新年伊始，正值年终奖发放及资金回笼高峰期，忙碌了一年的人们正在计划如何进行投资并筹划新一年 的资产配置方案。对于银行来说，"揽储"就成了当前的重要任务。 春节期间，时代周报记者实地探访五大行及部分股份行、城商行营业网点，发现银行揽储存在明显分 化：五大行"按兵不动"，存款利率未作调整，没有特殊的揽储活动；而股份行及城商行在利率上拥有一 贯优势，定期存款利率普遍高于五大行，并且在春节期间推出各类揽储活动。 此外，时代周报记者还发现，银行正经历从"揽储为王"转向"资产配置"的转型。针对不同风险偏好、不 同资金实力、不同职业背景、不同回报预期的投资者，理财经理需精准匹配投资产品，不同银行的业务 侧重点也各不相同。 五大行专攻资管规模，股份行、城商行"揽储正酣" 春节期间，五大行保持存款利率不动，战略性放弃高息揽储，收缩存贷利差空间，同时转向资产提升送 积分或立减金活动，客户存款+理财+基金等综合资产达标即可领奖。 据时代周报记者春节期间实地探访，工商银行、农业银行、中国银行、建设银行的存款利率未作改变， 定期存款一年期、两年期、三年期利率分别为1.1%、1.2%、1.55%。而交通银行的定期存款利率要高于 上述四家 ...

Core Viewpoint - The opportunity cost of investing in bank stocks remains low, with a current 10-year Treasury yield of 1.80% and bank dividends close to 4.4%, providing a premium of 2.6 percentage points over the Treasury yield [2][13]. Group 1: Bank Performance and Profitability - The net profit of commercial banks is recovering significantly, as evidenced by recent earnings reports from over 10 banks, with 12 listed banks reporting their 2025 earnings, showing positive growth except for Huaxia Bank, which saw a decline of 1.72% [2][4]. - Among the banks reporting, Qingdao Bank's net profit increased by over 20%, while Qilu Bank, Hangzhou Bank, and Shanghai Pudong Development Bank all reported growth exceeding 10% [2][4]. - In the first three quarters of 2025, commercial banks achieved a cumulative net profit of 1.87 trillion yuan, a slight decline of 0.02% year-on-year, with state-owned banks and city commercial banks showing positive growth rates of 2.27% and 1.73%, respectively [2][6]. Group 2: Stock Price Trends - Despite improvements in the industry fundamentals, there is significant divergence in bank stock prices, with 24 out of 42 A-share listed banks experiencing declines since the beginning of the year, particularly among state-owned and national joint-stock banks [3][12]. - The top-performing banks in terms of stock price increase include Qingdao Bank, Ningbo Bank, and Chongqing Rural Commercial Bank, with increases of 21%, 11%, and 6%, respectively [3][9]. - Qingdao Bank's stock price rose from 4.3 yuan per share to 5.43 yuan per share between January 20 and February 13, 2026, marking a significant increase [9]. Group 3: Future Outlook and Investment Strategy - Analysts predict that the banking sector's net interest margin will stabilize, with expectations of a slight decline of 4 basis points in 2026, while net interest income growth is anticipated to turn positive [7][14]. - The average price-to-book ratio of A-share banks has dropped to 0.54, indicating a favorable valuation compared to historical averages, while the dividend yield remains attractive [13]. - Investment strategies should focus on banks with high earnings growth and return on equity (ROE), as the market shifts from high dividend yields to valuing banks based on their fundamentals [13][14].

浙商证券认为，未来险资增持银行可期。一方面，从内部驱动力来看，银行股能满足保险资金配置的成 本覆盖、期限匹配、资本约束三方面要求。银行股股息高、长期稳健经营，同时大部分银行股资本占用 好于其他股票。另一方面，外部有催化，政策引导和准则切换打开银行股增持空间。例如，从2022年开 始，各类政策均鼓励包括以险资为代表的各类长期资金入市；非上市险企将于2026年实施新准则，预计 非上市险企将新设OCI账户。 当期银行股股息估值性价比高，具有很好的配置价值，继续看好银行股的绝对收益机会。银行ETF华夏 是跟踪中证银行指数综合费率最低的ETF，其联接基金A类008298；联接基金C类008299；联接D类 024642。 截至10:59，中证银行指数下跌0.03%。成分股涨跌互现，兰州银行领涨0.87%，招商银行上涨0.65%， 杭州银行上涨0.43%；重庆银行领跌0.98%，民生银行下跌0.76%，南京银行下跌0.62%。银行ETF华夏 多空胶着，最新报价1.65元。拉长时间看，截至2026年2月13日，银行ETF华夏近1月累计上涨1.53%。 2026年在分红险的带动下，各保险公司开门红表现亮眼，华泰证券预计全年销 ...

2026 年 2 月 24 日 分析师：董文欣 执业证书编号：S0930521090001 010-57378035 dongwx@ebscn.com ——银行&保险业春节后投资展望 银行业 买入（维持） 作者 分析师：王一峰 行业研究 金融股又到"春播"时？ 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：黄怡婷 执业证书编号：S0930524070003 010-57378023 huangyiting@ebscn.com 分析师：赵晨阳 执业证书编号：S0930524070005 010-57378030 zhaochenyang@ebscn.com 行业与沪深 300 指数对比图 资料来源：Wind 相关研报 1 月贷款同比少增，稳定需求仍需政策加力 — — 2026 年 1 月 份 金 融 数 据 点 评 (2026-2-14) 息差保持稳定，盈利增速回升——2025 年四 季 度 商 业 银 行 主 要 监 管 指 标 点 评 (2026-2-13) 要点 事项： 年初以来（截至 2 月 13 日），A、H 金融股表现分化，涨跌互现， ...

Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Insights - The banking index fell by 1.3% this week, underperforming the CSI 300 and ChiNext indices by 1.6% and 2.5% respectively, indicating a short-term style switch in the market [6][19] - H-shares of banks led the gains, while most A-shares declined, with notable performances from Huaxia Bank and Shanghai Bank due to improved earnings and strong expectations for convertible bond conversions [6][19] - The price-to-book (PB) ratio and return on equity (ROE) of bank stocks remain undervalued, with a continued recommendation for high-quality city commercial banks in Zhejiang, Jiangsu, and Shandong provinces, including Hangzhou Bank, Ningbo Bank, Jiangsu Bank, Nanjing Bank, Qingdao Bank, Qilu Bank, and Suzhou Bank [6][19] - The report also suggests focusing on low-valuation, high-dividend, and convertible bond opportunities, particularly in Industrial Bank [6][19] Summary by Sections Market Performance - The banking sector's trading activity has decreased, with turnover rates falling, although the transaction volume share for state-owned and rural commercial banks has rebounded [8][39] - The average dividend yield for the six major state-owned banks in A-shares is 4.28%, with a spread of 249 basis points over the 10-year government bond yield, while H-shares yield 5.21% [7][29] Profit Growth and Net Interest Margin - The overall asset growth rate for commercial banks reached 9.0% year-on-year by the end of Q4 2025, with major state-owned banks seeing a growth rate of 10.8% [9][44] - The net profit growth for commercial banks was 2.3% year-on-year, indicating a positive trend, particularly among city and rural commercial banks [9][44] - The net interest margin for 2025 is projected at 1.42%, with a marginal stabilization observed, and a further narrowing of the decline expected in 2026 [9][46] Asset Quality - The non-performing loan (NPL) ratios across various banks are stable or improving, attributed to increased write-off efforts, while the provision coverage ratio continues to decline [10][49] - Capital adequacy ratios remain stable, with attention on the potential impact of the second round of fiscal injections for state-owned banks and refinancing for smaller banks in 2026 [10][49]

Core Insights - 11 A-share banks reported their 2025 performance, showing an average total asset growth rate of 11.32%, with city commercial banks significantly outperforming joint-stock banks in profitability [1][12]. Group 1: Performance Overview - The average growth rate of total assets for the 11 banks was 11.32%, while the average growth rate for operating income was 3.30%, and the average growth rate for net profit attributable to shareholders was 7.83% [1][12]. - Analyst Zheng Qingming from Shenwan Hongyuan Securities predicts that listed banks will exhibit stable revenue with gradually improving profit growth, expecting a 0.9% year-on-year revenue growth and a 1.9% recovery in net profit growth for 2025 [1][13]. Group 2: Joint-Stock Banks Performance - Four joint-stock banks (Shanghai Pudong Development Bank, CITIC Bank, China Merchants Bank, and Industrial Bank) reported total assets exceeding 10 trillion yuan, with Shanghai Pudong Development Bank's total assets reaching 100,817.46 billion yuan, a 6.55% increase from 2024 [2][15]. - Shanghai Pudong Development Bank achieved the fastest net profit growth among joint-stock banks, with a net profit of 500.17 billion yuan, an increase of 10.52% year-on-year [2][15]. Group 3: City Commercial Banks Performance - City commercial banks outperformed joint-stock banks in several metrics, with an average total asset growth rate of 15.1%, operating income growth of 5.73%, and net profit growth of 11% [5][19]. - Qingdao Bank emerged as the fastest-growing bank, with total assets growing by 18.12% to 8149.60 billion yuan and net profit increasing by 21.66% [5][19]. Group 4: Asset Quality and Income - Shanghai Pudong Development Bank reported a decrease in non-performing loans and a decline in the non-performing loan ratio, indicating improved asset quality [3][16]. - Several banks, including Ningbo Bank and Nanjing Bank, reported significant increases in net interest income, with Ningbo Bank achieving a 10.77% increase to 531.61 billion yuan [10][25].

2025年A股上市银行的年度成绩单正逐步揭晓，42家银行中已有11家率先披露了关键数据。从资产规模 到净利润增长，从不良贷款率到净息差表现，这些数字背后不仅反映了银行业的整体韧性，更暗藏着一 场关于利润与风险的深度博弈。 资产规模扩张与经营质量并重 中信银行和浦发银行双双迈入"10万亿资产俱乐部"，前者资产总额达10.13万亿元，后者以10.08万亿元 紧随其后。招商银行则以超过13万亿元的资产规模和7.5%的增长率继续领跑。这些数据不仅体现了头 部银行的规模优势，也印证了中国银行业在复杂经济环境下的稳健性。然而，规模扩张只是表象，经营 质量才是核心。南京银行以两位数的营收增速脱颖而出，青岛银行归母净利润增长超过20%，齐鲁银行 和杭州银行同样实现了两位数的利润增长。城商行的亮眼表现，似乎正在打破市场对"大行垄断"的固有 认知。 资产质量改善：风险管控的精细化 不良贷款率是衡量银行资产质量的关键指标。苏农银行、中信银行、招商银行等机构的不良率均有所下 降，南京银行、杭州银行和宁波银行则保持稳定。拨备覆盖率虽小幅回落，但整体仍处于健康区间。 杭州银行拨备覆盖率超过500%，招商银行也维持在391.79%的高位， ...

此次合作，是杭州银行以供应链金融赋能实体经济、深耕普惠金融的生动实践。该行以数字供应链金融 为抓手，在"普"上扩大覆盖、在"惠"上降低成本，依托核心企业信用，将金融服务精准传导至产业链末 端。截至目前，供应链金融服务客户中中小微企业占比超85%，最小单笔融资金额低至125元，有效助 力链上企业纾困发展、协同增效，以金融力量守护产业链稳定、服务实体经济高质量发展。 杭州银行相关负责人介绍，该行依托数字化技术，创新推出"核易融""链易融""货易融"三大品牌，将核 心企业信用延伸至物的信用、数据信用，依托大数据建模实现精准风控与脱核融资，通过平台对接、全 线上办理，为产业链上下游提供高效便捷的融资服务，切实提升中小微企业金融可得性。 下一步，杭州银行将持续加快数字化转型步伐，聚焦产业链发展需求，不断创新供应链金融服务模式， 以数字科技畅通供应链、做强产业链，为实体经济高质量发展注入更加强劲的金融动能。 编辑：马萌伟 转自：新华财经 物流枢纽灯火通明，国内餐饮供应链头部企业MC公司的配送网络高效运转，一条条食材供应链连接田 间地头与千家万户。自2014年成立以来，MC公司已服务全国200多个城市、超百万家餐饮商户，搭 ...

Core Viewpoint - The opportunity cost of investing in bank stocks remains low, with the current 10-year government bond yield at 1.80% and bank stock dividends close to 4.4%, providing a premium of 2.6 percentage points over the bond yield [19][33]. Group 1: Bank Profitability and Performance - The net profit of commercial banks is showing significant recovery, as evidenced by recent performance reports from over 12 banks, with all but Huaxia Bank reporting positive growth [19][25]. - Qingdao Bank's net profit increased by over 20% year-on-year, while Qilu Bank, Hangzhou Bank, and Pudong Development Bank also reported growth exceeding 10% [5][23]. - In contrast, Huaxia Bank's net profit decreased by 1.72% compared to the previous year, making it the only bank with negative growth [25][7]. Group 2: Market Trends and Stock Performance - As of February 13, 2026, among 42 A-share listed banks, 24 saw their stock prices decline, particularly among state-owned and national joint-stock banks, while Qingdao Bank, Ningbo Bank, and Chongqing Rural Commercial Bank led the gains [20][29]. - The market is increasingly focusing on the return on equity (ROE) of commercial banks, indicating a shift towards valuing banks with strong fundamentals over high dividend yields [21][33]. Group 3: Future Outlook and Investment Strategies - Analysts predict improvements in the banking sector's fundamentals for 2026, with revenue growth driven by deposit repricing and a stabilization of net interest margins [26][34]. - The average price-to-book ratio for A-share banks has fallen to 0.54, suggesting a favorable valuation environment for bank stocks [33][34]. - Investment strategies should focus on banks with high earnings elasticity, quality regional banks, and those benefiting from fixed asset investment improvements [34][33].

2026年2月20日，国内黄金价格较前日下跌17元/克，品牌金饰克价区间1284至1518元，水贝黄金价格低至1284元/克，周大福等主流品牌报价1499元，周生 生达1500元，银行金条1122元/克，白银19.1元/克。 一、国内金价行情总体走势 黄金价格较前日下跌17元/克，品牌金饰克价稳定在1284元至1518元区间。 中国黄金投资金条报价1131元/克，中钞国鼎金条1125元/克，多家机构如中国印钞造币总公司推出的世博系列金条统一标价1110元/克，梅兰竹菊金条亦同 价。 二、珠宝品牌黄金价格 珠宝品牌价格差异，水贝黄金作为批发源头，克价低至1284元/克，显著低于零售品牌。 周大福、六福珠宝、谢瑞麟及潮宏基等主流品牌报价集中于1497-1499元/克区间；周生生以1500元/克居高位；老凤祥达1518元/克，为市场最高点，各地金 店价格与品牌标准一致，未出现区域性大幅波动。 周大福40克手串约59960元，周生生25克手串约37500元，老凤祥55克手串约83490元，水贝市场因价格优势吸引大量消费者，商户反馈节假日期间交易活 跃。 三、金融机构金条价格 银行及交易所金条价格区间为1105元至12 ...