银行股马年首个交易日跌多涨少 2月24日，A股市场实现开门红，截至收盘，沪指涨0.87%报4117.41点，深证成指涨1.36%，创业板指涨 0.99%。当天，沪深两市合计成交约2.2万亿元，较上一个交易日放量近2200亿元。 调研热情不及往年。 马年第一个交易日A股迎来开门红，银行股在市场火热情绪中继续被"冷落"，成为当天为数不多的飘绿 板块之一。 从消息面来看，当天最新LPR（贷款市场报价利率）出炉，1年期及5年期两个期限品种均连续9个月"按 兵不动"。央行节前披露的金融数据显示，尽管社融实现"开门红"，但信贷投放在1月罕见出现同比少 增。在此背景下，市场一方面更多关注信贷质量，另一方面也更加关注春节后开工节奏。 从机构对银行的调研情况来看，相较于往年同期，今年以来调研热情也有所回落，分化依然明显。第一 财经梳理发现，机构调研过程中的关注点主要集中在信贷投放尤其对公信贷景气度、息差压力下的负债 量价趋势和中收拓展能力，以及盈利压力下的资本补充计划等。 从板块表现来看，市场热点快速轮动，全市场超4000只个股上涨、百余只个股涨停。截至收盘，31个申 万一级行业中，仅传媒、计算机、商贸零售等7个板块飘绿。其中 ...

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]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights a significant rebound in M1 and M2 growth rates due to the Spring Festival effect and proactive marketing by banks, with January M1 growth at 4.9% and M2 at 9.0% [3] - January saw a notable increase in new RMB deposits, totaling 8.09 trillion yuan, significantly higher than the previous year's 4.32 trillion yuan, driven by corporate, fiscal, and non-bank deposits [3] - The report indicates a shift towards short-term loans, with January's new RMB loans at 4.71 trillion yuan, reflecting a decrease in medium to long-term loans [4][5] - The investment suggestion emphasizes the need to monitor credit and deposit maturity windows in March, with large banks and quality regional banks expected to benefit from expansion and performance certainty [5] Summary by Sections Deposit and Loan Trends - January's new RMB deposits were 8.09 trillion yuan, with corporate deposits increasing by 2.82 trillion yuan, fiscal deposits by 1.22 trillion yuan, and non-bank deposits by 2.56 trillion yuan [3] - The structure of loans shows a significant increase in short-term loans, with corporate short-term loans up by 3.1 trillion yuan, while medium to long-term loans decreased by 2.8 trillion yuan [5] Social Financing - The total social financing in January was 7.22 trillion yuan, with a stock growth rate of 8.2%, reflecting a slight decrease from the previous month [4] - Direct financing, including corporate and government bonds, saw a year-on-year increase, indicating a shift in financing methods [4] Investment Recommendations - The report recommends focusing on banks with strong balance sheet expansion capabilities, specifically mentioning Citic Bank and Suzhou Bank, while also highlighting beneficiaries like Agricultural Bank, Industrial and Commercial Bank, Jiangsu Bank, and Chongqing Bank [5]

2026年2月11日，苏州银行（002966）披露关联交易公告，公告显示，该行董事会已审议通过对苏州市吴江东方国有资本投资 经营有限公司（下称"东方国资"）追加授信，至此对东方国资的总授信额度累计达到30.1亿元。 此次授信存在明显的数据反差：苏州银行持续追加对东方国资的授信额度，甚至一度触碰原定授信额度的边界；而作为融资方 的东方国资，正面临业绩变脸、净利润大幅下滑的局面。 苏州银行此次对东方国资的授信，在程序上被明确界定为"关联交易"。根据公告披露，东方国资持有苏州银行0.5%的股份，且 其提名的股东监事卸任尚未满一年，按照监管相关规定，其关联方身份仍处于敏感的"存续期"内。值得关注的是，这种关联关 系并未成为信贷审核的约束条件，反而似乎为东方国资打开了通往巨额资金池的通道。 回溯过往授信记录，苏州银行对东方国资的授信额度增长速度令人瞩目。2025年4月29日，苏州银行在年度预计额度公告中明 确，对东方国资及其关联体的日常关联交易授信预计额度仅为18亿元。然而，短短半年后的2025年10月，苏州银行便通过董事 会决议，将该授信额度提升至21.7425亿元，彼时已超出年初预计额度3.7425亿元。 进入20 ...

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]

登录新浪财经APP 搜索【信披】查看更多考评等级 [重要提示] 1、财通资管双泰债券型证券投资基金（以下简称"本基金"）的募集申请经中国证监会2025年12月3日证 监许可【2025】2658号文准予注册。中国证券监督管理委员会（以下简称"中国证监会"）对本基金的注 册并不代表中国证监会对本基金的风险和收益做出实质性判断、推荐或者保证。 2、本基金的基金类型为债券型证券投资基金，本基金的运作方式为契约型开放式。 3、本基金管理人为财通证券资产管理有限公司（以下简称"本公司"或"基金管理人"），本基金托管人 为苏州银行股份有限公司（以下简称"苏州银行"），登记机构为本公司。 4、本基金的发售对象为符合法律法规规定的可投资于证券投资基金的个人投资者、机构投资者、合格 境外投资者以及法律法规或中国证监会允许购买证券投资基金的其他投资人。 5、本基金将于2026年3月9日至2026年3月20日通过基金管理人指定的销售机构公开发售。 （1）本基金首次募集规模上限为60亿元人民币（不包括募集期利息）。基金管理人根据认购的情况可 适当调整募集时间并及时公告，但最长不超过法定募集期限。基金募集过程中募集规模达到60亿元的， ...

登录新浪财经APP 搜索【信披】查看更多考评等级 基金管理人：招商基金管理有限公司 基金托管人：苏州银行股份有限公司 登记机构：招商基金管理有限公司 重要提示 1、招商恒生港股通汽车主题指数型发起式证券投资基金（以下简称"本基金"）的发售已获中国证监会 证监许可【2026】63号文准予注册。 2、本基金类型为契约型开放式。 3、本基金的管理人为招商基金管理有限公司（以下简称"招商基金"或"本公司"），托管人为苏州银行 股份有限公司，登记机构为招商基金管理有限公司。 4、本基金自2026年2月26日至2026年2月26日（具体办理业务时间见各销售机构的相关业务公告或拨打 客户服务电话咨询）通过销售机构公开发售。基金管理人根据认购的情况可适当调整募集时间，并及时 公告，但最长不超过法定募集期限。 5、本基金的募集对象为符合法律法规规定的可投资于证券投资基金的个人投资者、机构投资者、合格 境外投资者、发起资金提供方以及法律法规或中国证监会允许购买证券投资基金的其他投资人。 6、本基金的销售机构包括直销机构和非直销销售机构。本基金C类基金份额暂不在基金管理人直销渠 道发售。 7、投资者欲购买本基金，需开立登记机构提供 ...

基金管理人：中国人保资产管理有限公司 基金托管人：苏州银行股份有限公司 二O二六年二月 【重要提示】 1、人保睿逸智选混合型证券投资基金（以下简称"本基金"）于2025年12月17日经中国证监会证监许可 [2025]2804号文准予募集注册。中国证监会对本基金的注册并不代表中国证监会对本基金的风险和收益 做出实质性判断、推荐或者保证。 2、本基金是契约型开放式、混合型证券投资基金。 3、本基金的基金管理人和登记机构为中国人保资产管理有限公司（以下简称"本公司"）,基金托管人为 苏州银行股份有限公司（以下简称"苏州银行"）。 4、本基金的发售对象为符合法律法规规定的可投资于证券投资基金的个人投资者、机构投资者、合格 境外机构投资者、人民币合格境外机构投资者以及法律法规或中国证监会允许购买证券投资基金的其他 投资人。 5、本基金基金份额将于2026年3月2日至2026年3月16日通过销售机构公开发售。具体办理业务时间见各 销售机构的相关业务公告或拨打客户服务电话咨询。本基金的销售机构包括本公司直销机构及各代销平 台。 6、投资者欲购买本基金，需开立登记机构提供的基金账户。基金募集期内本公司、本公司直销柜台及 网站 ...

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]

Core Viewpoint - Suzhou Bank is committed to high-quality development and social responsibility, celebrating its achievements in 2025 and outlining its strategic goals for 2026 as it integrates into the Yangtze River Delta's development. Group 1: Achievements in 2025 - Suzhou Bank's asset scale exceeded 770 billion yuan, maintaining a non-performing loan ratio of 0.83%, ranking 237th globally among banks [5][11] - The bank established four technology financial branches, supporting over 13,500 technology innovation enterprises [5][11] - Suzhou Bank successfully transitioned convertible bonds and obtained important qualifications such as direct participation in CIPS, enhancing its service capabilities for the real economy [5][11] - The bank's retail services, branded as "Su Xin Retail," focused on improving community engagement and customer experience [5][11] Group 2: Strategic Goals for 2026 - In 2026, Suzhou Bank aims to anchor its development on high-quality growth and deeply integrate into the Yangtze River Delta's development strategy [6][12] - The bank plans to strengthen its "technology innovation + cross-border" niche and update its product system "Su Xin·Rong Xiang Zhi Hui" to inject financial momentum into new productive forces [6][12] - Suzhou Bank will enhance inclusive finance, upgrade services for the elderly and new citizens, and ensure every transaction provides a "comfortable experience" [6][12] - The bank emphasizes the importance of party leadership and talent development to foster a strong corporate culture that can withstand economic cycles [6][12]