一夜之间，全球资金上演"夺命大逃亡"，市场风向似乎全变了。 2月4日晚，美股科技股引发崩盘潮，纳指大跌超2%，英伟达、Meta、特斯拉等科技权重集体下挫超3%，AMD更是单日狂泻 17.3%，创近9年来最大跌幅，直接抹平2026年全年涨幅。 恐慌情绪蔓延至A股、港股市场，今天光伏、电网设备、油气开采设备等近期大涨的热门赛道应声跳水。 更不巧的是，前两天才暴力反弹的贵金属板块今天再次"闪崩"，白银期货甚至一度跌近20%，进一步刺激市场恐慌情绪。 就在市场一片哀嚎之际，银行板块逆势崛起！截至A股收盘，银行板块整体上涨2.1%，42只银行股全线飘红，厦门银行罕见 涨停，多只城商行涨幅超3%，六大行也纷纷筑底企稳。 南向资金同步扫货，单日净买入超220亿港元，工商银行、招商银行、建设银行等内银股成加仓核心标的。 一场由避险资金主导的"乾坤大挪移"，正在资本市场激烈上演！ 01 科技+贵金属双杀，避险资金慌不择路 这轮市场巨震，导火索是美股科技股密集利空带来的估值泡沫破裂。 昨晚AI算力龙头AMD的业绩增长表现足够亮眼，但由于略低于部分分析师最乐观的预期，直接造成了单日狂泻17.3%，创下 2017年5月以来最大单日跌 ...

Core Viewpoint - A significant market shift is occurring, characterized by a mass exodus of funds from technology and precious metals sectors, with a notable influx into bank stocks as a safe haven amid rising panic and volatility [2][5][21]. Group 1: Market Dynamics - The U.S. tech stocks experienced a sharp decline, with the Nasdaq dropping over 2%, and major companies like Nvidia, Meta, and Tesla falling more than 3%. AMD saw a staggering drop of 17.3%, marking its largest single-day decline in nearly nine years [2][5]. - Panic spread to A-shares and Hong Kong stocks, with sectors like solar energy and oil equipment witnessing significant sell-offs. Precious metals, which had recently rebounded, also faced a sharp decline, with silver futures plummeting nearly 20% in a single day [3][5]. - The market turmoil was triggered by negative news affecting U.S. tech stocks, leading to a valuation bubble burst. Despite AMD's strong performance, its results fell short of the most optimistic analyst expectations, resulting in a drastic stock price drop [5][6]. Group 2: Bank Sector Resilience - In contrast to the broader market, the banking sector saw a rise, with A-share bank stocks collectively increasing by 2.1%. All 42 bank stocks closed in the green, with Xiamen Bank hitting a rare limit-up and several city commercial banks rising over 3% [3][15]. - Southbound funds significantly targeted bank stocks, with a net purchase exceeding 22 billion HKD, focusing on major banks like ICBC, CMB, and CCB as core investment targets [4][20]. - The banking sector is viewed as a "safe haven" due to its strong earnings growth and historically low valuations, making it an attractive option for risk-averse investors [21][22]. Group 3: Earnings and Valuation - Recent earnings reports from several banks indicate robust growth, with Qingdao Bank, Hangzhou Bank, and Shanghai Pudong Development Bank showing significant increases in net profits. For instance, Qingdao Bank reported a net profit of 51.88 billion CNY, a 21.66% year-on-year increase [23][25]. - The banking sector has undergone a six-month correction, leading to a new valuation bottom. The sector's price-to-earnings ratio stands at a low 6.7 times, and the average dividend yield is between 4.87% and 5.2%, making it appealing in a low-interest-rate environment [27][28]. - Institutional interest in bank stocks is rising, with over 370 institutions conducting research on 11 listed banks, indicating a strategic shift towards these stocks amid market volatility [28][29].

Core Viewpoint - The A-share banking sector experienced a collective rise, with all 42 stocks showing positive performance, particularly among small and medium-sized banks [1][2] Group 1: Market Performance - The banking sector index rebounded from a low of 6627.36 points on January 29 to close at 6904.39 points, indicating a clear recovery trend [1] - Qingdao Bank led the sector with a 23.88% increase, followed by Ningbo Bank at 15.81%, and several other banks showing gains exceeding 8% [1] Group 2: Factors Driving the Rise - Multiple factors contributed to the rise in bank stocks, including positive earnings forecasts for 2025, stable revenue and net profit growth, and improving asset quality [2] - The banking sector is expected to continue the "early investment, early returns" strategy in 2026, with projected new credit accounting for 62%-65% of the annual total in the first quarter [2] - A shift in market sentiment from growth to value has led to a flow of funds back into undervalued banking stocks, which are seen as defensive investments [2]

Core Viewpoint - The banking sector is showing signs of recovery in revenue and profit growth, with several banks reporting high growth rates for 2025, indicating a positive outlook for 2026 driven by policy support and stable net interest margins [1][1][1] Group 1: Market Performance - As of February 5, 2026, the China Securities Banking Index (399986) increased by 1.66%, with notable gains from Xiamen Bank (601187) up 9.99%, Chongqing Bank (601963) up 5.73%, Shanghai Bank (601229) up 4.27%, and Nanjing Bank (601009) up 3.80% [1][1][1] - The Bank ETF Huaxia (515020) rose by 1.63%, with the latest price reported at 1.67 yuan [1][1][1] Group 2: Financial Performance - By the end of January, 10 banks disclosed preliminary performance reports for 2025, showing a recovery in revenue and profit growth [1][1][1] - Qingdao Bank (002948), Nanjing Bank, and Shanghai Pudong Development Bank (600000) maintained high growth rates in net profit and revenue, with annual net profit growth rates of 21.7%, 8.1%, and 10.5% respectively [1][1][1] Group 3: Future Outlook - Dongfang Securities anticipates that the banking sector will return to a fundamental narrative in 2026, supported by policy financial tools and resilient asset expansion [1][1][1] - The sector is still in a deposit repricing cycle, which is expected to stabilize net interest margins, while structural risks are anticipated to receive policy support [1][1][1] - The absolute returns of the banking sector are viewed positively for 2026 [1][1][1] Group 4: ETF Information - The Bank ETF Huaxia (515020) is noted for having the lowest comprehensive fee rate tracking the China Securities Banking Index (399986) [1][1][1] - The linked funds include Class A (008298), Class C (008299), and Class D (024642) [1][1][1]

Core Viewpoint - The performance reports of 10 A-share listed banks indicate overall steady growth in profitability and asset quality, with expectations for continued improvement in 2026 as net interest margin decline is expected to narrow and credit costs continue to decrease [1][2]. Profitability - All 10 A-share listed banks reported year-on-year growth in net profit for 2025, with notable performance from city commercial banks [2]. - Qingdao Bank achieved a net profit of 5.188 billion yuan, marking a 21.66% year-on-year increase, leading the group of disclosed banks [2]. - Other banks such as Ningbo Bank, Nanjing Bank, and Hangzhou Bank also surpassed 10 billion yuan in net profit, with year-on-year growth rates of 8.13%, 8.08%, and 12.05% respectively [2][3]. Revenue Growth - Except for CITIC Bank, all other banks reported positive revenue growth for 2025 [4]. - Nanjing Bank recorded the highest revenue growth at 10.48%, reaching 55.54 billion yuan, while Qingdao Bank and Ningbo Bank reported revenue of 14.573 billion yuan and 71.968 billion yuan, with growth rates of 7.97% and 8.01% respectively [4][5]. - The revenue growth of city commercial banks and rural commercial banks showed some differences, with Nanjing Bank benefiting from strong net interest income growth [4]. Asset Quality - The asset quality of the 10 listed banks remained stable, with most reporting a steady or declining non-performing loan (NPL) ratio [6][9]. - Qingdao Bank's NPL ratio decreased to 0.97%, down 17 basis points from the previous year, indicating improved asset quality [9][10]. - The provision coverage ratio for Qingdao Bank increased to 292.3%, reflecting a continuous improvement in core asset quality indicators [10]. Market Outlook - Analysts expect that the net interest margin for listed banks will stabilize, with a slight narrowing of the decline anticipated in 2026 [8][9]. - The first quarter of 2026 is projected to see a significant increase in credit issuance, with January alone expected to account for over 30% of the annual total [8]. - The overall credit growth is expected to remain robust, supported by favorable monetary policy adjustments [8].

2月4日，银行低开高走，全天走强，个股集体拉升，截至收盘，A股42只银行股近九成涨逾1%，宁波 银行、厦门银行涨超3%，青岛银行、齐鲁银行涨超2%，常熟银行、杭州银行、招商银行等涨幅居前。 | | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | | 002142 | 宁波银行 | | 31.70 | | | | 2 | 601187 | 厦门银行 | | 7.21 | 0.22 | 3.15% | | 3 | 002948 | 青岛银行 | | 5.52 | 0.15 | 2.79% | | 4 | 601665 | 齐鲁银行 | m | 5.76 | 0.12 | 2.13% | | 5 | 601128 | 常熟銀行 | | 7.26 | 0.14 | 1.97% | | 6 | 600908 | 元锡银行 | | 5.88 | 0.11 | 1.91% | | | 600926 | 杭州银行 | Ma | 16.14 | 0.30 | 1.89% | | 8 | 601009 | 南京银行 | | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 Bank of Qingdao Co., Ltd.* 青 島 銀 行 股 份 有 限 公 司 * （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （H股股份代號：3866） 公告 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條作出。 如下公告已於深圳證券交易所網站刊登，僅供參閱。 青島銀行股份有限公司 (1) 董事會決議公告 (2) 投資者關係管理辦法（2026年2月修訂） (3) 信息披露事務管理辦法（A+H股）（2026年2月修訂） (4) 內幕信息知情人和外部信息使用人管理辦法（2026年2月修訂） (5) 董事和高級管理人員所持本行股份及其變動管理辦法（2026年2月修訂） 特此公告。 承董事會命 青島銀行股份有限公司* 景在倫 董事長 中國山東省青島市 2026年2月4日 於本公告日期，董事會包括執行董事景在倫先生、吳顯明先 ...

青岛银行股份有限公司投资者关系管理办法 （2026 年 2 月修订） 第一章 总 则 第一条 为了进一步规范青岛银行股份有限公司（以下简 称"本行"）投资者关系管理工作，加强本行与投资者之间的 有效沟通，增进投资者对本行的了解和认同，规范本行投资者 关系管理工作，促进本行完善治理，提高本行质量，切实保护 投资者特别是中小投资者合法权益，根据《中华人民共和国公 司法》《中华人民共和国证券法》《上市公司投资者关系管理工 作指引》《深圳证券交易所上市公司自律监管指引第 1 号—— 主板上市公司规范运作（2025 年修订）》《香港联合交易所有 限公司证券上市规则》以及其他相关法律、法规及规范性文件 的要求和《青岛银行股份有限公司章程》（以下简称"本行章 程"）的相关规定，结合本行实际情况，特制定本办法。 第二条 本办法所指投资者关系管理，是指本行通过便利 股东权利行使、信息披露、互动交流和诉求处理等工作，加强 与投资者及潜在投资者之间的沟通，增进投资者对本行的了解 和认同，以提升本行治理水平和整体价值，实现尊重投资者、 回报投资者、保护投资者目的的相关活动。 第三条 投资者关系管理的基本原则是： （一）合规性原则：本 ...

青岛银行股份有限公司 内幕信息知情人和外部信息使用人管理办法 （2026 年 2 月修订） 第一章 总则 第一条 为规范青岛银行股份有限公司（以下简称"本行"） 内幕信息管理，加强内幕信息保密工作，维护信息披露的公平 原则，保护广大投资者的合法权益，根据《中华人民共和国公 司法》《中华人民共和国证券法》《上市公司信息披露管理办 法》《上市公司监管指引第 5 号——上市公司内幕信息知情人 登记管理制度》《深圳证券交易所股票上市规则》《深圳证券 交易所上市公司自律监管指引第 1 号——主板上市公司规范 运作》《深圳证券交易所上市公司自律监管指引第 5 号——信 息披露事务管理》、香港《证券及期货条例》《香港联合交易 所有限公司证券上市规则》等相关法律、法规及其他规范性文 件（以下简称"法律法规"），以及《青岛银行股份有限公司 章程》（以下简称"本行章程"）、《青岛银行股份有限公司 信息披露事务管理办法》（以下简称"《信息披露事务管理办 法》"）的有关规定，结合本行实际情况，制定本办法。 第二条 本行董事会需按照中国证券监督管理委员会（以 下简称"中国证监会"）以及证券交易所相关规则要求及时登 记和报送内幕信息知情 ...

第三条 本行董事和高级管理人员所持本行股份，是指 登记在其名下和利用他人账户持有的所有本行股份。 青岛银行股份有限公司董事和高级管理人员 所持本行股份及其变动管理办法 （2026 年 2 月修订） 第一章 总 则 第一条 为加强对青岛银行股份有限公司（以下简称"本 行"）董事和高级管理人员所持本行股份及其变动的管理，根 据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上 市公司股东减持股份管理暂行办法》《上市公司董事和高级 管理人员所持本公司股份及其变动管理规则》《深圳证券交 易所股票上市规则》《深圳证券交易所上市公司自律监管指 引第 10 号——股份变动管理》《深圳证券交易所上市公司 自律监管指引第 18 号——股东及董事、高级管理人员减持 股份》《证券及期货条例》（香港法例第 571 章）、《香港 联合交易所有限公司证券上市规则》等法律、法规、规章、 其他规范性文件（以下简称"法律法规"）及《青岛银行股份 有限公司章程》（以下简称"本行章程"）的规定，制定本办 法。 第二条 本办法适用于本行的董事和高级管理人员持 有及买卖本行股份行为的管理、披 ...