In the post-crisis era, how to accurately measure systemic risk contribution of financial institutions for identifying systemically important financial institutions is an important task of macro-prudential supervision. Using the data of 32 China’s publicly-listed financial institutions from 2010 to 2019, we use the tail-event driven network (TENET) model to construct tail risk spillover network for measuring connectedness among financial institutions, introduce such firm characteristics as size, leverage and liquidity, and propose a network-market-book hybrid systemic risk contribution measurement based on an improved PageRank algorithm. Specifically, we empirically analyze the network interconnectedness from the system-wide, sector-conditional and institution-level measures. The results show that: (i) the total connectedness of the financial system is at a high level during a crisis or market downturn, and the tail risk spillover network can effectively capture extreme risk events; (ii) the connectedness level within sectors is generally higher than that across sectors, but the risk spillover intensity across sectors will increase in extreme conditions; and (iii) banks and insurers contribute more to systemic risk than securities.