2026 年 2 月 27 日 总量研究 节后表现值得期待 ——2026 年 3 月 A 股及港股月度金股组合 要点 2 月 A 股港股出现分化 2月A股主要指数涨多跌少，行业端分化明显，综合、建筑材料、国防军工涨幅 居前。受市场情绪积极、风险偏好维持高位等因素影响，2月（截至26日），A 股主要指数大多出现上涨，其中中证1000涨幅最大，2月份累计上涨了2.9%，而 科创50跌幅最大，累计下跌了1.6%。 2月港股市场出现回调。2月受外围市场波动、市场情绪回落等因素影响，港股 市场整体走势偏震荡。截至2026年2月26日，恒生香港35、恒生指数、恒生综合 指数、恒生中国企业指数、恒生科技的涨幅分别为3.9%、-3.7%、-3.8%、-5.4%、 -10.6%。 A股观点：表现值得期待，把握成长与顺周期两条主线 未来将进入到经济数据与政策验证阶段，市场表现值得期待。在春节之后，市场 交易热度会出现季节性回升，奠定了未来市场表现的基础。同时，未来一个月市 场将进入到密集的数据与政策验证期。1、2 月份的一系列经济金融数据将会逐 步披露，奠定市场对于全年经济的基础预期。总体来看，3 月份权益市场机会仍 然大于风险 ...

3月8日，2026南京银行南京北岸马拉松（原浦口马拉松）即将在南京青奥体育公园盛大起跑！十年之约，北岸启航！ 现在关注"南京银行发布"官方公众号，在留言区晒出你往年参加马拉松赛事的轨迹图，并配上对本次2026南京银行南京北岸马拉松的祝福和期待。留言区 点赞前15位的粉丝，即有机会免费获得（半马/全马）参赛资格，获取名额将通过官号予以回复并私信提示。 活动时间：即日起——2026年2月28日16:00 赛事信息 规模扩容，名额更多：赛事总规模升级至20000人，马拉松、半程马拉松各10000人，让更多跑者从容出发，奔赴"宁"的北岸。 从浦口到北岸，从初遇到相守，南京银行五载同行，守护每一份奔跑的热爱。十年赛事蜕变，我们见证了跑者的突破与欢笑，也助力着赛事的专业与温 暖。 3月8日，南京青奥体育公园，南京银行与你相约2026南京银行南京北岸马拉松，共赴这场十年之约，用脚步丈量美好，以奔跑致敬热爱！ 财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：钟离 路线焕新，PB无压力：今年起终点均设在南京青奥体育公园，沿途河滨路、城南河路、滨江大道笔直开阔，一路邂逅壮阔江景、浦口火车站文艺街区、 江北研创园科创地标等 ...

Core Viewpoint - Nanjing City has officially released twelve specific measures to optimize the business environment, emphasizing the importance of financial support for local enterprises like Huada Technology [1] Group 1: Company Overview - Huada Technology is a leading enterprise in China's integrated circuit packaging and testing industry and a key player in Nanjing [1] - The company has maintained a long-term partnership with Nanjing Bank, which has provided various financial services to support its growth [1] Group 2: Financial Support and Growth - Nanjing Bank's comprehensive credit line for Huada Technology has increased from 20 million yuan to 300 million yuan, demonstrating significant support for the company's daily operations and business expansion [1] - The bank has also issued a 100 million yuan working capital loan to Huada Technology's affiliated company, further enhancing financial support for production expansion and efficiency [1] Group 3: Future Initiatives - Nanjing Bank plans to respond to the city's call for improving the business environment by enhancing financing convenience, deepening cross-sector services, and promoting technological empowerment [1] - The bank aims to meet the development needs of enterprises and project construction, contributing to the optimization of the business environment and promoting high-quality development in the city [1]

宁波银行迎来重要人事变动。 2月26日晚间，宁波银行发布公告，当日，该行召开董事会会议，选举庄灵君担任公司第九届董事会董 事长，同意聘任冯培炯为该行行长，二者的任职资格尚待监管部门核准，宁波银行原董事长陆华裕到龄 退休。 庄灵君出生于1979年7月，长期就职于宁波银行，是该行内部培养起来的干部，2019年10月起担任宁波 银行副行长，晋升高管行列，2022年4月起任宁波银行行长。 目前，A股上市银行中年龄最小的董事长为青农商行梁衍波，其出生于1978年8月，庄灵君上任后，将 刷新这一记录。 2005年，陆华裕升任宁波银行董事长后，至今已任职21年，期间主导落地了宁波银行增资扩股、IPO上 市、零售业务转型等多项重要举措。 宁波银行最新业绩快报显示，截至2025年年末，该行资产总额达到3.62万亿元，居国内城商行前列。 2025年，该行实现营业收入719.68亿元，同比增长8.01%；归母净利润293.33亿元，同比增长8.13%。 准"80后"庄灵君出任董事长 此外，宁波银行董事会同意聘任冯培炯为该行行长，其任职资格也有待监管核准。 庄灵君是宁波银行内部成长起来的干部，其出生于1979年7月，本硕均毕业于四川 ...

最新报告显示，红利低波ETF华泰柏瑞（512890）前十大重仓股涨跌不一。截止午盘，沪农商行涨 0.60%，陕鼓动力涨0.60%，南京银行涨0.45%，长沙银行涨0.31%，华润江中涨0.20%，平安银行涨 0.09%；上海银行跌0.10%，格力电器跌0.16%，中粮糖业跌0.70%，民生银行收平。 | 股票名称 | 持仓市值(元) | 持仓数日 | 相对上期增减 | 占股票市值比 | 占基金净值比 | | --- | --- | --- | --- | --- | --- | | 上海域行 | 781,920,204,20 | 77,417,842 | | 2.95% | 2.92% | | 南京银行 | 747.012.347.73 | 65.355.411 : | 32.82% | 2.82%1 | 2.79%1 | | 平安银行 | 712.313.669.13 | 62,428,893 | | 2.69% | 2.66% | | 沪农商行 | 704,494,571.34 | 75,833,646 | | 2.66% | 2.63% | | 中粮瘦业 | 690,549,838_78 | 40,12 ...

Core Viewpoint - The recent appreciation of the Renminbi (RMB) against the US dollar has led to significant losses for investors who opted for high-yield US dollar deposits, as the currency exchange rate changes have overshadowed the interest earnings [1][2][3]. Group 1: Currency Market Dynamics - The onshore and offshore RMB exchange rates have strengthened post the Spring Festival, with the US dollar to RMB hitting lows of 6.8310 and 6.82665 respectively [1]. - Investors who previously bought US dollar deposits under the "high interest + exchange rate difference" logic are now reassessing their returns, often finding that interest earned does not cover exchange rate losses, leading to capital depreciation [1][2]. - The RMB deposit rates have fallen to the "1" range, while US dollar deposits were initially attractive with rates above 3% to 4% [1][4]. Group 2: Investor Experiences - Many investors have reported losses, with one individual noting a loss of 7,000 yuan after investing in US dollar deposits, highlighting a common sentiment of unexpected losses due to currency fluctuations [2]. - Another investor, who purchased 50,000 USD at an exchange rate of 7.23, received 2,250 USD in interest but faced a loss when converting back to RMB due to the appreciation of the RMB [2][5]. - The overall trend shows that many investors are seeking alternative sources of yield in a low-interest environment, leading to increased interest in US dollar deposits [2]. Group 3: Bank Strategies and Offerings - Despite the losses faced by some investors, banks continue to promote US dollar deposit products, with rates around 3% for one-year deposits and some promotional rates reaching up to 3.7% [4]. - The interest rate for RMB deposits has been declining, with major banks offering rates of 1.10% for one-year deposits, creating a persistent interest rate differential that attracts investors to US dollar deposits [4]. - Banks are using US dollar deposits as a tool for differentiated asset gathering, especially during key periods, while managing exchange rate risk [4][5]. Group 4: Future Outlook on Currency and Deposits - The ongoing appreciation of the RMB raises questions about the future value of US dollar deposits, with analysts suggesting that returns will increasingly depend on interest rates rather than exchange rate movements [6][7]. - The RMB has maintained a strong appreciation trend, with macroeconomic factors contributing to this shift, including a global move away from the US dollar and improvements in the international balance of payments [6][7]. - Analysts caution that the logic behind investing in US dollar deposits should focus on asset allocation rather than short-term gains, emphasizing the importance of understanding currency risks [7].

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]

2026年以来，离岸人民币多次逼近6.8水平，稳稳居于"6"时代。 春节假期刚过，外汇市场掀起一轮新的讨论热潮。 在岸、离岸人民币汇率节后连续走强，2月26日，美元对人民币、美元对离岸人民币盘中分别最低触及 6.8310、6.82665。伴随人民币快速走强，此前在"高息+汇差"逻辑下买入美元存款的投资者，开始集中 复盘自己的收益账本，结果让不少人意外：利息未必能覆盖汇率损失，甚至出现本金缩水。 在人民币定存利率已普遍降至"1"字头的背景下，美元存款一度以3%~4%以上的票面利率成为市场焦 点。但当汇率逆转，这笔看似稳妥的"高息"配置，正显露其背后的波动风险。 有人一年亏掉利息还倒贴本金 "跟风存美元，没想到直接亏了7000元。"一位投资者在社交平台上的留言，引发大量共鸣。有的人晒收 益，有的人晒亏损，更多的人在反思：为何买入"高息"美元存款后，到期后反而亏了？ 乐乐（化名）告诉记者，2025年初，她以约7.23的汇率购入5万美元，办理了年利率4.5%的一年期美元 定期存款。那时，人民币定存利率已跌至"1"字头，而美元定存利率仍处于高位。"利差摆在那儿，感觉 不配点美元都说不过去。" 一年后，她如约拿到2250 ...

Core Insights - After the Spring Festival, banks are experiencing a surge in deposits as individuals and businesses return funds to the banking system, creating a significant growth period for deposits [2][10] - To capitalize on this influx, many banks are shifting their marketing strategies from traditional deposit attraction to asset management, launching campaigns like "Asset Allocation Gifts" to enhance retail AUM (Assets Under Management) [2][5] Group 1: Marketing Strategies - Recent marketing activities by banks focus on "asset allocation" rather than solely increasing deposit interest rates, with various banks offering rewards linked to the increase in financial assets held by customers [3][11] - For example, Ping An Bank's "Asset Allocation Surprise" campaign rewards customers for increasing their holdings of recommended financial products within a week [3][11] - Agricultural Bank of China's "Asset Enhancement Gift" program incentivizes customers to increase their average financial assets, with rewards based on the amount of increase [4][12] Group 2: Industry Trends - The first quarter is viewed as a critical period for banks to achieve strong performance for the year, leading to a preference for "asset allocation gifts" over simple interest rate hikes due to the low and declining deposit rates [5][13] - The shift towards asset management is driven by the need to enhance non-interest income and to adapt to the challenges posed by market interest rate liberalization [6][14] - Banks are increasingly focusing on retail AUM as a strategy to deepen customer relationships and prevent funds from flowing to other financial institutions or capital markets [6][14] Group 3: Customer Engagement - Banks face the challenge of retaining funds after promotional activities end, emphasizing the need for long-term customer relationship management rather than short-term marketing tactics [7][15] - Recommendations for banks include enhancing the professionalism of asset allocation services, improving customer education, and developing a tiered customer management system to provide differentiated products and services [7][15] - Strengthening digital operations and focusing on brand reputation are also crucial for maintaining customer loyalty beyond promotional incentives [7][15]

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 ...