8月29日，华夏银行召开2025年半年度业绩说明会，华夏银行副行长、财务负责人、董事会秘书杨伟 就"如何稳息差"回答了记者提问。杨伟表示，本轮降息以来，银行业息差持续下降，我行与同业趋同。 2025年下半年，我行将持续优化资产负债结构，一方面加快推进资产增长，优化资产结构，提升优质资 产占比；另一方面，加强负债结构管理，在总量、结构以及定价方面实行精细化管理，加强客户链式开 发，深化客户综合定价，以结构优化推动收益增长和成本下降，稳定息差。财报显示，截至6月末，华 夏银行净息差1.54%，同比下降0.07个百分点，略低于金融监管总局披露的2025年二季度股份行净息差 平均值1.55%。（21世纪经济报道） ...

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - On August 28, the overall capital market showed a complex trend with the stock market strongly rebounding, the bond market under pressure and weakening, the convertible bond market's main indexes rising collectively but most individual convertible bonds falling, and the yields of U.S. Treasury bonds at different maturities diverging while the 10 - year Treasury bond yields of major European economies generally declining [1]. 3. Summary by Directory 3.1 Bond Market News - **Domestic News** - The "Opinions of the CPC Central Committee and the State Council on Promoting High - quality Development of Cities" was released, aiming to establish a sustainable urban construction and operation investment and financing system by 2030 and basically build a modern people - centered city by 2035 [3]. - In July 2025, the total issuance of local government bonds was 1.2135 trillion yuan, and the balance of local government debt at the end of July was 52.7627 trillion yuan [4]. - The State Administration for Market Regulation promoted the return of market competition to a benign and orderly track [5]. - From January to July 2025, the total social logistics volume exceeded 200 trillion yuan, with a year - on - year increase of 5.2% [6]. - **International News** - The annualized quarterly - on - quarterly growth rate of the U.S. real GDP in the second quarter was revised up to 3.3%, mainly driven by business investment [7]. - **Commodities** - On August 28, international crude oil futures prices turned up, and international natural gas prices continued to rise [8]. 3.2 Capital Market - **Open Market Operations** - On August 28, the central bank conducted 416.1 billion yuan of 7 - day reverse repurchase operations, with a net capital injection of 163.1 billion yuan [9]. - **Funding Rates** - On August 28, the capital market was generally balanced and loose. DR001 decreased by 0.11bp to 1.313%, and DR007 increased by 2.72bp to 1.540% [10]. 3.3 Bond Market Dynamics - **Interest - rate Bonds** - On August 28, the bond market was under pressure and weakened. The yield of the 10 - year Treasury bond active bond 250011 rose by 2.50bp to 1.7900%, and the yield of the 10 - year CDB bond active bond 250215 rose by 3.35bp to 1.8875% [13]. - Information on bond tenders is provided, including the issuance scale, winning bid yield, and other data of multiple bonds [15]. - **Credit Bonds** - One industrial bond's trading price deviated by more than 10%, with "H1 Bidi 03" rising by more than 104% [15]. - Multiple companies, including Qingdao Beer Group, Weihai Thermal Power Group, and HeSteel Group, cancelled bond issuances due to market fluctuations [16]. - Huaxia Bank's operating income in the first half of the year was 45.522 billion yuan, a year - on - year decrease of 5.86%, and its net profit was 11.47 billion yuan, a year - on - year decrease of 7.95% [16]. - **Convertible Bonds** - On August 28, the three major A - share stock indexes rose collectively, and the main indexes of the convertible bond market also rose. The convertible bond market's trading volume was 122.512 billion yuan, an increase of 3.217 billion yuan from the previous trading day [17]. - Jinchengxin's convertible bond issuance obtained the CSRC's registration approval [18]. - **Overseas Bond Markets** - On August 28, the yields of U.S. Treasury bonds at different maturities diverged, with the 2 - year yield rising by 2bp to 3.62% and the 10 - year yield falling by 2bp to 4.22% [20]. - The 10 - year Treasury bond yields of major European economies generally declined, except for Germany's which rose by 1bp to 2.70% [23]. - Information on the daily price changes of Chinese - funded US dollar bonds is provided, including the price changes of bonds of multiple companies [25].

Group 1 - The banking sector experienced a significant upward movement, with Xi'an Bank rising over 7% [1] - Huaxia Bank, Wuxi Bank, and Shanghai Bank each saw an increase of over 2% [1] - Industrial and Commercial Bank of China (ICBC) and Beijing Bank also showed gains [1]

Group 1 - Major financial stocks, including banks and insurance companies, experienced a significant rally on August 29, with notable increases in share prices [1] - Xinhua Insurance surged over 7%, reaching a new historical high, while Xi'an Bank also rose more than 7% [1] - Other financial institutions such as China Pacific Insurance, China Life Insurance, Huaxia Bank, Wuxi Bank, Shanghai Bank, and China Everbright Bank also saw their stock prices increase [1]

Core Viewpoint - Huaxia Bank reported steady growth in asset scale and loan amounts for the first half of 2025, despite a decline in operating income and net profit compared to the previous year [1] Financial Performance - Total assets reached 4,549.63 billion RMB, an increase of 3.96% from the end of the previous year [1] - Total loans amounted to 2,417.10 billion RMB, up 2.15% year-on-year [1] - Total deposits were 2,323.16 billion RMB, reflecting a growth of 7.99% from the previous year [1] - Operating income was 45.52 billion RMB, down 5.86% year-on-year, but improved by 11.87 percentage points from Q1 2025 [1] - Net profit attributable to shareholders was 11.47 billion RMB, a decrease of 7.95% year-on-year, with a 6.09 percentage point improvement from Q1 2025 [1] - Non-performing loan ratio remained stable at 1.60%, unchanged from the end of the previous year [1] Business Structure Optimization - Loans to technology enterprises, green loans, inclusive small and micro enterprise loans, and loans to core digital economy industries grew faster than total loan growth by 30.00, 14.48, 1.90, and 12.13 percentage points respectively [2] - Deposit ratio increased to 51.06%, up 1.90 percentage points from the previous year [2] - Net income from fees and commissions reached 3.10 billion RMB, a 2.55% increase year-on-year [2] - Business and management expenses were 13.21 billion RMB, down 0.66% year-on-year [2] - Cost-to-income ratio improved to 29.01%, a decrease of 0.79 percentage points from the previous year [2] Strategic Initiatives - The number of technology enterprise loan clients increased by 26.31% to 7,509, with loan balances growing by 32.31% to 210.53 billion RMB [3] - Green loan balance reached 332.91 billion RMB, up 16.79% year-on-year, with an increasing proportion of total loans [3] - Inclusive small and micro enterprise loan balance was 643.28 billion RMB, reflecting a growth of 6.94% [3] - The number of personal pension accounts opened reached 728,400, a growth of 22.79% from the previous year [3] Digital Transformation and Risk Management - The bank is enhancing its digital operations, with 2,045 online scenarios implemented, saving 352,100 hours of work [4] - The bank is strengthening risk management and compliance, focusing on comprehensive risk management and asset quality control [4] - The bank's investment banking business grew by 11.39% year-on-year, and retail business transformation is ongoing [4]

Group 1 - Financial stocks in A-shares, including banks and insurance companies, experienced a collective surge on August 29, with notable increases in stock prices [1] - Xi'an Bank saw a rise of over 8%, while New China Life Insurance increased by over 7% [1] - Other banks such as Huaxia Bank, Wuxi Bank, and Shanghai Bank, along with insurance companies like China Pacific Insurance, China Life Insurance, and China People's Insurance, also showed upward trends [1]

人民财讯8月29日电，银行、保险板块集体拉升，西安银行涨超7%，新华保险涨超6%，华夏银行、无 锡银行、上海银行、中国太保、中国人保、中国人寿等跟涨。 ...

公司最新ROE为3.14%，在已披露的同业公司中排名第6，较去年同期ROE减少0.69个百分点。 公司摊薄每股收益为0.66元，在已披露的同业公司中排名第4，较去年同报告期摊薄每股收益基本持 平，同比较去年同期持平。 公司最新总资产周转率为0.01次，在已披露的同业公司中排名第4，较去年同期总资产周转率持平，同 比较去年同期下降9.73%。 2025年8月29日，华夏银行(600015.SH)发布2025年中报。 公司营业总收入为455.22亿元，在已披露的同业公司中排名第5，较去年同报告期营业总收入减少28.32 亿元，同比较去年同期下降5.86%。归母净利润为114.70亿元，在已披露的同业公司中排名第5，较去年 同报告期归母净利润减少9.90亿元，同比较去年同期下降7.95%。经营活动现金净流入为1318.78亿元， 在已披露的同业公司中排名第2，较去年同报告期经营活动现金净流入增加1295.40亿元，同比较去年同 期上涨5540.63%。 公司最新资产负债率为91.88%，在已披露的同业公司中排名第5，较上季度资产负债率增加0.04个百分 点，较去年同期资产负债率减少0.52个百分点。 ...

银行、保险等大金融股盘中拉升，新华保险涨超6%再创历史新高，西安银行涨超7%，中国人保、中国 太保、华夏银行、无锡银行、上海银行、光大银行等跟涨。 ...

Core Viewpoint - The new leadership at Huaxia Bank, under Yang Shujian, emphasizes the need for internal reform and adaptation to changing market conditions to enhance competitiveness and growth potential [2][10]. Financial Performance - For the first half of 2025, Huaxia Bank reported operating income of 45.522 billion yuan, a decrease of 5.86% compared to the same period last year [4][3]. - The net profit attributable to shareholders was 11.470 billion yuan, down 7.95% year-on-year [4][3]. - Total assets reached 45,496.25 billion yuan, reflecting a growth of 3.96% from the end of the previous year [4][3]. Profit Distribution - The bank plans to distribute a cash dividend of 1.00 yuan per 10 shares, totaling 15.91 billion yuan, consistent with the previous year's mid-year dividend level [4][8]. Loan and Deposit Growth - Total loans amounted to 24,170.95 billion yuan, increasing by 2.15% from the end of the previous year [4]. - Total deposits reached 23,231.59 billion yuan, marking a growth of 7.99% [4]. Asset Quality - The non-performing loan (NPL) ratio stood at 1.60%, unchanged from the end of the previous year, while the provision coverage ratio was 156.67%, down 5.22 percentage points [5][6]. - Company loan NPLs decreased to 224.35 billion yuan, with a ratio of 1.36%, while personal loan NPLs increased to 162.35 billion yuan, with a ratio of 2.27% [5]. Capital Adequacy - The capital adequacy ratio was reported at 13.07%, with a tier 1 capital ratio of 11.44% and a core tier 1 capital ratio of 9.56%, all meeting regulatory requirements [6]. Revenue Composition - Interest income constituted 67.16% of total revenue, while non-interest income accounted for 32.84% [7]. - Interest income decreased by 3.60% to 30.574 billion yuan, primarily due to a narrowing net interest margin [7]. Strategic Initiatives - The bank is focusing on broadening its service channels and enhancing its product offerings to improve non-interest income and achieve diversified growth [7][10].