Core Viewpoint - The banking sector in China is experiencing a positive trend, with several banks showing significant stock price increases following a recent meeting by the People's Bank of China regarding the credit market for 2026, which is expected to provide multiple benefits to the banking sector [1] Group 1: Stock Performance - Chongqing Bank's stock rose by 3.6%, reaching HKD 8.05 [1] - Tianjin Bank's stock increased by 2.53%, reaching HKD 2.43 [1] - China Merchants Bank's stock climbed by 2.44%, reaching HKD 48.66 [1] - Postal Savings Bank's stock grew by 2.15%, reaching HKD 5.23 [1] Group 2: Credit Market Outlook - The People's Bank of China emphasized the need to understand the economic and financial situation during the 14th Five-Year Plan period and to enhance financial services for key areas and weak links [1] - Analysts from Zhongtai Securities noted that the credit issuance for the year is expected to maintain a year-on-year increase, with a stable retail new issuance rate at 3.06% for three consecutive quarters [1] - The expectation of a narrowing decline in interest margins, supported by stable interest income, suggests that the banking sector's revenue and profit will remain robust throughout the year [1] Group 3: Investment Appeal - The banking sector is characterized by strong performance certainty and stability, with high dividend yields, making it an attractive investment option [1]

Core Viewpoint - The majority of Chinese bank stocks have risen, with specific banks showing notable increases in their stock prices, indicating positive market sentiment towards the banking sector following a recent meeting by the People's Bank of China [1] Group 1: Stock Performance - Chongqing Bank (01963) increased by 3.6%, trading at 8.05 HKD [1] - Tianjin Bank (01578) rose by 2.53%, trading at 2.43 HKD [1] - China Merchants Bank (03968) saw a rise of 2.44%, trading at 48.66 HKD [1] - Postal Savings Bank (01658) increased by 2.15%, trading at 5.23 HKD [1] Group 2: Central Bank Meeting Insights - The People's Bank of China held a meeting to discuss the credit market for 2026, emphasizing the need to adapt to economic and financial changes during the 14th Five-Year Plan [1] - The meeting highlighted the importance of providing quality financial services to major strategies, key areas, and weak links [1] Group 3: Market Analysis - Analysts from Zhongtai Securities noted that the early-year credit issuance has been strong, with expectations for continued growth in credit supply throughout the year [1] - The new corporate lending rates have slightly decreased, while retail lending rates have stabilized, with new mortgage rates remaining at 3.06% for three consecutive quarters [1] - Despite expectations of interest rate cuts, the decline in interest margins is anticipated to be smaller than last year, supporting stable revenue and profit for banks [1] - The banking sector is characterized by strong performance certainty and stability, with high dividend yields, making it an attractive investment option [1]

来源：新浪基金∞工作室 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 沪深300ESGETF南方（560180）业绩比较基准为沪深300ESG基准指数收益率，管理人为南方基金管理 股份有限公司，基金经理为李佳亮，成立（2023-04-13）以来回报为19.34%，近一个月回报为1.57%。 2月5日，截止午间收盘，沪深300ESGETF南方（560180）跌0.59%，报1.184元，成交额126.90万元。沪 深300ESGETF南方（560180）重仓股方面，贵州茅台截止午盘涨1.41%，中际旭创涨0.89%，宁德时代 跌1.93%，招商银行涨1.03%，中国平安跌1.16%，美的集团涨1.27%，紫金矿业跌5.29%，长江电力涨 0.49%，兴业银行涨0.89%，比亚迪涨0.98%。 ...

Group 1 - The stock market style may be changing, with a notable adjustment in US tech stocks, including Oracle's price dropping nearly 60% from its peak and SNDK experiencing a significant decline [1] - A-shares may see a shift in style, with banks and dividend stocks potentially outperforming, leading to a focus on quality banks such as Jiangsu Bank, Nanjing Bank, Hangzhou Bank, Ningbo Bank, and China Merchants Bank for potential gains [1] - As of February 4, 2026, the Shanghai 180 Index (000010) rose by 1.01%, with component stocks like JinkoSolar up 20.00%, Yanzhou Coal Mining up 10.01%, and China Shenhua Energy also seeing gains [1] Group 2 - The Shanghai 180 ETF index fund (530280) has seen a net value increase of 14.84% over the past six months, with a maximum monthly return of 9.13% since inception [2] - The fund has a historical average monthly return of 3.08% and a 100% probability of profitability over one year, with a Sharpe ratio of 2.08 as of January 30, 2026 [2] - The fund's maximum drawdown this year is 4.28%, with a management fee of 0.15% and a custody fee of 0.05% [2] Group 3 - As of January 30, 2026, the top ten weighted stocks in the Shanghai 180 Index include Zijin Mining, Kweichow Moutai, China Ping An, and others, collectively accounting for 24.85% of the index [3] - The individual weightings of these stocks vary, with Kweichow Moutai at 4.22% and China Ping An at 2.87% [4]

Core Viewpoint - The upcoming maturity of a significant amount of deposits in China, estimated at 55 to 60 trillion yuan by 2026, will create a historical peak in the banking system, leading to a potential reallocation of funds and a "re-pricing" wave in deposits [2][14]. Group 1: Deposit Rates and Trends - Major banks are offering low interest rates on large time deposits, with rates around 1.4% to 1.55%, a stark contrast to rates above 5% prior to 2021 [1][13]. - The deposit renewal rate has been approximately 90% in recent years, but a decline to 80% could result in a potential outflow of around 14 trillion yuan, while maintaining the current rate could lead to about 7 trillion yuan [3][15]. Group 2: Impact of Market Conditions - The surge in household savings, exceeding 17 trillion yuan annually during 2022-2023, was driven by market volatility, leading to a significant accumulation of "excess savings" locked in long-term deposits [2][14]. - The reallocation pressure from these long-term deposits will peak in 2026, coinciding with a changing interest rate environment [2][14]. Group 3: Fund Allocation Predictions - It is anticipated that over 90% of maturing deposits will remain in the banking system as new time deposits, but an estimated 2 to 4 trillion yuan may flow into wealth management products and public funds, with 300 to 600 billion yuan expected to enter public funds [3][15]. - The shift in funds is expected to primarily favor low-risk assets, reflecting a cautious approach from residents towards higher-risk investments [5][17]. Group 4: Public Fund Strategies - Public funds are likely to attract maturing deposits through conservative products, particularly money market funds and short-term pure bond funds, which offer liquidity similar to demand deposits [6][18]. - The total scale of public funds is projected to reach 37.71 trillion yuan by the end of 2025, with money market funds comprising a significant portion [6][18]. Group 5: Misconceptions about Deposit Movements - There is a misconception that maturing deposits will lead to significant outflows into the capital market; however, most funds are expected to remain within the banking system for marginal optimization [11][23]. - The release of large deposits does not necessarily correlate with increased consumer spending, as a cautious mindset persists among residents [11][23].

Core Viewpoint - The upcoming maturity of a significant amount of deposits in China, estimated at 55 trillion to 60 trillion yuan by 2026, will lead to a major reconfiguration of the banking system and investment landscape, with implications for asset management and financial products [3][16]. Group 1: Deposit Maturity and Market Impact - By 2026, approximately 55 trillion to 60 trillion yuan in deposits will reach maturity, marking a historic peak for the banking system [3][16]. - The surge in household deposits, exceeding 17 trillion yuan annually since 2022, has created about 8 trillion yuan in excess savings, primarily locked in one to three-year term deposits [3][16]. - The reconfiguration pressure from these maturing deposits will intensify as they face a different interest rate environment compared to when they were deposited [3][16]. Group 2: Deposit Reallocation Predictions - If the deposit renewal rate drops to 80%, around 14 trillion yuan may be reallocated, while maintaining a 90% renewal rate would result in about 7 trillion yuan being reallocated [2][15]. - It is anticipated that over 90% of maturing deposits will remain in the banking system as new term deposits, with an estimated 2 trillion to 4 trillion yuan potentially flowing into wealth management products and public funds [4][17]. Group 3: Asset Management Industry Response - The asset management industry is expected to see a structural optimization rather than a massive influx of new capital, as the reallocation primarily targets low-risk assets similar to deposits [6][19]. - Public funds are likely to attract the incoming capital, particularly through conservative risk products such as money market funds and short-term pure bond funds, which are favored for their liquidity and expected returns [20][21]. - Fund companies are focusing on safety and have established mechanisms to manage risk and returns effectively, with a range of products tailored to different risk appetites [21][23]. Group 4: Misconceptions About Deposit Migration - There is a misconception that maturing deposits will lead to significant capital outflows into the market; however, much of the capital will remain within the banking system for marginal optimization [12][25]. - The release of large deposits does not necessarily correlate with a surge in consumer spending, as a cautious mindset persists among residents [12][25]. - Historical data indicates no direct relationship between the maturity of deposits and stock market performance, suggesting that the impact on equity markets may be limited [12][25].

网站：www.cmbchina.com 根据上银基金管理有限公司（以下简称"本公司"）与招商银行股份有限公司(以下简称"招商银行")签署 的销售协议和相关业务准备情况，自2026年2月5日起，招商银行将开始销售本公司旗下部分基金。 一、适用基金范围 ■ 注：在遵守基金合同、招募说明书及相关业务公告的前提下，销售机构办理各项基金销售业务的具体日 期、时间、流程、业务类型及费率优惠活动（如有）以销售机构的安排和规定为准。 二、投资者可通过以下途径咨询有关详情 1、招商银行股份有限公司 客户服务电话：95555 2、上银基金管理有限公司 网站：www.boscam.com.cn 客户服务电话：021-60231999 风险提示：本基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈 利，也不保证最低收益。基金投资有风险，投资者在做出投资决策之前，请认真阅读基金合同、招募说 明书（更新）和基金产品资料概要（更新）等法律文件，充分认识基金的风险收益特征和产品特性，认 真考虑基金存在的各项风险因素，并根据自身的投资目的、投资期限、投资经验、资产状况等因素充分 考虑自身的风险承受能力，在了解产品情 ...

Group 1: Diverging Trends in China's Corporate Landscape - Major Chinese consumer brands, such as Anta Sports and TCL, are resuming foreign acquisitions to secure growth amid a sluggish domestic economy [1][2] - The trend of acquiring foreign brands is reminiscent of early 21st-century strategies, like Lenovo's acquisition of IBM's PC business, which had diminished over the past decade [3] - The acquisitions are driven by strategic necessity, as companies face increased competition and underperformance in their domestic markets [4] Group 2: Banking Sector Challenges - China Merchants Bank, a leading commercial bank, reported a significant slowdown in profit growth, with a mere 1.2% increase last year and operating income rising only 0.01% [5][6] - The bank's net interest income grew by just 2%, which is below the 5.4% increase in its loan book, indicating squeezed interest margins due to a low-interest-rate environment [6] - The bank is prioritizing loan quality over aggressive expansion, reflecting prudent management in uncertain economic conditions [7]

根据国家金融监督管理局官网公告，最近几个月，工商银行济南分行、华夏银行长沙分行、郑州银行等 多家银行总行及地方分行的首席风险官任职资格获监管批复。 增设首席风险官 招商银行近日发布公告称，徐明杰先生招商银行首席风险官的任职资格已获得核准，任期自2026年1月 30日起生效。 在这一岗位设置渐成常态的背后，是银行业对风险管理的系统性升级。盘古智库高级研究员余丰慧分析 指出，银行普遍设立首席风险官职位背后的驱动因素主要是为了适应更加严格的监管要求、复杂多变的 市场环境以及提升内部风险管理水平。 国家金融与发展实验室副主任曾刚进一步表示，从监管层面看，金融机构全面风险管理体系建设的强化 要求成为直接推动力。从内部需求看，复杂多变的经济环境使得传统碎片化的风险管理模式难以应对系 统性风险挑战。 从自身发展看，招联首席经济学家、上海金融与发展实验室副主任董希淼也指出，近年来银行业不良资 产处置压力攀升，贷后管理难度加大，全面风险管理面临较大调整。此外，金融科技快速发展，还带来 了数据合规、反洗钱、新型金融诈骗等新型风险。 分析人士普遍认为，当前环境下，增设首席风险官强化风险管理体系势在必行。 在曾刚看来，首席风险官的核 ...

Core Viewpoint - The performance reports of 10 A-share listed banks indicate overall steady growth in profitability and asset quality, with expectations for continued improvement in 2026 as net interest margin decline is expected to narrow and credit costs continue to decrease [1][2]. Profitability - All 10 A-share listed banks reported year-on-year growth in net profit for 2025, with notable performance from city commercial banks [2]. - Qingdao Bank achieved a net profit of 5.188 billion yuan, marking a 21.66% year-on-year increase, leading the group of disclosed banks [2]. - Other banks such as Ningbo Bank, Nanjing Bank, and Hangzhou Bank also surpassed 10 billion yuan in net profit, with year-on-year growth rates of 8.13%, 8.08%, and 12.05% respectively [2][3]. Revenue Growth - Except for CITIC Bank, all other banks reported positive revenue growth for 2025 [4]. - Nanjing Bank recorded the highest revenue growth at 10.48%, reaching 55.54 billion yuan, while Qingdao Bank and Ningbo Bank reported revenue of 14.573 billion yuan and 71.968 billion yuan, with growth rates of 7.97% and 8.01% respectively [4][5]. - The revenue growth of city commercial banks and rural commercial banks showed some differences, with Nanjing Bank benefiting from strong net interest income growth [4]. Asset Quality - The asset quality of the 10 listed banks remained stable, with most reporting a steady or declining non-performing loan (NPL) ratio [6][9]. - Qingdao Bank's NPL ratio decreased to 0.97%, down 17 basis points from the previous year, indicating improved asset quality [9][10]. - The provision coverage ratio for Qingdao Bank increased to 292.3%, reflecting a continuous improvement in core asset quality indicators [10]. Market Outlook - Analysts expect that the net interest margin for listed banks will stabilize, with a slight narrowing of the decline anticipated in 2026 [8][9]. - The first quarter of 2026 is projected to see a significant increase in credit issuance, with January alone expected to account for over 30% of the annual total [8]. - The overall credit growth is expected to remain robust, supported by favorable monetary policy adjustments [8].