机构观点 机构评级上调：瑞银于2026年2月10日将民生银行评级从"中性"上调至"买入"，基于其估值深度折让和 盈利拐点预期。 以上内容基于公开资料整理，不构成投资建议。 董事会换届计划：公司计划于2026年4-5月进行董事会换届，届时行长和党委书记人选将确定。 公司状况 大股东支持表态：洪崎强调，包括安邦在内的大股东不会减持股票，并继续在存款、保险代销等业务上 提供支持。 经济观察网 根据2026年2月的最新信息，民生银行股票有以下值得关注的事件： 业绩经营情况 即将披露业绩快报：民生银行董事长洪崎在2026年2月1日的紧急对话中表示，隔几天将发布业绩快报， 预计总体呈现稳健发展态势。 公司高层选举 ...

来源：经济观察网 经济观察网 2026年2月20日，根据香港联交所披露，贝莱德于2月13日以每股均价4.1662港元增持民生银 行H股181.4万股，增持后好仓比例由5.98%升至6.00%。此次增持反映了国际资本对民生银行的关注， 但需注意增持行为发生于7天外，公告日期在近一周内。 股票近期走势截至2026年2月20日，民生银行H股收盘价报4.11港元，单日跌幅0.48%，近5日累计下跌 2.14%。A股方面，截至2月13日收盘价为3.93元，近5日涨幅1.29%，但主力资金净流出1.35亿元，显示 短期资金面承压。整体银行板块近期表现分化，西部证券指出，2026年2月15日当周银行（申万）指数 下跌1.31%，股份行表现相对疲软。 机构观点西部证券于2026年2月15日发布金融周报指出，银行板块2026年有望受益于息差企稳及资产质 量改善，但股份行需依赖行业beta实现补涨，建议关注民生银行等估值折价较多的标的。报告强调，经 济复苏节奏与政策发力程度将影响银行股估值修复空间。 以上内容基于公开资料整理，不构成投资建议。 ...

Core Viewpoint - The article emphasizes the importance of building a modern financial system in China, focusing on serving the real economy and achieving high-quality development in the banking sector as part of the broader "14th Five-Year Plan" [5][10]. Group 1: Policy and Economic Context - In 2025, the Chinese banking industry adhered to a policy framework characterized by "seeking progress while maintaining stability" and "systematic integration" to enhance financial service quality in key areas [4][9]. - The year 2026 marks the beginning of the "14th Five-Year Plan," which is crucial for advancing the construction of a financial powerhouse in China [5][10]. Group 2: Goals and Strategies - The construction of a financial powerhouse requires a focus on a people-centered approach, serving the real economy, and contributing to international financial stability [5][10]. - The article highlights the necessity of providing high-quality international financial products and digital financial infrastructure to support global economic development and promote a community with a shared future for mankind [5][10]. Group 3: Leadership and Development - Strengthening the comprehensive leadership of the Party is deemed essential for ensuring that financial work remains focused on the people, risk prevention, and deepening structural reforms in financial supply [5][10]. - The commitment to a customer-centric approach and innovation as a driving force is emphasized, with a clear alignment to the goals of the "14th Five-Year Plan" [5][10].

Investment Rating - The investment rating for Minsheng Bank has been upgraded from "Neutral" to "Buy" by UBS [1] Core Insights - The upgrade is based on the bank's valuation being at a deep discount, with a projected price-to-book ratio of only 0.22 times for 2026, compared to 0.47 times for CITIC Bank [1] - UBS believes that the bank will benefit from revenue improvement and that the risks associated with its balance sheet have been largely mitigated, leading to a potential turning point in profitability starting in 2026 [1] - The target price for Minsheng Bank has been slightly adjusted down from HKD 5.43 to HKD 5.30 [1] - The market currently perceives ongoing profit pressure for Minsheng Bank, but UBS argues that the provisioning risks may have peaked [1] - Profitability is expected to stabilize in 2026 and turn to positive growth from 2027 onwards, indicating significant potential for valuation re-rating that could exceed recent weak equity returns [1] - UBS has raised its earnings per share forecast for Minsheng Bank for 2026 to 2029 by 5-6%, while slightly increasing the cost of equity (CoE) to 11.5% due to short-term market volatility [1]

市场当前仍以盈利压力将持续存在的定价逻辑来看待民行，而瑞银分析认为其拨备风险可能已见顶。随 着盈利预计在2026年达到平衡，并自2027年起转为正增长，该行认为其估值重评潜力将超过近期的股本 回报率疲软。瑞银将民行2026至29年每股盈利预防上调5-6%，但同时因短期市场波动，轻微上调资金 成本(CoE)至11.5%。 智通财经APP获悉，瑞银发布研报称，将民生银行(01988)评级由"中性"上调至"买入"，基于其估值处于 深度折让，2026年预测市账率仅0.22倍(相对中信银行(00998)为0.47倍)；以及受益于营收改善及资产负 债表风险已大规模释放，盈利很可能自2026年开始迎来拐点，目标价从5.43港元轻微下调至5.3港元。 ...

瑞银发布研报称，将民生银行（600016）(01988)评级由"中性"上调至"买入"，基于其估值处于深度折 让，2026年预测市账率仅0.22倍(相对中信银行(00998)为0.47倍)；以及受益于营收改善及资产负债表风 险已大规模释放，盈利很可能自2026年开始迎来拐点，目标价从5.43港元轻微下调至5.3港元。 市场当前仍以盈利压力将持续存在的定价逻辑来看待民行，而瑞银分析认为其拨备风险可能已见顶。随 着盈利预计在2026年达到平衡，并自2027年起转为正增长，该行认为其估值重评潜力将超过近期的股本 回报率疲软。瑞银将民行2026至29年每股盈利预防上调5-6%，但同时因短期市场波动，轻微上调资金 成本(CoE)至11.5%。 ...

瑞银发表研报，将民生银行评级由"中性"上调至"买入"，基于其估值处于深度折让，2026年预测市账率 仅0.22倍；以及受益于营收改善及资产负债表风险已大规模释放，盈利很可能自2026年开始迎来拐点。 该行认为，市场当前仍以盈利压力将持续存在的定价逻辑来看待民行，而瑞银分析认为其拨备风险可能 已见顶。随着盈利预计在2026年达到平衡，并自2027年起转为正增长，该行认为其估值重评潜力将超过 近期的股本回报率疲软。瑞银将民行2026至29年每股盈利预防上调5-6%，但同时因短期市场波动，轻 微上调资金成本(CoE)至11.5%，目标价从5.43港元轻微下调至5.3港元。 ...

三、中国民生银行应督促上述核准任职资格人员持续学习和掌握经济金融相关法律法规，牢固树立风险 合规意识，熟悉任职岗位职责，忠实勤勉履职。 二、中国民生银行应要求上述核准任职资格人员严格遵守金融监管总局有关监管规定，自中国民生银行 政许可决定作出之日起3个月内到任，并按要求及时报告到任情况。未在上述规定期限内到任的，本批 复文件失效，由决定机关办理行政许可注销手续。 2026年2月2日，衡水金融监管分局发布批复称，《中国民生银行（600016）石家庄分行关于核准李炜明 任职资格的请示》（民银石发〔2026〕6号）及相关说明解释材料收悉。经审核，现批复如下： 一、核准李炜明民生银行股份有限公司衡水分行行长助理的任职资格。 ...

Core Viewpoint - Minsheng Bank is actively engaging in cross-border business opportunities in Hainan Free Trade Port, emphasizing its commitment to support enterprises and international capital in the region [2][3][4]. Group 1: Event Overview - The event titled "Integrating the Benefits of Customs Closure and Seizing Opportunities in Hainan" gathered over 30 representatives from various industries to discuss new cross-border business opportunities under the comprehensive customs closure of Hainan Free Trade Port [2]. - Representatives from Hainan International Economic Development Bureau, People's Bank of China Hainan Branch, and Yangpu International provided insights on the advantages of free trade port policies and the EF account system [3]. Group 2: Minsheng Bank's Strategy - Minsheng Bank's Vice President Li Wenshi highlighted the bank's strategic focus on Hainan Free Trade Port's construction needs and its commitment to leveraging its six major platforms for cross-border business [3]. - The bank's Haikou branch aims to transform into a specialized service platform for cross-border business by 2025, aligning with the financial innovation policies of Hainan Free Trade Port [4]. Group 3: Financial Performance and Goals - Since its establishment in 2017, Minsheng Bank has facilitated offshore trade settlements amounting to $34.53 billion, with a service network extending to nearly 100 countries [4]. - The bank plans to enhance its cross-border financial services by improving resource allocation, risk management, and customer service quality, focusing on the unique characteristics of Hainan Free Trade Port [4]. Group 4: Collaboration and Future Plans - The successful event reinforced the foundation for cooperation between banks and enterprises, expanding the collaborative ecosystem among stakeholders [4]. - Minsheng Bank intends to continue exploring new cross-border business opportunities and support the high-quality development of Hainan Free Trade Port, integrating into the national strategy for high-level opening-up [4].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國民生銀行股份有限公司（在中華人民共和國註冊成立的股份有限公司） 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01988 | 說明 | H 股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 8,320,295,289 | RMB | | 1 RMB | | 8,320,295,289 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 8,320,295,289 | RMB | | 1 RMB | | 8,320,295,289 | ...