12月26日，以"新开局、新动能、新征程"为主题的"启航·2025金融峰会"在北京圆满举办，大会由金融界主办，汇聚监管部门、行业协会、金融机构、上市 公司、媒体等数百位相关领导和重磅嘉宾。会上，第十四届金融界"金智奖"年度评选结果重磅揭晓，江苏银行荣获"投资价值上市公司"。 "金智奖"旨在树立高质量发展标杆，引导上市公司聚焦主业、持续创新、践行社会责任，推动资本向优质企业集聚。本届评选中，金融界上市公司研究院紧 密契合"十五五"规划建议中"提升上市公司质量"的要求，将高质量发展内核分解为社会责任、实业贡献、投资回报、成长前景、创新效率、杰出品牌六大维 度，以企业财务数据和公开信息为基础建立量化分析模型，最终覆盖A股、港股及中概股超8000家企业，评选出近200家获奖企业。 "投资价值上市公司"以资本价值与发展潜力为核心评判标准，聚焦财务健康度、行业赛道前景、核心竞争力、公司治理规范性及可持续发展能力。旨在树立 价值投资标杆，推动行业结构优化，引导市场回归理性投资，构建良性资本市场生态。 风险防控是银行稳健经营的核心，江苏银行深入推进风险管理体制改革，智慧化防控体系日益成熟。2025年三季报显示，报告期末不良贷 ...

证券之星消息，12月29日城商行板块较上一交易日上涨0.79%，南京银行领涨。当日上证指数报收于 3965.28，上涨0.04%。深证成指报收于13537.1，下跌0.49%。城商行板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 6000109 | 南京银行 | 11.59 | 3.30% | 78.65万 | | 9.03亿 | | 601229 | 上海银行 | 10.13 | 2.12% | 70.78万 | | 7.13亿 | | 601963 | 重庆银行 | 10.99 | 1.29% | 11.06万 | | 1.22亿 | | 601577 | 长沙银行 | 9.79 | 0.82% | 13.55万 | | 1.32亿 | | 616009 | 江苏银行 | 10.32 | 0.78% | 121.46万 | | 12.45 Z | | 601169 | 北京银行 | 5.52 | 0.55% | 89.65万 | | 4.93亿 | | ...

Group 1: Climate Disclosure Standards - The Ministry of Finance, along with nine other departments, issued the "Corporate Sustainable Disclosure Standard No. 1 - Climate (Trial)" on December 25, marking a significant step towards a unified sustainable disclosure standard system in China [1] - The "Climate Standard" is currently positioned as a trial document, with voluntary implementation by companies until specific requirements are established [1] - The Ministry of Finance plans to adopt a gradual approach to implementation, expanding from listed companies to non-listed companies, and from large enterprises to small and medium-sized enterprises [1] Group 2: ESG Disclosure in A-Share Banks - The A-share ESG strong disclosure list has expanded to 27 banks, including 6 state-owned banks, 9 joint-stock banks, 10 city commercial banks, and 2 rural commercial banks [2] - Among the 27 banks, 16 reported a year-on-year decrease in carbon emissions, while 9 banks, including 1 state-owned bank and 6 city commercial banks, reported an increase in carbon emissions [2] - The top five banks with the highest year-on-year increase in carbon emissions are Beijing Bank (13.88%), Nanjing Bank (13.23%), Qingdao Bank (11.92%), Chongqing Bank (10.96%), and Hangzhou Bank (10.02%) [3] Group 3: Regulatory Actions and Penalties - First Capital's subsidiary was fined 12.7358 million yuan for failing to diligently supervise a convertible bond project [4] - Jinghua Pharmaceutical's subsidiary was fined 500,000 yuan for environmental pollution, which is not expected to significantly impact the company's net profit for 2025 [5] - Tianyi Medical is facing a potential fine of 8.7852 million yuan for not producing medical devices according to registered technical requirements [6][7] Group 4: Energy Sector ESG Developments - The "National Energy Sustainable Development Index" was officially launched, achieving a cumulative return rate of 40% [8] - Five thermal power companies have been included in the ESG strong disclosure category, which will require them to improve ESG governance and reporting by 2026 [9] - A report evaluated the low-carbon transition performance of 33 thermal power companies, indicating significant disparities in transition progress and a slower development of non-fossil energy compared to national averages [9]

Group 1 - The article highlights the growing production of solid-state batteries, which are considered the "ultimate answer" for next-generation power batteries, transitioning from laboratory to mass production [1] - Jiangsu Bank has provided a comprehensive credit line of 1 billion yuan to support the solid-state battery production, emphasizing the need for financial backing in high-investment, long-cycle projects [1] - The implementation of structural monetary policy tools in Jiangsu aims to direct financial resources towards technology innovation, green development, and consumption, contributing to high-quality economic growth [1] Group 2 - Jiangsu has adopted a "policy-driven + innovation-driven" approach to incentivize financial institutions to meet the reasonable funding needs of enterprises, launching 39 government-bank cooperation products [2] - The capital market is also actively supporting this initiative, with 70 listed companies in Jiangsu applying for stock repurchase loans amounting to 13.7 billion yuan, enhancing confidence in the stability of the capital market [2] - The effective use of structural monetary policy tools is expected to stimulate market vitality, promote industrial upgrades, and cultivate development momentum, aligning with the goal of better serving the real economy [2]

Core Insights - The report focuses on the performance of minimum holding period RMB public funds, ranking them based on annualized returns over various holding periods: 7 days, 14 days, 30 days, and 60 days [1] - The ranking is based on annualized yield calculations, with the calculation period matching the holding period [1] Group 1: 7-Day Holding Period Products - The top-performing product is "富竹纯债7天持有期20号(E份额)" from 民生理财 with an annualized return of 28.00% [3] - Other notable products include "固定收益纯债最短持有7天Y款-A份额" from 华夏银行 with a return of 17.38% and "易享利-7天持有期7号A" from 上海银行 with a return of 16.58% [4] Group 2: 14-Day Holding Period Products - The leading product is "景前固收增利双周窓14天持有期28号" from 中信银行 with an annualized return of 15.59% [6] - Other significant products include "富竹纯债14天持有期14号(E份额)" from 民生理财 with a return of 11.68% and "嘉鑫(歳刊)固收类最低持有14天第13期-B份额" from 建信理财 with a return of 9.77% [7] Group 3: 30-Day Holding Period Products - The highest return is from "幸福99鸡益(金盈) 30天持有期" from 杭州银行 with an annualized return of 25.44% [10] - Other notable products include "盈30天持有期27号" from 民生银行 with a return of 18.61% and "易享利-28天持有期6号A" from 上海银行 with a return of 12.19% [11] Group 4: 60-Day Holding Period Products - The top product is "贵竹固收增利双月盈60天持有期3号" from 中信银行 with an annualized return of 15.26% [14] - Other significant products include "富竹纯债60天持有期12号(E份额)" from 民生理财 with a return of 7.00% and "智富指数跟踪策略60天持有期-A份额" from 中银理财 with a return of 4.63% [15]

Summary of Key Points from the Conference Call Industry Overview - The banking industry is expected to achieve absolute profit growth in 2026, although relative returns and elasticity may be lower [1][2] - Focus on fundamentally strong city commercial banks such as Hangzhou Bank, Jiangsu Bank, and Nanjing Bank [1][2] Core Insights and Arguments - **Interest Margin Stabilization**: There is optimism regarding the stabilization of interest margins in 2026, with some banks potentially seeing a rebound. However, asset quality risks in real estate and retail sectors, particularly concerning mortgage and personal business loans, remain a concern [3][9] - **Risk Bottom Line Establishment**: Establishing a significant risk bottom line is crucial for the valuation recovery of the banking sector. Policy support has alleviated risks in real estate and local government financing [4][5] - **Supply-Side Reform**: The banking sector is undergoing accelerated supply-side reforms, leading to market share concentration among large banks and leading city commercial banks. Capital is becoming a scarce resource, making it easier for stronger banks to obtain capital [6] - **Loan Growth Forecast**: Credit growth is expected to continue its year-on-year decline, with loan balance growth projected to drop to approximately 5.5%. New loan volume may decrease to around 15 trillion yuan, primarily due to ongoing weakness in retail loans [8] - **Profit Growth Expectations**: State-owned banks are expected to see revenue growth driven by interest income, while leading city commercial banks may achieve revenue growth rates of 5% to 8% despite slight declines in net interest margins [11] Additional Important Insights - **Market Concerns on Mortgage Loans**: There are significant concerns regarding mortgage loan risks due to falling property prices and rising delinquency rates. However, many mortgage loans still maintain a comfortable safety margin [13][15] - **Investment Logic for Bank Stocks**: The investment logic for bank stocks is based on undervaluation recovery following the establishment of significant risks. City commercial banks are particularly attractive due to their low price-to-book ratios and high return on equity [16] - **Short-Term Volatility Factors**: The banking sector has faced short-term volatility due to a shift in active funds towards aggressive styles, impacting defensive stocks like banks. However, long-term funds have been increasingly allocated to quality city commercial banks [17][18] Conclusion - The investment strategy for 2026 emphasizes monitoring risks in real estate and retail sectors under regulatory protection, while focusing on undervalued recovery opportunities in quality city commercial banks [7]

Core Viewpoint - The article emphasizes the importance of the restaurant industry as a key driver of consumer demand and economic vitality, highlighting Jiangsu Bank's initiatives to integrate financial services into the dining sector to stimulate consumption and support social welfare [1][4]. Group 1: Jiangsu Bank's Initiatives - Jiangsu Bank has launched the "I am Chef" series of activities to promote dining consumption, providing a platform for over 22 million customers to explore local cuisine and enjoy dining discounts [4][6]. - The bank offers a combination of consumer-oriented and merchant-oriented services, including "consumption red envelopes" and payment discounts for consumers, while providing credit and operational support for merchants [4][5]. - The bank has developed a "聚惠" platform to offer significant discounts during promotional events, collaborating with well-known brands to enhance consumer benefits [7][8]. Group 2: Consumer Engagement and Marketing Strategies - Jiangsu Bank organizes various themed food festivals and events throughout the year, such as "Lobster Festival" and "Hot Pot Festival," to keep consumers engaged and stimulate continuous dining consumption [7][8]. - The bank utilizes social media and live streaming to promote food experiences and enhance consumer interaction, creating a vibrant dining atmosphere [4][6]. - Special financial products, such as the "Foodie" credit card, are introduced to provide exclusive benefits and enhance the value of consumer spending [4][5]. Group 3: Financial Services and Support for Merchants - Jiangsu Bank supports restaurant businesses through a comprehensive approach that includes funding, credit support, and wealth management services, aiming to drive growth in the dining sector [5][11]. - The bank's initiatives also focus on enhancing payment experiences for merchants by promoting digital currency transactions, ensuring safer and more efficient payment processes [11]. - By extending financial services to the supply side of the consumption chain, Jiangsu Bank aims to create a win-win situation for consumers and merchants, fostering a thriving consumption ecosystem [11].

Core Insights - The foundation for the valuation recovery of bank stocks is the establishment of a solid risk bottom line, with bank stocks currently in the process of confirming this bottom line [4][19] - Stable allocation value is leading the valuation recovery, with financial supply-side reforms accelerating in the long term, resulting in increased concentration of market share among state-owned banks and leading city commercial banks [4][7] - The focus for 2026 is on the stabilization of net interest margins and retail risk pressures, with expectations for improved liability costs driving net interest margins to stabilize [8][21] Group 1: Risk Bottom Line and Valuation Recovery - The valuation cycle of bank stocks fluctuates around the operating cycle, characterized by a pressured macro environment and significantly narrowed bank interest margins since 2023 [7][19] - The market anticipates a stabilization of interest margins and overall asset quality by 2026, although retail and real estate sectors remain under pressure [7][19] - The ongoing process of establishing a risk bottom line is crucial for the recovery of bank stock valuations, with state-owned banks expected to play a leading role in the consolidation of financial institutions [7][30] Group 2: Fundamental Focus on Interest Margin Stabilization and Retail Risk - Total loan growth is expected to decline to 5.5% in 2026, with a year-on-year decrease of approximately 1 trillion yuan, primarily due to continued pressure from retail loans [8][40] - The net interest margin is projected to stabilize, with a potential decrease in deposit costs by 20 to 30 basis points as excess savings from three-year fixed deposits mature [8][21] - Asset quality concerns are particularly focused on mortgage and collateralized loans, with the loan-to-value (LTV) ratio of current mortgage loans remaining at controllable levels [8][21] Group 3: Investment Opportunities and Market Dynamics - Bank stocks are still significantly undervalued from a PB-ROE perspective, especially among quality city commercial banks [9][29] - Despite short-term fluctuations in funding, the allocation value of bank stocks remains intact, with insurance capital continuing to increase its holdings in response to asset scarcity [9][21] - Recommended stocks include Hangzhou Bank, Nanjing Bank, and Jiangsu Bank, with a focus on quality city commercial banks and dividend-yielding assets like China Merchants Bank and Bank of Communications [11][9]

Group 1 - The company has appointed Jiangsu Bank as a new sales agent for certain open-end funds, effective December 29, 2025 [2] - The change in the auditing firm is based on prudent principles and aims to support the development of fund operations and future auditing needs [4] - The new auditing firm possesses qualifications relevant to infrastructure fund auditing, ensuring no adverse impact on project operations or the rights of fund shareholders [4] Group 2 - The announcement regarding the appointment of Jiangsu Bank and the change in auditing firm has been approved by the company's board of directors [4] - Investors can inquire about the fund details through Jiangsu Bank's customer service or the company's hotline [2] - The company emphasizes the importance of reading the fund's contract and prospectus before investing [2]

Core Viewpoint - The city commercial bank sector experienced a decline of 0.67% on December 26, with Xiamen Bank leading the drop, while the Shanghai Composite Index rose by 0.1% and the Shenzhen Component Index increased by 0.54% [1] Group 1: Market Performance - The closing price of Xiamen Bank was 7.56, reflecting a decrease of 2.45% with a trading volume of 139,200 shares and a transaction amount of 106 million yuan [2] - Other notable banks included Guizhou Bank at 5.90 (-1.17%), Ningbo Bank at 28.00 (-1.10%), and Chongqing Bank at 10.85 (-0.91%) [2] - The overall city commercial bank sector saw a net outflow of 59.97 million yuan from main funds, while retail funds experienced a net outflow of 80.69 million yuan [2] Group 2: Fund Flow Analysis - Hangzhou Bank had a main fund net inflow of 11.5 million yuan, but retail funds saw a net outflow of 76.27 million yuan [3] - Ningbo Bank recorded a main fund net inflow of 56.33 million yuan, while retail funds had a net outflow of 6.51 million yuan [3] - The overall trend indicates that while some banks attracted main fund inflows, retail investors were largely withdrawing their investments [3]