中金公司研报指出，兴业银行预告2025年营收、盈利同比增长0.2%、0.3%，4Q25营收同比高增7.3%， 全年及4Q25单季营收增速均转正。较好的营收表现主要由于扩表提速、手续费持续提振、其他非息收 入降幅收窄。在资本市场表现催化、以及存款搬家的叙事下，预计大财富业务有望保持景气度，驱动净 手续费收入维持较好的增长表现。前三季度，公司在房地产、信用卡、城投贷款领域实现较好的风险压 降：对公房地产新发生不良同比下降 53%，信用卡新发生不良同比下降 11%，地方政府融资平台未新 生成不良。维持"跑赢行业"评级。 ...

Core Viewpoint - Multiple brokerages express optimism about the securities industry in 2026, highlighting growth opportunities in wealth management, investment banking, internationalization, and technology empowerment [1] Group 1: Market Outlook - The market transaction volume is expected to remain high in 2026, with reduced commission and fee pressures benefiting traditional brokerage revenue [1] - Strong new account openings in A-shares and margin trading lead to record-high financing balances, indicating a bullish trend in wealth management [1] Group 2: Business Segments - Retail and international businesses are anticipated to be new highlights in the industry, contributing to overall growth [1] - The securities industry's net asset return is projected to improve in 2026, suggesting potential for valuation recovery alongside structural opportunities [1]