当前银行息差持续承压、规模扩张的增长红利逐渐消退，已经陷入内卷式的同质化竞争。"规模为王"的旧模式将退出历史舞 台，我国银行业已踏上"价值驱动"的新征程。2023年中央金融工作会议提出的"五篇大文章"战略布局，不仅是金融服务国家高 质量发展的顶层设计，更是银行业突破增长瓶颈、重构核心竞争力的变革方向。这五大领域并非独立的赛道，而是形成了"政策 引领、领域深耕、数字赋能、多维共振"的有机整体。这就要求商业银行向内重构能力体系，向外深度融入产业生态。本文将围 绕"五篇大文章"从多个维度进行阐述，探讨商业银行在五大领域的深耕方向，以及不同类型银行推动业务落地的差异化定位， 为商业银行管理层把握行业变革趋势、制定长效竞争战略提供有益参考。 自2023年中央金融工作会议首次提出以来，"五篇大文章"——科技金融、普惠金融、绿色金融、养老金融、数字金融，已成为 引领金融业高质量发展的顶层设计和核心抓手。这不仅是服务国家战略的必然要求，更是银行业在经济结构转型期，摆脱同质 化竞争、开辟新增长曲线的战略路径。 1. 政策引领下的整体布局 "五篇大文章"并非孤立存在，而是形成了"数字金融赋能、四大领域突破"的协同发展格局。数字金 ...

今日，华夏理财有限责任公司（以下简称"华夏理财"）正式发布其首个企业IP形象——"玲珑"。在当前 财富管理行业向着专业化、数字化、人性化演进的浪潮中，华夏理财此次发布不仅是一次品牌形象的焕 新，更是一次从"功能传达"到"价值共鸣"与"生态共创"的战略升级。 一、时代命题与战略应答：为何是"玲珑"？ 当下，中国财富管理行业正历经一场深刻的范式转移。净值化转型重塑产品逻辑，数字化浪潮革新服务 模式，而伴随财富世代更迭与金融知识普及，客户的需求已从单纯的产品收益，日益延伸到情感认同与 长期陪伴。 在信息碎片化、注意力稀缺的数字生态中，一个专业的金融品牌如何穿透复杂术语的迷雾，真正抵达人 心，建立超越交易关系的信任与认同？ 在此背景下，华夏理财的回应是：创造一个超越传统符号、兼具文化厚度与数字灵感的品牌价值化身。 这便是"玲珑"。 "玲珑"的构思，源于华夏理财对"金融为民"初心的深刻理解与品牌价值的自觉追寻。其名寓指"精巧于 心，通明于行"，凝练了专业匠心与透明坦诚的待客之道。其形源于品牌核心图腾，根植华夏沃土，心 向璀璨未来。 据此，华夏理财为"玲珑"设定了清晰的战略角色：它被定义为客户财富旅程的长期陪伴者，以及公 ...

记者2月2日获悉，国寿资产近日在2026年工作会议上披露，截至2025年末，该公司合并管理资产总规模 达6.93万亿元，其中合并管理第三方业务规模超9500亿元，IPE全球资管机构排名历史性跃升至第29 位。截至2026年1月末，该公司合并管理资产总规模突破7万亿元。 国寿资产部署2026年工作时称，要当好书写"五篇大文章"的头雁、助力资本市场健康发展的压舱石、纵 深推进"333战略"的排头兵；加快推进数智变革，专注主业、完善治理，持续提升核心投资能力、优化 体制机制；坚决守牢风险底线，强化合规管理，提升体系化智能化防控水平。 记者2月2日获悉，国寿资产近日在2026年工作会议上披露，截至2025年末，该公司合并管理资产总规模 达6.93万亿元，其中合并管理第三方业务规模超9500亿元，IPE全球资管机构排名历史性跃升至第29 位。截至2026年1月末，该公司合并管理资产总规模突破7万亿元。 国寿资产部署2026年工作时称，要当好书写"五篇大文章"的头雁、助力资本市场健康发展的压舱石、纵 深推进"333战略"的排头兵；加快推进数智变革，专注主业、完善治理，持续提升核心投资能力、优化 体制机制；坚决守牢风险底线 ...

Core Viewpoint - The financial operation in Sichuan province for 2025 is stable, providing a suitable monetary environment for high-quality economic development [1] Financial Overview - As of December 2025, the total balance of deposits in Sichuan reached 146,344 billion yuan, a year-on-year increase of 9.1%, surpassing the national growth rate by 0.1 percentage points; deposits increased by 12,202 billion yuan throughout the year, with an additional 1,040 billion yuan compared to the previous year [2] - The total balance of loans in Sichuan reached 129,983 billion yuan by December 2025, with a year-on-year growth of 10.5%, exceeding the national growth rate by 4.3 percentage points; loans increased by 12,398 billion yuan over the year, with an additional 603 billion yuan compared to the previous year [2] Targeted Financial Support - By November 2025, loans in key areas identified by the financial "five major articles" reached 44,455 billion yuan, growing by 15.0% year-on-year; this accounted for 47.0% of the total loan increase during the same period [3] - Infrastructure sector loans increased by 9.2% year-on-year, with an annual increase of 2,350 billion yuan, representing 23.8% of the total increase in medium and long-term loans [3] - Loans to small and micro enterprises in the inclusive finance sector grew by 11.8%, with loans under 10 million yuan increasing by 20.5% [3] Loan Interest Rates - In December 2025, the weighted average interest rate for newly issued corporate loans and inclusive small micro loans was 3.96% and 3.92%, respectively, down by 22 and 28 basis points year-on-year, remaining at historically low levels [4] - The overall financing cost index for enterprises and the bank loan interest rate index were 44.2% and 43.2%, respectively, both lower than the average for the past five years [4] Loan Structure Characteristics - The current credit allocation in Sichuan shows distinct structural and directional characteristics, summarized as "new, precise, and green" [5] - "New" indicates a focus on credit directed towards technology innovation and advanced manufacturing, with technology loans growing by 13.5% year-on-year [5] - "Precise" refers to targeted financial support for small micro enterprises and agriculture, with inclusive small micro loans growing by 11.8% [5] - "Green" signifies a sustained focus on credit for clean energy and environmental protection, with green loan balances increasing by 22.1% year-on-year [6] Future Financial Strategies - The People's Bank of China Sichuan Branch plans to enhance efforts to utilize the latest optimized policies to support more technology-oriented small and medium enterprises and equipment renewal projects [7] - The recent fiscal policy for equipment renewal loan interest subsidies will be actively coordinated with relevant departments to ensure timely benefits for market participants [7]

当毕马威金融科技十周年的时间刻度与国家"五篇大文章"的政策蓝图精准重叠，中国金融科技行业正告别规模扩张的上半场， 迈入以价值深耕为核心的全新阶段。这场由顶层设计引领的行业变革，既重塑了发展逻辑，也催生了从"技术赋能"到"价值共 建"的深层转型。今天，我们邀请到毕马威金融科技合伙人葛明一先生、来也科技南区BU总经理兼增长战略高级副总裁郑敏先 生，与大家共同解读政策指引下的金融科技行业变革与企业实践。 毕马威中国金融科技合伙人 葛明一 来也科技增长战略高级副总裁南区BU总经理 郑敏 如果说政策是行业变革的"指南针"，那么企业的战略调整就是价值落地的"施工图"。作为五次上榜毕马威中国金融科技企业双 50榜单的行业标杆，来也科技的转型实践极具参考意义。 "来也科技响应国家金融'五篇大文章'的战略号召，用智能体技术推动金融行业高质量发展。"郑敏介绍，公司已将金融科技确立 为核心发展方向，聚焦智能化、合规化和开放生态三大主题，通过与监管政策的动态对齐，确保业务创新始终与国家金融政策 同频共振。 在业务层面，来也科技对核心产品进行了系统性优化，将智能自动化、风险管控、数据合规等关键能力深度融入金融服务全流 程。这一战略调整 ...

这一趋势直接带动了银行理财业务、第三方代销业务的快速发展，同时推动非利息收入稳步增长，成为 银行业新的利润增长点。财富管理市场的扩容不仅丰富了银行的业务生态，也为银行转型发展注入了新 动力。 经济规模的持续扩大也为银行业风险化解提供了良好环境。陈国汪提到，十四五期间，中小银行及各类 中小金融机构通过减量提质，不仅大幅化解了存量风险，还实现了资本实力增强、公司治理优化、风险 防控水平提升的多重成效，支持实体经济的能力进一步夯实。 陈国汪指出，经济总量的稳步攀升直接为银行业带来了规模扩张的核心机遇。随着经济规模从2021年的 117万亿元增长至2025年的140万亿元，银行业的存款、贷款、支付结算等基础业务实现同步扩容。他表 示，十四五期间我国贷款总量从初期的192万亿元增至273万亿元，累计增长43%，远超同期经济总量 23%的增长幅度。经济规模的扩大为银行业务提供了广阔的市场空间，成为金融业发展的坚实基础。 在经济结构向高质量转型的过程中，三次产业结构的持续优化为银行业带来了结构性机遇。陈国汪介 绍，十四五期间第一产业占比下降0.4个百分点，第二产业占比下降2.4个百分点，而以服务业为主的第 三产业占比提升2 ...

Core Insights - The article highlights the achievements of Xinyin Wealth Management, which has successfully managed over 2.3 trillion yuan, served more than 28 million clients, and generated over 220 billion yuan in revenue by 2025, reflecting a "three wins" development strategy of scale, revenue, and reputation [1] Group 1: Awards and Recognition - Xinyin Wealth Management has received 61 prestigious industry awards in 2025, including the second place in the "Top 100 Enterprises of Huangpu District" and various accolades in the fields of charity and finance [2] - The company has consistently ranked in the top three of comprehensive rankings by authoritative institutions for 15 consecutive quarters, establishing itself as a long-term industry benchmark [3] Group 2: Development Strategy - The foundation of the "three wins" strategy is based on the "Five Stability" principle, which emphasizes stable investment, style, returns, consumer protection, and a solid system, enabling the company to navigate market fluctuations effectively [4] - Xinyin Wealth Management has launched the "Xinyi" series of products targeting the aging population and has raised over 27 billion yuan for charitable financial products, benefiting over 70,000 children [4] Group 3: Research and Investment - The company has established a robust investment research system, combining top-down and bottom-up approaches, which has led to a significant increase in the scale of its "fixed income+" products, surpassing 330 billion yuan by the end of 2025 [5] Group 4: Product Matrix - Xinyin Wealth Management has developed a comprehensive product matrix covering six major categories and two specialized types, effectively meeting diverse client needs and promoting a long-term investment philosophy [6] Group 5: Risk Management and Customer Service - The company has implemented a comprehensive risk management system to enhance its risk control capabilities, achieving double-digit growth in both management scale and net profit [7] - Xinyin Wealth Management has established a full-process consumer protection system and investor service department to enhance client satisfaction and ensure compliance with consumer rights [8] Group 6: Future Outlook - Looking ahead, Xinyin Wealth Management aims to continue leveraging the "Five Stability" principle to enhance the quality of its growth, optimize risk control services, and strengthen its social responsibility, ultimately contributing to the well-being of families [8]

Investment Rating - The report indicates a positive outlook for the banking industry, suggesting a return to a price-to-book (PB) ratio of 1x during the "15th Five-Year Plan" period, focusing on stable profitability and high-quality development [3][4]. Core Insights - The banking sector is transitioning from a focus on scale to quality, with an emphasis on risk management and structural optimization. The "15th Five-Year Plan" includes the goal of building a strong financial nation, highlighting the importance of high-quality development [3][16]. - The report identifies key changes in the banking industry during the "14th Five-Year Plan," including a shift in credit structure, a focus on profitability, and the need for banks to balance risk and efficiency [2][4]. - Regulatory support is expected to stabilize net interest margins, which have reached record lows, with a projected recovery in the coming years [5][19]. Summary by Sections 1. From Quantity to Quality - The banking industry has evolved through three five-year plans, with a shift from rapid expansion to a focus on quality and risk management. The current phase emphasizes high-quality development and financial support for key sectors [2][10]. 2. Developments During the "14th Five-Year Plan" 2.1 ROE: Resilience of State-Owned Banks and Advantages of City Commercial Banks - The return on equity (ROE) for listed banks has remained around 10%, with city commercial banks showing a slight advantage due to higher leverage and better provisioning [19][20]. 2.2 Credit: Moving Away from Scale to Balance Capital and Efficiency - Banks are prioritizing structural transformation over sheer volume, focusing on supporting key sectors and optimizing credit distribution [4][12]. 2.3 Interest Margin: Recovery from Continuous Decline - The report anticipates a stabilization of net interest margins, which have been under pressure, with regulatory measures aimed at supporting banks [5][19]. 2.4 Risk: Provisioning to Support Stability - The banking sector is expected to manage risks more effectively, with a focus on maintaining adequate provisions to support profitability during challenging economic conditions [4][19]. 2.5 Financial Markets: An Alternative Revenue Stream - The report highlights the increasing importance of financial market activities as a means to smooth revenue amid declining interest income, with banks diversifying their investment strategies [4][19]. 3. Investment Analysis Opinion - The report suggests a dual strategy of focusing on leading banks and undervalued city commercial banks, anticipating a recovery in valuations for state-owned banks that have been lagging [3][4].

Investment Rating - The report maintains a positive outlook on the banking industry, indicating a "buy" rating for the sector during the "15th Five-Year Plan" period [1]. Core Insights - The banking sector is transitioning from a focus on quantity to quality, emphasizing risk management and efficiency in capital utilization. This shift is driven by the need to support the real economy while managing risks effectively [2][3]. - The report highlights that the return on equity (ROE) for listed banks has remained resilient, averaging around 10%, with city commercial banks leading at 11%-12% ROE, while state-owned banks maintain about 10% [2][3]. - Key changes observed during the "14th Five-Year Plan" include a shift away from scale-driven growth towards a balanced approach between capital and efficiency, a stabilization of net interest margins, and an increased focus on capital markets as a revenue source [2][3]. Summary by Sections 1. From Quantity to Quality - The banking industry has evolved through three five-year plans, with a core transformation focusing on risk and efficiency rather than mere volume [2][3]. 2. High-Quality Development During the "14th Five-Year Plan" 2.1 ROE: Resilience of State-Owned and City Commercial Banks - Listed banks' ROE has slightly declined but remains around 10%, reflecting operational pressures while showcasing resilience [23]. 2.2 Credit: Balancing Capital and Efficiency - The focus has shifted from merely increasing credit volume to optimizing the structure of credit distribution, with significant changes in loan allocation towards technology and green sectors [16][19]. 2.3 Net Interest Margin: Stabilization Efforts - Regulatory support is expected to stabilize net interest margins, which have reached record lows, with proactive measures to prevent further declines [2][3]. 2.4 Risk Management: Provisioning for Stability - The banking sector has moved past peak risk levels, with provisions supporting ROE stability, while new economic challenges require ongoing risk management [2][3]. 2.5 Capital Markets: A New Revenue Stream - Capital market activities have become increasingly important, with banks leveraging these for revenue amidst pressure on interest income [2][3]. 3. Investment Analysis Opinion - The report suggests a focus on stable, high-quality development, with an expectation for bank valuations to return to 1x price-to-book (PB) ratios. It emphasizes a dual strategy of investing in leading banks and quality city commercial banks [3][4].

2025年，站在"十四五"收官与"十五五"规划谋篇的历史衔接点上，宏观经济环境交织着机遇与挑战。 2026年作为"十五五"开局之年，站在新旧年更替的此刻，也是理解"十五五"经济脉络的关键切口，制约 居民消费的核心矛盾是什么？如何看待促消费政策从"增量拉动"到"结构优化"的转变？"十五五"后，货 币政策还有哪些发力空间？后续黄金走势将如何演绎？围绕上述问题，广发证券首席经济学家郭磊近日 接受了北京商报记者的专访。 2026年提升消费率是主线索之一 北京商报：2025年，一系列消费补贴政策陆续出台，各项促消费政策也呈现出从"增量拉动"到"结构优 化"的转变。您如何评价这种政策逻辑转换的必要性与有效性？展望2026年，要真正实现消费的长期可 持续增长，政策工具箱需要在哪些关键机制上实现突破？ 郭磊：中央经济工作会议指出"国内供强需弱矛盾突出"，正是在这一判断基础上，政策进一步指出"必 须充分挖掘经济潜能"，消费作为需求端的主要组成部分，在政策框架中的位置自然是十分重要的。 2026年作为"十五五"首年，提升消费率毫无疑问是主线索之一。 政策侧重点可能会有所变化，这两年我们的"以旧换新"集中于耐用消费品，这一部分需求 ...