高管和股东积极增持 ● 李玉敏 李蕴奇 2026年以来，A股银行板块出现明显调整，跑输大盘，这一现象主要源于市场风格切换下的资金短期流 出。在银行股调整过程中，多家银行高管和股东积极增持，机构也对外传递乐观预期，银行股的长期价 值并未改变。 银行股明显调整 开年以来，银行股出现明显调整。截至1月26日收盘，申万银行指数今年以来下跌7.04%。同期，沪深 300指数上涨1.66%，中证500指数上涨13.95%。 记者梳理发现，在本轮银行股调整过程中，市值较高的银行股调整幅度更大。在申万二级行业中，国有 大型银行、股份制银行、城商行、农商行今年以来分别下跌8.64%、8.8%、2.64%、3.69%。 市场风格主导的资金流向或许是本轮银行股调整的关键因素。招商证券金融工程团队的研报显示，2025 年12月下旬以来，小盘成长风格在市场中明显占优，大盘价值风格处于弱势。作为大盘价值风格的代 表，银行股近期遭遇"逆风"。中金公司银行业分析师林英奇认为，由于近期市场风格切换、资金流出等 原因，银行股出现一定回调。不过，这也导致银行股估值、股息吸引力提升。 在连续调整后，1月26日A股银行股行情明显回暖，申万银行指数上涨 ...

Core Viewpoint - The agricultural commercial bank sector experienced a decline of 0.27% on January 26, with the Shanghai Agricultural Commercial Bank leading the drop. The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Group 1: Stock Performance - The closing prices and performance of key agricultural commercial banks are as follows: - Zijin Bank: Closed at 2.80, up 1.08% with a trading volume of 592,100 shares and a transaction value of 164 million yuan - Zhangjiagang Bank: Closed at 4.49, up 0.45% with a trading volume of 293,200 shares and a transaction value of 131 million yuan - Jiangyin Bank: Closed at 4.53, up 0.22% with a trading volume of 376,000 shares and a transaction value of 170 million yuan - Wuxi Bank: Closed at 5.82, up 0.17% with a trading volume of 169,700 shares and a transaction value of 98.42 million yuan - Chongqing Rural Commercial Bank: Closed at 6.13, up 0.16% with a trading volume of 806,700 shares - Changshu Bank: Closed at 7.19, up 0.14% with a trading volume of 365,700 shares - Su Nong Bank: Closed at 5.01, down 0.20% with a trading volume of 246,100 shares - Qing Nong Bank: Closed at 3.13, down 0.32% with a trading volume of 643,900 shares - Ruifeng Bank: Closed at 5.46, down 0.55% with a trading volume of 200,900 shares - Shanghai Agricultural Commercial Bank: Closed at 8.40, down 1.06% with a trading volume of 377,700 shares [1] Group 2: Capital Flow - On that day, the agricultural commercial bank sector saw a net inflow of 140 million yuan from institutional investors, while retail investors experienced a net outflow of 259 million yuan. The net inflow from speculative funds was 119 million yuan [1] - The detailed capital flow for specific banks is as follows: - Chongqing Rural Commercial Bank: Net inflow of 43.43 million yuan from institutional investors, 26.47 million yuan from speculative funds, and a net outflow of 69.89 million yuan from retail investors - Shanghai Agricultural Commercial Bank: Net inflow of 36.54 million yuan from institutional investors, 29.93 million yuan from speculative funds, and a net outflow of 66.47 million yuan from retail investors - Changshu Bank: Net inflow of 22.25 million yuan from institutional investors, 10.94 million yuan from speculative funds, and a net outflow of 33.19 million yuan from retail investors - Jiangyin Bank: Net inflow of 11.74 million yuan from institutional investors, 8.70 million yuan from speculative funds, and a net outflow of 20.44 million yuan from retail investors - Ruifeng Bank: Net inflow of 9.70 million yuan from institutional investors, 8.78 million yuan from speculative funds, and a net outflow of 18.48 million yuan from retail investors [2]

Investment Rating - The report maintains an "Overweight" rating for both the banking and securities sectors [6]. Core Insights - The financial sector shows a strategic allocation opportunity, with increased fund positions in banking, securities, and insurance stocks [1][5]. - The banking sector's fund position has slightly increased, indicating a return of risk appetite among investors [2][13]. - The securities sector is experiencing a recovery in fund positions, driven by market activity and performance expectations [3][5]. - The insurance sector has seen a significant increase in fund positions, with major insurance stocks being favored by investors [4][5]. Summary by Sections Banking Sector - As of Q4 2025, the banking sector's fund position increased by 0.04 percentage points to 1.89%, with large banks and joint-stock banks seeing gains, while city commercial banks experienced a decline [2][13]. - The top three heavy-weighted stocks in the banking sector account for 46.0% of the total fund position, indicating a concentration in holdings [13][27]. - The dividend yield for A/H shares in the banking sector is approximately 4.87%/4.88%, making it attractive compared to the 10-year government bond yield of 1.83% [5]. Securities Sector - The securities sector's fund position rose by 0.10 percentage points to 0.72%, although it remains at a historically low level [3][5]. - Major securities firms like CITIC Securities and Guotai Junan have been favored for their performance potential amidst market recovery [5][8]. - The average price-to-book ratio for large and small securities firms is 1.44x and 1.67x, respectively, indicating they are trading at 27% and 42% of their historical averages [5]. Insurance Sector - The insurance sector's fund position increased by 0.94 percentage points to 1.72%, with major stocks like Ping An and China Pacific receiving significant increases in holdings [4][5]. - The insurance index's price-to-book ratio is at 1.53x, which is at the 40th percentile of valuations since 2014, suggesting potential for valuation recovery [4][5]. - Strong sales performance in life insurance is noted, with a focus on high-elasticity stocks as key investment opportunities [4].

Investment Rating - The report maintains an "Overweight" rating for the banking sector, indicating an expectation that the sector will outperform the benchmark index [1]. Core Insights - The banking index has declined by 8.4% since December, primarily due to concerns over real estate and interest rate cuts, leading to a valuation drop to 0.65x PB, which is at the 65th percentile over the past five years. Some quality stocks are offering a dividend yield close to 6% for 2025 [2][6]. - Despite the market's concerns, the core revenue trends in the banking sector remain positive. Eight banks, including Nanjing and Ningbo, reported improved revenues and profits for 2025, suggesting a favorable outlook for 2026 as net interest margins stabilize and wealth management income contributes positively [7][9]. - The report emphasizes the importance of focusing on high-quality banks with strong fundamentals and earnings elasticity, such as Ningbo, Nanjing, and Chongqing Rural Commercial Bank, as well as those with excellent dividend yield ratios like Shanghai and Chengdu banks [7][9]. Summary by Sections Investment Recommendations - The report highlights specific banks with investment recommendations: - Chengdu Bank (601838 CH): Buy with a target price of 23.25 [5]. - Chongqing Rural Commercial Bank (3618 HK): Buy with a target price of 8.34 [5]. - Nanjing Bank (601009 CH): Buy with a target price of 14.78 [5]. - Shanghai Bank (601229 CH): Buy with a target price of 12.38 [5]. - Ningbo Bank (002142 CH): Buy with a target price of 35.12 [5]. - Chongqing Rural Commercial Bank (601077 CH): Hold with a target price of 8.29 [5]. Market Dynamics - The report notes that the banking sector's credit issuance has been robust at the start of 2026, with a significant portion of new credit issued in January, indicating a shift in lending patterns. The focus remains on sectors like transportation, energy, and manufacturing [9][10]. - The report anticipates a narrowing of the decline in net interest margins for 2026, driven by the optimization of funding costs and stabilization in new loan pricing. The impact of potential interest rate cuts by the central bank is expected to be limited due to the timing of loan repricing [10][21]. Performance Metrics - The report provides performance metrics for various banks, indicating improvements in revenue and profit growth for several institutions. For instance, Nanjing Bank is projected to achieve a net profit of 219 billion yuan in 2025, with a growth rate of 8.5% [26]. - The report also highlights the asset quality of banks, noting that the average non-performing loan ratio for mortgage loans remains below 1%, indicating manageable risk levels [6][9].

详解基金 4Q25 银行持仓： 板块资金面整体稳健，主动基金比例小幅提升 0.04pcts 至 2.08% 评级： 增持（维持） 分析师：戴志锋 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 分析师：邓美君 执业证书编号：S0740519050002 Email：dengmj@zts.com.cn 分析师：陈程 执业证书编号：S0740525110001 Email：chencheng07@zts.com.cn 基本状况 上市公司数 42 行业总市值(亿元) 143,909.38 行业流通市值(亿元) 137,804.25 行业-市场走势对比 官信贷投放改善、存款总量稳增；预 计开门红趋势延续》2026-01-16 2、《12 月金融数据前瞻： 预计新增 8.3%》2026-01-08 | 一、主动基金配置银行板块情况：主动基金持仓银行市值占比升至 2.08%，但低配比例小 | | --- | | 幅扩大 | | 二、主动基金持仓银行个股情况： 共 21 家上市银行持仓比例环比提升 . | | 三、被动基金配置银行板块及个股情况：资金整体流入银行板块，合计净流入规模 ...

Core Viewpoint - The banking sector is experiencing a trend of increasing mid-term cash dividends, with several banks announcing significant payouts, indicating a stable earnings outlook and attractiveness for conservative investors [1][2][4]. Group 1: Mid-term Dividends - As of January 23, 2025, Huaxia Bank and Chongqing Rural Commercial Bank distributed over 3 billion yuan in cash dividends, contributing to a total of 25 A-share listed banks that have completed dividend payouts [1][2]. - A total of 31 A-share listed banks announced mid-term dividends for 2025, with 25 having released their plans and completed payouts. The six major state-owned banks collectively distributed 204.657 billion yuan, with Industrial and Commercial Bank of China leading at 50.396 billion yuan [2]. - China Merchants Bank made its first mid-term dividend distribution of 25.548 billion yuan, with a per-share payout of 1.013 yuan, marking a 35% dividend ratio, the highest among listed banks [2]. Group 2: Investment Appeal - The banking sector remains attractive for stable funds due to its high dividend yield and stable earnings expectations, particularly for large banks and quality regional banks [3][4]. - Recent share buybacks by major shareholders and executives in banks like Nanjing Bank and Chongqing Rural Commercial Bank indicate confidence in the sector, with Nanjing Bank's major shareholder increasing its stake from 13.02% to 14.02% [3]. - Analysts suggest that the low-risk interest rate environment and the ongoing "asset shortage" make dividend-paying assets appealing, with banks signaling stable earnings growth and improved asset quality [3][4]. Group 3: Future Outlook - The banking industry is expected to continue its earnings recovery trend into 2026, with a stabilizing operating environment and potential for net interest margin recovery, which could enhance profitability [4]. - The market may see a divergence in performance, with high-dividend large banks and quality regional banks likely to outperform, while smaller banks may face challenges related to asset quality and profitability [4].

股票研究 /[Table_Date] 2026.01.23 票 研 究 主动基金环比持平，被动基金增持 [Table_Industry] 商业银行 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 马婷婷(分析师) | 021-23185608 | matingting@gtht.com | S0880525100001 | | 陈惠琴(分析师) | 021-38676666 | chenhuiqin@gtht.com | S0880525100003 | 本报告导读： 25Q4 主动基金对银行持仓比例环比持平于 1.9%，被动基金持仓比例环比+1.6pct 至 7.0%，其中宁波银行、兴业银行、中国银行、建设银行等获主动基金增配。 25Q4 基金对银行持仓点评 投资要点： [Table_Summary] 2025 年四季度基金重仓持股情况披露（主动基金包括普通股票型、 偏股混合型、灵活配置型，被动基金包括被动指数型、指数增强型）： [Table_Report] 相关报告 商业银行《国有大行投放力度较大，不良压力或 企稳》20 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report provides a comprehensive analysis of 127 regional banks in Jiangsu Province, highlighting their asset and liability structures, profitability, and asset quality [6][18] - Jiangsu's regional banks have shown a significant increase in asset growth, with major city commercial banks growing at 19.4%, surpassing the growth of listed city commercial banks at 14.2% [24][26] - The report indicates that the loan-to-asset ratio for city commercial banks is projected to reach 48.4% in 2024, reflecting a gradual increase in lending activities [30] - Jiangsu's regional banks exhibit better return on assets (ROA) compared to listed banks, with city commercial banks outperforming by 16 basis points and rural commercial banks by 9 basis points [6][42] - The asset quality of Jiangsu's regional banks is superior to that of listed banks, with lower non-performing loan ratios and higher provision coverage ratios [6][42] Summary by Sections 1. Economic Structure of Jiangsu Province - Jiangsu Province is focusing on new industrialization and strategic emerging industries, with significant contributions from cities like Nanjing and Suzhou [13][14] 2. Overview of 127 Regional Banks in Jiangsu - The report categorizes the banks into city commercial banks, rural commercial banks, and others, with a total of 127 banks established between 2006 and 2015 [18][20] 3. Asset/Liability Structure - The asset growth of major city commercial banks is accelerating, while rural commercial banks are experiencing a decline in growth rates [24][26] - The loan-to-asset ratio for city commercial banks is expected to increase to 48.4% by 2024, indicating a shift towards more lending [30] 4. Profitability - Jiangsu's regional banks have a higher ROA compared to listed banks, with city commercial banks showing a 16 basis point advantage [6][42] 5. Asset Quality/Capital Levels - Jiangsu's regional banks maintain a lower non-performing loan ratio compared to listed banks, with city commercial banks having a 30 basis point lower ratio [6][42]

重庆农村商业银行(03618)发布公告，于2026年1月23日接获本行非执行董事彭玉龙先生(彭先生)的辞 呈。彭先生由于个人工作安排，辞去本行非执行董事、董事会提名委员会委员及董事会消费者权益保护 委员会委员职务。彭先生的辞任自2026年1月23日起生效。 ...

智通财经APP讯，重庆农村商业银行(03618)发布公告，于2026年1月23日接获本行非执行董事彭玉龙先 生(彭先生)的辞呈。彭先生由于个人工作安排，辞去本行非执行董事、董事会提名委员会委员及董事会 消费者权益保护委员会委员职务。彭先生的辞任自2026年1月23日起生效。 ...