Core Viewpoint - Xi'an Bank has successfully increased its net interest margin (NIM) by 49 basis points to 1.7% in the first half of the year, contrasting with the broader banking industry's trend of declining NIMs, which has significant implications for the sector [1][2][5]. Summary by Sections Net Interest Margin Performance - Xi'an Bank's NIM increased due to a significant drop in deposit interest rates, particularly for personal deposits, and an increase in corporate loan rates [1][3][8]. - The average interest rate for personal deposits at Xi'an Bank fell by 57 basis points to 2.71% compared to the same period last year [3][4]. Revenue and Profit Analysis - The bank's operating income surged by 43.7% to 5.2 billion yuan, but net profit only grew by 8.6%, primarily due to a doubling of credit impairment provisions [11][12]. - Credit impairment losses reached 2.83 billion yuan, accounting for 54% of operating income, raising concerns about potential hidden profits [12][14]. Loan and Deposit Dynamics - Xi'an Bank's total loans increased by 22.9% to 291.7 billion yuan, with corporate loans growing by 27.1% [10]. - The bank's total deposits rose by 8.3% to 348.9 billion yuan, but the growth rate of personal deposits was only 5.5%, indicating challenges in maintaining deposit stability [10][11]. Risk Management and Capital Adequacy - The bank's non-performing loan (NPL) ratio decreased to 1.6%, while the provision coverage ratio increased to 205.7%, although it remains below the industry average [14][15]. - Core Tier 1 capital adequacy ratio fell to 9.16%, reflecting the rapid expansion of assets [14][15]. Market Position and Strategy - Xi'an Bank's strategy includes focusing on key sectors such as rental and business services, construction, and public utilities, which accounted for 98% of the increase in corporate loans [8][9]. - The bank's ability to maintain a higher NIM amidst a declining trend in the industry highlights its effective asset-liability management and pricing strategies [2][5].

Core Viewpoint - Xi'an Bank's stock has shown significant growth in 2023, with a year-to-date increase of 29.34% and a recent surge of 9.66% over the past five trading days [1] Group 1: Stock Performance - As of September 10, Xi'an Bank's stock price reached 4.54 CNY per share, with a trading volume of 1.12 billion CNY and a turnover rate of 0.57%, resulting in a total market capitalization of 201.78 billion CNY [1] - The stock has experienced a 17.92% increase over the past 20 days and a 17.62% increase over the past 60 days [1] Group 2: Financial Performance - For the first half of 2025, Xi'an Bank reported a net profit attributable to shareholders of 14.52 billion CNY, reflecting a year-on-year growth of 8.59% [2] - The bank has distributed a total of 46.49 billion CNY in dividends since its A-share listing, with 14.27 billion CNY distributed over the past three years [2] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Xi'an Bank was 52,600, a decrease of 2.84% from the previous period, while the average number of circulating shares per person increased by 2.92% to 84,079 shares [2] - Hong Kong Central Clearing Limited is the ninth largest circulating shareholder, holding 8.8998 million shares, an increase of 1.7966 million shares from the previous period [2] Group 4: Business Overview - Xi'an Bank, established on June 6, 1997, and listed on March 1, 2019, operates primarily in corporate finance, retail finance, and funding services [1] - The revenue composition of Xi'an Bank includes 40.21% from corporate banking, 30.69% from funding services, 23.37% from personal banking, and 5.73% from other services [1] - The bank is categorized under the banking sector as a city commercial bank and is associated with various concepts such as MSCI China, margin financing, the Belt and Road Initiative, QFII holdings, and state-owned enterprise reform [1]

Group 1 - The company will hold its third extraordinary general meeting of shareholders on September 26, 2025, at 9:30 AM [1][3] - The meeting will take place at the Xi'an Bank Building, 60 Gaoxin Road, Xi'an, Shaanxi Province [1][3] - Shareholders can vote through the Shanghai Stock Exchange's online voting system during specified time slots on the day of the meeting [1][3][4] Group 2 - The meeting will include both on-site and online voting methods [3][4] - The voting process for shareholders involved in margin trading, transfer, and other related accounts must comply with relevant regulations [1][4] - There are no proposals for special resolutions or separate voting for minority investors [4] Group 3 - Shareholders must register to attend the meeting, with specific procedures outlined for both corporate and individual shareholders [10][11] - Registration will be open on September 19 and September 22, 2025, during specified hours [11] - Contact information for the company is provided for any inquiries related to the meeting [12]

证券代码：600928 证券简称：西安银行 公告编号：2025-048 （二）股东大会召集人：董事会 （三）投票方式：本次股东大会所采用的表决方式是现场投票和 网络投票相结合的方式 西安银行股份有限公司 关于召开2025年第三次临时股东大会的通知 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 重要内容提示： 股东大会召开日期：2025年9月26日 本次股东大会采用的网络投票系统：上海证券交易所股东大会 网络投票系统 一、召开会议的基本情况 （一）股东大会类型和届次 2025年第三次临时股东大会 （七）涉及公开征集股东投票权 （四）现场会议召开的日期、时间和地点 召开的日期时间：2025 年 9 月 26 日 9 点 30 分 召开地点：陕西省西安市高新路 60 号西安银行大厦三楼会议室 （五）网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 9 月 26 日 至2025 年 9 月 26 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投 票时间为 ...

Market Overview - The city commercial bank sector increased by 1.46% on September 9, with Xi'an Bank leading the gains [1] - The Shanghai Composite Index closed at 3807.29, down 0.51%, while the Shenzhen Component Index closed at 12510.6, down 1.23% [1] Individual Bank Performance - Xi'an Bank (600928) closed at 4.45, up 6.46% with a trading volume of 966,000 shares and a transaction value of 422 million [1] - Qilu Bank (601665) closed at 5.76, up 2.67% with a trading volume of 902,500 shares and a transaction value of 512 million [1] - Ningbo Bank (002142) closed at 29.31, up 2.20% with a trading volume of 378,500 shares and a transaction value of 1.104 billion [1] - Jiangsu Bank (616009) closed at 10.88, up 1.97% with a trading volume of 1,574,000 shares and a transaction value of 1.7 billion [1] - Other banks such as Suzhou Bank, Hangzhou Bank, and Chengdu Bank also showed positive performance with modest increases [1] Capital Flow Analysis - The city commercial bank sector experienced a net outflow of 69.09 million from institutional investors and a net outflow of 132 million from speculative funds, while retail investors saw a net inflow of 201 million [2] - Shanghai Bank (601229) had a net inflow of 61.42 million from institutional investors, while experiencing outflows from speculative and retail investors [3] - Hangzhou Bank (600926) also saw a significant net inflow from institutional investors, but outflows from speculative and retail investors [3]

Core Viewpoint - The banking sector experienced a significant rise in stock prices, with notable increases in several banks' shares, indicating positive market sentiment towards the banking industry [1] Group 1: Stock Performance - Xi'an Bank saw its shares increase by over 6% [1] - Shanghai Pudong Development Bank's shares rose by more than 3% [1] - Other banks such as Ningbo Bank, Qilu Bank, and Suzhou Bank also experienced upward movements in their stock prices [1]

Group 1 - The A-share market saw a strong performance in bank stocks, with Xi'an Bank rising nearly 5% [1] - Ningbo Bank increased by over 2%, while Shanghai Pudong Development Bank, Suzhou Bank, Hangzhou Bank, and Wuxi Bank all rose by more than 1% [1]

Core Viewpoint - The overall asset quality of the banking industry has remained stable and improved, with a focus on risk management and control in the second half of the year [1][2]. Group 1: Asset Quality Overview - As of mid-year, the overall asset quality of the banking industry is stable and has further improved, with 20 A-share listed banks showing a decrease in non-performing loan (NPL) ratios compared to the beginning of the year [2][3]. - Among the listed banks, Xian Bank, Qilu Bank, and Chongqing Bank reported the most significant reductions in NPL ratios, with decreases of 12, 10, and 8 basis points, respectively [4][5]. - Conversely, some banks, including Guizhou Bank and Minsheng Bank, experienced increases in their NPL ratios compared to the beginning of the year [6]. Group 2: Sector-Specific Risks - There is a notable upward trend in NPL ratios in specific sectors, particularly in corporate real estate and retail personal loans [7][8]. - Qingnong Bank reported a significant increase in its real estate NPL ratio, rising by 14.15 percentage points to 21.32%, with real estate NPLs now comprising 61.54% of its total NPLs [8]. - Guizhou Bank also saw a rise in its real estate NPL ratio, which increased by 70 basis points to 1.75% [8]. Group 3: Retail Credit Concerns - In the retail credit sector, there has been an increase in NPL ratios for personal consumption loans and credit cards, with 8 out of 14 banks reporting higher NPL ratios for credit card receivables compared to the beginning of the year [9][10]. - Chongqing Bank's credit card NPL ratio increased by 1.15 percentage points to 4.19%, while Lanzhou Bank's rose by 1.06 percentage points to 2.85% [9]. - Among 12 banks disclosing personal consumption loan NPL ratios, 7 reported increases, with notable rises from China Merchants Bank and Lanzhou Bank [10]. Group 4: Risk Management Strategies - Banks are increasingly prioritizing risk management, with several executives emphasizing the need for enhanced risk control measures and digital risk management capabilities [11][12]. - Beijing Bank plans to strengthen its provisioning efforts and improve the management of new NPLs, while ICBC expects a slowdown in the deterioration of personal consumption loans due to supportive economic policies [11]. - Industry leaders, including those from Industrial Bank and China Merchants Bank, are focusing on risk mitigation in real estate and credit card sectors, indicating a shift from high incidence to a more controlled environment [12].

Investment Rating - The report maintains an "Increase" rating for the banking sector, indicating a positive outlook for the industry [1]. Core Insights - In the first half of 2025, the contribution of financial asset disposal gains from AC and OCI accounts to revenue reached 5.2%, an increase of 2.9 percentage points compared to 2024 [1][2]. - The investment income growth rate for 42 listed banks was 23.6%, with AC, OCI, and TPL gains showing year-on-year growth rates of 134.7%, 79.0%, and -8.4% respectively [1]. - The report highlights that the increase in disposal gains does not necessarily indicate a significant increase in asset disposal scale, as market conditions and strategies vary among banks [2]. Financial Asset Disposal Gains - The contribution of AC and OCI financial asset disposal gains to revenue was 5.2%, up 2.9 percentage points from 2024, with AC asset disposal gains contributing 2.6% [2]. - Among different types of banks, rural commercial banks had the highest contribution from AC and OCI disposal gains, reaching 11.0%, an increase of 6.2 percentage points from 2024 [2]. - Specific banks such as Jiangyin Bank, Sunong Bank, and Zijin Bank had high disposal gain ratios relative to their revenue, at 28.9%, 26.7%, and 22.7% respectively [2]. OCI Floating Profit Situation - The overall OCI floating profit decreased compared to the end of the previous year, accounting for 12.6% of the estimated profit for 2025 [3]. - Major state-owned banks like CCB and ABC reported significant OCI floating profits, with balances exceeding 30 billion [3]. - The average contribution of OCI floating profits to profits for city and rural commercial banks was notably high, with Ningbo Bank's ratio reaching 35% [3][6]. Sector Trends - The banking sector is expected to benefit from expansionary policies aimed at stabilizing the economy, with a focus on real estate and consumer spending [7]. - The report suggests a focus on banks with improving fundamentals, such as Ningbo Bank, and those with dividend strategies like Jiangsu Bank and Chengdu Bank [7]. - Attention is also drawn to banks with potential convertible bond conversion expectations, including Shanghai Bank and Industrial Bank [7].

Investment Ratings - Securities: Market Perform (Maintain) [1] - Insurance: Overweight (Maintain) [2] Core Insights - The securities industry showed robust performance in the first half of the year, with 42 listed brokerages achieving total revenue of CNY 251.87 billion, a year-on-year increase of 11.37%, and net profit of CNY 104.02 billion, up 65.09% [3][47] - The banking sector demonstrated marginal improvement, with 42 listed banks reporting revenue of CNY 2.92 trillion, a year-on-year growth of 1.04%, and net profit of CNY 1.10 trillion, an increase of 0.80% [6][45] - The insurance sector's five listed companies achieved revenue of CNY 1.33 trillion, a 4.7% increase, and net profit of CNY 178.19 billion, up 3.7% [49] Summary by Sections Market Review - As of September 4, 2025, the banking, securities, and insurance indices experienced declines of -1.93%, -3.56%, and -3.89% respectively, while the CSI 300 index rose by 1.80% [6][14] Valuation Situation - The banking sector's price-to-book (PB) ratio stood at 0.76, with state-owned banks at 0.81, joint-stock banks at 0.64, city commercial banks at 0.72, and rural commercial banks at 0.63 [23] - The securities sector's PB ratio was 1.56, indicating potential for valuation recovery [25] Recent Market Indicators - The average daily trading volume in A-shares was CNY 2.64 trillion, a decrease of 10.79% week-on-week, reflecting a cooling investor sentiment [33] - The one-year medium-term lending facility (MLF) rate was 2.0%, with the one-year and five-year Loan Prime Rates (LPR) at 3.0% and 3.5% respectively [32] Industry News - The insurance sector is encouraged to return to its core protection role, with policies supporting increased equity investment, which is expected to enhance long-term growth [49] - The banking sector is seeing a shift in capital towards high-dividend, low-valuation stocks, driven by a low-interest-rate environment and asset scarcity [45]