Core Viewpoint - Multiple banks are targeting the year-end bonuses of workers by launching exclusive financial products and promotional activities to attract customers [2][5][10]. Group 1: Year-End Bonus Financial Products - Several banks, including Postal Savings Bank, Bank of Communications, and China Merchants Bank, have introduced dedicated sections in their mobile banking apps for year-end bonus financial products [5][6][7]. - For example, Postal Savings Bank offers products like "Daily Earnings" with a maximum annualized rate of 1.52% and a low-risk product with an annualized rate of 4.28% [6]. - China Merchants Bank has a "Year-End Bonus" section that includes tasks for customers to unlock rewards, specifically targeting customers with salary accounts [7]. Group 2: Asset Allocation Strategies - Some banks are providing asset allocation strategies for year-end bonuses, suggesting a breakdown of funds into categories such as daily expenses, safety nets, stable investments, and growth investments [8]. - For instance, the Guangdong branch of China Construction Bank recommends allocating 10%-20% for daily expenses, 5%-10% for safety, 40%-60% for stable investments, and 10%-20% for growth [8]. Group 3: Market Trends and Data - As of the end of 2025, the total scale of the bank wealth management market reached 33.29 trillion yuan, an increase of 11.15% from the beginning of the year, with the number of investors growing by 14.37% [12][13]. - The report indicates that low-risk and medium-low-risk products dominate the market, with 95.73% of the total wealth management products falling into these categories [14]. - In 2025, wealth management products generated a total return of 730.3 billion yuan for investors, with an average yield of 1.98% [14].

Group 1: Key Insights from the Reports - The report on the banking industry indicates that 2026 is expected to be a year where the fundamentals of banks improve, with revenue pressure less than in 2025 and a stronger elasticity of revenue improvement compared to profit [13] - The banking sector is anticipated to experience a shift from a focus on liquidity to a focus on fundamentals, with expectations of economic recovery and a more favorable environment for growth premiums [13] - The report highlights that credit demand is expected to remain stable, but the structure of demand needs optimization, with state-owned banks and quality regional city commercial banks likely to perform better [13] Group 2: Industry Performance and Trends - The metal and new materials industry report notes a significant increase in metal prices due to geopolitical tensions, with precious metals rising by 18.46% and aluminum by 4.16% in the recent week [5][16] - The report emphasizes that the copper market is expected to remain strong due to increased investment in power grids and AI data centers, with a projected price increase [15] - The report on Anta Sports highlights the acquisition of a 29% stake in PUMA, which is seen as a strategic move to enhance its global multi-brand strategy, with the transaction valued at approximately 15 billion euros [19] Group 3: Company-Specific Developments - China Shipbuilding's earnings forecast for 2025 indicates a significant increase in net profit, expected to be between 7 billion to 8.4 billion yuan, driven by rising demand in the shipbuilding sector [21] - New Oriental's revenue for the second quarter of FY26 reached 1.191 billion USD, reflecting a year-on-year growth of 14.7%, with a notable improvement in operating profit margins [22] - Dongfang Zhenxuan reported a revenue increase of 5.7% in the first half of FY26, driven by self-operated product sales and improved profit margins [24]

Group 1 - The city commercial bank sector increased by 2.54% on January 29, with Qingdao Bank leading the gains [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] - The trading volume for Qingdao Bank was 1.9862 million shares, with a transaction value of 990 million yuan, reflecting a 9.94% increase in its closing price to 5.09 yuan [1] Group 2 - The net inflow of main funds in the city commercial bank sector was 702 million yuan, while retail investors experienced a net outflow of 548 million yuan [1] - The main fund inflow for Jiangsu Bank was 322 million yuan, accounting for 14.99% of its total trading volume [2] - Ningbo Bank saw a main fund inflow of 151 million yuan, representing 11.12% of its trading volume, while retail investors had a net outflow of 149 million yuan [2]

岁序常易，新元肇启。2026年开篇之际，姑苏大地传来振奋人心的讯息：在苏州市财政局、科技局的指 导下，新版"科贷通"正式扩容，苏州市首单落地苏州银行。 这一举措既是苏式金融匠心的传承延续，更是对中央金融工作会议精神的精准践行。中央明确提出"坚 定不移走中国特色金融发展之路，着力打造科技金融、绿色金融、普惠金融、养老金融、数字金融'五 篇大文章'"，苏州银行以科贷通升级扩容为笔墨，在普惠赋能与科创发展的交汇点上，绘就了金融助力 新质生产力跃升的鲜活图景。 中央金融工作会议强调，金融服务要坚守以人民为中心的价值取向，这份金融温度在苏州银行的实践中 体现得淋漓尽致。科贷通扩容绝非简单的产品升级，而是金融服务的深度延伸：联合苏州国发担保实 现"见贷即保"，大幅提升融资效率；免费提供"薪智通"等企业服务工具，设立科创业务专属审批部门， 为企业省去繁文缛节；提供供应链融资与跨境结算全链条支持，让金融服务超越"放贷"本身，成为科创 中小企业穿越市场周期的"同行者"与"护航员"。这种"有温度的普惠金融"，既是对中央金融工作要求的 生动回应，亦是苏式金融匠心的鲜活彰显。 金鸡湖的晨光中，创新的种子正被金融"活水"悉心滋养；江南 ...

—— 新版 " 科贷通 " 焕新扩容首单落地 【环球网财经综合报道】岁序常易，新元肇启。2026年开篇之际，姑苏大地传来振奋人心的讯息：在苏州市财政局、科技局的指导下，新版"科贷通"正式扩 容，苏州市首单落地苏州银行。 中央金融工作会议强调，金融服务要坚守以人民为中心的价值取向，这份金融温度在苏州银行的实践中体现得淋漓尽致。科贷通扩容绝非简单的产品升级， 而是金融服务的深度延伸：联合苏州国发担保实现"见贷即保"，大幅提升融资效率；免费提供"薪智通"等企业服务工具，设立科创业务专属审批部门，为企 业省去繁文缛节；提供供应链融资与跨境结算全链条支持，让金融服务超越"放贷"本身，成为科创中小企业穿越市场周期的"同行者"与"护航员"。这种"有 温度的普惠金融"，既是对中央金融工作要求的生动回应，亦是苏式金融匠心的鲜活彰显。 金鸡湖的晨光中，创新的种子正被金融活水悉心滋养；江南大地的沃土上，普惠科创的理念正随科贷通升级扩容生根发芽。2026年，苏州银行将持续以中央 金融工作会议精神为指引，秉持"稳健、精进、匠心、创新"的企业核心价值观，推动科贷通红利持续释放，让普惠金融与科技金融深度融合的路径更加清晰 通畅。愿这份源自 ...

1月29日金融一线消息，银行板块盘中持续走高，青岛银行封涨停，齐鲁银行、渝农商行、苏州银行、 成都银行跟涨。其中，青岛银行日前发布2025年度业绩快报，实现归母净利润51.88亿元，同比增长 21.66%。 责任编辑：曹睿潼 1月29日金融一线消息，银行板块盘中持续走高，青岛银行封涨停，齐鲁银行、渝农商行、苏州银行、 成都银行跟涨。其中，青岛银行日前发布2025年度业绩快报，实现归母净利润51.88亿元，同比增长 21.66%。 责任编辑：曹睿潼 ...

银行板块短线拉升，青岛银行涨停，齐鲁银行、渝农商行、成都银行、江阴银行、苏州银行跟涨。 ...

Core Viewpoint - Suzhou Bank is facing significant challenges related to its rapid expansion, risk management, and compliance, highlighted by recent controversies involving loan disputes and high complaint rates against its internet loan partners [2][15]. Financial Performance - In the first three quarters of 2025, Suzhou Bank reported revenue of 9.477 billion yuan and a net profit of 4.477 billion yuan, reflecting year-on-year growth of 2.02% and 7.12% respectively, indicating a facade of growth [2][15]. - The bank's net interest margin has narrowed to 1.34%, with retail loans declining and non-interest income dropping by 14.6%, revealing structural imbalances [2][15]. Salary Reduction and Profitability - In the first half of 2025, the bank's revenue was 6.504 billion yuan, with a net profit of 3.134 billion yuan, marking the lowest growth rate in five years [3][16]. - The reported profit growth was achieved through a salary reduction of 211 million yuan, despite an increase in employee count, suggesting a negative growth in actual profitability when excluding salary cuts [3][16]. Business Structure Imbalance - As of September 2025, corporate loans accounted for 76.47% of total loans, while personal loans dropped to 23.53%, indicating a rare "heavy corporate, light retail" structure among regional banks [4][16]. - The average yield on corporate loans decreased to 3.57%, reflecting the risks associated with high customer concentration and economic fluctuations [4][16]. Internet Loan Partnerships - Despite a general decline in retail loans, Suzhou Bank has expanded its personal consumption loans, which grew by 8.32% in the first half of 2025, primarily through partnerships with various internet platforms [5][18]. - The bank's collaboration with these platforms has raised concerns due to high complaint rates related to aggressive collection practices and hidden fees [6][19]. Regulatory Environment - New regulations implemented in October 2025 require banks to manage internet loan partnerships under a "white list" system, raising questions about Suzhou Bank's compliance and risk management practices [7][20]. - The bank's partnership model, which involves shared risk with loan platforms, has potential implications for asset quality, as evidenced by rising non-performing loans [7][20]. Risk Transmission and Loan Quality - A lawsuit involving Snow Wave Environment, a company with significant financial distress, highlights the risks in Suzhou Bank's corporate lending practices [8][21]. - As of September 2025, the bank's non-performing loans totaled 3.056 billion yuan, with a notable increase in loans under watch, indicating future risks [8][21]. Strategic Challenges - Suzhou Bank's goal to increase its asset size to 1 trillion yuan by 2026 poses significant challenges, requiring an increase of approximately 200 billion yuan within a year [9][22]. - The bank's reliance on corporate loans and the declining profitability of these loans raise concerns about its long-term sustainability [10][23]. Recommendations for Improvement - The bank should focus on reshaping its retail strategy to enhance customer acquisition and risk management, moving away from excessive reliance on third-party platforms [11][24]. - Optimizing the corporate loan structure by targeting regional industries and improving risk management practices is essential for sustainable growth [11][24]. - Strengthening compliance and internal controls is critical to address the issues exposed by internet loan partnerships and ensure adherence to regulatory standards [12][25].

行 业 及 产 业 银行 2026 年 01 月 28 日 行 业 研 究 / 行 业 深 度 相关研究 证 券 研 究 报 告 证券分析师 郑庆明 A0230519090001 zhengqm@swsresearch.com 林颖颖 A0230522070004 linyy@swsresearch.com 冯思远 A0230522090005 fengsy@swsresearch.com 李禹昊 A0230525070004 liyh2@swsresearch.com 联系人 冯思远 A0230522090005 fengsy@swsresearch.com 2026 年银行业选股为先，α优于β 看好 ——上市银行春季调研反馈暨板块思考 前言：年初至今银行板块累计下跌近 7% ，在各板块表现最为靠后，这与我们判断 2026 年基本面稳 步改善存在背离。开年以来我们密集走访各银行，就信贷投放、存款搬家、息差趋势、金市业务、 资产质量等市场关注重点详细交流，结合对现阶段银行板块的思考，本篇报告作以下总结。 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 - ⚫ 总体看 ...

Group 1 - The core viewpoint of the news is that Suzhou Bank is focusing on diversifying its income sources through wealth management and emerging business initiatives while improving its liability costs and capital planning [3][4][5]. Group 2 - The investor relations activity was conducted via a conference call on January 28, 2026, at the headquarters of Suzhou Bank [1]. - A total of 24 institutions participated in the research, including major securities and asset management firms [2]. - The company emphasized its strategy of enhancing wealth management services and exploring new middle-income business growth points [3]. - Suzhou Bank is actively managing its liability costs by monitoring industry policies and market deposit rates, aiming for balanced growth in deposit scale and quality [4]. - As of September 2025, the bank's core Tier 1 capital adequacy ratio was 9.79%, Tier 1 capital adequacy ratio was 11.55%, and total capital adequacy ratio was 13.57%, all meeting regulatory requirements [5].