Investment Rating - The report maintains an "Overweight" rating for both the banking and securities sectors [6]. Core Insights - The financial sector shows a strategic allocation opportunity, with increased fund positions in banking, securities, and insurance stocks [1][5]. - The banking sector's fund position has slightly increased, indicating a return of risk appetite among investors [2][13]. - The securities sector is experiencing a recovery in fund positions, driven by market activity and performance expectations [3][5]. - The insurance sector has seen a significant increase in fund positions, with major insurance stocks being favored by investors [4][5]. Summary by Sections Banking Sector - As of Q4 2025, the banking sector's fund position increased by 0.04 percentage points to 1.89%, with large banks and joint-stock banks seeing gains, while city commercial banks experienced a decline [2][13]. - The top three heavy-weighted stocks in the banking sector account for 46.0% of the total fund position, indicating a concentration in holdings [13][27]. - The dividend yield for A/H shares in the banking sector is approximately 4.87%/4.88%, making it attractive compared to the 10-year government bond yield of 1.83% [5]. Securities Sector - The securities sector's fund position rose by 0.10 percentage points to 0.72%, although it remains at a historically low level [3][5]. - Major securities firms like CITIC Securities and Guotai Junan have been favored for their performance potential amidst market recovery [5][8]. - The average price-to-book ratio for large and small securities firms is 1.44x and 1.67x, respectively, indicating they are trading at 27% and 42% of their historical averages [5]. Insurance Sector - The insurance sector's fund position increased by 0.94 percentage points to 1.72%, with major stocks like Ping An and China Pacific receiving significant increases in holdings [4][5]. - The insurance index's price-to-book ratio is at 1.53x, which is at the 40th percentile of valuations since 2014, suggesting potential for valuation recovery [4][5]. - Strong sales performance in life insurance is noted, with a focus on high-elasticity stocks as key investment opportunities [4].

长江商报消息●长江商报记者 徐佳 上市银行"村改支"整合中再现股东分歧。 日前，苏农银行（603323.SH）发布的股东会决议显示，该行吸收合并张家港渝农商村镇银行并设立分 支机构的议案反对票占比13.0821%，特别是持股5%以下中小股东反对票比例达到18.415%。 无独有偶，近半年以来，已有贵阳银行、张家港行等上市银行"村改支"方案出现中小股东意见分歧。这 也反映出在市场与监管环境变化下，中小股东对于银行资本消耗型并购的态度日趋审慎。 长江商报记者注意到，此次"村改支"是苏农银行进一步优化区域布局的重要举措。随着区域布局的持续 推进，截至2025年末，苏农银行总资产2311.03亿元，较年初增长8.00%。 但另一方面，苏农银行同时面临营收增长放缓的挑战。2025年全年，苏农银行实现营业收入41.91亿 元，同比仅增长0.41%；归母净利润20.29亿元，同比增长7.58%；加权平均净资产收益率为10.84%，同 比下降0.83个百分点。 二级市场上，截至1月23日收盘，苏农银行A股股价5.02元/股，较2025年6月6.26元/股的高点回撤近 20%。2025年全年，苏农银行股价累计涨幅为10.75% ...

Investment Rating - The report assigns an "Overweight" rating to the banking sector [4]. Core Insights - As of January 23, 2026, eight banks have reported stable growth in performance and maintained asset quality. The outlook for 2026 suggests continued improvement in listed banks' performance, supported by narrowing interest margin declines and decreasing credit costs [2][4]. Summary by Sections Performance Indicators - Eight banks reported their performance for 2025, showing stable growth and asset quality. The revenue growth rates for major banks were as follows: - Shanghai Pudong Development Bank: +1.9% - Industrial Bank: +0.2% - China Merchants Bank: +0.01% - CITIC Bank: -0.6% - Regional banks like Nanjing Bank and Ningbo Bank showed stronger growth at +10.5% and +8.0% respectively [4][6]. - Profit growth was stable across listed banks, with notable increases in Hangzhou and Shanghai Pudong Development Bank exceeding 10% [4][6]. Scale and Growth - Quality regional banks continued to experience strong credit growth, with year-end asset growth rates for Nanjing, Ningbo, and Hangzhou at 16.6%, 16.1%, and 12.0% respectively. Loan growth rates were 13.4%, 17.4%, and 14.3% respectively [4][6]. - Overall deposit growth remained stable, with city commercial banks maintaining over 10% growth and joint-stock banks at 7%-8% [4][6]. Asset Quality - Non-performing loan ratios showed a stable or declining trend among the eight banks, with Shanghai Pudong, Suzhou Rural, and CITIC banks reporting decreases to 1.26%, 0.88%, and 1.15% respectively [4][6]. - The provision coverage ratio remained robust, with Hangzhou and China Merchants Bank showing declines of over 10 percentage points but still at high absolute levels [4][6]. Outlook for 2026 - The report anticipates continued improvement in bank performance in 2026, driven by narrowing interest margin declines and decreasing credit costs. Key factors include: - Net interest income growth expected to improve due to the expiration of high-cost long-term deposits and stable LPR [4][6]. - Fee income growth driven by insurance and wealth management channels [4][6]. - Asset quality improvements as risks in key corporate sectors are resolved [4][6]. Investment Recommendations - The report suggests focusing on three main investment lines for 2026: 1. Identifying banks with potential for performance growth, recommending Ningbo Bank, China Merchants Bank, and Nanjing Bank. 2. Considering banks with convertible bond expectations, recommending Chongqing Bank and Changshu Bank. 3. Continuing dividend strategies, recommending Bank of Communications, Jiangsu Bank, and Chongqing Rural Commercial Bank [4][6].

Investment Rating - The report assigns an "Overweight" rating to the banking sector [4]. Core Insights - As of January 23, 2026, eight banks have reported stable growth in performance and maintained asset quality. The outlook for 2026 suggests continued improvement in bank performance, supported by narrowing interest margin declines and decreasing credit costs [2][4]. Summary by Sections 1. Performance Indicators - Eight banks reported their performance for 2025, showing stable growth and asset quality. The revenue growth rates for major banks were as follows: - Shanghai Pudong Development Bank: +1.9% - Industrial Bank: +0.2% - China Merchants Bank: +0.01% - CITIC Bank: -0.6% - Regional banks showed varied performance, with Nanjing Bank at +10.5%, Ningbo Bank at +8.0%, Hangzhou Bank at +1.1%, and Suzhou Rural Bank at +0.4% [4][6]. 2. Scale and Growth - Quality regional banks continued to experience strong credit growth. By the end of 2025, asset growth rates were: - Nanjing Bank: 16.6% - Ningbo Bank: 16.1% - Hangzhou Bank: 12.0% - Loan growth rates were: - Nanjing Bank: 13.4% - Ningbo Bank: 17.4% - Hangzhou Bank: 14.3% - Overall deposit growth remained stable, with city commercial banks maintaining a growth rate of over 10% and joint-stock banks at 7%-8% [4][6]. 3. Asset Quality - The non-performing loan (NPL) ratios showed a stable or declining trend across the eight banks, with Shanghai Pudong Development Bank at 1.26%, Suzhou Rural Bank at 0.88%, and CITIC Bank at 1.15%. The provision coverage ratios remained robust, with Hangzhou Bank and China Merchants Bank showing a decline of over 10 percentage points but still at high absolute levels [4][6]. 4. Outlook for 2026 - The report anticipates continued improvement in bank performance in 2026, driven by: - A narrowing decline in interest margins leading to improved net interest income growth. - Increased fee income from insurance and wealth management channels. - Continued resolution of risks in key corporate sectors and stabilization of retail risk exposure [4][6]. 5. Investment Recommendations - The report suggests focusing on three main investment lines for 2026: 1. Identifying banks with potential for performance growth, recommending Ningbo Bank, China Merchants Bank, and Nanjing Bank. 2. Considering banks with convertible bond expectations, recommending Chongqing Bank and Changshu Bank. 3. Continuing dividend strategies, recommending Bank of Communications, Jiangsu Bank, and Chongqing Rural Commercial Bank [4][6].

Investment Rating - The report maintains an "Overweight" rating for the banking sector, indicating an expectation that the sector will outperform the benchmark index [1]. Core Insights - The banking index has declined by 8.4% since December, primarily due to concerns over real estate and interest rate cuts, leading to a valuation drop to 0.65x PB, which is at the 65th percentile over the past five years. Some quality stocks are offering a dividend yield close to 6% for 2025 [2][6]. - Despite the market's concerns, the core revenue trends in the banking sector remain positive. Eight banks, including Nanjing and Ningbo, reported improved revenues and profits for 2025, suggesting a favorable outlook for 2026 as net interest margins stabilize and wealth management income contributes positively [7][9]. - The report emphasizes the importance of focusing on high-quality banks with strong fundamentals and earnings elasticity, such as Ningbo, Nanjing, and Chongqing Rural Commercial Bank, as well as those with excellent dividend yield ratios like Shanghai and Chengdu banks [7][9]. Summary by Sections Investment Recommendations - The report highlights specific banks with investment recommendations: - Chengdu Bank (601838 CH): Buy with a target price of 23.25 [5]. - Chongqing Rural Commercial Bank (3618 HK): Buy with a target price of 8.34 [5]. - Nanjing Bank (601009 CH): Buy with a target price of 14.78 [5]. - Shanghai Bank (601229 CH): Buy with a target price of 12.38 [5]. - Ningbo Bank (002142 CH): Buy with a target price of 35.12 [5]. - Chongqing Rural Commercial Bank (601077 CH): Hold with a target price of 8.29 [5]. Market Dynamics - The report notes that the banking sector's credit issuance has been robust at the start of 2026, with a significant portion of new credit issued in January, indicating a shift in lending patterns. The focus remains on sectors like transportation, energy, and manufacturing [9][10]. - The report anticipates a narrowing of the decline in net interest margins for 2026, driven by the optimization of funding costs and stabilization in new loan pricing. The impact of potential interest rate cuts by the central bank is expected to be limited due to the timing of loan repricing [10][21]. Performance Metrics - The report provides performance metrics for various banks, indicating improvements in revenue and profit growth for several institutions. For instance, Nanjing Bank is projected to achieve a net profit of 219 billion yuan in 2025, with a growth rate of 8.5% [26]. - The report also highlights the asset quality of banks, noting that the average non-performing loan ratio for mortgage loans remains below 1%, indicating manageable risk levels [6][9].

详解基金 4Q25 银行持仓： 板块资金面整体稳健，主动基金比例小幅提升 0.04pcts 至 2.08% 评级： 增持（维持） 分析师：戴志锋 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 分析师：邓美君 执业证书编号：S0740519050002 Email：dengmj@zts.com.cn 分析师：陈程 执业证书编号：S0740525110001 Email：chencheng07@zts.com.cn 基本状况 上市公司数 42 行业总市值(亿元) 143,909.38 行业流通市值(亿元) 137,804.25 行业-市场走势对比 官信贷投放改善、存款总量稳增；预 计开门红趋势延续》2026-01-16 2、《12 月金融数据前瞻： 预计新增 8.3%》2026-01-08 | 一、主动基金配置银行板块情况：主动基金持仓银行市值占比升至 2.08%，但低配比例小 | | --- | | 幅扩大 | | 二、主动基金持仓银行个股情况： 共 21 家上市银行持仓比例环比提升 . | | 三、被动基金配置银行板块及个股情况：资金整体流入银行板块，合计净流入规模 ...

Core Viewpoint - The AI Fund Huatai Bairui Dividend Select Mixed A (022153) reported a profit of 790,200 yuan in Q4 2025, with a weighted average profit per fund share of 0.0213 yuan. The fund's net value growth rate for the reporting period was 1.22%, and the fund size reached 40.0857 million yuan by the end of Q4 2025 [3][11]. Fund Performance - As of January 23, the fund's unit net value was 1.161 yuan. The fund manager, Yang Jinghan, emphasizes a long-term investment strategy focused on high-quality equity assets to create sustainable compound returns for investors [3]. - The fund's three-month cumulative net value growth rate was -4.11%, ranking 13th out of 16 comparable funds, while the six-month growth rate was -0.45%, ranking 10th out of 16 [3]. Risk Metrics - The fund's Sharpe ratio since inception was 0.2589 as of December 31 [4]. - The maximum drawdown since inception was 5.52%, with the highest quarterly drawdown occurring in Q4 2025 at 4.96% [6]. Investment Strategy - The fund maintains a high average stock position of 87.64% since inception, compared to the peer average of 87.05%. The fund reached a peak stock position of 93.27% at the end of Q3 2025 and a low of 80.66% at the end of H1 2025 [10]. - The fund has a high concentration of holdings, with the top ten positions including Qilu Bank, Chongqing Rural Commercial Bank, Qingdao Bank, Chengdu Bank, China Communications Construction, Changshu Bank, Jiangsu Bank, Chongqing Department Store, Hangzhou Bank, and Nanjing Bank [13].

Core Viewpoint - The banking sector is showing stability in performance and attractiveness for conservative investors, particularly due to high dividend yields and a positive outlook for profitability recovery in 2026 [1] Group 1: Dividend Distribution - As of January 23, 2025, Huaxia Bank and Chongqing Rural Commercial Bank have distributed over 3 billion yuan in cash dividends [1] - A total of 25 A-share listed banks have completed cash dividend distributions, with China Merchants Bank issuing a mid-term dividend of 20.897 billion yuan for the first time [1] Group 2: Market Sentiment and Investment Trends - Several banks, including Nanjing Bank and Qilu Bank, have seen significant share purchases by shareholders and executives, indicating confidence in the sector [1] - Experts suggest that the banking sector remains attractive to risk-averse capital due to its stable earnings expectations and strong dividend characteristics [1] Group 3: Future Outlook - The banking industry is expected to continue its trend of profit recovery, with a more stable operating environment anticipated for 2026 [1]

Core Viewpoint - The banking sector is experiencing a trend of increasing mid-term cash dividends, with several banks announcing significant payouts, indicating a stable earnings outlook and attractiveness for conservative investors [1][2][4]. Group 1: Mid-term Dividends - As of January 23, 2025, Huaxia Bank and Chongqing Rural Commercial Bank distributed over 3 billion yuan in cash dividends, contributing to a total of 25 A-share listed banks that have completed dividend payouts [1][2]. - A total of 31 A-share listed banks announced mid-term dividends for 2025, with 25 having released their plans and completed payouts. The six major state-owned banks collectively distributed 204.657 billion yuan, with Industrial and Commercial Bank of China leading at 50.396 billion yuan [2]. - China Merchants Bank made its first mid-term dividend distribution of 25.548 billion yuan, with a per-share payout of 1.013 yuan, marking a 35% dividend ratio, the highest among listed banks [2]. Group 2: Investment Appeal - The banking sector remains attractive for stable funds due to its high dividend yield and stable earnings expectations, particularly for large banks and quality regional banks [3][4]. - Recent share buybacks by major shareholders and executives in banks like Nanjing Bank and Chongqing Rural Commercial Bank indicate confidence in the sector, with Nanjing Bank's major shareholder increasing its stake from 13.02% to 14.02% [3]. - Analysts suggest that the low-risk interest rate environment and the ongoing "asset shortage" make dividend-paying assets appealing, with banks signaling stable earnings growth and improved asset quality [3][4]. Group 3: Future Outlook - The banking industry is expected to continue its earnings recovery trend into 2026, with a stabilizing operating environment and potential for net interest margin recovery, which could enhance profitability [4]. - The market may see a divergence in performance, with high-dividend large banks and quality regional banks likely to outperform, while smaller banks may face challenges related to asset quality and profitability [4].

股票研究 /[Table_Date] 2026.01.23 票 研 究 主动基金环比持平，被动基金增持 [Table_Industry] 商业银行 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 马婷婷(分析师) | 021-23185608 | matingting@gtht.com | S0880525100001 | | 陈惠琴(分析师) | 021-38676666 | chenhuiqin@gtht.com | S0880525100003 | 本报告导读： 25Q4 主动基金对银行持仓比例环比持平于 1.9%，被动基金持仓比例环比+1.6pct 至 7.0%，其中宁波银行、兴业银行、中国银行、建设银行等获主动基金增配。 25Q4 基金对银行持仓点评 投资要点： [Table_Summary] 2025 年四季度基金重仓持股情况披露（主动基金包括普通股票型、 偏股混合型、灵活配置型，被动基金包括被动指数型、指数增强型）： [Table_Report] 相关报告 商业银行《国有大行投放力度较大，不良压力或 企稳》20 ...