Investment Rating - The report indicates a positive outlook for the banking sector, recommending long-term investments in leading city commercial banks with clear ROE advantages and large banks with low valuations and high dividend yields [2][10]. Core Insights - The banking sector experienced a slight increase at the end of the year, outperforming the CSI 300 and ChiNext indices, driven by risk appetite and institutional allocation behavior [2][10]. - The introduction of interest-bearing digital RMB is expected to enhance the promotional drive for commercial banks and attract more users [8][42]. - The banking sector is undergoing a rebalancing of its operational cycle and investment value, with a focus on establishing a risk bottom line as a foundation for valuation recovery [6][42]. Summary by Sections Banking Sector Performance - The banking index rose by 1.0% this week, outperforming the CSI 300 and ChiNext indices by 1.6% and 2.2% respectively [10]. - Major banks' H-shares generally increased, with Shanghai Pudong Development Bank leading the gains, while Xiamen Bank saw a pullback [10]. Digital RMB - Digital RMB wallets that have undergone real-name authentication will now earn interest at a rate of 0.05%, transitioning from being treated as cash to being managed like demand deposits [8][42]. - The digital RMB's interest-bearing feature is expected to boost commercial banks' promotional efforts and user attraction [42]. Credit Growth - As of the end of November 2025, credit growth rates varied across regions, with Jiangsu, Zhejiang, Sichuan, and Anhui maintaining growth rates above 8%, and Sichuan leading at 10.4% [37]. - Corporate loans remain the primary growth driver, with Jiangsu and Sichuan showing growth rates of 13.6% and 13.0% respectively [37]. Valuation and Investment Strategy - The report highlights that banking stocks are significantly undervalued from a PB-ROE perspective, particularly quality city commercial banks with leading ROE [7]. - The report recommends focusing on quality city commercial banks such as Hangzhou Bank, Nanjing Bank, and Jiangsu Bank, as well as dividend-focused assets like Bank of Communications and China Merchants Bank [7][10].

《方案》是贯彻落实党中央、国务院关于做好金融"五篇大文章"决策部署的重要举措。金融监管总局将 持续做好《方案》贯彻落实工作，持续深入推进银行业保险业数字金融高质量发展，指导金融机构积极 稳妥推进数字化转型，提高金融服务便利性和竞争力，赋能金融服务提质增效，同时统筹好发展与安 全，加强跟踪监测分析，牢牢守住不发生系统性金融风险底线。 为贯彻落实党的二十大和二十届历次全会及中央经济工作会议、中央金融工作会议精神，鼓励和引导银 行业保险业加快发展数字金融，金融监管总局近日发布《银行业保险业数字金融高质量发展实施方案》 （以下简称《方案》）。 为贯彻落实党的二十大和二十届历次全会及中央经济工作会议、中央金融工作会议精神，鼓励和引导银 行业保险业加快发展数字金融，金融监管总局近日发布《银行业保险业数字金融高质量发展实施方案》 （以下简称《方案》）。 《方案》分为总体要求、工作任务、组织保障和监督管理3个部分，从数字金融治理、数字金融服务、 数字技术应用、数据要素开发、风险管理和监管数字化智能化转型等方面提出了33项工作任务。一是建 立健全数字金融治理机制。要求金融机构科学制定数字金融发展规划，推动建立适配数字金融发展的 ...

Core Viewpoint - The "2025 People's Finance Forum" highlighted the importance of digital finance innovation, with Zhaolian Consumer Finance Co., Ltd. recognized for its AI-driven initiatives in the financial sector [1][3]. Group 1: Digital Finance Innovation - The forum focused on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, collecting innovative case studies from across society [3]. - Zhaolian's project, "Constructing an AI Intelligent Ecosystem to Lead Industry Digital Transformation," was selected as a notable case, showcasing its commitment to digital finance and its impact on the real economy [3][4]. Group 2: AI Applications and Consumer Protection - Zhaolian launched the industry's first open-source large model, "Zhaolian Zhilu," which has undergone two iterations, enhancing its ability to handle complex business scenarios [4]. - The "Zhaolian Zhilu Consumer Protection Intelligent System" has been developed to proactively address consumer issues, achieving a 90% first-time resolution rate for over 60 scenarios [4][5]. Group 3: Self-Service Innovations - Zhaolian has created a digital self-service system characterized by "confidence" and "self-healing" services, allowing real-time interaction with customers and dynamic adjustments to products and services [5]. - The "confidence" service has enabled over 15 million customers to complete self-service authentication and approval, while the "self-healing" service has supported over 200,000 customers with personalized repayment solutions [5]. Group 4: Social Responsibility and Traditional Industry Empowerment - Zhaolian is extending its technological innovations into the traditional Chinese medicine sector, developing the "Zhongsi" model to enhance diagnostic efficiency and support healthcare in underserved areas [6]. - The initiative aims to alleviate healthcare resource shortages in third- and fourth-tier cities, demonstrating Zhaolian's commitment to social responsibility and innovation in traditional industries [6].

Core Insights - The "Qihang·2025 Financial Summit" held in Beijing highlighted the theme of "New Starting Point, New Momentum, New Journey," with participation from hundreds of experts across regulatory bodies, industry associations, financial institutions, and listed companies [1] - SuShang Bank was awarded the "Outstanding Small and Beautiful Regional Financial Contribution Award" for its significant contributions to regional financial services [1] Group 1: SuShang Bank's Achievements - As Jiangsu Province's first digital bank, SuShang Bank has effectively aligned its services with regional economic development needs, achieving substantial results in promoting inclusive finance [3] - The bank has restructured its risk control system using financial technology, increasing the proportion of credit loans to nearly 50%, and providing efficient service with online "instant approval" and offline processing within 24-48 hours [3] - Through the "Star Plan," SuShang Bank aims to provide 100 billion yuan in specialized credit funds over three years to support the growth of small and micro enterprises in key industrial chains, with private enterprises making up 99% of its loan clients [3] Group 2: Financial Product Innovations - SuShang Bank has integrated financial product innovation with local industry needs, launching products like the "Crab Scene Loan" to address farmers' funding requirements [4] - The bank has introduced customized financial solutions for the entire agricultural industry chain and has provided over 7 billion yuan in funding to tens of thousands of farmers [4] - The bank has developed exclusive products such as "Innovation Loans" and "Talent Loans" to support over 2,400 innovative enterprises, with a total credit limit exceeding 11 billion yuan [4] Group 3: Commitment to Green Finance - SuShang Bank has actively implemented the Yangtze River protection strategy by launching green financial products like "Yangtze Loans" and "Fisherman Loans," with green credit growth outpacing overall loan growth by 55.36 percentage points [4] - As of June 2025, the balance of green credit exceeded 170 million yuan, contributing to the construction of a beautiful Jiangsu [4] Group 4: Future Outlook - SuShang Bank plans to continue its mission of "making finance simpler through technology," leveraging its differentiated advantages as a digital bank [5] - The bank aims to enhance its inclusive financial service system and increase support for regional small and micro enterprises, technological innovation, green development, and rural revitalization [5] - The focus will be on providing precise and efficient digital financial services to bolster Jiangsu's real economy and contribute to the modernization of Jiangsu [5]

2026年A股首个交易日，市场一片热闹景象。 一方面，上证指数再度站上4000点，日线迎来罕见的12连阳。另一方面，权重股搭台，个股普涨，热点全面开花。 权重股方面，保险板块大涨；此外，贵州茅台、宁德时代、中芯国际等龙头股均上涨。板块方面，脑机接口、医药、半导体、消费电子等板块大涨。 截至上午收盘，上证指数上涨1.07%，报4011.45点；深证成指上涨1.87%，创业板指上涨2.15%。 保险板块大涨 今天上午，保险板块大涨，五大险企集体上涨，新华保险、中国太保盘中股价均创历史新高。 从资产端来看，光大证券表示，随着投资资产规模持续稳健增长以及股票仓位维持在较高水平，权益市场上行将进一步提振险企投资收益表现，同时高股 息策略亦能有效支撑险企净投资收益安全垫，共同推动盈利释放。后续，随着经济预期逐步修复以及资本市场稳中向好，保险股贝塔行情有望持续演绎。 医药股上涨 今天上午，医药股全线走强，医疗服务、医疗器械、CRO等板块大涨，百济神州、药明康德、恒瑞医药等龙头股大涨。 博拓生物 | 小十十八四 | 14.95 | 1.55% | 156316 | | --- | --- | --- | --- | | ■ ...

Core Viewpoint - The A-share banking sector concluded 2025 with a structural rise, with 35 out of 42 listed banks experiencing gains, and the banking index rising by 12.04%, indicating strong defensive and allocation value [2][3]. Group 1: 2025 Banking Sector Performance - The banking sector exhibited significant structural differentiation, with the top ten stocks including Agricultural Bank (52.66%), Xiamen Bank (35.78%), and others showing gains over 20% [3][4]. - The market's focus shifted towards "certainty of returns" and "growth cost-effectiveness" amid an "asset shortage" backdrop, leading to a preference for certain banks [3][4]. Group 2: Core Drivers of 2025 Bull Stocks - Three main factors drove the performance of bull stocks: high dividends and low valuations supporting state-owned banks, regional economic vitality empowering small and medium banks, and asset structure optimization promoting value reassessment [4][5]. - Agricultural Bank led with a dividend yield above 5% and a price-to-book ratio exceeding 1, breaking the long-standing trend of state-owned banks trading below book value [4][5]. Group 3: 2026 Bull Stock Predictions - The banking sector is expected to maintain a "steady progress" operational trend in 2026, with key dimensions for identifying bull stocks including net interest margin improvement, business transformation growth, and stable asset quality [5][6]. - The predicted top ten bull stocks for 2026 include Agricultural Bank, China Merchants Bank, and Ningbo Bank, among others, with each having specific growth drivers [7][8]. Group 4: Key Factors for 2026 Predictions - Agricultural Bank is expected to continue its strong performance due to its county-level business advantages and low liability costs [7]. - China Merchants Bank is anticipated to see dual growth in performance and valuation, driven by its wealth management transformation and strong asset quality [8]. - Ningbo Bank is positioned to benefit from regional economic vitality and diversified non-interest income growth [8][9]. Group 5: Structural Trends and Risks - The banking sector is likely to experience a dual rise in performance and valuation, supported by improved net interest margins and robust asset quality [12][13]. - However, structural differentiation risks may intensify, with some smaller banks facing challenges due to high regional economic dependency and single customer structures [12][13].

2025年11月，合众远景正式启动"加密货币知识普及（港澳行）"系列活动。本次活动以"认知数字资产· 探索金融新格局"为主题，旨在推动港澳地区公众对区块链与加密货币行业的正确理解与理性认知，助 力数字经济与创新金融的融合发展。 1、知识普及：通过专家讲座、沙龙分享、互动问答等多元形式，让公众了解区块链的底层逻辑、数字 货币的运行机制及全球市场发展趋势。 2、风险教育：倡导合法合规投资理念，科普防范诈骗、资金安全管理、市场波动风险等内容，提升公 众风险识别能力。 3、创新启发：探讨Web3.0、DeFi（去中心化金融）、AI量化交易等新兴技术如何助力个人与企业把握 未来机遇。 三、活动亮点：学术×产业×实战 此次港澳行邀请了多位业内专家、学术代表及数字资产机构高层共同参与，从不同角度深入剖析加密经 济的趋势与挑战。 一、活动背景：数字经济时代的认知升级 在全球金融体系加速数字化转型的今天，加密货币已不仅仅是一种新兴资产形式，更是推动金融科技 （FinTech）变革的重要力量。从比特币的去中心化理念，到以太坊的智能合约生态，再到全球范围内 的合规监管推进，加密资产正逐步进入主流金融视野。 合众远景深知，只有通过系 ...

2025年12月29日，记者从国家金融监督管理总局河南监管局获悉，"十四五"期间，河南银行业规模总量 提升，综合实力增强，服务实体经济成效显著。截至目前，全省银行业保险业总资产近15万亿元，总负 债14.85万亿元，资产负债规模较"十三五"末增长50%；全省银行业本外币存款余额从7.76万亿元增加到 11.79万亿元，增长52.07%；贷款余额从6.41万亿元增加到9.27万亿元，增长44.58%。 国家金融监督管理总局河南监管局有关负责人表示，金融监管部门牢牢把握防风险、强监管、促高质量 发展工作主线，指导全省银行保险机构聚焦"两高四着力"，围绕全省经济发展重点领域深耕细作，扎实 做好金融"五篇大文章"，在助推全省经济高质量发展中实现自身发展再上新台阶。（记者 李鹏） 责任编辑： 何山 做好科技金融、绿色金融、普惠金融、养老金融、数字金融"五篇大文章"是金融服务实体经济高质量发 展的重要着力点。据了解，我省银行业保险业持续加力，目前全省金融"五篇大文章"领域贷款余额近 3.13万亿元，较2024年同期增长13.8%。此外，普惠金融和涉农金融服务扩面增速。全省普惠小微授信 户数达231.1万户，贷款余额131 ...

做好科技金融、绿色金融、普惠金融、养老金融、数字金融"五篇大文章"是金融服务实体经济高质量发 展的重要着力点。据了解，我省银行业保险业持续加力，目前全省金融"五篇大文章"领域贷款余额近 3.13万亿元，较2024年同期增长13.8%。此外，普惠金融和涉农金融服务扩面增速。全省普惠小微授信 户数达231.1万户，贷款余额13110.46亿元，"十四五"以来增长超70%。农业保险"十四五"以来累计支付 赔款345.74亿元，较"十三五"时期增长约170%。 国家金融监督管理总局河南监管局有关负责人表示，金融监管部门牢牢把握防风险、强监管、促高质量 发展工作主线，指导全省银行保险机构聚焦"两高四着力"，围绕全省经济发展重点领域深耕细作，扎实 做好金融"五篇大文章"，在助推全省经济高质量发展中实现自身发展再上新台阶。 本报讯（记者 李鹏）2025年12月29日，记者从国家金融监督管理总局河南监管局获悉，"十四五"期 间，河南银行业规模总量提升，综合实力增强，服务实体经济成效显著。截至目前，全省银行业保险业 总资产近15万亿元，总负债14.85万亿元，资产负债规模较"十三五"末增长50%；全省银行业本外币存款 余额从7 ...

Core Viewpoint - The New Year messages from major state-owned banks emphasize their roles as the "main force" and "leading geese" in the financial industry, focusing on risk prevention, strong regulation, and promoting high-quality development while addressing both macroeconomic stability and micro-level public needs [1][2]. Group 1: National Responsibility and Public Service - Major banks highlight their commitment to national priorities and public welfare, with ICBC pledging to support employment and market stability through increased lending and bond investments [1] - Agricultural Bank of China emphasizes its mission in rural development, achieving over 1 trillion yuan in county loans for four consecutive years and a loan balance of 1.8 trillion yuan for farmers [1] - Banks are actively addressing public needs, with initiatives like Bank of China’s tea garden project generating over 100 million yuan in value and Agricultural Bank providing over 1 million home services for the elderly [2] Group 2: Financial Innovation and Globalization - The "Five Major Articles" of financial services—technology finance, green finance, inclusive finance, pension finance, and digital finance—are integrated into the development strategies of major banks, with ICBC leading in manufacturing and green loans [3] - Agricultural Bank has launched an AI innovation framework to enhance customer service and risk management, while ICBC has achieved full coverage of its smart risk control centers [3] - Chinese banks are expanding their global service capabilities, exemplified by Bank of China’s issuance of 4 billion euros in sovereign bonds in Luxembourg and participation in cross-border payment projects [4][5] Group 3: Stability and Long-term Vision - State-owned banks emphasize a focus on stable operations and long-term strategies, with China Bank highlighting the importance of maintaining strategic determination amid market volatility [5][6] - Agricultural Bank stresses the need for a correct performance outlook and the importance of addressing challenges while ensuring high-quality development and risk management [6] - The commitment to employee recognition and appreciation is evident, with banks acknowledging the contributions of their staff in supporting major national events and initiatives [7]