本期，课题组重点关注理财公司发行的混合类产品，从代销渠道为投资者筛选出表现较优的在售产品。 为提供有效的选品参考，榜单展示了产品近一月、近三月及近六月的年化业绩，并按照近三月年化收益率进行排序，以此反映 其在近期市场波动中的多维度收益表现。 统计代销机构（28家）：工商银行、中国银行、农业银行、邮储银行、建设银行、交通银行、招商银行、中信银行、光大银 行、民生银行、兴业银行、浦发银行、广发银行、浙商银行、华夏银行、平安银行、恒丰银行、渤海银行、北京银行、宁波银 行、江苏银行、上海银行、南京银行、杭州银行、徽商银行、微众银行、网商银行、百信银行 需要特别提醒的是： 本榜单对理财产品"在售"状态的判断基于其投资周期推算。但实际情况中，部分产品可能因额度售罄，或 银行针对不同客户展示的产品清单存在差异而无法购买。因此，建议投资者以代销银行APP的实际展示为准。 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 | 平安银行 | 平安理财-优享增强 1号混合类人民币 | 平安理财 1天 | | 38.3 | 32.4 | 22.0 | | --- | - ...

证券时报·数据宝统计，截至今日上午10:30，上证综指3897.14点，收于五日均线之上，涨跌幅0.22%， A股总成交额为9108.02亿元。到目前为止，今日有595只A股价格突破了五日均线，其中乖离率较大的 个股有优机股份、峨眉山A、利君股份等，乖离率分别为9.09%、7.45%、7.37%；坤博精工、宁波银 行、宏海科技等个股乖离率较小，刚刚站上五日均线。 | 603991 | 至正股 | 4.90 | 4.19 | 71.64 | 74.08 | 3.40 | | --- | --- | --- | --- | --- | --- | --- | | | 份 | | | | | | | 600757 | 长江传 媒 | 5.1 1 | 2.29 | 8.75 | 9.05 | 3.38 | （文章来源：证券时报网） 12月1日突破五日均线个股乖离率排名 | 证券代 | 证券简 | 今日涨跌幅 | 今日换手率 | 五日均线 | 最新价 | 乖离率 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （%） | （元） | （元） | ...

Core Conclusions - The financial industry experienced a weekly increase of +0.68% in the non-bank financial index, underperforming the CSI 300 index by 0.96 percentage points [1] - The banking sector saw a decline of -0.59%, lagging behind the CSI 300 index by 2.23 percentage points, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks showing varied performance [1][9] Insurance Sector Insights - The insurance sector's index rose by +0.20%, underperforming the CSI 300 index by 1.44 percentage points, driven by strong demand for dividend insurance products that align with residents' needs for stable returns and value appreciation [2][12] - Major insurance companies are focusing on dividend insurance as a strategic core, with product offerings expanding significantly ahead of the 2026 "opening red" period [2][12] - The growth of new single premiums is expected to be strong in 2026, supported by improved net present value margins (NBVM) and a favorable regulatory environment for dividend insurance [2][17] Brokerage Sector Insights - The brokerage sector index increased by +0.74%, underperforming the CSI 300 index by 0.90 percentage points, with recent developments in refinancing for two brokerages indicating a cautious approach to capital raising [2][18] - The current environment presents a mismatch between profitability and valuation in the brokerage sector, suggesting potential for valuation recovery [2][19] - Recommendations include strong mid-to-large brokerages with low valuations and those involved in mergers or restructuring [2][19] Banking Sector Insights - The banking sector's index decreased by -0.59%, underperforming the CSI 300 index by 2.23 percentage points, with a focus on high dividend strategies remaining viable [3][20] - The average dividend yield for banks is approximately 4.1%, which is attractive compared to other sectors, particularly in the context of a stable earnings outlook [3][21] - Recommendations include state-owned banks and resilient city commercial banks, with specific attention to banks with strong fundamentals and low volatility [3][22]

Core Insights - The six A-share listed city commercial banks in the Yangtze River Delta are demonstrating resilient growth despite the pressure of narrowing interest margins, achieving both revenue and net profit growth in the first three quarters of the year [1][2] Revenue and Profit Growth - All six banks reported year-on-year growth in net interest income, with Nanjing Bank and Jiangsu Bank leading with growth rates of 28.52% and 19.61% respectively, ranking among the top in A-share listed banks [2][3] - Jiangsu Bank achieved a revenue of 671.83 billion yuan and a net profit of 305.83 billion yuan, leading among city commercial banks [2] Asset Expansion - As of the end of September, Jiangsu Bank held total assets of 4.93 trillion yuan, marking a 24.68% increase from the beginning of the year, making it the fastest-growing bank in terms of asset size among A-share listed banks [4][5] - Other banks like Ningbo Bank and Nanjing Bank also reported double-digit asset growth rates [4] Loan and Deposit Growth - The six banks experienced robust growth in both loans and deposits, with Jiangsu Bank's deposits reaching 2.54 trillion yuan, a 20.22% increase, the only bank in A-share with such growth [5] - Corporate loans became the main driver for credit expansion, with significant increases in sectors like technology finance, inclusive finance, and green finance [5][6] Asset Quality - The overall asset quality of the six banks remained stable, with non-performing loan ratios either holding steady or declining, indicating effective risk management strategies [7][8] - Jiangsu Bank's non-performing loan ratio decreased to 0.84%, while Nanjing Bank's ratio remained stable at 0.83% [7] Capital Adequacy - Shanghai Bank reported a high core Tier 1 capital adequacy ratio of 10.52%, reflecting improvements in capital management and risk mitigation strategies [8] - Several banks have completed convertible bond conversions to strengthen their capital positions [8] Dividend Distribution - Several banks, including Shanghai Bank and Suzhou Bank, have completed mid-term dividend distributions, with Jiangsu Bank and Ningbo Bank also progressing on their dividend plans [9][10] - The focus on increasing cash dividends reflects a commitment to enhancing shareholder returns, with some banks planning to maintain a cash dividend ratio of no less than 30% in the coming years [10]

Investment Rating - The report maintains a "Recommend" rating for the banking industry in Zhejiang Province, highlighting its strong potential due to the active private economy and favorable financial environment [2]. Core Insights - The banking sector in Zhejiang, particularly Hangzhou Bank, is positioned as a high-potential financial partner, benefiting from the region's economic vitality and robust growth in various financial services [3][8]. - The report emphasizes the resilience of Zhejiang's economy, with a GDP growth rate consistently above the national average, despite challenges such as trade friction [9][20]. - The analysis identifies several unlisted banks in Zhejiang as potential investment opportunities, focusing on their profitability, growth potential, and asset quality [8][9]. Summary by Sections 1. Overview of Zhejiang's Private Economy - Zhejiang's private economy reached 6.1 trillion yuan in 2024, accounting for 67.4% of the province's GDP, contributing over 70% of tax revenue and 80% of imports and exports [13][20]. - The province has a strong entrepreneurial culture, with a historical reliance on private economic forces due to limited state support [19][20]. 2. Economic Structure - The primary industries in Zhejiang are wholesale and retail, and manufacturing, with the service sector contributing approximately 60% to the GDP [26][30]. - The province's export dependency is significant, with over 40% of GDP derived from exports, and a notable reliance on the U.S. market [35][39]. 3. Banking Sector Characteristics - Zhejiang has a diverse banking landscape with 168 legal entities, including 13 city commercial banks and 82 rural commercial banks, primarily serving small and medium-sized enterprises [56][57]. - The report highlights the strong profitability and asset quality of listed city commercial banks like Hangzhou Bank and Ningbo Bank, which focus on different customer segments [57][59]. 4. Hidden Gems in Banking - The report identifies six unlisted city commercial banks and 25 rural commercial banks in Zhejiang with strong ROE and low non-performing loan ratios as potential investment targets [8][9][56]. 5. Investment Recommendations - Investors are encouraged to focus on the high-growth potential of banks in Zhejiang, particularly listed banks that may be undervalued, as well as exploring opportunities in unlisted banks [8][9].

Group 1 - The company Zhejiang Zhongbang Industrial Development Co., Ltd. has signed a maximum guarantee contract with Ningbo Bank Co., Ltd. Hangzhou Branch to provide a guarantee of 100 million yuan for its subsidiary Yong'an Ruimeng [1][2] - After this guarantee, the total amount of guarantees provided by Zhongbang Company for Yong'an Capital Management Co., Ltd. and its subsidiaries will reach 5.233 billion yuan, including this new guarantee [1][3] - The guarantee is within the approved limit and scope of the guaranteed parties as per the 2024 annual shareholders' meeting, ensuring no harm to the company and shareholders, especially minority shareholders [1][2] Group 2 - The internal decision-making process involved the fourth board meeting on April 22, 2025, and the 2024 annual shareholders' meeting on May 20, 2025, which approved an increase in the guarantee limit to 8 billion yuan [1][2] - The guarantee agreement specifies that the guarantor is Zhejiang Zhongbang Industrial Development Co., Ltd., and the guarantee covers principal, interest, overdue interest, penalties, and all related costs [2][3] - The guarantee period is set for two years after the debt performance deadline, with specific conditions for different types of financial instruments [3] Group 3 - The necessity and reasonableness of the guarantee are justified by the operational needs of Yong'an Ruimeng, ensuring stable business development and aligning with the company's overall interests and strategic goals [3] - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to 5.233 billion yuan, which is 40.86% of the latest audited net assets attributable to shareholders [3]

Core Viewpoint - Zunming Co., Ltd. has signed a maximum guarantee contract with Ningbo Bank Hangzhou Branch, providing a guarantee of up to RMB 10 million for its subsidiary's credit business [2] Group 1 - The guarantee is structured as a joint liability guarantee [2] - The contract was signed on November 27, 2025 [2] - The guarantee supports a series of credit business contracts between Shanxi Zunming Jindadou Bean Products Co., Ltd. and Ningbo Bank Hangzhou Branch [2]

Core Viewpoint - The city commercial bank sector experienced a decline of 0.62% on November 28, with Shanghai Bank leading the drop, while the overall stock market showed slight gains [1][2]. Market Performance - The Shanghai Composite Index closed at 3888.6, up 0.34% - The Shenzhen Component Index closed at 12984.08, up 0.85% [1]. Individual Stock Performance - Chongqing Bank: Closed at 11.20, up 0.72%, with a trading volume of 84,100 shares and a turnover of 94.08 million yuan - Xiamen Bank: Closed at 7.15, up 0.56%, with a trading volume of 156,600 shares and a turnover of 112 million yuan - Hangzhou Bank: Closed at 15.59, up 0.13%, with a trading volume of 295,600 shares and a turnover of 461 million yuan - Zhengzhou Bank: Closed at 2.00, unchanged, with a trading volume of 667,700 shares and a turnover of 13.3 million yuan - Nanjing Bank: Closed at 11.57, down 0.09%, with a trading volume of 333,200 shares and a turnover of 38.6 million yuan - Qingdao Bank: Closed at 4.84, down 0.41%, with a trading volume of 332,000 shares and a turnover of 16 million yuan - Changsha Bank: Closed at 9.64, down 0.41%, with a trading volume of 124,200 shares and a turnover of 12 million yuan - Lanzhou Bank: Closed at 2.36, down 0.42%, with a trading volume of 408,600 shares and a turnover of 96.46 million yuan - Xi'an Bank: Closed at 3.83, down 0.52%, with a trading volume of 182,100 shares and a turnover of 6.97 million yuan - Ningbo Bank: Closed at 28.37, down 0.56%, with a trading volume of 195,600 shares and a turnover of 557 million yuan [1][2]. Capital Flow Analysis - The city commercial bank sector saw a net outflow of 379 million yuan from institutional investors, while retail investors contributed a net inflow of 86.74 million yuan [2][3]. - The following stocks had notable capital flows: - Hangzhou Bank: Net inflow of 9.48 million yuan from institutional investors - Qilu Bank: Net inflow of 6.55 million yuan from institutional investors - Suzhou Bank: Net inflow of 6.07 million yuan from institutional investors - Qingdao Bank: Net inflow of 3.22 million yuan from institutional investors - Lanzhou Bank: Net inflow of 2.34 million yuan from institutional investors - Zhengzhou Bank: Net outflow of 0.96 million yuan from institutional investors - Guizhou Bank: Net outflow of 1.41 million yuan from institutional investors - Xi'an Bank: Net outflow of 2.69 million yuan from institutional investors - Nanjing Bank: Net outflow of 9.30 million yuan from institutional investors - Chongqing Bank: Net outflow of 9.87 million yuan from institutional investors [3].

Core Insights - The city commercial bank sector experienced a rise of 0.69% on November 27, with Qingdao Bank leading the gains [1] - The Shanghai Composite Index closed at 3875.26, up 0.29%, while the Shenzhen Component Index closed at 12875.19, down 0.25% [1] Stock Performance Summary - Qingdao Bank (002948) closed at 4.86, up 1.25% with a trading volume of 462,800 shares and a transaction value of 224 million [1] - Hangzhou Bank (600926) closed at 15.57, up 1.24% with a trading volume of 269,400 shares and a transaction value of 417 million [1] - Jiangsu Bank (616009) closed at 10.83, up 1.21% with a trading volume of 1,097,800 shares and a transaction value of 1.179 billion [1] - Chengdu Bank (601838) closed at 17.01, up 1.13% with a trading volume of 394,100 shares and a transaction value of 667 million [1] - Shanghai Bank (601229) closed at 10.01, up 1.11% with a trading volume of 447,500 shares and a transaction value of 445 million [1] - Xiamen Bank (601187) closed at 7.11, up 0.85% with a trading volume of 101,900 shares and a transaction value of 72.116 million [1] - Nanjing Bank (6000009) closed at 11.58, up 0.78% with a trading volume of 294,200 shares and a transaction value of 339 million [1] - Xi'an Bank (600928) closed at 3.85, up 0.52% with a trading volume of 220,500 shares and a transaction value of 84.754 million [1] - Changsha Bank (601577) closed at 9.68, up 0.52% with a trading volume of 137,900 shares and a transaction value of 133 million [1] - Qilu Bank (601665) closed at 5.97, up 0.34% with a trading volume of 401,600 shares and a transaction value of 239 million [1] Capital Flow Analysis - The city commercial bank sector saw a net inflow of 72.7685 million from institutional investors, while retail investors experienced a net inflow of 16.4028 million [2] - The sector faced a net outflow of 89.1713 million from speculative funds [2] Individual Stock Capital Flow - Jiangsu Bank (600919) had a net inflow of 75.1851 million from institutional investors, while it faced a net outflow of 38.3807 million from speculative funds [3] - Shanghai Bank (601229) saw a net inflow of 33.6962 million from institutional investors, with a net outflow of 37.6450 million from speculative funds [3] - Qilu Bank (601665) had a net inflow of 23.2129 million from institutional investors, while it faced a net outflow of 7.1943 million from speculative funds [3] - Chengdu Bank (601838) experienced a net inflow of 21.6104 million from institutional investors, with a significant net outflow of 68.9418 million from speculative funds [3] - Hangzhou Bank (600926) had a net inflow of 17.6667 million from institutional investors, while it faced a net outflow of 41.0399 million from speculative funds [3]

Group 1: Capital Growth and Financing - The company focuses on balancing dividends and endogenous capital growth to ensure a solid capital foundation for sustainable business development [2] - Endogenous capital is expected to create greater value for the company's development, with a commitment to enhancing performance and providing more returns to shareholders [2] Group 2: Loan Growth and Economic Support - The company has been actively supporting key sectors such as small and micro enterprises, manufacturing, and consumer spending, leading to steady growth in loan scale [2] - Future loan growth is anticipated to be maintained through the release of policy dividends aimed at expanding domestic demand and promoting consumption [2] Group 3: Advanced Capital Measurement - The company is researching and following the regulatory requirements for implementing advanced capital measurement methods as outlined by the National Financial Supervision Administration [2] - The company is closely monitoring regulatory dynamics and the progress of peers in applying for advanced measurement methods [2] Group 4: Investor Communication - The company ensured thorough communication with investors during the meeting, adhering to disclosure regulations and avoiding any leakage of undisclosed significant information [2]