[Table_Page] 跟踪分析|银行 证券研究报告 [Table_Title] 跨境流动性跟踪 20260301 汇率政策组合拳如何影响流动性？ [Table_Summary] [Table_Gr ade] 行业评级 买入 前次评级 买入 报告日期 2026-03-02 [Table_PicQuote] 相对市场表现 -10% -3% 4% 10% 17% 24% 03/25 05/25 07/25 10/25 12/25 02/26 银行 沪深300 | [分析师： Table_Author]倪军 | | --- | | SAC 执证号：S0260518020004 | | 021-38003646 | | nijun@gf.com.cn | | 分析师： 林虎 | | SAC 执证号：S0260525040004 | | SFC CE No. BWK411 | | 021-38003643 | | gflinhu@gf.com.cn | | 请注意，倪军并非香港证券及期货事务监察委员会的注册 | | 持牌人，不可在香港从事受监管活动。 | [Table_ 相关研究： DocReport] | 银行行业 ...

[Table_PicQuote] 相对市场表现 [Table_Page] 跟踪分析|银行 证券研究报告 [Table_Title] 银行行业 月末票据利率反弹，大行净买入同比增量回落 ——银行资负跟踪 20260302 [Table_Summary] 核心观点： | [Table_Gr ade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-03-02 | [分析师： Table_Author]倪军 SAC 执证号：S0260518020004 021-38003646 nijun@gf.com.cn 分析师： 林虎 SAC 执证号：S0260525040004 SFC CE No. BWK411 021-38003643 gflinhu@gf.com.cn -10% -3% 4% 10% 17% 24% 03/25 05/25 07/25 10/25 12/25 02/26 银行 沪深300 请注意，倪军并非香港证券及期货事务监察委员会的注册 持牌人，不可在香港从事受监管活动。 [Table_ 相关研究： DocReport] | 银行行业:银行 ...

【导读】两家银行同日官宣！聘任首席合规官，由行长兼任 2月27日，浙商银行公告称，经该行董事会审议通过，聘任吕临华为该行首席合规官，任期与第七届董 事会任期一致，待其行长任职资格获国家金融监督管理总局核准后生效。 2025年12月31日，浙商银行原行长陈海强因其他工作安排辞任。同日，吕临华被该行董事会聘任为行 长，在其任职资格待监管机构核准前，代为履行相关职务。 简历显示，吕临华，1978年5月出生，浙商银行党委副书记，硕士研究生；曾任原中国保险监督管理委 员会浙江监管局统计研究处处长助理，办公室（党委办公室）主任助理、副主任、主任；原中国银行保 险监督管理委员会浙江监管局政策法规处处长，办公室（党委办公室、党委巡察办公室）主任、一级调 研员；浙江农村商业联合银行党委委员、副行长。 2月27日，兰州银行也发布公告称，经该行董事会审议通过，聘任刘敏兼任该行首席合规官，其任职自 董事会审议通过之日起生效。 简历显示，刘敏，1979年出生，工商管理硕士，现任兰州银行党委副书记、行长；曾任工商银行平凉分 行党委委员、副行长，工商银行甘肃省分行国际业务部（投资银行部）副总经理，工商银行平凉分行党 委书记、行长，工商银行 ...

2月27日晚间，浙商银行和兰州银行均发布公告称，已完成首席合规官的聘任。 两家银行的首席合规官均由行长兼任，这种"高配"凸显出对合规内控管理工作的重视。 两家银行同步补齐首席合规官 【导读】两家银行同日官宣！聘任首席合规官，由行长兼任 2月27日，浙商银行公告称，经该行董事会审议通过，聘任吕临华为该行首席合规官，任期与第七届董 事会任期一致，待其行长任职资格获国家金融监督管理总局核准后生效。 2025年12月31日，浙商银行原行长陈海强因其他工作安排辞任。同日，吕临华被该行董事会聘任为行 长，在其任职资格待监管机构核准前，代为履行相关职务。 简历显示，吕临华，1978年5月出生，浙商银行党委副书记，硕士研究生；曾任原中国保险监督管理委 员会浙江监管局统计研究处处长助理，办公室（党委办公室）主任助理、副主任、主任；原中国银行保 险监督管理委员会浙江监管局政策法规处处长，办公室（党委办公室、党委巡察办公室）主任、一级调 研员；浙江农村商业联合银行党委委员、副行长。 2月27日，兰州银行也发布公告称，经该行董事会审议通过，聘任刘敏兼任该行首席合规官，其任职自 董事会审议通过之日起生效。 简历显示，刘敏，1979年出 ...

21世纪经济报道记者张欣 2026年开春，农业银行与中国银行相继发布公告，分别由行长王志恒、张辉兼任本行首席合规官。此次系两家银行首次设立首 席合规官职位，且均由总行行长亲自兼任，被业内认为"高配"，反映出国有大行对合规内控的重视。 此番高层人事调整，是2024年12月国家金融监督管理总局《金融机构合规管理办法》政策要求下的实质性落地。《合规办法》 明确要求，金融机构应当在机构总部设立首席合规官，且首席合规官应为高级管理人员，并允许行长（总经理）或其他高级管 理人员兼任。该办法自2025年3月1日起正式施行，给予行业一年过渡期。 随着《办法》所设过渡期临近尾声，从国有大行、股份制银行到地方城商行、农商行，各类银行业金融机构正迎来首席合规官 的集中聘任与任命潮。 2025年12月，就有多家银行完成相关人事任命。例如，兴业银行聘任副行长孙雄鹏为首席合规官，平安银行也聘任行长助理吴 雷鸣兼任该职，江阴农商行则由行长倪庆华兼任。去年11月，宁波银行也聘任副行长王勇杰为首席合规官，常熟银行也宣布由 新任行长陆鼎昌兼任这一职务；2026年2月11日晚间，光大银行亦公告称，聘请杨文化为该行副行长兼首席合规官。 （图源：农行 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The banking industry has shown a recovery in profit growth, with net profit for commercial banks increasing by 2.33% year-on-year in 2025, reflecting a quarter-on-quarter improvement of 2.35 percentage points [13][14] - The overall asset growth of commercial banks continued, with total assets increasing by 9.01% year-on-year as of Q4 2025, while loan growth slightly decreased to 7.26% year-on-year [29][30] - Net interest margin stabilized for two consecutive quarters at 1.42%, with expectations for a gradual recovery in 2026 [54] Summary by Sections Performance - The net profit of commercial banks increased by 2.33% year-on-year in 2025, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks showing growth rates of 2.25%, -2.84%, 12.87%, and 4.57% respectively [13][14] - The return on equity (ROE) and return on assets (ROA) for commercial banks were 7.78% and 0.60%, reflecting a year-on-year decline of 0.33 percentage points and 0.03 percentage points respectively [13] Scale - Total assets of commercial banks grew by 9.01% year-on-year as of Q4 2025, with state-owned banks showing a growth rate of 10.78% [29][30] - Loan growth for commercial banks was 7.26% year-on-year, with city commercial banks experiencing a counter-cyclical increase in loan growth [29][30] Interest Margin - The net interest margin for commercial banks was stable at 1.42%, with a year-on-year decline of 10.50 basis points [54] - Expectations for 2026 indicate potential downward pressure on net interest margins in Q1, but a gradual recovery is anticipated thereafter [54] Asset Quality - The non-performing loan ratio for commercial banks was 1.50%, showing a quarter-on-quarter decrease of 2.00 basis points, while the provision coverage ratio was 205.21% [54] Capital - The core Tier 1 capital adequacy ratio for commercial banks was 10.92%, reflecting a quarter-on-quarter increase of 0.05 percentage points [54]

消息面上，春节过后，居民闲置资金集中进入配置窗口，银行理财市场迎来新一轮布局热潮。多家理财 公司抢抓开工季节点，密集推出各类理财产品，一场面向节后回流资金的理财"抢客战"正式打响。 光大证券指出，银行板块进入"春播"时间窗口，收获时间需等风格切换。基本面角度看，银行经营业绩 稳定性强，3月财报季具有坚实支撑。一方面，商业银行25Q4经营指标及上市银行业绩快报披露情况显 示，随着息差收窄压力边际缓释，2025年全年经营业绩稳中向好；另一方面，从2026年开年以来银行运 行态势看，信贷"开门红"相对温和，全年扩表仍将保持一定强度，叠加息差收窄压力同比缓释，将对利 息收入形成有力支撑，手续费也有望延续回暖态势，预估上市银行2026年营收增速小幅上修至2%附 近。经济发达地区的优质中小行信贷投放景气度更高、盈利能力更强。从估值角度看，银行板块"高股 息、低估值"属性再度凸显，"两会"临近有助于改善市场预期。 截至2026年2月26日 09:47，中证银行指数(399986)上涨0.31%，成分股民生银行上涨1.03%，江苏银行上 涨0.97%，南京银行上涨0.90%，沪农商行上涨0.72%，江阴银行上涨0.66%。银 ...

Investment Rating - The report assigns a "Buy" rating for the banking sector, indicating an expectation of stock performance exceeding the market by more than 10% over the next 12 months [58]. Core Insights - In 2025, the banking sector's asset growth is projected to be 8.01%, an increase from 6.52% in 2024, driven by factors such as fiscal stimulus, cross-border capital inflows, and the activation of maturing deposits [5][13]. - The report identifies two key cycles affecting asset pricing in banking: the bank expansion cycle and the interest margin cycle, suggesting a comprehensive analysis of these cycles [5][13]. - The debt cycle is characterized as a fundamental aspect of the bank expansion cycle, with a model proposed by Dalio outlining seven stages of a typical debt cycle, which can be influenced by external debt reliance [16][19]. - The report anticipates limited upward space for the debt cycle in 2026, with government leverage expected to increase by 5.89%, lower than the 7.6% projected for 2025 [35][36]. - The banking interest margin cycle is expected to stabilize in 2025, following two complete cycles since 2010, with a correlation observed between bank interest margins and the 30Y-10Y government bond spread [41][45]. Summary by Sections Bank Expansion Cycle - The asset growth rates for different types of banks in 2025 are projected as follows: state-owned banks at 11%, joint-stock banks at 4.74%, city commercial banks at 9.68%, and rural commercial banks at 5.17%, all exceeding the average growth rate [5][13]. - The report emphasizes the importance of understanding the relationship between bank assets and liabilities, highlighting that credit and debt expansion are cyclical and self-reinforcing [15][16]. Debt Cycle Analysis - The report outlines that the current debt cycle, which began in 2022, has lasted 16 quarters, surpassing previous cycles, and indicates a shift in leverage dynamics among enterprises, government, and households [35][36]. - The analysis includes a comparison of deflationary and inflationary debt cycles, noting that the U.S. faces greater inflationary pressures due to higher external debt reliance compared to China [21][19]. Interest Margin Cycle - The report notes that the banking interest margin has experienced significant fluctuations since 2010, with a stabilization phase expected to begin in 2025 [41][45]. - It highlights the impact of loan repricing cycles on interest margins, with a notable decline in loan rates observed in recent years [49][50].

证券日报网讯2月24日，江阴银行（002807）在互动平台回答投资者提问时表示，截至2026年2月13日， 本行股东户数为47313户。 ...

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]