随着社会信用体系建设工作的纵深推进，"信用+融资"场景的核心逻辑逐渐演变为以多维信用数据为核心依据，重构融资准入、授信、风控的全流程，形 成"信用数据归集-信用评价- 信用赋能融资-动态信用风控-信用奖惩闭环"的一体化体系，全链条流程围绕事前准入建信、事中授信用信、事后风控管信三 大阶段展开，每个阶段均明确融资对象适配性、授信方式选择、风控核心动作，各环节环环相扣、信用数据全程穿透。 "信用+融资"的服务对象中小微企业、科创企业、农户/新型农业经营主体、个体工商户等不同类型经营主体为主，存在缺抵质押、缺财务报表、融资需求 小额高频等问题，在信用数据维度、授信优先级别、风控重点等方面也有显著差异。 因此各地根据实际禀赋探索推进，涌现出一批体现当地形势的落地场景及创新案例，有望成为普惠金融落地的范本。 "信用+融资"地方案例 借款人基于自身信用状况（如还款能力、历史记录）向金融机构或交易对手获取资金，承诺未来还本付息的行为，其本质是以信用替代抵押，解决信息不 对称问题，适用于个人和企业，这是信用融资基础概念。 浙江省杭州市作为国家级科创金融改革试验区，集聚了大量轻资产、重知识产权的科创企业，普遍面临"信用评估难、 ...

Core Insights - The agricultural commercial bank sector experienced a rise of 0.59% on January 28, with Changshu Bank leading the gains [1] - The Shanghai Composite Index closed at 4151.24, up by 0.27%, while the Shenzhen Component Index closed at 14342.9, up by 0.09% [1] Agricultural Commercial Bank Sector Performance - Changshu Bank (601128) closed at 7.34, with an increase of 2.23% and a trading volume of 733,900 shares, amounting to a transaction value of 537 million [1] - Zhangjiagang Bank (002839) closed at 4.52, up by 1.35%, with a trading volume of 333,700 shares and a transaction value of 150 million [1] - Yunnan Agricultural Commercial Bank (601077) closed at 6.21, increasing by 0.98%, with a trading volume of 868,000 shares and a transaction value of 541 million [1] - Other banks such as Wuxi Bank (600908), Jiangyin Bank (002807), and Zijin Bank (601860) also showed modest gains [1] Capital Flow Analysis - The agricultural commercial bank sector saw a net inflow of 91.16 million from institutional investors, while retail investors experienced a net outflow of 205 million [1] - Notable net inflows from individual stocks include Hu Agricultural Commercial Bank (601825) with 52.25 million from institutional investors and Zhangjiagang Bank (002839) with 13.01 million [2] - Conversely, Yunnan Agricultural Commercial Bank (601077) and Hu Agricultural Commercial Bank (601825) faced significant net outflows from retail investors, amounting to 88.16 million and 98.40 million respectively [2]

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The average narrow deficit ratio for all provinces in 2024 is 16.4%, and the average broad deficit ratio is 20.0%, both at relatively low levels since 2010. The average debt ratio stands at 357.0%, which has been on the rise since 2016 [5] Summary by Sections Regional Finance - The average tax revenue ratio across provinces is 67.2% in 2024, showing a year-on-year decline of 2.7%. The overall trend indicates a decrease in tax revenue reliance [20][26] - The average fiscal self-sufficiency rate for all provinces is 43.9% in 2024, reflecting a continuous decline since 2013 [17][19] - The government fund budget, which accounts for 20% of fiscal revenue, has seen a revenue decline of 14.2% year-on-year in 2024, primarily due to the downturn in the real estate market [27][28] Regional Social Financing - The new social financing has shown significant differentiation, with a notable concentration in economically developed eastern regions. Approximately 60% of the new social financing increment from 2020 to 2024 has been directed towards eastern regions, although this percentage has been gradually declining [5] - In 2024, the marginal contribution of government financing has increased, while corporate financing has decreased. The contribution of government departments to new loans is 69.1%, while corporate and household contributions are 34.7% and 24.8%, respectively [5][19]

Core Viewpoint - The rural commercial bank sector experienced a decline of 0.47% on January 27, with Ruifeng Bank leading the drop, while the Shanghai Composite Index rose by 0.18% and the Shenzhen Component Index increased by 0.09% [1] Group 1: Market Performance - The closing prices and changes for key rural commercial banks are as follows: - Yunnan Rural Commercial Bank (601077) closed at 6.15, up 0.33% - Qingnong Bank (002958) closed at 3.13, unchanged - Changshu Bank (601128) closed at 7.18, down 0.14% - Jiangyin Bank (002807) closed at 4.51, down 0.44% - Sunong Bank (603323) closed at 4.98, down 0.60% - Zhangjiagang Bank (002839) closed at 4.46, down 0.67% - Hunan Rural Commercial Bank (601825) closed at 8.32, down 0.95% - Wuxi Bank (600908) closed at 5.76, down 1.03% - Zijin Bank (601860) closed at 2.77, down 1.07% - Ruifeng Bank (601528) closed at 5.40, down 1.10% [1] Group 2: Capital Flow - The rural commercial bank sector saw a net inflow of 88.29 million yuan from institutional investors, while retail investors experienced a net outflow of 112 million yuan [1] - The capital flow for individual banks is as follows: - Hunan Rural Commercial Bank (601825) had a net inflow of 31.55 million yuan from institutional investors, but a net outflow of 54.50 million yuan from retail investors - Changshu Bank (601128) had a net inflow of 21.64 million yuan from institutional investors and a net inflow of 1.10 million yuan from retail investors - Yunnan Rural Commercial Bank (601077) had a net inflow of 18.99 million yuan from institutional investors, with a net outflow of 2.01 million yuan from retail investors - Other banks like Jiangyin Bank (002807) and Zijin Bank (601860) also showed mixed capital flows [2]

责任编辑：栎树 银行频道更多独家策划、专家专栏，免费查阅>> 1月26日，国家金融监督管理总局海南监管局发布的批复信息显示，核准徐尧兴福村镇银行副行长、陈 树文兴福村镇银行行长助理的任职资格。 官网信息显示，兴福村镇银行是常熟农商银行旗下，经原中国银行保险监督管理委员会批准设立的银行 业金融机构。注册于海南海口的兴福村镇银行是全国第一家投资管理型村镇银行。投资管理行注册资本 20.8亿元人民币，于2019年9月19日正式开业，承担着管理兴福号村镇银行的责任和新设、并购村镇银 行的使命，目前下辖上述海南、江苏、广东、湖北、河南、云南28家法人机构。 ...

高管和股东积极增持 ● 李玉敏 李蕴奇 2026年以来，A股银行板块出现明显调整，跑输大盘，这一现象主要源于市场风格切换下的资金短期流 出。在银行股调整过程中，多家银行高管和股东积极增持，机构也对外传递乐观预期，银行股的长期价 值并未改变。 银行股明显调整 开年以来，银行股出现明显调整。截至1月26日收盘，申万银行指数今年以来下跌7.04%。同期，沪深 300指数上涨1.66%，中证500指数上涨13.95%。 记者梳理发现，在本轮银行股调整过程中，市值较高的银行股调整幅度更大。在申万二级行业中，国有 大型银行、股份制银行、城商行、农商行今年以来分别下跌8.64%、8.8%、2.64%、3.69%。 市场风格主导的资金流向或许是本轮银行股调整的关键因素。招商证券金融工程团队的研报显示，2025 年12月下旬以来，小盘成长风格在市场中明显占优，大盘价值风格处于弱势。作为大盘价值风格的代 表，银行股近期遭遇"逆风"。中金公司银行业分析师林英奇认为，由于近期市场风格切换、资金流出等 原因，银行股出现一定回调。不过，这也导致银行股估值、股息吸引力提升。 在连续调整后，1月26日A股银行股行情明显回暖，申万银行指数上涨 ...

本报记者 彭妍 近期，大批中小银行密集推出大额存单产品。记者注意到，这些产品年利率普遍降至"1字头"，短期化 特征也愈发凸显——1年期以下短期产品显著增多，3年期产品数量占比不足三成，5年期产品已难觅踪 迹。 受访人士表示，这一现象背后，是低利率环境下中小银行对负债端的主动调整：一方面是为吸纳存款、 稳定负债规模；另一方面，在资产收益率下行压力下，主动褪去"利率高地"的定位，通过精细化管控负 债成本，避免盲目高息揽储加剧息差收窄。未来，行业竞争或将从单纯利率比拼，转向服务与产品差异 化创新的赛道。 发行节奏显著加快 1月份以来，中小银行迎来一轮大额存单发行热潮。据统计，开年至今，中小银行发布的大额存单发行 公告已超200条，发行节奏显著加快。仅1月26日当天，灌云农商银行、苏州农商银行、阳城农商银行、 吉安农商银行、淮南通商农商银行、淮北农商银行、三河农商银行、贵州兴义农商银行、颍泉农商银行 等10多家中小银行，同步新发多款不同期限的大额存单产品；1月22日，常熟银行、金湖农商银行、高 平农商银行、嵩明农商银行和珠海农商银行5家机构，集中推出了多期大额存单产品。 值得关注的是，此次新发行的大额存单，短期化特征 ...

2026 年 01 月 26 日 "固收+"大发展，转债仓位继续被"稀释" 25Q4 基金转债持仓分析 固定收益专题报告 证券研究报告 固定收益组 分析师：尹睿哲（执业 S1130525030009） yinruizhe＠gjzq.com.cn 分析师：李玲（执业 S1130525030012） liling3＠gjzq.com.cn 核心观点 25 年四季度权益转入高位震荡、纯债也进入波动但利率水平较低，固收类资金继续向权益市场要收益，但转债不断新 高的估值也带动各产品规模&仓位&持券偏好出现分化。 二级债基"一只独秀"，转债仓位表现分化。1）四季度由于权益转入震荡混合型基金规模基本持平，但对转债的仓位 继续下降、不过降幅有所收窄，目前已来到 17 年，其中偏债混产品的转债仓位主动降低至 3.89%、回到 21 年初的位 置，灵活配置型的转债仓位在连续 2 年的下降后终于止跌回升到 0.66%、但仍然处于历史较低位置。2）一级债基由于 弹性有限、继续表现为小幅赎回，其中仅有转债仓位超 50%的产品表现为净申购，而利率低位的背景下仍然需要向转 债要收益，因此在经过一段时间的仓位降低后一级债基对转债仓位止跌回升 ...

Core Viewpoint - The agricultural commercial bank sector experienced a decline of 0.27% on January 26, with the Shanghai Agricultural Commercial Bank leading the drop. The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Group 1: Stock Performance - The closing prices and performance of key agricultural commercial banks are as follows: - Zijin Bank: Closed at 2.80, up 1.08% with a trading volume of 592,100 shares and a transaction value of 164 million yuan - Zhangjiagang Bank: Closed at 4.49, up 0.45% with a trading volume of 293,200 shares and a transaction value of 131 million yuan - Jiangyin Bank: Closed at 4.53, up 0.22% with a trading volume of 376,000 shares and a transaction value of 170 million yuan - Wuxi Bank: Closed at 5.82, up 0.17% with a trading volume of 169,700 shares and a transaction value of 98.42 million yuan - Chongqing Rural Commercial Bank: Closed at 6.13, up 0.16% with a trading volume of 806,700 shares - Changshu Bank: Closed at 7.19, up 0.14% with a trading volume of 365,700 shares - Su Nong Bank: Closed at 5.01, down 0.20% with a trading volume of 246,100 shares - Qing Nong Bank: Closed at 3.13, down 0.32% with a trading volume of 643,900 shares - Ruifeng Bank: Closed at 5.46, down 0.55% with a trading volume of 200,900 shares - Shanghai Agricultural Commercial Bank: Closed at 8.40, down 1.06% with a trading volume of 377,700 shares [1] Group 2: Capital Flow - On that day, the agricultural commercial bank sector saw a net inflow of 140 million yuan from institutional investors, while retail investors experienced a net outflow of 259 million yuan. The net inflow from speculative funds was 119 million yuan [1] - The detailed capital flow for specific banks is as follows: - Chongqing Rural Commercial Bank: Net inflow of 43.43 million yuan from institutional investors, 26.47 million yuan from speculative funds, and a net outflow of 69.89 million yuan from retail investors - Shanghai Agricultural Commercial Bank: Net inflow of 36.54 million yuan from institutional investors, 29.93 million yuan from speculative funds, and a net outflow of 66.47 million yuan from retail investors - Changshu Bank: Net inflow of 22.25 million yuan from institutional investors, 10.94 million yuan from speculative funds, and a net outflow of 33.19 million yuan from retail investors - Jiangyin Bank: Net inflow of 11.74 million yuan from institutional investors, 8.70 million yuan from speculative funds, and a net outflow of 20.44 million yuan from retail investors - Ruifeng Bank: Net inflow of 9.70 million yuan from institutional investors, 8.78 million yuan from speculative funds, and a net outflow of 18.48 million yuan from retail investors [2]

Summary of Conference Call Notes Industry Overview - **Industry**: Chinese Banking and Property Sector - **Context**: Insights from the 2026 Greater China Conference (GCC) and subsequent macro, financial, and property tours Key Points on Economic Outlook - **2026 GDP Growth Target**: Expected to be set at 4.5-5.0%, with some experts optimistic about achieving close to 5% due to strong exports and easing deflationary pressures [2][8][10] - **Deflationary Pressure**: CPI expected to rise to 0.5%, while PPI may narrow its decline to a range of -1% to 0% [10] - **Consumption Growth**: Not seen as a key driver for 2026; trade-in subsidies are fading [2][19] Banking Sector Insights - **NIM Pressure**: Current stretched NIM levels are a constraint for rate cuts; a small rate cut of 10bps is anticipated [3][15] - **Loan Origination**: Decent loan origination observed in early January, primarily driven by corporate loans; retail loan recovery remains limited [5][48] - **Revenue Outlook**: Improved revenue outlook driven by less YoY NIM decline and ongoing fee income recovery; investment income may lag due to a less favorable bond market [5][50] Property Sector Outlook - **Bearish Sentiment**: Experts hold a bearish view on the property sector, expecting a 10% decline in property prices in 2026 and 5% in 2027 [4][27] - **Homebuyer Behavior**: Shift from buying to renting; potential 30-40% downside in property prices if rental yields align with mortgage rates [4][27] - **Policy Support**: Limited policy tools available to stabilize property prices; expectations for major new policies in 2026 are low [4][16][27] Specific Company Insights - **Chengdu MixC**: Strong sales growth with retail sales reaching approximately Rmb8.5 billion in 2025; proactive tenant changes attributed to outperformance [30] - **C&D Haiyao**: Luxury project demand remains, with a successful launch of a luxury residential project at an average price of over Rmb77,000 per sqm [31] Additional Considerations - **Geopolitical Risks**: Complicated geopolitical relations may impact export growth; however, solid external demand is expected [17] - **RMB Appreciation**: Potential for RMB to enter an appreciation cycle, with expectations of a 3-4% appreciation by the end of 2026 [18] - **Distressed Developers**: Many banks are allowing roll-over of existing project loans to distressed developers, delaying NPL recognition [22] Conclusion - The overall sentiment in the banking and property sectors is cautious, with expectations of limited growth and ongoing challenges. The focus remains on managing asset quality and navigating a complex macroeconomic environment.