债券研究 证 券 研 究 报 告 【债券日报】 系统重要性银行名单出炉，影响怎么看？ 2026 年 2 月 23 日，人民银行、国家金融监督管理总局发布 2025 年我国系统 重要性银行名单。该名单是监管部门对系统重要性银行进行差异化监管的依 据，旨在降低其发生重大风险的可能性。本报告将介绍我国系统重要性银行名 单概况，重点分析 2025 年名单的调整情况，并评估相关变动带来的影响。 概述：系统重要性银行名单 1、定义：代表在金融体系的重要性，要求有更高的损失吸收能力。为防范系 统性风险，人行、金监总局定期更新评估、更新系统重要性银行名单。从定义 来看，系统重要性是指金融机构对于金融体系和实体经济的重要性。系统重要 性银行需要满足附加资本要求，重要性程度越高，附加资本要求越高。 2、评估逻辑：以定量评估为主，涵盖四项一级指标。从评估方法来看，定量 评估与定性判断相结合。从评估指标来看，系统重要性涵盖 4 项一级指标、13 项二级指标。从计算方式来看，指标得分是市场份额与指标权重的乘积。 3、调整概况：历年来名单"只增不减"、组别微调。2021-2026 年，系统重要 性银行数量由 19 家增加至 21 家，涵 ...

◼ 重磅研报 证券研究报告 | 朝闻国盛 gszqdatemark 2026 03 04 年 月 日 朝闻国盛 配置盘主导的债市会如何演进？ 今日概览 | 行业 | 1 月 | 3 月 | 1 年 | | --- | --- | --- | --- | | 传媒 | -13.2% | 5.0% | 23.5% | | 商贸零售 | -8.0% | -4.0% | 5.1% | | 计算机 | -6.2% | 3.1% | 3.9% | | 社会服务 | -5.0% | 0.3% | 9.3% | | 食品饮料 | -4.3% | -5.8% | -7.8% | 晨报回顾 1、《朝闻国盛：大宗价格延续上涨——基本面高频数据 跟踪》 2026-03-03 2、《朝闻国盛：地缘风起，聚焦两会》 2026-03-02 3、《朝闻国盛：解码美债："四因子"定价逻辑与跟踪 体系》 2026-02-27 【固定收益】配置盘主导的债市会如何演进？——20260303 【银行】2025 年度我国系统重要性银行名单调整，新增浙商银行—— 20260303 ◼ 研究视点 【海外】小米集团-W（ 01810.HK）-行业环境波动，持 ...

2025 年度我国系统重要性银行名单调整，新增浙商银行 近期，中国人民银行、国家金融监督管理总局联合发布 2025 年度我国系 统重要性银行名单，本次认定 21 家国内系统重要性银行。 一、本期名单的核心变动 本次认定的 21 家银行涵盖国有商业银行 6 家、股份制商业银行 10 家、城 市商业银行 5 家，按系统重要性得分从低到高分为五组，核心变化集中于 两点：一是浙商银行首次被纳入名单，位列第一组；二是兴业银行由此前 的第三组调整至第二组，其余银行组别未发生变动。 二、调整的主要驱动因素 本次系统重要性银行名单调整严格依据《系统重要性银行评估办法》监管 框架，围绕参评银行的规模、关联度、可替代性及复杂性等核心维度开展 定量评估，并结合监管机构的专业判断进行综合认定。从驱动机制来看， 调整后的表内外资产余额在评估体系中权重较高，是核心评估指标之一， 因而资产规模增速的差异化表现，或为影响银行组别划分与位次变动的关 键驱动因素。 证券研究报告 | 行业点评 gszqdatemark 2026 03 03 年 月 日 银行 三、名单调整的行业影响 （一）附加资本要求边际变化 根据《系统重要性银行附加监管规定（试 ...

2025 年度我国系统重要性银行名单调整，新增浙商银行 证券研究报告 | 行业点评 gszqdatemark 2026 03 03 年 月 日 银行 近期，中国人民银行、国家金融监督管理总局联合发布 2025 年度我国系 统重要性银行名单，本次认定 21 家国内系统重要性银行。 一、本期名单的核心变动 本次认定的 21 家银行涵盖国有商业银行 6 家、股份制商业银行 10 家、城 市商业银行 5 家，按系统重要性得分从低到高分为五组，核心变化集中于 两点：一是浙商银行首次被纳入名单，位列第一组；二是兴业银行由此前 的第三组调整至第二组，其余银行组别未发生变动。 二、调整的主要驱动因素 本次系统重要性银行名单调整严格依据《系统重要性银行评估办法》监管 框架，围绕参评银行的规模、关联度、可替代性及复杂性等核心维度开展 定量评估，并结合监管机构的专业判断进行综合认定。从驱动机制来看， 调整后的表内外资产余额在评估体系中权重较高，是核心评估指标之一， 因而资产规模增速的差异化表现，或为影响银行组别划分与位次变动的关 键驱动因素。 三、名单调整的行业影响 （一）附加资本要求边际变化 根据《系统重要性银行附加监管规定（试 ...

Core Viewpoint - The People's Bank of China and the National Financial Regulatory Administration have assessed the systemically important banks for 2025, identifying 21 banks, with notable changes in the rankings and classifications of certain banks [1][2]. Group 1: Systemically Important Banks - A total of 21 domestic systemically important banks have been recognized, including 6 state-owned commercial banks, 10 joint-stock commercial banks, and 5 city commercial banks [1]. - The latest list shows that Zhejiang Commercial Bank has been newly included, while Industrial Bank has been reclassified from the third group to the second group [1][2]. - The banks are categorized into five groups based on their systemic importance scores, with the first group containing 11 banks, the second group 4 banks, the third group 2 banks, the fourth group 4 banks, and no banks in the fifth group [1]. Group 2: Zhejiang Commercial Bank - As of September 2025, Zhejiang Commercial Bank has an asset scale of approximately 3.4 trillion yuan, with capital adequacy ratios of 12.15%, 9.61%, and 8.40% for total capital, tier 1 capital, and core tier 1 capital respectively, all maintaining reasonable levels [2]. - The bank reported an operating income of approximately 48.9 billion yuan and a net profit attributable to shareholders of approximately 11.7 billion yuan for the first three quarters of the previous year [2]. - In the 2025 Global Bank 1000 ranking published by The Banker magazine, Zhejiang Commercial Bank ranked 82nd by tier 1 capital and 75th by total assets, both improving by 2 positions from the previous year [2]. Group 3: Regulatory Framework - Systemically important banks are defined as large, complex institutions with significant interconnections to other financial entities, necessitating stricter regulatory measures to ensure financial stability [2]. - The regulatory framework established in October 2021 mandates additional capital requirements for these banks, ranging from 0.25% to 1.5% based on their group classification [2]. - The authorities plan to enhance macro-prudential management and micro-prudential supervision to ensure the safe and sound operation of systemically important banks, thereby supporting high-quality development of the real economy [3].

Core Viewpoint - The People's Bank of China and the National Financial Regulatory Administration have conducted the 2025 assessment of systemically important banks, identifying 21 domestic banks categorized into five groups based on their systemic importance scores [1] Group 1: Assessment of Systemically Important Banks - A total of 21 domestic systemically important banks have been recognized, including 6 state-owned commercial banks, 10 joint-stock commercial banks, and 5 city commercial banks [1] - The banks are divided into five groups based on their systemic importance scores, with the first group consisting of 11 banks, the second group having 4 banks, the third group with 2 banks, the fourth group containing 4 banks, and the fifth group having no banks [1] Group 2: Breakdown of Bank Groups - The first group includes: China Minsheng Bank, China Everbright Bank, Ping An Bank, Huaxia Bank, Ningbo Bank, Jiangsu Bank, Beijing Bank, Nanjing Bank, Guangfa Bank, Zheshang Bank, and Shanghai Bank [1] - The second group consists of: Industrial Bank, China CITIC Bank, Shanghai Pudong Development Bank, and China Postal Savings Bank [1] - The third group includes: Bank of Communications and China Merchants Bank [1] - The fourth group comprises: Industrial and Commercial Bank of China, Bank of China, China Construction Bank, and Agricultural Bank of China [1] - The fifth group currently has no banks included [1] Group 3: Future Regulatory Actions - The People's Bank of China and the National Financial Regulatory Administration will implement additional regulatory measures for systemically important banks according to the "Regulations on Additional Supervision of Systemically Important Banks (Trial)" [1] - The aim is to enhance the synergy between macro-prudential management and micro-prudential supervision, ensuring the safe and sound operation of systemically important banks [1] - This initiative is intended to better support the high-quality development of the real economy [1]

Core Viewpoint - The People's Bank of China and the National Financial Regulatory Administration have published the list of systemically important banks for 2025, with notable changes including the inclusion of Zheshang Bank as the 10th national joint-stock bank and adjustments in rankings for several other banks [2][3][4]. Group 1: Systemically Important Banks - A total of 21 banks have been recognized as systemically important, categorized into five groups based on their importance scores [3][4]. - The first group includes 11 banks such as China Minsheng Bank and Zheshang Bank, while the second group includes 4 banks including Industrial Bank and China Postal Savings Bank [3][4]. - The list comprises 6 state-owned commercial banks, 10 joint-stock commercial banks, and 5 city commercial banks, with Zheshang Bank marking the first time the number of joint-stock banks has reached 10 [3][4]. Group 2: Regulatory Implications - Being classified as a systemically important bank enhances a bank's credibility and brand image but also necessitates greater resource allocation for internal control and risk management to meet stricter regulatory standards [2][4]. - The additional capital requirements for these banks vary by group, with the first group requiring an additional 0.25% capital and the fifth group requiring 1.5% [5][6]. Group 3: Specific Bank Analysis - Zheshang Bank, which officially opened in August 2004, reported a revenue of 33.248 billion yuan and a net profit of 7.667 billion yuan for the first half of 2025, with total assets of 3.35 trillion yuan and a non-performing loan ratio of 1.36% [6]. - The inclusion of Zheshang Bank in the systemically important list is expected to enhance its market reputation and brand influence, while also imposing stricter requirements on its capital adequacy and governance [6][7]. - For Industrial Bank, moving from the third to the second group may alleviate some capital pressure and reduce compliance costs, reflecting a relative improvement rather than a decline in operational performance [7].

我国系统重要性银行新增一家。 系统重要性银行是指银行中规模较大、地位重要的少数银行。因为其结构和业务复杂、与其他金融 机构关联性强，在金融体系中具有举足轻重的地位，往往对其采取更严格的监管措施，以保障其更加稳 健持续发展，解决"大而不能倒"问题，防范化解金融风险，确保金融稳定和金融安全。 下一步，中国人民银行、国家金融监督管理总局将按照《系统重要性银行附加监管规定（试行）》 要求，发挥好宏观审慎管理与微观审慎监管合力，持续夯实系统重要性银行附加监管，促进系统重要性 银行安全稳健经营和健康发展，更好服务实体经济高质量发展。 (责任编辑：张厚为) 2月13日，2025年我国系统重要性银行名单公布。中国人民银行、国家金融监督管理总局开展了 2025年度我国系统重要性银行评估，认定21家国内系统重要性银行，其中国有商业银行6家、股份制商 业银行10家、城市商业银行5家。 第一财经记者注意到，与此前的名单相比，浙商银行新入选系统重要性银行，表明其系统重要性程 度有所上升。 在此次公布的名单中，按系统重要性得分从低到高分为五组：第一组11家，包括中国民生银行、中 国光大银行、平安银行、华夏银行、宁波银行、江苏银行、北京银 ...

Core Insights - The list of systemically important banks in China has been expanded for the first time in over two years, now including a total of 21 institutions [1][3] - The new list features two significant changes: Zhejiang Commercial Bank has been newly included, while Industrial Bank has been reclassified from the third group to the second group [3][4] Group Summary - The 21 systemically important banks are categorized into five groups based on their importance scores, with the first group containing 11 banks, including Zhejiang Commercial Bank, and the second group containing 4 banks, including Industrial Bank [4][5] - Zhejiang Commercial Bank's inclusion signals its significant scale and importance, enhancing its reputation among clients and investors, and it will now face stricter capital and leverage requirements [5][6] - Industrial Bank's reclassification to the second group indicates a relative decline in its assessment based on size, interconnectedness, substitutability, and complexity, although this does not necessarily reflect a deterioration in its operations [6][7] Regulatory Framework - Systemically important banks are subject to higher capital and leverage requirements due to their size and complexity, which are crucial for maintaining financial stability [8][9] - The assessment framework for these banks was established in December 2020, focusing on four dimensions: scale, interconnectedness, substitutability, and complexity [9] - The additional capital requirements for these banks vary by group, with the first group requiring an additional 0.25% and the second group requiring 0.5% [10][11]

央行正式公布了最新的全国系统性重要银行名单，共计21家商业银行入选。需特别说明的是，该名单明确排除了中国人民银行以及三家政策性银行，唯有具 备商业性质的银行方能入围。 21家银行按重要性程度被划分为四组：第一组包含11家银行，如民生银行、上海银行等，属于级别最低的梯队；第二组有兴业银行、中信银行、浦发银行和 邮储银行4家；第三组则纳入交通银行与招商银行；第四组作为最高级别，仅包含中国工商银行、中国农业银行、中国银行、中国建设银行四大国有银行。 值得注意的是，第五组目前暂无银行入选。 从整体规模看，截至2024年6月，我国银行业金融机构法人总数达4425家，而系统重要性银行仅占21席，占比不足0.5%。 这种稀缺性恰恰印证了它们的特殊性——入选银行不仅品牌响亮，更以庞大体量形成"大而不能倒"的市场认知，任何一家若出现经营风险，至少会对区域金 融系统产生重大冲击，其资产规模与业务辐射范围均属行业顶尖。 对于普通储户而言，将资金存入这21家系统重要性银行堪称"安心之选"。即便是第一组银行，也因获得央行隐性背书而具备极高安全性，储户无需过度担忧 单一账户存款规模限制，可放心进行大额储蓄。 那么未入选的4000多家存款 ...