证券研究报告 2025 年 12 月 31 日 湘财证券研究所 行业研究 银行业年度策略 高股息为盾，静待价值修复 相关研究： 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 | 相对收益 | -4.85 | 4.99 | -10.62 | | --- | --- | --- | --- | | 绝对收益 | -2.10 | 5.22 | 5.69 | 分析师：郭怡萍 证书编号：S0500523080002 Tel：(8621) 50295327 Email：guoyp@xcsc.com 中国人寿金融中心10楼 核心要点： 市场回顾 今年银行板块行情节奏呈现"前强、中弱、后稳"的走势，主要反映从避 险主导到寻求增长的市场风格转换过程，以及资产风险预期的变化。 政策导向：宽松政策过渡期，金融支持实体经济 | 1. | 《2025年中期策略-价值重估仍 | | --- | --- | | 在进行时》 | 2025.07.02 | | 2. | 《业绩底部修复，配置价值提 | | 升》 | 2025.09.05 | 2026 年，政策环境正从此前的超常规逆周期调节模式，向更具稳定性和 ...

Group 1: Financial Industry Development - The Chinese financial industry is focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, aiming for high-quality development and openness by 2025 [1] - Financial institutions are expected to direct funds towards key sectors encouraged by the state, such as technology and green initiatives, transitioning from quantity to quality in financial services [1] Group 2: Insurance Product Innovation - AIA Life is optimizing its medical insurance product system by launching the "Smart Choice Medical Insurance," which allows customers to customize their medical coverage through a modular product approach [2] - Fude Life Insurance is enhancing its product offerings in health insurance, annuities, and floating income products to meet diverse customer needs, focusing on health and quality of life [2] Group 3: Aging Population and Pension Finance - The financial industry is innovating products and models to build a multi-tiered pension security system in response to the aging population [3] - Dehua Angu Life has developed a comprehensive insurance product system for the elderly, achieving over 90% market share in disability insurance products [3] Group 4: Digital Transformation in Banking - Ningbo Bank is implementing a systematic, digital, and intelligent approach to enhance service efficiency and risk management through digital banking models [6] - Suzhou Bank has achieved an asset custody scale of 281.32 billion yuan by focusing on process optimization and technology empowerment [6] Group 5: Digital Claims and Service Efficiency - China Life is building a comprehensive digital claims service system, with over 160 million registered users on its insurance app, enhancing service accessibility [7] - Taikang Online has achieved a 99% automation rate in underwriting and a 97% automation rate in claims processing, showcasing significant advancements in digital transformation [8] Group 6: Green Finance Initiatives - Jiangxi Bank is pioneering green finance by offering "Green Transition Loans" to support traditional industries in their low-carbon transformation [9] - Xinhua Insurance has invested over 31.6 billion yuan in green projects, serving over 6,000 green enterprises to enhance their sustainable development capabilities [11] Group 7: Social Responsibility and Inclusive Finance - Xinhua Insurance has developed over 50 affordable insurance products targeting vulnerable groups, enhancing public satisfaction and access to insurance [12] - Sunshine Property Insurance has integrated consumer rights protection into its core strategy, focusing on transparency and proactive risk reduction [14] Group 8: Public Awareness and Education - Dehua Angu Life has actively participated in public insurance awareness campaigns, reaching over 1.02 million viewers in 2025 [15] - Financial institutions are increasingly focusing on consumer rights protection as a core value, enhancing trust and long-term relationships with clients [14]

Group 1 - The central economic work conference has outlined comprehensive plans for economic work in 2026, emphasizing the need for financial institutions to support key areas such as domestic demand, technological innovation, and small and micro enterprises [1] - The national local finance cooperation exchange meeting focused on the theme of "integration of industry and talent, financial empowerment for high-quality development," gathering over 300 representatives from various provinces to discuss pathways for high-quality local financial development during the 14th Five-Year Plan period [1][2] - The meeting highlighted the importance of creating a favorable business environment to support financial innovation and the integration of financial services with the real economy [3] Group 2 - The conference emphasized the necessity for local finance to align with the "five major articles" of financial development, which include technology finance, green finance, inclusive finance, pension finance, and digital finance [2] - Local financial institutions are encouraged to integrate resources and develop innovative financial products to better serve small and micro enterprises, particularly in rural areas [3][4] - The integration of digital technology in financial services is seen as crucial for enhancing service efficiency and risk management [6][7] Group 3 - The establishment of a "government-industry-academia-research-finance" ecosystem is deemed essential for fostering high-quality development and innovation [8] - Local financial institutions are urged to collaborate with research institutions to develop specialized financial products that meet the needs of emerging industries [8][9] - The meeting concluded with a commitment to implement the central economic work conference's directives, aiming to provide precise and efficient financial support for technological innovation, industrial upgrading, and rural revitalization [9]

Core Insights - The financing and lending institutions in Suzhou are becoming a reliable "second water source" for small and medium-sized enterprises (SMEs) amid a funding shortage, with over 200 licensed or registered institutions expected by 2025, but only a few can excel in "amount, timeliness, cost, and safety" [1] Group 1: Key Institutions - Dongrong Lending Service Center is known as the "emergency room" for manufacturing, providing credit within 5-7 working days by utilizing a "grid-based industrial database" that streamlines the pre-approval process [2] - Oriental Financing Network operates as a "supermarket" for financing products, using an algorithm to match businesses with over 60 financing options in 60 seconds, allowing for multiple credit paths [3] - Shanghai Qianzhi Financial Information Service Company focuses on "assisting growth" by offering comprehensive solutions that include financing, tax, and legal services, with a plan to reduce green financing rates by 0.5% in 2025 [4] Group 2: Local Banks and Financial Services - Suzhou Bank serves as a local benchmark for "quasi-lending," offering flexible product designs and simplified documentation for eligible clients [5] - Ping An Puhui leverages big data for risk assessment and offers features like AI video signing and automatic repayment adjustments for small business owners [6] - Yixin Company provides a "steady elite loan" product with flexible terms for business owners and professionals, including new services for electric vehicle collateral [8] Group 3: Innovative Financing Solutions - Suzhou Fast Easy Travel Technology Company differentiates itself with rapid response times and flexible short-term financing options, promising quick service across multiple locations [9] - Suzhou Juchuang Technology Microfinance Company targets tech SMEs with its "Science Loan" product, offering up to 10 million yuan in credit without collateral, focusing on growth indicators [10] - Jiangsu Zhongrong Yinghang Financing Guarantee Company collaborates with over 20 banks to provide guarantees for businesses lacking collateral, with a special program for enterprises in national development zones [11] Group 4: Equipment Financing - Suzhou Industrial Park Financing Leasing Company offers competitive rates for equipment leasing, enabling businesses to acquire new equipment with zero down payment and monetize old equipment through leasing [12] Conclusion - The competition among financing institutions has evolved from speed to precision and sustainability, with the highlighted institutions establishing strong competitive advantages through various means, including state-backed guarantees, data-driven risk management, and industry insights [12]

Investment Rating - The report provides a "Buy" rating for all listed banks analyzed, indicating a positive outlook for their stock performance [6]. Core Insights - The report focuses on the classification of financial investments, the current allocation of listed banks, and how related revenues are accounted for under new accounting standards [5]. - As of Q3 2025, the financial investments of 42 listed banks total approximately 101.5 trillion CNY, with 87% allocated to the configuration portfolio and 13% to the trading portfolio [5][23]. - The bond market is the primary investment direction for listed banks, accounting for 87.6% of their financial investments, with government bonds making up 59.5% of this total [5]. Summary by Sections 1. Classification of Financial Investments - Financial assets are classified into three categories under the new accounting standards: FVTPL (fair value through profit or loss), AC (amortized cost), and FVOCI (fair value through other comprehensive income) [12][13]. - The classification is based on the business model for managing financial assets and the cash flow characteristics of the financial assets [14]. 2. Accounting for Market Revenues - FVTPL assets reflect market fluctuations through "fair value changes" in profit or loss, while AC assets do not reflect fair value changes and primarily generate income from interest [5]. - FVOCI assets account for market fluctuations in other comprehensive income, with interest income recognized in profit or loss [5]. 3. Financial Investment Structure - The configuration portfolio is dominant, with state-owned banks showing the highest allocation to AC, while joint-stock banks and city commercial banks have a higher proportion of trading assets [23][24][25]. - The report notes a structural shift where FVOCI is becoming the main growth area, as banks seek flexibility in their investment strategies [5][23].

Fund Overview - The fund is named "Peng'an Antai Interest Rate Bond Securities Investment Fund" and is categorized as a bond-type securities investment fund [15][16] - The fund will be managed by Peng'an Fund Management Co., Ltd. and the custodian will be Suzhou Bank Co., Ltd. [2][3] Fundraising Details - The fundraising period is set from January 5, 2026, to February 6, 2026, with a maximum fundraising scale of 6 billion RMB [4][18] - The fund will accept subscriptions from individual investors, institutional investors, qualified foreign investors, and other investors permitted by laws and regulations [6][18] Subscription Process - Investors must fully pay the subscription amount as per the sales institution's regulations, and multiple subscriptions are allowed during the fundraising period [8][20] - The minimum initial subscription amount for other sales institutions is 0.01 RMB, while for direct sales institutions, it is 10 RMB [9][27] Confirmation and Allocation - If the total subscription amount exceeds 6 billion RMB, a proportionate confirmation method will be used to control the scale [4][5] - The calculation method for the proportionate confirmation is provided, ensuring that the final confirmation results are based on the registration institution's calculations [5][21] Fund Management and Operation - The fund operates as a contractual open-end fund, and the fund shares will be issued at a par value of 1.00 RMB [16][17] - The fund's contract will become effective once the fundraising conditions are met, including a minimum of 200 investors and a total fundraising amount of at least 200 million RMB [40] Investor Rights and Responsibilities - Investors are responsible for ensuring that the funds used for subscription are legally sourced and free from any legal or contractual restrictions [10][12] - Investors must read the fund contract and prospectus carefully to understand the fund's risk-return characteristics [10][12]

Core Insights - The event focused on "HarmonyOS Open Capabilities," aiming to accelerate the integration of HarmonyOS and promote application implementation, contributing to the digital development of Jiangsu [1] Group 1: Event Overview - The HDD·HarmonyOS Open Capability Innovation Salon was held in Suzhou, attracting nearly 200 developers from various sectors including education, business, automotive, design, and shopping [1] - The chairman of Suzhou International Science and Technology Park emphasized the importance of cultivating the operating system ecosystem for industrial upgrades and highlighted the region's rich data resources and market potential [1] Group 2: HarmonyOS Features and Developer Support - Huawei experts introduced the advancements of the HarmonyOS ecosystem, showcasing features such as the HarmonyOS Star Shield security architecture, system-level AI intelligence, and distributed architecture, which enhance user experience [2] - The HarmonyOS SDK offers over 60,000 APIs across six domains, providing comprehensive support for developers to create new HarmonyOS applications [2] Group 3: Industry Solutions and Business Growth - The "Meta Service" practice scheme was shared, integrating AI capabilities to create an intelligent service chain, enhancing user accessibility to services [3] - The Jinghong Momentum platform leverages HarmonyOS's open capabilities to integrate cross-screen and cross-domain traffic resources, aiding developers in optimizing traffic layout and improving monetization efficiency [3] Group 4: Developer Experiences and Innovations - Tai Ling Technology showcased its integration of HarmonyOS across devices, enabling seamless connectivity between smartwatches, smartphones, and electric vehicles, enhancing user experience in smart travel [4] - Nanjing Xingmeng Zhizhou Technology shared its experience in commercializing HarmonyOS applications, utilizing over 20 HarmonyOS SDK capabilities to meet personalized user needs and facilitate multi-device collaboration [4] Group 5: Ecosystem Growth and Future Prospects - Devices running HarmonyOS 5 and 6 have surpassed 32 million, with over 350,000 applications and meta-services available, indicating continuous ecosystem advancement [5] - There is an expectation for collaboration with more local enterprises in Jiangsu to inject vitality into the high-quality development of the digital economy [5]

1. Report Industry Investment Rating No relevant content provided in the report 2. Core Viewpoints of the Report - The allocation value of 3 - 10Y secondary and perpetual bonds (Two - Yong Bonds) of banks is prominent. It is recommended to focus on AA+ and above - rated 3 - 10Y bonds with high interest - rate differentials, especially the 5Y AAA - perpetual bonds. For insurance and securities firm subordinated bonds, 3 - 10Y bonds of each rating are at a relatively high historical percentile and can be allocated opportunistically [2][3] - In November, the supply of Two - Yong Bonds increased both month - on - month and year - on - year. The net financing scale also increased. In the secondary market, the yields and credit spreads of secondary capital bonds generally fluctuated downward (except for AA+ varieties), the yields of perpetual bonds declined but spreads rose, and medium - and long - term bonds performed well [2][27] - In November, the net financing scale of insurance subordinated bonds increased year - on - year, while that of securities firm subordinated bonds decreased year - on - year. In the secondary market, except for 10 - year bonds, the yields and credit spreads of other remaining - term securities firm subordinated bonds and insurance capital - supplementary bonds generally declined [2][62] 3. Summary According to Relevant Catalogs 3.1 Bank Two - Yong Bonds 3.1.1 Primary Market and Approval Quota Usage - **Issuance Scale**: In November, the supply of Two - Yong Bonds increased both month - on - month and year - on - year, with a total issuance scale of 268.3 billion yuan, including 143.7 billion yuan of secondary capital bonds and 124.6 billion yuan of perpetual bonds. The total issuance in the first 11 months was about 1.58 trillion yuan, with secondary capital bonds at 781.06 billion yuan and perpetual bonds at 800 billion yuan [5] - **Total Repayment Amount**: In November, the total repayment amount of Two - Yong Bonds increased both month - on - month and year - on - year, amounting to about 174.7 billion yuan. The total repayment in the first 11 months was about 1.16 trillion yuan, reaching a year - on - year high since 2022 [13] - **Net Financing**: The net financing scale of bank Two - Yong Bonds increased both month - on - month and year - on - year in November, reaching 93.6 billion yuan. The net financing in the first 11 months was 422.96 billion yuan, a year - on - year decrease mainly due to a slightly smaller issuance scale than in 2024 and a year - on - year increase in total repayment. The net financing in the first 11 months mainly came from state - owned large - scale banks [14][17] - **Approval Quota and Usage**: As of November 30, the remaining quota of bank Two - Yong Bonds to be issued was 1.44 trillion yuan. State - owned large - scale banks had the fastest issuance progress, while joint - stock banks and rural commercial banks had relatively slow progress [25] 3.1.2 Secondary Market - **Interest Rate Differential and Yield**: The yields and credit spreads of secondary capital bonds generally fluctuated downward (except for AA+ varieties), the yields of perpetual bonds declined but spreads rose, and medium - and long - term bonds performed well. The spreads of 5 - 10Y bonds (except AA -) were relatively large, and the 5Y perpetual bonds, especially the AAA - variety, might have high cost - effectiveness [27][30] - **Trading Volume and Turnover Rate**: In November, the trading volume of Two - Yong Bonds increased month - on - month, with state - owned large - scale banks having the largest month - on - month increase in both secondary capital bonds and perpetual bonds. The turnover rates of joint - stock banks increased significantly, ranking first among various types of banks [48][52] 3.2 Securities Firm and Insurance Subordinated Bonds 3.2.1 Primary Market - **Issuance Scale**: In November, the issuance scale of securities firm subordinated bonds increased slightly, with 19 bonds issued totaling 28.75 billion yuan. The issuance of insurance company bonds remained stable, with 5 capital - supplementary bonds and 1 perpetual bond issued, totaling 15.57 billion yuan [54] - **Net Financing**: The net financing scale of insurance subordinated bonds increased year - on - year in November, while that of securities firm subordinated bonds decreased year - on - year. From January to November 2025, the net financing scale of insurance subordinated bonds decreased year - on - year, while that of securities firm subordinated bonds increased year - on - year [62] 3.2.2 Secondary Market - **Interest Rate Differential and Yield**: Except for 10 - year bonds, the yields and credit spreads of other remaining - term securities firm subordinated bonds and insurance capital - supplementary bonds generally declined. The yields of 1 - year securities firm subordinated bonds and 3 - year insurance capital - supplementary bonds declined more significantly. The 3 - and 10 - year bonds of each rating were at a relatively high historical percentile and could be allocated opportunistically [65] - **Trading Statistics**: The trading activity of insurance company capital - supplementary bonds increased, while that of securities firm subordinated bonds decreased. In November, the turnover rates of insurance company capital - supplementary bonds and securities firm subordinated bonds were 9.32% and 9.84% respectively [70]

每经AI快讯，苏州银行（SZ 002966，收盘价：8.27元）12月29日晚间发布公告称，2025年7月1日至 2025年12月26日，大股东国发集团及其一致行动人东吴证券股份有限公司以自有资金通过深圳证券交易 所交易系统以集中竞价交易的方式累计增持本行股份约4905.95万股，占本行总股本的1.0974%，增持资 金合计约4.03亿元，相关增持计划实施完毕。 每经头条（nbdtoutiao）——绕开光刻机"卡脖子"，中国新型芯片问世！专访北大孙仲：支撑AI训练和 具身智能，可在28纳米及以上成熟工艺量产 （记者 曾健辉） 截至发稿，苏州银行市值为370亿元。 2025年1至6月份，苏州银行的营业收入构成为：利息收入占比82.01%，非利息收入占比6.1%。 ...

北京商报讯（记者 宋亦桐）12月29日，苏州银行发布公告称，2025年7月1日至2025年12月26日，该行 大股东苏州国际发展集团有限公司（简称"国发集团"）及其一致行动人东吴证券股份有限公司以自有资 金通过深圳证券交易所交易系统以集中竞价交易的方式累计增持该行股份4905.9456万股，占该行总股 本的1.0974%，增持资金合计40295.9623万元，本次增持计划实施完毕。 ...