中国经济网北京1月7日讯 南京银行(601009.SH)今日股价收报11.11元，跌幅1.77%。今日，银行 板块跌0.52%，南京银行为该板块跌幅最大的上市公司。 (责任编辑：徐自立) ...

作者：金融界研究院院长陈国汪 发展新质生产力，推动科技金融发展，需要适应科创企业自身特点，开创新的风险评估模式。技术流风 险评估是银行针对科创企业"轻资产、重技术、高成长"特征，以"创新能力与成长性"为核心，替代传 统"抵押物+财务指标"的差异化风控范式，通过量化技术要素、构建多维模型、联动外部数据，实现对 科创企业全生命周期风险的精准评估与动态管理。这种模式与传统现金流评估模式存在较大差异，需要 不断探索与实践。 两种模式的异同点及融合趋势 银行对科创企业的技术流评估与对传统企业的现金流评估，是两种适配不同客群风险特征的授信评估范 式，核心差异在于评估导向（未来成长 vs 历史业绩），但底层目标、风控逻辑存在共性。 （一）两种评估模式的主要差异 技术流评估模式，针对科创企业 "轻资产、重技术、高成长、弱现金流" 的特征，以技术创新能力、成 长性、商业化潜力为核心，通过量化专利、研发投入、团队实力、技术成熟度等 "非财务指标"，评估 企业未来价值与信贷风险的评估模式。核心逻辑是 "以未来成长能力覆盖信贷风险"。 现金流评估模式，针对传统企业 "重资产、稳现金流、低成长" 的特征，以历史财务表现、现金流稳定 性 ...

Core Viewpoint - The appointment of Chief Compliance Officers (CCOs) in banks is a response to increasing regulatory demands, aiming to enhance compliance management and integrate it into business processes [1][2]. Group 1: Appointment of Chief Compliance Officers - Zhangjiagang Rural Commercial Bank appointed Wu Kai as its Chief Compliance Officer, marking a trend where over ten banks have made similar appointments [1]. - In December 2025 alone, several banks, including Ping An Bank and Industrial Bank, approved the hiring of CCOs [1]. - The rapid appointment of CCOs aligns with the implementation of the "Financial Institutions Compliance Management Measures," which mandates the establishment of CCO positions at the headquarters of financial institutions [2]. Group 2: Responsibilities and Challenges - CCOs are expected to take on more responsibilities, including the formulation and supervision of compliance policies, ensuring that all business activities adhere to regulatory frameworks [5]. - There is a concern that an increase in executive positions may burden banks, particularly smaller financial institutions [2]. - Many currently appointed CCOs are existing senior executives, which helps mitigate potential operational burdens [3]. Group 3: Recruitment Trends - Some banks, such as Jiangxi Bank and Shangrao Bank, have publicly announced recruitment for CCO positions, indicating a proactive approach to compliance management [4].

Core Insights - The retail wealth management competition among banks has intensified at the beginning of the new year, with various financial institutions launching "Asset Enhancement Gifts" activities aimed at increasing retail AUM (Assets Under Management) by incentivizing users to optimize their asset allocation [1][3] Group 1: Retail AUM Competition - Multiple banks, including Agricultural Bank of China and Nanjing Bank, have introduced activities that reward users for increasing their financial assets, with incentives such as points and discounts [3][4] - Agricultural Bank's program allows users to participate in a lottery based on their financial asset growth from December 2025 to January 2026, with asset tiers starting from 100,000 yuan to over 6 million yuan, offering rewards ranging from 5,200 points to 2.4 million points [3] - Nanjing Bank targets premium customers with dual activities that reward asset increases and diversified product holdings, offering up to 80,000 points per month [4] Group 2: Trends in Wealth Management - The competition has shifted from product sales to a focus on comprehensive asset management and customer-centric services, indicating a transformation in retail banking strategies [5] - Key trends include a transition from interest margin-driven models to those focused on asset management fees, with AUM becoming a critical measure of retail competitiveness [5] - Digital operational capabilities are increasingly important, with banks utilizing online activities to engage and activate long-tail customers [5] Group 3: Long-term Service Capabilities - Retail AUM is a key indicator of a bank's ability to attract and manage personal wealth, reflecting the overall strength of its retail banking operations [6] - Major banks like China Merchants Bank and Ping An Bank have reported significant growth in retail AUM, with China Merchants Bank managing approximately 16.6 trillion yuan, an increase of 1.7 trillion yuan or 11.19% year-on-year [6] - Bank leaders emphasize the need to adapt wealth management strategies to focus on customer needs and build a robust service ecosystem [7] Group 4: Sustainable Growth Mechanisms - To achieve sustainable growth in retail AUM, banks must move beyond short-term promotional activities and focus on systematic capacity building [8] - Strategies include enhancing customer segmentation and management, improving investment research capabilities, and fostering channel collaboration to create a comprehensive operational system [8]

Core Insights - The retail wealth management competition among banks has intensified, with various financial institutions launching promotional activities to enhance asset management scale (AUM) [1][3] - The focus has shifted from short-term promotional activities to establishing long-term mechanisms for boosting retail AUM, which is crucial for sustainable growth [1][6] Group 1: Retail AUM Competition - Multiple banks, including Agricultural Bank of China and Nanjing Bank, have introduced the "Asset Enhancement Gift" campaign, offering rewards for users who increase their financial assets by specific thresholds [3][4] - Agricultural Bank's campaign allows users to win rewards based on their asset increases, with thresholds starting from 100,000 to over 6 million yuan, incentivizing users to optimize their asset allocation [3][4] - Nanjing Bank targets higher-tier clients with dual activities that reward asset increases and diversified product holdings, showcasing a trend towards engaging existing customers and attracting new funds [4][5] Group 2: Trends in Wealth Management - The competition in wealth management has evolved from product sales to a focus on comprehensive asset management and customer-centric services, indicating a significant shift in banking strategies [5][6] - Key trends include a transition from interest margin-driven models to those focused on asset management fees, with AUM becoming a critical metric for retail competitiveness [5][6] - Digital operational capabilities are increasingly important, as banks leverage online activities to engage and activate long-tail customers effectively [5][6] Group 3: Long-term Service Capabilities - Retail AUM serves as a key indicator of a bank's ability to attract and manage personal wealth, reflecting the overall strength of its retail banking operations [7][8] - Major banks, such as China Merchants Bank and Ping An Bank, have reported significant growth in retail customer numbers and AUM, indicating a strong focus on wealth management services [7][8] - Bank leaders emphasize the need to transition from product-centric approaches to customer-oriented strategies, enhancing service ecosystems to better meet client needs [8][9] Group 4: Building Sustainable Growth Mechanisms - To achieve sustainable growth in retail AUM, banks must move beyond short-term promotional strategies and focus on systematic capacity building [8][9] - Strategies include refined customer segmentation, enhanced investment research capabilities, and the integration of online and offline channels to improve customer engagement [8][9] - Leveraging data and technology is essential for driving precise marketing and service delivery, ultimately creating a comprehensive operational system that supports long-term client relationships [8][9]

Core Viewpoint - The retail wealth management competition among banks has intensified at the beginning of the new year, with various financial institutions launching promotional activities to enhance asset management scale (AUM) by incentivizing users to optimize their asset allocation [1][3]. Group 1: Retail AUM Competition - Multiple banks, including Agricultural Bank of China and Nanjing Bank, have initiated the "Asset Enhancement Gift" campaign, offering tiered rewards to encourage users to increase their financial assets [3][4]. - Agricultural Bank's campaign allows users to participate in a lottery based on their average financial assets from January 2026 compared to December 2025, with rewards ranging from 5,200 to 2.4 million points based on asset tiers [3][4]. - Nanjing Bank targets premium customers with dual campaigns, rewarding them for asset increases and diversified product holdings, with potential rewards of up to 80,000 points monthly [4]. Group 2: Trends in Wealth Management - The competition in wealth management has shifted from product sales to comprehensive management of customer financial assets, reflecting a transformation in retail banking strategies [5]. - Key trends include a transition from interest margin-driven models to those focused on asset management fees, with AUM becoming a critical measure of retail competitiveness [5]. - The focus has moved from comparing single product yields to evaluating customer-centric asset allocation and lifecycle service capabilities [5]. Group 3: Long-term Service Capability - Retail AUM is a key indicator of a bank's ability to attract and manage individual customer wealth, with several banks reporting growth in retail customer numbers and AUM [7]. - For instance, China Merchants Bank reported a retail customer base of 220 million and an AUM of approximately 16.6 trillion yuan, reflecting an 11.19% increase year-on-year [7]. - Banks are encouraged to shift from product promotion to asset allocation assistance, enhancing their service ecosystems to better meet customer needs [8]. Group 4: Sustainable Growth Mechanisms - To achieve sustainable growth in retail AUM, banks must move beyond short-term promotional strategies and focus on systematic capability development [8]. - Strategies include deepening customer segmentation, enhancing investment research capabilities, and fostering channel collaboration to improve customer engagement [8][9]. - Leveraging data and technology for precise marketing and service delivery is essential for creating a comprehensive operational system that supports long-term customer relationships [8].

Core Viewpoint - The A-share banking sector is expected to maintain a positive outlook for 2026, driven by stable performance and increased dividend attractiveness, despite a slower growth rate compared to 2024 [3][4][9]. Group 1: Annual Report Disclosure - Ping An Bank will be the first to disclose its 2025 annual report on March 21, marking the second consecutive year it leads in this regard [1]. - A total of 42 A-share listed banks will disclose their annual reports, with 10 banks, including major state-owned banks, reporting on March 31, 2026, which is the highest number for a single day [3]. Group 2: Market Performance - The banking sector index rose by 12.05% in 2025, underperforming the CSI 300 index, which increased by 17.66% [3]. - The total market capitalization of 42 banks exceeded 15 trillion yuan, an increase of approximately 2.1 trillion yuan from the end of 2024 [3]. - Agricultural Bank of China had the highest stock price increase at 52.66%, followed by Xiamen Bank and Shanghai Pudong Development Bank with increases of 35.78% and 24.56%, respectively [3]. Group 3: Investment Drivers - The strong performance of the banking sector in 2025 was supported by both liquidity and fundamental factors, including inflows from passive index funds and insurance investments [4]. - Over 500 shareholders increased their stakes in A-share listed banks, with a total investment of 93.96 billion yuan in 2025 [6]. - Nanjing Bank led in shareholder increases with 7.378 billion yuan [7]. Group 4: Future Outlook - Analysts predict that 2026 will see stable bank performance due to a recovering real economy and high dividend yields, making bank stocks attractive [9][10]. - The demand for high-dividend stocks is expected to rise, particularly for state-owned banks like ICBC and CCB, which are seen as stable investments [10]. - The banking sector is anticipated to experience a valuation recovery, with estimates suggesting a return to a price-to-book ratio of around 1 [10]. Group 5: Seasonal Trends - Historical data indicates that the banking sector has a high success rate for absolute and excess returns before the Spring Festival, with an average absolute return of 4.4% [11]. - Analysts recommend a balanced investment strategy, suggesting a 30% allocation to state-owned banks and 70% to high-quality joint-stock and city commercial banks for the upcoming Spring Festival [11].

Core Viewpoint - The banking sector in A-shares is expected to perform well in 2026, driven by stable fundamentals and increased dividend attractiveness, despite a less impressive performance in 2025 compared to previous years [4][9][10]. Group 1: Annual Report Disclosure - Ping An Bank will be the first to disclose its annual report on March 21, followed by CITIC Bank on the same day [1]. - A total of 10 banks will disclose their 2025 annual reports on March 31, marking the highest number of disclosures on a single day [3]. - The total market capitalization of 42 A-share banks exceeded 15 trillion yuan, increasing by approximately 2.1 trillion yuan from the end of 2024 [2][3]. Group 2: Market Performance - The banking sector index rose by 12.05% in 2025, underperforming the CSI 300 index, which increased by 17.66% [3]. - Among the 42 banks, 35 experienced stock price increases, with Agricultural Bank of China leading at a 52.66% rise [3]. - The overall market sentiment towards bank annual reports is positive, with expectations of continued growth in 2026 [4][9]. Group 3: Investment Drivers - The strong performance of the banking sector in 2025 was supported by both funding and fundamental factors, including inflows from passive index funds and insurance [4]. - Significant shareholder buybacks have also contributed to the rise in bank stocks, with 523 companies increasing their holdings, totaling 939.6 billion yuan [6]. - Analysts predict that the demand for high-dividend stocks will remain strong, particularly for state-owned banks known for stable returns [10]. Group 4: Future Outlook - Analysts expect the banking sector to maintain stable performance in 2026, supported by a recovering real economy and high dividend yields [9]. - The issuance of ETFs linked to broad indices and dividend indices is expected to continue, attracting more passive fund inflows into the banking sector [9]. - The differentiation in performance among various banks is anticipated to become a key theme, with larger banks likely to see more consistent revenue growth compared to smaller banks [10]. Group 5: Seasonal Trends - Historical data shows that the banking sector has a high success rate for absolute and excess returns before the Spring Festival, with an average absolute return of 4.4% [11]. - The upcoming Spring Festival in 2026 is expected to see continued strong performance in bank stocks, driven by balanced market styles and robust demand for high-dividend stocks [12]. - Recommendations for stock allocation include a stable base in state-owned banks and a more aggressive approach with quality joint-stock and city commercial banks [12].

南京银行股份有限公司 关于董事任职资格获监管机构核准的公告 特别提示： ■ 陈云江先生担任本公司董事的任期自国家金融监督管理总局江苏监管局核准其任职资格之日起生效，至 本公司第十届董事会任期届满之日止，任期届满可以连选连任。陈云江先生的简历请见本公司刊登在上 海证券交易所网站（www.sse.com.cn）的《南京银行股份有限公司2024年年度股东大会资料》。 特此公告。 南京银行股份有限公司董事会 2026年1月5日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 近日，南京银行股份有限公司（以下简称"本公司"）收到国家金融监督管理总局江苏监管局下发的《江 苏金融监管局关于陈云江南京银行董事任职资格的批复》（苏金复〔2026〕1号），核准陈云江先生担 任本公司董事的任职资格。 ...

Group 1 - Ping An Life increased its holdings in Agricultural Bank of China (ABC) H-shares to 20% of the total H-share capital by acquiring 95.582 million shares on December 30, 2025, marking its fourth stake increase in 2025 [1] - From February 17 to December 30, 2025, Ping An Life cumulatively acquired over 4.69 billion H-shares of ABC, bringing its total holdings to approximately 6.18 billion H-shares by the end of December [1] - In addition to H-shares, Ping An Life entered the top ten shareholders of ABC A-shares in Q3 2025, holding 4.913 billion A-shares by the end of September, which could lead to total holdings of at least 11.09 billion shares (3.17% of total capital) if no reduction occurs in Q4 [1] Group 2 - In the A-share market, insurance funds continued to increase their stakes in bank stocks, with five insurance companies entering the top ten shareholders of six A-share listed banks in Q3 2025 [2] - China Life became a top ten shareholder in both Industrial and Commercial Bank of China and Nanjing Bank, while other insurers like Lian'an Life and Dongwu Life also entered the top ten of various banks [2] - By the end of September 2025, at least two insurance companies appeared in the top ten shareholders of 12 listed banks, indicating a growing trend of insurance capital in the banking sector [2]