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 ...

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]

转自：证券时报 | | | | 部分海外机构调研股 | H | | | --- | --- | --- | --- | --- | --- | | 代码 | i前杯 | 外资机构 | 2025年度归母净 | 年初以来融 | 总市值 | | | | 调研家数 | 利润预计同比增 | 资净买入 | (亿元) | | | | | 长下限 (%) | (亿元) | | | 002373 | 干方科技 | 1 | 扭亏 | 1.15 | 201.95 | | 688521 | 芯原股份 | 14 | 減5 | 4.86 | 1166.41 | | 605358 | 立昂微 | 2 | 減5 | 1.12 | 287.42 | | 688525 | 佰维存储 | 2 | 427.19 | 11.05 | 843.64 | | 300476 | 胜宏科技 | 2 | 260.35 | 0.83 | 2310.78 | | 600983 | 惠而浦 | 1 | 150.00 | 0.00 | 83.39 | | 688213 | 思特威-W | 26 | 149.00 | 2.06 | 404.20 | | 301035 | ...

Group 1: Banking Sector Performance - The first batch of 2025 performance reports from listed banks has been released, with eight banks including China Merchants Bank and Huatai Bank reporting positive growth in net profit attributable to shareholders, with seven of them achieving both revenue and net profit growth [6][7] - Key characteristics observed among these banks include steady asset expansion, improved asset quality with no significant increase in non-performing loan ratios, and increased provisioning efforts despite a decline in coverage ratios [7] - The outlook for 2026 suggests that benefiting from monetary policy, the decline in interest margins is expected to stabilize, potentially leading to a rebound in net interest income growth, while insurance policies are anticipated to boost fee income [7] Group 2: Fiscal and Monetary Policies - The Ministry of Finance has released five important fiscal and financial policies aimed at stimulating economic growth, including optimizing personal consumption loan subsidies and implementing special guarantees for private investment [8][9] - These policies are designed to lower financing costs across various sectors, enhance credit demand in key areas, and improve the efficiency of fund utilization, thereby injecting strong momentum into the economy [9][10] - The government emphasizes a combination of proactive fiscal policies and moderately loose monetary policies to support high-quality development and address challenges in the economy [8] Group 3: Regulatory Developments - The China Securities Regulatory Commission (CSRC) has announced the addition of 14 futures and options products as specific domestic varieties, marking a significant step in the internationalization of China's futures market [11] - This expansion is the largest in history, with the total number of specific domestic varieties reaching 38, and aims to enhance China's pricing power in global markets [11] - The CSRC's recent actions reflect a zero-tolerance approach towards market manipulation, as evidenced by a substantial fine of 1.02 billion yuan imposed for long-term stock price manipulation [12] Group 4: Global Economic Outlook - The International Monetary Fund (IMF) has slightly raised its global economic growth forecast for 2026 to 3.3%, reflecting resilience despite challenges such as trade disruptions [13] - Emerging markets and developing economies are expected to maintain growth rates above 4.0%, while advanced economies are projected to grow at 1.8% and 1.7% in 2026 and 2027, respectively [13]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002142 | 宁波银行 | 30.29 | 4.52% | 77.89万 | | 23.56亿 | | 600926 | 杭州银行 | 15.58 | 1.96% | 116.22万 | | 18.06亿 | | 616009 | 江苏银行 | 9.83 | 1.03% | 175.92万 | | 17.25 亿 | | 6000000 | 南京银行 | 10.45 | 0.97% | 91.84万 | | 9.62亿 | | 601838 | 成都银行 | 15.77 | 0.57% | 36.81万 | | 5.80亿 | | 601665 | 齐鲁银行 | 5.56 | 0.36% | 56.99万 | | 3.17亿 | | 600928 | 西安银行 | 3.70 | 0.27% | 25.92万 | | 9559.51万 | | 601577 | 长沙银行 | 9.39 | 0.21% | 17.24万 | | 1. ...

为了厘清本次纠纷，记者联系了宁波银行相关负责人。该负责人表示，虽然该投诉人注销了抖音"放心 借"账户，但是其贷款额度的有效期限是截止到2026年8月。"(银行)严格按照客户签署的《征信查询及 提供授权书》，是没有问题的。"该负责人还强调，截至目前，宁波银行未收到客户或平台传输的注销 额度申请，因此在额度有效期间，正常进行"贷后管理"查询。但同时，该负责人也表示，上述流程确实 容易导致客户"误解"。 尽管投诉人不愿"现身说法"，宁波银行也否认银行自身存在违规问题。但这一纠纷还是尖锐地揭示了当 前征信业务中的一些问题——金融机构的系统性风控逻辑与消费者个体感知的业务终止状态之间，存在 着巨大的认知与信息鸿沟。 银行的查询依据，或许是内部尚未及时更新的数据，抑或是与第三方平台之间复杂合作合同中延续的授 权条款；而消费者则认为，账户注销即意味着业务关系与查询授权的彻底终结。消费者与银行的各执一 词，暴露出机构在"合法、正当、必要"查询原则执行上的弹性与模糊性。 那么，商业银行在用户完成账户注销操作后，依旧以"授信额度存在"为由，持续发起征信查询的行为， 究竟是否合理？ 在接受央视网记者采访时，上海金融与发展实验室首席 ...

主题分享环节，宁波银行总行机构业务部常务副总经理柴姿发表《数智赋能・链通全球：宁波银行海外 财资中心助力机电外贸韧性增长》专题演讲，围绕海外财资中心服务与机电外贸企业需求的精准契合点 展开分享，深度剖析海外财资中心服务与机电外贸企业需求的精准契合点，获得现场企业广泛认可。 1月22日，第十九届中国机电产品进出口商会企业年会在北京亮马河饭店顺利召开。作为机电外贸领域 的年度盛会，本次活动由中国机电产品进出口商会主办，汇聚了超600名行业精英，宁波银行受邀参会 并与商会成功签署战略合作协议，为后续深度合作奠定坚实基础。 本次年会以"新格局、新动能、新路径"为主题，聚焦全球产业链调整背景下的机电外贸发展新机遇，邀 请到商务部、国家外汇管理局等部委领导，以及中国世界贸易组织研究会首席专家、中国宏观经济研究 院原副院长等行业专家深度解读"十五五"规划与外贸政策、中美经贸博弈走向及全球贸易格局发展趋 势，为行业发展定向领航。 参会人员主要来自政府机构、国央企、龙头民企及国际组织。政府层面，全国多省市商务局、贸促会负 责人齐聚；企业层面，中煤科工、葛洲坝、中国电气装备、上海电气、中兴通讯等央国企，徐工集团等 行业龙头，以及 ...

Market Overview - On January 26, A-shares saw a collective decline with the Shanghai Composite Index down 0.09%, Shenzhen Component down 0.85%, and ChiNext down 0.91%. The total market turnover approached 3.3 trillion yuan, an increase of nearly 200 billion yuan compared to the previous trading day [2] - Despite the overall decline, over 1,600 stocks rose, with more than 70 stocks hitting the daily limit up. The precious metals, mining, jewelry, and minor metals sectors performed well, while aerospace, computer equipment, electronic chemicals, electrical machinery, auto parts, semiconductors, and communication equipment sectors faced significant declines [2] Market Sentiment and Fund Flows - There was a notable outflow from broad-based ETFs, with a cumulative net outflow of approximately 450 billion yuan over the past two weeks. The outflow from broad-based ETFs exceeded 570 billion yuan, with over 320 billion yuan net outflow from the CSI 300-related ETFs [6] - The US dollar index experienced a significant drop, falling below 97, which heightened risk-averse sentiment among investors. This led to a surge in international spot gold prices, which surpassed 5,000 USD per ounce for the first time [7] Sector Performance - The banking and insurance sectors showed strength, with the insurance index rising over 2%, and notable gains from companies like New China Life Insurance and Ningbo Bank [9] - The oil and gas sector saw significant gains, with China National Offshore Oil Corporation rising over 5% and both China Petroleum and China Petrochemical rising over 4%. This was influenced by a winter storm in the US that caused natural gas prices to spike [11] Company-Specific News - Yanghe Distillery's stock price fell sharply following a poor earnings forecast for 2025, projecting a net profit of 2.116 to 2.524 billion yuan, a decline of 62.18% to 68.30% compared to the previous year [12][13] - The company also revised its dividend policy, reducing the expected cash dividend from over 7 billion yuan to approximately 2 billion yuan due to the anticipated drop in earnings, which has raised concerns among investors about the sustainability of dividends [15]

中收增速超 30%，活期存款新增占比高达 70% 宁波银行(002142) 宁波银行 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 | 本报告导读： 展望 2026 年，宁波银行有望继续在四个维度实现基本面与业绩双改善：信贷高增 长、以综合化经营优势沉淀活期存款、发挥财富管理及国际结算优势推动中收增长、 优化资产布局减轻信用成本压力。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 61,585 | 66,631 | 72,223 | 80,024 ...