证券行业研究 2026 年 03 月 05 日 买入（维持评级） 行业点评 证券研究报告 国金证券研究所 分析师：舒思勤（执业 S1130524040001） shusiqin＠gjzq.com.cn 分析师：洪希柠（执业 S1130525050001） hongxining＠gjzq.com.cn 分析师：方丽（执业 S1130525080007） fangli＠gjzq.com.cn 2）继续深化资本市场改革：政府工作报告提出"持续深化资本市场投融资综合改革，进一步健全中长期资金入市机 制"。中长期资金是资本市场重要的专业投资力量，是维护资本市场平稳健康运行的"压舱石""稳定器"，截至 2025 年末，各类中长期资金合计持有 A 股流通市值约为 23 万亿元，较 2025 年初增长 36%。进一步推动中长期资金入市有 利于提高资本市场内在稳定性、增强市场信心，从而提高市场活跃度与风险偏好，驱动经纪、两融、资管、投资等多 项业务收入增长。 3）加力支持科技创新：政府工作报告提出"加强科技创新全链条全生命周期金融服务，对关键核心技术领域的科技 型企业，常态化实施上市融资、并购重组'绿色通道'机制，以科技金融支 ...

Core Viewpoint - Zhengzhou Bank (002936) aims to enhance its financial service capabilities in technological innovation and strengthen business cooperation with various technology enterprises to provide robust financial service support [1] Company Summary - Zhengzhou Bank is committed to improving its financial services by focusing on technological innovation [1] - The bank plans to collaborate with different technology companies to ensure effective financial service delivery [1]

Group 1 - The core viewpoint emphasizes the need for a diversified financial support system for technology innovation, highlighting that relying solely on commercial banks has limitations due to their preference for short-term loans and certainty in returns [1][2] - Wang Yiming suggests that the financial tools required for technology innovation vary across different stages, from seed funding needing government support and angel investment to later stages where private equity and venture capital can play a role [1] - The current banking system is still essential for supporting technology innovation, with many commercial banks exploring new financing models such as credit loans and mixed equity-debt financing [1] Group 2 - Direct financing, particularly through stock markets, is seen as more compatible with technology innovation compared to traditional bank loans, which can hinder the integration of technology and capital [2] - There is a call for enhancing the service levels of the Science and Technology Innovation Board and the Growth Enterprise Market to better support innovative enterprises, alongside a push for the development of venture capital [2] - To address the challenge of exit strategies for venture capital, it is suggested that the merger and acquisition market should be significantly developed, as relying solely on IPOs is insufficient [2]

Core Insights - The Chinese financial industry has demonstrated significant growth and resilience during the "14th Five-Year Plan" period, with total banking assets reaching nearly 470 trillion yuan, making it the largest in the world [1][2] - The financial sector has seen a comprehensive deepening of reforms and modernization of governance capabilities, enhancing service efficiency and risk management [1][3] Group 1: Financial Sector Growth - As of mid-2023, the total assets of the banking and insurance sectors exceeded 500 trillion yuan, with an average annual growth rate of 9% over the past five years [2][3] - The number of financial institutions has increased, with over 4,000 banks and more than 230 insurance companies, showcasing a mature and diversified institutional framework [3][4] Group 2: Internationalization and Attractiveness - The "14th Five-Year Plan" has seen an increase in foreign financial institutions entering the Chinese market, with 13 new foreign-controlled securities and fund institutions approved to operate [4] - By July 2023, the number of foreign institutions in the interbank bond market grew from around 200 in early 2016 to 1,171, reflecting an annual growth rate of approximately 6.5% [4] Group 3: Support for the Real Economy - The banking and insurance sectors provided an additional 170 trillion yuan in funding to the real economy over the past five years, with infrastructure loans increasing by 62% [6][7] - The capital market has become a crucial funding source for enterprises, with total financing through stock and bond markets reaching 57.5 trillion yuan [6] Group 4: Risk Management and Stability - The establishment of the National Financial Supervision Administration marks a significant step in enhancing financial regulation and risk management [9][10] - The financial system has effectively mitigated risks, with a notable reduction in high-risk small institutions and a significant decrease in local government financing platform risks [11][12] Group 5: Technological Innovation Support - The banking sector's loans for scientific research and technology have grown at an average annual rate of 27.2%, with high-tech enterprise loans reaching nearly 19 trillion yuan [8] - The capital market has increasingly supported technology-driven companies, with over 90% of new listings being tech-related [8]

Group 1: Economic Strategy and Banking Support - The Central Political Bureau meeting emphasized the need for banking institutions to enhance financial support for domestic demand and foreign trade, focusing on small and micro enterprises, private enterprises, and rural markets [1] - Banks are encouraged to provide diversified and precise financial services to help businesses alleviate difficulties and stimulate market vitality [1] Group 2: Consumer Demand and Financial Innovation - Agricultural Bank of China has implemented a "one-stop" online consumption service that combines government subsidies and credit card installment discounts to enhance consumer experience [2] - The "old-for-new" consumption policy has driven sales of 2.9 trillion yuan, benefiting approximately 400 million people, indicating a significant release of domestic demand potential [3] Group 3: Support for Emerging Industries - The Central Political Bureau highlighted the importance of technological innovation in fostering new competitive industries, requiring banks to innovate financial services tailored to tech enterprises [4] - Customized credit solutions are necessary to lower financing barriers for tech companies, with a focus on providing comprehensive financial products throughout different stages of their development [4] Group 4: Foreign Trade Resilience - Despite a complex external environment, China's foreign trade showed resilience with a total import and export value of 21.79 trillion yuan in the first half of the year, a 2.9% increase year-on-year [6] - The government aims to expand high-level opening up and stabilize the foreign trade and foreign investment landscape, promoting quality trade development and enhancing international cooperation [6][7] Group 5: Cross-Border Financial Services - The restructuring of the global economic landscape presents both challenges and opportunities for China's foreign trade, necessitating enhanced trade finance support and the exploration of new international markets [7] - Customized guarantee services have been provided to companies like Yantai Jereh Petroleum Service Group to support their overseas projects, demonstrating the growing demand for cross-border financial services [7]