达诚基金管理有限公司（以下简称"基金管理人"或"本公司"）已于2026年2月24日在规定媒介发布了 《达诚基金管理有限公司关于以通讯方式召开达诚中证同业存单AAA指数7天持有期证券投资基金基金 份额持有人大会的公告》。为了使本次基金份额持有人大会顺利召开，现发布关于以通讯方式召开达诚 中证同业存单AAA指数7天持有期证券投资基金基金份额持有人大会的第一次提示性公告。 一、会议基本情况 为维护基金份额持有人利益，根据《中华人民共和国证券投资基金法》、《公开募集证券投资基金运作 管理办法》等法律法规规定和《达诚中证同业存单AAA指数7天持有期证券投资基金基金合同》（以下 简称"《基金合同》"）的有关规定，达诚中证同业存单AAA指数7天持有期证券投资基金（以下简称"本 基金"）的基金管理人达诚基金管理有限公司（以下简称"基金管理人"或"本公司"）经与本基金的基金 托管人兴业银行股份有限公司协商一致，决定以通讯方式召开本基金的基金份额持有人大会，审议《关 于持续运作达诚中证同业存单AAA指数7天持有期证券投资基金的议案》。会议的具体安排如下： 1、会议召开方式：通讯方式。 2、会议投票表决起止时间：自2026年2月2 ...

Core Viewpoint - The People's Bank of China and the National Financial Regulatory Administration have assessed the systemically important banks for 2025, identifying 21 banks, with notable changes in the rankings and classifications of certain banks [1][2]. Group 1: Systemically Important Banks - A total of 21 domestic systemically important banks have been recognized, including 6 state-owned commercial banks, 10 joint-stock commercial banks, and 5 city commercial banks [1]. - The latest list shows that Zhejiang Commercial Bank has been newly included, while Industrial Bank has been reclassified from the third group to the second group [1][2]. - The banks are categorized into five groups based on their systemic importance scores, with the first group containing 11 banks, the second group 4 banks, the third group 2 banks, the fourth group 4 banks, and no banks in the fifth group [1]. Group 2: Zhejiang Commercial Bank - As of September 2025, Zhejiang Commercial Bank has an asset scale of approximately 3.4 trillion yuan, with capital adequacy ratios of 12.15%, 9.61%, and 8.40% for total capital, tier 1 capital, and core tier 1 capital respectively, all maintaining reasonable levels [2]. - The bank reported an operating income of approximately 48.9 billion yuan and a net profit attributable to shareholders of approximately 11.7 billion yuan for the first three quarters of the previous year [2]. - In the 2025 Global Bank 1000 ranking published by The Banker magazine, Zhejiang Commercial Bank ranked 82nd by tier 1 capital and 75th by total assets, both improving by 2 positions from the previous year [2]. Group 3: Regulatory Framework - Systemically important banks are defined as large, complex institutions with significant interconnections to other financial entities, necessitating stricter regulatory measures to ensure financial stability [2]. - The regulatory framework established in October 2021 mandates additional capital requirements for these banks, ranging from 0.25% to 1.5% based on their group classification [2]. - The authorities plan to enhance macro-prudential management and micro-prudential supervision to ensure the safe and sound operation of systemically important banks, thereby supporting high-quality development of the real economy [3].

Investment Rating - The report assigns a "Buy" rating for the banking sector, indicating an expectation of stock performance exceeding the market by more than 10% over the next 12 months [58]. Core Insights - In 2025, the banking sector's asset growth is projected to be 8.01%, an increase from 6.52% in 2024, driven by factors such as fiscal stimulus, cross-border capital inflows, and the activation of maturing deposits [5][13]. - The report identifies two key cycles affecting asset pricing in banking: the bank expansion cycle and the interest margin cycle, suggesting a comprehensive analysis of these cycles [5][13]. - The debt cycle is characterized as a fundamental aspect of the bank expansion cycle, with a model proposed by Dalio outlining seven stages of a typical debt cycle, which can be influenced by external debt reliance [16][19]. - The report anticipates limited upward space for the debt cycle in 2026, with government leverage expected to increase by 5.89%, lower than the 7.6% projected for 2025 [35][36]. - The banking interest margin cycle is expected to stabilize in 2025, following two complete cycles since 2010, with a correlation observed between bank interest margins and the 30Y-10Y government bond spread [41][45]. Summary by Sections Bank Expansion Cycle - The asset growth rates for different types of banks in 2025 are projected as follows: state-owned banks at 11%, joint-stock banks at 4.74%, city commercial banks at 9.68%, and rural commercial banks at 5.17%, all exceeding the average growth rate [5][13]. - The report emphasizes the importance of understanding the relationship between bank assets and liabilities, highlighting that credit and debt expansion are cyclical and self-reinforcing [15][16]. Debt Cycle Analysis - The report outlines that the current debt cycle, which began in 2022, has lasted 16 quarters, surpassing previous cycles, and indicates a shift in leverage dynamics among enterprises, government, and households [35][36]. - The analysis includes a comparison of deflationary and inflationary debt cycles, noting that the U.S. faces greater inflationary pressures due to higher external debt reliance compared to China [21][19]. Interest Margin Cycle - The report notes that the banking interest margin has experienced significant fluctuations since 2010, with a stabilization phase expected to begin in 2025 [41][45]. - It highlights the impact of loan repricing cycles on interest margins, with a notable decline in loan rates observed in recent years [49][50].

春节前夕，兴业银行围绕"惠民生、促消费"主线，以"龙马精神 兴福万里——好运兴福年"为主题，在 多地启动春节便民服务与促消费活动，聚焦节日期间群众高频需求，在网点服务、社区活动、支付便 利、适老关怀等方面推出一系列举措，让金融服务的暖意浸润千家万户。 走进兴业银行网点，从门头装饰到厅堂布置，处处点缀新春元素，尽显浓浓年味。各地网点结合当地特 色，通过设置国风打卡区、挂起红灯笼等方式，让客户在办理业务、咨询服务的同时，感受更具烟火气 的年味。 此外，兴业银行还将传统文化中"马"的元素与"兴福龙"IP有机结合，打造统一的新春视觉体系，并特别 推出"兴福龙"系列定制新春礼品，客户可通过参与网点活动获取，或在手机银行、兴业生活App等线上 平台轻松兑换。 新春的暖意不止于厅堂。兴业银行将服务触角延伸至社区、企业与商户，组织工作人员"走出去"开展便 民服务。在成都，工作人员以"套圈、糖画、春联福字"等形式，开展进企服务；在武汉，工作人员走访 上千家收单商户，了解节日期间客户结算与经营周转需求，在送上定制福袋的同时，提供金融服务支 持，帮助商户更加顺畅地迎接节日客流。 据了解，秉持"以客户为中心"的服务理念，兴业银行围绕 ...

沪深300ESGETF南方（560180）业绩比较基准为沪深300ESG基准指数收益率，管理人为南方基金管理 股份有限公司，基金经理为李佳亮，成立（2023-04-13）以来回报为18.35%，近一个月回报为-1.91%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月24日，截止午间收盘，沪深300ESGETF南方（560180）涨1.35%，报1.198元，成交额65.18万元。沪 深300ESGETF南方（560180）重仓股方面，贵州茅台截止午盘跌0.92%，中际旭创涨6.27%，宁德时代 跌0.48%，招商银行涨0.67%，中国平安跌0.75%，美的集团涨1.06%，紫金矿业涨4.16%，长江电力涨 0.15%，兴业银行跌0.43%，比亚迪涨0.49%。 来源：新浪基金∞工作室 ...

沪深300ESGETF招商（561900）业绩比较基准为沪深300ESG基准指数收益率，管理人为招商基金管理 有限公司，基金经理为房俊一，成立（2021-07-06）以来回报为-1.65%，近一个月回报为-1.83%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月24日，截止午间收盘，沪深300ESGETF招商（561900）涨1.02%，报0.995元，成交额31.26万元。沪 深300ESGETF招商（561900）重仓股方面，贵州茅台截止午盘跌0.92%，中际旭创涨6.27%，宁德时代 跌0.48%，招商银行涨0.67%，中国平安跌0.75%，美的集团涨1.06%，长江电力涨0.15%，紫金矿业涨 4.16%，兴业银行跌0.43%，比亚迪涨0.49%。 来源：新浪基金∞工作室 ...

沪深300ETF中金（510320）业绩比较基准为沪深300指数收益率，管理人为中金基金管理有限公司，基 金经理为刘重晋，成立（2025-04-16）以来回报为25.57%，近一个月回报为-1.92%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 来源：新浪基金∞工作室 2月24日，截止午间收盘，沪深300ETF中金（510320）涨1.11%，报1.271元，成交额238.48万元。沪深 300ETF中金（510320）重仓股方面，宁德时代截止午盘跌0.48%，贵州茅台跌0.92%，中国平安跌 0.75%，中际旭创涨6.27%，紫金矿业涨4.16%，招商银行涨0.67%，新易盛涨3.68%，美的集团涨 1.06%，兴业银行跌0.43%，长江电力涨0.15%。 ...

Core Viewpoint - The People's Bank of China and the National Financial Regulatory Administration have conducted the 2025 assessment of systemically important banks, identifying 21 domestic banks categorized into five groups based on their systemic importance scores [1] Group 1: Assessment of Systemically Important Banks - A total of 21 domestic systemically important banks have been recognized, including 6 state-owned commercial banks, 10 joint-stock commercial banks, and 5 city commercial banks [1] - The banks are divided into five groups based on their systemic importance scores, with the first group consisting of 11 banks, the second group having 4 banks, the third group with 2 banks, the fourth group containing 4 banks, and the fifth group having no banks [1] Group 2: Breakdown of Bank Groups - The first group includes: China Minsheng Bank, China Everbright Bank, Ping An Bank, Huaxia Bank, Ningbo Bank, Jiangsu Bank, Beijing Bank, Nanjing Bank, Guangfa Bank, Zheshang Bank, and Shanghai Bank [1] - The second group consists of: Industrial Bank, China CITIC Bank, Shanghai Pudong Development Bank, and China Postal Savings Bank [1] - The third group includes: Bank of Communications and China Merchants Bank [1] - The fourth group comprises: Industrial and Commercial Bank of China, Bank of China, China Construction Bank, and Agricultural Bank of China [1] - The fifth group currently has no banks included [1] Group 3: Future Regulatory Actions - The People's Bank of China and the National Financial Regulatory Administration will implement additional regulatory measures for systemically important banks according to the "Regulations on Additional Supervision of Systemically Important Banks (Trial)" [1] - The aim is to enhance the synergy between macro-prudential management and micro-prudential supervision, ensuring the safe and sound operation of systemically important banks [1] - This initiative is intended to better support the high-quality development of the real economy [1]

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]

文丨吴海珊 编辑丨承承 11家A股银行发布2025年业绩快报，总资产平均增速11.32%，城商行盈利增速显著领先股份行。 截至2月11日，共有11家A股上市银行发布2025年业绩快报。包括4家股份行，6家城商行，1家农商行。 从业绩快报数据看，11家银行2025年总资产规模同比增速平均为11.32%，营业收入平均增速为3.30%， 归母净利润平均增速为7.83%。 申万宏源证券分析师郑庆明预计，上市银行2025年呈现"营收平稳，利润增速逐步改善"的特征，同时业 绩表现分化明显。他预计，上市银行2025年营收同比增长0.9%，归母净利润增速修复至1.9%。 股份行企稳 浦发、中信资产规模站上10万亿 截至2月11日，发布业绩快报的4家股份行（浦发银行、中信银行、招商银行、兴业银行）资产规模均突 破10万亿元。 其中，浦发银行2025年末的资产总额达至100817.46亿元，较2024年末增加6198.66亿元，增长 6.55%； 中信银行（601998．SH）资产总额达101316.58亿元，相比2024年末的95327.22亿元同比增长6.28%；招 商银行资产规模为130705.23亿元，同比增长7.56% ...