证券之星消息，8月29日股份制银行板块较上一交易日下跌1.03%，华夏银行领跌。当日上证指数报收于 3857.93，上涨0.37%。深证成指报收于12696.15，上涨0.99%。股份制银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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601166 兴业银行 | | -2746.18万 | -1.10% | -1804.58万 | -0.72% | 4550.76万 | 1.83% | | 601998 中信银行 | | -3583.08万 | -4.44% | 1818.83万 | 2.25% | 1764.25万 | 2.19% | | 601916 浙商银行 | | -5598.36万 | -7.44% | 3171.36万 | 4.22% | 2427.00万 | 3.23% | | 600000 浦发银行 | | -1.28 Z | -7.21% | -4731.45万 | -2 ...

本报讯 （记者吕东） 2025年世界机器人大会上，DI机器人凭借系列可穿戴外骨骼机器人产品备受关注，其背后，与浦发银 行（600000）北京分行的支持紧密相关。据了解，该行通过"京益求精"科技金融服务方案为DI机器人的 发展提供了坚实后盾。 作为外骨骼机器人治疗解决方案权威提供商，DI机器人在康复机器人原创研发领域成果卓著。 2024年初，DI机器人处于研发投入、市场推广阶段，浦发银行北京分行依托"5+7+X"浦科产品体系，精 准对接企业需求，根据企业特点匹配"浦新贷"产品，高效解决企业资金难题。浦发银行北京分行与DI机 器人的合作，成为金融赋能机器人产业创新的有力实践。 浦发银行北京分行持续提升"京益求精"科技金融服务品牌，不断丰富"融资、融智、融享"一体化的服务 体系，为科技企业提供财务、跨境金融、产业链融合等综合服务，全面助力科技企业攀登创新高地。 下一步，该行还将围绕"超级平台、超级产品、超级系统"，强化科技金融服务支撑，持续探索金融服务 科技创新的新模式，深度赋能科技企业创新发展，助力加快培育新质生产力。 ...

Core Viewpoint - In the first half of 2025, Shanghai Pudong Development Bank (SPDB) demonstrated resilience with a report showing revenue growth and profit increase despite a challenging market environment [1][4]. Financial Performance - SPDB achieved operating revenue of 90.559 billion yuan, a year-on-year increase of 2.62%, and a net profit attributable to shareholders of 29.737 billion yuan, up 10.19% year-on-year, marking a "double increase" in revenue and profit [1][4]. - The bank's total assets expanded to 9.65 trillion yuan, with total loans of 5.63 trillion yuan, growing by 4.51%, and total deposits reaching 5.59 trillion yuan, with an increase of 8.71%, the highest in five years [5]. - The non-performing loan ratio decreased to 1.31%, and the provision coverage ratio rose to 193.97%, both achieving the best levels in nearly a decade [5]. Digital Intelligence Strategy - SPDB has positioned 2025 as a year for enhancing its "digital intelligence" strategy, focusing on both business and management dual drives [6]. - The bank aims to create an integrated online and offline ecosystem, with over one million new registered users on the "Puhui" platform and mobile banking clients exceeding 90 million [6]. - The establishment of an AI center and the implementation of over 50 benchmark applications have improved operational efficiency and risk control [6][7]. Five Major Tracks - The "Five Major Tracks" strategy encompasses technology finance, supply chain finance, inclusive finance, cross-border finance, and financial asset management, contributing to 70% of new loans in the first half of the year [9]. - In technology finance, SPDB served over 240,000 innovative enterprises, with a loan balance exceeding 1 trillion yuan [9]. - Supply chain finance saw significant growth, with online business volume reaching 358.265 billion yuan, a year-on-year increase of 382% [9][10]. Regional Strategy - SPDB's regional advantage is highlighted by its strong presence in the Yangtze River Delta, with total loans of 1.98 trillion yuan and deposits of 2.53 trillion yuan, both leading among joint-stock banks [12][13]. - The bank has established a committee for integrated development in the region and has over 500 institutions serving more than 450,000 corporate clients [13]. - SPDB is actively involved in supporting key industries in Shanghai, including integrated circuits and biomedicine, while also enhancing its green finance initiatives [14]. Overall Outlook - SPDB's half-year report reflects a balanced approach to internal recovery and external challenges, with a focus on digital intelligence, differentiated strategies, and regional strengths [14]. - The management emphasizes the importance of strategic determination and innovation to navigate the challenges faced by the banking industry [14].

今年上半年，在复杂市场环境下，浦发银行交出了一份颇显韧性的半年报。8月27日晚，该行披露2025年半年报，上半年实现营业收入905.59亿元，同比增 长2.62%；归母净利润297.37亿元，同比增长10.19%，营收与利润实现"双增"。不良贷款率降至1.31%，拨备覆盖率升至193.97%，均创近十年来最佳水平。 "上半年贷款增量超去年全年（增量）六成，其中五大赛道业务占新增贷款七成；净息差跑赢大势，边际改善明显。这种增长是心中有底的增长。"浦发银行 行长谢伟在28日的业绩说明会上表示。他强调，数智化战略的持续深化不仅重塑了资产增长引擎，也为盈利的可持续性和风险管控提供了保障。 浦发银行将2025年定位为"数智化"战略提升年，并在报告期内强化了五大赛道与长三角战略的协同，通过差异化路径在行业竞争中突围。这也成为观察该行 转型成效与长期韧性的关键窗口。 经营业绩提升：稳中有进，利润韧性增强 浦发银行上半年实现了营收与利润的"双增"。集团营业收入905.59亿元，同比增长2.62%；归母净利润297.37亿元，同比增长10.19%。在行业整体利润承压 之时，浦发的利润增速显得尤为亮眼。 在公司运营层面，浦发成立 ...

Core Viewpoint - Shanghai Pudong Development Bank (SPDB) reported a revenue of 90.6 billion yuan for the first half of 2025, representing a year-on-year growth of 2.62%, and a net profit attributable to shareholders of 29.7 billion yuan, up 10.19% year-on-year [1] Financial Performance - The bank's credit cost decreased, leading to a marginal improvement in profit growth, with revenue and net profit growth rates of 2.62% and 10.19% respectively, showing improvements of 1.3 percentage points and 9.2 percentage points compared to Q1 2025 [1] - Net interest income grew by 0.45% year-on-year, with a net interest margin of 1.41%, down 1 basis point from the previous year [1] Asset and Liability Management - Interest-earning assets and loan yields for H1 2025 were 3.25% and 3.47%, down 32 basis points and 41 basis points year-on-year respectively [2] - The bank's interest-bearing liabilities and deposit cost rates were 1.87% and 1.67%, down 33 basis points and 30 basis points year-on-year respectively [2] Non-Interest Income - Net fee and commission income decreased by 1.0% year-on-year, with a notable decline in credit card business [3] - Other non-interest income increased by 12.1% year-on-year, driven by a 15.9% increase in investment income [3] Asset Quality - As of Q2 2025, total assets reached 9.65 trillion yuan, with total loans of 5.63 trillion yuan, reflecting year-on-year growth of 4.2% and 6.0% respectively [4] - The non-performing loan (NPL) ratio was 1.31%, down 2 basis points from the previous quarter, indicating improved asset quality [4][5] Risk Mitigation - The provision coverage ratio and loan-to-deposit ratio were 193.97% and 2.54%, respectively, showing improvements of 7 percentage points and 5 basis points from the previous quarter [5] - The bank's credit cost for H1 2025 was 1.20%, down 9 basis points year-on-year [6] Investment Outlook - The bank is expected to maintain a stable profit growth momentum, with projected net profit growth rates of 10.48%, 9.56%, and 8.19% for 2025-2027 [6]

Core Viewpoint - Shanghai Pudong Development Bank (SPDB) demonstrated resilience in revenue and profit growth amid a complex economic environment, achieving a net profit of 29.737 billion yuan, a year-on-year increase of 10.19% [2][3][9] Financial Performance - The bank reported operating income of 90.559 billion yuan for the first half of 2025, up 2.62% year-on-year [1][2] - Net interest income accounted for approximately 64.4% of total revenue, amounting to 58.307 billion yuan [2] - The bank's net interest margin was 1.41%, a decrease of 0.07 percentage points year-on-year, but the decline was less severe than in previous years [1][3] Profitability Indicators - The weighted average return on equity (ROE) improved to 4.33%, up from 4.17% in the previous year, indicating enhanced capital efficiency [3] - Basic earnings per share increased by 11.24% to 0.99 yuan [3] Revenue Structure - Non-interest income rose to 32.252 billion yuan, a year-on-year increase of 6.79% [4] - Fee and commission income was 12.157 billion yuan, showing a slight decline of 1.02% year-on-year, reflecting the resilience of the bank's middle-income business [4] - Investment income grew by 15.9% to 14.998 billion yuan, driven by bond investment gains and optimized trading strategies [4] Asset Quality and Risk Management - The non-performing loan (NPL) ratio remained stable at 1.31%, lower than the industry average of 1.49% [6] - The provision coverage ratio increased to 193.97%, indicating strong risk resistance capabilities [6] Capital Adequacy - The core tier 1 capital adequacy ratio was 8.91%, with total capital adequacy at 13.55%, all meeting regulatory requirements [7] - The bank faces challenges in capital replenishment due to slowed profit growth and increased risk-weighted assets [7] Strategic Initiatives - The bank is focusing on five strategic areas: technology finance, supply chain finance, inclusive finance, cross-border finance, and treasury finance, which are expected to enhance its asset-liability structure [8] - The bank's digital transformation strategy aims to improve operational efficiency and customer experience [9]

Key Insights - The report highlights the significant growth in the nutritional products sector, with New Hope Liuhe (002001.SZ) achieving a revenue of 11.101 billion yuan, a year-on-year increase of 12.76%, and a net profit of 3.603 billion yuan, up 63.46% [10] - The report emphasizes the robust performance of the amino acid market, particularly methionine, with prices rising to 22,200 yuan per ton, reflecting a year-to-date increase of 12.98% [11] - The report notes the steady performance of the vitamin A and E segments, with revenue of 2.085 billion yuan and a net profit of 1.209 billion yuan, maintaining a net profit margin of 58% despite recent price declines [12] Company Analysis - New Hope Liuhe's nutritional products segment accounted for 64.86% of total revenue, with a gross margin of 47.79%, an increase of 11.93 percentage points year-on-year [10] - The company has expanded its methionine production capacity to 460,000 tons per year, positioning it as the third-largest producer globally [11] - The vitamin segment's revenue is expected to remain stable, with recent price adjustments indicating limited further declines [12] Industry Trends - The real estate sector is experiencing a downturn, with a 6.5% year-on-year decline in sales volume and a 4.0% decrease in sales area as of July 2025 [22] - The average price of new residential properties has decreased by 2.6% year-on-year, indicating ongoing pressure in the housing market [23] - Recent policy relaxations in major cities like Beijing and Shanghai are expected to provide some support to the real estate market, although the overall outlook remains cautious [24] Financial Performance - The report indicates that Beike-W (02423.HK) achieved a revenue of 26 billion yuan in Q2 2025, a year-on-year increase of 11%, although net profit declined by 32% [28] - Yuexiu Property (00123.HK) reported a revenue of 47.6 billion yuan, a 34.6% increase, but a net profit decline of 25.2% due to lower gross margins [31] - Zhou Dasheng (002867.SZ) experienced a 43.29% drop in revenue to 4.597 billion yuan, while net profit remained relatively stable, reflecting a 1.27% decline [32] Market Outlook - The report suggests that the non-bank financial sector is poised for growth, driven by a shift in deposit behaviors and increased demand for risk assets [25] - The overall market is in a recovery phase, with expectations of a gradual improvement in economic conditions and investment opportunities in various sectors [26] - The report maintains a positive outlook for companies with strong fundamentals and innovative product offerings, particularly in the nutritional and financial sectors [13][26]

Overview - The report provides insights into the performance of various companies across different industries, highlighting key financial metrics and growth prospects for the first half of 2025 [1][2]. Key Insights - The coal industry shows signs of recovery with companies like 潞安环能 and 山煤国际 reporting improved performance in Q2 2025, driven by increased production and cost optimization [34][40]. - The electric equipment sector is witnessing stability in pricing due to the phosphoric iron lithium development initiative, which aims to support sustainable growth in the industry [5]. - The construction and decoration industry, represented by companies like 中国建筑 and 矩阵股份, is experiencing accelerated growth in Q2 2025, with improved cash flow and profitability [10][14]. - The agricultural sector, particularly 温氏股份, is seeing a rebound in chicken prices, which is expected to enhance profitability in the latter half of 2025 [12]. - The media and entertainment industry, with companies like 风语筑 and 荣信文化, is leveraging AI and digital transformation to enhance revenue streams and improve financial performance [18][27]. Company Summaries Coal Industry - 潞安环能 reported a Q2 2025 revenue of 71.01 billion yuan, a decrease of 21.05% year-on-year, but with a significant improvement in production and cost management [34]. - 山煤国际's Q2 2025 revenue was 51.58 billion yuan, down 33.03% year-on-year, but the company is optimistic about recovery due to rising coal prices in the second half of the year [40]. Electric Equipment - The phosphoric iron lithium initiative aims to stabilize prices and improve profitability for companies in the sector, with a focus on sustainable development [5]. Construction and Decoration - 中国建筑 achieved a Q2 2025 net profit of 466 billion yuan, reflecting a 1% increase year-on-year, supported by improved cash flow and reduced impairment losses [10]. - 矩阵股份 reported a significant increase in net profit, with a 103% growth in non-recurring profit, driven by enhanced asset quality and cash flow [14]. Agriculture - 温氏股份 sold 1,793.19 million pigs in H1 2025, a 25% increase year-on-year, with a notable drop in costs leading to improved profitability [12]. Media and Entertainment - 风语筑's H1 2025 revenue grew by 33.97% to 7.75 billion yuan, marking a turnaround to profitability, while 荣信文化 is focusing on AI-driven marketing strategies to enhance growth [18][27]. Financial Projections - The report includes projections for various companies, indicating expected growth in net profits for 2025-2027 across multiple sectors, with specific figures provided for companies like 海尔智家 and 龙净环保 [28][30].

8月27日，浦发银行发布2025年半年度报告。报告期内，浦发银行实现营业收入905.59亿元，同比增加 23.11亿元，增长2.62%；归属于母公司股东的净利润297.37亿元，同比增加27.49亿元，增长10.19%。基 于业绩数据，换帅后的浦发银行表现不错，但是细看之下结构性压力不容忽视。 净利增10%、不良率五连降、存款破5.5万亿 盈利韧性凸显，主营业务驱动增长 浦发银行 2025 年上半年盈利表现持续亮眼，经营效益延续向好态势，且增长质量显著提升。从核心指 标看，报告期内实现归属于母公司股东的净利润 297.37 亿元，同比增长 10.19%；扣除非经常性损益后 的净利润 299.84 亿元，同比增幅更高达 11.86%，显著高于净利润增速，表明盈利增长并非依赖政府补 助、资产处置等偶发因素，而是源于信贷投放、客户经营等主营业务的扎实支撑，盈利 "含金量" 十 足。 | 图 | | --- | 片来源：浦发银行2025年半年报 从盈利效率看，加权平均净资产收益率（ROE）达 4.33%，同比上升 0.16 个百分点；平均总资产收益 率（ROA）0.31%，同比提升 0.01 个百分点，在银行业净息差 ...

编者按：8月16日，"2025资产管理年会"在上海举办。"资产管理年会"始于2007年，历经十余年积淀， 目前已是国内资管行业最具影响力的盛事之一。本届年会聚焦主题"破局与重构——大资管再造竞争 力"，金融监管部门、权威专家学者、各大机构的负责人等千余名资管人士参加会议并围绕大资管发展 趋势、多元资产配置等重要议题展开分享和讨论，本专题特刊精选了部分会议内容予以刊发。 本报记者 吴霜 8月16日，由南方财经全媒体集团指导，21世纪经济报道主办、浦发银行联合主办的"2025资产管理年 会"在上海浦东隆重举办。 "肩负金融强国的使命、践行金融为民的责任，是资管行业回归初心，再造竞争力的力量之源"，在主论 坛上，浦发银行董事长、党委书记张为忠表示，近年来，资管行业迎来了"天时、地利、人和"的发展契 机，正加快从"规模扩张"向"质量提升"转变，浦发银行将以"一个中心、四化发展"，全面融入到上海国 际金融中心建设的大局之中。 张为忠表示，从天时来看，上半年，我国经济稳中有进，主要经济指标表现良好，GDP同比实现5.3% 的增长，高质量发展不断取得新的成效。中国资管市场规模持续扩大，行业结构更加多元，呈现"百花 齐放"的 ...