【环球网财经综合报道】梳理公募基金二季报发现，截至2025年二季度末，公募基金对银行股持仓总市 值达2053.69亿元，环比一季度上涨约27%，成为市场关注的焦点。 从持仓结构看东方财富Choice数据显示，二季度公募基金对民生银行、兴业银行、中信银行的持股数量 均增加超1亿股，其中民生银行获增持最多，达5.82亿股。公募基金二季度重仓数据显示，主动型基金 对银行股配置比例升至4.9%，环比提升1.1个百分点，创2021年二季度以来新高，增配方向从国有大行 转向优质城商行。 业内认为，业绩支撑或是银行股受青睐的核心逻辑。7月中旬以来，杭州银行、宁波银行、常熟银行和 齐鲁银行4家上市银行陆续发布2025年中期业绩快报，均交出营收、净利润双增长的成绩单。 其中，齐鲁银行、杭州银行和常熟银行归母净利润同比增幅超10%，齐鲁银行更是以16.48%的增速领 跑。资产质量方面，4家银行不良贷款率较年初普遍下降或持平，拨备覆盖率维持高位，风险抵御能力 显著增强。 净息差走势成为市场关注焦点。多家机构研报指出，尽管上半年银行业净息差仍面临下行压力，但降幅 有望环比收窄。中泰证券调研显示，上市银行信贷增量同比持平，利息收入边际 ...

Core Viewpoint - The first batch of listed banks' mid-year reports reflects positive operational data, with significant growth in both revenue and net profit for the first half of 2025, indicating a bullish trend in the banking sector [1][2]. Group 1: Performance of Listed Banks - Four listed banks, including Qilu Bank, Hangzhou Bank, Changshu Bank, and Ningbo Bank, reported growth in both operating income and net profit for the first half of 2025, with Qilu Bank, Hangzhou Bank, and Changshu Bank achieving over 10% year-on-year growth in net profit [1][3]. - Qilu Bank's operating income reached 6.782 billion yuan, a 5.76% increase year-on-year, with a net profit of 2.734 billion yuan, up 16.48% [3]. - Ningbo Bank reported operating income of 37.16 billion yuan, a 7.91% increase, and a net profit of 14.772 billion yuan, up 8.23% [3]. - Hangzhou Bank's operating income was 20.093 billion yuan, a 3.89% increase, with a net profit of 11.662 billion yuan, up 16.67% [3]. - Changshu Bank achieved operating income of 6.062 billion yuan, a 10.10% increase, and a net profit of 1.969 billion yuan, up 13.55% [3]. Group 2: Asset Quality and Loan Growth - All four banks maintained positive loan growth, with Ningbo Bank's loans increasing by 13.36% year-to-date, Qilu Bank's by 10.16%, Hangzhou Bank's by 7.67%, and Changshu Bank's by 4.40% [4]. - The asset quality of these banks showed stability or improvement, with Qilu Bank's non-performing loan (NPL) ratio decreasing to 1.09%, down 0.10 percentage points from the beginning of the year [4]. - The provision coverage ratios for these banks were significantly above the industry average, with Hangzhou Bank at 520.89%, Changshu Bank at 489.53%, Ningbo Bank at 374.16%, and Qilu Bank at 343.24% [4]. Group 3: Market Trends and Fund Allocation - The banking sector has seen a bullish trend since 2025, with 11 A-share listed banks having a cumulative increase of over 20% year-to-date as of July 25 [1][11]. - In the H-share market, 15 listed banks have seen increases of over 30%, with some like Qingdao Bank and Huishang Bank rising over 50% [11]. - Public funds have increased their allocation to bank stocks, with the proportion of active public funds in bank stocks reaching a new high since June 2021, indicating a shift towards quality regional banks and undervalued banks [12].

Core Viewpoint - The first batch of listed banks' mid-year reports shows positive operational data, with significant growth in both revenue and net profit, indicating a bullish trend in the banking sector since 2025 [1][2][3]. Group 1: Performance of Listed Banks - Four listed banks, including Qilu Bank, Hangzhou Bank, Ningbo Bank, and Changshu Bank, reported revenue and net profit growth in the first half of 2025, with Qilu Bank, Hangzhou Bank, and Changshu Bank achieving over 10% year-on-year growth in net profit [1][2][3]. - Qilu Bank's revenue reached 6.782 billion yuan, up 5.76%, with a net profit of 2.734 billion yuan, up 16.48% [2]. - Ningbo Bank reported revenue of 37.16 billion yuan, a 7.91% increase, and a net profit of 14.772 billion yuan, an 8.23% increase [2]. - Hangzhou Bank's revenue was 20.093 billion yuan, up 3.89%, with a net profit of 11.662 billion yuan, up 16.67% [2]. - Changshu Bank achieved revenue of 6.062 billion yuan, a 10.10% increase, and a net profit of 1.969 billion yuan, up 13.55% [3]. Group 2: Asset Quality and Loan Growth - All four banks maintained positive loan growth, with Ningbo Bank's loans increasing by 13.36% and Qilu Bank's by 10.16% compared to the beginning of the year [3]. - Qilu Bank reported a net interest income growth of 13.57% and a stable net interest margin [3]. - The non-performing loan (NPL) ratios for these banks showed stability or improvement, with Qilu Bank's NPL ratio decreasing to 1.09%, down 0.10 percentage points from the beginning of the year [3][4]. Group 3: Market Trends and Fund Allocation - The banking sector has seen a significant increase in stock prices, with 11 A-share listed banks rising over 20% year-to-date as of July 25, 2025 [1][9]. - H-share listed banks performed even better, with 15 banks rising over 30% [9]. - Public funds have increased their allocation to bank stocks, with the proportion of active public funds in bank stocks reaching a new high since June 2021, at 4.9%, up 1.1 percentage points [10].

Core Insights - Several A-share listed banks have reported their half-year performance, showing positive growth in revenue and net profit [1][2] - The banks' net profit growth outpaced revenue growth, indicating improved profitability [1] - Key performance indicators such as return on equity (ROE) and asset quality have shown positive trends [2][3] Group 1: Financial Performance - Ningbo Bank, Hangzhou Bank, Qilu Bank, and Changshu Bank all reported year-on-year revenue growth, with figures of 371.60 billion, 200.93 billion, 67.81 billion, and 60.62 billion respectively, reflecting growth rates of 7.91%, 3.89%, 5.76%, and 10.10% [1] - The net profit attributable to shareholders for these banks also increased, with Hangzhou Bank, Qilu Bank, and Changshu Bank showing growth rates exceeding 10% [1] - Qilu Bank reported a net interest income of 49.98 billion, up 13.57%, and net fee and commission income of 8.17 billion, up 13.64% [1] Group 2: Asset Quality and Growth - The weighted average ROE for Qilu Bank and Changshu Bank increased, reaching 12.80% and 13.33% respectively [2] - Total assets for the four banks expanded, with Ningbo Bank's total assets growing by 11.04% to 3.47 trillion, and Changshu and Qilu Banks surpassing 400 billion and 700 billion in total assets [2] - Non-performing loan ratios remained stable for Ningbo and Hangzhou Banks, while Qilu and Changshu Banks saw slight decreases [2] Group 3: Market Outlook - Analysts suggest that the banking sector's performance reflects a marginal improvement in fundamentals, driven by easing credit supply-demand dynamics and a stabilization of net interest margins [3] - The decline in funding costs and a favorable interest rate environment are expected to support banks' profitability, with a positive outlook for profit growth [3] - Overall asset quality remains stable, with sufficient provisions to support profit generation [3]

Investment Rating - The report maintains a "Buy" rating for the banking sector [1] Core Insights - The proportion of bank stocks held by active equity funds increased to 4.88% in Q2 2025, marking a 1.13 percentage point increase from the previous quarter, driven by both volume and price increases [2][3] - The banking sector's performance outpaced the broader market, with A-share banks rising by 11.23% in Q2 2025, outperforming the CSI 300 and Wind All A indices by 10.7 and 8.25 percentage points respectively [2] - The report highlights a significant increase in holdings of joint-stock banks and quality regional banks, with notable increases in positions for institutions like China Merchants Bank, Minsheng Bank, and others [2][3] Summary by Sections Fund Holdings - In Q2 2025, the number of bank stocks held by active funds reached 4.88%, the second highest since Q1 2021 [2] - The total number of bank shares held by active funds increased by 6.64 billion shares, reaching 48.17 billion shares [2] - The market capitalization of index funds holding bank stocks rose by 27.7% to 133.385 billion yuan, with an increase of 16.3 billion shares [3] Sector Performance - The active fund's allocation to bank stocks saw a quarter-on-quarter increase, although the sector still has the largest allocation gap among 31 sectors, with a shortfall of 7.8% [3] - The report notes that while state-owned banks saw a slight decrease in allocation, joint-stock and regional banks experienced significant increases due to improved fundamentals and lower valuations [2][3] Investment Recommendations - The report suggests a diversified investment strategy focusing on state-owned banks and stable joint-stock banks, recommending specific banks such as China Merchants Bank and CITIC Bank for their long-term investment value [8] - It emphasizes the importance of banks with high dividend yields and strong asset quality, indicating that these banks still offer absolute returns [8] - The report also highlights the potential for banks with low valuations to improve their return on equity, suggesting a focus on banks like Pudong Development Bank [8] Key Company Forecasts - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several banks, with recommendations for Ningbo Bank, Jiangsu Bank, and others based on their projected performance [9]

Core Viewpoint - The early disclosure of semi-annual performance reports by Ningbo Bank, Changshu Bank, and Hangzhou Bank indicates positive growth in revenue and net profit, setting a favorable tone for the upcoming earnings season for listed banks [1][3][4]. Group 1: Performance Highlights - Ningbo Bank reported a revenue of 37.16 billion yuan, a year-on-year increase of 7.91%, and a net profit of 14.77 billion yuan, up 8.23% year-on-year [3]. - Changshu Bank achieved a revenue of 6.06 billion yuan and a net profit of 1.97 billion yuan, with year-on-year growth rates of 10.10% and 13.55% respectively [4]. - Hangzhou Bank's revenue reached 20.09 billion yuan, reflecting a 3.89% increase, while its net profit surged by 16.67% to 11.66 billion yuan [5]. Group 2: Asset Quality - All three banks maintained a stable asset quality, with non-performing loan (NPL) ratios decreasing and remaining at low levels compared to the end of 2024 [6][7]. - Ningbo Bank's NPL ratio stood at 0.76%, with a provision coverage ratio of 374.16% and a capital adequacy ratio of 15.21% [7]. - Hangzhou Bank also reported an NPL ratio of 0.76%, with a provision coverage ratio of 520.89% and a capital adequacy ratio of 14.64% [7]. - Changshu Bank's NPL ratio decreased to 0.76%, with a provision coverage ratio of 489.53% [8]. Group 3: Market Outlook - Analysts expect that the mid-year reports for listed banks in 2025 will show a slight upward trend in revenue and profit growth, alongside stable asset quality [9]. - The overall loan NPL ratio is anticipated to remain stable, with a gradual improvement trend expected in the industry [9].

Investment Rating - The investment rating for the banking sector is "Positive" and is maintained [13] Core Insights - As of the end of Q2 2025, the aggregate heavy allocation ratio of actively managed public funds to banking stocks reached 4.9%, an increase of 1.1 percentage points from the previous quarter, marking the highest level since Q2 2021 [2][6] - The report indicates a clear upward trend in the allocation ratio of public funds to banking stocks since 2023, although the absolute allocation remains relatively low. The shift in allocation direction in Q2 2025 is notable, moving from state-owned banks to high-quality city commercial banks and undervalued banks [2][8] - The report emphasizes that the unreasonable undervaluation of banking stocks is the core driver for potential price increases, rather than the mere under-allocation compared to index weights [10] Summary by Sections Public Fund Allocation Changes - The allocation ratio of actively managed public funds to banking stocks has shown a clear upward trend, reaching a new high since Q2 2021, despite economic expectations not reversing since 2022 [6][7] - In Q2 2025, there was a significant shift in allocation from state-owned banks to high-quality city commercial banks and undervalued banks, reflecting a defensive strategy and a search for higher dividend yields [8][9] Individual Bank Performance - City commercial banks saw a notable increase in allocation, with an estimated increase of approximately 5.3 billion yuan. Key stocks such as Hangzhou Bank, Jiangsu Bank, and Nanjing Bank were significantly increased in holdings [9][10] - The allocation ratio for low-valued joint-stock banks also exceeded expectations, increasing by 0.4 percentage points to 1.55%, indicating a focus on stocks with greater valuation recovery potential [10] Future Outlook - The report maintains a positive outlook on high-quality city commercial banks, predicting they can sustain a high return on equity (ROE) of 10% to 15% and stable profit growth, with potential for systematic revaluation [10]

Group 1 - The banking sector has shown strong performance, with Ningbo Bank leading the gains, rising by 6.5% in the morning session on July 25, following a positive earnings report [2][6] - Ningbo Bank reported a net profit of 14.772 billion yuan for the first half of the year, representing a year-on-year growth of 8.23%, which acted as a catalyst for the stock price increase [4][6] - The banking sector has seen a cumulative increase of 12.40% year-to-date, significantly outperforming the broader market [2][6] Group 2 - Several regional banks have reported double-digit profit growth, with Hangzhou Bank achieving a net profit of 11.662 billion yuan, up 16.67% year-on-year [3] - Changshu Bank reported a net profit of 1.969 billion yuan, a year-on-year increase of 13.55%, and its total assets surpassed 400 billion yuan for the first time [3][4] - The asset quality of Changshu Bank remains strong, with a non-performing loan ratio of 0.76%, which has decreased by 0.01 percentage points since the beginning of the year [3] Group 3 - Institutional investors remain optimistic about the banking sector, anticipating a continuation of the valuation recovery trend [7][9] - Northbound capital has increased its holdings in A-share banking stocks, with a reported growth of 26.6 billion yuan in the second quarter of 2025 [8] - Public funds have reached a record high in their allocation to banking stocks, with a fund position of 4.33%, the highest since the second quarter of 2021 [9]

Group 1 - Hangzhou Bank announced adjustments to its mutual fund distribution services via the Baoshishan APP to enhance service experience and product offerings [1] - The affected products include various funds from E Fund, such as E Fund CSI 300 Non-Bank Connection A (000950) and E Fund MSCI China A Share Connection C (006705) among others [1] - Trading for the listed products will be suspended from September 10, 2025, at 14:30 to September 12, 2025, at 18:00, with investors advised to make necessary arrangements [1] Group 2 - Trading for the affected products will resume on September 12, 2025, at 18:00, with specific instructions for checking holdings through the Baoshishan APP [2] - E Fund Wealth Fast Line Money A (000647) and E Fund Longbao Money C (005098) will no longer provide real-time redemption services [2] - To ensure proper product clearing, personal information provided to Hangzhou Bank for fund trading accounts will be used for relevant share registration [2]

Core Viewpoint - Ningbo Bank has reported positive performance in its earnings announcement, aligning with the trend observed in other East China banks, indicating a general improvement in revenue growth amidst a rate-cutting cycle [1] Group 1: Revenue Growth - Ningbo Bank achieved a year-on-year revenue growth of 7.91% in the first half of 2025, an increase from 5.63% in the first quarter [1] - Hangzhou Bank reported a year-on-year revenue growth of 3.89% in the first half of 2025, up from 2.22% in the first quarter [1] - Changshu Bank experienced a year-on-year revenue growth of 10.10% in the first half of 2025, slightly higher than the 10.04% growth in the first quarter [1] Group 2: Trend Analysis - All three banks, including Ningbo Bank, Hangzhou Bank, and Changshu Bank, demonstrated a trend of improving revenue growth quarter by quarter during the current interest rate reduction cycle [1]