Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Insights - The banking index fell by 1.3% this week, underperforming the CSI 300 and ChiNext indices by 1.6% and 2.5% respectively, indicating a short-term style switch in the market [6][19] - H-shares of banks led the gains, while most A-shares declined, with notable performances from Huaxia Bank and Shanghai Bank due to improved earnings and strong expectations for convertible bond conversions [6][19] - The price-to-book (PB) ratio and return on equity (ROE) of bank stocks remain undervalued, with a continued recommendation for high-quality city commercial banks in Zhejiang, Jiangsu, and Shandong provinces, including Hangzhou Bank, Ningbo Bank, Jiangsu Bank, Nanjing Bank, Qingdao Bank, Qilu Bank, and Suzhou Bank [6][19] - The report also suggests focusing on low-valuation, high-dividend, and convertible bond opportunities, particularly in Industrial Bank [6][19] Summary by Sections Market Performance - The banking sector's trading activity has decreased, with turnover rates falling, although the transaction volume share for state-owned and rural commercial banks has rebounded [8][39] - The average dividend yield for the six major state-owned banks in A-shares is 4.28%, with a spread of 249 basis points over the 10-year government bond yield, while H-shares yield 5.21% [7][29] Profit Growth and Net Interest Margin - The overall asset growth rate for commercial banks reached 9.0% year-on-year by the end of Q4 2025, with major state-owned banks seeing a growth rate of 10.8% [9][44] - The net profit growth for commercial banks was 2.3% year-on-year, indicating a positive trend, particularly among city and rural commercial banks [9][44] - The net interest margin for 2025 is projected at 1.42%, with a marginal stabilization observed, and a further narrowing of the decline expected in 2026 [9][46] Asset Quality - The non-performing loan (NPL) ratios across various banks are stable or improving, attributed to increased write-off efforts, while the provision coverage ratio continues to decline [10][49] - Capital adequacy ratios remain stable, with attention on the potential impact of the second round of fiscal injections for state-owned banks and refinancing for smaller banks in 2026 [10][49]

Core Insights - 11 A-share banks reported their 2025 performance, showing an average total asset growth rate of 11.32%, with city commercial banks significantly outperforming joint-stock banks in profitability [1][12]. Group 1: Performance Overview - The average growth rate of total assets for the 11 banks was 11.32%, while the average growth rate for operating income was 3.30%, and the average growth rate for net profit attributable to shareholders was 7.83% [1][12]. - Analyst Zheng Qingming from Shenwan Hongyuan Securities predicts that listed banks will exhibit stable revenue with gradually improving profit growth, expecting a 0.9% year-on-year revenue growth and a 1.9% recovery in net profit growth for 2025 [1][13]. Group 2: Joint-Stock Banks Performance - Four joint-stock banks (Shanghai Pudong Development Bank, CITIC Bank, China Merchants Bank, and Industrial Bank) reported total assets exceeding 10 trillion yuan, with Shanghai Pudong Development Bank's total assets reaching 100,817.46 billion yuan, a 6.55% increase from 2024 [2][15]. - Shanghai Pudong Development Bank achieved the fastest net profit growth among joint-stock banks, with a net profit of 500.17 billion yuan, an increase of 10.52% year-on-year [2][15]. Group 3: City Commercial Banks Performance - City commercial banks outperformed joint-stock banks in several metrics, with an average total asset growth rate of 15.1%, operating income growth of 5.73%, and net profit growth of 11% [5][19]. - Qingdao Bank emerged as the fastest-growing bank, with total assets growing by 18.12% to 8149.60 billion yuan and net profit increasing by 21.66% [5][19]. Group 4: Asset Quality and Income - Shanghai Pudong Development Bank reported a decrease in non-performing loans and a decline in the non-performing loan ratio, indicating improved asset quality [3][16]. - Several banks, including Ningbo Bank and Nanjing Bank, reported significant increases in net interest income, with Ningbo Bank achieving a 10.77% increase to 531.61 billion yuan [10][25].

此次合作，是杭州银行以供应链金融赋能实体经济、深耕普惠金融的生动实践。该行以数字供应链金融 为抓手，在"普"上扩大覆盖、在"惠"上降低成本，依托核心企业信用，将金融服务精准传导至产业链末 端。截至目前，供应链金融服务客户中中小微企业占比超85%，最小单笔融资金额低至125元，有效助 力链上企业纾困发展、协同增效，以金融力量守护产业链稳定、服务实体经济高质量发展。 杭州银行相关负责人介绍，该行依托数字化技术，创新推出"核易融""链易融""货易融"三大品牌，将核 心企业信用延伸至物的信用、数据信用，依托大数据建模实现精准风控与脱核融资，通过平台对接、全 线上办理，为产业链上下游提供高效便捷的融资服务，切实提升中小微企业金融可得性。 下一步，杭州银行将持续加快数字化转型步伐，聚焦产业链发展需求，不断创新供应链金融服务模式， 以数字科技畅通供应链、做强产业链，为实体经济高质量发展注入更加强劲的金融动能。 编辑：马萌伟 转自：新华财经 物流枢纽灯火通明，国内餐饮供应链头部企业MC公司的配送网络高效运转，一条条食材供应链连接田 间地头与千家万户。自2014年成立以来，MC公司已服务全国200多个城市、超百万家餐饮商户，搭 ...

Investment Rating - The industry rating is "Buy" [6] Core Insights - The overall social financing growth slightly declined to 8.2% in January, while M1 and M2 growth rates significantly rebounded, with M1 growing by 4.9% and M2 by 9.0% [6][16] - Government net financing increased significantly by 2,831 billion yuan year-on-year, contributing to the overall social financing growth [6][17] - The report indicates a shift in deposit structure due to accelerated deposit migration, impacting M1 negatively while having limited effect on M2 [6][16] Summary by Sections Overall Situation - Social financing growth decreased slightly to 8.2%, while M1 and M2 growth rates increased significantly [15][16] - M1 and M2 growth rates rose by 1.1 percentage points and 0.5 percentage points respectively compared to the previous month [6][16] Government Sector - Fiscal strength showed a year-on-year decline, impacting overall financing dynamics [39] Household Sector - Demand remained stable year-on-year, with short-term loan demand increasing [39] Corporate Sector - Short-term loan demand increased year-on-year, while bill financing saw a significant reduction [39] Non-Bank Sector - The acceleration of deposit migration was noted, with non-bank deposits increasing by 1.45 trillion yuan year-on-year [6][39]

三、2月24日（农历正月初八）起全行各营业网点正常对外办理个人业务、对公业务及公积金业务。 感谢您一直以来对杭州银行业务的支持与信赖！ 一、2月15日至2月23日（农历廿八至农历正月初七），杭州银行各营业网点暂停办理对公业务及公积金 业务。 二、2月15日至2月23日（农历廿八至农历正月初七），杭州银行部分网点正常对外办理个人业务，营业 日期安排详见附件。 2026年2月5日，杭州银行（600926）发布公告称，根据国务院办公厅关于2026年部分节假日安排的通知 精神，今年春节期间放假九天，时间为2月15日（星期日）至2月23日（星期一），2月14日（星期 六）、2月28日（星期六）上班。为做好春节期间的银行服务工作，结合杭州银行实际，现将杭州银行 春节期间对外营业网点及营业时间公告如下： 如有疑问，敬请垂询各营业网点或致电杭州银行客户服务电话95398咨询。 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report analyzes 132 regional banks in the Sichuan-Chongqing area, highlighting the growth and structural changes in the banking sector [6][27] - The asset growth rates of major city commercial banks in the region are higher than those of listed city commercial banks, indicating a robust expansion [38] - Profitability metrics show that city commercial banks in the region have lower ROE compared to listed banks, while rural commercial banks outperform them [6][27] - Asset quality is slightly weaker in regional banks compared to listed banks, with higher non-performing loan ratios [6][27] Summary by Sections Economic Structure Analysis - Sichuan province is positioned as a key driver for western development, with a focus on enhancing the Chengdu-Chongqing economic circle [13][14] - In 2025, Chengdu's GDP is projected to account for 38.7% of the province's total, with significant growth in various sectors [15] Banking Sector Overview - The Sichuan-Chongqing region has 132 commercial banks, including 14 city commercial banks, 65 rural banks, and 51 rural commercial banks [27] - The asset growth rates for major city commercial banks in the region are 15.6% and 18.2%, surpassing the 14.2% growth of listed city commercial banks [38] Asset and Liability Structure - The proportion of loans to total assets has been increasing since 2016, with city commercial banks in Sichuan projected to have a loan ratio of 56.1% by 2024 [38][40] - The financial investment ratio for city commercial banks is on a downward trend, with a slight recovery noted in the first half of 2025 [40][46] Profitability and Asset Quality - The average ROE for city commercial banks in the region is 10.97%, lower than the 11.99% average for listed city commercial banks [6][27] - Non-performing loan ratios for city commercial banks in the region are higher than those of listed banks, indicating potential asset quality concerns [6][27] Capital Adequacy - Capital adequacy ratios for regional banks are comparable to those of listed banks, providing a safety margin for operations [6][27]

暖心肯定： 以专业服务，赴信任之约 000 新春将至，暖意渐浓。近期，杭州银行陆续收到多封表扬信与感谢信，这一份份肯定，既是客户与合作单位的信任与认可，更是对我行长期打造优质服 务、坚守金融初心的鼓励。 近日，杭州银行收到国家税务总局钱塘税务分局发来的表扬信，信中对我行跨境金融部与营业部提出高度赞扬。 在执行中国人民银行、财政部、国家税务总局联合发文的【银发〔2024〕4号】文件过程中，我行跨境金融部单证岗与营业部代理国库经办岗工作人员， 始终秉持严谨细致、务实高效的服务理念，主动对接监管要求，精准研读政策细节，全力以赴做好服务保障。自新规发布以后，我行主动对接监管，精准 把握政策，不仅高效、精准地为客户提供清晰的税款资金折算与入账解决方案，更主动为客户着想，积极梳理并优化了业务流程，保障税款及时准确入 库，相关工作有力维护了国库利益与客户权益，显著提升了客户服务体验。 我行将以此为契机，持续夯实专业基础，强化服务意识，协同共进，为营造更加规范、高效、便利的跨境金融环境而持续努力。 深耕首都： 以金融温度，助高质量发展 杭州银行北京分行也收到北京市委金融委员会办公室发来的感谢信，对分行在积极融入首都高质量发展 ...

Core Viewpoint - Increasing number of banks are adopting mid-year dividend plans, with 17 A-share listed banks planning to implement mid-year dividends for 2024, reflecting a shift towards more frequent cash distributions to investors [1][2][3] Group 1: Mid-Year Dividend Plans - CITIC Bank has expressed its intention to implement a mid-year dividend for 2024, following the lead of Minsheng Bank, marking it as the second shareholding bank to announce such plans [2] - As of July 4, 2023, 17 out of 42 A-share listed banks have decided to implement mid-year dividends for 2024, with six major state-owned banks already having made arrangements [2][3] - The mid-year dividend plans are part of a broader trend among banks to enhance investor returns and improve liquidity [1][4] Group 2: Regulatory Influence - The Chinese government has introduced policies to strengthen cash dividend regulations, encouraging companies to adopt stable and predictable dividend policies, including multiple distributions within a year [4][5] - The new regulations aim to enhance the frequency of dividends, aligning domestic banks with international practices where dividends are distributed more frequently [5] Group 3: Impact on Investor Sentiment - Increased dividend frequency is expected to enhance investor confidence and attract more investments, as it reflects banks' profitability and commitment to shareholder returns [3][5] - Analysts suggest that mid-year dividends can serve as a sign of banks' confidence in their earnings and can improve investor sentiment towards bank stocks [3][5] Group 4: Considerations for Banks - Banks need to balance dividend payouts with their profitability, capital adequacy, and risk management capabilities to ensure sustainable operations [5][6] - There is a need for banks to improve internal governance and operational efficiency to better serve the real economy while managing dividend policies [6]

Group 1 - The company announced that starting from February 11, 2026, investors can open accounts, subscribe, redeem, and perform regular investment and conversion operations for certain funds through Chuangjin Qifu [1] - The company has signed a supplementary sales agreement with Beijing Chuangjin Qifu Fund Sales Co., Ltd. to enhance service offerings to investors [1] - Investors can enjoy fee discounts when subscribing or performing regular investment and conversion operations through Chuangjin Qifu, with the specifics determined by Chuangjin Qifu [2] Group 2 - The company will suspend subscription, conversion, and regular investment operations for the Ping An Jin Guanjia Money Market Fund from February 12 to February 23, 2026, while redemption and conversion out operations will continue [4][6] - The Ping An Zhongzheng Interbank Certificate of Deposit AAA Index 7-Day Holding Period Securities Investment Fund will also suspend similar operations during the same period [8][10] - The company will resume these operations on February 24, 2026, and will not issue further announcements regarding this resumption [4][8] Group 3 - The company has appointed Fangzheng Securities Co., Ltd. as a liquidity service provider for the Ping An Hang Seng Hong Kong Stock Connect Technology Theme ETF, effective February 11, 2026 [12] - The company has announced the establishment of the Ping An New Sharp Quantitative Stock Selection Mixed Fund, with the fund contract becoming effective on February 11, 2026 [21][22] - The company will handle subscription and redemption operations for the new fund within three months of the fund contract's effectiveness [22]

Core Viewpoint - A-share listed banks have shown positive growth in net profit for 2025, with all 11 banks reporting an increase, and four banks achieving double-digit growth, led by Qingdao Bank at 21.66% [1][5]. Group 1: Financial Performance - Qingdao Bank reported a net profit of 518.77 million yuan, up from 426.41 million yuan, marking a growth rate of 21.66% [2]. - Qilu Bank and Hangzhou Bank followed with net profit growth rates of 14.58% and 12.05%, respectively [5]. - In terms of total assets, China Merchants Bank leads with 13.07 trillion yuan, a year-on-year increase of 7.56% [4]. - The overall asset quality of the banks remains stable, with most banks reporting a decrease or stability in non-performing loan ratios [5][6]. Group 2: Revenue Trends - Revenue growth among the banks is varied, with only CITIC Bank experiencing a slight decline of 0.55% [4]. - Nanjing Bank led in revenue growth with a 10.48% increase, while Ningbo Bank and Qingdao Bank reported increases of 8.01% and 7.97%, respectively [4][5]. - The overall revenue growth for A-share listed banks is expected to improve in 2025, driven by narrowing interest margins and increased impairment contributions [9]. Group 3: Market Outlook - Analysts are cautiously optimistic about the banking sector's performance in 2026, with expectations of stable credit growth and improved profitability [9][10]. - The investment focus for 2026 includes identifying banks with potential for growth, particularly Ningbo Bank and China Merchants Bank, and those with convertible bond expectations like Industrial Bank [10]. - The overall market capitalization of the banking sector has surpassed 15 trillion yuan, reflecting a significant increase from the previous year [6].