Group 1 - The core viewpoint of the article highlights the performance and adjustments of the fund managed by Zhu Shaoxing, with a net asset value of 22.484 billion yuan as of Q4 2025 [1] - The fund's performance during the reporting period shows a return of 1.12% for both the A/B and D classes, while the C class returned 0.91%, compared to a benchmark return of -0.09% across all classes [1][2] - The top ten holdings of the fund include notable companies such as Ningbo Bank, Jerry Holdings, CATL, and Kweichow Moutai, indicating a diversified investment strategy [1][2] Group 2 - Zhu Shaoxing's recent adjustments in the portfolio include a reversal on Zijin Mining, which was sold off in the first half of 2025 and repurchased in the second half, now ranking as the seventh largest holding [2] - The fund has reduced its exposure to the new energy vehicle sector, with companies like Luxshare Precision exiting the top ten holdings, while increasing its stake in CATL [2] - The analysis indicates that the current monetary policy remains accommodative, and the fiscal policy is actively supporting the market, leading to improved investor risk appetite [3] Group 3 - The A-share market is noted to have seen a significant increase in overall valuations, yet it remains within a reasonable range in a long-term cycle, suggesting continued attractiveness of equity assets [3] - The focus on selecting stocks with strong corporate governance and management is emphasized as a strategy for future value creation, aligning with the fund's growth-oriented investment approach [3]

Core Viewpoint - The report highlights the performance and asset allocation of the fund managed by Zhu Shaoxing, indicating a strategic shift in investment focus and a positive outlook on certain sectors amid a changing economic environment [1][3]. Fund Performance - As of the end of Q4 2025, the net asset value of the fund managed by Zhu Shaoxing is 22.484 billion yuan [1]. - The performance of various fund classes during the reporting period shows: - Fund Class A/B: 1.12% return, benchmark return: -0.09% - Fund Class C: 0.91% return, benchmark return: -0.09% - Fund Class D: 1.12% return, benchmark return: -0.09% [1]. Top Holdings - The top ten holdings of the fund include: 1. Ningbo Bank (002142.SZ) - 6.25% of net asset value 2. Jerry Holdings (002353.SZ) - 4.98% 3. CATL (300750.SZ) - 4.90% 4. Kweichow Moutai (600519.SH) - 4.90% 5. Chuanfeng Power (603129.SH) - 3.70% 6. Zhongchuang Zhiling (601717.SH) - 2.84% 7. Zijin Mining (601899.SH) - 2.53% 8. Ruifeng New Materials (300910.SZ) - 2.52% 9. Guocer Materials (300285.SZ) - 2.19% 10. Xugong Machinery (000425.SZ) - 2.05% [2]. Investment Strategy - Zhu Shaoxing indicates a clear adjustment in investment strategy, with a notable reversal in the position of Zijin Mining, which was sold off in the first half of 2025 and repurchased in the second half [2]. - The fund has reduced its holdings in the new energy sector, with companies like Luxshare Precision exiting the top ten holdings, while increasing its position in CATL during Q4 2025 [2]. - The report emphasizes a favorable economic outlook, with a focus on sectors such as communications, electronics, and non-ferrous metals, which are expected to perform well [3]. Market Outlook - The current A-share market is described as having risen in valuation but still within a reasonable range for long-term investment [3]. - The report suggests that equities remain attractive compared to other asset classes, and emphasizes the importance of selecting individual stocks with strong corporate governance and management to maximize future value creation [3].

平安证券研报指出，宁波银行2025年全年营业收入增速较25Q1-3回落0.3个百分点至8.0%，主要受净利 息收入影响，25年公司净利息收入同比增长10.8%（11.8%，25Q1-3），中收延续高增，盈利增速平 稳，宁波银行作为城商行的标杆，受益于多元化的股权结构、市场化的治理机制和稳定的管理团队带来 的战略定力，资产负债稳步扩张，盈利能力领先同业，在稳健资产质量护航下，夯实的拨备为公司未来 稳健经营和业绩弹性带来支撑。根据25年快报小幅上调公司盈利预测，鉴于公司市场化基因突出，长期 视角下的盈利能力、资产质量有望持续领先同业，维持"强烈推荐"评级。 ...

Core Viewpoint - Ningbo Bank is expected to achieve a revenue growth of 8.01% and a net profit growth of 8.13% in 2025, indicating a stable financial outlook for the company [1] Revenue and Profit Forecast - The revenue for Q4 2025 is projected to increase by 7.0% year-on-year, while the net profit is expected to rise by 7.3% [1] - The overall revenue and profit growth for Ningbo Bank in 2025 is anticipated to remain above 8% [1] Cost and Asset Quality - The cost-to-income ratio is expected to decrease by 2.8 percentage points year-on-year, indicating improved operational efficiency [1] - The non-performing loan ratio is expected to remain stable on a quarter-on-quarter basis, reflecting sound asset quality management [1] Business Strategy and Growth Drivers - The contribution of light capital business to revenue growth is significantly higher than the overall revenue growth rate, highlighting a strategic focus on efficient capital utilization [1] - There is a notable expansion in the number of corporate clients, and the bank maintains a comparative advantage in cross-border financial services [1] - The company's strategic direction is clear and effectively implemented, with expectations for a continued reduction in deposit costs in 2026 [1]

2026 年 01 月 23 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：72 分（较热） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -10 -5 0 5 10 15 20 25 30 (%) 沪深300 相关研究 | 1、《双融日报》2026-01-22 | | --- | | 2、《双融日报》2026-01-21 | | 3、《双融日报》2026-01-20 | ▌ 华鑫市场情绪温度指标：（较热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 72 分，市场情绪处于"较热"。历史市场情绪趋势变化可参 考图表 1 ▌ 热点主题追踪 今日热点主题：商业航天、银行、消费 1、商业航天主题：埃隆·马斯克正积极推进 SpaceX 的 IPO 计划，目标在今年 7 月前完成。作为行业标杆，其上市预期 极大地提振了全球市场对整个商业航天赛道的关注与信心。 另外，低轨轨道和频谱资源遵循"先占先得"的国际规则。 数据显示，可用轨位空间已十分紧张，中国已申请超 20 万颗 卫星的轨道频率，这直接倒逼各国加快卫星制造与发射节奏 以抢占资源 ...

Group 1: Commercial Aerospace - The Chinese commercial aerospace sector is entering a new phase aimed at large-scale launches and commercial closed-loop systems, with significant breakthroughs expected in rocket capacity over the next 3 to 5 years [1] - By 2025, China's commercial aerospace is projected to complete 50 launches, accounting for 54% of total space launches, with 25 commercial rockets launched and 311 commercial satellites in orbit, representing 84% of total satellites [1] - The capital market for commercial aerospace companies is accelerating, with several leading firms preparing for IPOs, including Blue Arrow Aerospace and Zhongke Aerospace [1] Group 2: Public Fund Performance - The latest public fund reports reveal that the top ten holdings include companies like Zhongji Xuchuang, Ningde Times, and Tencent, with notable increases in holdings for companies like Zhongji Xuchuang, which saw an increase of 22.602 billion yuan [2] - The automotive industry is facing cost pressures due to rising prices of memory chips and metals, impacting supply chain dynamics and competition [2] Group 3: Biopharmaceutical Industry - Over 50 biopharmaceutical companies have disclosed their 2025 performance forecasts, with nearly 50% showing positive expectations, particularly in the CXO sector, where WuXi AppTec anticipates a revenue increase of approximately 15.84% [3] - The biopharmaceutical industry is expected to enter a new phase of high-quality development as structural reforms and supportive policies continue to evolve [3] Group 4: Fundraising and Market Trends - The public fund market has seen a resurgence, with several equity funds raising over 7 billion yuan, indicating a positive trend in active equity fund performance [4] - The Shanghai Suiruan Technology Co., Ltd. has received approval for its IPO, aiming to raise 6 billion yuan for product development and business expansion [5] Group 5: Aluminum Market - The aluminum market has shown strong performance, with prices rising over 12% since mid-December 2025, supported by favorable macroeconomic conditions and demand for aluminum in various applications [6] - The copper-aluminum price ratio exceeding 4 suggests a potential shift towards aluminum in sectors like air conditioning, indicating new demand growth [6] Group 6: Banking Sector - Five listed banks have reported a year-on-year increase in net profit for 2025, with improvements in non-performing loan ratios for three banks [9] - The banking sector is expected to maintain stable performance, supported by improved funding costs and a potential stabilization of net interest margins [9] Group 7: Chemical Industry - The chemical industry is experiencing positive performance, with over 60% of companies reporting improved earnings, driven by rising prices of certain chemical products [10] - The DOP market is expected to maintain upward momentum due to strong raw material prices and limited supply, indicating a stable support for pricing [10]

Group 1 - As of January 22, 2025, five listed banks in A-shares have reported their preliminary performance for the year, showing an overall increase in net profit attributable to shareholders compared to 2024 [1] - Among these banks, three have reported a decrease in non-performing loan (NPL) ratios compared to the end of 2024 [1] - Shanghai Pudong Development Bank (SPDB) reported a revenue of 173.96 billion yuan, a year-on-year increase of 1.88%, and a net profit of 50.02 billion yuan, up 10.52% [1] - CITIC Bank and Industrial Bank reported revenues of 212.48 billion yuan and 212.74 billion yuan, with net profits of 70.62 billion yuan and 77.47 billion yuan, reflecting year-on-year growth of 2.98% and 0.34% respectively [1] - Ningbo Bank and Su Nong Bank also reported positive growth, with Ningbo Bank's revenue at 71.97 billion yuan (up 8.01%) and net profit at 29.33 billion yuan (up 8.13%), while Su Nong Bank's revenue was 4.19 billion yuan (up 0.41%) and net profit was 204.3 million yuan (up 5.04%) [1] Group 2 - Ningbo Bank disclosed its revenue structure, reporting net interest income of 53.16 billion yuan (up 10.77%) and net fee and commission income of 6.09 billion yuan (up 30.72%) [2] - All five listed banks have shown steady growth in total assets, with SPDB and CITIC Bank both surpassing 1 trillion yuan in total assets, reaching 1.008 trillion yuan and 1.013 trillion yuan respectively, marking increases of 6.55% and 6.28% from 2024 [2] - Industrial Bank's total assets reached 1.109 trillion yuan, up 5.57%, while Ningbo Bank's total assets grew by 16.11% to 363 billion yuan, and Su Nong Bank's total assets increased by 8% to 231.1 billion yuan [2] - In terms of asset quality, SPDB, CITIC Bank, and Su Nong Bank reported declines in NPL ratios, with ratios of 1.26%, 1.15%, and 0.88% respectively, while Ningbo Bank's NPL ratio remained stable and Industrial Bank's increased by 0.01 percentage points [2] Group 3 - The banking industry is expected to maintain stable performance in 2025, supported by significant improvements in funding costs, which are likely to stabilize net interest margins and boost interest income [3] - Analysts predict that the growth rates of revenue and net profit for listed banks in 2025 will improve compared to the first three quarters of 2025, driven by stable net interest margins and declining credit costs [3] - SPDB noted a significant decrease in interest costs, leading to a stabilization of net interest margins, while Ningbo Bank benefited from a 33 basis point drop in deposit interest rates, resulting in substantial growth in interest income [3] - The effects of previous reductions in deposit rates are expected to continue into 2026, helping to improve funding costs and reduce pressure on net interest margins, indicating a potential recovery phase [3]

本报记者 杨洁 今年以来，机构投资者密集调研上市中小银行。据《证券日报》记者梳理，截至目前，年内已有杭州银行、宁波银行、齐 鲁银行、青岛银行、青农商行、苏州银行、紫金银行等7家上市中小银行累计接待机构调研20次。 调研内容显示，信贷投放、资产质量、息差管理等话题备受关注。从各家银行答复来看，中小银行的战略路径正分化为两 大清晰主线：一是向内夯实以息差与资产质量为核心的经营基本盘，二是向外探索以区域禀赋与中间业务为突破的增长新动 能。 向内求"稳" 宁波银行方面表示，鉴于当前再融资的监管政策要求，内源性资本将为公司发展创造更大的价值。该行将一如既往地努力 提升业绩，保持内源性资本的稳健增长。 上海金融与法律研究院研究员杨海平对《证券日报》记者表示，机构投资者已不再满足于表面数据，而是深入探究银行在 战略执行、负债管理、风险抵御和资本内生等方面的真实能力。 "虽然规模增速仍重要，但业内共识已转向'盈利质量大于规模增速'。"薛洪言表示，这源于行业环境已变，单纯规模扩张 难以为继。 向外求"破" 筑牢高质量发展基石 当前，包括保险、基金、证券、信托等在内的机构投资者频频调研中小银行，在业内人士看来，其核心驱动因素在于 ...

AI基金银华混改红利灵活配置混合发起式A（005519）披露2025年四季报，第四季度基金利润60.81万元，加权平均基金份额本期利润0.0232元。报告期内， 基金净值增长率为2.07%，截至四季度末，基金规模为2927.46万元。 截至12月31日，基金近三年夏普比率为-0.3303，位于同类可比基金1257/1275。 该基金属于灵活配置型基金。截至1月21日，单位净值为1.156元。基金经理是贲兴振，目前管理7只基金。其中，截至1月21日，银华稳健增长一年持有期混 合近一年复权单位净值增长率最高，达26.8%；银华汇利灵活配置混合A最低，为3.01%。 基金管理人在四季报中表示，本产品坚持低波红利策略选股。我们会在自己的低波红利选股策略框架内，不断完善方法论，争取获得相对于基准的持续稳定 超额。 截至1月21日，银华混改红利灵活配置混合发起式A近三个月复权单位净值增长率为-1.78%，位于同类可比基金1217/1286；近半年复权单位净值增长率 为-4.18%，位于同类可比基金1261/1286；近一年复权单位净值增长率为5.95%，位于同类可比基金1169/1286；近三年复权单位净值增长率为-28 ...

Core Viewpoint - Ningbo Bank emphasizes a differentiated business strategy to adapt to changing operating environments and accumulate comparative advantages for high-quality development [1] Group 1: Business Strategy - The company aims to deepen its operational focus to promote sustainable growth [1] - It seeks to strengthen its professional operations to solidify core advantages [1] Group 2: Technological Transformation - The bank is accelerating its technological transformation to empower management and operations [1] Group 3: Risk Management - The company is committed to maintaining a risk baseline to ensure stable operations [1]