2026.01.15 本文字数：2237，阅读时长大约4分钟 作者 |第一财经 陈君君 开年以来，A股市场整体表现回暖，但银行板块却未能延续此前涨势，走势明显偏弱。Wind数据显示， 截至1月15日收盘，银行指数（WI.882115）年内下跌3.36%，在31个申万一级行业中跌幅居首，而同期 沪深300指数上涨2.62%。在市场普遍看好2026年股市行情的背景下，银行股为何阶段性承压，后续又 将如何演绎，成为机构关注的焦点。 1月15日，中国人民银行宣布下调各类结构性货币政策工具利率，并同步扩大相关工具使用范围和额 度。市场普遍认为，此次"结构性降息"对银行股影响偏中性略偏积极，但短期内难以改变板块相对收益 偏弱的格局。 结构性降息落地：负债端成本改善，对银行股影响偏中性 央行称，本次下调各类结构性货币政策工具利率0.25个百分点，各类再贷款一年期利率由1.5%降至 1.25%，其他期限档次利率同步调整。不同于全面降息，此次政策主要通过结构性工具传导，对银行体 系的影响路径更具针对性。 多位市场分析人士指出，结构性货币政策工具利率下调，主要作用于银行负债端，有助于降低银行从央 行获取中长期资金的成本，并未直接 ...

Core Insights - The wealth management market is heating up, with banks accelerating the integration of their wealth management departments to capture this promising market [1][2] - By June 2025, China's investable assets are expected to exceed 300 trillion yuan, indicating significant growth potential in wealth management as many assets remain "asleep" [1] - Major banks are restructuring their organizational frameworks to enhance their wealth management strategies and business layouts [1] Group 1: Bank Actions and Adjustments - In 2025, several major banks, including Bank of Communications and Postal Savings Bank, announced the establishment of wealth management departments at the head office level [3] - As of June 2025, 19 listed banks have established or adjusted their wealth management-related departments, including 2 state-owned banks, 7 joint-stock banks, 8 city commercial banks, and 2 rural commercial banks [3][4] - The establishment of these departments is seen as a key move for state-owned banks to deepen their wealth management strategies and promote digital transformation [3] Group 2: Strategic Focus and Market Dynamics - Different banks are focusing on various aspects of wealth management, with some emphasizing the establishment of wealth management departments as a core strategy [5] - The restructuring of wealth management departments signals a strategic shift in response to narrowing interest margins and evolving customer demands for diversified asset allocation [6][7] - The actions of major state-owned banks serve as a bellwether for the industry, indicating a shift from incremental competition to in-depth management of existing clients [8] Group 3: Wealth Management Market Landscape - As of June 2025, the retail asset management scale (AUM) among 42 listed banks shows a clear tiered structure, with state-owned banks leading the market [11] - The first tier includes major state-owned banks like ICBC, ABC, and CCB, with AUMs of 24 trillion yuan, 23.68 trillion yuan, and 22 trillion yuan respectively [11] - The second tier consists mainly of joint-stock banks, while the third tier includes city commercial banks and rural commercial banks, which are crucial for local wealth management ecosystems [11] Group 4: Future Competition and Technological Integration - Future competition in wealth management will focus on service quality, technological capabilities, and comprehensive financial ecosystems [13] - The establishment of wealth management departments aims to shift banks from product-driven to customer-driven models, enhancing service consistency and customer loyalty [13] - Financial technology is expected to play a critical role in enhancing service depth and breadth, with AI being utilized for investment advisory and customer experience management [14][15]

A股上市银行2025年度业绩快报披露大幕拉开。继浦发银行率先交出成绩单后，1月14日晚间，中信银 行也发布业绩快报。 值得注意的是，两家股份制银行均实现归母净利润稳健增长，且总资产规模双双突破10万亿元大关，跻 身"十万亿俱乐部"，为新一年银行业发展注入强心剂，也显现出中国银行业的良好发展韧性。 从已披露数据来看，两家银行盈利表现亮眼。截至2025年末，浦发银行资产总额约为10.08万亿元，较 上年末增长6.55%。2025年，浦发银行实现营业收入1739.64亿元，同比增长1.88%；实现归母净利润 500.17亿元，同比增长10.52%。 截至2025年末，中信银行资产总额达10.13万亿元，较上年末增长6.28%。2025年，中信银行实现归母净 利润706.18亿元，同比增长2.98%；实现营业收入2124.75亿元，同比微降0.55%。 业绩增长的背后，是两家银行战略转型升级，精准服务实体经济的成效。谈及经营效益增长的主要原 因，浦发银行表示，一是服务实体经济能级有效提升；二是强化主动资产负债管理；三是资产质量持续 向好，风险抵补能力持续增强；四是集团协同质效并举，强化一体化经营和统一化管理，经营成效 ...

2026.01. 15 本文字数：2237，阅读时长大约4分钟 行体系的影响路径更具针对性。 多位市场分析人士指出，结构性货币政策工具利率下调，主要作用于银行负债端，有助于降低银行从 央行获取中长期资金的成本，并未直接压低存贷款基准利率或LPR，对银行净息差的直接冲击相对有 限。从这一角度看，该政策对银行盈利的边际影响偏中性，但在当前息差已接近底部的背景下，具有 一定稳定预期的积极意义。 从中期看，结构性工具"降息+扩容"的组合效应更值得关注。再贷款、再贴现工具重点投向支农支 小、科技创新、民营经济等领域，配合风险分担和考核机制优化，有助于提升银行在重点领域投放的 积极性，同时缓释资本占用和信用风险压力，优化资产结构和资产质量预期。 不过，也有分析人士指出，结构性工具更强调定向支持和结构优化，其对银行盈利改善的效果仍需实 体融资需求回暖配合。短期内，银行股更多体现为"风险下行空间收敛"，而非趋势性上行。 在政策落地背景下，银行板块年初以来表现仍然偏弱。据Wind数据统计，今年以来的9个交易日 中，银行板块有6个交易日下跌，且近期出现一定放量下行迹象。个股方面，浦发银行年内累计跌幅 超过10%，南京银行下跌7. ...

Core Insights - Visa announced support for Chinese cardholders to link their Visa cards to Apple Pay, enabling payments in various scenarios such as overseas merchants, mobile apps, and online websites. Currently, 79% of global offline transactions are made via contactless payments [1]. Group 1: Company Strategy - Visa's China President, Yin Xiaolong, emphasized the growing demand for mobile payment solutions and the company's commitment to providing diverse payment options for Chinese cardholders, ensuring a secure payment experience regardless of location [4]. - Visa is increasing investments in data and payment security, launching tokenization services for cross-border applications, and collaborating with Apple and financial institutions to enhance mobile payment experiences for Chinese consumers [4]. Group 2: Technical Details - Apple Pay allows consumers to make contactless payments by double-clicking the side button on their iPhone or Apple Watch, with security verification through Face ID, Touch ID, or device password, ensuring transaction security [5]. - When adding a Visa card, the actual card number is not stored on the device or Apple's servers. Instead, a unique device account number generated by Visa's tokenization technology is encrypted and securely stored in the device's secure element [5].

证券日报网讯 1月15日，浦发银行发布公告称，公司近日召开了第四届职工代表大会第八次会议，选举 赵万兵先生连任公司职工代表董事，任期与新一届董事会一致。 （文章来源：证券日报） ...

开年以来，A股市场整体表现回暖，但银行板块却未能延续此前涨势，走势明显偏弱。Wind数据显示， 截至1月15日收盘，银行指数（WI.882115）年内下跌3.36%，在31个申万一级行业中跌幅居首，而同期 沪深300指数上涨2.62%。在市场普遍看好2026年股市行情的背景下，银行股为何阶段性承压，后续又 将如何演绎，成为机构关注的焦点。 回顾2025年，银行板块整体表现亮眼。数据显示，MSCI中国银行指数全年上涨27%，其中A股银行板块 全年上涨13.1%。瑞银大中华金融行业研究主管颜湄之对记者表示，2025年银行板块的良好表现，主要 由资金面与基本面共同驱动。 结构性降息落地：负债端成本改善，对银行股影响偏中性 央行称，本次下调各类结构性货币政策工具利率0.25个百分点，各类再贷款一年期利率由1.5%降至 1.25%，其他期限档次利率同步调整。不同于全面降息，此次政策主要通过结构性工具传导，对银行体 系的影响路径更具针对性。 多位市场分析人士指出，结构性货币政策工具利率下调，主要作用于银行负债端，有助于降低银行从央 行获取中长期资金的成本，并未直接压低存贷款基准利率或LPR，对银行净息差的直接冲击相对有限 ...

Core Viewpoint - The total assets of CITIC Bank have surpassed 10 trillion yuan, reaching 10.13 trillion yuan, marking a year-on-year growth of 6.28% [1][3]. Financial Performance - In 2025, CITIC Bank reported total operating revenue of 212.475 billion yuan, a decrease of 0.55% compared to the previous year, while net profit attributable to shareholders increased by 2.98% to 70.618 billion yuan [2][3]. - The decline in operating revenue has narrowed compared to the first three quarters, where it was down 3.46% [2]. - The bank's non-interest income, particularly from bond investment trading, has shown improvement, contributing to the overall revenue stability [2][3]. Asset Quality and Management - As of the end of 2025, CITIC Bank's non-performing loan ratio was 1.15%, a slight decrease of 0.01 percentage points from the previous year, while the provision coverage ratio was 203.61%, down by 5.82 percentage points [3]. - The bank has shifted its focus from scale to quality and efficiency in growth, emphasizing risk management and compliance [3]. Leadership Changes - CITIC Bank has undergone two leadership changes in 2025, with former president Lu Wei resigning to take a position at Postal Savings Bank [4][5]. - The current president position is temporarily held by the chairman, Fang Heying, while there are five vice presidents in place [5].

公告编号：临2026-004 证券代码：600000 证券简称：浦发银行 优先股代码：360003 360008 优先股简称：浦发优1 浦发优2 上海浦东发展银行股份有限公司 关于选举新一届董事会职工代表董事的公告 赵万兵，男，1970年出生，工商管理硕士。曾任共青团上海市委员会研究室 副主任，上海市金融工作党委组织处（宣传处、统战处）处长，上海市金融办金 融稳定处处长，上海市金融办副主任，上海市地方金融监督管理局（上海市金融 工作局）副局长。现任上海浦东发展银行股份有限公司党委副书记、职工代表董 事、工会委员会主席。 截至本公告披露之日，赵万兵先生不存在《上海证券交易所上市公司自律监 管指引第1号——规范运作》第3.2.2条所列情形，与公司亦不存在利益冲突。除 上述简历信息外，赵万兵先生与公司其他董事、高级管理人员或持股5%以上股东 不存在关联关系。 特此公告。 上海浦东发展银行股份有限公司董事会 2026 年 1 月 15 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。 上海浦东发展银行股份有限公司（以下简称"公司"） ...

Core Viewpoint - Vanke Enterprise Co., Ltd. is seeking to adjust the repayment terms of its medium-term notes "22 Vanke MTN004" and "22 Vanke MTN005" due to financial challenges, proposing extensions and changes to the repayment schedule [1][2]. Group 1: Bond Details - The total scale of the two bonds is 5.7 billion yuan, with "22 Vanke MTN004" having a balance of 2 billion yuan and "22 Vanke MTN005" a balance of 3.7 billion yuan, both with a coupon rate of 3.00% [1][2]. - The original maturity dates for "22 Vanke MTN004" and "22 Vanke MTN005" are December 15, 2025, and December 28, 2025, respectively [1][2]. Group 2: Proposed Adjustments - The proposed adjustments include extending the principal repayment date for "22 Vanke MTN004" to December 15, 2026, and for "22 Vanke MTN005" to December 28, 2026, while maintaining the coupon rate at 3.00% [2][4]. - The unpaid interest for "22 Vanke MTN004" of 60 million yuan is due by January 28, 2026, and for "22 Vanke MTN005" of 111 million yuan by February 10, 2026 [2][4]. Group 3: Credit Enhancement Measures - Vanke will provide project company receivables as collateral for credit enhancement, involving several subsidiaries [2][3]. - The proposals include extending the grace period for principal and interest payments from 30 trading days to 90 trading days, with specific deadlines for each bond [3][4]. Group 4: Meeting and Voting - The bondholders' meetings for "22 Vanke MTN004" and "22 Vanke MTN005" are scheduled for January 21, 2026, with a voting deadline of January 26, 2026 [5].