公司章程修订获核准及不再设立 监事会的公告 近日，公司收到《宁波金融监管局关于宁波银行修改公司章程的批复》（甬金复〔2025〕330号）。宁 波金融监管局已核准公司修订后的公司章程。修订后的公司章程全文详见巨潮资讯网 （http://www.cninfo.com.cn）。 自2025年12月31日起，公司不再设立监事会，由董事会审计委员会承接法律法规规定的原监事会职权。 监事会下设各专门委员会同步撤销，《宁波银行股份有限公司监事会议事规则》等监事会相关公司治理 文件相应废止。丁元耀先生、鲍明伟先生、俞德昌先生、周士捷先生、庄晔女士、陈锦晓先生不再担任 公司监事，其均已确认与公司无不同意见，亦无任何其他相关事项需知会公司股东及债权人。公司对各 位监事在任职期间作出的贡献给予高度评价并致以衷心的感谢。 特此公告。 宁波银行股份有限公司董事会 2026年1月5日 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， ...

Market Overview - The city commercial bank sector increased by 0.26% on January 5, with Hangzhou Bank leading the gains [1] - The Shanghai Composite Index closed at 4023.42, up by 1.38%, while the Shenzhen Component Index closed at 13828.63, up by 2.24% [1] Individual Bank Performance - Hangzhou Bank (600926) closed at 15.45, with a rise of 1.11% and a trading volume of 580,400 shares, amounting to a transaction value of 893 million yuan [1] - Chengdu Bank (601838) closed at 16.24, up by 0.74%, with a trading volume of 278,200 shares and a transaction value of 450 million yuan [1] - Beijing Bank (601169) closed at 5.52, increasing by 0.73%, with a trading volume of 1,428,800 shares and a transaction value of 787 million yuan [1] - Guizhou Bank (601997) closed at 5.91, up by 0.68%, with a trading volume of 255,700 shares and a transaction value of 151 million yuan [1] - Qindao Bank (002948) closed at 4.51, increasing by 0.67%, with a trading volume of 419,600 shares and a transaction value of 188 million yuan [1] - Jiangsu Bank (616009) closed at 10.46, up by 0.58%, with a trading volume of 1,271,800 shares and a transaction value of 1.331 billion yuan [1] - Xian Bank (600928) closed at 3.72, increasing by 0.54%, with a trading volume of 198,300 shares and a transaction value of 73.3 million yuan [1] - Zhengzhou Bank (002936) closed at 1.94, up by 0.52%, with a trading volume of 723,100 shares and a transaction value of 140 million yuan [1] - Lanzhou Bank (001227) closed at 2.33, increasing by 0.43%, with a trading volume of 290,200 shares and a transaction value of 67.5 million yuan [1] - Ningbo Bank (002142) closed at 28.15, up by 0.21%, with a trading volume of 271,700 shares and a transaction value of 764 million yuan [1] Capital Flow Analysis - The city commercial bank sector saw a net inflow of 380 million yuan from main funds, while retail funds experienced a net outflow of 134 million yuan [2] - The main funds' net inflow and outflow for individual banks include: - Jiangsu Bank (600919) had a net inflow of 10.4 million yuan, with a 7.78% share of main funds [3] - Shanghai Bank (601229) had a net inflow of 87.04 million yuan, with a 13.64% share of main funds [3] - Hangzhou Bank (600926) had a net inflow of 79.04 million yuan, with an 8.86% share of main funds [3] - Nanjing Bank (600000) had a net inflow of 67.86 million yuan, with a 9.68% share of main funds [3] - Ningbo Bank (002142) had a net inflow of 58.14 million yuan, with a 7.61% share of main funds [3] - Qilu Bank (601665) had a net inflow of 57.72 million yuan, with a 14.60% share of main funds [3] - Qingdao Bank (002948) had a net inflow of 22.18 million yuan, with an 11.82% share of main funds [3] - Suzhou Bank (002966) had a net inflow of 6.29 million yuan, with a 2.71% share of main funds [3] - Xiamen Bank (601187) had a net inflow of 520,450 yuan, with a 5.25% share of main funds [3] - Xian Bank (600928) had a net inflow of 287,550 yuan, with a 3.92% share of main funds [3]

Core Viewpoint - The A-share banking sector concluded 2025 with a structural rise, with 35 out of 42 listed banks experiencing gains, and the banking index rising by 12.04%, indicating strong defensive and allocation value [2][3]. Group 1: 2025 Banking Sector Performance - The banking sector exhibited significant structural differentiation, with the top ten stocks including Agricultural Bank (52.66%), Xiamen Bank (35.78%), and others showing gains over 20% [3][4]. - The market's focus shifted towards "certainty of returns" and "growth cost-effectiveness" amid an "asset shortage" backdrop, leading to a preference for certain banks [3][4]. Group 2: Core Drivers of 2025 Bull Stocks - Three main factors drove the performance of bull stocks: high dividends and low valuations supporting state-owned banks, regional economic vitality empowering small and medium banks, and asset structure optimization promoting value reassessment [4][5]. - Agricultural Bank led with a dividend yield above 5% and a price-to-book ratio exceeding 1, breaking the long-standing trend of state-owned banks trading below book value [4][5]. Group 3: 2026 Bull Stock Predictions - The banking sector is expected to maintain a "steady progress" operational trend in 2026, with key dimensions for identifying bull stocks including net interest margin improvement, business transformation growth, and stable asset quality [5][6]. - The predicted top ten bull stocks for 2026 include Agricultural Bank, China Merchants Bank, and Ningbo Bank, among others, with each having specific growth drivers [7][8]. Group 4: Key Factors for 2026 Predictions - Agricultural Bank is expected to continue its strong performance due to its county-level business advantages and low liability costs [7]. - China Merchants Bank is anticipated to see dual growth in performance and valuation, driven by its wealth management transformation and strong asset quality [8]. - Ningbo Bank is positioned to benefit from regional economic vitality and diversified non-interest income growth [8][9]. Group 5: Structural Trends and Risks - The banking sector is likely to experience a dual rise in performance and valuation, supported by improved net interest margins and robust asset quality [12][13]. - However, structural differentiation risks may intensify, with some smaller banks facing challenges due to high regional economic dependency and single customer structures [12][13].

Core Insights - The report indicates that the current market sentiment is rated at 61, categorized as "relatively hot," suggesting a strong investor confidence in the market [2][10] - Key themes identified include robotics, banking, and brokerage sectors, with significant developments and investment opportunities highlighted in each area [6] Group 1: Robotics Sector - The establishment of a national standard organization for humanoid robots and embodied intelligence on December 26, 2025, marks a transition from "technical exploration" to "industrial collaboration" and "scale implementation," which is expected to accelerate technology deployment and ecosystem formation [6] - Related investment opportunities include companies such as Sanhua Intelligent Control (002050) and Wolong Electric Drive (600580) [6] Group 2: Banking Sector - Banking stocks are characterized by high dividend yields, with the China Securities Banking Index yielding 6.02%, significantly higher than the 10-year government bond yield, making them attractive for long-term investors like insurance and social security funds [6] - Notable banking stocks include Agricultural Bank of China (601288) and Ningbo Bank (002142) [6] Group 3: Brokerage Sector - The China Securities Regulatory Commission's chairman emphasized on December 6 the need for differentiated regulation, which aims to support high-quality institutions while limiting weaker ones, thus enhancing capital efficiency [6] - The focus is shifting from mere scale and growth to high-quality development, with recommendations for brokerage firms to differentiate their operations [6] - Relevant brokerage stocks include CITIC Securities (600030) and Guotai Junan Securities (601211) [6]

1月4日，宁波银行发布公告称，近日，公司收到《宁波金融监管局关于宁波银行修改公司章程的批复》 （甬金复〔2025〕330号）。宁波金融监管局已核准公司修订后的公司章程。 宁波银行表示，自2025年12月31日起，公司不再设立监事会，由董事会审计委员会承接法律法规规定的 原监事会职权。监事会下设各专门委员会同步撤销，《宁波银行股份有限公司监事会议事规则》等监事 会相关公司治理文件相应废止。丁元耀、鲍明伟、俞德昌、周士捷、庄晔、陈锦晓不再担任公司监事， 其均已确认与公司无不同意见，亦无任何其他相关事项需知会公司股东及债权人。公司对各位监事在任 职期间作出的贡献给予高度评价并致以衷心的感谢。 银行频道更多独家策划、专家专栏，免费查阅>> 责任编辑：小讯 ...