Core Viewpoint - The AI fund, China Europe Dividend Enjoy Flexible Allocation Mixed A (004814), reported a profit of 660 million yuan for Q4 2025, with a weighted average profit per fund share of 0.1483 yuan, and a net value growth rate of 6.68% for the period [2]. Fund Performance - As of January 22, the fund's unit net value was 2.325 yuan, with a recent three-month net value growth rate of 9.05%, ranking 607 out of 1286 comparable funds [3]. - The fund's six-month net value growth rate was 22.06%, ranking 625 out of 1286, while the one-year growth rate was 54.66%, ranking 264 out of 1286 [3]. - Over three years, the fund achieved a growth rate of 68.17%, ranking 92 out of 1286 [3]. Risk and Return Metrics - The fund's Sharpe ratio over the past three years was 1.2202, ranking 37 out of 1275 comparable funds [8]. - The maximum drawdown over the past three years was 19.38%, with a ranking of 265 out of 1264 [10]. - The highest drawdown in a single quarter occurred in Q1 2020, at 19.96% [10]. Investment Strategy - The fund maintained an average stock position of 90.5% over the past three years, compared to a peer average of 72.57% [13]. - The fund's highest stock position was 93.74% at the end of Q1 2022, while the lowest was 79.19% in mid-2021 [13]. Fund Size and Holdings - As of the end of Q4 2025, the fund's total size was 9.938 billion yuan [15]. - The top ten holdings included major companies such as China Ping An, China Life, and Zijin Mining [18].

中经记者 秦玉芳 广州报道 近日，黄金价格再创历史新高，站稳4800美元高位。 随着国际金价持续高位震荡，商业银行频频发布贵金属交易风险提示公告，并上调积存金业务起购金 额。自2025年年初至今，多家银行已连续多次上调该业务门槛，普通起购金额普遍升至千元以上。 这一连串调整背后，既是金价上涨带来的自然结果，也反映出银行在波动市况下强化风险管理、落实投 资者适当性管理的主动应对。业内人士认为，当前黄金积存业务正经历产品定位再校准，从低门槛储蓄 替代品转向中风险投资品。预期2026年黄金价格高位震荡趋势加剧，而投资者对黄金资产配置的刚需趋 势仍将延续。在此背景下，投资者更需要审慎制定投资策略。 起投门槛普遍进入千元阶段 自2026年1月以来，不少银行发布贵金属交易风险提示，并上调黄金积存业务门槛。例如，工商银行 （601398.SH）如意金积存业务最低投资额（即积存起点金额）由1000元上调至1100元，按克数积存的 积存起点仍为1克；光大银行（601818.SH）黄金积存个人业务定期投资按固定金额投资起购金额由 1000元调整为1100元，追加金额为100元整数倍；宁波银行（002142.SZ）将积存金起购金额 ...

Core Viewpoint - The report highlights the performance and strategy of the FuGuo TianCheng Dividend Flexible Allocation Mixed Fund (100029) for Q4 2025, indicating a profit of 15.6978 million yuan and a net asset value growth rate of 2.96% during the quarter [2]. Fund Performance - As of January 22, the fund's unit net value was 1.018 yuan, with a three-month return of 5.18%, a six-month return of 8.87%, a one-year return of 20.48%, and a three-year return of -9.89% [3]. - The fund's Sharpe ratio over the past three years was -0.0978, ranking 1212 out of 1275 comparable funds [9]. - The maximum drawdown over the past three years was 31.26%, with the largest single-quarter drawdown occurring in Q1 2022 at 21.54% [11]. Fund Strategy and Holdings - The fund manager noted a balanced allocation strategy in Q4 2025, with a focus on stable dividend stocks and gradual increases in low-valued sectors such as travel, chemicals, and consumer goods [2]. - The average stock position over the past three years was 70.1%, compared to the industry average of 72.57% [14]. - As of Q4 2025, the fund's top ten holdings included Ningbo Bank, China Ping An, China Shenhua, China Pacific Insurance, Wens Foodstuff Group, Shaanxi Coal and Chemical Industry, Ping An Bank, Baosteel, China Southern Airlines, and Guokai Tiancheng [18]. Fund Size - The fund's total size as of the end of Q4 2025 was 535 million yuan [15].

| 项目 | 2025 年度 (未经审计) | 2024 年度 (经审计) | 增减变动幅度(%) | | --- | --- | --- | --- | | 营业收入 | 387.99 | 383.81 | 1.09 | | 营业利润 | 212.10 | 192.59 | 10.13 | | 利润总额 | 211.89 | 192.26 | 10.21 | | 归属于上市公司股东的净利润 | 190.30 | 169.83 | 12.05 | | 归属于上市公司股东的扣除非 经常性损益的净利润 | 188.33 | 167.62 | 12.36 | | 基本每股收益(元/股) | 2.66 | 2.74 | -2.92 | | 加权平均净资产收益率(%) | 14.65 | 16.00 | 下降 1.35 个百分点 | 营收、净利润增长分化，归母净利润超190亿元 1月23日，杭州银行发布2025年度业绩快报。财务数据显示，2025年，该行实现营业收入387.99亿元， 同比增长1.09%；其中，利息净收入275.94亿元，同比增长12.83%，手续费及佣金净收入42.07亿元，同 比增长13.10%；实 ...

Investment Ratings - Banking: Overweight (Maintain) [1] - Securities: Market Weight (Maintain) [1] - Insurance: Overweight (Maintain) [2] Core Insights - The report highlights that the financing leverage is being actively adjusted, with the insurance preset interest rate stabilizing. The recent increase in margin requirements from 80% to 100% aims to promote long-term healthy development in the current market environment [2][47]. - The report indicates that the average margin balance has exceeded 2.7 trillion yuan in recent trading days, reflecting an accelerated pace of leveraged funds entering the market [2][47]. - The insurance preset interest rate research value for Q4 2025 is 1.89%, with a buffer of 14 basis points before triggering a downward adjustment [3][48]. Summary by Sections Market Review - As of January 22, 2026, the banking, securities, and insurance indices have experienced declines of -5.20%, -2.43%, and -7.46%, respectively, while the CSI 300 index decreased by -0.29% [11]. - Among the sub-sectors, Changshu Bank (+4.14%), Pacific Securities (+3.35%), and China Life (-4.29%) showed the best performance [11]. Valuation Situation - As of January 22, 2026, the PB ratio for the banking sector is 0.70, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks having PB ratios of 0.75, 0.57, 0.69, and 0.61, respectively [21]. - The securities sector's PB valuation is 1.47, indicating potential for valuation recovery [25]. Recent Market Indicators - The 1-year MLF operation rate is 2.0%, with the 1-year and 5-year LPR at 3.0% and 3.50%, respectively [30]. - The average daily trading volume of A-shares is 26,971.78 billion yuan, showing a decrease of 21.33% compared to the previous week [36]. Industry News - The People's Bank of China has decided to lower the re-lending and re-discount rates by 0.25 percentage points to enhance the effectiveness of structural monetary policy tools [42]. - The China Insurance Industry Association held a meeting discussing the preset interest rates for life insurance products, confirming the current research value at 1.89% [42]. Company Announcements - Notable announcements include Ningbo Bank reporting a revenue of 71.968 billion yuan for 2025, a year-on-year increase of 8.01% [45]. - China Pacific Insurance reported a premium income of 258.115 billion yuan for 2025, reflecting an 8.1% growth [45]. Weekly Perspectives - The banking sector is advised to focus on regional banks with strong performance certainty, such as Ningbo Bank, Hangzhou Bank, and Changshu Bank [46]. - The securities sector is recommended to pay attention to firms with restructuring expectations, including Zheshang Securities and Guolian Minsheng [47]. - The insurance sector should focus on companies with leading premium growth, such as China Pacific Insurance and China Life [48].

股票研究 /[Table_Date] 2026.01.23 票 研 究 主动基金环比持平，被动基金增持 [Table_Industry] 商业银行 | [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： 25Q4 主动基金对银行持仓比例环比持平于 1.9%，被动基金持仓比例环比+1.6pct 至 7.0%，其中宁波银行、兴业银行、中国银行、建设银行等获主动基金增配。 25Q4 基金对银行持仓点评 投资要点： [Table_Summary] 2025 年四季度基金重仓持股情况披露（主动基金包括普通股票型、 偏股混合型、灵活配置型，被动基金包括被动指数型、指数增强型）： [Table_Report] 相关报告 商业银行《国有大行投放力度较大，不良压力或 企稳》20 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report provides a comprehensive analysis of 127 regional banks in Jiangsu Province, highlighting their asset and liability structures, profitability, and asset quality [6][18] - Jiangsu's regional banks have shown a significant increase in asset growth, with major city commercial banks growing at 19.4%, surpassing the growth of listed city commercial banks at 14.2% [24][26] - The report indicates that the loan-to-asset ratio for city commercial banks is projected to reach 48.4% in 2024, reflecting a gradual increase in lending activities [30] - Jiangsu's regional banks exhibit better return on assets (ROA) compared to listed banks, with city commercial banks outperforming by 16 basis points and rural commercial banks by 9 basis points [6][42] - The asset quality of Jiangsu's regional banks is superior to that of listed banks, with lower non-performing loan ratios and higher provision coverage ratios [6][42] Summary by Sections 1. Economic Structure of Jiangsu Province - Jiangsu Province is focusing on new industrialization and strategic emerging industries, with significant contributions from cities like Nanjing and Suzhou [13][14] 2. Overview of 127 Regional Banks in Jiangsu - The report categorizes the banks into city commercial banks, rural commercial banks, and others, with a total of 127 banks established between 2006 and 2015 [18][20] 3. Asset/Liability Structure - The asset growth of major city commercial banks is accelerating, while rural commercial banks are experiencing a decline in growth rates [24][26] - The loan-to-asset ratio for city commercial banks is expected to increase to 48.4% by 2024, indicating a shift towards more lending [30] 4. Profitability - Jiangsu's regional banks have a higher ROA compared to listed banks, with city commercial banks showing a 16 basis point advantage [6][42] 5. Asset Quality/Capital Levels - Jiangsu's regional banks maintain a lower non-performing loan ratio compared to listed banks, with city commercial banks having a 30 basis point lower ratio [6][42]

通过所选区间该基金净值增长率分位图，可以观察该基金与同类基金业绩比较情况。图为坐标原点到区间内某时点的净值增长率在同类基金中的分位数。 AI基金兴业国企改革混合A（001623）披露2025年四季报，第四季度基金利润241.87万元，加权平均基金份额本期利润0.0433元。报告期内，基金净值增长 率为1.67%，截至四季度末，基金规模为1.44亿元。 该基金属于灵活配置型基金。截至1月21日，单位净值为2.65元。基金经理是刘方旭，目前管理的4只基金近一年均为正收益。其中，截至1月21日，兴业睿 进混合A近一年复权单位净值增长率最高，达30.97%；兴业龙腾双益平衡混合最低，为9.16%。 基金管理人在四季报中表示，2026年一季度，A股市场有望延续震荡上行趋势。下一阶段，本基金将精选估值合理的价值类和顺周期类资产作为基础配置， 力争通过精选个股来实现稳定收益。 截至1月21日，兴业国企改革混合A近三个月复权单位净值增长率为1.42%，位于同类可比基金1074/1286；近半年复权单位净值增长率为8.07%，位于同类可 比基金986/1286；近一年复权单位净值增长率为15.52%，位于同类可比基金997/1 ...

Investment Ratings - Banking: Overweight (Maintain) [1] - Securities: Market Weight (Maintain) [1] - Insurance: Overweight (Maintain) [1] Core Insights - The financial indices for banks, securities, and insurance have shown declines of -5.20%, -2.43%, and -7.46% respectively, while the CSI 300 index decreased by -0.29% during the same period [11] - The report indicates a marginal decrease in social financing growth, with December 2025 seeing an increase of 2.21 trillion yuan, which is a year-on-year decrease of 0.65 billion yuan [44] - The report highlights that the recent adjustment of margin requirements from 80% to 100% aims to promote long-term healthy development in the securities market [46] - The insurance sector's research value for the standard life insurance product interest rate is at 1.89%, with a buffer of 14 basis points before triggering a downward adjustment [47] Summary by Sections Market Review - As of January 22, 2026, the banking sector ranked last among 31 industries, with a decline of -5.20% [11] - Notable performers include Changshu Bank (+4.14%) and Pacific Securities (+3.35%), while China Life Insurance saw a decline of -4.29% [11] Financing and Credit - In December 2025, corporate bonds contributed significantly to social financing, with a year-on-year increase of 1.7 billion yuan [44] - The report indicates a decrease in household loans, reflecting a need for further stimulation in consumer spending and real estate purchases [44] Securities Insights - The increase in margin requirements is expected to lower leverage levels and guide funds towards rational participation in the market [46] - The average margin balance has exceeded 2.7 trillion yuan, indicating an uptick in leveraged trading activity [46] Insurance Insights - The current interest rate for standard life insurance products is stable, with a potential downward adjustment threshold set at 1.75% [47] - The report suggests that the 10-year government bond yield is stabilizing, reducing the likelihood of triggering the downward adjustment mechanism in the short term [47] Investment Recommendations - For banks, the report recommends focusing on regional banks with strong performance, such as Chengdu Bank and Ningbo Bank [44] - In the insurance sector, companies like China Pacific Insurance and Ping An are highlighted for their growth potential [47] - In the securities sector, firms like Zheshang Securities and CITIC Securities are recommended due to their strong fundamentals and market positioning [46]

| 代码 | 名称 | | 涨幅%↑ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 601229 | 上海银行 | 1 | -2.30 | 1329亿 | -7.43 | | 601128 | 常熟銀行 | | -1.51 | 238亿 | 1.99 | | 601998 | 中信銀行 | 1 | -1.47 | 4107亿 | -4.16 | | 601166 | 兴业银行 | 1 | -1.40 | 4038亿 | -9.40 | | 002142 | 宁波银行 | 1 | -1.39 | 1921亿 | 3.56 | | 601838 | 成都银行 | | -1.26 | 664亿 | -2.85 | | 600000 | 浦发银行 | 1 | -1.13 | 3500亿 | -15.51 | | 600919 | 江苏银行 | 兼 | -1.12 | 1786亿 | -3.44 | | 601398 | 工商银行 | 1 | -1.10 | 25626亿 | -9.33 | | 600926 | 杭州银行 | 张 | -1.04 | ...