2026 年银行板块投资策略：从业务与业绩角度看稳健性； 两条选股主线 20251222 摘要 银行业整体盈利预计保持小幅增长，2028 年 ROE 仍有望维持在 8%- 9%区间，年底年初是较佳投资窗口期，险资增量资金配置确定性高，明 年营收边际改善确定性较高，息差降幅收窄将支撑净利息收入。 选股逻辑聚焦高 ROE 优质城商行（如江苏银行、南京银行等）和高股息 品种（如招商银行、中信银行等），前者规模增长确定性强且营收弹性 大，后者适合阶段性防御策略。 2026 年信贷动能依赖新型工业化、科技创新、新基建及传统产业升级， 绿色信贷和科创贷款占比提升空间大，科技型中小企业贷款同比增速保 持较高水平。 地产和消费对银行业绩贡献有限，地产需超预期政策才能企稳，消费主 要依靠政策托底，内生动力仍需加强，零售相关需求偏弱。 预计 2026 年净息差将在个位数区间内波动，降幅小于今年，净利息收 入有望实现小幅正增长，优质区域城农商行可能超预期。 对于地产和消费领域，您怎么看待其对银行业绩的影响？ Q&A 2026 年银行板块的总体投资策略和选股逻辑是什么？ 总体来看，2026 年银行板块的投资策略主要关注绝对收益，预计 ...

（文章来源：证券日报） 证券日报网讯 12月22日晚间，金力永磁发布公告称，控股股东一致行动人赣州格硕投资管理中心（有 限合伙）于2025年12月19日解除质押200万股，占其所持股份23.25%，占公司总股本0.15%，质权人为 中信银行股份有限公司赣州分行。 ...

Core Viewpoint - Beijing Kanglwei Biological Technology Co., Ltd. (Kanglwei) announced that its subsidiary, Kunming Kanglwei, failed to repay a loan of 15.21 million yuan from CITIC Bank but has since settled the debt in full [1] Financial Performance - As of September 2025, Kanglwei's consolidated asset-liability ratio was approximately 78.36%, an increase of 14.16% from 64.20% at the end of 2024 [1] - Current non-current liabilities due within one year amounted to approximately 96.49 million yuan, reflecting a change of 64.75% [1] - Long-term borrowings were approximately 17.28 million yuan, showing a decrease of 81.06% [1] - Lease liabilities were approximately 0.29 million yuan, with a change of -90.91% [1] Company Overview - Established in 2008, Kanglwei is a high-tech enterprise focused on innovative vaccine research and commercialization [2] - The company is a leader in HPV vaccine development in China, offering a comprehensive product portfolio that includes three-valent, nine-valent, and fifteen-valent HPV vaccines [2] - As of September, Kanglwei's R&D expenses accounted for approximately 9263.76% of total operating income, the highest among companies listed on the Beijing Stock Exchange [2]

浦发银行处置不良资产的脚步，从未停下。 从浦发银行信用卡中心披露的信息来看，今年10月，该行多笔不良贷款有了接盘者。 像是2025年第十一期、第十二期信用卡不良贷款项目，已经转让予北京资产，而2025年第十三期、第十 四期信用卡不良贷款项目，则转让予浙商资产。 而今年11月，浦发银行多地分行仍在继续转让个人不良贷款项目。 来源：银瑞社 作者：许淑敏 在银登网，浦发银行大连分行发布了关于2025年第1期个人不良贷款（个人消费及经营性贷款）转让项 目招商公告，而浦发银行广州分行则发布了2025年第2期个人消费及经营类信用不良贷款转让项目招商 公告。 瑞财经查阅公告发现，广州分行的不良贷款项目，贷款金额2.31亿元，其中本金1.81亿元，利息4775.95 万元，其他费用158.21万元。 公告提及资产亮点包括，资产包中户均本金规模约17万元，约55%的贷款本金余额在30万元以内，约 45%的贷款本金余额在30万元以上，便于制定多元化催收策略。 此外，逾期3年内的贷款本金规模占资产包整体占比46%，预计后期催收还款潜力大。 可见，浦发银行正在努力清理一些历史包袱，提升资产质量。 来源：银瑞社 作者：许淑敏 今年5月 ...

Core Viewpoint - Everbright Bank is planning to establish a financial asset investment company (AIC) in response to regulatory support for qualified commercial banks to set up AICs, with a focus on enhancing communication with regulatory bodies and advancing related preparations [2][4]. Group 1: Regulatory Context - In March 2025, the National Financial Regulatory Administration issued a notice supporting qualified commercial banks in establishing AICs, which aligns with Everbright Bank's strategic plans [2][4]. - The policy framework for AICs has been expanding, with the regulatory body announcing in May that the scope for establishing AICs would include qualified national commercial banks, thereby laying a foundation for the expansion of bank-affiliated AICs [4]. Group 2: Strategic Focus - Everbright Bank aims to leverage its strengths in technological finance and product innovation to enhance the quality and efficiency of services to the real economy, focusing on sectors such as artificial intelligence, biomanufacturing, new materials, high-end equipment, new energy, and semiconductors [4]. - The bank's strategy includes a comprehensive financial service solution that spans from initial investment to industrial integration, supported by a robust framework of five strengths: strong services, strong products, strong ecosystems, strong research and development, and strong digital intelligence [4]. Group 3: Industry Developments - As of December, the establishment of AICs by joint-stock banks has accelerated, with several banks, including China Merchants Bank and CITIC Bank, launching their AICs, indicating a growing trend in the sector [5]. - A total of nine AICs have been approved nationwide, including those under major state-owned banks and joint-stock banks, with Everbright Bank potentially becoming the fourth joint-stock bank to establish an AIC if its application is successful [5]. - Since the initiation of market-oriented debt-to-equity swaps in 2016, AICs have evolved from a singular risk mitigation tool to a key player in supporting technological innovation and industrial upgrades, especially following the regulatory expansion of AIC equity investment trials in 2024 [5].

原标题：清算总中心召开数字供应链金融服务平台2025年度运行会议 来源：央行清算 2025年12月19日，中国人民银行清算总中心组织召开数字供应链金融服务平台（以下简称平台）2025年 度运行会议。本次会议通过线上形式召开。中国人民银行支付结算司和清算总中心的有关负责同志出席 会议并讲话，中国支付清算协会、中国互联网金融协会、成方金科、成方金信以及180余家金融机构代 表近300人参加本次会议。 会议通报了2025年平台运行情况，介绍了下一年度工作计划。会议强调，平台要持续提升行业数字化水 平，通过数字化手段进一步加强风险控制能力，持续强化对中小微企业的金融支持。支付结算司有关同 志充分肯定了平台取得的成绩，指出平台各方应坚守合规安全底线，筑牢行业稳健发展根基，坚持统筹 发展和安全，在业务发展的同时加强风险防控。 会议还向一年来在平台建设和推广方面做出重要贡献的参与者表达了感谢。如，工商银行、农业银行、 中国银行、建设银行、浙商银行、宁波银行、平安银行、光大银行等积极推动平台各类业务健康发展； 招商银行、中信银行、邮储银行、交通银行、江苏银行、重庆富民银行、无锡锡商银行、常熟农商银 行、浙江农商联合银行等在电 ...

Core Viewpoint - The banking sector is tightening regulations on personal precious metals trading, with multiple banks enhancing management of their agency services for the Shanghai Gold Exchange since December 2023 [1][3]. Group 1: Recent Bank Announcements - Industrial and Commercial Bank of China (ICBC) announced that starting December 19, it will transfer the balances of margin accounts with no positions, inventory, or debts to the clients' settlement accounts and close related business functions [1]. - China Construction Bank (CCB) stated that from December 15, it will also transfer similar account balances and automatically close related business functions [1]. - Other banks, including Agricultural Bank of China, Postal Savings Bank, Everbright Bank, Citic Bank, and Ningbo Bank, have made similar announcements regarding the management of personal precious metals trading [3]. Group 2: Business Adjustments and Historical Context - The adjustments primarily target existing accounts, with banks having previously restricted new account openings and other operational changes since 2022 [4]. - The adjustments are seen as a continuation of a trend that began in July 2022, where major banks halted new account openings for leveraged derivative products related to precious metals trading [4]. - The recent changes are also linked to significant fluctuations in precious metal prices, with gold prices rising by 60% and silver prices increasing by over 120% this year [4]. Group 3: Market Implications and Investor Guidance - The adjustments aim to encourage investors to recognize the risks associated with market volatility and to shift from short-term speculation to long-term investment strategies [5]. - Banks have raised the thresholds for accumulating gold and issued market risk warnings, advising investors to enhance their risk awareness and manage their positions prudently [5].

ST华扬公告称，为满足经营资金需求，公司向华夏银行长沙分行申请5000万元流动资金贷款、向中信 银行长沙分行申请5000万元商业承兑汇票保贴业务，控股股东湘江集团提供担保，公司与其签署反担保 协议，提供等额连带责任反担保，并支付0.5%/年的担保费。公司曾审议通过向湘江集团新增10亿元融 资担保额度，总担保限额调至20亿元。截至公告日，公司及控股子公司对外担保总额26.02亿元，占最 近一期经审计净资产的609.19%，无逾期担保。 ...

寸于2020年1日1日至2025年12日21 ^] 」 ∠ＵＬＵ牛１周１日エムＵＬＪ＋ＬＬＤＪＬ 日期间,单笔金额不超过10000元人民币 的个人逾期信息,个人于2026年3月31日 (含) 前足额偿还逾期债务的,征信系统 将不予展示。 88 适用对象 个人在央行征信系统中展示的信贷逾 期信息。 3 适用时间区间 逾期信息产生于2020年1月1日至 2025年12月31日期间。 8 适用金额 单笔逾期金额不超过10000元。 e 适用前提 2026年3月31日 (含) 前足额偿还逾 期债务。 政策不区分贷款机构类型及信贷业务 种类。 二、政策"免申即享" 个人无需申请和操作,由征信系统对 符合条件的逾期信息自动识别并统一处 理。其中: 个人于2025年11月30日 (含) 前足 额偿还逾期债务的,相关逾期信息自 2026年1月1日起不予展示。 个人于2025年12月1日到2026年3月 31日之间足额偿还逾期债务的,相关逾 期信息于次月月底前不予展示。 三、符合政策条件的 个人信用报告会有哪些变化? 图读懂 次性信用修复 FAFF 为支持信用受损但积极还款的个人高 效便捷重塑信用,助力经济持续向好,中 国人民 ...

Core Viewpoint - The article emphasizes the strategic development of wealth management as a crucial component in connecting financial services with public needs, supporting the construction of a financial powerhouse and Shanghai as an international financial center [1] Group 1: Wealth Management Strategy - The wealth management sector is positioned as a key driver for financial institutions to fulfill the "finance for the people" philosophy and promote common prosperity [1] - CITIC Bank Shanghai Branch has been actively transforming its wealth management services over 37 years, focusing on a strategy of "five leading" to create a warm and distinctive wealth management service system [1] Group 2: Customer-Centric Services - The bank is shifting from "license competition" to "capability competition" in response to a low-interest-rate environment and diverse customer needs, leveraging its comprehensive financial advantages [2] - The bank promotes charitable financial products, such as the "Warm Childhood Journey," which has raised over 10 million yuan for public welfare while providing stable returns to investors [2] - The bank is also focusing on green finance and ESG-themed products, aligning with carbon neutrality goals and directing funds towards green industries [2] Group 3: Product Innovation and Sales Growth - The bank has accelerated the transformation of "fixed income+" wealth management products, launching 7 local customized products and 10 other "fixed income+" products, with total sales exceeding 10 billion yuan [3] - The bank's promotional activities, such as the "618 Wealth Management Festival" and "Fortune Wealth Management Festival," have led to a growth of over 5 billion yuan in wealth management business scale [4] Group 4: Digital Empowerment and Risk Management - The bank utilizes the "CITIC Brain" digital platform to enhance intelligent advisory and risk control, providing timely market insights and personalized asset allocation advice [5] - The use of big data and AI improves customer profiling and risk warning models, ensuring asset safety and enhancing the precision of investment allocations [5] - The bank aims to continue innovating in product creation and service models while maintaining compliance and risk management standards to support the long-term value growth of customer assets [5]