证券研究报告 | 行业周报 | 银行 银行 报告日期：2026 年 02 月 27 日 银行重启业绩增长周期 ——银行业周报 20260228 投资要点 ❑ 票据利率攀升，2 月信贷或好于预期。 ❑ 本周银行板块和个股表现 （1）银行板块调整。本周万得全 A 指数上涨 2.75%，银行指数（申万）下跌 0.92%，位居 31 个申万一级行业第 27 位。银行板块调整，判断主要是部分获利 资金切换到钢铁、有色等目前受政策、地缘政治催化更强的板块。 （2）国有行跌幅更大。根据申万二级行业分类，本周国有行、股份行、城商 行、农商行板块分别-1.67%、-0.57%、-0.70%、-0.72%。个股方面，涨幅前三的 银行分别是兰州银行（+1.75%）、郑州银行（+1.05%）、青农银行（+0.96%）；跌 幅前三的银行分别是重庆银行（-4.11%）、上海银行（-2.91%）、青岛银行（- 2.76%）。 ❑ 本周行业及个股事件 行业层面：①政治局会议召开，讨论"十五五"规划纲要。会议强调，要继续实 施更加积极的财政政策和适度宽松的货币政策，强化改革举措与宏观政策协同。 持续防范化解重点领域风险，着力稳就业、稳企业、稳 ...

经济观察网 郑州银行行长因个人原因辞任，同时该行在一笔11亿元的借款纠纷案中胜诉，但债务人偿 付能力存疑。2025年前三季度，该行营业收入93.95亿元，归母净利润22.79亿元。 财报分析2025年前三季度，郑州银行营业收入93.95亿元，同比增长3.91%；归母净利润22.79亿元，同 比增长1.56%。不良贷款率1.76%，在A股城商行中排名第二，其中房地产业不良率高达9.75%。资本充 足率持续下滑，核心一级资本充足率降至8.76%，低于行业平均水平。 机构观点机构分析指出，郑州银行面临高管频繁变动、资产质量结构性风险及资本补充压力等挑战。 2025年盈利预测显示净利润同比增长9.34%，但增长依赖投资收益，信贷业务动力不足。政策性科创金 融贷款余额482.69亿元，成为潜在增长点，但战略落地效果待观察。 以上内容基于公开资料整理，不构成投资建议。 近期事件2026年2月，郑州银行发生重大人事变动，行长李红因个人原因辞任，不再担任任何职务，该 行行长职位暂时空缺。同时，郑州银行与金威实业的11亿元借款纠纷案于2025年12月31日获郑州市中级 人民法院判决胜诉，要求金威实业支付本金及利息，但债务人偿付 ...

截至2026年2月25日10:46，中证银行指数（399986）涨0.19%，成分股青农银行上涨1.92%，紫金银行上 涨1.81%，西安银行上涨1.74%，兰州银行上涨1.30%，郑州银行上涨1.04%。银行ETF华夏（515020） 涨0.06%，最新价报1.65元。 央行25日将以固定数量、利率招标、多重价位中标方式开展6000亿元中期借贷便利（MLF）操作，期 限为1年期。鉴于2月有3000亿元MLF到期，当月央行将通过MLF操作净投放3000亿元，为连续12个月 加量续作。 银行ETF华夏（515020）是跟踪中证银行指数（399986）综合费率最低的ETF，其联接基金A类 008298；联接基金C类008299；联接D类024642。 （文章来源：每日经济新闻） 业内人士分析，在保持流动性充裕和银行净息差持续承压的背景下，MLF期限偏长、投放和到账时间 确定，能为金融机构提供稳定的预期。2026年货币市场流动性或继续维持充裕，在稳汇率、稳通胀目标 影响下，央行货币政策可能进一步加大放松力度。 中国银河认为，目前政策面财政政策积极，货币政策延续稳息差导向，对业绩形成支撑，利好估值修 复，银行板块配置 ...

银行ETF华夏（515020）是跟踪中证银行指数（399986）综合费率最低的ETF，其联接基金A类 008298；联接基金C类008299；联接D类024642。 截至15:00，中证银行指数（399986）下跌0.25%。成分股涨跌互现，招商银行领涨0.59%，郑州银行上 涨0.52%，兰州银行上涨0.44%；渝农商行领跌1.95%，重庆银行下跌1.57%，苏州银行下跌0.85%。银行 ETF华夏（515020）下跌0.18%，最新报价1.65元。 每日经济新闻 中国银河认为，目前政策面财政政策积极，货币政策延续稳息差导向，对业绩形成支撑，利好估值修 复，银行板块配置窗口值得关注。 人民银行2月24日公告称，以固定利率、数量招标方式开展了5260亿元7天期逆回购操作，操作利率为 1.4%。因今日有14524亿元逆回购到期，公开市场实现净回笼9264亿元。考虑3月初有重要会议召开， 广发证券预计央行继续灵活高效开展公开市场操作维持银行间流动性整体均衡。 有市场人士分析称，当前政策利率引导作用进一步增强，短期市场利率运行更加平稳；央行综合运用多 种货币政策工具，提供短中长期流动性，对银行资金面形成利好。 ...

Investment Rating - The report maintains an "Overweight" rating for the securities and banking sectors [9]. Core Insights - The report highlights the structural relaxation of refinancing policies, which is expected to improve profitability in the banking sector. The central bank's Q4 monetary policy report emphasizes the implementation of personal credit repair measures, supporting micro-entities [1][28]. - The report identifies investment opportunities in the order of securities > insurance > banking, with a focus on the potential for marginal improvements in the brokerage business due to the recent refinancing policy adjustments [12][24]. Summary by Sections Securities Sector - The optimization of refinancing measures announced by the exchanges is expected to lead to marginal improvements in the brokerage business, with leading firms likely to solidify their advantages through professional capabilities. The Chinese brokerage index performed better than the Hang Seng index during the holiday period, increasing by 0.20% [2][13]. - Recommended stocks include leading brokerages such as CITIC Securities, Guotai Junan, and GF Securities, as well as quality regional firms like Guoyuan Securities [3][12]. Insurance Sector - The report notes a mixed performance in the insurance sector, with property insurance companies showing gains while life insurance companies mostly declined. China Property & Casualty Insurance rose by 5%, while China Taiping fell by 4% [24][25]. - Investors are advised to focus on quality leaders in the insurance sector, with a preference for defensive stocks like China Ping An and China Life Insurance for conservative investors [24][25]. Banking Sector - The banking sector is experiencing a recovery in performance, with Q4 profits improving and net interest margins stabilizing. The report indicates a year-on-year increase in social financing, primarily due to the pre-positioning of government bonds and a rebound in off-balance-sheet financing [28][37]. - Recommended stocks include quality regional banks such as Nanjing Bank and Chengdu Bank, which are expected to perform well due to their strong fundamentals [3][28].

Investment Rating - The industry rating is maintained as "Positive" [4] Core Views - During the Spring Festival holiday, the overall performance of Hong Kong banks was stable, with the AH premium narrowing to 21% [1][2] - The AH premium for banks has decreased by 11 percentage points to 21% since the end of 2025, which is at a low percentile of 36% over the last 10 years [2][9] - The strong performance of Hong Kong banks is attributed to active trading and continuous foreign capital inflow, driven by a weakening US dollar and increased southbound capital investments [2][12] Summary by Sections Market Performance - The Hong Kong banking sector index rose by 0.18%, ranking 15th among 30 sectors during the holiday [2] - Local banks in Hong Kong showed positive growth, with East Asia Bank, Dah Sing Bank Group, and Weihai Bank leading in gains [2][6] AH Premium Analysis - The AH premium has significantly narrowed since early 2026, with a correlation of 0.95 between the US dollar index and AH premium trends over the past 15 years [2][7] - Southbound capital has net purchased HKD 17.1 billion in Hong Kong banks since the beginning of 2026, with major inflows into China Construction Bank, Industrial and Commercial Bank of China, and China Merchants Bank [2][12] Investment Recommendations - The report suggests a positive outlook for bank stocks in 2026, emphasizing the upcoming earnings report season in March and April, which typically attracts market attention to sectors with predictable earnings [2] - A "New Momentum Portfolio" is recommended, focusing on banks with potential for significant value recovery, including major state-owned banks and select smaller banks [3]

智通财经APP获悉，截止2月23日收盘，东北电气(00042)、京城机电股份(00187)、弘业期货(03678)分列 AH溢价率前三位，溢价率分别为757.14%、280.60%、278.12%；宁德时代(03750)、药明康德(02359)、 招商银行(03968)分列AH溢价率末三位，溢价率分别为-18.31%、-7.13%、-5.36%。其中郑州银行 (06196)、龙蟠科技(02465)、剑桥科技(06166)的偏离值位居前三，分别为14.55%、11.57%、10.92%；另 外，东北电气(00042)、长飞光纤光缆(06869)、晨鸣纸业(01812)的偏离值位居后三，分别 为-51.17%、-48.00%、-45.02%。 | 南华期货股份 | | | | | | --- | --- | --- | --- | --- | | (02691) | | | | | | 弘业期货(03678) | 3.200 | 10.1 | 278.12% | 6.85% | | 中国中免(01880) | 91.850 | 97.1 | 26.63% | 6.70% | | 金隅集团(02009) | 0.8 ...

Group 1 - The article highlights the top three companies with the highest AH premium rates: Northeast Electric (00042) at 785.25%, Beijing Jingcheng Machinery Electric (00187) at 291.45%, and Sinopec Oilfield Service (01033) at 284.04% [1] - The bottom three companies with the lowest AH premium rates are CATL (03750) at -16.62%, WuXi AppTec (02359) at -6.17%, and China Merchants Bank (03968) at -3.27% [1] - The article provides a detailed ranking of the top ten and bottom ten AH stocks based on their premium rates and deviation values, indicating significant disparities in market valuations between A-shares and H-shares [1][2] Group 2 - The top three companies with the highest deviation values are Beijing Jingcheng Machinery Electric (00187) at 23.16%, Dongjiang Environmental Protection (00895) at 18.78%, and Zhongzhou Securities (01375) at 16.54% [1] - Conversely, the companies with the lowest deviation values include Morning Paper (01812) at -52.60%, Junda Co., Ltd. (02865) at -34.18%, and Changfei Optical Fiber Cable (06869) at -34.18% [1][2] - The article emphasizes that the deviation value represents the difference between the current premium rate and the average premium rate over the past 30 days, providing insights into market trends [2]

Key Points - Tencent Holdings (00700), Yingfu Fund (02800), and Shandong Gold (01787) ranked the top three in net inflow of southbound funds, with net inflows of 736 million, 423 million, and 393 million respectively [1] - Alibaba-W (09988), SMIC (00981), and Hua Hong Semiconductor (01347) ranked the top three in net outflow of southbound funds, with net outflows of -524 million, -391 million, and -199 million respectively [1] - In terms of net inflow ratio, China Overseas Macro Holdings (00081), Xinhua Wencuan (00811), and China Oriental Education (00667) led the market with ratios of 55.30%, 50.59%, and 49.55% respectively [1] - Conversely, Zhengzhou Bank (06196), China Energy Construction (03996), and Hongye Futures (03678) had the highest net outflow ratios at -50.51%, -49.70%, and -48.03% respectively [1] Top 10 Net Inflow Stocks - Tencent Holdings (00700) had a net inflow of 736 million, representing a 5.67% increase, with a closing price of 548.000 [2] - Yingfu Fund (02800) saw a net inflow of 423 million, with a 5.13% increase, closing at 27.480 [2] - Shandong Gold (01787) experienced a net inflow of 393 million, with a significant 31.27% increase, closing at 40.180 [2] - Bilibili-W (09626) had a net inflow of 335 million, with a 27.53% increase, closing at 252.800 [2] - China National Offshore Oil (00883) had a net inflow of 301 million, with a 22.88% increase, closing at 24.800 [2] Top 10 Net Outflow Stocks - Alibaba-W (09988) faced a net outflow of -524 million, with a -6.30% decrease, closing at 160.100 [2] - SMIC (00981) had a net outflow of -391 million, with a -6.39% decrease, closing at 70.000 [2] - Hua Hong Semiconductor (01347) saw a net outflow of -199 million, with a -15.56% decrease, closing at 99.600 [2] - Changfei Optical Fiber (06869) experienced a net outflow of -172 million, with a -5.33% decrease, closing at 107.500 [2] - Minmetals Resources (01208) had a net outflow of -168 million, with a -32.19% decrease, closing at 10.160 [2] Top 10 Net Inflow Ratios - China Overseas Macro Holdings (00081) led with a net inflow ratio of 55.30%, with a net inflow of 8.1564 million, closing at 2.650 [3] - Xinhua Wencuan (00811) followed with a net inflow ratio of 50.59%, with a net inflow of 5.2208 million, closing at 11.080 [3] - China Oriental Education (00667) had a net inflow ratio of 49.55%, with a net inflow of 15.9379 million, closing at 6.100 [4] Top 10 Net Outflow Ratios - Zhengzhou Bank (06196) had the highest net outflow ratio at -50.51%, with a net outflow of -3.1282 million, closing at 1.150 [4] - China Energy Construction (03996) followed with a net outflow ratio of -49.70%, with a net outflow of -16.9578 million, closing at 1.180 [4] - Hongye Futures (03678) had a net outflow ratio of -48.03%, with a net outflow of -5.2165 million, closing at 3.220 [4]

2026年是"十五五"规划全面实施的关键之年，河南高质量发展迈入新阶段。作为从中原大地成长起来、 始终与地方发展同频共振的地方法人金融机构，郑州银行牢牢把握"稳中求进"工作总基调，深入贯彻 2025年中央经济工作会议关于"推动经济实现质的有效提升和量的合理增长"的核心要求，全面落实2026 年河南省政府工作报告各项部署，将自身发展深度融入国家重大战略和全省发展大局，在服务实体经 济、纾解小微企业融资难题、增进民生福祉、激发消费潜能、助力乡村振兴等重点领域持续发力，以卓 越金融服务为现代化河南建设注入强劲动能。 该行将金融服务深度融入医保社保、教育培训、医疗卫生等民生高频场景，精准匹配居民在资产配置、 消费融资等方面的多样化需求。围绕河南省上调城乡居民基本养老保险基础养老金最低标准、开展托幼 一体化试点等重点民生工程，持续迭代个人金融产品与服务，并推动服务网络向县域及乡镇纵深延伸， 扩大普惠金融覆盖面与可及性，让更多城乡群众享受到便捷、高效、有温度的综合金融服务，切实增强 满足感、幸福感与安全感。 筑牢金融根基，全力服务实体经济 实体经济是高质量发展的根本支撑。郑州银行始终坚持金融本源，持续增强资本实力，优化资 ...