【环球网财经综合报道】据公开数据统计，截至12月13日，已有26家A股上市银行披露了2025年中期或季度分 红方案，这一数量超过了2024年同期的24家。预计分红总额突破2600亿元。 本次披露分红方案的银行涵盖6家国有大型银行、6家股份制银行及14家中小银行。其中，国有六大行作为"主力 军"，预计中期现金分红总额超过2000亿元。具体来看，工商银行以约504亿元的分红额度位居榜首，建设银 行、农业银行、中国银行、邮储银行和交通银行紧随其后。 在股份制银行中，兴业银行与中信银行的预计中期分红均超100亿元，光大银行与民生银行则超过50亿元。部分 中小银行的分红额度也较为显著，如上海银行、南京银行等。值得注意的是，兴业银行、宁波银行等多家银行 系首次推出中期分红方案。 业内分析指出，商业银行提高分红频率，是落实新"国九条"关于推动上市公司一年多次分红要求的具体举措。 其核心在于通过常态化、多元化的分红安排，打通上市公司盈利与投资者回报的传导链路，夯实市场健康发展 的根基。 提高分红频率本质上是一种深度的市值管理行为。相较于传统的年度分红，中期或季度分红能够打破回报的时 间滞后性，通过更高频次的现金回报强化投资者 ...

Investment Rating - The report maintains a "Positive" outlook for the banking sector in 2026, indicating a return to fundamental narratives supported by policy financial tools and asset expansion resilience [6][23]. Core Viewpoints - The banking sector is expected to stabilize net interest margins due to a concentrated repricing cycle of deposits, with structural risks anticipated to receive policy support [3][23]. - The report highlights two main investment themes: focusing on quality small and medium-sized banks and state-owned banks with defensive value [24]. Summary by Sections Financial Data Analysis - In November 2025, social financing (社融) grew by 8.5% year-on-year, with a monthly increment of 2.49 trillion yuan, exceeding market expectations [10][9]. - The structure of social financing showed a decrease in RMB loans by 116.3 billion yuan year-on-year, indicating weak demand for credit [10][9]. - Government bonds decreased by 104.8 billion yuan year-on-year, while corporate direct financing increased by 170.2 billion yuan, with bond financing up by 178.8 billion yuan [10][9]. Loan Trends - Total RMB loans grew by 6.4% year-on-year in November, with a total of 390 billion yuan in new loans, reflecting a decline in both household and corporate loans [13][14]. - Household loans saw a significant drop, with short-term loans down by 178.8 billion yuan and medium to long-term loans down by 290 billion yuan [13][14]. - Corporate loans increased by 281.9 billion yuan, primarily driven by bill discounting [14][13]. Monetary Supply - M1 growth fell to 4.9% year-on-year, while M2 grew by 8.0%, with the gap between M2 and M1 increasing to 3.1% [20][21]. - New RMB deposits totaled 1.41 trillion yuan in November, a decrease of 760 billion yuan year-on-year, with declines across all categories including household and non-bank deposits [20][22]. Investment Recommendations - The report suggests focusing on quality small and medium-sized banks such as Nanjing Bank, Hangzhou Bank, and Ningbo Bank, while also considering state-owned banks like Bank of Communications and Industrial and Commercial Bank of China for their defensive value [24][23].

证券时报•数据宝统计显示，南京银行今日收盘价为11.36元，上涨0.26%，日换手率为0.84%，成交额为 11.75亿元，全天主力资金净流入4413.90万元，近5日该股累计下跌1.13%，近5日资金合计净流入1.34亿 元。 （原标题：南京银行现2笔大宗交易 总成交金额2048.26万元） 南京银行12月12日大宗交易平台共发生2笔成交，合计成交量180.30万股，成交金额2048.26万元。成交 价格均为11.36元。从参与大宗交易营业部来看，机构专用席位共出现在2笔成交的买方或卖方营业部 中，合计成交金额为2048.26万元，净卖出2048.26万元。 | 成交量 | 成交金 额 | 成交价 | 相对当日 收盘折溢 | | 卖方营业 | | --- | --- | --- | --- | --- | --- | | （万 | | 格 | | 买方营业部 | | | 股） | （万 元） | （元） | 价 （%） | | 部 | | 127.67 | 1450.38 | 11.36 | 0.00 | 瑞银证券有限责任公司上海花园石桥路证券营业部 | 机构专用 | | 52.63 | 597.88 | ...

根据会议决议，董事会审议通过了《关于提名王厚印为南京银行股份有限公司第十届董事会董事候选人的议案》。董事会提名及薪酬委员会已对候选人资格 予以初审，认为其符合相关法律法规及监管办法规定的任职资格。该议案获得了全体与会董事的同意，表决结果为10票同意、0票弃权、0票反对。独立董事 亦对本议案表示一致同意。王厚印的简历已作为附件披露。 2025年12月8日，南京银行股份有限公司（以下简称"南京银行"）召开了第十届董事会第十六次会议，会议审议并通过了关于提名新董事及独立董事候选人 的两项关键议案。相关提名程序符合公司章程及监管规定，后续仍需提交股东大会审议及监管机构核准。 会议同时审议通过了《关于提名王遥女士为南京银行股份有限公司第十届董事会独立董事候选人的议案》。该候选人资格亦经董事会提名及薪酬委员会初审 通过，被认为符合任职资格规定，并获得了独立董事的一致同意。董事会表决结果同样为10票全票通过。根据相关规定，王遥的独立董事任职资格需先经上 海证券交易所审核并无异议后，方可提交公司股东大会审议。 ...

12月11日金融一线消息，南京银行发布优先股股息发放实施公告，披露"南银优1"优先股的股息发放方 案已获公司第十届董事会第十四次会议审议通过，即将正式实施。 责任编辑：秦艺 12月11日金融一线消息，南京银行发布优先股股息发放实施公告，披露"南银优1"优先股的股息发放方 案已获公司第十届董事会第十四次会议审议通过，即将正式实施。 公告显示，本次股息发放的计息起始日为2024年12月23日，按照"南银优1"票面股息率4.86%计算，每股 将派发现金股息人民币4.86元（含税），合计派息金额为人民币2.3814亿元（含税）。 公告显示，本次股息发放的计息起始日为2024年12月23日，按照"南银优1"票面股息率4.86%计算，每股 将派发现金股息人民币4.86元（含税），合计派息金额为人民币2.3814亿元（含税）。 发放对象为截至2025年12月22日上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司 登记在册的全体"南银优1"股东。最后交易日为2025年12月19日（星期五），股权登记日与除息日均为 2025年12月22日（星期一），股息发放日为2025年12月23日（星期二）。 特别提示: 本公 ...

特别提示： 证券简称: 南京银行 证券代码: 601009 编号: 2025-092 优先股简称：南银优 1 优先股代码：360019 南银优 2 360024 南京银行股份有限公司优先股股息发放实施公告 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。 重要内容提示： 南京银行股份有限公司（以下简称"本公司"）优先股（优先股代码：360019； 优先股简称：南银优 1）的股息发放方案已经本公司第十届董事会第十四次会议 审议通过，现将具体实施事项公告如下： 一、优先股股息发放 1.发放金额：本次股息发放的计息起始日为 2024 年 12 月 23 日，按照南银 优 1 票面股息率 4.86%计算，每股发放现金股息人民币 4.86 元（含税），合计 人民币 2.3814 亿元（含税）。 2.发放对象：截至 2025 年 12 月 22 日上海证券交易所收市后，在中国证券 登记结算有限责任公司上海分公司登记在册的本公司全体南银优 1 股东。 3.扣税情况：对于持有南银优 1 的属于《中华人民共和国企业所得税法》规 定的居民企业股东（ ...

Core Viewpoint - The banking sector showed resilience with a slight increase of 0.17% on December 11, despite a broader market decline, indicating potential strength in this industry amidst overall market challenges [2][3]. Market Performance - The Shanghai Composite Index fell by 0.70% on the same day, with only one sector, banking, experiencing an increase [2]. - The banking sector was the top performer among industries, while the comprehensive and communication sectors faced significant declines of 4.31% and 3.14%, respectively [2]. Capital Flow - There was a net outflow of 744.67 billion yuan from the two markets, with only the banking sector seeing a net inflow of 67.49 million yuan [2]. - The electronic industry faced the largest net outflow of 13.586 billion yuan, followed by the communication sector with 11.340 billion yuan [2]. Individual Stock Performance - Within the banking sector, 42 stocks were tracked, with 21 stocks rising and 20 stocks falling [3]. - The top three banks by net inflow were: - Shanghai Pudong Development Bank with a net inflow of 119 million yuan [4]. - Bank of Communications with 80.991 million yuan [4]. - Nanjing Bank with 67.811 million yuan [4]. - The banks with the highest net outflows included: - China Merchants Bank with a net outflow of 303 million yuan [6]. - Minsheng Bank with 45.949 million yuan [6]. - Hangzhou Bank with 40.973 million yuan [6]. Detailed Capital Flow in Banking Sector - The following banks had notable capital flows: - Shanghai Pudong Development Bank: +1.42% with a turnover rate of 0.32% and a capital flow of 118.58 million yuan [4]. - Bank of Communications: +0.68% with a turnover rate of 0.45% and a capital flow of 80.99 million yuan [4]. - Agricultural Bank of China: +1.41% with a turnover rate of 0.09% and a capital flow of 49.85 million yuan [5].

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].

Investment Rating - The report assigns a "Buy" rating for the banking sector, indicating an expectation that stock prices will outperform the market by more than 10% over the next 12 months [40]. Core Insights - The growth of M2 is primarily driven by government and corporate leverage, with government leverage's contribution increasing from 23.9% in 2015 to 45.5% in 2025, while corporate leverage is expected to contribute 63.6% to M2 growth in 2025 [5][14]. - The report highlights a divergence between the social financing (社融) and M2 growth rates, indicating a liquidity accumulation in the financial system when the demand for financing from the real economy is insufficient, which can lead to a decline in bond yields [5][19]. - The expected social financing-M2 differential for 2026 is projected to be 0.56%, with a quarter-on-quarter increase of 33 basis points [32]. Summary by Sections M2 and Liquidity Analysis - M2 includes cash, personal deposits, corporate deposits, non-bank deposits, and deposits from non-deposit financial institutions. The main contributors to M2 growth are government and corporate leverage [5][13]. - The report discusses the relationship between the social financing-M2 differential and bond market performance, noting a shift in correlation since the second half of 2022 [5][19]. Social Financing Projections - For 2026, the report forecasts a total of 16.3 trillion yuan in new loans under the social financing framework, with a growth rate of 8.11% [32][34]. - The report anticipates that the net issuance of government bonds will reach 14.8 trillion yuan in 2026, with a focus on maintaining a proactive fiscal policy [34]. M2 Growth Forecast - The M2 growth rate for 2026 is projected at 7.55%, influenced by factors such as net fiscal deposits, the strengthening of the equity market, and cross-border capital flows [32][36].

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