为落实"十五五"规划关于"增强国内大循环内生动力和可靠性"的战略部署，贯彻执行河南省"深入实施 消费促进行动、充分释放消费潜力"的工作安排，郑州银行多措并举，全面激发城乡消费潜能。一方 面，主动衔接国家和地方"推动消费品以旧换新"等促消费政策，优化在住房改善、新能源汽车、绿色智 能家电、数码产品升级等消费领域的信贷支持政策，适度降低消费信贷成本，提升金融服务消费的便利 性与可及性。另一方面，积极助力郑州、洛阳建设国际消费中心城市和消费创新载体，金融支持核心商 圈能级提升、特色商业街区培育及城乡"一刻钟便民生活圈"建设，为全省社会消费品零售总额持续稳步 增长提供强有力的金融助推。依托数字化能力提升，郑州银行致力于整合"支付-信贷-权益"全链条服务 资源，促进消费场景与金融服务深度融合，支持培育具有中原文化特色的消费品牌与新业态，充分释放 城乡多层次、多样化消费活力，为服务构建新发展格局、增强经济内生动力注入金融能量。 针对中小微企业长期存在的融资渠道有限、成本负担较重等现实挑战，郑州银行深入贯彻中央经济工作 会议"坚定不移坚持'两个毫不动摇'"的重要精神，积极响应河南省"推动'万人助万企'活动提质增效、强 化专 ...

2月3日，招商银行发布公告称，为进一步优化客户服务体验，减少不必要的短信打扰，自2026年3月16 日起，该行将优化账户变动短信通知服务。调整后，对未开通账户变动短信通知服务的客户，该行将不 再发送单笔5000元（含）以下的经人行大小额系统汇入汇款交易通知短信。 若客户希望及时掌握账户变动情况，可通过招商银行App、个人银行PC版或网点渠道办理账户变动短信 通知服务，或通过招商银行App开通免费消息中心功能。 当前，招商银行APP显示，一卡通短信通知服务收费标准为"3元/月/卡"。定制该服务后，当月费用，次 月扣收。65岁(含)以上老年客户、借记卡卡等级为金葵花及以上客户、当月客户账户无变动(账户结息、 个人业务相关管理费用扣除的除外)、已签约开立的特定账户(包括退休金账户、低保账户、医保账户、 失业保险账户)免收相应费用。 免费动账短信通知正在逐步"消失"，多家银行相继上调门槛金额。 2025年以来，多家银行相继上调动账提醒短信起点金额至100-500元不等，起点金额以下交易将不再有 短信通知。自2026年3月16日起，招商银行（600036）更是将不再发送单笔5000元（含）以下的交易通 知短信，招行Ap ...

今年以来，理财公司持续布局下沉市场，苏银理财、宁银理财、民生理财等理财公司均新增多家地方中 小银行为代销机构。 业内人士认为，监管要求非持牌机构存量产品于2026年底前清零，一方面推动中小银行向代销转型，另 一方面为理财公司提供了新的增长空间。随着理财代销渠道的持续拓展，三、四线城市及县域市场将成 为"必争之地"，理财公司可从产品、服务等方面打造差异化竞争优势。 多家理财公司 新增地方中小银行为代销机构 2月5日，苏银理财发布公告称，因业务需要，旗下部分开放式理财产品新增江苏句容农商行为销售机 构。1月，宁银理财宣布新增溧水农商行、郑州银行（002936）、承德银行等为代销机构，渝农商理财 新增新疆农商行为代销机构，徽银理财新增日照银行为代销机构，民生理财新增江苏民丰农商行为代销 机构。 拉长时间来看，近年来，理财公司密集布局下沉市场。例如，兴银理财目前合作代销机构约380家，包 含浙江、江苏、广西等多地城农商行；杭银理财逾270家合作机构也覆盖了重庆、福建、江苏、四川等 多地城农商行。 【导读】下沉市场成"必争之地"，银行理财打造差异化竞争优势 "2024年6月，监管部门要求未成立理财公司的中小银行在202 ...

Investment Rating - The report maintains a "Recommended" investment rating for the insurance sector, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [19]. Core Insights - The insurance index decreased by 0.73% this week, outperforming the broader market by 0.6 percentage points. Individual stock performances varied, with Ping An increasing by 0.22% and China Life decreasing by 4.53% [1]. - The report highlights that the long-end interest rates remain stable, and the equity market is active, suggesting potential for significant growth in the investment sector in the first half of the year. The insurance sector is expected to achieve high double-digit growth in new policies this year [3][4]. - The report indicates that the new business value for the insurance industry is projected to maintain a double-digit growth trend, primarily driven by the transformation of dividend insurance [3]. Summary by Sections Market Performance - The insurance index's performance this week was a decline of 0.73%, with Ping An showing a slight increase of 0.22% while other companies like China Life and Zhong An experienced declines of 4.53% and 7.09%, respectively [1]. Regulatory Updates - The Financial Regulatory Bureau has revised the "Bank and Insurance Institution License Management Measures," effective June 1, 2026, which will apply to insurance institutions [2]. Premium and Claims Data - In 2025, the total premium for the auto insurance sector is expected to reach approximately 996.37 billion yuan, marking a year-on-year growth of 2.99%. Claims settled are projected to be around 622.46 billion yuan, with a growth of 4.06% [2]. Company Actions - Ping An increased its stake in China Life H shares by 10.12%, acquiring 10.89 million shares at a price of 33.2588 HKD per share, totaling approximately 362 million HKD [2]. Valuation Metrics - The report provides PEV valuations for various insurance companies, indicating that China Life has a PEV of 0.91x, while Ping An stands at 0.81x. The report suggests that PEV valuations are expected to recover towards 1x [3][4].

来源：东西财经 "港交所权益披露显示，弘康人寿于2026年1月29日减持郑州银行H股（06196.HK）1217万股，减持价格 1.359港元，涉及金额约1654万港元。减持后，弘康人寿持有郑州银行H股4.15亿股，持股比例由22%以 上降至20.56%，仍位列重要机构股东。" 此次是弘康人寿保险股份有限公司（以下简称"弘康人寿"）在2025年密集增持、四次举牌郑州银行H股 后进行的减持操作，打破市场持续加仓预期。在业内看来，弘康人寿此次减持既是缓解自身集中度与流 动性压力的被动选择，也是对郑州银行低分红、治理不稳、资产质量偏弱的谨慎再评估。郑州银行则处 于"高管补位缓慢、经营企稳但压力仍存、风险缓释进程慢、分红争议无解"的过渡期。 01 从集中举牌到减持 按照时间线梳理，弘康人寿对郑州银行H股的布局集中在2025年中期。6月起连续增持。 6月27日，以每股1.2068港元增持1600万股，耗资1930.88万港元，持股比例从4.75%升至5.55%，首次触 发举牌； 6月30日，再以每股1.1804港元增持2300万股，投资2714.92万港元，持股比例达6.68%； 7月16日，弘康人寿再度增持郑州银行H ...

风向标 国常会：研究促进有效投资政策措施 保险行业 政策监管：金融监管总局：2026年6月1日起保险机构适用金融许可证 行业信息：排行榜丨净利再创新高是喜是忧？"泰康系"、中信保诚大增，信批机构数量再降，15险企"常胜"，亏损险企数降至十家 机构要闻：财险业第一黑马现身！百亿保费，净利跨越近30亿，长线看申能财险的绿色保险突围之路 人事变动："80后"董事长上任！保费破百亿，利润破纪录，陆家嘴国泰人寿将帅"老少"组合如何再创辉煌？ 险资股权：中国平安增持国寿寿险H股1089.5万股，持股比例增至10.12% 人物观点：原保监会副主席魏迎宁：寿险高质量发展的核心在于服务国家积极应对人口老龄化等战略 上风向 1.【国常会：研究促进有效投资政策措施】2月6日，国务院总理李强主持召开国务院常务会议。会议指出，促进有效投资对于稳定经济增长、增强发展后 劲具有重要作用。要创新完善政策措施，加力提效用好中央预算内投资、超长期特别国债、地方政府专项债券等资金和新型政策性金融工具。要结合制定 实施"十五五"规划，着眼于长远发展需要和构筑未来竞争优势，在基础设施、城市更新、公共服务、新兴产业和未来产业等重点领域，深入谋划推动一批 ...

Core Viewpoint - Hongkang Life, which heavily invested in Zhengzhou Bank's H-shares six months ago, has begun to reduce its holdings due to a significant decline in the bank's stock price and low dividends, raising questions about the rationale behind such short-term trading by a long-term capital investor [1][20][21]. Group 1: Trading Activity - On January 29, Hongkang Life reduced its holdings by 12.17 million shares, decreasing its ownership from 21.16% to 20.56% [3][23]. - The average selling price on January 29 was HKD 1.359 per share, while the opening price that day was HKD 1.13 [5][24]. - Hongkang Life had previously increased its holdings in September 2025, buying 450.4 million shares and 1.1 million shares shortly before the recent sell-off [3][24]. Group 2: Dividend Issues - Zhengzhou Bank is known as a "stingy" bank, having not paid dividends from 2020 to 2023, which led to inquiries from the China Securities Investor Services Center regarding its lack of cash dividends [26]. - In 2024, Zhengzhou Bank announced a cash dividend of RMB 0.20 per 10 shares, totaling RMB 182 million, which ranked last among 42 A-share listed banks in terms of dividend payout ratio [9][29]. - The bank's dividend yield is currently only 1.04%, significantly below the industry average [11][32]. Group 3: Stock Performance - Zhengzhou Bank's stock price has dropped over 24% from its peak of HKD 1.48 in July 2025 to HKD 1.12 [12][35]. - The stock has been on a downward trend since last year, which has contributed to Hongkang Life's decision to sell its shares [1][21]. Group 4: Management Changes - Zhengzhou Bank appointed its first female president, Li Hong, in November 2024, following a significant turnover in its management team [15][36]. - Several high-ranking officials, including assistant presidents and vice presidents, have resigned in early 2025, indicating instability within the management [15][39]. - The current management team includes Li Hong as president, with a focus on improving the bank's performance amid these changes [18][41].

站在历史节点回望，郑州银行始终与河南省同频共振，把自身发展写进"中原更加出彩"的时代答卷，这 份"扎根"的执着，是它穿越周期、茁壮成长的深厚根基。从黄河之畔到金融潮头，从国内首家"A+H"股 上市城商行到规模7435亿元，多年来，郑州银行始终坚守服务本土实体经济的本源，在特色化经营、差 异化发展的道路上，走出了一条与国家战略同向、与地方经济共生、与人民福祉相连的高质量发展之 路。 "十五五"时期将是河南省扬长补短、全面崛起的关键阶段。郑州银行将切实把思想和行动统一到国家和 河南省决策部署上来，通过 "党建入章"固根本、"双向进入"强融合、"三重一大"严把关，确保金融服务 始终沿着正确政治方向前进，与河南强化金融领域党建引领的要求高度契合。 作为本土法人银行，服务全省发展大局是郑州银行义不容辞的责任。全行上下强化责任担当，围绕建设 现代化产业体系、乡村全面振兴等要求，找准金融服务的切入点和着力点，推动各项决策部署不折不扣 落地见效。 担当足 润泽万物的"实干之路" 在中原沃野这片孕育希望的热土上，让金融"活水"化作精准滴灌的春雨，滋养区域经济高质量发展的参 天大树，是时代赋予金融豫军的必答题。如何将量的积累转化 ...

精耕小微金融，纾解市场主体融资困境 针对小微企业长期面临的融资难、融资贵、融资慢的问题，郑州银行坚决贯彻中央经济工作会议"切实 坚持'两个毫不动摇'"的指示精神，积极响应河南省"深化'万人助万企'活动专业化效能"的工作要求，深 入践行"十五五"规划"充分激发各类经营主体活力"的政策理念。该行打造贯穿企业初创、成长、成熟全 周期的综合金融服务方案，持续完善小微企业融资对接协调机制，常态化推进"深入千企万户"走访调研 活动，切实掌握企业经营实况与发展诉求，提供"一对一"定制化支持方案。 同时，郑州银行还综合运用信用贷款、无还本续贷、供应链金融等多种融资手段，有效化解企业短期资 金周转难题。此外，郑州银行主动对接《河南省推动民营经济高质量发展行动计划》相关部署，紧 扣"两毫不动摇"要求，精准匹配民营经济发展金融需求，进一步降低融资条件与综合成本，疏通产业链 资金循环堵点，为全省众多中小商户与经营主体输送发展动力，切实发挥金融在稳定市场信心、增强发 展预期方面的核心功能。 拓展民生金融领域，增强人民群众获得感 在服务民生改善、满足城乡居民需求方面，郑州银行坚持以零售业务变革为引领，全面遵循"十五五"规 划"坚持以人民 ...

Macro and Strategy - The macroeconomic review indicates that Shenzhen's GDP is expected to grow by 5.5% in 2025, with foreign trade increasing by 1.4% despite a decline in exports due to a high base in 2024 [7] - The A-share market is projected to see a 10% profit growth in 2026, driven by cost reductions and the rise of new economy sectors outpacing traditional sectors [8][10] Industry and Company - The North Exchange saw a significant increase in trading activity in January 2026, with a total of 292 listed companies and a market capitalization of 936.3 billion yuan, reflecting a 7.7% increase [11] - The electric power equipment industry is expected to benefit from strong domestic demand and overseas expansion opportunities, particularly in high-voltage direct current (HVDC) technology [14][15] - Yum China reported a 22% year-on-year increase in net profit for Q4 2025, with total revenue reaching $2.823 billion, driven by a 34% increase in delivery sales [19][21] Investment Recommendations - Focus on high-voltage direct current and smart meter sectors, recommending companies like Pinggao Electric and XJ Electric for their growth potential [17] - Anticipate continued overseas expansion for Chinese companies in the electric power sector, suggesting attention to companies like Sifang Co. and Mingyang Smart Energy [17]