Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The banking industry has shown a recovery in profit growth, with net profit for commercial banks increasing by 2.33% year-on-year in 2025, reflecting a quarter-on-quarter improvement of 2.35 percentage points [13][14] - The overall asset growth of commercial banks continued, with total assets increasing by 9.01% year-on-year as of Q4 2025, while loan growth slightly decreased to 7.26% year-on-year [29][30] - Net interest margin stabilized for two consecutive quarters at 1.42%, with expectations for a gradual recovery in 2026 [54] Summary by Sections Performance - The net profit of commercial banks increased by 2.33% year-on-year in 2025, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks showing growth rates of 2.25%, -2.84%, 12.87%, and 4.57% respectively [13][14] - The return on equity (ROE) and return on assets (ROA) for commercial banks were 7.78% and 0.60%, reflecting a year-on-year decline of 0.33 percentage points and 0.03 percentage points respectively [13] Scale - Total assets of commercial banks grew by 9.01% year-on-year as of Q4 2025, with state-owned banks showing a growth rate of 10.78% [29][30] - Loan growth for commercial banks was 7.26% year-on-year, with city commercial banks experiencing a counter-cyclical increase in loan growth [29][30] Interest Margin - The net interest margin for commercial banks was stable at 1.42%, with a year-on-year decline of 10.50 basis points [54] - Expectations for 2026 indicate potential downward pressure on net interest margins in Q1, but a gradual recovery is anticipated thereafter [54] Asset Quality - The non-performing loan ratio for commercial banks was 1.50%, showing a quarter-on-quarter decrease of 2.00 basis points, while the provision coverage ratio was 205.21% [54] Capital - The core Tier 1 capital adequacy ratio for commercial banks was 10.92%, reflecting a quarter-on-quarter increase of 0.05 percentage points [54]

感谢贵司的理解和支持，上海农商银行将继续竭诚为您提供安全、优质的金融服务！ 在上述调整限额工作过程中，上海农商银行不会要求客户提供数字证书、UKEY密码、短信验证码、交 易密码和其他个人信息，也不会以任何理由要求客户进行转账验证，请贵司保护好相关信息，谨防 以"限额调整"为由的诈骗行为。 2026年2月26日，上海农商银行发布公告称，为了切实保障对公客户的账户资金安全，上海农商银行在 综合评估账户风险的基础上，将于2026年3月16日起对非活跃账户的企业电子渠道交易限额进行动态调 整。如贵司需提升企业电子渠道交易限额，请联系开户行申请重新评估，在核实评估过程中，可能需要 您配合提供辅助证明材料。 ...

消息面上，春节过后，居民闲置资金集中进入配置窗口，银行理财市场迎来新一轮布局热潮。多家理财 公司抢抓开工季节点，密集推出各类理财产品，一场面向节后回流资金的理财"抢客战"正式打响。 光大证券指出，银行板块进入"春播"时间窗口，收获时间需等风格切换。基本面角度看，银行经营业绩 稳定性强，3月财报季具有坚实支撑。一方面，商业银行25Q4经营指标及上市银行业绩快报披露情况显 示，随着息差收窄压力边际缓释，2025年全年经营业绩稳中向好；另一方面，从2026年开年以来银行运 行态势看，信贷"开门红"相对温和，全年扩表仍将保持一定强度，叠加息差收窄压力同比缓释，将对利 息收入形成有力支撑，手续费也有望延续回暖态势，预估上市银行2026年营收增速小幅上修至2%附 近。经济发达地区的优质中小行信贷投放景气度更高、盈利能力更强。从估值角度看，银行板块"高股 息、低估值"属性再度凸显，"两会"临近有助于改善市场预期。 截至2026年2月26日 09:47，中证银行指数(399986)上涨0.31%，成分股民生银行上涨1.03%，江苏银行上 涨0.97%，南京银行上涨0.90%，沪农商行上涨0.72%，江阴银行上涨0.66%。银 ...

晨 会 纪 要 [2026]第 033 号 主 题：对近期重要经济金融新闻、行业事件、公司公告等进行点评 1 银行业（郭怡萍） 国家金融监管总局发布 2025 年四季度银行业主要监管指标数据情况。 商业银行盈利增速回正，净利润增速逐季提升。2025 年，商业银行净利润同比增长 2.3%， 年内净利润增速持续提升。分机构类型看，城商行和农商行净利润增速在低基数基础上实 现较快的利润增长，净利润增速分别达 12.9%和 4.6%。大型银行净利润增速持平为 2.3%， 股份制银行净利润增速则下降至-2.8%。商业银行资本利润率 7.78%，资产利润率 0.60%，均 较前值有所下降。其中，大型银行资产利润率保持在 0.67%，体现一定盈利能力韧性。 商业银行息差延续边际趋稳态势，支持提升核心盈利能力。四季度银行净利息收益率 1.42%，持平于三季度，二季度以来净息差整体保持稳定，有助于提升核心盈利能力。全年 来看，商业银行息差同比下降 11 BP，基本符合预期，其中城商行息差体现出较强的韧性， 同比仅下行 1 BP。商业银行非利息收入占比为 22.53%，较三季度继续下降，主要是债市波 动所致。 时 间：2026 ...

Investment Rating - The report assigns an "Accumulate" rating for the banking sector [5]. Core Insights - The report highlights that the Lunar New Year misalignment has disrupted the deposit growth rhythm, with a continued trend of personal fixed deposits migrating from small to large banks [2][4]. - On the asset side, credit growth continues to slow down, with a significant increase in short-term loans, particularly among large banks [4]. Summary by Sections Liabilities - The Lunar New Year misalignment has caused disturbances in deposit growth [3]. - Total deposits increased by CNY 3.5 trillion year-on-year, with demand deposits and fixed deposits increasing by CNY 2.5 trillion and decreasing by CNY 912 billion, respectively [5]. Assets - Total loans decreased by CNY 489.3 billion year-on-year, with large banks and small banks seeing decreases of CNY 213 billion and CNY 276.3 billion, respectively [4]. - Short-term loans increased by CNY 347.8 billion year-on-year, while medium and long-term loans decreased by CNY 377.2 billion [4]. - Large banks saw a year-on-year increase of CNY 419.7 billion in short-term loans, while small banks experienced a decrease of CNY 718 million [4]. Investment Recommendations - The report suggests focusing on three main lines for investment in the banking sector: 1. Identifying targets with expected performance growth, recommending banks like Ningbo Bank, China Merchants Bank, and Nanjing Bank [6]. 2. Emphasizing banks with convertible bond expectations, recommending Chongqing Bank and Changshu Bank [6]. 3. Continuing dividend strategies, recommending banks such as Bank of Communications and Jiangsu Bank [6].

站在"十五五"开局之年的历史节点，银行信贷的重点投向何处？如何进一步优化重点领域信贷支持？ 上海农商银行则通过因地制宜的区域特色化增信模式，用"质量贷"为上海市多个辖区推出专属子方案。 在以"科创中心重要承载区"为区域建设定位的杨浦区，该行与区市场监督管理局共同推进"质量融资增 信"金融服务，将企业国家级荣誉、技术专利及质量管理体系认证纳入信用评估体系，开辟专属绿色通 道，优化审批流程。截至2025年年末，上海农商银行"质量贷"已累计投放逾35亿元，覆盖超2000家质量 荣誉企业。 "近几年来，银行对于科技型企业的支持力度明显提升，但授信额度更多局限于以'专精特新'等称号为 评价标准的框架下。对于第二梯队的企业而言，容易出现融资额度跟不上研发投入的困局。"上海农商 银行杨浦支行相关负责人告诉记者，"印象最深的是，我们曾为区内某家成长期的优质企业放款，首笔 贷款是用于员工工资发放，当时客户规模还很小甚至存在亏损，但放款当年该公司就实现了扭亏为 盈。" 自2025年年底以来，中央经济工作会议、央行信贷市场工作会议等多个重要会议多次明确，要"加强对 扩大内需、科技创新、中小微企业等重点领域的金融支持"，为银行后续信 ...

站在"十五五"开局之年的历史节点，银行信贷的重点投向何处？如何进一步优化重点领域信贷支持？ 自2025年年底以来，中央经济工作会议、央行信贷市场工作会议等多个重要会议多次明确，要"加强对 扩大内需、科技创新、中小微企业等重点领域的金融支持"，为银行后续信贷资金流向立下了精准的"新 航标"。 近日发布的《上海市国民经济和社会发展第十五个五年规划纲要》（下称"上海'十五五'规划纲要"）明 确提出，要全力提高金融服务实体经济质效，加强对重大战略、重点领域、薄弱环节的金融服务，强化 金融政策和科技、产业等政策衔接配合，不断提升金融服务实体经济能力。 以上海本地银行业为样本，银行在信贷业务中扮演的角色正由传统的"信用中介"向"同行者"转变。站 在"十五五"开局之年的历史节点，银行如何深化重点领域信贷支持？ 重点领域：加强信贷 "近几年来，银行对于科技型企业的支持力度明显提升，但授信额度更多局限于以'专精特新'等称号为 评价标准的框架下。对于第二梯队的企业而言，容易出现融资额度跟不上研发投入的困局。"上海农商 银行杨浦支行相关负责人告诉记者，"印象最深的是，我们曾为区内某家成长期的优质企业放款，首笔 贷款是用于员工工资发 ...

分析师 1: 投资者大家好，我是浙商证券大金融组组长，银行和政策首席分析师杜晴川。今天我们就 我们刚刚发布的这个深度报告。减资还会增配银行股吗？我们进行一些那个观点汇报。接 下来，我先就我们这篇报告的核心观点做一个阐述。然后具体的相关的问题，由我们的这 个选你老师来汇报。我们的核心观点是，我们认为，就是险资增持银行股还是符合一个长 期趋势的。测算下来，预计 2026 年、2027 年，合计约有 4000 亿的这个险资资金会增 值银行股。时点上，我们预计 2026 年的二季度开始，这个配置动力可能会进一步增强。 在投资的观点上，我们认为，未来险资增持银行股还是可期的，所以继续看好银行股的这 个绝对收益的机会。当前这个时间，我们重点推荐的新动能组合。包括南京银行，这是我 们的年度金股，还有那个浦发银行、上海银行、玉龙商行和这个工商银行。接下来，我们 把时间交给我们的宣妮老师，她来详细的汇报我们那个关心的研究的几个问题。 徐安妮 浙商证券分析师: 那从期限匹配来看，配置高股息的一个资产是可以缓解寿险的一个期限错配的一个压力。 那可以看到，近年来，不少保险公司是将红利策略、高股息股票视为新的一个有机资产。 那把它放入 ...

权益类产品业绩表现亮眼 在今年以来已披露最新净值的1602只保险资管产品中，实现正收益的产品超九成。 分类型来看，固收类保险资管产品仍占据较多席位，业绩表现整体较为稳健，在1098只固收类产品中， 有1038只产品今年以来实现正收益；权益类保险资管产品有269只，今年以来有245只产品实现正收益； 混合类保险资管产品有220只，今年以来有195只产品实现正收益。 ● 本报记者 石诗语 Wind数据显示，截至2月24日，今年以来已披露最新净值的保险资管产品共有1602只，其中今年以来实 现区间正收益的产品占比高达93.2%。从产品类型看，权益类保险资管产品收益表现亮眼，有近20只产 品今年以来区间收益率超10%。展望后市，业内人士表示，保险资管机构将继续加强对科技创新、新质 生产力等重点领域优质上市公司的跟踪和挖掘。 截至2月24日，今年以来，区间收益率排名前10位的产品中有6只产品属于权益类，其余属于混合类。含 权类保险资管产品近期的高收益率主要得益于年初的市场回暖，具有一定的阶段性特征。其收益波动受 权益市场影响较大，2月以来随着部分板块的阶段性回调，含权类保险资管产品收益率也随之下行。 "今年年初，科技成 ...

Core Viewpoint - The A-share market experienced a positive start to the year, but bank stocks continued to be underperformers, reflecting ongoing concerns about credit quality and lending dynamics in the context of stable LPR rates and lower-than-expected credit growth [2][3][4]. Market Performance - On the first trading day of the year, the Shanghai Composite Index rose by 0.87% to 4117.41 points, while the Shenzhen Component increased by 1.36% and the ChiNext Index by 0.99% [3]. - The banking sector saw a decline of 0.24%, with more stocks falling than rising, indicating a divergence in performance compared to other sectors [3]. - The China Securities Banking Index has retreated nearly 16% from its peak in July 2022, contrasting with an 18% rise in the broader market during the same period [3]. Credit and Lending Dynamics - The latest financial data revealed that new RMB loans in January amounted to 4.71 trillion yuan, lower than the 5.13 trillion yuan recorded in January 2022, indicating a year-on-year decrease in credit growth [3][4]. - The social financing scale increased by 7.22 trillion yuan in January, with a notable decline in loans to the real economy, which increased by 4.9 trillion yuan, down by 317.8 billion yuan year-on-year [3][4]. Institutional Research Focus - Institutional interest in bank research has decreased compared to previous years, with 16 banks undergoing 63 institutional surveys in 2023, involving 467 institutions, compared to 20 banks and 92 surveys in the same period last year [6]. - Key areas of focus during these surveys included credit quality, liability management under margin pressure, capital replenishment plans, and asset quality outlook [6][7]. Future Outlook and Strategies - Analysts predict that the trend of prioritizing credit quality over quantity will become more pronounced in 2023, with significant attention on post-Spring Festival operational rhythms and consumer spending [4][5]. - Banks are expected to enhance their non-interest income sources, with strategies including the promotion of wealth management products and diversified capital replenishment channels to address ongoing profitability pressures [8][9].