银行业金融红利资产月报：市场风偏提升银行基金持仓占比仍处低位

目 录TOC\o"1-2"\h\z\u一、月度行情表现：2026年1月银行板块续下跌 5（一）资风提，2026年1月行块续跌 5（二）市环：10国债率低红资成交比降 7二、银行基本面跟踪 8（一）行月数跟踪 8（二）4Q25公基银股持占仍超2%，要增大行 10（三）银理收率低，通市点提吸引力 13三、投资建议 13四、风险提示 14图表目录图表1 226年1月业涨幅申一行分类（至13） 5图表2 两银各板块值况至1/31） 5图表3 2026.1.1-2026.1.31 A银板个涨幅 6图表4 2026.1.1-2026.1.31 H银板个涨幅 7图表5 债债期益率势（%） 7图表6 行块月交额占市热情（亿，%） 8图表7 行块史值指标 8图表8 2025年12月融数概览 10图表9 募金行持仓比据览 图表10 银个持比变情况 图表行标差况 12图表12 个标差况 12图表13 银理收走低 1320252一、月度行情表现：2026年1月银行板块继续下跌（一）资金风偏提升，2026年1月银行板块继续下跌1、银行板块下跌6.65%2026111313008.3pct，涨跌313126AI板块。图表1 226年1月各业涨跌幅（申万一行分类（截至13）1.65%-6.65%1.65%-6.65%20.00%15.00%10.00%5.00%0.00%-5.00%有色金属有色金属房地产国银行2、各子板块表现：国有行和股份行估值回调明显202611131PB0.75X0.69X0.59X0.54XPB0.66X图表2 近两年银行各板块估值情况（截至1/31）0.90000.80000.70000.60000.50000.4000CS国有银行Ⅲ CS股份制银行 CS城商行3、个股表现：1月绩优城农商行领涨1月1日至1月31+6.5+0.1+5.7+3.6+3.。（19.2912.501.21（8.698.58。6911.1.1.1.-6911.1.1.1.---2.-3.4.1.1.1.-4.1.2.2.%.5031%-4.5%62.58%5.012.50%12.57%.91%浦发银行1.11%-8%-0.57%0.93%4.62.03%%6.330%9.41.43%19%-4.919.34%1%.0197%-0%12.5--12.50%农业银行.00%67%2.1%04.13.38%-%8.48%7.90.00%-31.02%-%-11.421.91%.35%44%-0.21%11.2--11.21%兴业银行4.37%-5%-0.5%33.34%2.91.74%6%5.2.38%-44.97%-7.57%-5%6.8.71%536%-9%-8.6-8.69%交通银行.64%03%0.79%0.21.74%0.86%%7.363%1.61.72%--1.75%8%6.5.24%47%-0.48%-8.5-8.58%工商银行.64%15%0.64%5.2%5.381.93%.39%2.58%-36.74%-6.08%-0%9.3.11%4%32.21%-8.5-8.51%上海银行.38%02%-5.5%82.20.87%%9.98.11%3.20%-13.14%--1.71%3.48%.13%521%-7%-7.8-7.87%南京银行1.88%-3%-4.4%14.50.72%7%6.610.32%.78%-13.54%-8.86%-0%7.5%.6527%-0.73%-7.5-7.53%沪农商行4.87%-%23.9%43.01.41%%10.40%6.78.78%-13.54%-8.86%-0%7.5%.6527%-0.72%.6-6-6.62%中信银行.20%12%-0.9%03.70.83%-0.18%1.81%.25%-10.54%-6.16%-0%8.3.20%86%-3.78%.2-6-6.28%中国银行3.84%-0%-5.05%8.47.15%-3.58%8.99%1%0.54.78%-%-13.083.50%6%.717%-0.86%.2-6-6.26%华夏银行0.57%-5%-0.3%63.70%2.61.97%4%4.5.32%-04.36%-3%-4.34%6.0.81%591%-3%.0-6-6.03%建设银行%.443%43.4%52.95.89%-0%6.60%5.89%0.93.57%-5.78%-1.19%.04%598%-7%.7-5-5.77%招商银行1.97%-2%0.54%2.3-3.11%-6%5.9%7.683%1.31.47%-5.89%-1.94%%.56272%-8%.0-5-5.08%平安银行2.13%-6%1.6-7%2.0-0.34%4.10%.63%24%4.9.23%580%0.00%.22%-105%-5%.0-5-5.05%邮储银行%.7224%2.8-3%0.500%5.03%3%4.5.53%-06.67%-%-11.11-0.60%.08%832%-7%.8-4-4.87%光大银行1.60%-6%-1.28%7.42.21%-12.50%%7.268%0.82.19%-6.27%-%12.262%.413%4.63%.6-4-4.63%厦门银行1.07%-2%-5.94%1.32.45%-12.98%.84%2.42%-20.71%-5%-5.33.20%3%.70%63.29%.3-4-4.39%瑞丰银行0.34%-8%-1.3%02.81.70%9%7.610.06%0%0.04.42%-8.02%-0.34%%.6828%-0.98%.2-4-4.28%浙商银行0.61%-0%2.5-%23.40.66%-5.00%8.41%.88%-26.98%-8.17%-1.45%1%.612%-3.58%.2-3-3.28%北京银行.48%02%-0.74%-5.32.05%%9.309.20%0%4.15.93%-%-10.59-1.76%.60%46%-6.39%-2.0-2.09%民生银行0.81%-8%-3.8.87%110.20%14.58%-0.77%.91%-62.67%-9.25%-19.48%.97%40%-3.30%-1.6-1.60%重庆银行4.76%-0%-2.03%1.5-4.15%3%7.04%4.0%82.30.48%-1%-4.81.52%.50%-00%-3.54%-1.0-1.04%郑州银行1.67%-1%-2.7%12.62.04%-2%5.7%7.37%02.43.13%-6.95%-6%5.5.32%-117%-2%-1.0-1.02%贵阳银行2.22%-0%-5.89%5.42.03%%8.46.02%3.73%-24.92%-0.49%1.35%8%.610%1.12%-0.7-0.72%苏州银行.13%17%-4.6%43.10.38%-15.08%8%5.3.81%-40.94%-6%-4.34.23%.39%08%2.8-9%-0.5-0.59%苏农银行1.35%-6%-3.22%1.43.32%%10.31.44%3.26%-13%.311%-3.63.23%1%.518%1.9-1%-0.5-0.51%无锡银行.47%03%-6.60%7.11.22%-14.19%-2.55.36%05%4.4-0%0.00.00%成都银行2.29%-4%-3.0%62.61.18%-%9.9555.6%.2526%0.60%0.00.00%张家港行.00%00%-4.63%7.22.32%2%10.14%3.9.89%-1%.0037.29%-4%6.77%.412%-3.20%0.00.00%江阴银行1.18%-0%2.1-3%-0.42.16%7%6.13%3.71%0.7.40%04%-4.81.69%.67%-169%-3%0.40.43%兰州银行%.4046%-8.0%54.06.95%%8.078.74%.72%-34.16%-7.39%-8%7.4.56%-09%-2.93%0.50.53%江苏银行%.7135%-7.02%7.11.42%-%8.401%5.6.60%-02.73%-6.03%-8%8.33%.702%0.62%0.60.62%长沙银行1.64%-3%-0.3%93.61.29%%10.544%4.35%0.02.29%-9.06%-3.54%.48%-227%-9%1.21.29%青农商行2.77%-1%1.7-4%1.71.42%-%9.250%3.73%0.3.85%86.94%-0.00%.54%-19%-3.35%1.31.35%西安银行.94%5%54.16%0.60.99%%8.50-2.77%.59%-47.63%-3.05%0%5.4.15%-24%-3.09%1.31.39%齐鲁银行0.65%-6%2.1-4%1.82.53%-1%7.43%5.20%0.00.67%-6.04%-1.07%.12%-26%-0.31%1.81.81%紫金银行%.1239%-6.22%7.42.66%14%5.8-0.06%.04%-57.23%-4.77%1%5.0.07%-62%-0.6%3.63.61%渝农商行2.11%-9%-7.60%1.96%4.1%9.099%5.57%0.26%.717.20%-3.07%3%.1126%-%3.63.69%常熟银行.03%17%2.3-1%0.21.80%13.33%0.96%.00%-31.12%-8%-3.72.82%6%.7199%-%5.75.76%杭州银行.52%86%-7.94%6.37.44%-11.76%.43%26%5.26%.216.34%-3%7.2.11%08%0.08%10.110.18%宁波银行%.6139%1.4%33.47.58%%9.91.97%2.62%-4%.3735%-3.02%8.8.56%-64%-7.42%16.516.52%青岛银行25/0125/0225/0325/0425/0525/0625/0725/0825/0925/1025/1125/1226/01年初至今涨跌幅-3.---1.19%-1.61%-8.05%5.-3.---1.19%-1.61%-8.05%5.4.4.8.52.2.-4.17%3.--8.82%2.2.--25%-2.75%7.63.-3.-5.71%-1.94%-3.16%2. -1.2.3.4.4.5.2.----3.03%-4.78%-0.39%-0.97%-4.32%5.8.55.1--1.54%0.00%%2.084%0.34%0.34%0.34%0.34%0.34%0.3%0.684%0.34%0.3-0.33%3.07%5%-1.30.00%3%-1.00%4.50%5.3-9%-11.1-11.19%威海银行%4.696%0.96%0.96%0.96%0.96%0.96%0.9%3.296%0.9%16.32%7.7.99%78%.5-35.15%-3%-7.419.12%1%4.2-0%-7.4-7.40%中国光大银行%6.628%0.88%0.88%0.88%0.88%0.88%0.8%6.688%0.8.52%-715.19%2.17%13%.2-35.88%-8%.5-2.02%4%7.526%0.90%-7.3-7.30%招商银行%-0.568%1.08%1.08%1.08%1.08%1.08%1.0%8.188%1.08%1.23%6.31.11%14%5.7-1.94%%0.006%2.711.52%3%1.436%--5.36%农业银行%6.944%-2.74%-2.74%-2.74%-2.74%-2.74%-2.79%-4%-2.7.70%-0-0.71%3.57%9%2.700%4%.4-51%3.02%2.996%--4.96%晋商银行%5.623%2.33%2.33%2.33%2.33%2.33%2.31%-3%2.31%3.4-1.10%-1.11%3%15.70.97%-%0.984.90%6%2.0-21%--4.21%渤海银行%.95-4%010.0%010.0%010.0%010.0%010.0%010.03%-1.7%010.07%4.313.89%%20.981%-1.20.82%%3.641.96%0%-0.461%--3.61%天津银行7%-19.73%.1-43%.1-43%.1-43%.1-43%.1-43%.1-40.00%7%.0-56%2.01%2.354%--2.54%东莞农商银行%-2.915%.0-55%.0-55%.0-55%.0-55%.0-55%.0-53.03%4%.9-27.81%54%-74%--1.74%郑州银行%1.313%-2.43%-2.43%-2.43%-2.43%-2.43%-2.4%6.250%2.00%2.02.00%2.00%0%2.02.00%%2.00.00%20%2.00%2.02%-1.6-1.62%邮储银行%2.37%87.9%87.9%87.9%87.9%87.9%87.9%2.73%87.9.69%12%10.662.47%3%6.0-7.54%-%4.34.32%61.72%07%-7%-1.5-1.57%重庆农村商业银行%7.851%.4-51%.4-51%.4-51%.4-51%.4-51%.4-57%-0.21%.4-50%4.0%10.712.07%19%6.26.13%-1%.2-4%9.306%-9.62%-1.0-1.02%民生银行%1.35%87.9%87.9%87.9%87.9%87.9%87.9%5.78%87.95%1.9%9.54.77%84%6.4-3.26%-7%.3-36%3.582%-9%-0.7-0.79%浙商银行%.41-70%0.00%0.00%0.00%0.00%0.00%0.0%6.670%0.0.75%-30.00%5.15%8%13.32.25%-%0.571.21%5%-6.76%-0.6-0.66%广州农商银行%-1.64%38.2%38.2%38.2%38.2%38.2%38.2%3.68%38.2.99%165%7.10.74%1%4.9-3.74%-7%-1.45%.291%3.107%-5%0.20.25%重庆银行%1.990%-0.40%-0.40%-0.40%-0.40%-0.40%-0.45%11.80%-0.45%2.72.57%7.10%5%-2.51.69%-%6.379.03%20.40%5%0.82%0.50.52%恒生银行(退市)%0.40%35.6%35.6%35.6%35.6%35.6%35.60%-%35.6.33%-52.60%1.81%13%9.43.45%-3%-8.92%2.81%4.3-2.02.05%甘肃银行%1.010%4.4%04.40%4.4%04.40%4.4%04.4%4.11%04.4.13%-4%10.342.50%14%1.66.71%-0%-0.4.94%2%6.105%3.4-%62.82.86%建设银行%4.653%0.73%0.73%0.73%0.73%0.73%0.7%3.973%0.7.97%-33%7.38.93%9%-0.34.15%-2%-0.5.88%4%6.984%0.1%83.13.18%工商银行%1.69%55.4%55.4%55.4%55.4%55.4%55.4%4.93%55.43%0.91.03%6.26%5%.1-34.81%-7%.9-2.67%58%3.47%-7.2%94.14.19%交通银行%-3.052%-2.72%-2.72%-2.72%-2.72%-2.72%-2.7%10.82%-2.7.33%-23%6.36.84%9%0.9%3.8312%.3-34%2.210.27%73%-%04.44.40%大新银行集团%1.201%14.81%14.81%14.81%14.81%14.81%14.8%8.321%14.85%2.53.71%7.23%2%3.50.23%-%4.52.49%41.16%%35.2%24.64.62%中银香港%4.80%56.3%56.3%56.3%56.3%56.3%56.3%9.70%56.3.65%-47%5.00.00%4%-0.46.17%-%0.00.29%3%6.3619%-%14.74.71%中国银行%0.00%76.6%76.6%76.6%76.6%76.6%76.6%0.00%76.66%1.53.08%3%13.43%0.76.76%-5%-1.41.61%0%0.0%64.74.76%中原银行%3.54%76.4%76.4%76.4%76.4%76.4%76.4%2.88%76.46%0.612.72%0.90%17%-2.24.79%-8%.8-36%0.710.47%21%-%04.94.90%中信银行%7.696%.8-46%.8-46%.8-46%.8-46%.8-46%.8-45%18.96%.8-4.31%-1%8.876.60%8%8.41.53%%4.54.41%5%8.053%10.7%35.05.03%渣打集团%0.00%29.7%29.7%29.7%29.7%29.7%29.77%-1.3%29.7.33%-66%6.78.86%4%-15.8%0.1416%.2-50.00%90%-%75.95.97%江西银行%-1.071%.8-31%.8-31%.8-31%.8-31%.8-31%.8-3%8.631%.8-3.58%-23.71%5.59%5%-1.81.23%21%-0.7.77%50.61%21%-0%6.96.90%大新金融%0.003%1.93%1.93%1.93%1.93%1.93%1.9%4.863%1.9.23%100%7.9%22.935%9.0-%1.8215%-11.6.45%29%2.61%-6.71%7.87.81%徽商银行%4.483%3.13%3.13%3.13%3.13%3.13%3.17%-3%3.1.12%-120%6.930.65%7%6.10.00%%1.166.25%7%-6.67%8.58.57%哈尔滨银行%4.843%-1.53%-1.53%-1.53%-1.53%-1.53%-1.5%7.593%-1.5.64%14%10.155.68%7%-1.496%%3.077.46%27%-4%9.69.64%青岛银行%5.477%1.87%1.87%1.87%1.87%1.87%1.83%11.67%1.8.19%-19%7.02.70%6%1.255%%9.671.84%9%11.90%11.611.60%汇丰控股%0.008%4.9%84.98%4.9%84.98%4.9%84.92%16.0%84.9.09%-83.37%.60%93%0.385%6%.8-24%0.712.01%5%1.41%12.012.01%东亚银行25/0125/0825/0725/0625/0525/0425/0325/0225/0325/0425/0525/0625/0725/0825/0925/1025/1125/1226/01年初至今涨跌（二）市场环境：10年期国债利率走低，红利资产成交占比下降1、利率环境：10年期国债利率走低，1年期国债利率先下后上2026年111.81%11.33%月末的1.30%左右。图表5 中债国债到期益率走势图（%）2.502.001.501.000.500.00

0.900.800.700.600.500.400.300.200.100.0010年-1年利差（右轴） 中国中债国债到期收益率:10年 中国中债国债到期收益率:1年2、市场交易情况20260.13pct1.16%。13160.7%AB1.16%0.13pct图表6 银行板块每月交额及占比市场热情（亿元，%）银行板块成交额和热度2023年1月2月3月4月5月6月7月8月9月10月11月12月成交额（亿元）2,192.32,531.73,547.63,334.35,134.72,609.22,667.03,592.1042,627.32,553.6262,545.12,600.2成交额占比总AB成交额1.741.411.661.542.771.361.501.901.831.821.311.582024年1月2月3月4月5月6月7月8月9月10月11月12月成交额（亿元）4,258.03,892.93,545.04,117.44,092.73,457.54,362.33,773.54,709.46,641.25,569.46,119.3成交额占比总AB成交额2.622.711.662.252.412.522.892.873.111.831.351.732025年1月2月3月4月5月6月7月8月9月10月11月12月成交4,811.305,651.294,873.706,398.637,889.567145.187,698.626,696.496,297.535,601.36成交额占比总成交1.52.182.112.402.101.471.451.821.651.302026年1月2月3月4月5月6月7月8月9月10月11月12月成交额（亿元）7,078.03成交额占比总AB成交额1.16截至1月31日）截止1月3101780S）整体PE为5.800.5PB为0511.67。4.50%51.18%。图表7 银行板块历史值指标二、银行基本面跟踪（一）行业月度数据跟踪1月15LPR1LPR35LPR3.5%。25年1215202512122.2164620.2pct8.3%9100800亿元。12月社融点评：政府债高基数下，2025年12月社融增速继续放缓。1）12月社融增速环比下降0.2pct至25122.216462亿121.0720242中于11-12月发行，与今年政府债发行节奏错位。2）间接融资较去年同期表现均较好。1402202512表外融资3285285年来最大。35.63.342513.82.515.91.22020-2023/21/8121291008009164416民短贷1611/29001230-26.6%2）企业贷款增势较好。1.075800/3900/2900100050002000增长。高基数下M1202512M11.1pct至3.8%M28.5%12（/+3900/-5857/+2904/+2840025年261注：自2025年1月份起，启用新修订的狭义货币（M1）统计口径，包括：流通中货币（M0）、单位活期存款、个人活期存款、非银行支付机构客户备付金。24年1月起回溯。图表8 2025年12月社融数据概览注：自2025年1月份起，启用新修订的狭义货币（M1）统计口径，包括：流通中货币（M0）、单位活期存款、个人活期存款、非银行支付机构客户备付金。24年1月起回溯。社会融资规模单位：亿元2024-102024-112024-122025-012025-022025-032025-042025-052025-062025-072025-082025-092025-102025-112025-12社融存量同比增速7.8%7.8%8.0%8.0%8.2%8.4%8.7%8.7%8.9%9.0%8.8%8.7%8.5%8.5%8.3%社融当月新增14,12023,28828,53770,54622,33158,96111,59922,90042,25111,30725,66035,2998,17824,92622,075社融同比多增-4,321-1,2669,2115,8127,37210,62612,2572,2779,2663,600-4,663-2,336-5,9421,638-6,462其中：人民币贷款-1,872-5,904-2,6903,793-3,2455,314-2,465-2,2741,673-3,488-4,158-3,661-3,119-1,1201,402外币贷款-862-111-40-1,381-272-8381806211,132803521351510246-表外融资1,129805362-283-258-631,386-41-184-9109981,8693571,326694——委托贷款21020323808-56300-91-157-397-522-190-1091,873-4328——信托贷款-221-106-196-109-901-443-219-5168175-13456-17752528——未贴现银行承兑汇票1,140708535-982699801,696167145-5631,3221,922-1,499578-162直接融资-5,3712,63910,8004,17111,1695,28311,5043,5715,4036,587-2,546-1,031-3,719665-8,958——企业债券融资-1919932,582134279-5,1426331,211322712-3652,0621,5131,7641,700——非金融企业境内股票融资-3769-2451-381852054149274324371411-8775——政府债券-5,1431,5778,2423,98610,92810,24010,6662,3195,0325,601-2,505-3,464-5,643-1,012-10,733其他融资2,6551,305779-488-229301,6524001,24260852213629521400信贷数据单位：亿元2024-102024-112024-122025-012025-022025-032025-042025-052025-062025-072025-082025-092025-102025-112025-12人民币贷款当月新增5,0005,8009,90051,30010,10036,4002,8006,20022,400-5005,90012,9002,2003,9009,100人民币贷款同比多增-2,384-5,100-1,8002,100-4,4005,500-4,500-3,3001,100-3,100-3,100-3,000-2,800-1,900-800其中：居民户贷款1,946-2251,279-5,3632,016447-50-217267-2,793-1,597-1,110-5,204-4,763-4,416——短期贷款1,543-964-171-4,0252,127-67-501-451150-1,671-611-1,279-3,356-1,788-1,611——中长期贷款3936691,538-1,337-112531435232151-1,200-1,000200-1,800-2,900-2,900非金融企业及机关团体贷款-3,863-5,721-4,0169,200-5,3005,000-2,500-2,1001,400-700-2,500-2,7002,2003,6005,800——短期贷款-130-1,8054352,800-2,0004,600-7002,3004,900-2,6002,500-1,1003,900——票据融资-1,482-8693,0034,5844,460514-40-2,826-3,7163,125-4,920-4,7123,3122,119-1,000——中长期贷款-2,128-2,360-8,2121,500-7,500-200-1,600-1,700400-3,900-200-500-1,400-4002,900非银行金融机构贷款-988-494475-2,257-1,201256-973226391-31225356-164554-1,340——其他贷款5211,34046252085-203-977-1,209-958424772454368-1,291-844货币增长2024-102024-112024-122025-012025-022025-032025-042025-052025-062025-072025-082025-092025-102025-112025-12M1同比增速（口径修改）-2.3%-0.7%1.2%0.4%0.1%1.6%1.5%2.3%4.6%5.6%6.0%7.2%6.2%4.9%3.8%M2同比增速7.5%7.1%7.3%7.0%7.0%7.0%8.0%7.9%8.3%8.8%8.8%8.4%8.2%8.0%8.5%M2-M1剪刀差9.8%7.8%6.1%6.6%6.9%5.4%6.5%5.6%3.7%3.2%2.8%1.2%2.0%3.1%4.7%（二）4Q25公募基金银行股持仓占比仍未超2%，主要增持大行4Q25公募基金银行股持仓占比仍未超25上升，公募基金对银行股的持仓占比有所回落。25Q1-Q4的公募基金持仓占比分别为1.88%国有行/股份行/城商行/农商行公募基金持仓占比环比分别+8bp/+2bp/-4bp/+1bp至0.31%/0.61%/0.77%/0.19%。从个股来看，主要增持的有宁波银行（占比环比+10bp至0.32（+5bp至007+bp至006（+3bp至0.08（12bp至0.054bp至0.14bp至0.4（占比环比2bp至01被动型指数基金主要增持高股息低估值股票。4Q25指数型基金主要增持了兴业银行（+9.0（+5.8（+2.0（+1.5、（1.2亿股3.6（2.0311pct至-7.4%（12+7.6+3.9（7.55-4bp至-0.79%图表9 公募基金银行持仓占比数据一览40.00%35.00%30.00%25.00%20.00%15.00%10.00%5.00%0.00%国有行

股份行

城商行

农商行图表10 银行个股持仓比变动情况持仓占比 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 QoQ工商银行 0.11% 0.08% 0.12% 0.15% 0.17% 0.22% 0.28% 0.29% 0.39% 0.25% 0.24% 0.10% 0.11% 0.01%农业银行 0.02% 0.02% 0.08% 0.09% 0.12% 0.17% 0.27% 0.22% 0.33% 0.19% 0.22% 0.03% 0.03% 0.00%中国银行 0.01% 0.00% 0.04% 0.04% 0.04% 0.05% 0.04% 0.10% 0.14% 0.12% 0.04% 0.02% 0.06% 0.04%建设银行 0.03% 0.03% 0.09% 0.10% 0.12% 0.15% 0.17% 0.17% 0.21% 0.19% 0.19% 0.04% 0.08% 0.03%交通银行 0.01% 0.01% 0.03% 0.04% 0.05% 0.06% 0.05% 0.06% 0.07% 0.02% 0.05% 0.02% 0.03% 0.00%邮储银行 0.08% 0.06% 0.07% 0.11% 0.06% 0.07% 0.07% 0.04% 0.05% 0.03% 0.03% 0.01% 0.01% 0.00%招商银行 0.71% 0.49% 0.48% 0.58% 0.44% 0.59% 0.61% 0.63% 0.83% 1.00% 1.10% 0.43% 0.44% 0.01%民生银行 0.00% 0.00% 0.00% 0.01% 0.00% 0.00% 0.00% 0.01% 0.11% 0.07% 0.04% -0.04%兴业银行 0.13% 0.07% 0.02% 0.03% 0.03% 0.01% 0.03% 0.04% 0.04% 0.04% 0.10% 0.02% 0.07% 0.05%浦发银行 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.02% 0.04% 0.12% 0.01% 0.00% -0.01%中信银行 0.00% 0.00% 0.00% 0.02% 0.00% 0.00% 0.00% 0.00% 0.02% 0.03% 0.10% 0.05% 0.05% 0.00%光大银行 0.01% 0.01% 0.01% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.01% 0.00% 0.00% 0.00%华夏银行 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%平安银行 0.18% 0.09% 0.04% 0.04% 0.03% 0.03% 0.01% 0.01% 0.02% 0.01% 0.01% 0.01% 0.01% 0.00%浙商银行 0.00% 0.00% 0.01% 0.01% 0.00% 0.01% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%北京银行 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.01% 0.01% 0.01% 0.01% 0.02% 0.01% 0.02% 0.01%宁波银行 0.86% 0.50% 0.41% 0.49% 0.22% 0.22% 0.26% 0.31% 0.37% 0.45% 0.51% 0.22% 0.32% 0.10%南京银行 0.10% 0.05% 0.03% 0.04% 0.01% 0.02% 0.02% 0.01% 0.02% 0.01% 0.11% 0.02% 0.04% 0.02%上海银行 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.03% 0.04% 0.06% 0.06% 0.01% 0.02% 0.01%江苏银行 0.16% 0.14% 0.20% 0.25% 0.20% 0.22% 0.14% 0.21% 0.43% 0.35% 0.54% 0.12% 0.11% -0.02%杭州银行 0.21% 0.12% 0.14% 0.11% 0.10% 0.13% 0.19% 0.13% 0.21% 0.21% 0.44% 0.15% 0.10% -0.04%贵阳银行 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%成都银行 0.25% 0.18% 0.20% 0.27% 0.21% 0.28% 0.32% 0.28% 0.38% 0.34% 0.40% 0.17% 0.05% -0.12%长沙银行 0.00% 0.04% 0.04% 0.04% 0.03% 0.04% 0.05% 0.05% 0.06% 0.06% 0.06% 0.04% 0.04% 0.00%郑州银行 0.00% 0.00% 0.00% 0.00%西安银行 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%苏州银行 0.01% 0.01% 0.01% 0.01% 0.03% 0.04% 0.04% 0.01% 0.05% 0.04% 0.04% 0.02% 0.02% 0.00%青岛银行 0.00% 0.00% 0.00% 0.00% 0.00% 0.02% 0.01% 0.02% 0.00%厦门银行 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%重庆银行 0.00% 0.00% 0.00% 0.00% 0.01% 0.02% 0.00% 0.00% 0.00%齐鲁银行 0.00% 0.00% 0.01% 0.01% 0.01% 0.02% 0.04% 0.03% 0.03% 0.00%兰州银行 0.00% 0.00% 0.00%沪农商行 0.00% 0.00% 0.00% 0.01% 0.01% 0.02% 0.03% 0.03% 0.03% 0.03% 0.03% 0.01% 0.01% 0.00%渝农商行 0.00% 0.00% 0.00% 0.02% 0.06% 0.06% 0.12% 0.12% 0.17% 0.11% 0.11% 0.00%无锡银行 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%常熟银行 0.09% 0.07% 0.08% 0.07% 0.06% 0.08% 0.10% 0.09% 0.13% 0.10% 0.11% 0.06% 0.06% 0.00%江阴银行 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%苏农银行 0.02% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.01% 0.00% 0.00% 0.00% 0.00%张家港行 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%青农商行 0.00% 0.00% 0.00% 0.00% 0.00%紫金银行 0.00% 0.00% 0.00% 0.00% 0.00%瑞丰银行 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%国有行 0.25% 0.19% 0.42% 0.54% 0.55% 0.72% 0.89% 0.88% 1.18% 0.80% 0.77% 0.23% 0.31% 0.08%股份行 0.66% 0.70% 0.93% 1.14% 1.55% 0.59% 0.61% 0.02%城商行 1.59% 1.04% 1.03% 1.22% 0.81% 0.96% 1.04% 1.06% 1.58% 1.55% 2.26% 0.81% 0.77% -0.04%农商行 0.12% 0.08% 0.08% 0.07% 0.07% 0.12% 0.20% 0.18% 0.28% 0.26% 0.30% 0.18% 0.19% 0.01%A股银行 2.99% 1.98% 2.11% 2.54% 1.95% 2.46% 2.79% 2.82% 3.98% 3.75% 4.88% 1.81% 1.88% 0.07%行业标配差 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 QoQ电子 1.6% 1.5% 2.8% 3.4% 5.5% 4.6% 7.6% 7.0% 9.0% 9.9% 9.7% 13.1%通信 -0.4% 0.1% 1.9% 1.3% 0.8% 1.8% 2.9% 3.0% 2.3% 0.2% 2.4% 5.9%电力设备 9.8% 7.2% 7.5% 4.3% 3.6% 4.6% 4.1% 6.0% 6.7% 5.0% 3.8% 4.7%有色金属 0.8% 0.7% 0.3% 0.8% 0.9% 2.5% 2.6% 2.1% 0.4% 1.2% 1.3% 1.9%医药生物 3.5% 4.0% 4.3% 5.2% 6.3% 4.3% 4.1% 4.0% 3.5% 4.0% 4.3% 3.2%汽车 0.0% -0.1% 0.6% 1.1% 0.8% 1.1% 1.2% 1.8% 2.1% 3.4% 2.0% 0.5%家用电器 -0.2% 0.2% 0.6% 1.1% 1.3% 2.1% 2.7% 3.3% 3.2% 3.0% 2.3% 0.8%食品饮料 6.6% 7.9% 5.4% 6.6% 5.6% 5.7% 2.8% 2.2% 2.3% 2.7% 1.4% 0.2%综合 -0.2% -0.2% -0.1% -0.1% -0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.1%农林牧渔 0.0% 0.1% 0.0% 0.1% 0.7% 0.7% 0.7% 0.3% 0.1% 0.0% 0.4% 0.0%-0.美容护理 0.4% 0.3% 0.2% 0.0% -0.1% 0.0% -0.1% -0.1% -0.1% 0.0% 0.1% -0.1%建筑材料 -0.2% -0.3% -0.3% -0.2% -0.4% -0.4% -0.3% -0.3% -0.2% -0.1% -0.1% -0.2%社会服务 0.4% 0.3% 0.2% 0.2% 0.1% 0.0% -0.1% -0.1% -0.1% 0.0% -0.1% -0.3%轻工制造 -0.1% -0.4% -0.3% -0.3% -0.3% 0.1% -0.1% -0.1% 0.0% -0.2% -0.2% -0.4%行业标配差 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 QoQ电子 1.6% 1.5% 2.8% 3.4% 5.5% 4.6% 7.6% 7.0% 9.0% 9.9% 9.7% 13.1%通信 -0.4% 0.1% 1.9% 1.3% 0.8% 1.8% 2.9% 3.0% 2.3% 0.2% 2.4% 5.9%电力设备 9.8% 7.2% 7.5% 4.3% 3.6% 4.6% 4.1% 6.0% 6.7% 5.0% 3.8% 4.7%有色金属 0.8% 0.7% 0.3% 0.8% 0.9% 2.5% 2.6% 2.1% 0.4% 1.2% 1.3% 1.9%医药生物 3.5% 4.0% 4.3% 5.2% 6.3% 4.3% 4.1% 4.0% 3.5% 4.0% 4.3% 3.2%汽车 0.0% -0.1% 0.6% 1.1% 0.8% 1.1% 1.2% 1.8% 2.1% 3.4% 2.0% 0.5%家用电器 -0.2% 0.2% 0.6% 1.1% 1.3% 2.1% 2.7% 3.3% 3.2% 3.0% 2.3% 0.8%食品饮料 6.6% 7.9% 5.4% 6.6% 5.6% 5.7% 2.8% 2.2% 2.3% 2.7% 1.4% 0.2%综合 -0.2% -0.2% -0.1% -0.1% -0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.1%农林牧渔 0.0% 0.1% 0.0% 0.1% 0.7% 0.7% 0.7% 0.3% 0.1% 0.0% 0.4% 0.0%-0.美容护理 0.4% 0.3% 0.2% 0.0% -0.1% 0.0% -0.1% -0.1% -0.1% 0.0% 0.1% -0.1%建筑材料 -0.2% -0.3% -0.3% -0.2% -0.4% -0.4% -0.3% -0.3% -0.2% -0.1% -0.1% -0.2%社会服务 0.4% 0.3% 0.2% 0.2% 0.1% 0.0% -0.1% -0.1% -0.1% 0.0% -0.1% -0.3%轻工制造 -0.1% -0.4% -0.3% -0.3% -0.3% 0.1% -0.1% -0.1% 0.0% -0.2% -0.2% -0.4%-0.纺织服饰 -0.4% -0.3% -0.2% -0.2% -0.1% 0.0% -0.2% -0.2% -0.2% -0.3% -0.3% -0.4%传媒 -0.9% -0.7% -0.5% -0.7% -1.0% -0.9% -0.9% -0.8% -0.7% -0.3% 0.2% 0.7%机械设备 -1.3% -1.1% -0.8% -0.5% -0.1% -0.4% -0.2% -0.7% -0.6% -0.1% -0.8% -0.9%国防军工 1.7% 0.7% 1.0% 0.8% 0.7% 0.2% 0.8% 1.0% 0.9% 0.6% 1.3% 0.3%钢铁 -0.8% -0.9% -0.7% -0.7% -0.7% -0.7% -0.6% -0.7% -0.5% -0.4% -0.6% -0.6%环保 -0.5% -0.5% -0.4% -0.5% -0.5% -0.4% -0.4% -0.4% -0.4% -0.4% -0.4% -0.5%商贸零售 -0.1% -0.4% -0.6% -0.6% -0.7% -0.5% -0.5% -0.7% -0.6% -0.5% -0.4% -0.6%房地产 0.0% -0.3% -0.3% -0.4% -0.5% -0.5% -0.5% -0.1% -0.5% -0.5% -0.6% -0.7%基础化工 -0.7% -0.9% -1.1% -0.7% -0.8% -0.8% -0.8% -0.9% -0.9% -0.9% -0.9% -1.5%煤炭 -1.4% -1.2% -1.3% -1.1% -1.0% -1.1% -1.1% -1.1% -1.3% -1.4% -1.4% -1.3%建筑装饰 -1.6% -1.4% -1.4% -1.4% -1.5% -1.6% -1.5% -1.6% -1.5% -1.4% -1.4% -1.4%11.2%-1.97%7.6%1.73%3.9%2.8%2.2%-0.83%0.87%-1.00%1.0%0.8%0.5%0.0%08%-0.1%-0.1%-0.2%38%-0.4%-0.5%-0.5%-0.5%-0.5%-0.5%-0.6%-0.9%-1.2%-1.2%-1.4%-1.5%-2.5%-2.9%-3.0%-3.6%-7.4%0.48%-0.10%0.23%0.01%-0.05%-0.03%0.05%0.05%0.05%-0.01%-1.17%0.39%-0.85%0.08%0.00%0.00%-0.18%0.32%0.06%0.01%交通运输 -1.0% -1.1% -1.6% -1.6% -1.7% -1.3% -1.5% -1.6% -1.7% -1.9% -1.5% -1.9%石油石化 -2.2% -2.3% -2.8% -2.7% -2.7% -3.2% -3.3% -3.0% -2.9% -2.9% -2.9% -2.3%公用事业 -2.5% -2.4% -2.2% -2.3% -2.1% -1.7% -1.7% -2.4% -2.6% -3.0% -2.7% -3.0%计算机 0.9% 3.3% 2.9% 1.5% 0.9% -0.3% -1.3% -1.7% -1.6% -1.4% -2.0% -2.3%非银金融 -5.1% -5.2% -5.4% -5.1% -5.3% -5.4% -5.4% -5.7% -6.2% -5.7% -5.2% -4.9%银行 -6.2% -6.5% -7.3% -7.3% -7.8% -8.4% -9.1% -8.5% -8.0% -8.6% -7.8% -8.4%0.33%-0.16%0.07%-0.69%1.30%1.00%个股标配差3Q224Q221Q232Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q25QoQ工商银行-1.73%个股标配差3Q224Q221Q232Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q25QoQ工商银行-1.73%-1.66%-1.59%-1.70%-1.66%-1.74%-1.86%-2.05%-1.89%-2.01%-2.16%-2.26%-2.40%-2.39%0.01%农业银行-1.28%-1.29%-1.36%-1.51%-1.56%-1.60%-1.81%-1.84%-1.78%-1.87%-1.95%-2.08%-2.26%-2.26%0.00%中国银行-1.02%-1.00%-0.99%-1.12%-1.10%-1.21%-1.31%-1.43%-1.28%-1.36%-1.41%-1.59%-1.61%-1.58%0.04%建设银行-0.03%-0.06%-0.05%0.00%0.02%0.03%0.06%0.06%0.07%0.10%0.08%-0.05%-0.20%-0.17%0.03%交通银行-0.28%-0.27%-0.27%-0.29%-0.28%-0.29%-0.30%-0.39%-0.32%-0.33%-0.35%-0.47%-0.50%-0.49%0.00%邮储银行-0.02%0.00%-0.46%-0.47%-0.45%-0.45%-0.49%-0.53%-0.51%-0.53%-0.51%-0.64%-0.66%-0.66%0.00%招商银行-0.45%-0.45%-0.49%-0.47%-0.40%-0.41%-0.38%-0.46%-0.38%-0.22%-0.15%-0.06%-0.73%-0.72%0.01%民生银行-0.19%-0.18%-0.17%-0.19%-0.19%-0.19%-0.20%-0.20%-0.19%-0.19%-0.17%-0.10%-0.13%-0.17%-0.04%兴业银行-0.44%-0.42%-0.42%-0.43%-0.45%-0.47%-0.47%-0.52%-0.48%-0.48%-0.54%-0.51%-0.58%-0.53%0.05%浦发银行-0.32%-0.32%-0.29%-0.30%-0.30%-0.29%-0.31%-0.36%-0.38%-0.37%-0.36%-0.40%-0.50%-0.51%-0.01%中信银行-0.24%-0.25%-0.26%-0.28%-0.27%-0.26%-0.35%-0.39%-0.35%-0.33%-0.35%-0.32%-0.37%-0.37%0.00%光大银行-0.17%-0.18%-0.19%-0.19%-0.19%-0.19%-0.21%-0.22%-0.22%-0.23%-0.22%-0.23%-0.23%-0.23%0.00%华夏银行-0.10%-0.10%-0.12%-0.12%-0.13%-0.13%-0.15%-0.15%-0.15%-0.16%-0.16%-0.15%-0.15%-0.15%0.00%平安银行-0.25%-0.21%-0.25%-0.26%-0.27%-0.24%-0.27%-0.29%-0.30%-0.28%-0.27%-0.27%-0.28%-0.28%0.00%浙商银行-0.03%-0.07%-0.07%-0.07%-0.07%-0.08%-0.09%-0.08%-0.08%-0.08%-0.08%-0.09%-0.09%-0.09%0.00%北京银行-0.14%-0.13%-0.13%-0.14%-0.14%-0.14%-0.17%-0.18%-0.16%-0.16%-0.16%-0.16%-0.17%-0.16%0.01%宁波银行0.39%0.54%0.25%0.17%0.23%0.02%0.02%0.04%0.08%0.17%0.23%0.28%0.00%0.10%0.10%南京银行-0.02%-0.04%-0.08%-0.08%-0.08%-0.10%-0.12%-0.14%-0.14%-0.14%-0.14%-0.06%-0.15%-0.14%0.02%上海银行-0.12%-0.12%-0.12%-0.11%-0.13%-0.13%-0.14%-0.15%-0.12%-0.12%-0.12%-0.12%-0.18%-0.16%0.01%江苏银行-0.01%0.00%0.00%0.04%0.08%0.02%0.00%-0.07%0.01%0.20%0.13%0.27%-0.14%-0.16%-0.02%杭州银行0.09%0.11%0.03%0.04%0.01%0.02%0.04%0.07%0.02%0.09%0.09%0.30%0.00%-0.04%-0.04%贵阳银行-0.03%-0.03%-0.03%-0.03%-0.03%-0.03%-0.03%-0.03%-0.03%-0.03%-0.03%-0.03%-0.03%-0.03%0.00%成都银行0.17%0.16%0.11%0.13%0.20%0.15%0.20%0.24%0.20%0.29%0.2