Group 1 - The event was organized to promote the training and support policies for e-commerce talent in response to provincial and municipal directives [2] - Over ten vocational colleges and more than twenty key e-commerce companies participated, along with representatives from financial institutions, indicating strong industry collaboration [2] - The meeting focused on popular areas such as live e-commerce, instant retail, and cross-border e-commerce, highlighting ongoing training activities and future plans [4] Group 2 - The city’s human resources department provided detailed explanations of employment skills training, youth employment internships, and skill level evaluation policies [4] - Representatives from e-commerce companies shared insights on talent training in live e-commerce and the latest developments in cross-border operations, along with their recruitment needs [4] - Future plans include collaboration among various departments to implement the "Star Plan" for live e-commerce and the "All-Level Talent Cultivation Plan" for companies going abroad, aiming to develop a skilled workforce in the e-commerce sector [4]

伴着"十五五"开局的奋进号角，踏着金融服务中国式现代化和强国建设的铿锵步伐，南京银行迎来 成立30周年的历史时刻！ 1996年2月8日，南京银行从古城金陵39家城市信用社的合并改制起步，成为国内首批设立的城商行 之一。30年来，发轫于金融改革洗礼，成长于经济腾飞浪潮，南京银行深刻诠释"服务地方经济、服务 中小企业、服务城乡居民"的初心使命，把自身成长融入城市发展、企业壮大、人民幸福的时代底色， 实现了从地方银行到国内系统重要性银行的蜕变，谱写了城商行改革发展的壮美篇章。 积微成著 铸就跨越发展 30年峥嵘淬炼，创新基因根植发展血脉。2001年，率先引入国际金融公司投资入股，创下单一外资 股东持股比例新高；2005年，牵手战略投资者法国巴黎银行，打造中外金融合作典范；2007年，成功登 陆资本市场，成为上交所城商行第一股；2008年，设立首家省外分支机构，迈出跨区域经营、走向长三 角的第一步。南京银行的30年，是一部勇毅探索、变革图强的创业史。 30年开拓进取，综合金融构建集团优势。2006年，投资入股日照银行；2009年，投资参股江苏金融 租赁和芜湖津盛农商银行，发起设立宜兴阳羡和昆山鹿城两家村镇银行；201 ...

Core Insights - The report focuses on fixed income + products issued by wealth management companies, highlighting superior performing products available for investors through distribution channels [1] - A ranking of products is provided based on their annualized performance over the last month, three months, and six months, with a particular emphasis on the three-month annualized yield to reflect their performance amid recent market fluctuations [1] Distribution Channels - The report includes a list of 28 distribution institutions, which consist of major banks such as Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China, and others [1] Product Performance - The ranking showcases various products with their respective annualized yields, indicating the performance metrics over different time frames, such as 2.64% for one month and 9.11% for three months for a specific product [5] - The data is sourced from the South Finance Financial Terminal, with statistics as of February 5, 2026, providing a snapshot of the current market offerings [5][10]

Core Insights - The article focuses on the performance of minimum holding period RMB public offering products, ranking them based on annualized returns for holding periods of 7, 14, 30, and 60 days [1] Group 1: 7-Day Holding Period Products - The top-performing product is from Minsheng Bank with an annualized return of 7.56% [5] - Other notable products include a 6.98% return from Shanghai Bank and a 6.04% return from Minsheng Bank [5] Group 2: 14-Day Holding Period Products - The leading product is from Minsheng Bank with a return of 7.39% [8] - China Bank follows with a return of 4.44% [8] Group 3: 30-Day Holding Period Products - The highest return is 18.14% from Hangzhou Bank [12] - Other significant returns include 12.34% from Minsheng Bank and 9.72% from Minsheng Bank [12][13] Group 4: 60-Day Holding Period Products - The top product is from China Bank with a return of 9.33% [15] - Other products include 5.95% from Shanghai Bank and 5.54% from Huaxia Bank [15][16]

Investment Rating - The industry rating is "Buy" [4] Core Views - The trade return ratio has turned positive again, and the service trade deficit has significantly narrowed [16][18] - The cross-border capital flow is expected to gradually return, positively impacting domestic liquidity [5][19] - The service trade deficit for December 2025 was 966 billion CNY, a year-on-year decrease of 466 billion CNY, with a full-year deficit of 13,760 billion CNY, down 2,544 billion CNY, approximately 16% [18] Summary by Sections 1. Current Observation - The State Administration of Foreign Exchange (SAFE) released data on China's international balance of payments for December 2025, indicating a potential impact on the central bank's willingness to settle foreign exchange [16] - The trade return ratio is at a historical high, with a monthly unconverted trade net outflow of 447 billion CNY, a year-on-year increase of 1,392 billion CNY [17] 2. Arbitrage Trading Returns - The arbitrage trading return rate for 10Y US Treasury bonds in CNY has dropped significantly to -1.77%, indicating a shift in cross-border capital dynamics [17] 3. Service Trade Deficit - The service trade deficit has narrowed significantly, with major contributions from improved policies for foreign visitors, reduced international shipping costs, and enhanced competitiveness in high-tech services [18] 4. Cross-Border Liquidity Outlook - Despite the recent appointment of Kevin Warsh as the next Federal Reserve Chair, the trend of cross-border capital return is expected to continue, influenced by the Fed's monetary policy stance [19][21] - The short-term liquidity in the US remains tight, with limited space for balance sheet reduction, while long-term prospects depend on economic performance [20][21]

Core Viewpoint - The 2025 annual reports of listed companies are being released, revealing a number of companies with strong performance and continuous profit growth over the past five years [1][16]. Group 1: Company Performance - A total of 62 companies have reported continuous net profit growth for five consecutive years, with significant representation from the machinery, banking, automotive, and pharmaceutical industries [5][16]. - The machinery sector shows a remarkable increase in net profit, with a year-on-year growth of over 290% for 2025, driven by cost reduction and efficiency improvements, as well as expansion into emerging markets [5][16]. - In the banking sector, eight companies are included, with China Merchants Bank achieving a net profit exceeding 150 billion yuan, marking a historical high [5][16]. - The automotive and pharmaceutical sectors each have six companies reporting substantial profit growth, with specific companies like Asia-Pacific Shares and Ninebot Company-WD showing net profit increases of over 50% for 2025 [5][16]. Group 2: Significant Growth Companies - Among the 62 companies, 49 have doubled their net profits, 14 have increased profits by over five times, and six have seen growth exceeding ten times, including Asia-Pacific Shares and Ninebot Company-WD [6][17]. - Zhongji Xuchuang, a leader in optical modules, reported a net profit of 9.8 billion yuan for 2025, with a year-on-year increase of nearly 90%, benefiting from strong demand for computing infrastructure [6][17]. - Companies like Cai Bai Shares and Hunan Gold have seen significant stock price increases, with Cai Bai Shares rising over 71% since 2026 and reporting a net profit of no less than 1.06 billion yuan for 2025, reflecting a growth of over 190% compared to five years ago [19][21]. Group 3: Institutional Research and Market Performance - Nearly 20 of the 62 companies have received institutional research since 2026, with Ninebot Company-WD and Zhongji Xuchuang receiving over 75 institutional inquiries each [21][22]. - The average stock price increase for the 62 companies is close to 8% for 2026, with 11 companies seeing cumulative increases exceeding 20% [18][22]. - Cai Bai Shares and Hunan Gold have both reported significant stock performance, with Hunan Gold's net profit growth exceeding 460% compared to five years ago [19][21].

伴着"十五五"开局的奋进号角，踏着金融服务中国式现代化和强国建设的铿锵步伐，南京银行迎来成立30周年的历史时 刻！ 1996年2月8日，南京银行从古城金陵39家城市信用社的合并改制起步，成为国内首批设立的城商行之一。30年来，发轫 于金融改革洗礼，成长于经济腾飞浪潮，南京银行深刻诠释"服务地方经济、服务中小企业、服务城乡居民"的初心使 命，把自身成长融入城市发展、企业壮大、人民幸福的时代底色，实现了从地方银行到国内系统重要性银行的蜕变，谱 写了城商行改革发展的壮美篇章。 30年倾力奉献，情系民生践行金融担当。连续15年、累计捐资2020万元，开展"圆梦行动"慈善助学活动；冠名支持南京 马拉松、世界田联室内锦标赛等城市体育盛事，与广大市民共享金融增益；开展金融知识进社区、进校园活动，构建安 全和谐的金融生态环境……持续践行"责任金融、和谐共赢"的文化理念。南京银行的30年，是一部初心为民、反哺社会 的责任史。 扎根地方 积微成著 铸就跨越发展 30年峥嵘淬炼，创新基因根植发展血脉。2001年，率先引入国际金融公司投资入股，创下单一外资股东持股比例新高； 2005年，牵手战略投资者法国巴黎银行，打造中外金融合作典 ...

据了解，南银研究院下设五个研究组，具体包括战略策略、行业区域、财富金市、组织运营和数字科技 等，同时明确研究内容、建立配套运营机制，着力强化对经营管理的支持赋能作用。各研究组将深耕专 业领域，聚焦前瞻性、全局性课题，推进专业研究与成果应用，为金融赋能现代化体系建设和经济社会 高质量发展提供创新动能。 南京银行党委书记、董事长谢宁表示，南银研究院是该行洞见未来的"战略智库"、产业深耕的"关键抓 手"、价值创造的"研用闭环"、激活组织的"内生引擎"、拥抱科技的"创新平台"。未来将与各方伙伴一 道共建平台、共享资源、共促发展，推动更多优质研究成果落地应用，同心协力为中国式现代化和金融 强国建设贡献更大力量。 南银研究院的揭牌成立，对推动金融服务迭代升级，构建"金融+场景+生态"综合金融服务模式具有重 要意义。 经济观察网 2月8日，南京银行（601009）举办南银研究院成立仪式。 据悉，成立南银研究院是南京银行面向未来、拥抱变革、开创新局而作出的战略选择。 ...

伴着"十五五"开局的奋进号角，踏着金融服务中国式现代化和强国建设的铿锵步伐，南京银行迎来成立 30周年的历史时刻！ 1996年2月8日，南京银行从古城金陵39家城市信用社的合并改制起步，成为国内首批设立的城商行之 一。30年来，发轫于金融改革洗礼，成长于经济腾飞浪潮，南京银行深刻诠释"服务地方经济、服务中 小企业、服务城乡居民"的初心使命，把自身成长融入城市发展、企业壮大、人民幸福的时代底色，实 现了从地方银行到国内系统重要性银行的蜕变，谱写了城商行改革发展的壮美篇章。 积微成著，铸就跨越发展 30年开拓进取，综合金融构建集团优势。2006年，投资入股日照银行；2009年，投资参股江苏金融租赁 和芜湖津盛农商银行，发起设立宜兴阳羡和昆山鹿城两家村镇银行；2013年，投资组建鑫元基金；2020 年，设立全资子公司南银理财；2022年，设立南银法巴消费金融公司。南京银行的30年，是一部与时俱 进、深化布局的发展史。 30年砥砺前行，稳健经营刷新成长高度。资产规模相继跨过百亿、千亿、万亿大关，站上3万亿元台 阶；存、贷款规模分别突破1.6万亿元和1.4万亿元。自上市以来，营业收入从19亿元增长至超550亿元， 净利 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Insights - Bank stocks have outperformed the market, with the banking index rising by 1.70% while the CSI 300 index fell by 1.33%, indicating a shift in market sentiment towards underperforming sectors [1] - Quality city commercial banks have shown superior performance, with city commercial banks increasing by 3.27% compared to state-owned banks at 0.35% and joint-stock banks at 1.84% [1] - The banking sector is expected to enter a growth cycle in 2026, with projected revenue and net profit growth rates of 2.8% and 2.6% respectively, indicating a gradual recovery [3] - The opportunity cost of investing in bank stocks remains low, with a 10-year government bond yield at 1.80% and bank stock dividends around 4.4%, providing a 2.6 percentage point premium [3] - The report emphasizes the importance of new growth drivers, particularly recommending Nanjing Bank for its strong management and market position [3] Summary by Sections Industry Performance - The banking sector ranked sixth among 31 primary industries, with a weekly increase of 1.70% [1] - The performance of various bank types showed that city commercial banks had the highest weekly increase at 3.27% [1] Individual Bank Events - Qilu Bank reported a 5.1% year-on-year increase in revenue and a 14.6% increase in net profit, aligning with market expectations [2] - Ningbo Bank's executive appointment was approved, indicating stability in management [2] Investment Outlook - The report maintains a positive outlook for bank stocks in 2026, suggesting a rebalancing of market styles and a favorable environment for bank valuations [3] - Recommendations include major state-owned banks and a focus on mid-sized banks with new growth potential, particularly Nanjing Bank, Shanghai Bank, and others [4][6]