证券之星消息，1月29日城商行板块较上一交易日上涨2.54%，青岛银行领涨。当日上证指数报收于 4157.98，上涨0.16%。深证成指报收于14300.08，下跌0.3%。城商行板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600919 江苏银行 | | 3.22 Z | 14.99% | -1.71 Z | -7.95% | -1.51 Z | -7.04% | | 002142 | 宁波银行 | 1.51亿 | 11.12% | -241.36万 | -0.18% | -1.49 Z | -10.94% | | 601169 | 北京银行 | 1.07 乙 | 8.92% | -2694.44万 | -2.24% | -8037.98万 | -6.68% | | 601229 | 上海银行 | 4165.56万 | 6.03% | 847.76万 | 1.23% | -5013.31万 | ...

岁序常易，新元肇启。2026年开篇之际，姑苏大地传来振奋人心的讯息：在苏州市财政局、科技局的指 导下，新版"科贷通"正式扩容，苏州市首单落地苏州银行。 这一举措既是苏式金融匠心的传承延续，更是对中央金融工作会议精神的精准践行。中央明确提出"坚 定不移走中国特色金融发展之路，着力打造科技金融、绿色金融、普惠金融、养老金融、数字金融'五 篇大文章'"，苏州银行以科贷通升级扩容为笔墨，在普惠赋能与科创发展的交汇点上，绘就了金融助力 新质生产力跃升的鲜活图景。 中央金融工作会议强调，金融服务要坚守以人民为中心的价值取向，这份金融温度在苏州银行的实践中 体现得淋漓尽致。科贷通扩容绝非简单的产品升级，而是金融服务的深度延伸：联合苏州国发担保实 现"见贷即保"，大幅提升融资效率；免费提供"薪智通"等企业服务工具，设立科创业务专属审批部门， 为企业省去繁文缛节；提供供应链融资与跨境结算全链条支持，让金融服务超越"放贷"本身，成为科创 中小企业穿越市场周期的"同行者"与"护航员"。这种"有温度的普惠金融"，既是对中央金融工作要求的 生动回应，亦是苏式金融匠心的鲜活彰显。 金鸡湖的晨光中，创新的种子正被金融"活水"悉心滋养；江南 ...

—— 新版 " 科贷通 " 焕新扩容首单落地 【环球网财经综合报道】岁序常易，新元肇启。2026年开篇之际，姑苏大地传来振奋人心的讯息：在苏州市财政局、科技局的指导下，新版"科贷通"正式扩 容，苏州市首单落地苏州银行。 中央金融工作会议强调，金融服务要坚守以人民为中心的价值取向，这份金融温度在苏州银行的实践中体现得淋漓尽致。科贷通扩容绝非简单的产品升级， 而是金融服务的深度延伸：联合苏州国发担保实现"见贷即保"，大幅提升融资效率；免费提供"薪智通"等企业服务工具，设立科创业务专属审批部门，为企 业省去繁文缛节；提供供应链融资与跨境结算全链条支持，让金融服务超越"放贷"本身，成为科创中小企业穿越市场周期的"同行者"与"护航员"。这种"有 温度的普惠金融"，既是对中央金融工作要求的生动回应，亦是苏式金融匠心的鲜活彰显。 金鸡湖的晨光中，创新的种子正被金融活水悉心滋养；江南大地的沃土上，普惠科创的理念正随科贷通升级扩容生根发芽。2026年，苏州银行将持续以中央 金融工作会议精神为指引，秉持"稳健、精进、匠心、创新"的企业核心价值观，推动科贷通红利持续释放，让普惠金融与科技金融深度融合的路径更加清晰 通畅。愿这份源自 ...

Core Viewpoint - Suzhou Bank is facing significant challenges related to its rapid expansion, risk management, and compliance, highlighted by recent controversies involving loan disputes and high complaint rates against its internet loan partners [2][15]. Financial Performance - In the first three quarters of 2025, Suzhou Bank reported revenue of 9.477 billion yuan and a net profit of 4.477 billion yuan, reflecting year-on-year growth of 2.02% and 7.12% respectively, indicating a facade of growth [2][15]. - The bank's net interest margin has narrowed to 1.34%, with retail loans declining and non-interest income dropping by 14.6%, revealing structural imbalances [2][15]. Salary Reduction and Profitability - In the first half of 2025, the bank's revenue was 6.504 billion yuan, with a net profit of 3.134 billion yuan, marking the lowest growth rate in five years [3][16]. - The reported profit growth was achieved through a salary reduction of 211 million yuan, despite an increase in employee count, suggesting a negative growth in actual profitability when excluding salary cuts [3][16]. Business Structure Imbalance - As of September 2025, corporate loans accounted for 76.47% of total loans, while personal loans dropped to 23.53%, indicating a rare "heavy corporate, light retail" structure among regional banks [4][16]. - The average yield on corporate loans decreased to 3.57%, reflecting the risks associated with high customer concentration and economic fluctuations [4][16]. Internet Loan Partnerships - Despite a general decline in retail loans, Suzhou Bank has expanded its personal consumption loans, which grew by 8.32% in the first half of 2025, primarily through partnerships with various internet platforms [5][18]. - The bank's collaboration with these platforms has raised concerns due to high complaint rates related to aggressive collection practices and hidden fees [6][19]. Regulatory Environment - New regulations implemented in October 2025 require banks to manage internet loan partnerships under a "white list" system, raising questions about Suzhou Bank's compliance and risk management practices [7][20]. - The bank's partnership model, which involves shared risk with loan platforms, has potential implications for asset quality, as evidenced by rising non-performing loans [7][20]. Risk Transmission and Loan Quality - A lawsuit involving Snow Wave Environment, a company with significant financial distress, highlights the risks in Suzhou Bank's corporate lending practices [8][21]. - As of September 2025, the bank's non-performing loans totaled 3.056 billion yuan, with a notable increase in loans under watch, indicating future risks [8][21]. Strategic Challenges - Suzhou Bank's goal to increase its asset size to 1 trillion yuan by 2026 poses significant challenges, requiring an increase of approximately 200 billion yuan within a year [9][22]. - The bank's reliance on corporate loans and the declining profitability of these loans raise concerns about its long-term sustainability [10][23]. Recommendations for Improvement - The bank should focus on reshaping its retail strategy to enhance customer acquisition and risk management, moving away from excessive reliance on third-party platforms [11][24]. - Optimizing the corporate loan structure by targeting regional industries and improving risk management practices is essential for sustainable growth [11][24]. - Strengthening compliance and internal controls is critical to address the issues exposed by internet loan partnerships and ensure adherence to regulatory standards [12][25].

行 业 及 产 业 银行 2026 年 01 月 28 日 行 业 研 究 / 行 业 深 度 相关研究 证 券 研 究 报 告 证券分析师 郑庆明 A0230519090001 zhengqm@swsresearch.com 林颖颖 A0230522070004 linyy@swsresearch.com 冯思远 A0230522090005 fengsy@swsresearch.com 李禹昊 A0230525070004 liyh2@swsresearch.com 联系人 冯思远 A0230522090005 fengsy@swsresearch.com 2026 年银行业选股为先，α优于β 看好 ——上市银行春季调研反馈暨板块思考 前言：年初至今银行板块累计下跌近 7% ，在各板块表现最为靠后，这与我们判断 2026 年基本面稳 步改善存在背离。开年以来我们密集走访各银行，就信贷投放、存款搬家、息差趋势、金市业务、 资产质量等市场关注重点详细交流，结合对现阶段银行板块的思考，本篇报告作以下总结。 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 - ⚫ 总体看 ...

Group 1 - The core viewpoint of the news is that Suzhou Bank is focusing on diversifying its income sources through wealth management and emerging business initiatives while improving its liability costs and capital planning [3][4][5]. Group 2 - The investor relations activity was conducted via a conference call on January 28, 2026, at the headquarters of Suzhou Bank [1]. - A total of 24 institutions participated in the research, including major securities and asset management firms [2]. - The company emphasized its strategy of enhancing wealth management services and exploring new middle-income business growth points [3]. - Suzhou Bank is actively managing its liability costs by monitoring industry policies and market deposit rates, aiming for balanced growth in deposit scale and quality [4]. - As of September 2025, the bank's core Tier 1 capital adequacy ratio was 9.79%, Tier 1 capital adequacy ratio was 11.55%, and total capital adequacy ratio was 13.57%, all meeting regulatory requirements [5].

Group 1: Revenue Growth Strategies - The bank is focusing on expanding its middle-income sources by enhancing wealth management services and diversifying asset allocation for clients [1] - New business initiatives include the underwriting of corporate bonds and custodial services to create additional revenue streams [2] Group 2: Cost Management and Liability Improvement - The bank is actively monitoring industry policies and market deposit rates to improve liability costs while balancing deposit scale and quality [2] - Strategies include optimizing interbank liabilities and strategically issuing bonds and certificates of deposit to strengthen proactive liability management [2] Group 3: Capital Adequacy and Future Planning - As of September 2025, the bank's core Tier 1 capital adequacy ratio is 9.79%, Tier 1 capital adequacy ratio is 11.55%, and total capital adequacy ratio is 13.57%, all meeting regulatory requirements [2] - The bank plans to enhance capital efficiency and support sustainable high-quality growth by closely monitoring refinancing policies and optimizing business structure [2] Group 4: Compliance and Communication - During the investor meeting, there was thorough communication with investors, adhering to regulations without disclosing any undisclosed significant information [2]

Group 1 - The core point of the report indicates that the total number of newly issued open-ended wealth management products decreased to 115, a reduction of 27 products compared to the previous week, with a market share of 20.28% and an average performance benchmark of 1.91%, which increased by 0.21 percentage points [1] - Wealth management companies issued the most products, totaling 103, accounting for 89.57% of the new offerings, while city commercial banks also held a significant share. The average performance benchmark for city commercial bank products was 2.27%, up by 0.06 percentage points, while that for wealth management companies was lower at 1.85%, increasing by 0.18 percentage points [1] - Fixed income products were the most prevalent, with 112 products issued, a decrease of 26 from the previous week. Mixed products followed with 3 offerings, down by 1, while commodity and financial derivatives, as well as equity products, were negligible, totaling 0. The average performance benchmark for fixed income products was 1.91%, which increased by 0.23 percentage points [1] Group 2 - In terms of risk levels, R2 products were the most numerous with 95 offerings, down by 24, followed by R3 products with 14, which increased by 7. R1 products were limited to 6, while R4 and R5 products were absent. The average performance benchmark for R3 products was 2.40%, down by 0.3 percentage points, while R1 products had a lower average benchmark of 1.39%, which increased by 0.04 percentage points [2]

[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 ...

Market Performance - The city commercial bank sector increased by 0.13% compared to the previous trading day, with Qingdao Bank leading the gains [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] Individual Stock Performance - Qingdao Bank (002948) closed at 4.61, up 2.22% with a trading volume of 820,200 shares and a transaction value of 376 million [1] - Ningbo Bank (002142) closed at 30.55, up 0.86% with a trading volume of 507,200 shares and a transaction value of 1545 million [1] - Hangzhou Bank (600926) closed at 15.69, up 0.71% with a trading volume of 837,900 shares and a transaction value of 1323 million [1] - Qilu Bank (601665) closed at 5.59, up 0.54% with a trading volume of 649,200 shares and a transaction value of 363 million [1] - Chongqing Bank (601963) closed at 10.36, up 0.39% with a trading volume of 91,200 shares and a transaction value of 94.52 million [1] - Shanghai Bank (601229) closed at 9.27, up 0.11% with a trading volume of 635,000 shares and a transaction value of 593 million [1] - Other banks such as Changsha Bank, Xiamen Bank, and Suzhou Bank showed minimal changes in their stock prices [1] Capital Flow - The city commercial bank sector saw a net inflow of 404 million from main funds, while retail investors experienced a net outflow of 4.15 billion [2] - The main funds' net inflow and outflow for individual banks varied, with Ningbo Bank and Jiangsu Bank showing significant inflows [3] - Retail investors showed notable outflows in several banks, indicating a shift in investment sentiment [3]