银行周报（2026/1/19-2026/1/23）：银行快报陆续披露，25A业绩稳健增长

Investment Rating - The report assigns an "Overweight" rating to the banking sector [4]. Core Insights - As of January 23, 2026, eight banks have reported stable growth in performance and maintained asset quality. The outlook for 2026 suggests continued improvement in listed banks' performance, supported by narrowing interest margin declines and decreasing credit costs [2][4]. Summary by Sections Performance Indicators - Eight banks reported their performance for 2025, showing stable growth and asset quality. The revenue growth rates for major banks were as follows: - Shanghai Pudong Development Bank: +1.9% - Industrial Bank: +0.2% - China Merchants Bank: +0.01% - CITIC Bank: -0.6% - Regional banks like Nanjing Bank and Ningbo Bank showed stronger growth at +10.5% and +8.0% respectively [4][6]. - Profit growth was stable across listed banks, with notable increases in Hangzhou and Shanghai Pudong Development Bank exceeding 10% [4][6]. Scale and Growth - Quality regional banks continued to experience strong credit growth, with year-end asset growth rates for Nanjing, Ningbo, and Hangzhou at 16.6%, 16.1%, and 12.0% respectively. Loan growth rates were 13.4%, 17.4%, and 14.3% respectively [4][6]. - Overall deposit growth remained stable, with city commercial banks maintaining over 10% growth and joint-stock banks at 7%-8% [4][6]. Asset Quality - Non-performing loan ratios showed a stable or declining trend among the eight banks, with Shanghai Pudong, Suzhou Rural, and CITIC banks reporting decreases to 1.26%, 0.88%, and 1.15% respectively [4][6]. - The provision coverage ratio remained robust, with Hangzhou and China Merchants Bank showing declines of over 10 percentage points but still at high absolute levels [4][6]. Outlook for 2026 - The report anticipates continued improvement in bank performance in 2026, driven by narrowing interest margin declines and decreasing credit costs. Key factors include: - Net interest income growth expected to improve due to the expiration of high-cost long-term deposits and stable LPR [4][6]. - Fee income growth driven by insurance and wealth management channels [4][6]. - Asset quality improvements as risks in key corporate sectors are resolved [4][6]. Investment Recommendations - The report suggests focusing on three main investment lines for 2026: 1. Identifying banks with potential for performance growth, recommending Ningbo Bank, China Merchants Bank, and Nanjing Bank. 2. Considering banks with convertible bond expectations, recommending Chongqing Bank and Changshu Bank. 3. Continuing dividend strategies, recommending Bank of Communications, Jiangsu Bank, and Chongqing Rural Commercial Bank [4][6].