Group 1 - The agricultural commercial bank sector increased by 2.37% on January 29, with Chongqing Rural Commercial Bank leading the gains [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] - Major stocks in the agricultural commercial bank sector showed varying performance, with Chongqing Rural Commercial Bank closing at 6.47, up 4.19% [1] Group 2 - The net inflow of main funds in the agricultural commercial bank sector was 67.54 million yuan, while retail funds saw a net inflow of 44.49 million yuan [1] - The table of fund flows indicates that the main funds had a negative net flow in several banks, including Shanghai Rural Commercial Bank and Jiangyin Bank [2] - Retail investors showed a positive net flow in several banks, including Jiangyin Bank and Su Nong Bank, despite some negative flows in other banks [2]

银行板块盘中持续走高，青岛银行涨停，消息面上，青岛银行发布2025年度业绩快报，实现归属于母公 司股东净利润51.88亿元，同比增长21.66%。此前已有招商银行、兴业银行、宁波银行等8家上市银行率 先交出2025年度业绩快报，所有银行均实现净利润正增长。 中国银河证券指出，四季度市场风格整体延续上季度，资金对银行板块青睐程度维持在相对低位。但同 时，国有行、股份行持续受关注。近期被动资金流出对银行资金面形成扰动，但在低利率与中长期资金 加速入市的环境下，银行板块高股息、低估值的红利属性仍对险资等长线资金具备持续吸引力，加速估 值定价重构。继续看好银行板块红利价值。 截至2026年1月29日 14:07，中证银行指数(399986)强势上涨1.68%，成分股青岛银行上涨9.94%，渝农商 行上涨3.86%，宁波银行上涨3.70%，齐鲁银行，江苏银行等个股跟涨。银行ETF鹏华(512730)上涨 1.34%，最新价报1.59元。 银行ETF鹏华紧密跟踪中证银行指数，为反映中证全指指数样本中不同行业公司证券的整体表现，为投 资者提供分析工具，将中证全指指数样本按中证行业分类分为11个一级行业、35个二级行业、90 ...

1月21日，苏农银行披露2025年年度业绩快报。业绩快报显示，2025年苏农银行实现营业收入41.91亿元，同比微增0.41%；实现归属于上市公司股东的净利 润20.43亿元，同比增长5.04%。对比2024年营收3.17%、归母净利润11.62%的同比增幅，该行2025年业绩增速下降态势明显。 日前，苏农银行召开2026年第一次临时股东会，审议通过了《关于吸收合并江苏张家港渝农商村镇银行股份有限公司并设立分支机构的议案》。上述议案反 对票占比为13.0821%，特别是持股5%以下中小股东反对票比例达到18.415%，引起市场关注。 苏农银行此前财报显示，2025年前三季度该行息差整体收窄，利息净收入减少且降幅呈扩大趋势；非息收入方面，该行中间业务收入及投资收益保持高速增 长，成为业绩增长的关键支撑。 | 议案 | 议案名称 | 同意 | | 反对 | | 弃权 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | | 票数 | 比例(%) | 票数 | 比例(%) | 票数 | 比例 | | | | | | | | | (%) | | | ...

消费，一头连着千行百业，一头连着千家万户，事关国计民生，既是推动经济高质量发展的重要引擎，也是实现人民美好生活的关键要义。支持提振消费、 扩大内需，是金融服务实体经济的重要内容。作为重庆市资产规模最大、从业人员最多、服务网络最广的地方金融机构——重庆农村商业银行（以下简 称"重庆农商行"）在国家金融监督管理总局重庆监管局的指导下，认真践行金融工作的政治性和人民性，持续强化覆盖消费全领域的综合金融服务，扎实推 进金融产品及服务创新，助力提振消费、扩大内需。 "十五五"开局之年，消费作为拉动经济增长的"主引擎"作用进一步强化。为积极响应国家关于促进消费、服务新发展格局的部署要求，全面激发市场活力， 增强民生福祉，重庆农商行全面构建"数字驱动、产业链动、场景圈动"三种新动能，依托场景化、生态化新金融服务模式，积极打造促消费场景品牌"渝快 荟"，将其作为构建社区金融生态的核心抓手，并于2026年1月1日起在全市范围内举办"渝快荟消费节"，通过丰富多彩的主题活动和实实在在的优惠力度， 促消费、惠民生，以实际行动为提振区域消费、推动经济高质量发展注入强劲金融动能。 聚合商户资源，助力消费市场"热力升腾" 澄澈晴空与北仓标 ...

Core Insights - The agricultural commercial bank sector experienced a rise of 0.59% on January 28, with Changshu Bank leading the gains [1] - The Shanghai Composite Index closed at 4151.24, up by 0.27%, while the Shenzhen Component Index closed at 14342.9, up by 0.09% [1] Agricultural Commercial Bank Sector Performance - Changshu Bank (601128) closed at 7.34, with an increase of 2.23% and a trading volume of 733,900 shares, amounting to a transaction value of 537 million [1] - Zhangjiagang Bank (002839) closed at 4.52, up by 1.35%, with a trading volume of 333,700 shares and a transaction value of 150 million [1] - Yunnan Agricultural Commercial Bank (601077) closed at 6.21, increasing by 0.98%, with a trading volume of 868,000 shares and a transaction value of 541 million [1] - Other banks such as Wuxi Bank (600908), Jiangyin Bank (002807), and Zijin Bank (601860) also showed modest gains [1] Capital Flow Analysis - The agricultural commercial bank sector saw a net inflow of 91.16 million from institutional investors, while retail investors experienced a net outflow of 205 million [1] - Notable net inflows from individual stocks include Hu Agricultural Commercial Bank (601825) with 52.25 million from institutional investors and Zhangjiagang Bank (002839) with 13.01 million [2] - Conversely, Yunnan Agricultural Commercial Bank (601077) and Hu Agricultural Commercial Bank (601825) faced significant net outflows from retail investors, amounting to 88.16 million and 98.40 million respectively [2]

银行行业：主动基金重仓比例微升， 北向资金和被动基金有所减持 ——25Q4 基金持仓分析 主动基金：25Q4 重仓市值占比小幅回升。2025 年末，主动偏股型基金重仓 A 股总市值 1.61 万亿，其中配置银行板块 303.67 亿，占比 1.89%、相较过去 5 年/10 年仓位均值（3.02%、3.89%）处于低位。仓位环比 25Q3 上升 0.07pct。 主动基金重仓占银行自由流通市值比重为 1%，环比基本持平。 | 分析师：林瑾璐 | | | --- | --- | | 021-25102905 | linjl@dxzq.net.cn | | 执业证书编号： | S1480519070002 | | 分析师：田馨宇 | | | 010-66554013 | tianxy@dxzq.net.cn | | 执业证书编号： | S1480521070003 | 从各子板块来看，国股行仓位环比提升、城商行环比下降。2025 年末，国有 行、股份行、城商行、农商行主动基金重仓市值分别为 50.6 亿、97.3 亿、125.5 亿、30.3 亿元；持仓占比分别为 0.31%、0.60%、0.78%、0.19%。 ...

[Table_Page] 深度分析|银行 证券研究报告 [Table_Title] 银行行业 一文纵览全国分省份财政社融特征 [Table_Summary] 核心观点： （5）地方债务：2024 年所有省份狭义赤字率平均为 16.4%，广义赤 字率平均为 20.0%，处于 2010 年来偏低水平；债务率平均为 357.0%， 2016 年来持续上行。 [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2026-01-28 [Table_PicQuote] 相对市场表现 -10% -2% 6% 14% 22% 30% 01/25 04/25 06/25 09/25 11/25 01/26 银行 沪深300 | [分析师： Table_Author]倪军 | | | --- | --- | | | SAC 执证号：S0260518020004 | | | 021-38003646 | | | nijun@gf.com.cn | | 分析师： | 林虎 | | | SAC 执证号：S0260525040004 | | | SFC CE No. BWK411 | | | 021-38003643 ...

Group 1 - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) based on their daily and year-to-date performance as of January 27, 2026 [1][5] - China Gold (600916.SH) leads with a daily increase of 9.96% and a year-to-date increase of 36.81%, with a dividend yield of 3.45% [1][5] - Aotewei (688516.SH) shows a remarkable year-to-date increase of 120.95%, with a daily increase of 9.81% and a dividend yield of 2.31% [1][5] Group 2 - The index's historical price-to-earnings ratio is reported at 4.76%, with an expected price-to-earnings ratio of 11.07 [2] - The dividend yield for the index over the past 12 months is noted as 1.34 times, indicating a strong return for investors [2] - The article mentions the formation of a MACD golden cross signal, suggesting positive momentum for the stocks listed [4][8]

证券研究报告 | 2026年01月27日 $\Delta$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$H${}_{\rm H}$ 公募 FOF 基金 2025 年四季度概览 截至 2025Q4，全市场已成立FOF产品数量 549 只，合计规模为 2441.88 亿元，相比 2025Q3 增加 26.20%。根据穿透后权益资产占比将FOF划 分为偏债型FOF、平衡型FOF和偏股型FOF，2025Q4 规模分别为 1611.13 亿元、454. ...

Core Viewpoint - The rural commercial bank sector experienced a decline of 0.47% on January 27, with Ruifeng Bank leading the drop, while the Shanghai Composite Index rose by 0.18% and the Shenzhen Component Index increased by 0.09% [1] Group 1: Market Performance - The closing prices and changes for key rural commercial banks are as follows: - Yunnan Rural Commercial Bank (601077) closed at 6.15, up 0.33% - Qingnong Bank (002958) closed at 3.13, unchanged - Changshu Bank (601128) closed at 7.18, down 0.14% - Jiangyin Bank (002807) closed at 4.51, down 0.44% - Sunong Bank (603323) closed at 4.98, down 0.60% - Zhangjiagang Bank (002839) closed at 4.46, down 0.67% - Hunan Rural Commercial Bank (601825) closed at 8.32, down 0.95% - Wuxi Bank (600908) closed at 5.76, down 1.03% - Zijin Bank (601860) closed at 2.77, down 1.07% - Ruifeng Bank (601528) closed at 5.40, down 1.10% [1] Group 2: Capital Flow - The rural commercial bank sector saw a net inflow of 88.29 million yuan from institutional investors, while retail investors experienced a net outflow of 112 million yuan [1] - The capital flow for individual banks is as follows: - Hunan Rural Commercial Bank (601825) had a net inflow of 31.55 million yuan from institutional investors, but a net outflow of 54.50 million yuan from retail investors - Changshu Bank (601128) had a net inflow of 21.64 million yuan from institutional investors and a net inflow of 1.10 million yuan from retail investors - Yunnan Rural Commercial Bank (601077) had a net inflow of 18.99 million yuan from institutional investors, with a net outflow of 2.01 million yuan from retail investors - Other banks like Jiangyin Bank (002807) and Zijin Bank (601860) also showed mixed capital flows [2]