消费，一头连着千行百业，一头连着千家万户，事关国计民生，既是推动经济高质量发展的重要引擎，也是实现人民美好生活的关键要义。支持提振消费、 扩大内需，是金融服务实体经济的重要内容。作为重庆市资产规模最大、从业人员最多、服务网络最广的地方金融机构——重庆农村商业银行（以下简 称"重庆农商行"）在国家金融监督管理总局重庆监管局的指导下，认真践行金融工作的政治性和人民性，持续强化覆盖消费全领域的综合金融服务，扎实推 进金融产品及服务创新，助力提振消费、扩大内需。 "十五五"开局之年，消费作为拉动经济增长的"主引擎"作用进一步强化。为积极响应国家关于促进消费、服务新发展格局的部署要求，全面激发市场活力， 增强民生福祉，重庆农商行全面构建"数字驱动、产业链动、场景圈动"三种新动能，依托场景化、生态化新金融服务模式，积极打造促消费场景品牌"渝快 荟"，将其作为构建社区金融生态的核心抓手，并于2026年1月1日起在全市范围内举办"渝快荟消费节"，通过丰富多彩的主题活动和实实在在的优惠力度， 促消费、惠民生，以实际行动为提振区域消费、推动经济高质量发展注入强劲金融动能。 聚合商户资源，助力消费市场"热力升腾" 澄澈晴空与北仓标 ...

东 兴 晨 报 东兴晨报 P1 2026 年 1 月 28 日星期三 经济要闻 1. 国税局：2025 年税务部门全年征收各项税费 33.1 万亿元。其中，未扣 除出口退税的税收收入 17.8 万亿元，同比增长 2.7%。支持科技创新和制造 业发展的主要优惠政策减税降费退税超 2.8 万亿元，有力促进新质生产力和 实体经济发展。（资料来源：同花顺） 2. 国资委：1 月 28 日，国务院国资委企业改革局局长林庆苗在国新办新 闻发布会上透露，下一步国资委将聚焦国有资本"三个集中"，以重组整合为 抓手，扎实推进国有经济布局优化和结构调整，加快建设更多世界一流企业。 国有资本"三个集中"，首先是扎实做好新央企组建和战略性重组，更加突出 中央企业在战略安全、产业引领、国计民生、公共服务等领域的支撑作用， 更好把企业做强做优做大。其次，深入推进专业化整合，支持创新能力强的 企业作为主体，开展同类业务横向整合、产业链上下游纵向整合，减少行业 内卷。再次，支持中央企业开展高质量并购，获取核心要素、抢占技术先机， 加快培育发展战略性新兴产业和未来产业。（资料来源：同花顺） 3. 国家移民管理局：2025 年，全国移民管理机构 ...

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 "Positive" [5] Core Insights - As of the end of Q4 2025, the market value of actively managed equity funds holding A-shares reached 1.61 trillion, with the banking sector accounting for 30.367 billion, representing 1.89% of the total, which is below the 5-year and 10-year averages of 3.02% and 3.89% respectively [1] - The report indicates a slight increase in the proportion of active funds in the banking sector, while passive funds and northbound capital have seen reductions in their holdings [2][3] - The report anticipates that in 2026, macro policies will be proactive, with the central bank lowering various structural monetary policy tool rates, which will help improve banks' funding costs and encourage lending in key areas [3] Summary by Sections Active Funds - The market value of active funds in the banking sector increased slightly to 30.367 billion, with a proportion of 1.89%, up 0.07 percentage points from Q3 2025 [1] - The concentration of holdings among the top five banks decreased to 57.6%, with notable increases in holdings for Ningbo Bank, China Merchants Bank, and others [2] Passive Funds - The overall holdings of passive funds remained stable in Q4 2025, but there has been a significant reduction since January 2026 [2] - By the end of Q4 2025, the market value of banks held by sample ETFs accounted for 6.73% of the net value of stock ETFs, a decrease of 0.99% compared to the end of 2024 [2][27] Northbound Capital - Northbound capital saw a net reduction in bank stocks, with holdings decreasing to 160.27 billion shares, down 13.75 billion shares from the previous quarter [3] - The market value held by northbound capital in bank stocks was 177.26 billion, representing 5.86% of the free float market value, a decrease of 0.21 percentage points from the previous quarter [3] Investment Recommendations - The report suggests that the banking sector's fundamentals are expected to remain stable, supported by improved net interest margins and stable asset quality [3]

Core Viewpoint - The report from China Galaxy Securities indicates that the public fund's heavy stockholding data for Q4 2025 shows a continued low preference for the banking sector, despite ongoing interest in state-owned and joint-stock banks [1] Group 1: Active Fund Holdings - The proportion of active funds underweight in the banking sector has increased, with a current underweight ratio of 8.88%, up by 0.5 percentage points [1] - The total market value of active fund holdings in banks is 30.545 billion yuan, reflecting a 1.52% increase quarter-on-quarter, with a holding ratio of 1.88%, up by 0.07 percentage points, remaining at a near five-year low [1] - The rankings of bank holdings among active funds show state-owned banks at 0.31%, joint-stock banks at 0.61%, city commercial banks at 0.77%, and rural commercial banks at 0.19%, with state-owned banks seeing a notable increase of 0.08 percentage points [1][2] Group 2: Passive Fund Holdings - The total market value of passive fund holdings in banks is 110.423 billion yuan, with a holding ratio of 7%, up by 1.56 percentage points, ranking 6th among the Shenwan first-level industries [3] - The holding ratios for state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks are 0.88%, 5.63%, 0.42%, and 0.08%, respectively, all showing increases, particularly joint-stock banks which rose by 1.37 percentage points [3] Group 3: Northbound Capital Flows - Northbound capital has seen a slight net outflow from the banking sector, with total holdings amounting to 177.26 billion yuan, up by 2.06%, and a holding ratio of 6.85%, increasing by 0.12 percentage points [4] - The net outflow from the banking sector was 5.08 billion yuan, with notable net purchases in banks such as China Merchants Bank, Industrial and Commercial Bank of China, and Ningbo Bank, amounting to 4.356 billion, 1.419 billion, and 1.344 billion yuan, respectively [4]

Group 1 - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) based on their daily and year-to-date performance as of January 27, 2026 [1][5] - China Gold (600916.SH) leads with a daily increase of 9.96% and a year-to-date increase of 36.81%, with a dividend yield of 3.45% [1][5] - Aotewei (688516.SH) shows a remarkable year-to-date increase of 120.95%, with a daily increase of 9.81% and a dividend yield of 2.31% [1][5] Group 2 - The index's historical price-to-earnings ratio is reported at 4.76%, with an expected price-to-earnings ratio of 11.07 [2] - The dividend yield for the index over the past 12 months is noted as 1.34 times, indicating a strong return for investors [2] - The article mentions the formation of a MACD golden cross signal, suggesting positive momentum for the stocks listed [4][8]

证券研究报告 | 2026年01月27日 $\Delta$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$ 公募 FOF 基金 2025 年四季度概览 截至 2025Q4，全市场已成立FOF产品数量 549 只，合计规模为 2441.88 亿元，相比 2025Q3 增加 26.20%。根据穿透后权益资产占比将FOF划 分为偏债型FOF、平衡型FOF和偏股型FOF，2025Q4 规模分别为 1611.13 亿元、454. ...

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]

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 ...

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]