近期，职场人期盼的2025年年终奖陆续到账，年终奖理财市场持续升温。国有大行、股份制银行、城商 行及理财子公司纷纷推出年终奖专属产品与服务。 工商银行（601398）手机银行APP"薪管家"板块集中推介薪享系列专属理财产品，主打低起投与策略多 样化，适配年终奖等薪资类资金配置。交通银行（601328）推出"年终奖金好去处"主题活动，专享理财 产品均为R2稳健型，同时还推出涵盖存款、基金、贵金属、保险的多元产品组合，满足不同配置需 求。 具体操作上，可遵循"三层架构"：第一层是满足短期流动性需求的现金管理类工具；第二层是配置匹配 中期规划的稳健型产品，关注其投资逻辑与风险控制能力；第三层则是为长期目标进行的纪律性投资。 "银行集中布局年终奖理财是顺应居民阶段性资金配置需求、积极拓展财富管理业务的体现。"苏商银行 特约研究员高政扬在接受《金融时报》记者采访时表示，年终奖资金普遍具有金额集中、期限相对灵 活、风险偏好趋于稳健的特征，促使银行通过低起投门槛、风险分层、期限可选等一揽子方案，提升服 务黏性。 南开大学金融学教授田利辉表示，银行业务逻辑正从"产品中心"向"客户中心"与"场景中心"跃迁，即通 过嵌入"发薪" ...

Core Insights - Insurance capital management is increasingly focused on deep research of individual stocks and industries, with significant interest in A-share listed companies as indicated by over 300 companies being researched since the beginning of 2026 [1][2] Group 1: Research Trends - A total of 96 insurance companies and 32 insurance asset management companies have participated in the research of A-share listed companies since the beginning of 2026 [2] - Key players such as Taiping Pension, Changjiang Pension, and China Life Pension have conducted over 30 research sessions each within a month [2] - Regional banks and sectors like electronic components, semiconductor materials, and devices are receiving heightened attention from insurance capital [2] Group 2: Investment Strategies - Insurance capital views company research as a crucial part of investment strategy, often focusing on high-quality stocks with long-term growth potential [3] - The demand for high dividend stocks is driven by the need for stable cash flow in a low-interest-rate environment, with banks being a primary focus for insurance capital [4] - Insurance capital is increasingly adopting a dividend strategy, favoring high dividend stocks to stabilize returns amid pressure on fixed-income yields [4] Group 3: Focus on New Productive Forces - Insurance capital is aligning with long-term investments in new productive forces, particularly in technology innovation and emerging strategic industries [5] - There is a focus on investing in sectors with real technological barriers and clear business models that can deliver performance [5] Group 4: Investment Paths - For mature technology leaders, insurance capital is likely to invest directly for excess returns, while for emerging tech sectors, indirect investments through ETFs or industry funds are preferred to manage risks [6] - The insurance capital sector is particularly interested in AI-driven technology and high-end manufacturing, with a strategy to invest in companies with clear business models and strong competitive advantages [6]

Core Viewpoint - The enthusiasm for institutional research on listed banks has increased since the beginning of the year, with a focus on credit allocation and interest margin management for 2026 [1][3]. Group 1: Institutional Research Activity - As of February 5, 2026, 12 regional banks have received 155 institutional research visits, totaling 327 interactions [1][3]. - Zhangjiagang Rural Commercial Bank has been actively engaging with multiple institutions, receiving five visits in less than a week [2]. - Shanghai Bank has been the most scrutinized, with 75 institutions participating in nine rounds of research since January 12, 2026 [3]. Group 2: Credit Allocation Focus - The "opening red" credit allocation for 2026 is a key focus, with banks reporting a positive start and increased public loan allocations compared to previous years [5]. - Banks like Hangzhou Bank and Zhangjiagang Bank are targeting key industries and projects, including infrastructure and technological upgrades [5][6]. - Analysts expect that new RMB loans in January 2026 will be around 5 trillion yuan, with a growth rate of approximately 6.2% [6]. Group 3: Deposit Structure Adjustments - The net interest margin for banks has been narrowing, with a historical low of 1.42% as of Q3 2025 [7]. - Banks are planning to optimize their liability structures and control deposit costs to stabilize interest margins [7][8]. - Institutions like Zijin Bank and Shanghai Bank are focusing on adjusting deposit sources and terms to manage costs effectively [7][8]. Group 4: Future Outlook on Interest Margins - Shanghai Bank anticipates a continued decline in the Loan Prime Rate (LPR) in 2026, which may lead to a further decrease in interest margins [8]. - Regional banks are expected to maintain stable earnings, although there may be a divergence in performance based on regional economic vitality [8].

Group 1 - The core viewpoint of the articles highlights the increasing interest of insurance capital in specific sectors and companies, particularly in regional banks and new productivity sectors, as indicated by their extensive research activities [1][2][3] - Since the beginning of 2026, over 300 A-share listed companies have been researched by insurance companies and asset management firms, with significant participation from 96 insurance companies and 32 asset management companies [2] - Key areas of focus for insurance capital include regional banks such as Shanghai Bank and Nanjing Bank, as well as sectors like electronic components, semiconductor materials, and devices [2][3] Group 2 - Insurance capital is increasingly favoring high-dividend stocks as a stable source of cash flow, particularly in a low-interest-rate environment, which drives the demand for equity assets [4] - The strategy of investing in high-dividend stocks is seen as a way to enhance returns and stabilize portfolios, with a focus on long-term holdings and dividend yields [4][5] - The shift towards high-dividend stocks is also a response to new accounting standards that increase profit statement volatility, making these investments more attractive [4] Group 3 - Insurance capital is aligning with the new productivity sector, which relies on technological innovation and strategic emerging industries, requiring long-term and stable capital support [5][6] - Investments are being directed towards technology leaders with clear business models and performance track records, while emerging tech sectors may be approached through industry-themed ETFs or funds to mitigate risks [6] - The focus on AI-driven technology and high-end manufacturing is expected to be central to future technological revolutions, with a commitment to direct investments in companies with strong competitive advantages [6]

Investment Rating - The report maintains a positive outlook on the banking industry, indicating that high-quality city commercial banks may exceed expectations [1]. Core Insights - The report forecasts that listed banks will exhibit "stable revenue and gradually improving profit growth" characteristics in 2025, with a projected revenue growth of 0.9% year-on-year and a recovery in net profit growth to 1.9% [3]. - Performance differentiation among various types of banks is expected, with city commercial banks showing superior results, while state-owned banks and leading joint-stock banks maintain stable positive growth [3]. - Key drivers for stable profit growth include narrowing interest margin declines, improved market sentiment, and stable asset quality ensuring credit costs do not significantly erode profits [3]. Summary by Sections Revenue and Profit Forecast - Listed banks are expected to see a revenue growth of 0.9% in 2025, with net profit growth recovering to 1.9% [3]. - State-owned banks are projected to have a revenue growth of 1.5%, while joint-stock banks are expected to see a revenue decline of 1.8% [3]. - City commercial banks in regions like Jiangsu and Zhejiang are anticipated to maintain high single-digit profit growth, with some banks achieving double-digit growth [3]. Non-Interest Income and Market Conditions - Non-interest income is influenced by market conditions and the timing of revenue recognition by banks, with a projected recovery in 2025 due to a low base from 2024 [3]. - The report notes that banks are likely to see a 3% year-on-year growth in non-interest income in the first half of 2025 and 4.6% by the end of the third quarter [3]. Interest Income and Credit Growth - Interest income is expected to stabilize as banks manage their asset pricing and liability costs effectively, with a projected decline in interest margin narrowing to about 10 basis points [4]. - Credit growth is anticipated to remain stable, with a focus on corporate lending, while retail lending shows weaker performance [3]. Asset Quality and Provisioning - The report indicates that the non-performing loan (NPL) ratio for listed banks is expected to remain stable at around 1.22% [4]. - The provisioning coverage ratio is projected to decrease slightly to 236%, with banks advised to focus on those with low NPL generation and high provisioning ratios [4]. Investment Recommendations - The report suggests focusing on high-quality banks that are likely to recover towards a price-to-book (PB) ratio of 1, particularly city commercial banks with strong credit growth [4]. - It highlights the potential for dividend yields to attract investors, with a current dynamic dividend yield of approximately 4.8% [4].

开年以来，中小银行掀起大额存单发行热潮，城商行、农商行成为主力阵营，发行节奏较去年同期显著 加快。 据《金融时报》记者不完全统计，2026年1月以来，已有江苏银行（600919）、苏州银行（002966）、 西安银行（600928）、常熟农商行等数十家中小银行密集发布大额存单新发公告，单日多家机构同步上 新的场景屡见不鲜。 相较于多数银行的"精简期限"，苏州银行则走了细分路线。1月以来，苏州银行累计发行29期大额存 单，覆盖3个月、6个月、9个月、1年期、18个月、2年期、3年期多档期限，兼顾不同储户的流动性需 求，成为短期化主流中的差异化代表。 除了期限布局趋同，区域差异化与客群定制化也成为中小银行的发力重点。江苏银行在2026年第1期大 额存单中，针对不同区域推出差异化利率产品：面向江苏省内发行的3个月、6个月大额存单，利率分别 为1.18%、1.38%；面向上海市发行的同期限产品利率有所上浮，分别达到1.30%、1.50%，精准适配区 域资金市场需求。 常熟农商银行聚焦对公客群，新发大额存单中半数为6个月期限产品，最长期限不超过2年，起存金额普 遍高达1000万元，贴合企业短期闲置资金的配置需求。 在业 ...

证券之星消息，2月4日城商行板块较上一交易日上涨1.9%，宁波银行领涨。当日上证指数报收于 4102.2，上涨0.85%。深证成指报收于14156.27，上涨0.21%。城商行板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002142 | 宁波银行 | 31.70 | 3.26% | 36.54万 | 11.53亿 | | 601187 | 厦门银行 | 7.21 | 3.15% | 18.45万 | ● 1.32亿 | | 002948 | 青岛银行 | 5.52 | 2.79% | 93.00万 | 5.08亿 | | 601665 | 齐鲁银行 | 5.76 | 2.13% | 55.16万 | 3.16亿 | | 600926 | 杭州银行 | 16.14 | 1.89% | 39.19万 | 6.30 Z | | 6000000 | 南京银行 | 10.78 | 1.89% | 77.33万 | 8.33亿 | | 616009 | 江苏银行 | 10.18 | ...

Group 1 - A-shares of bank stocks collectively rose, with notable increases in stocks such as Chongqing Rural Commercial Bank, which rose over 2%, and several others including Ningbo Bank, Shanghai Bank, and Qilu Bank, which rose over 1% [1] - Specific stock performance includes Chongqing Rural Commercial Bank increasing by 2.24% with a total market value of 72.7 billion, and Ningbo Bank rising by 1.76% with a market value of 206.3 billion [2] - The year-to-date performance shows significant variations, with Ningbo Bank up 11.21%, while Shanghai Bank down 7.03%, and Hu'nong Commercial Bank down 10.23% [2] Group 2 - The MACD golden cross signal has formed, indicating a positive trend for these bank stocks [2]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report provides a comprehensive analysis of 163 regional banks in Zhejiang Province, highlighting their asset and liability structures, profitability, and asset quality [6][20] - The asset growth rate for major city commercial banks in Zhejiang is 9.4%, which is lower than the 14.2% growth rate of listed city commercial banks, while major rural commercial banks show an asset growth rate of 8.0%, exceeding the 6.7% growth rate of listed rural commercial banks [6][25] - The report indicates that the loan-to-asset ratio for city commercial banks is projected to reach 55.5% in 2024, an increase of 95 basis points year-on-year, while rural commercial banks will see a decrease to 59.3%, down 19 basis points [31] - Profitability metrics show that the average Return on Assets (ROA) for city commercial banks in Zhejiang is 0.78%, slightly above the average of listed city commercial banks, while rural commercial banks have an average ROA of 0.82%, which is below the average of listed rural commercial banks [6][31] - The asset quality of regional banks in Zhejiang is reported to be better than that of listed banks, with non-performing loan ratios lower by 16 basis points for city commercial banks and 9 basis points for rural commercial banks compared to their listed counterparts [6][31] Summary by Sections Section 1: Economic Structure of Zhejiang Province - Zhejiang Province is focused on high-quality development and aims to become a model for common prosperity [13] - The province's GDP is heavily concentrated in cities like Hangzhou, Ningbo, and Wenzhou, with Hangzhou accounting for 24.3% of the total GDP in 2025 [15] Section 2: Overview of 163 Regional Banks - The report categorizes the banks into city commercial banks, rural banks, and others, with a total of 163 banks in the region [20] - The distribution of registered capital among these banks is relatively balanced, with 63 banks having over 500 million yuan in registered capital [22] Section 3: Asset and Liability Structure - The asset growth of major city and rural commercial banks has been declining since 2019, with city banks showing a growth rate of 9.4% in the first half of 2025 [25] - The liability structure indicates that customer deposits account for 77.5% of liabilities for city commercial banks, which is higher than the 66.2% for listed city banks [44] Section 4: Profitability and Asset Quality - The average ROE for city commercial banks in Zhejiang is 11.98%, slightly lower than the average of listed city banks [6][31] - The report highlights that the non-performing loan ratio for city commercial banks is lower than that of listed banks, indicating better asset quality [6][31]

Group 1 - In January 2026, over 600 A-share listed companies were surveyed by institutions, indicating a high level of interest in investment opportunities in the A-share market [1][3] - The sectors that attracted the most attention included electronics, machinery, pharmaceuticals, power equipment, and computers, with a notable increase in the banking sector's activity [1][8] - Jiemai Technology was the most frequently surveyed company, with over 10 surveys conducted in January, highlighting the interest from various types of institutions including public funds, private funds, and foreign capital [3][4] Group 2 - Ice Wheel Environment and Taihe New Materials also received significant attention, each with over 10 surveys, discussing their product developments and market strategies [4][5] - The banking sector saw a marked increase in survey activity, with institutions like Hu Nong Commercial Bank and Suzhou Bank outlining their credit strategies and growth plans for 2026 [7][9] - Hu Nong Commercial Bank emphasized a balanced approach to risk while setting aggressive credit targets, focusing on major projects and green transformation initiatives [9][10]