详解 2025 年理财年度报告： 规模稳步增长，增配现金类资产 评级： 增持（维持） 分析师：戴志锋 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 分析师：邓美君 执业证书编号：S0740519050002 Email：dengmj@zts.com.cn 分析师：陈程 执业证书编号：S0740525110001 Email：chencheng07@zts.com.cn 基本状况 上市公司数 42 行业总市值(亿元) 146,116.35 行业流通市值(亿元) 139,898.72 报告摘要 相关报告 业绩增速有望稳中向好，资产质量持 续优化》2026-02-08 贷款 5.1-5.25 万亿元，社融增速为 8.3%》2026-02-07 门 红 奠 定 全 年 业 绩 稳 健 基 调 》 2026-01-31 银行 证券研究报告/行业点评报告 2026 年 02 月 09 日 风险提示事件：经济下滑超预期，经济恢复不及预期，数据更新不及时。 请务必阅读正文之后的重要声明部分 理财产品存续规模为 33.29 万亿元，同比增长 11.2%，全年合计增量为 3.34 万亿 ...

Group 1 - Chengdu Bank executed a block trade of 1.8237 million shares on February 9, with a transaction value of 30.0363 million yuan, accounting for 6% of the total trading volume for the day [1] - The transaction price was 16.47 yuan, which remained stable compared to the market closing price of 16.47 yuan [1]

证券研究报告 金融 交投回落，战略加配优质金融 华泰研究 2026 年 2 月 08 日│中国内地 行业周报（第六周） 投资机会方面证券>保险>银行。市场波动加大，上周 A 股日均成交额 2.4 万亿元，周环比-21%；融资余额连续 6 个交易日下滑。央行等八部门发布 《关于进一步防范和处置虚拟货币等相关风险的通知》，禁止在境内开展现 实世界资产代币化活动，并严格监管境内主体赴境外开展相关业务活动。年 初至今保险板块中的弹性组合表现优于稳健组合，显示市场在交易保险股的 β属性。央行信贷市场工作会议提出要落实好结构性货币政策工具增量政 策，加强与财政政策协同。齐鲁银行披露业绩快报，营收增速较前三季度提 升，利润保持同比高增，资产质量持续优化。 子行业观点 1）证券：上周 A 股日均成交额 2.4 万亿元，周环比-21%；融资余额连续 6 个交易日下滑。前期涨幅较高的资产明显回落，市场风格切换，看好券商板 块高性价比机会。2）保险：在市场波动率加大的背景下，投资者可能需要 降低风险偏好，关注稳健标的。3）银行：央行信贷市场工作会议提出要落 实好结构性货币政策工具增量政策，加强与财政政策协同。齐鲁银行披露业 绩快报 ...

Investment Rating - The industry rating is "Buy" [4] Core Views - The trade return ratio has turned positive again, and the service trade deficit has significantly narrowed [16][18] - The cross-border capital flow is expected to gradually return, positively impacting domestic liquidity [5][19] - The service trade deficit for December 2025 was 966 billion CNY, a year-on-year decrease of 466 billion CNY, with a full-year deficit of 13,760 billion CNY, down 2,544 billion CNY, approximately 16% [18] Summary by Sections 1. Current Observation - The State Administration of Foreign Exchange (SAFE) released data on China's international balance of payments for December 2025, indicating a potential impact on the central bank's willingness to settle foreign exchange [16] - The trade return ratio is at a historical high, with a monthly unconverted trade net outflow of 447 billion CNY, a year-on-year increase of 1,392 billion CNY [17] 2. Arbitrage Trading Returns - The arbitrage trading return rate for 10Y US Treasury bonds in CNY has dropped significantly to -1.77%, indicating a shift in cross-border capital dynamics [17] 3. Service Trade Deficit - The service trade deficit has narrowed significantly, with major contributions from improved policies for foreign visitors, reduced international shipping costs, and enhanced competitiveness in high-tech services [18] 4. Cross-Border Liquidity Outlook - Despite the recent appointment of Kevin Warsh as the next Federal Reserve Chair, the trend of cross-border capital return is expected to continue, influenced by the Fed's monetary policy stance [19][21] - The short-term liquidity in the US remains tight, with limited space for balance sheet reduction, while long-term prospects depend on economic performance [20][21]

利润增速保持强劲，资产质量连续七年优化 齐鲁银行(601665) 齐鲁银行 2025 年业绩快报点评 | [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 | [Table_Industry] 商业银行/金融 | [Table_Invest] 评级： | 增持 | | --- | --- | | [Table_Target] 目标价格(元): | 7.43 | | | | 齐鲁银行业务规模保持较快增长，同时主动加强负债成本管控，净息差同比改善， 资产质量持续向好，打开信用成本下行空间，利润增速快于同业。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- ...

2025年5月，中国人民银行将科技创新与技术改造再贷款额度由5000亿元提升至8000亿元。为抢抓这一 重大政策窗口期，中国人民银行四川省分行联动绵阳市分行，与成都、绵阳两地相关主管部门共同组建 工作专班，建立跨部门政策协同推进机制。通过召开多轮专题推进会，动态开展政策适用研判与信息共 享，确保政策红利快享直达。在工作推进过程中，专班聚焦两地电子信息、装备制造、生物医药、先进 材料等特色优势产业，组织开展多场政策宣讲与银企对接，强化融资对接引导。同时，大力优化政策落 地流程，推动金融机构提前介入、全程参与项目筛选和推荐，并同步优化审批机制，创新实施"容缺办 理"等服务模式，显著提升了项目成熟度、可落地性和资金使用效率。统计数据显示，截至2025年11月 末，两项政策工具已精准引导金融机构为成绵两地名单内超400家企业（项目）提供158亿元贷款，有力 助推了产业升级与发展。 服务创新：构建金融服务新体系 为提升科技企业融资服务的效率和可得性，中国人民银行四川省分行联动绵阳市分行，以"先行先试"引 导金融机构开展产品与服务模式联动创新，构建跨区域科技金融服务体系。在具体实践中，支持农业银 行在成绵两地同步试点以" ...

推动西部（成都）科学城和中国（绵阳）科技城协调联动、优势互补是落实国家高水平科技自立自 强战略，实施"四化同步、城乡融合、五区共兴"部署的重要举措，也是构建"极核引领、次级支撑、竞 相发展、片区协同"区域发展新格局的重要抓手。 中国人民银行四川省分行以成都绵阳科技金融协同创新为突破口，从机制共建、政策协同、服务创 新、平台共享四方面扎实推进区域金融一体化发展，2025年成绵两地科技贷款新增突破千亿元，贷款增 量占四川全省比重超60%。 机制共建：构建常态化联动新格局 《金融时报》记者了解到，为凝聚成绵科技金融协同发展合力，中国人民银行四川省分行与绵阳市 分行建立了科技金融直联协同机制，形成"省级统筹、市级联动、协同推进"的工作格局。在政策谋划 上，该机制推动成绵两地在政策互认与规划衔接上取得突破，相关工作被同步纳入两市金融发展规划； 在政策执行上，通过将协同创新工作纳入科技金融服务效果评估体系、运用金融机构主要负责人会议等 专项会议部署等方式强化协同督导，为两地科技金融协同发展提供了坚实的机制保障。 服务创新：构建金融服务新体系 为提升科技企业融资服务的效率和可得性，中国人民银行四川省分行联动绵阳市分行，以" ...

Core Viewpoint - The banking sector experienced significant gains on February 5, with multiple banks reaching new highs and notable percentage increases in their stock prices [1]. Group 1: Stock Performance - Xiamen Bank's stock price reached 7.93, marking a 9.99% increase, the highest since June 2021 [2]. - Chongqing Bank's stock rose to 11.00, reflecting a 6.80% increase [2]. - Shanghai Bank and Nanjing Bank saw increases of over 4%, with prices at 9.78 and 11.23 respectively [2]. - Other banks such as Yuzhong Rural Commercial Bank and Ningbo Bank also experienced gains, with increases of 3.62% and 3.25% respectively [2].

Core Viewpoint - The A-share market has seen significant gains in bank stocks, with notable increases in share prices for several banks, indicating positive market sentiment towards the banking sector [1]. Group 1: Stock Performance - Xiamen Bank experienced a maximum increase of 9.99%, reaching a total market capitalization of 20.9 billion [2]. - Chongqing Bank rose by 7.18%, with a market value of 38.4 billion [2]. - Shanghai Bank's shares increased by 4.38%, bringing its market capitalization to 139 billion [2]. - Nanjing Bank saw a rise of 3.90%, with a total market value of 138.5 billion [2]. - Yunnan Rural Commercial Bank increased by 3.31%, with a market capitalization of 74.5 billion [2]. - Ningbo Bank's shares rose by 3.25%, reaching a market value of 216.1 billion [2]. - Qilu Bank increased by 2.95%, with a market capitalization of 36.5 billion [2]. - Hangzhou Bank's shares rose by 2.91%, bringing its market value to 120.4 billion [2]. - Jiangsu Bank saw an increase of 2.36%, with a total market capitalization of 191.2 billion [2]. - Changsha Bank's shares rose by 2.38%, with a market value of 39.8 billion [2]. - Zhangjiagang Bank increased by 2.19%, reaching a market capitalization of 1.14 billion [2]. - Chengdu Bank's shares rose by 2.05%, with a total market value of 69.5 billion [2]. Group 2: Year-to-Date Performance - Xiamen Bank has a year-to-date increase of 8.04% [2]. - Chongqing Bank's year-to-date performance is up by 3.56% [2]. - Shanghai Bank has seen a year-to-date decline of 3.17% [2]. - Nanjing Bank's year-to-date performance is down by 2.01% [2]. - Yunnan Rural Commercial Bank has a year-to-date increase of 4.89% [2]. - Ningbo Bank has the highest year-to-date increase at 16.52% [2]. - Qilu Bank's year-to-date performance is up by 3.31% [2]. - Hangzhou Bank has a year-to-date increase of 8.70% [2]. - Jiangsu Bank's year-to-date performance is up by 3.41% [2]. - Changsha Bank has a year-to-date increase of 2.06% [2]. - Zhangjiagang Bank's year-to-date performance is up by 1.97% [2]. - Chengdu Bank has a year-to-date increase of 1.67% [2].

Core Viewpoint - The A-share market for banks showed a contrary upward trend, with several banks experiencing significant gains on February 5, 2023, despite broader market conditions [1]. Group 1: Stock Performance - Xiamen Bank saw an increase of 6.38%, with a total market capitalization of 20.2 billion [2] - Chongqing Bank rose by 4.17%, with a market cap of 37.3 billion [2] - Ningbo Bank increased by 3.31%, with a market value of 216.3 billion [2] - Shanghai Bank also rose by 3.31%, with a market cap of 137.5 billion [2] - Nanjing Bank increased by 2.97%, with a market capitalization of 137.2 billion [2] - Qilu Bank rose by 2.78%, with a market cap of 36.4 billion [2] - Hangzhou Bank increased by 2.54%, with a market value of 120 billion [2] - Yuhuang Agricultural Commercial Bank rose by 2.36%, with a market cap of 73.8 billion [2] - Shanghai Rural Commercial Bank increased by 2.28%, with a market value of 82.4 billion [2] - Jiangsu Bank rose by 2.06%, with a market cap of 190.7 billion [2] Group 2: Year-to-Date Performance - Ningbo Bank has the highest year-to-date increase at 16.59% [2] - Xiamen Bank has a year-to-date increase of 4.50% [2] - Qilu Bank shows a year-to-date increase of 3.14% [2] - Hangzhou Bank has a year-to-date increase of 8.31% [2] - Jiangsu Bank shows a year-to-date increase of 3.11% [2]