Core Insights - The Chinese mobile banking market is transitioning from "scale expansion" to "value cultivation," indicating a saturation of user growth and the end of the traffic dividend period [2] - Different types of banks are exhibiting varied development trends in this new landscape [2] State-Owned Commercial Banks - The six major state-owned banks dominate the mobile banking market, with Agricultural Bank of China leading with over 250 million monthly active users (MAUs) [2] - The top three banks, including Industrial and Commercial Bank of China and China Construction Bank, have MAUs of nearly 200 million and over 100 million, respectively [2] - All six major banks reported positive month-on-month growth in MAUs, with ICBC leading at a 6.1% growth rate [2] Joint-Stock Commercial Banks - Joint-stock banks are seeking to carve out a niche in the saturated market, with China Merchants Bank leading among them with over 70 million MAUs [3] - Some banks like Everbright Bank and CITIC Bank showed significant month-on-month growth rates of 11.0% and 9.2%, respectively [3] - The performance of joint-stock banks is mixed, with some experiencing negative growth [3] Urban Commercial Banks - Urban commercial banks are growing rapidly, with 17 banks making it to the top 50 list, led by Ningbo Bank with 3.644 million MAUs and a growth rate of 43.9% [3] - The growth is attributed to localized strategies that enhance customer engagement [3] Rural Commercial Banks and Credit Cooperatives - Rural commercial banks and credit cooperatives also performed well, with 17 banks in the top 50, led by Fujian Rural Credit with 781.6 thousand average MAUs [4] - 12 out of these 17 banks reported positive month-on-month growth [4] Private Banks - Private banks are facing significant challenges, with only WeBank making it to the top 50 list in the first half of 2025, experiencing a 27.3% decline in MAUs [4] - The competitive landscape has shifted, making it difficult for online-only private banks to maintain their initial advantages [4] Conclusion - State-owned banks leverage "ecosystem" advantages to solidify their market position, while joint-stock banks focus on "professional" opportunities [5] - Urban commercial banks establish a strong local presence, whereas private banks struggle to survive in the competitive environment [5] - The future of banking will require a focus on creating irreplaceable value for users through technology and insights into user behavior [5]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report indicates that the social financing (社融) in January 2026 reached a new historical high for the same period, with an increase of 7.22 trillion yuan, which is 165.4 billion yuan more than the same period last year, exceeding the consensus expectation of 6.51 trillion yuan [4][7] - The report highlights that credit growth has slowed, with a notable decrease in loans to enterprises, while government bonds and corporate bonds have seen significant increases [4][12] - The liquidity and deposit situation shows a narrowing gap between M1 and M2 growth rates, with total deposits increasing by 8.09 trillion yuan, a year-on-year increase of 3.8 trillion yuan [18][20] Summary by Sections Social Financing Situation - In January 2026, social financing increased by 7.22 trillion yuan, up 165.4 billion yuan year-on-year, with a cumulative year-on-year growth rate of 8.2%, slightly down by 0.1 percentage points from December 2025 [4][7] - The main contributors to the increase were government bonds and bank acceptance bills, while credit growth was notably lower [8][9] Credit Situation - The total RMB loans increased by 4.71 trillion yuan in January, which is 420 billion yuan less than the same period last year, with a year-on-year growth rate of 6.1% [12][14] - The report details that household loans increased by 127 billion yuan year-on-year, while corporate loans decreased by 330 billion yuan [12][14] Liquidity and Deposit Situation - M1 and M2 growth rates both increased in January, with M1 growing by 4.9% and M2 by 9.0%, leading to a narrowing of the gap between the two [18][20] - Total deposits increased by 8.09 trillion yuan, with a year-on-year growth of 9.9%, while household deposits showed a significant decrease [20] Investment Recommendations - The report suggests a shift in the investment logic for bank stocks from "pro-cyclical" to "weak-cyclical," emphasizing the attractiveness of high dividend yields during periods of economic stagnation [23] - Two main investment lines are recommended: regional banks with strong certainty and large banks with high dividends [23]

Investment Rating - The industry rating is "Buy" [6] Core Insights - The overall social financing growth slightly declined to 8.2% in January, while M1 and M2 growth rates significantly rebounded, with M1 growing by 4.9% and M2 by 9.0% [6][16] - Government net financing increased significantly by 2,831 billion yuan year-on-year, contributing to the overall social financing growth [6][17] - The report indicates a shift in deposit structure due to accelerated deposit migration, impacting M1 negatively while having limited effect on M2 [6][16] Summary by Sections Overall Situation - Social financing growth decreased slightly to 8.2%, while M1 and M2 growth rates increased significantly [15][16] - M1 and M2 growth rates rose by 1.1 percentage points and 0.5 percentage points respectively compared to the previous month [6][16] Government Sector - Fiscal strength showed a year-on-year decline, impacting overall financing dynamics [39] Household Sector - Demand remained stable year-on-year, with short-term loan demand increasing [39] Corporate Sector - Short-term loan demand increased year-on-year, while bill financing saw a significant reduction [39] Non-Bank Sector - The acceleration of deposit migration was noted, with non-bank deposits increasing by 1.45 trillion yuan year-on-year [6][39]

三、2月24日（农历正月初八）起全行各营业网点正常对外办理个人业务、对公业务及公积金业务。 感谢您一直以来对杭州银行业务的支持与信赖！ 一、2月15日至2月23日（农历廿八至农历正月初七），杭州银行各营业网点暂停办理对公业务及公积金 业务。 二、2月15日至2月23日（农历廿八至农历正月初七），杭州银行部分网点正常对外办理个人业务，营业 日期安排详见附件。 2026年2月5日，杭州银行（600926）发布公告称，根据国务院办公厅关于2026年部分节假日安排的通知 精神，今年春节期间放假九天，时间为2月15日（星期日）至2月23日（星期一），2月14日（星期 六）、2月28日（星期六）上班。为做好春节期间的银行服务工作，结合杭州银行实际，现将杭州银行 春节期间对外营业网点及营业时间公告如下： 如有疑问，敬请垂询各营业网点或致电杭州银行客户服务电话95398咨询。 ...

作为西湖区2026年首场银龄集市，活动以"政银携手、银企协作、多方联动"模式打破传统养老服务 边界，8大展区、30余个展位有序排布，让长者们一站式解锁多元福利。科技养老政策区内，西湖区民 政局与古荡街道工作人员细致解读"五大幸福行动"、长护险等利好政策，助力长者吃透养老红利；科技 金融便民区里，杭州银行西湖支行工作人员现场普及防诈骗知识、推介养老金融产品，筑牢长者"钱袋 子"安全防线；"乐活空间"人气爆棚，下棋机器人与银发棋友对弈切磋，可穿戴设备、防跌倒装置等智 能养老产品让长者亲身感受科技便捷；智慧医疗体验区内，医护人员提供专业义诊与智能检测服务，89 岁的苏大爷完成眼部检查后点赞："真正懂我们老年人的需求！" "这机器狗真乖，还会给我们拜年呢！"2月11日，天目里国际街区北园广场上，"赶科技'吉'市，做 潮酷银龄"——2026年西湖区首场"老有意思了"银龄集市在此温情上演。这场集科技体验、便民服务、 文化娱乐、年货采购于一体的沉浸式活动，吸引了200余名辖区长者参与，为新春注入浓厚的敬老暖 意。 活动现场，古荡街道同步发布2026年"孝老之星"评选方案，以榜样力量引领孝老爱亲新风尚。下一 步，古荡街道将持 ...

Core Viewpoint - The competition among regional banks has evolved into a battle of refined asset-liability management capabilities due to the backdrop of low interest rates and narrowing interest margins [4][20]. Group 1: Regional Bank Performance - Qilu Bank's 2025 operational data shows total assets reaching 804.38 billion, a year-on-year increase of 16.65%, with operating income of 13.135 billion, up 5.12%, and net profit of 5.713 billion, up 14.58% [5]. - The net interest margin (NIM) of Qilu Bank increased from 1.51% to 1.53%, reflecting effective asset-liability management [5][6]. - The bank's total loans amounted to 382.83 billion and total deposits were 489.53 billion, indicating a steady expansion pace [5]. Group 2: Interest Margin Dynamics - In the current interest rate environment, NIM is a core indicator of bank operational stability [6]. - The downward pressure on asset yields is exacerbated by loan repricing and interbank competition, necessitating a focus on reducing liability costs to mitigate NIM decline [7][8]. - Qilu Bank's ability to slightly increase NIM is attributed to effective control of liability costs and repricing of funding structures [8][9]. Group 3: Strategic Management Insights - Effective management of liability costs is crucial for banks to avoid homogeneous competition characterized by high-interest deposit acquisition [10][11]. - Qilu Bank leverages its geographical advantages to link with government projects and supply chain financing, resulting in a stable low-cost funding pool [12]. - The differentiation in NIM performance among banks reflects variations in customer quality, funding stability, and governance execution [13][14]. Group 4: Risk and Asset Quality - Qilu Bank's non-performing loan (NPL) ratio decreased to 1.05%, with a provision coverage ratio of 355.91%, indicating improved asset quality [17]. - The relationship between NIM, risk costs, and provisions creates a positive feedback loop for growth [17]. - The bank's strategic focus on asset-liability management is essential for maintaining profitability without sacrificing asset quality [18][19]. Group 5: Competitive Landscape - Compared to leading banks in Jiangsu and Zhejiang, Shandong's top banks still show significant gaps in asset quality metrics [19]. - The competition among regional banks has shifted from scale expansion to refined asset-liability management capabilities [20][21]. - The ability to manage interest margins and risk effectively will determine the future competitive positioning of regional banks [21].

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report analyzes 132 regional banks in the Sichuan-Chongqing area, highlighting the growth and structural changes in the banking sector [6][27] - The asset growth rates of major city commercial banks in the region are higher than those of listed city commercial banks, indicating a robust expansion [38] - Profitability metrics show that city commercial banks in the region have lower ROE compared to listed banks, while rural commercial banks outperform them [6][27] - Asset quality is slightly weaker in regional banks compared to listed banks, with higher non-performing loan ratios [6][27] Summary by Sections Economic Structure Analysis - Sichuan province is positioned as a key driver for western development, with a focus on enhancing the Chengdu-Chongqing economic circle [13][14] - In 2025, Chengdu's GDP is projected to account for 38.7% of the province's total, with significant growth in various sectors [15] Banking Sector Overview - The Sichuan-Chongqing region has 132 commercial banks, including 14 city commercial banks, 65 rural banks, and 51 rural commercial banks [27] - The asset growth rates for major city commercial banks in the region are 15.6% and 18.2%, surpassing the 14.2% growth of listed city commercial banks [38] Asset and Liability Structure - The proportion of loans to total assets has been increasing since 2016, with city commercial banks in Sichuan projected to have a loan ratio of 56.1% by 2024 [38][40] - The financial investment ratio for city commercial banks is on a downward trend, with a slight recovery noted in the first half of 2025 [40][46] Profitability and Asset Quality - The average ROE for city commercial banks in the region is 10.97%, lower than the 11.99% average for listed city commercial banks [6][27] - Non-performing loan ratios for city commercial banks in the region are higher than those of listed banks, indicating potential asset quality concerns [6][27] Capital Adequacy - Capital adequacy ratios for regional banks are comparable to those of listed banks, providing a safety margin for operations [6][27]

暖心肯定： 以专业服务，赴信任之约 000 新春将至，暖意渐浓。近期，杭州银行陆续收到多封表扬信与感谢信，这一份份肯定，既是客户与合作单位的信任与认可，更是对我行长期打造优质服 务、坚守金融初心的鼓励。 近日，杭州银行收到国家税务总局钱塘税务分局发来的表扬信，信中对我行跨境金融部与营业部提出高度赞扬。 在执行中国人民银行、财政部、国家税务总局联合发文的【银发〔2024〕4号】文件过程中，我行跨境金融部单证岗与营业部代理国库经办岗工作人员， 始终秉持严谨细致、务实高效的服务理念，主动对接监管要求，精准研读政策细节，全力以赴做好服务保障。自新规发布以后，我行主动对接监管，精准 把握政策，不仅高效、精准地为客户提供清晰的税款资金折算与入账解决方案，更主动为客户着想，积极梳理并优化了业务流程，保障税款及时准确入 库，相关工作有力维护了国库利益与客户权益，显著提升了客户服务体验。 我行将以此为契机，持续夯实专业基础，强化服务意识，协同共进，为营造更加规范、高效、便利的跨境金融环境而持续努力。 深耕首都： 以金融温度，助高质量发展 杭州银行北京分行也收到北京市委金融委员会办公室发来的感谢信，对分行在积极融入首都高质量发展 ...

Core Viewpoint - The banking industry is undergoing an unprecedented transformation cycle in 2025, driven by macroeconomic stability, interest rate declines, regulatory upgrades, digital iteration, and a consensus on "anti-involution," pushing listed banks to accelerate their shift from "scale expansion" to "value prioritization" [2][10]. Performance Overview - As of February 10, 2026, 11 out of 42 listed banks in A-shares have reported their 2025 performance, all achieving year-on-year growth in net profit attributable to shareholders, reflecting "stable volume, quality improvement, and structural enhancement" [2][13]. - Among these banks, 10 achieved both revenue and net profit growth, with only CITIC Bank experiencing a slight revenue decline of 0.55%, breaking the market's pessimistic expectations regarding industry profitability [14]. Institutional Performance - City commercial banks showed remarkable performance, with Qingdao Bank's net profit increasing by 21.66%, leading the group; Qilu Bank and Hangzhou Bank also exceeded 10% growth, at 14.58% and 12.05% respectively [3][14]. - In the joint-stock bank category, Shanghai Pudong Development Bank achieved a net profit growth rate of 10.52%, the only institution in this category to reach double-digit growth; other banks like China Merchants Bank, CITIC Bank, and Industrial Bank had relatively modest growth rates of 1.21%, 2.98%, and 0.34% respectively [3][14]. Asset Quality and Risk Management - The 11 banks have increased their risk management efforts, with core asset quality indicators showing improvement; 6 banks reported a decrease in non-performing loan (NPL) ratios compared to the previous year [3][15]. - Qingdao Bank saw the most significant decline in NPL ratio, down 17 basis points to 0.97%; Qilu Bank and Shanghai Pudong Development Bank also saw declines of 14 and 10 basis points, respectively [4][15]. - Despite 8 banks experiencing a decline in provision coverage ratios, the overall level remains high, indicating solid risk resistance capabilities; Qingdao Bank and Qilu Bank saw increases in their coverage ratios [4][15]. Industry Transformation - The banking industry is accelerating its transformation, moving beyond scale expansion to seek balance among efficiency, safety, and value, driven by various policies and practices [6][17]. - Regulatory bodies have encouraged financial institutions to support key sectors of the real economy, with structural monetary policy tools effectively implemented [6][17]. - The introduction of consumer loan interest subsidies aims to stimulate domestic demand, with banks lowering consumer loan rates significantly [7][18]. Future Trends - The banking industry is expected to maintain a stable asset quality in 2026, with NPL ratios remaining steady and risk resistance capabilities strong [10][21]. - The differentiation among institutions will become more pronounced, with large state-owned banks and quality joint-stock banks maintaining low NPL ratios, while some smaller banks may face pressure [11][21]. - Investment logic will focus on "high dividend, defensive" and "high quality, growth" dual lines, with high-dividend banks likely to attract continued investment [12][22].

1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints of the Report - In 2025, under the dual pressure of increased external environmental uncertainty and internal structural contradictions, small and micro - enterprises faced operational challenges. Despite continuous macro - policy support for inclusive small and micro - enterprise loans, the growth rate of such loans slowed down, and the issuance of small and micro - enterprise loan ABS products declined in terms of both the number of issues and scale. The cumulative default rate of these products rose at the end of the year, indicating pressure on asset quality. The credit performance of small and micro - enterprise credit assets and the future issuance of small and micro - enterprise loan ABS products in the credit asset securitization market remain uncertain [3][4][33] 3. Summary by Relevant Catalogs Policy - In 2025, in the face of a complex situation with deepening external environmental impacts and prominent domestic supply - demand contradictions, the macro - policy implemented a moderately loose monetary policy, maintained the intensity of support for inclusive small and micro - enterprise loans, and optimized the loan structure. Multiple departments issued a series of policies to support small and micro - enterprises, aiming to increase financing supply, reduce costs, and improve service quality. The new general tone of "ensuring quantity, improving quality, stabilizing prices, and optimizing structure" was established [4][5] - The scale of inclusive small and micro - enterprise loans continued to grow, with the balance increasing from 29.40 trillion yuan in 2023 to 36.57 trillion yuan in 2025, and the proportion in total loans rising from 12.37% to 13.45%. However, due to economic slowdown and policy transformation, the growth rate of loans decreased from 23.53% in 2023 to 11.05% in 2025 [6] - The central bank cut the reserve requirement ratio and the loan prime rate (LPR) in 2025, leading to a stable decline in the average interest rate of newly issued inclusive small and micro - enterprise loans. In June 2025, the average rate was 3.48%, a decrease of 0.66 percentage points compared to the previous year [9] Issuance - In 2025, 10 small and micro - enterprise loan ABS products were issued in the inter - bank market, with a total issuance scale of 58.645 billion yuan, a year - on - year decrease of 23.08% in the number of issues and 10.49% in scale. Meanwhile, 117 asset - backed notes (ABN) products with underlying micro - enterprise loans were issued, with a scale of 101.93 billion yuan, a year - on - year increase of 27.94% in the number of issues and 44.44% in scale [12] - The issuance of small and micro - enterprise loan ABS slowed down due to the loose market liquidity and the slowdown of banks' inclusive small and micro - enterprise loan growth, while the issuance of micro - enterprise loan ABN was more active because of the strong financing and cost - optimization needs of Internet banks and non - bank institutions [12] - In terms of issuing institutions, in 2025, there were 7 institutions issuing small and micro - enterprise loan ABS products. State - owned banks remained the dominant issuers, with 1 state - owned bank issuing 4 products worth 49.612 billion yuan, accounting for 84.60%. The concentration of issuing institutions has increased in recent years [14] Issuance Interest Rate - In 2025, the issuance interest rates of small and micro - enterprise loan ABS products generally showed a downward trend. The interest rate range of senior (AAAsf) securities was 1.58 - 1.96%, and that of sub - senior (AA + sf) securities was 1.91 - 2.19%, with a narrower range compared to 2024. The issuance cost of these products was at a historical low [17] - Compared with the 1 - year ChinaBond Medium - and Short - Term Note Yield, the spread range of AAAsf - rated securities of small and micro - enterprise loan ABS products was - 11 - 20 basis points, and that of AA + sf - rated securities was 21 - 30 basis points, with a narrower spread range compared to the previous year [17] - The issuance interest rates of small and micro - enterprise loan ABS products were generally lower than those of micro - enterprise loan ABN products because banks had an advantage in capital cost over Internet banks and non - bank financial institutions [17] Secondary Market - In 2025, the trading volume of small and micro - enterprise loan ABS products in the secondary market was 9.388 billion yuan, a 49.61% increase compared to 2024. The trading frequency was 43 times, with an average transaction amount of 218 million yuan. The turnover rate was 29.30%, slightly higher than the 2025 credit ABS market turnover rate, but the trading activity still needed to be improved [20] - The "Feichi Jianpu" series of products issued by China Construction Bank had a significant increase in trading activity, with the trading amount increasing by 165.27% compared to the previous year, accounting for 84.57% of the total secondary - market trading amount of small and micro - enterprise loan ABS products in that year [20] Asset Pool Characteristics - In 2025, the average single - household unpaid principal balance of the underlying assets of small and micro - enterprise loan ABS products increased. The proportion of underlying assets with mortgage guarantees was over 90%, and the average single - household unpaid principal balance was 1.7682 million yuan, higher than in 2024 [22] - The weighted average remaining term of the underlying assets decreased slightly to 12.20 months in 2025 from 12.96 months in 2024, remaining relatively short [23] - The weighted average interest rate of the underlying assets continued to decline and remained at a low level. The average interest rate of the asset pool of products issued by state - owned banks was 3.73%, that of joint - stock banks was 4.14%, and that of regional banks was 4.58% [23] Performance during the Continued Period Default Rate - By the end of 2025, the cumulative default rate of small and micro - enterprise loan ABS products showed an upward trend, ranging from 0.00% to 4.53%. The cumulative default rate of products issued by state - owned banks was between 0.00% and 3.43%, that of joint - stock banks was between 0.00% and 4.53%, and that of regional banks was between 0.00% and 4.50% [26] - For the 10 small and micro - enterprise loan ABS products issued in 2025, the cumulative default rate by the end of 2025 was between 0.00% and 1.67%. The cumulative default rate of products issued by state - owned banks was between 0.00% and 0.47%, that of joint - stock banks was between 0.00% and 1.67%, and that of regional banks was between 0.00% and 0.01% [29] Prepayment Rate - In recent years, the prepayment rate of small and micro - enterprise loan ABS products has been declining but remains at a high level. In 2025, except during the peak periods of small and micro - enterprise capital demand such as the Spring Festival and the end of the year, the annualized prepayment rate was generally above 50% [31] - There were significant differences in prepayment rates among products due to the small number of issued products. Among issuing institutions, the average prepayment rate of products issued by state - owned banks was the highest, while that of joint - stock banks was the lowest [31][32]