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 bank performance, supported by narrowing interest margin declines and decreasing credit costs [2][4]. Summary by Sections 1. 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 showed varied performance, with Nanjing Bank at +10.5%, Ningbo Bank at +8.0%, Hangzhou Bank at +1.1%, and Suzhou Rural Bank at +0.4% [4][6]. 2. Scale and Growth - Quality regional banks continued to experience strong credit growth. By the end of 2025, asset growth rates were: - Nanjing Bank: 16.6% - Ningbo Bank: 16.1% - Hangzhou Bank: 12.0% - Loan growth rates were: - Nanjing Bank: 13.4% - Ningbo Bank: 17.4% - Hangzhou Bank: 14.3% - Overall deposit growth remained stable, with city commercial banks maintaining a growth rate of over 10% and joint-stock banks at 7%-8% [4][6]. 3. Asset Quality - The non-performing loan (NPL) ratios showed a stable or declining trend across the eight banks, with Shanghai Pudong Development Bank at 1.26%, Suzhou Rural Bank at 0.88%, and CITIC Bank at 1.15%. The provision coverage ratios remained robust, with Hangzhou Bank and China Merchants Bank showing a decline of over 10 percentage points but still at high absolute levels [4][6]. 4. Outlook for 2026 - The report anticipates continued improvement in bank performance in 2026, driven by: - A narrowing decline in interest margins leading to improved net interest income growth. - Increased fee income from insurance and wealth management channels. - Continued resolution of risks in key corporate sectors and stabilization of retail risk exposure [4][6]. 5. 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].

Group 1 - The Shanghai Municipal Party Committee has approved the proposal for the 15th Five-Year Plan, emphasizing the enhancement of the international financial center's competitiveness and influence, with specific deployments for building a global RMB asset allocation center and risk management center [1] - The Shanghai financial system work meeting highlighted the importance of party organization coverage in the financial sector and shared progress on the coverage of non-public financial enterprises [2] - The "Action Plan to Enhance the Commodity Level of Nonferrous Metals" was released, aiming to strengthen the linkage between futures and spot markets [3] Group 2 - The Shanghai Financial Regulatory Bureau issued the "Action Plan for High-Quality Development of Pension Finance," proposing 20 measures to build a pension management system with Shanghai characteristics [5] - The first delivery of the futures contract for coated printing paper was successfully completed, with a total delivery volume of 1,840 tons and a delivery amount of nearly 7.6 million yuan [6] - The Shanghai Asset Management Association announced ten major initiatives for building a global asset management center by 2025, reflecting innovative achievements in the sector [8] Group 3 - The Shanghai Futures Exchange announced adjustments to the margin ratios and price limits for copper, aluminum, gold, and silver futures, effective from January 22, 2026 [9] - The Shanghai International Energy Exchange is seeking public opinion on revising its risk control management rules, with feedback due by January 28, 2026 [10] - HSBC China has launched its first local public fund custody business, providing custody services for a fund managed by E Fund Management [11] Group 4 - The launch of the "Intelligent Reporting and Review Project for Ship Insurance Certificates" by PICC Shanghai and the Shanghai Maritime Bureau marks a shift towards online and intelligent processes in insurance certificate review [12] - The Construction Bank has introduced a new RMB structured deposit product in the free trade zone, successfully facilitating two offshore enterprises in managing their funds [13] - The first batch of technology innovation convertible bonds was successfully issued, providing low-cost long-term funding for tech enterprises [14] Group 5 - Shanghai Securities has received approval for its sponsorship business qualification, marking a significant breakthrough in its core business license layout [15] - The successful implementation of the first domestic credit certificate electronic document submission business by the Bank of Communications Shanghai branch represents a new financial service breakthrough [16] - Three branches of Shanghai Rural Commercial Bank have been recognized as the first batch of green branches in Shanghai, promoting sustainable finance [17] Group 6 - The People's Bank of China is focusing on creating a favorable monetary and financial environment to support high-quality economic development [19] - The minimum down payment ratio for commercial property loans has been adjusted to no less than 30% to adapt to changes in the real estate market [20] - The State Administration of Financial Supervision has issued new regulations to standardize the administrative licensing process for financial institutions [24] Group 7 - The China Securities Regulatory Commission has expanded the range of futures market products available for foreign investors, adding 14 new futures options [29] - The CSRC has approved the registration of options for 20 rubber, low-sulfur fuel oil, and international copper, ensuring a smooth launch and operation of these products [30] - Longqi Technology has completed its "A+H" listing, marking a significant milestone in its capital market strategy [31]

Core Viewpoint - The recent surge in international gold prices and rising risk aversion have led to a significant increase in the popularity of gold-linked structured deposits among banks and investors [1][5]. Group 1: Market Activity - Since the beginning of 2026, multiple banks, including both domestic and foreign institutions, have launched gold-linked structured deposit products, with terms ranging from 3 months to 12 months and minimum investment thresholds from 10,000 yuan to 10,000 USD [1][2]. - Notable products include the "Point Gold" series from China Merchants Bank, offering annualized returns of 1% to 1.78% based on gold price fluctuations, and the "Stable Add Wisdom" series from Bank of Communications, with returns ranging from 0.5% to 3.2% [2][3]. - Foreign banks like DBS Bank and HSBC China have also introduced gold-linked structured deposits, with DBS offering a 12-month product with returns of 1.5% and 4%, and HSBC linking its product to mining companies rather than directly to gold [3]. Group 2: Investor Behavior - Companies are increasingly investing in gold-linked structured deposits as part of their financial strategies, with firms like Fudan Zhangjiang and Geer Software disclosing significant investments in these products [5]. - The appeal of these structured deposits lies in their ability to provide capital protection while offering the potential for higher returns, making them attractive to both individual and institutional investors [5][6]. Group 3: Risk Considerations - Experts highlight the asymmetric nature of the returns from these structured deposits, where investors may only receive lower or middle-tier returns during significant price fluctuations, thus creating opportunity costs [4][8]. - The structured deposits are subject to liquidity risks, as they typically cannot be redeemed early, locking in funds for the duration of the investment [8]. - Investors are advised to carefully assess the terms of these products, including the conditions for achieving maximum returns and the potential for losses [8].

Group 1 - The core viewpoint of the article highlights the performance of the AI Fund, which reported a profit of 6.1281 million yuan in the fourth quarter of 2025, with a net value growth rate of 3.55% [3] - As of January 22, the fund's unit net value stands at 1.183 yuan, and the fund manager, Cai Zhen, oversees 13 funds [3] - The highest one-year return among the funds managed is 54.44% for the Zhaoshang CSI 1000 Enhanced Strategy ETF, while the lowest is 5.32% for Zhaoshang Anyang Bond A [3] Group 2 - The fund management indicated that the highest weight in their portfolio is in the banking sector, with a strategy to keep the allocation to the CSI Dividend Index below 3% [4] - The fund is currently overweight in the machinery and electronics sectors, while underweight in transportation and coal, based on growth potential considerations [4] - The top ten holdings of the fund as of the end of the fourth quarter of 2025 include BOE Technology Group, Sany Heavy Industry, Hikvision, Jiangsu Bank, Shanghai Bank, CRRC Corporation, Haier Smart Home, Ping An Insurance, Weichai Power, and Shanghai Rural Commercial Bank [4]

股票研究 /[Table_Date] 2026.01.23 票 研 究 主动基金环比持平，被动基金增持 [Table_Industry] 商业银行 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 马婷婷(分析师) | 021-23185608 | matingting@gtht.com | S0880525100001 | | 陈惠琴(分析师) | 021-38676666 | chenhuiqin@gtht.com | S0880525100003 | 本报告导读： 25Q4 主动基金对银行持仓比例环比持平于 1.9%，被动基金持仓比例环比+1.6pct 至 7.0%，其中宁波银行、兴业银行、中国银行、建设银行等获主动基金增配。 25Q4 基金对银行持仓点评 投资要点： [Table_Summary] 2025 年四季度基金重仓持股情况披露（主动基金包括普通股票型、 偏股混合型、灵活配置型，被动基金包括被动指数型、指数增强型）： [Table_Report] 相关报告 商业银行《国有大行投放力度较大，不良压力或 企稳》20 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report provides a comprehensive analysis of 127 regional banks in Jiangsu Province, highlighting their asset and liability structures, profitability, and asset quality [6][18] - Jiangsu's regional banks have shown a significant increase in asset growth, with major city commercial banks growing at 19.4%, surpassing the growth of listed city commercial banks at 14.2% [24][26] - The report indicates that the loan-to-asset ratio for city commercial banks is projected to reach 48.4% in 2024, reflecting a gradual increase in lending activities [30] - Jiangsu's regional banks exhibit better return on assets (ROA) compared to listed banks, with city commercial banks outperforming by 16 basis points and rural commercial banks by 9 basis points [6][42] - The asset quality of Jiangsu's regional banks is superior to that of listed banks, with lower non-performing loan ratios and higher provision coverage ratios [6][42] Summary by Sections 1. Economic Structure of Jiangsu Province - Jiangsu Province is focusing on new industrialization and strategic emerging industries, with significant contributions from cities like Nanjing and Suzhou [13][14] 2. Overview of 127 Regional Banks in Jiangsu - The report categorizes the banks into city commercial banks, rural commercial banks, and others, with a total of 127 banks established between 2006 and 2015 [18][20] 3. Asset/Liability Structure - The asset growth of major city commercial banks is accelerating, while rural commercial banks are experiencing a decline in growth rates [24][26] - The loan-to-asset ratio for city commercial banks is expected to increase to 48.4% by 2024, indicating a shift towards more lending [30] 4. Profitability - Jiangsu's regional banks have a higher ROA compared to listed banks, with city commercial banks showing a 16 basis point advantage [6][42] 5. Asset Quality/Capital Levels - Jiangsu's regional banks maintain a lower non-performing loan ratio compared to listed banks, with city commercial banks having a 30 basis point lower ratio [6][42]

Core Viewpoint - The AI Fund Wanjiashengli Quantitative Stock Selection Mixed Initiation A (019987) reported a profit of 112,600 yuan in Q4 2025, with a weighted average profit per fund share of 0.0216 yuan, and a net value growth rate of 2.21% during the reporting period [3]. Fund Performance - As of January 21, the fund's unit net value was 1.047 yuan, with a one-year cumulative growth rate of 12.17%, ranking 622 out of 673 comparable funds [3][4]. - The fund's net value growth rate over the past three months was 0.24%, ranking 617 out of 689, and over the past six months, it was 5.07%, also ranking 617 out of 689 [4]. Investment Strategy - The fund manager emphasized restructuring the dividend stock pool based on the characteristics of dividend stocks, integrating high-frequency volume and price strategies to capture micro-structural market information [3]. - The fund utilizes efficient AI algorithms and robust hardware resources to analyze high-frequency market data, aiming to identify short-cycle predictive factors for stock selection [3]. Risk and Return Metrics - The fund's Sharpe ratio since inception is 0.2818, indicating a moderate risk-adjusted return [8]. - The maximum drawdown since inception is 20.86%, with the largest quarterly drawdown occurring in Q1 2024 at 16.34% [11]. Portfolio Composition - The fund maintains a high average stock position of 92.53% since inception, compared to the industry average of 84.04%, with a peak stock position of 93.54% at the end of Q3 2024 [14]. - As of Q4 2025, the fund's total assets amounted to 5.4297 million yuan [16]. Top Holdings - The top ten holdings of the fund include companies such as Luxi Chemical, China Ping An, CITIC Bank, Xiamen Xiangyu, Sinopec, Zhonggu Logistics, China Construction Bank, Hu Nong Commercial Bank, China Petroleum, and Pudong Development Bank [19].

证券代码：601825 证券简称：沪农商行 公告编号：2026-003 上海农村商业银行股份有限公司 关于关联交易事项的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 重要内容提示： 本次关联交易事项已经上海农村商业银行股份有限公司（以下 简称"本公司"）董事会 2026 年第一次会议审议通过，无需提交股 东会审议。 本次关联交易属于本公司日常业务经营中的正常业务，不构成 对关联方重大依赖，对本公司的正常经营活动及财务状况不构成重要 影响。 一、关联交易概述 本公司董事会 2026 年第一次会议审议通过了《关于与上海银行 股份有限公司关联交易的议案》《关于调整中国远洋海运集团有限公 司关联授信额度的议案》《关于调整久事集团及其关联体存款类关联 交易计划的议案》，同意给予上海银行股份有限公司新增关联授信类 业务及理财业务余额不超过 61.9 亿元；调整中国远洋海运集团有限 公司关联授信额度为 170 亿元；调整上海久事（集团）有限公司关联 存款额度为 282 亿元。 1 上述议案经本公司董事会有效表决票全票通过，汪明董事 ...

上海农村商业银行股份有限公司 董事会 2026 年第一次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 证券代码：601825 证券简称：沪农商行 公告编号：2026-002 上海农村商业银行股份有限公司（以下简称"公司"）董事会 2026 年第一次会议以现场加远程视频电话接入方式于 2026 年 1 月 23 日在上海召开，会议通知及会议文件已于 2026 年 1 月 16 日以邮件方 式发出。本次会议应出席董事 16 人，亲自出席董事 16 人。会议由徐 力董事长主持，公司非董事高级管理人员列席会议。本次会议符合《公 司法》和《公司章程》关于召开董事会法定人数的规定，表决所形成 的决议合法、有效。 会议经审议并表决通过以下议案： 一、关于提名陈昊之先生为公司非执行董事候选人的议案 表决情况：同意 16 票，反对 0 票，弃权 0 票。 本议案已经公司董事会薪酬和提名委员会审议通过，全体成员同 意提交董事会审议。 同意提名陈昊之先生为公司非执行董事候选人，并提交公司股东 会审议。陈昊之先生的董事任期为三年，自 ...

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