银行业周报：继续筑牢风险底线-20260125

Investment Rating - The industry rating is maintained at "Overweight" [7][35] Core Insights - The regulatory environment is expected to strengthen, focusing on substantial risks and enhancing regulatory efficiency through classification and grading methods. The application of regulatory technology, including big data and artificial intelligence, will significantly deepen [7][33] - The banking sector's transformation path is becoming clearer, with a focus on reducing and improving small and medium financial institutions, promoting differentiated competition, and aligning resources with key economic development areas [7][33] Summary by Sections Regulatory Developments - The National Financial Supervision Administration held a meeting emphasizing the importance of risk management and the progress made in reforming small and medium financial institutions in 2025. The meeting also highlighted the expansion and efficiency of urban real estate financing coordination mechanisms [6][31] - In 2026, efforts to resolve risks will continue, with a clear mandate to avoid "explosive" failures in the financial sector. The meeting proposed ongoing reforms for small and medium financial institutions and a focus on long-term mechanisms for risk management [7][33] Market Performance - The banking index fell by 2.70% during the period from January 19 to January 25, 2026, underperforming the CSI 300 index by 2.08 percentage points. The performance of large banks, joint-stock banks, city commercial banks, and rural commercial banks varied, with regional banks showing relatively better performance [11] Investment Recommendations - As risks in key areas gradually resolve, there is potential for valuation recovery in the banking sector. The stability of interest margins is expected to improve, and performance is showing signs of stabilization. In a low-interest-rate environment, the high dividend yield of bank stocks is highlighted as a key investment value. Recommendations include focusing on state-owned banks with stable asset deployment and joint-stock and regional banks with growth potential, such as Industrial and Commercial Bank of China, Bank of China, and others [9][35]