2025江苏银行（600919）第二届江苏省足球发展重点城市对抗赛11月22日比赛(南京市VS苏州市)将于11月14日19时至11月16日20时，在苏服办"省足球联 赛预约购票"平台进行预约，预约结束后由公证机构摇号，确定中签结果。 11月18日20时起，市民可登录预约购票平台查看中签结果。中签市民也将收到短信提醒，确认中签后须在规定时间内支付方可获得门票。未及时支付的名 额将被释放，按候补中签顺序依次递补。扬子晚报/紫牛新闻记者张昊 ...

Core Insights - The China A500 Dividend Low Volatility Index (932422) has shown a slight increase of 0.14% as of November 14, 2025, with notable gains in major banks such as Bank of China (601988) up by 2.26% and Industrial and Commercial Bank of China (601398) up by 2.07% [1] Investment Environment - The National Bureau of Statistics emphasizes the need to focus on high-quality development, optimize investment structure, and enhance the investment environment to stimulate private investment and promote healthy investment growth [1] - According to Zhongtai Securities, the investment logic for bank stocks is shifting from "pro-cyclical" to "weak-cyclical," making high-dividend bank stocks more attractive during economic stagnation [1] - With the M1 growth rate declining, major financial data has entered a downward cycle, attributed to weaker fiscal expansion and the fading of low base effects [1] ETF Performance - The China A500 Dividend Low Volatility ETF (561680) has a turnover rate of 1.8% and a transaction volume of 3.36 million yuan as of November 14, 2025 [2] - Since its inception, the ETF has recorded a maximum monthly return of 3.37% and an average monthly return rate of 3.37%, with a monthly profit probability of 78.57% [2] - The maximum drawdown since inception is 3.42%, with a recovery period of 30 days [2] Index Composition - As of October 31, 2025, the top ten weighted stocks in the China A500 Dividend Low Volatility Index account for 31.82% of the index, including Agricultural Bank of China (601288) and China Shenhua Energy (601088) [3] - The top ten stocks include major banks and companies, indicating a strong representation of the financial sector within the index [3][5]

Investment Rating - The report does not explicitly state an investment rating for the banking sector, but it provides detailed insights into dividend yields and distribution processes, which can inform investment decisions. Core Insights - The report outlines the latest dividend yields and mid-term dividend processes for A and H shares of listed banks, emphasizing the importance of accurately calculating dynamic dividend yields to avoid discrepancies across periods [1][2]. - It details the two processes for mid-term dividends following the 2023 revision of the regulatory guidelines, highlighting the conventional and simplified processes for implementing mid-term dividends [2]. - The report provides a comprehensive overview of key dates related to dividend distribution for both A and H shares, including the importance of purchasing shares before the ex-dividend date to qualify for dividends [3][4]. Summary by Sections Dynamic Dividend Yield Calculation - A simplified yet accurate method for calculating dynamic dividend yield is introduced, defined as "rolling 12-month EPS * cash dividend rate / share price," which helps avoid issues related to overlapping or missing annual and mid-term dividends [1]. - The report calculates the cash dividend rate using a standardized approach across different banks, resulting in a clear comparison of dividend yields as of November 13, 2025 [1]. Mid-Term Dividend Processes - The report explains the two processes for mid-term dividends: the conventional process requiring shareholder approval and a simplified process allowing for quicker implementation [2]. - The simplified process is designed to enhance flexibility for companies in distributing mid-term dividends, thereby improving shareholder returns [2]. Dividend Distribution Key Dates - For A shares, investors must purchase shares before the ex-dividend date to receive dividends on the same day, while H shares typically see a delay of about one month for dividend payments [3][4]. - The report outlines the differences in the dividend distribution timeline between A and H shares, emphasizing the need for investors to be aware of these timelines to maximize their returns [3][4]. Mid-Term Dividend Progress - As of November 13, 2025, 31 A-share banks have confirmed mid-term dividends, while 11 H-share banks have also confirmed their dividend distributions [9][11]. - The report categorizes banks based on their dividend status, detailing those that have implemented dividends, those that are pending, and those that have opted not to distribute dividends [9][10][11]. - It highlights that the end of 2025 and early 2026 is expected to be a peak period for mid-term dividend distributions, suggesting potential investment opportunities for dividend-seeking investors [11].

南报网讯（通讯员 胡劲松 记者 徐宁） 11月13日，南京市企业联合会、南京市企业家协会召开2025南京 市企业百强发布会，现场发布2025年南京市企业100强、制造业企业100强、服务业企业100强以及成长 型企业50强榜单。这是南京市企业联合会、南京市企业家协会连续第七年发布南京市企业百强榜单。 今年我市企业综合百强中服务业企业59家，比上年增加6家，制造业企业36家，建筑业企业5家，服务业 的主导地位进一步巩固，金融服务业、商务服务业、软件和信息技术服务业等领域增长势头明显。 综合百强企业营业收入总额25375亿元，与去年基本持平，资产总额117395亿元，同比增长7.58%；研 发费用272.17亿元，近3年来，平均研发费用分别为2.4亿元、3.25亿元、3.28亿元，呈逐年增长态势。其 中，制造业百强企业平均研发强度4.17%，比上年有所增长，最高达21.8%，制造业向高端化、智能化 加速转型明显。 今年，上榜综合百强的国有企业58家、民营企业32家，2024年营业收入占综合百强企业总营业收入分别 为72.34%和21.5%。制造业百强中，国企与民企数量分别为30家和45家，营收占比分别为60.6% ...

Core Insights - In the second half of this year, institutions have actively researched and tracked the operational status of listed banks, with 748 institutions conducting 133 investigations into 23 listed banks as of November 13 [1][2] - The focus of these investigations has been primarily on city commercial banks and rural commercial banks, with key areas of interest including net interest margin trends, non-interest income trends, and capital replenishment [1][2] Group 1: Institutional Research - The majority of institutions conducting research on listed banks are fund companies and securities firms, accounting for 53% of the total [2] - Jiangsu Bank emerged as the most popular among institutions, receiving 83 investigations, followed by Chongqing Rural Commercial Bank and Ningbo Bank with 76 and 75 investigations respectively [2] - Ruifeng Bank had the highest number of total investigations at 22 [2] Group 2: Net Interest Margin Trends - Net interest margin has been a focal point for institutions, with some listed banks showing signs of stabilization or slight recovery compared to the previous year [2] - Several banks reported successful measures to reduce funding costs, such as exiting high-cost deposits and enhancing the absorption of low-cost current deposits [3] - Xiamen Bank reported a 4 basis point increase in net interest margin to 1.08% in the first half of the year, with continued stabilization in the third quarter [3] Group 3: Debt Market Analysis - The bond market has shown a volatile trend this year, impacting the investment income of some listed banks, particularly city and rural commercial banks [4] - Banks are focusing on their investment strategies in the bond market, with a cautious approach to market trends and adjustments in trading positions [4] - Shanghai Bank plans to enhance its market analysis capabilities and maintain flexibility in its investment strategies to mitigate risks from market interest rate fluctuations [4] Group 4: Non-Interest Income and Capital Replenishment - Many banks noted changes in non-interest income, particularly in net income from fees and commissions, which have been affected by regulatory requirements on self-managed wealth management [6] - Banks are exploring various methods for capital replenishment, combining internal capital accumulation with external sources to strengthen their capital base [6]

登录新浪财经APP 搜索【信披】查看更多考评等级 基金管理人：东兴基金管理有限公司 基金托管人：江苏银行股份有限公司 二零二五年十一月 重要提示 1、东兴中债1-3年政策性金融债指数证券投资基金（以下简称"本基金"）于【2025】年【7】月【21】 日经中国证券监督管理委员会证监许可【2025】1527号文注册募集。中国证监会对本基金的注册并不代 表中国证监会对本基金的风险和收益做出实质性判断、推荐或者保证。 2、本基金为契约型开放式、债券型证券投资基金。 3、本基金的基金管理人和注册登记机构为东兴基金管理有限公司(以下简称"本公司")，基金托管人为 江苏银行股份有限公司。 4、本基金自2025年11月17日至2025年12月9日止，通过直销柜台和其他销售机构公开发售。 5、本基金的募集对象为符合法律法规规定的可投资于证券投资基金的个人投资者、机构投资者、合格 境外投资者以及法律法规或中国证监会允许购买证券投资基金的其他投资人。 6、投资者欲购买本基金，需开立本公司基金账户。除法律法规另有规定外，每个投资者仅允许开立一 个本公司基金账户，已经开立本公司基金账户的投资者可免予开户申请。本基金直销柜台和指定销售机 ...

Core Insights - Institutions are actively researching the operational status of listed banks in the second half of the year, with 748 institutions conducting 133 investigations into 23 listed banks, primarily focusing on city commercial banks and rural commercial banks [1][2] Group 1: Institutional Research - The majority of institutions conducting research are fund companies and securities firms, accounting for 53% of the total [2] - Jiangsu Bank is the most popular among institutions, receiving 83 investigations, followed by Chongqing Rural Commercial Bank and Ningbo Bank with 76 and 75 investigations respectively [2] - Ruifeng Bank leads in total investigation counts with 22 [2] Group 2: Net Interest Margin Trends - Net interest margin (NIM) has stabilized for some listed banks, with a slight year-on-year recovery noted [2] - Several banks have reported success in reducing funding costs, which alleviates downward pressure on NIM by exiting high-cost deposits and enhancing low-cost deposit absorption [2][3] - Xiamen Bank reported a 4 basis point increase in NIM to 1.08% in the first half of the year, with continued stabilization in the third quarter [3] Group 3: Debt Market Analysis - The bond market has shown volatility this year, impacting investment income for some banks, particularly city and rural commercial banks [4] - Banks are adjusting their investment strategies in response to market conditions, with a focus on defensive strategies and selective trading opportunities [4] - Shanghai Bank aims to enhance market analysis and maintain flexibility in its investment strategies while managing interest rate risks [4] Group 4: Non-Interest Income and Capital Supplementation - Non-interest income, particularly from fees and commissions, has been affected by regulatory requirements on self-managed wealth management products [5] - Banks are exploring ways to supplement capital through internal accumulation and external sources to strengthen their capital base [5] - Qingdao Bank focuses on standardized fixed-income securities and emphasizes duration management to ensure steady growth in bond investment income [5]

Industry Investment Rating - The industry investment rating is maintained at "Outperform" [2] Core Viewpoints - The overall operating income, pre-provision profit, and net profit growth rates for listed banks in the first three quarters of 2025 are 0.91%, 0.56%, and 1.48% respectively, indicating a recovery in performance driven by scale and an ongoing improvement in fee income [4][12] - The growth rate of interest-earning assets for listed banks is 9.40% year-on-year, with loans and debt investments increasing by 7.83% and 13.94% respectively [4][5] - The net interest margin for listed banks is stable at 1.35%, with a slight decline in state-owned banks, while other types of banks have stabilized [5] - Non-interest income has increased by 5.02% year-on-year, although it has seen a quarter-on-quarter decline due to adjustments in the bond market [5] - The asset quality is improving, with the non-performing loan ratio at 1.23%, showing a slight decrease from the previous half-year [5] Summary by Sections 1. Performance Recovery Driven by Scale and Fee Improvement - In the first three quarters of 2025, listed banks showed a growth in operating income, pre-provision profit, and net profit, with respective growth rates of 0.91%, 0.56%, and 1.48% [12] - City commercial banks outperformed other types of banks, while state-owned banks also showed positive growth [12] 2. Growth of Interest-Earning Assets and Slower Expansion of Liabilities - The year-on-year growth rate of interest-earning assets for listed banks is 9.40%, with loans and debt investments increasing by 7.83% and 13.94% respectively [4][5] 3. Stabilization of Net Interest Margin - The net interest margin for listed banks is stable at 1.35%, with a slight decline in state-owned banks [5] 4. Non-Interest Income Performance Affected by Bond Market Adjustments - Non-interest income increased by 5.02% year-on-year, but saw a quarter-on-quarter decline due to bond market adjustments [5] 5. Improvement in Asset Quality and Declining Credit Costs - The non-performing loan ratio for listed banks is 1.23%, showing a slight decrease from the previous half-year, with a significant decline in credit costs [5][12] 6. Investment Recommendations - Focus on banks with significant deposit maturities and potential for interest margin improvement, such as Chongqing Bank, China Merchants Bank, and Bank of Communications [6] - Attention to city commercial banks that will benefit from improvements in fixed asset investment, such as Jiangsu Bank, Qilu Bank, and Qingdao Bank [6]

Quantitative Models and Construction Methods Models and Construction Methods 1. Model Name: Competitive Advantage Portfolio - **Model Construction Idea**: This model incorporates the competitive environment and strategic factors of enterprises into the stock selection logic, providing a value quantification perspective different from traditional factor investing[12] - **Model Construction Process**: The framework identifies four types of industries: "Barrier Shield", "Intense Competition", "Steady Progress", and "Seeking Breakthrough". The strategy focuses on identifying "dominant" companies in the "Barrier Shield" industries and "cooperative win-win" companies in industries without clear leaders. For non-"Barrier Shield" industries, the strategy targets "efficient operation" companies that perform well even in competitive environments[12][13] - **Model Evaluation**: This model has been effective in identifying companies with significant management competitive advantages and maintaining market leadership positions[12] 2. Model Name: Margin of Safety Portfolio - **Model Construction Idea**: The core of competitive advantage lies in creating entry barriers for enterprises, ensuring their unique position and sustainable profitability in the market[17] - **Model Construction Process**: The model calculates the intrinsic value of a company based on its profitability value, selecting the top 50 stocks with the highest margin of safety from a pool of stocks with comprehensive competitive advantages. The portfolio is weighted by dividend yield to maximize the margin of safety[17][19] - **Model Evaluation**: This model effectively identifies companies with significant intrinsic value gaps, providing a reliable reflection of the actual value of enterprises[17] 3. Model Name: Dividend Low Volatility Adjusted Portfolio - **Model Construction Idea**: The model aims to avoid the "high dividend trap" by considering the sustainability of company earnings and long-term value, rather than solely chasing high dividend yields[23] - **Model Construction Process**: The model predicts dividend yields and excludes stocks with extreme price performance or abnormal debt ratios, optimizing the dividend strategy[23] - **Model Evaluation**: This model effectively balances dividend yield and company stability, avoiding the pitfalls of high dividend traps[23] 4. Model Name: AEG Valuation Potential Portfolio - **Model Construction Idea**: The model focuses on the abnormal earnings growth (AEG) to determine the value of investments based on expected total returns, including dividend reinvestment[27] - **Model Construction Process**: The model selects the top 100 stocks using the AEG_EP factor, then narrows down to the top 50 stocks with high dividend reinvestment/P ratios[31] - **Model Evaluation**: This model targets companies with growth potential not yet fully recognized by the market, providing significant investment opportunities[27][31] 5. Model Name: Cash Cow Portfolio - **Model Construction Idea**: The model introduces free cash flow (FCF) and cash flow return on investment (CFOR) as key analysis dimensions to evaluate the profitability and cash generation efficiency of enterprises[35] - **Model Construction Process**: The CFOR system dissects cash flow return rates, revealing how companies convert operating cash flows into net profits, and evaluates the stability of free cash profit ratios and operating asset return rates[35][36] - **Model Evaluation**: This model provides a comprehensive assessment of a company's operational performance and financial stability[35] 6. Model Name: Distress Reversal Portfolio - **Model Construction Idea**: The model captures short-term valuation fluctuations to gain from valuation improvements, complementing the long-term effectiveness of prosperity investment[42] - **Model Construction Process**: The model uses inventory cycles to depict distress reversals, considering accelerated recovery and undervaluation, and constructs a top 50 portfolio based on valuation improvements[42] - **Model Evaluation**: This model effectively captures valuation-driven returns, providing continuous gains even when prosperity investment strategies fail[42] Model Backtest Results Competitive Advantage Portfolio - **Annualized Return**: 20.60%[16] - **Sharpe Ratio**: 0.97[16] - **IR**: 0.12[16] - **Max Drawdown**: -19.32%[16] - **Calmar Ratio**: 1.07[16] Margin of Safety Portfolio - **Annualized Return**: 23.45%[22] - **Sharpe Ratio**: 1.17[22] - **IR**: 0.16[22] - **Max Drawdown**: -16.89%[22] - **Calmar Ratio**: 1.39[22] Dividend Low Volatility Adjusted Portfolio - **Annualized Return**: 17.23%[24] - **Sharpe Ratio**: 1.01[24] - **IR**: 0.16[24] - **Max Drawdown**: -21.61%[24] - **Calmar Ratio**: 0.80[24] AEG Valuation Potential Portfolio - **Annualized Return**: 25.13%[33] - **Sharpe Ratio**: 1.14[33] - **IR**: 0.15[33] - **Max Drawdown**: -24.02%[33] - **Calmar Ratio**: 1.05[33] Cash Cow Portfolio - **Annualized Return**: 14.11%[40] - **Sharpe Ratio**: 0.71[40] - **IR**: 0.10[40] - **Max Drawdown**: -19.80%[40] - **Calmar Ratio**: 0.71[40] Distress Reversal Portfolio - **Annualized Return**: 25.02%[44] - **Sharpe Ratio**: 1.01[44] - **IR**: 0.15[44] - **Max Drawdown**: -33.73%[44] - **Calmar Ratio**: 0.74[44]

Core Insights - The recent announcement by Inner Mongolia's Tongyu Mengyin Village Bank to cancel its 5-year fixed deposit product marks a significant shift in the banking sector, reflecting a broader trend of declining deposit rates and the market's response to interest rate adjustments [1][3][6] Deposit Rate Trends - Many banks are suspending or lowering the rates on 5-year fixed deposit products, with some banks like China Merchants Bank offering only a 1.3% interest rate for 5-year deposits, which is lower than the 1.4% for 2-year deposits [2][4] - The phenomenon of longer-term deposit rates being lower than shorter-term rates has become common, with several banks reporting that their 5-year deposit rates are less attractive compared to 3-year options [3][5] Market Dynamics - The market for 3-year specialty fixed deposit products is highly competitive, with customers needing to "抢" (grab) limited quotas, indicating a scarcity of available products [1][2] - Banks are adjusting their deposit products in response to market conditions, with some banks increasing the entry thresholds for 3-year deposits, reflecting a shift in customer demand and risk appetite [3][4] Future Outlook - Industry experts predict that deposit rates will continue to decline, driven by banks' need to reduce funding costs and maintain profitability amid shrinking net interest margins [6][7] - The ongoing adjustments in deposit products and rates are seen as necessary for banks to manage their liabilities effectively, especially for smaller banks that may struggle with long-term deposits [8][9]