（文章来源：证券日报） 证券日报网讯 2月4日，美登科技发布公告称，公司使用700万元闲置募集资金购买招商银行"智汇系列 区间累积93天结构性存款"，预计年化收益1.00%-1.66%，截至本公告日尚未到期理财产品余额9200万 元，占2024年经审计净资产22.36%。 ...

根据国家金融监督管理局官网公告，最近几个月，工商银行济南分行、华夏银行长沙分行、郑州银行等 多家银行总行及地方分行的首席风险官任职资格获监管批复。 增设首席风险官 招商银行近日发布公告称，徐明杰先生招商银行首席风险官的任职资格已获得核准，任期自2026年1月 30日起生效。 在这一岗位设置渐成常态的背后，是银行业对风险管理的系统性升级。盘古智库高级研究员余丰慧分析 指出，银行普遍设立首席风险官职位背后的驱动因素主要是为了适应更加严格的监管要求、复杂多变的 市场环境以及提升内部风险管理水平。 国家金融与发展实验室副主任曾刚进一步表示，从监管层面看，金融机构全面风险管理体系建设的强化 要求成为直接推动力。从内部需求看，复杂多变的经济环境使得传统碎片化的风险管理模式难以应对系 统性风险挑战。 从自身发展看，招联首席经济学家、上海金融与发展实验室副主任董希淼也指出，近年来银行业不良资 产处置压力攀升，贷后管理难度加大，全面风险管理面临较大调整。此外，金融科技快速发展，还带来 了数据合规、反洗钱、新型金融诈骗等新型风险。 分析人士普遍认为，当前环境下，增设首席风险官强化风险管理体系势在必行。 在曾刚看来，首席风险官的核 ...

Core Viewpoint - The performance reports of 10 A-share listed banks indicate overall steady growth in profitability and asset quality, with expectations for continued improvement in 2026 as net interest margin decline is expected to narrow and credit costs continue to decrease [1][2]. Profitability - All 10 A-share listed banks reported year-on-year growth in net profit for 2025, with notable performance from city commercial banks [2]. - Qingdao Bank achieved a net profit of 5.188 billion yuan, marking a 21.66% year-on-year increase, leading the group of disclosed banks [2]. - Other banks such as Ningbo Bank, Nanjing Bank, and Hangzhou Bank also surpassed 10 billion yuan in net profit, with year-on-year growth rates of 8.13%, 8.08%, and 12.05% respectively [2][3]. Revenue Growth - Except for CITIC Bank, all other banks reported positive revenue growth for 2025 [4]. - Nanjing Bank recorded the highest revenue growth at 10.48%, reaching 55.54 billion yuan, while Qingdao Bank and Ningbo Bank reported revenue of 14.573 billion yuan and 71.968 billion yuan, with growth rates of 7.97% and 8.01% respectively [4][5]. - The revenue growth of city commercial banks and rural commercial banks showed some differences, with Nanjing Bank benefiting from strong net interest income growth [4]. Asset Quality - The asset quality of the 10 listed banks remained stable, with most reporting a steady or declining non-performing loan (NPL) ratio [6][9]. - Qingdao Bank's NPL ratio decreased to 0.97%, down 17 basis points from the previous year, indicating improved asset quality [9][10]. - The provision coverage ratio for Qingdao Bank increased to 292.3%, reflecting a continuous improvement in core asset quality indicators [10]. Market Outlook - Analysts expect that the net interest margin for listed banks will stabilize, with a slight narrowing of the decline anticipated in 2026 [8][9]. - The first quarter of 2026 is projected to see a significant increase in credit issuance, with January alone expected to account for over 30% of the annual total [8]. - The overall credit growth is expected to remain robust, supported by favorable monetary policy adjustments [8].

Core Viewpoint - The banking sector in A-shares showed strong performance on February 4, with nearly 90% of the 42 listed bank stocks rising over 1%, driven by risk appetite and solid earnings reports [1][5][9]. Market Performance - The largest bank ETF (512800) closed up 1.43%, recovering key moving averages with a trading volume of 757 million yuan [2][10]. - A total of 11.48 billion yuan net inflow was recorded in the bank ETF over the past 10 days, indicating increased investor interest [3][11]. Earnings Reports - Among the 42 A-share listed banks, 10 have released preliminary earnings reports for 2025, with all showing positive growth in net profit. Notably, Qingdao Bank led with a 21.66% increase in net profit [5][13]. - The earnings data highlights that 9 banks achieved both revenue and net profit growth, while 3 banks reported double-digit growth in net profit [5][13]. Investment Outlook - The banking sector is viewed as an attractive option for investors seeking stable returns due to its high dividend yield and improving fundamentals. The sector is expected to maintain a positive valuation recovery trend as market confidence gradually returns [15]. - The bank ETF (512800) is recognized as an efficient investment tool tracking the overall banking sector, with a current scale exceeding 12.2 billion yuan and an average daily trading volume of over 800 million yuan since 2025 [15].

计息机制落地，数字人民币实现了从"数字现金"到"数字存款"的跨越；数字资产价值凸显的同时，为数 字经济时代的货币体系重构，勾勒出清晰的中国路径 文｜《财经》记者 唐郡 编辑 | 张威 袁满 "数字人民币有利息了。"李女士在数字人民币App方寸之间，所看到的0.05%利息，却是数字人民币的 历史性记录。 在全球金融数字化转型与货币形态重构的博弈关键期，中国法定数字货币迎来里程碑式突破。 2026年1月1日，数字人民币计息机制正式落地，标志着中国版央行数字货币完成从"数字现金"到"数字 存款"的质变，以制度创新开启2.0时代新征程。 这一变革的背后，是顶层设计的精准谋篇。2025年12月29日，中国人民银行（下称"央行"）党委委员、 副行长陆磊在《金融时报》发表署名文章，明确《关于进一步加强数字人民币管理服务体系和相关金融 基础设施建设的行动方案》（下称《行动方案》）于2026年1月1日正式实施。 新一代计量框架、管理体系、运行机制与生态体系同步启动，为数字人民币的功能升级筑牢制度根基。 《行动方案》的核心突破，在于重塑数字人民币的价值属性。方案明确银行机构需为客户实名数字人民 币钱包余额计付利息，并遵守存款利率 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 招商银行股份有限公司（「本行」） 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03968 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,590,901,172 | RMB | | 1 RMB | | 4,590,901,172 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 4,590,901,172 | RMB | | 1 RMB | | 4,590,901,172 | | 2. 股份分類 | 普通 ...

过去，银行一季度拼的是贷款总量。现在，招行对公业务的重心，正从"投多少"转向"投给谁"和"怎么 投"。其信贷资源正以前所未有的精度，从传统领域撤出，沿着国家战略与产业升级的链条进行重构。 这并非简单的行业轮动，而是一场从"资金中介"到"价值发现者"的深度转型。核心在于，银行能否建立 起与传统模式截然不同的产业认知与风险定价能力。 来源：贸易金融 招行今年的"开门红"，信号变了。 这种转变在年初的行业动态中清晰可见。银行客户经理拜访科技型中小企业时，讨论焦点不再是传统的 房产抵押，而是技术细节、专利价值和下游订单。这反映出信贷逻辑的底层变化：从依赖历史资产，转 向评估未来现金流和产业链地位。 政策导向强化了这一转型趋势。中国人民银行在2026年1月发布的《2025年第四季度货币政策执行报 告》中明确要求，商业银行要"优化信贷结构，把更多金融资源用于促进科技创新、先进制造、绿色发 展和中小微企业"。这为银行的信贷投向提供了明确的顶层指引。 行业经营压力则是转型的内在驱动力。根据国家金融监督管理总局2026年1月发布的监管数据，商业银 行净息差持续处于历史低位。这意味着，过去依靠规模扩张获取利息收入的粗放模式已难以 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][38] Core Viewpoints - The industry is experiencing profound changes in funding structure, leading to a shift towards reallocation rather than trading. The continuous expansion of passive indices has brought stable capital inflows, and the high dividend yield of the banking sector, currently averaging 4.50%, is attracting long-term funds such as insurance capital. Regulatory measures aimed at guiding long-term capital into the market are expected to sustain the attractiveness of dividend allocation value [2][10] - The 2025 annual performance reports indicate a recovery in revenue and profit, with asset quality showing steady improvement. As of the end of January, ten banks reported their 2025 performance, with most showing a year-on-year increase in revenue and profit. Notably, Qingdao Bank, Nanjing Bank, and Shanghai Pudong Development Bank maintained high growth rates in net profit and revenue, with growth rates of 21.7%, 8.1%, and 10.5% respectively [3][6][7] Summary by Sections Performance Overview - Revenue and profit are recovering, with asset quality improving. The average year-on-year growth rate of net profit for the ten banks is 7.2%, with a quarter-on-quarter increase of 0.6 percentage points. The average non-performing loan (NPL) ratio decreased by 2 basis points to 0.94% [6][7][8] - The average loan growth rate for the ten banks increased from 10.1% in the first three quarters of 2025 to 15.5% for the full year, indicating a positive loan issuance trend [6][7] Market Trends - In January 2026, the banking sector declined by 6.18%, underperforming the CSI 300 index by 7.83 percentage points, ranking last among 30 sectors [14] - Individual bank performances varied, with Qingdao Bank, Ningbo Bank, and Hangzhou Bank showing increases of 16.5%, 10.2%, and 5.8% respectively [15] Macro and Liquidity Tracking - The manufacturing PMI for January was 49.30%, a decrease of 0.80 percentage points from the previous month. The CPI for December was 0.80% year-on-year, while the PPI was -1.90% [25][22] - In January, the one-year and five-year LPR remained stable at 3.0% and 3.50% respectively. The interbank lending rates for 7D, 14D, and 3M changed to 1.61%, 1.68%, and 1.78% respectively [28][26] Credit and Social Financing Data - In December 2025, new RMB loans increased by 910 billion, a year-on-year decrease of 80 billion, with a balance growth rate of 6.40%. Corporate loans increased by 1.07 trillion, while household loans decreased by 91.6 billion [29][32] - The social financing scale increased by 2.21 trillion in December, with a year-on-year growth rate of 8.30% [32]

Core Viewpoint - The inbound tourism market in China is expected to be a highlight of the consumer market by 2025, driven by the expansion of visa-free policies and the efforts of major cities to become leading destinations for inbound tourism [1] Group 1: Policy Benefits - The expansion of visa-free policies is creating a new regional landscape for inbound tourism, with the number of visa-free countries increasing to 48 and mutual visa exemptions to 29 by December 2025 [2] - In 2025, the total number of inbound and outbound foreign visitors is projected to rise to 82.04 million, with 73.1% of these being visa-free entrants [2] - The number of ports eligible for transit visa exemptions has increased to 65, and the areas for stay have expanded to 24 provinces, promoting a new pattern of "multi-point entry, cross-regional travel, and overall warming" in inbound tourism [5] Group 2: Key Cities - Major cities like Shanghai and Shenzhen are leading the way in inbound tourism, with Shanghai expected to receive 9.36 million inbound tourists in 2025, a nearly 40% increase from the previous year [6] - Shenzhen has seen a significant rise in inbound foreign visitors, surpassing traditional destinations like Beijing and Guangzhou, and is now ranked second [6] - Cities such as Chengdu and Zhangjiajie are also emerging as popular destinations, with Chengdu's inbound tourist numbers expected to grow by 54% in 2025 [6] Group 3: Inbound Tourism Trends - The inbound tourism experience is shifting from traditional sightseeing to more experiential and participatory activities, with cities adapting to these changes [6] - International flight capacity is a key factor in determining a city's inbound tourism potential, with Shanghai, Beijing, and Guangzhou leading in international passenger traffic [9] - The optimization of tax refund policies and the construction of international consumption environments are enhancing the conversion of inbound tourist flow into consumption growth [11] Group 4: New Tourism Formats - New tourism formats such as cultural experiences, tech tourism, and medical tourism are emerging, enhancing the attractiveness of major cities for inbound tourists [15] - Cities are leveraging unique cultural and technological attributes to create new highlights in inbound tourism, such as Beijing's cultural workshops and Shenzhen's tech shopping experiences [15] - Marketing strategies and content creation are helping cities like Chengdu and Zhangjiajie gain international recognition and attract more visitors [16] Group 5: Outlook - The inbound tourism sector is expected to continue its upward trajectory in 2026, supported by ongoing policy benefits and accelerated consumer conversion [17] - Major cities are likely to remain the primary destinations for inbound tourism, with new first-tier and popular cities also showing significant growth potential [17] - The trend towards diversified inbound tourism routes and experiences is anticipated to create opportunities for lesser-known destinations to gain popularity [17]

Group 1 - The banking sector saw an increase of 1.51% on February 4, with China Merchants Bank leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] - Key stocks in the banking sector showed various performance metrics, with China Merchants Bank closing at 39.01, up 1.85%, and CITIC Bank at 7.35, up 1.66% [1] Group 2 - The banking sector experienced a net inflow of 1.133 billion yuan from main funds, while retail and speculative funds saw net outflows of 0.351 billion yuan and 0.782 billion yuan, respectively [1] - Major banks like China Merchants Bank and Industrial Bank had significant net inflows of 1.642 billion yuan and 0.322 billion yuan, respectively, indicating strong institutional interest [1] - In contrast, banks like Everbright Bank and CITIC Bank faced net outflows of 0.549 billion yuan and 0.239 million yuan, reflecting weaker retail sentiment [1]