消息面上，上市银行2025年四季度营收增速普遍回升，利息净收入加速增长成主要驱动力。近期披露业 绩快报的8家银行中，多数营收增速较三季报改善，反映净息差企稳背景下利息净收入回暖明显；南京 银行、杭州银行（600926）Q4利息净收入同比增速分别达38%、21%，主要受益于规模高增长与息差企 稳；尽管债市调整拖累非息收入，但整体营收表现优于预期，预计2026年该趋势将持续，利息净收入将 成为拉动营收增长的核心因素。 2026年1月27日盘中，中证银行指数上穿5日均线，涨幅在0.7%。 数据显示，银行ETF华夏（515020）是跟踪中证银行指数(399986)综合费率最低的ETF，其联接基金A 类：008298；联接基金C类：008299；联接基金D类：024642。 市场部分资金已经开始关注银行股超跌修复的机会。例如，银行相关指数基金在四季度连续净流出以 后，上周开始小幅净流入。 ...

Core Viewpoint - The recent implementation of coordinated fiscal and financial policies has provided structural support for the banking sector, leading to a rise in the China Securities Banking Index and individual bank stocks [1] Group 1: Market Performance - As of January 27, 2026, the China Securities Banking Index increased by 0.93%, with notable gains from Agricultural Bank (+2.34%), Qingdao Bank (+2.22%), China Construction Bank (+1.73%), Bank of China (+1.69%), and Hangzhou Bank (+1.6%) [1] Group 2: Policy Impact - On January 20, the State Council Information Office, in collaboration with the Ministry of Finance and other departments, announced a comprehensive policy package that includes a 1.5 percentage point interest subsidy for small and medium-sized enterprise loans, an expanded scope for equipment upgrade loan subsidies, and an extension of consumer and operational loan subsidies until the end of 2026 [1] - The policy also includes a 500 billion yuan special guarantee plan for private investment and improvements to the risk-sharing mechanism for corporate bonds, aimed at reducing social financing costs and directing credit resources towards small and micro enterprises, technological innovation, and domestic demand expansion [1] Group 3: Banking Sector Outlook - These measures are expected to optimize the asset structure of banks and alleviate non-performing loan pressures through risk-sharing mechanisms, providing medium to long-term support for stabilizing interest margins and improving asset quality [1] Group 4: Investment Products - The Huaxia Bank ETF, which tracks the China Securities Banking Index, is noted for having the lowest comprehensive fee rate among ETFs, along with various classes of linked funds [1]

1月26日，保险、银行板块震荡上扬，宁波银行涨超4%，新华保险涨超4%，中国人寿、中国太保、中 国人保、中国平安、杭州银行、南京银行等跟涨。 |2026年1月27日 星期二| NO.1 央行副行长邹澜：将进一步增加离岸人民币国债年度发行规模 1月26日，中国人民银行副行长邹澜在第19届亚洲金融论坛上表示，下一步，增加离岸人民币国债供给 规模，提高市场流动性。为满足境外投资者对优质人民币资产配置的需要，中国人民银行将配合相关部 门进一步增加离岸人民币国债年度发行规模，建立完善离岸市场做市机制，活跃市场交易，提升人民币 定价能力。 点评：这不仅有助于丰富人民币资产的种类，还能增强市场的流动性和人民币定价能力。这对促进人民 币成为一个更具吸引力的国际储备货币具有重要意义。 NO.2 现货黄金站上5090美元/盎司 1月26日，现货黄金盘中站上5090美元/盎司，涨超2%。值得注意的是，过去一周，美元迎来2025年6月 以来表现最差的一周，美元指数大跌近2%；黄金则斩获近6年最佳单周表现，涨幅达8.4%，白银涨幅更 是达到14.4%。 点评：黄金价格的反常冲高，是美元全球大循环转折的一种反映。券商预计，受美联储降息预 ...

银华多利宝货币市场基金B类基金份额恢复部分 代销机构的机构投资者大额申购（含定期定额投资及转换转入）业务的公告 ■ 注：1、银华基金管理股份有限公司决定2026年1月27日起（含2026年1月27日）恢复招商银行股份有限 公司的机构投资者办理银华多利宝货币市场基金B类基金份额10万元以上的大额申购（含定期定额投资 及转换转入）业务，敬请投资者留意。 2、在恢复招商银行股份有限公司的机构投资者正常办理银华多利宝货币市场基金B类基金份额10万元 以上的大额申购（含定期定额投资及转换转入）业务期间，机构投资者可分别从兴业银行股份有限公 司、中国邮政储蓄银行股份有限公司、中信银行股份有限公司、平安银行股份有限公司、中国民生银行 股份有限公司、宁波银行股份有限公司、中国建设银行股份有限公司、江苏银行股份有限公司、通华财 富(上海)基金销售有限公司、蚂蚁（杭州）基金销售有限公司、上海攀赢基金销售有限公司、浙江同花 顺基金销售有限公司和其他代销机构分别办理不超过10万元的申购（含定期定额投资及转换转入）业 务。如单日每个基金账户的申购申请、转换转入、定期定额投资单笔或累计金额超过以上情况，本基金 管理人有权拒绝。针对单笔申 ...

资产质量进一步改善 规模有序扩张 已披露2025年业绩快报的8家银行（4家股份行、3家城商行、1家农商行）均实现归母净利润同比正增 长，其中7家银行实现营业收入与归母净利润"双增"。 城商行业绩增长势头较为强劲。2025年，杭州银行以12.05%的归母净利润同比增速位居前列；宁波银 行实现归母净利润293.33亿元，同比增长8.13%；南京银行实现归母净利润218.07亿元，同比增长 8.08%。股份行中，2025年，浦发银行实现归母净利润500.17亿元，同比增长10.52%，增速较为突出； 中信银行、招商银行、兴业银行在面临多重挑战的经营环境下，归母净利润分别实现了2.98%、 1.21%、0.34%的增长。 在盈利向好的同时，8家银行资产规模保持稳健有序扩张。股份行资产规模进一步增长，截至2025年 末，招商银行总资产突破13万亿元，兴业银行总资产站上11万亿元，中信银行与浦发银行也双双迈入10 万亿元总资产行列。城农商行的资产扩张速度更为明显，截至2025年末，南京银行、宁波银行总资产较 上年末分别增长16.63%、16.11%，杭州银行也实现了11.96%的资产增长。 值得注意的是，已披露业绩快报的 ...

Core Viewpoint - The overall performance of the eight banks in China for 2025 shows steady growth, with positive increases in operating income and net profit attributable to shareholders, alongside improvements in asset quality [1][2]. Group 1: Financial Performance - All eight banks reported positive year-on-year growth in net profit attributable to shareholders, with seven banks achieving both revenue and profit growth [1]. - Hangzhou Bank led with a 12.05% increase in net profit, while other notable performers included Ningbo Bank (8.13%) and Nanjing Bank (8.08%) [1]. - Among joint-stock banks, Shanghai Pudong Development Bank reported a 10.52% increase in net profit, while CITIC Bank, China Merchants Bank, and Industrial Bank showed modest growth rates of 2.98%, 1.21%, and 0.34%, respectively [1]. Group 2: Asset Quality - The asset quality of the banks has improved, with most banks reporting a decrease in non-performing loan (NPL) ratios [2]. - Specifically, Shanghai Pudong Development Bank's NPL ratio decreased by 0.10 percentage points to 1.26%, while CITIC Bank and China Merchants Bank's ratios fell to 1.15% and 0.94%, respectively [2]. - City commercial banks like Ningbo Bank and Hangzhou Bank maintained low NPL ratios of 0.76%, while Nanjing Bank's ratio was 0.83% [2]. Group 3: Cost Control and Profitability - Banks have successfully controlled funding costs, with Ningbo Bank reducing its deposit interest rate by 33 basis points through optimizing its deposit structure [2]. - The overall provisioning coverage ratio has slightly decreased but remains at a sufficient level, with Hangzhou Bank exceeding 500% and several others maintaining above 300% [2]. Group 4: Future Outlook - Analysts predict a gradual alleviation of interest margin pressure, which is expected to support performance improvements in 2026 [3]. - The banking sector is anticipated to benefit from a stable asset-liability structure and a reduction in credit costs, which will facilitate profit release [4]. - There is a strategic shift towards expanding non-interest income sources, with banks like Ningbo Bank reporting a 30.72% increase in net fee and commission income, indicating growth potential in intermediary businesses [4].

高管和股东积极增持 ● 李玉敏 李蕴奇 2026年以来，A股银行板块出现明显调整，跑输大盘，这一现象主要源于市场风格切换下的资金短期流 出。在银行股调整过程中，多家银行高管和股东积极增持，机构也对外传递乐观预期，银行股的长期价 值并未改变。 银行股明显调整 开年以来，银行股出现明显调整。截至1月26日收盘，申万银行指数今年以来下跌7.04%。同期，沪深 300指数上涨1.66%，中证500指数上涨13.95%。 记者梳理发现，在本轮银行股调整过程中，市值较高的银行股调整幅度更大。在申万二级行业中，国有 大型银行、股份制银行、城商行、农商行今年以来分别下跌8.64%、8.8%、2.64%、3.69%。 市场风格主导的资金流向或许是本轮银行股调整的关键因素。招商证券金融工程团队的研报显示，2025 年12月下旬以来，小盘成长风格在市场中明显占优，大盘价值风格处于弱势。作为大盘价值风格的代 表，银行股近期遭遇"逆风"。中金公司银行业分析师林英奇认为，由于近期市场风格切换、资金流出等 原因，银行股出现一定回调。不过，这也导致银行股估值、股息吸引力提升。 在连续调整后，1月26日A股银行股行情明显回暖，申万银行指数上涨 ...

Group 1: Performance Forecast - The company expects a positive net profit for the year 2025, with an increase of over 50% compared to the previous year [2] - The financial data related to this performance forecast has not been audited by the accounting firm, but preliminary discussions indicate no significant discrepancies [2][3] - The increase in net profit is attributed to a reduction in non-operating expenses by approximately 196 million yuan and continued growth in the company's main business operations [3] Group 2: External Guarantees - The company has approved a guarantee limit of up to 1.711 billion yuan for its subsidiaries, which allows for internal adjustments of guarantee amounts without further board approval [7][8] - The company has adjusted the guarantee amounts for its subsidiaries, reducing the guarantee for Qingdao Hailian to 317 million yuan and increasing the guarantee for Ningbo Hailimeida to 33 million yuan [8] - The company has provided guarantees totaling 50 million yuan for Shanghai Heda, 33 million yuan for Zhejiang Hailian, 44 million yuan for Ningbo Taihong, and 33 million yuan for Ningbo Hailimeida, bringing the total guarantees to 1.4574 billion yuan, which is 36.32% of the company's audited net assets for 2024 [13]

Macro Research - The report highlights a "double hit" moment for US dollar assets due to Trump's comments on Greenland and tariff threats, alongside the early dissolution of the Japanese House of Representatives leading to a sell-off in Japanese bonds [3][4][22] - The US dollar's credit breakdown is re-emerging, with significant impacts on US stocks, bonds, and currencies, resulting in a strong performance of safe-haven assets like gold and silver, while cryptocurrencies face pressure [3][4][22] Strategy Research - In Q4 2025, active funds significantly reduced their holdings in A-shares and Hong Kong stocks, with a focus on increasing allocations to cyclical and financial value stocks, while reducing exposure to technology and healthcare sectors [7][26] - The report indicates a clear rotation in fund styles, with a notable shift towards large-cap cyclical and financial stocks, while growth and consumer sectors saw reductions in allocations [26][27] Fixed Income Research - The appreciation of the RMB and increased foreign exchange settlements may tighten interbank liquidity, depending on whether the central bank will actively increase the supply of base currency [11][14] Industry Research: Photovoltaic Equipment - The report anticipates a new cycle for the photovoltaic equipment industry driven by SpaceX and Tesla's plans to deploy a combined 200GW of solar capacity, with key equipment manufacturers expected to benefit [15][16] - The demand for solar expansion is expected to rise due to the increasing need for low-orbit satellites and the commercialization of space computing, which will drive the demand for core equipment [15][16] Fund Allocation Insights - The report notes a significant increase in allocations to cyclical and financial sectors, particularly in upstream industries like metals and chemicals, driven by improved supply-demand dynamics and geopolitical tensions [27][28] - The technology sector shows a marked divergence, with communication equipment receiving substantial increases due to AI infrastructure investments, while many tech segments faced reductions [27][28]

Investment Rating - The investment rating for the banking sector is "Positive" and maintained [12] Core Insights - The banking sector continues to adjust, underperforming compared to the CSI 300 and ChiNext indices, primarily due to significant net outflows from broad-based ETF index funds [2][6] - Despite the short-term pressures, the fundamental outlook for quality bank stocks is stable, and their valuations are considered oversold, indicating a potential buying opportunity [6][20] - Recommended banks include quality city commercial banks in Zhejiang, Jiangsu, and Shandong regions, such as Hangzhou Bank, Ningbo Bank, Jiangsu Bank, Nanjing Bank, Qilu Bank, and Qingdao Bank [2][6] Summary by Sections Market Performance - The banking index fell by 2.7%, with excess returns of -2.0% and -2.3% compared to the CSI 300 and ChiNext indices respectively [6][20] - Significant net outflows from the CSI 300 and SSE 50 ETFs amounted to 238 billion and 36.1 billion respectively, indicating a worsening trend in fund outflows [6][20] Individual Bank Performance - Some smaller banks, like Qingdao Bank, showed positive performance due to favorable fundamental expectations, while larger state-owned banks lagged [2][6] - Eight banks reported Q4 earnings, with most showing revenue growth exceeding expectations, driven by stabilized net interest margins and increased interest income [8] Market Trends - There is a growing interest in the recovery potential of oversold bank stocks, as evidenced by a slight net inflow into bank-related index funds after a period of outflows [26] - The average turnover rate for bank stocks has increased, but the transaction volume share for various bank types, excluding joint-stock banks, has decreased [45][49] Convertible Bonds - The space for strong redemption of convertible bonds in the banking sector has expanded, with current stock prices approaching redemption thresholds [43] - Notable banks for potential convertible bond trading opportunities include Changshu Bank, Shanghai Bank, and Chongqing Bank, which have stable performance expectations [43]