金融监管总局披露的信息也显示，银行数量在2025年出现大幅减少。据记者不完全统计，去年逾400家银行 通过解散、吸收合并等方式退出，且多为农商行、村镇银行等中小银行。 【导读】2025年减少649家，中小银行"减量提质"加速 中国基金报记者张玲 近日，央行发布的数据显示，去年我国参加存款保险的银行业金融机构减少了649家，创近年来新高。 业内人士认为，在政策推动下，近年来中小银行改革化险工作稳步推进、成果显著。在后续"减量提质"过 程中，中小金融机构更应关注"质"的提升，通过错位竞争、特色发展等提升综合能力。 去年银行减少649家 创近年来新高 央行数据显示，截至2025年12月末，全国参加存款保险的银行业金融机构共3112家，与2024年末相比减少 了649家。 拉长时间来看，参加存款保险的银行业金融机构数量在2022年跌破4000家后便持续减少，2023年至2025年 依次减少了59家、178家、649家，2025年减少数量创近年来新高。综合来看，减少的机构主要有农商行、 村镇银行、农村信用社等。 对此，西部金融研究院院长陈银华认为原因有三：一是监管政策推动"减量提质"。近年来，监管部门将推 动中小金融机 ...

Core Viewpoint - The restructuring of village banks is accelerating in 2026, with state-owned banks actively converting village banks into branch institutions, as evidenced by the approval of the acquisition of Zhejiang Anji Jiaoyin Village Bank by Bank of Communications [1][2]. Group 1: Restructuring Activities - Bank of Communications has been approved to acquire Zhejiang Anji Jiaoyin Village Bank and convert it into three branches, marking the first case of a state-owned bank's "village-to-branch" initiative in 2026 [2]. - Since 2025, over 300 village banks have exited the market, with "village-to-branch" and "village-to-subsidiary" becoming the mainstream exit strategies [1][2]. - In 2025, Bank of Communications completed similar conversions for multiple village banks in Qingdao and Sichuan, demonstrating a consistent strategy in this area [2][3]. Group 2: Industry Trends - The "village-to-branch" strategy involves the full acquisition of village banks by their parent banks, integrating them into the main banking system to enhance operational efficiency and resource allocation [4]. - The trend of state-owned banks engaging in "village-to-branch" conversions is driven by the desire to strengthen their rural financial services while minimizing risks associated with weaker village banks [4]. - Other banks, including Agricultural Bank of China and Industrial and Commercial Bank of China, have also participated in the restructuring of village banks, indicating a broader industry movement [2][3]. Group 3: Regulatory Environment - The acceleration of village bank exits is influenced by regulatory policies aimed at reforming small financial institutions, emphasizing a focus on supporting agriculture and small enterprises [7][8]. - In 2025, 310 village banks exited the market, accounting for over 70% of the total exits since 2010, highlighting the significant impact of regulatory guidance [7]. - The central government's economic work conference in late 2025 underscored the importance of "reducing quantity and improving quality" in small financial institutions, which will continue to shape the reform landscape in 2026 [8].

Core Viewpoint - Zhangjiagang Bank plans to hold a shareholders' meeting on January 21, 2026, to discuss the absorption and merger of Donghai Rural Commercial Bank, which will be converted into a branch of Zhangjiagang Bank, reflecting a typical "village to branch" approach [1] Group 1: Merger and Acquisition Details - The merger will lead to the cancellation of Donghai Rural Commercial Bank's legal entity, and its shares will be extinguished, making the transfer of the 10% stake by Lianyungang Financial Holding Group a timely asset disposal [2][3] - Zhangjiagang Bank currently holds 53.83% of Donghai Rural Commercial Bank, while Lianyungang Financial Holding Group holds 10%, with other shareholders including individuals and companies [1] Group 2: Financial Performance - Donghai Rural Commercial Bank reported revenues of 46.65 million in 2024 and 4.24 million in the first 11 months of 2025, with net losses of 15.93 million in 2024 and 7.34 million in the first 11 months of 2025 [2] Group 3: Strategic Implications - The absorption and merger are seen as fundamental measures by Zhangjiagang Bank to mitigate risks and enhance efficiency, allowing for unified management and improved risk control [2] - The merger is expected to strengthen the bank's position in the rural financial market, leveraging the parent bank's technology, funding, and risk control systems to enhance service capabilities and compliance [3][4]

国有大行推进旗下村镇银行"村改支"第十例。 日前，交通银行获批收购旗下一家村镇银行并改建，成为新年国有大行"村改支"第一例，也是去年以来 国有大行推进旗下村镇银行"村改支"的第十例。2025年以来，除交通银行外，工商银行、农业银行也已 开始对旗下村镇银行推进"村改支"。 以此测算，国有大行参与推进"村改支"的村镇银行已达10家。除上述村镇银行外，工商银行还持有浙江 平湖工银村镇银行60%股权，交通银行还持有新疆石河子交银村镇银行51%股份，二者目前尚无相关进 展披露。 哪些地区村镇银行"消失"快 "巨无霸"省级农信机构陆续登场、各类中小银行加速退场是此轮中小金融机构改革化险的重要特点。 多位业内受访人士认为，随着中央经济工作会议定调中小金融机构"减量提质"，年内中小银行改革化险 还会加速推进，重组合并仍是主流模式。数据显示，2025年有450多家中小银行退场，其中280多家是村 镇银行，内蒙古、山东、湖北等地减量最多。 国有大行"村改支"又添一例 国家金融监督管理总局浙江监管局日前披露的一份批复显示，湖州监管分局已同意交通银行收购浙江安 吉交银村镇银行股份有限公司（下称"安吉交银村镇银行"）并设立交通银行湖州 ...

Investment Rating - The report maintains a "Recommended" rating for the banking sector, emphasizing continued high growth potential [1]. Core Insights - The banking sector is undergoing a "reduction and quality improvement" process, particularly among small and medium-sized banks, with over 400 banks having been approved for mergers, dissolutions, or cancellations in 2025 alone, surpassing the total from the previous three years [2][7]. - The insurance capital market is expected to see a significant influx of funds, with estimates suggesting an increase of around 1 trillion yuan in 2026, driven by a favorable investment environment and ongoing reforms in public funds [7]. - The investment logic for bank stocks is shifting from a focus on dividends to a dual focus on dividends and growth, with expectations of a recovery in bank valuations in 2026 [7]. Monthly Market Performance - In December 2025, the banking sector experienced a decline of 1.98%, underperforming the CSI 300 index by 4.3 percentage points, ranking 27th among 31 sectors [11][12]. - The valuation of state-owned banks decreased from a price-to-book (PB) ratio of 0.78 to approximately 0.75, while city commercial banks also saw a decline in their PB ratios [13][15]. - Notable stock performances in December included Shanghai Pudong Development Bank (+8.36%) and Xiamen Bank (+4.63%), while Qingdao Bank (-7.44%) and Minsheng Bank (-6.36%) faced significant declines [15][16]. Banking Fundamentals Tracking - The report highlights the ongoing trend of small and medium-sized banks undergoing consolidation and restructuring, with significant regulatory support aimed at enhancing financial stability [2][6]. - The insurance capital allocation is shifting, with a notable increase in the proportion of funds directed towards stocks and mutual funds, indicating a growing confidence in the equity market [2][7]. Investment Recommendations - The report suggests focusing on three main investment themes for 2026: 1. State-owned banks and leading commercial banks as the foundation of credit and dividends. 2. Quality joint-stock banks and city commercial banks that are expected to benefit from improved interest margins and credit cost reductions. 3. City commercial banks that are likely to benefit from regional policies and have significant performance upside [7].

Investment Rating - The report maintains a "Recommendation" rating for the banking sector, particularly focusing on the acceleration of "reduction and quality improvement" among small and medium-sized banks [1][4]. Core Insights - The report highlights that since July 2023, the Chinese government has accelerated reforms to mitigate risks in high-risk small financial institutions, with over 400 banks approved for mergers, dissolutions, or cancellations in 2025 alone, surpassing the total of the previous three years combined [4]. - The focus of reforms is on high-risk institutions, particularly rural cooperative banks and village banks, which account for 92% of high-risk entities [4]. - The report suggests that the banking sector is expected to see a systemic recovery in valuations in 2026, transitioning from a defensive to a dual-driven growth model, emphasizing both dividends and growth [4]. Summary by Sections Industry Basic Data - The banking sector consists of 42 listed companies with a total market capitalization of approximately 1.15 trillion yuan and a circulating market value of about 790 billion yuan [1]. Market Performance - The absolute performance of the banking sector over the past month is 5.0%, with a relative performance of 2.8% compared to the benchmark [2]. Key Company Earnings Forecasts and Valuations - Notable banks such as Ningbo Bank, Jiangsu Bank, and China Merchants Bank are rated as "Recommended" with projected earnings per share (EPS) and price-to-earnings (PE) ratios indicating strong future performance [5]. - For instance, Ningbo Bank is projected to have an EPS of 4.33 yuan in 2026 with a PE ratio of 6.64, while Jiangsu Bank is expected to have an EPS of 1.83 yuan with a PE of 5.75 [5]. Investment Recommendations - The report suggests three main investment themes for 2026: 1. State-owned banks and China Merchants Bank as the foundation of national credit and dividends. 2. Quality joint-stock banks and city commercial banks with potential for earnings elasticity due to improved interest margins and credit costs. 3. City commercial banks benefiting from regional policies and significant performance release potential [4].

Core Viewpoint - The recent approvals by the National Financial Supervision Administration for several banks to acquire their affiliated rural banks and convert them into direct branches signify a shift from quantity expansion to quality enhancement in the rural banking sector [1][2]. Group 1: Recent Developments - Multiple cases of "village to branch" transformations have been approved, indicating a significant acceleration in the reform and restructuring of small and medium-sized banks [2]. - In November, Shanghai Pudong Development Bank successfully acquired two rural banks, converting them into branches, showcasing a trend among various banking institutions to engage in mergers and acquisitions of rural banks [2]. - The restructuring methods "village to branch" and "village to division" are becoming mainstream, allowing banks to absorb rural banks and enhance their operational capabilities [2][3]. Group 2: Strategic Implications - The absorption of rural banks into larger banking institutions enhances service capabilities and risk resilience for rural banking services [3]. - For the parent banks, the restructuring expands their business scope and allows for the potential establishment of new branches in areas where they previously had no presence [3]. Group 3: Policy and Market Dynamics - The acceleration of rural bank integration aligns with regulatory directives aimed at reducing the number of financial institutions while improving service quality [4]. - As of mid-2025, the number of rural banks is projected to decrease to 1,440, reflecting a significant reduction in the sector, which is part of a broader strategy to enhance service quality through consolidation [4]. - The integration of rural banks is not merely about reducing the number of branches but represents a strategic shift towards more focused and quality-driven financial services [4].

Core Viewpoint - The recent downgrades of credit ratings for several small and medium-sized banks reflect their increasing credit risk and declining profitability, indicating a trend towards "reducing quantity and improving quality" in the development of these banks [2][8]. Group 1: Rating Downgrades - Four small banks, including Yuci Rural Commercial Bank, Changde Rural Commercial Bank, Pingyao Rural Commercial Bank, and Huaxi Rural Commercial Bank, have experienced credit rating downgrades in 2023 due to high asset credit risks and poor profitability [2][6]. - Yuci Rural Commercial Bank has been downgraded three times since 2021, with its credit rating falling from A+ to BB- due to persistent credit risk exposure and deteriorating financial indicators [4][3]. - As of the end of 2024, Yuci Rural Commercial Bank's non-performing loan balance increased significantly by 1.097 billion to 3.756 billion, with a non-performing loan ratio rising by 11.51 percentage points to 34.43% [4][5]. Group 2: Financial Performance - For Yuci Rural Commercial Bank, total assets were 22.643 billion in 2024, with a net profit of -206 million, and a non-performing loan rate of 34.43% [5]. - Changde Rural Commercial Bank's non-performing loan rate rose to 4.81% by the end of 2024, with a significant drop in its provision coverage ratio to 95.19%, below regulatory requirements [6]. - Pingyao Rural Commercial Bank's non-performing loan rate reached 4.55% by the end of 2024, with a capital adequacy ratio of 4.51%, both below regulatory standards [7]. Group 3: Industry Trends - The trend of "reducing quantity and improving quality" among small and medium-sized banks is driven by their weak capital strength, inadequate risk control systems, and lack of differentiated competitive strategies [8]. - In 2023, 184 small and medium-sized banks exited the market through mergers or dissolutions, a sevenfold increase compared to the same period last year [9]. - Recent regulatory reforms emphasize the need for small financial institutions to address risks through capital replenishment, mergers, and market exits, aiming for a more sustainable banking environment [8][9].