以上理财产品信息仅供参考，具体应以《产品说明书》等销售文件为准。本文不构成任何投资建议，投 资者据此操作，风险自担。 （西安银行） 12月17日，据西安银行披露，该行发行的金丝路聚利盈系列封闭式净值型理财产品（悦享分红款） 202504期募集期为2025年12月17日至2025年12月22日。个人投资者认购起始金额为1万元，机构投资者 认购起始金额为50万元。募集规模上限15亿元，下限1000万。产品投资类型为固定收益类，内部风险评 级为（R2）中低风险，产品期限735天，业绩比较基准2.25%-3.05%（年化）。 注：业绩比较基准不是预期收益率，不代表产品的未来表现和实际收益，不构成对产品收益的承诺。 ...

Investment Rating - The report assigns an "Overweight" rating for the banking sector [7]. Core Insights - The report emphasizes the significant improvement in the cost of liabilities for banks in 2025, with a notable decrease of 28 basis points (bp) in the first half of the year, compared to only 4 bp in the same period last year. This improvement is primarily driven by reductions in deposit and interbank liabilities costs, contributing 19 bp and 7 bp respectively [3][11]. - The net interest margin (NIM) is expected to decline by approximately 5 bp in 2026, with the downward pressure on margins continuing to ease marginally, suggesting that some banks may stabilize their NIMs [2][10]. Summary by Sections 1. Liability Cost Improvement in 2025 - The first half of 2025 saw a significant reduction in the cost of interest-bearing liabilities, with the cost rate dropping to 1.70%, a decrease of 28 bp from 2024. This was supported by improvements in both deposit and interbank liability costs [11]. 2. Liability Side: Deposit Maturity and Repricing Benefits 1) **Term Structure**: The proportion of long-term deposits entering the repricing cycle has increased, with the share of deposits with a remaining maturity of 1-5 years declining by 1.5 percentage points (pct) to 22.6% by the end of Q2 2025. Some banks, such as those in Ningbo and Chongqing, experienced declines exceeding 10 pct [4]. 2) **Price Factors**: Regulatory focus on maintaining reasonable NIM levels has increased, with expectations of further interest rate cuts. The maximum reduction for three-year deposits could exceed 100 bp, indicating substantial room for cost improvement [5]. 3. Asset Side: Yield Pressure Expected to be Better than 2025 1) **Loans**: The repricing pressure on loans is expected to ease, with the five-year Loan Prime Rate (LPR) declining by only 10 bp in 2025, significantly less than the 50 bp drop the previous year [6]. 2) **Debt Replacement**: The shift from high-interest to low-interest debt is anticipated to have a limited impact on net interest margins, estimated to drag down margins by about 4 bp [6]. 3) **Bond Maturity**: The widening gap between new bond issuance rates and existing bond yields is expected to exert downward pressure on investment yields, with an estimated drag of 6 bp on margins from the reallocation of bonds maturing within one year [6]. 4. NIM Projections - The report forecasts a 5 bp decline in NIM for 2026, with the downward trend continuing to converge. The asset yield is expected to decrease by 17 bp, while the cost of liabilities is projected to improve by 13 bp, with deposit costs improving by 17 bp [7][10].

从资金流向上来看，当日城商行板块主力资金净流入1.29亿元，游资资金净流入2676.7万元，散户资金净 流出1.56亿元。城商行板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 601187 | 厦门银行 | 7.46 | 3.32% | 33.34万 | | 2.47亿 | | 601169 | 北京银行 | 5.63 | 0.72% | 148.87万 | | 8.36亿 | | 600926 | 杭州银行 | 15.67 | 0.38% | 32.43万 | | 5.08亿 | | 600928 | 西安银行 | 3.80 | 0.26% | 22.86万 | | 8678.18万 | | 601997 | 贵阳银行 | 6.01 | 0.17% | 25.10万 | | 1.51亿 | | 601577 | 长沙银行 | 9.54 | 0.00% | 15.38万 | | 1.47亿 | | 001227 | 兰州银行 | 2.37 | 0.00% ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 西安银行股份有限公司（以下简称"公司"）第六届董事会第三十二次会议以通讯表决方式召开，决议表 决截止日为2025年12月5日，会议通知已于2025年12月1日以电子邮件方式发出。本次会议应参与表决董 事10名，实际参加表决董事10名，公司股东大唐西市文化产业投资集团有限公司股权质押比例超过 50%，根据监管规定对其提名的胡军董事在董事会上的表决权进行了限制。本次会议的召开符合《中华 人民共和国公司法》等法律法规和《西安银行股份有限公司章程》的有关规定。会议所形成的决议合 法、有效。 会议审议并表决通过了《西安银行股份有限公司关于调整第六届董事会专门委员会组成人选的议案》。 表决结果：同意10票，反对0票，弃权0票。 证券代码：600928 证券简称：西安银行 公告编号：2025-061 西安银行股份有限公司 第六届董事会第三十二次会议决议公告 主任委员：李晓 委员：于春玲、邱伟、张蕾、范德尧 特此公告。 西安银行股份有限公司 委员：李晓、张蕾、李勇、胡军、刘金平、范德尧、张成喆 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600928 | 西安银行 | 3.79 | -1.04% | 35.89万 | 1.36亿 | | 601225 | 陕西煤业 | 22.62 | -0.18% | 19.70万 | 4.45 Z | | 002267 | 陕天然气 | 7.99 | 0.00% | 5.46万 | 4340.11万 | | 001286 | 陕西能源 | 10.09 | 0.10% | 8.81万 | 8885.64万 | | 600248 | 陕建股份 | 3.71 | 0.27% | 11.98万 | 4436.53万 | | 000837 | 秦川机床 | 12.53 | 0.40% | 16.84万 | 2.09亿 | | 601568 | 北元集团 | 3.90 | 0.78% | 14.78万 | 5728.06万 | | 688550 | 瑞联新材 | 46.89 | 0.86% | 2.25万 | 1.05亿 | | 600665 | 天地源 | ...

证券代码：600928 证券简称：西安银行 公告编号：2025-061 西安银行股份有限公司 第六届董事会第三十二次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 西安银行股份有限公司（以下简称"公司"）第六届董事会第三 十二次会议以通讯表决方式召开，决议表决截止日为 2025 年 12 月 5 日，会议通知已于 2025 年 12 月 1 日以电子邮件方式发出。本次会议 应参与表决董事 10 名，实际参加表决董事 10 名，公司股东大唐西市 文化产业投资集团有限公司股权质押比例超过 50%，根据监管规定对 其提名的胡军董事在董事会上的表决权进行了限制。本次会议的召开 符合《中华人民共和国公司法》等法律法规和《西安银行股份有限公 司章程》的有关规定。会议所形成的决议合法、有效。 会议审议并表决通过了《西安银行股份有限公司关于调整第六届 董事会专门委员会组成人选的议案》。 表决结果：同意 10 票，反对 0 票，弃权 0 票。 董事会同意各专门委员会组成人选进行如下调整： （一）战略及消保委员会（绿色金融发展委员 ...

Group 1 - The city commercial bank sector increased by 0.43% on December 2, with Jiangsu Bank leading the gains [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] - Jiangsu Bank's closing price was 10.95, reflecting a 1.67% increase, with a trading volume of 1.7435 million shares and a transaction value of 1.897 billion [1] Group 2 - The city commercial bank sector experienced a net outflow of 316 million from institutional funds, while retail investors saw a net inflow of 421 million [2][3] - The trading data for various banks showed mixed performance, with Ningbo Bank declining by 0.69% and Guizhou Bank remaining unchanged [2] - Shanghai Bank had a net outflow of 46.6477 million from institutional funds, while retail investors contributed a net inflow of 2.33839 million [3]

Core Viewpoint - Xi'an Bank announced on an interactive platform that as of the end of the third quarter of 2025, the total number of ordinary shareholders is expected to reach 52,391 [2] Summary by Category - **Company Information** - Xi'an Bank's total number of ordinary shareholders is projected to be 52,391 by the end of Q3 2025 [2]

Market Performance - The city commercial bank sector increased by 1.5% on December 1, with Xiamen Bank leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Individual Bank Performance - Xiamen Bank's closing price was 7.52, with a rise of 5.17% and a trading volume of 366,500 shares, amounting to 272 million yuan [1] - Qilu Bank closed at 6.12, up 3.38%, with a trading volume of 1.26 million shares, totaling 768 million yuan [1] - Nanjing Bank's closing price was 11.85, increasing by 2.42%, with a trading volume of 647,000 shares, amounting to 760 million yuan [1] - Shanghai Bank closed at 10.06, up 1.82%, with a trading volume of 591,800 shares, totaling 593 million yuan [1] - Chengdu Bank's closing price was 17.17, increasing by 1.78%, with a trading volume of 466,800 shares, amounting to 797 million yuan [1] Fund Flow Analysis - The city commercial bank sector experienced a net outflow of 278 million yuan from institutional investors, while retail investors saw a net inflow of 240 million yuan [1] - The table shows various banks' net fund flows, indicating mixed results among different institutions [2]

Core Viewpoint - Xi'an Bank is actively addressing the financing challenges faced by technology innovation enterprises in Shaanxi Province through tailored financial products and services, contributing to the growth of the local economy and the development of the technology sector [1][2][3]. Group 1: Financing Solutions for Technology Enterprises - As of the first quarter of 2025, Shaanxi Province has 14,200 private high-tech enterprises, accounting for 84.75% of the total, highlighting the significant role of the private economy in the region [2]. - Xi'an Bank has launched a series of differentiated credit products, including "Qin Zhi Loan," specifically designed to meet the unique financing needs of technology enterprises [2][3]. - The bank has implemented a "green approval channel" and parallel processing to ensure the efficient approval and disbursement of the first batch of "Qin Zhi Loan" business [3]. Group 2: Innovative Financial Products - The "Specialized, Refined, Characteristic, and Innovative Board Loan" is a new financial product developed in collaboration with the Shaanxi Equity Exchange, offering a tiered credit system for listed enterprises [5][6]. - This product allows enterprises to receive credit loans up to 50 million yuan, utilizing a multi-dimensional credit enhancement model based on technology value, R&D capability, and order status [5][6]. - A laser technology company in Tongchuan received 5 million yuan in credit loans within one working day after listing, demonstrating the efficiency of this innovative financing model [6]. Group 3: Commitment to Local Economic Development - Xi'an Bank emphasizes its mission to support local economic development and aims to be a trusted financial partner for technology innovation enterprises in Shaanxi Province [7]. - The bank is focused on building a comprehensive service ecosystem for technology enterprises, enhancing its product system, and optimizing service capabilities [7].