Core Insights - The article emphasizes the abundance of bank wealth management products with similar names and vague characteristics, urging investors to carefully select and differentiate among them [1] - The South Finance Wealth Management team aims to reduce investors' selection costs by focusing weekly on the performance of wealth management products available through various distribution channels [1] Summary by Category Performance Rankings - The current focus is on the performance of public offering products with a minimum holding period in RMB, categorized by holding periods of 7 days, 14 days, 30 days, and 60 days, with annualized returns as the performance metric [1] - The ranking includes 28 distribution institutions such as Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China, and others [1] Product Availability - The list of products is based on their "on-sale" status, which is determined by their investment cycle; however, actual availability may vary due to factors like sold-out quotas or differences in product listings for different customers [1] - Investors are advised to refer to the actual display on the distribution bank's app for the most accurate information [1] Weekly Updates - The article provides a weekly update on the performance of wealth management products, with specific attention to the lowest holding period products for the week of October 27 to November 2 [5][8][11]

Investment Rating - The report maintains an "Accumulate" rating for the banking sector, indicating a positive outlook despite challenges in the gold market in 2025 [1]. Core Insights - The gold market is expected to present both opportunities and challenges for banks, with a trend towards deepening precious metal business driven by central bank purchases [1][2]. - The demand for gold bars and coins has increased significantly, reflecting a growing need for gold as a hedge and store of value among residents [4]. - The establishment of a market-making system for gold trading is anticipated to enhance market liquidity and stability, positioning listed banks as key players [3][4]. Summary by Sections 1. Policy and Market Environment - As of September 2025, China's official gold reserves reached 74.06 million ounces, marking an increase for 11 consecutive months [2]. - In Q2 2025, global central banks added 166 tons of gold to their reserves, with 95% of surveyed central banks expecting further increases in the next 12 months [2]. - New policies allowing insurance funds to invest in gold are expected to create new opportunities for banks to provide services to insurance institutions, enhancing their intermediary income [2]. 2. Business Dynamics and Revenue Contribution - In the first half of 2025, China's gold consumption was 505.205 tons, a year-on-year decrease of 3.54%, with significant growth in gold bar and coin consumption by 23.69% [4]. - The decline in gold jewelry consumption is prompting banks to shift focus from traditional jewelry sales to investment-oriented precious metal businesses [4]. - The growth in investment demand for gold bars and coins is expected to stabilize income from investment-related businesses, enhancing the profitability of the precious metals segment for banks [4]. 3. Industry Trends - The report highlights a structural shift in gold consumption, with investment demand rising while jewelry demand declines, indicating a need for banks to adapt their business strategies [4]. - The performance of the banking sector is expected to benefit from expansionary policies aimed at stabilizing the economy, with specific banks like Ningbo Bank and Jiangsu Bank recommended for investment due to positive fundamental changes [8]. 4. Key Data Tracking - The report includes various financial metrics, such as average daily trading volume and margin financing balances, which are essential for assessing market conditions [9][10].

Core Insights - The article emphasizes the unprecedented strategic development opportunities for technology finance, highlighted by the recent policies from multiple government departments aimed at strengthening financial support for major technological tasks and technology-based SMEs [1] Group 1: Opportunities in Technology Finance - The national emphasis on technology finance presents significant growth opportunities for banks, particularly in serving technology enterprises, which are becoming key drivers of economic growth [2] - Banks are encouraged to enhance their cross-financial service capabilities, particularly in areas like cross-border financing and international settlements, to support technology enterprises expanding globally [2] - Collaboration with non-bank financial institutions and other entities is essential for banks to meet the complex financial needs of technology enterprises at various stages of development [3] Group 2: Challenges in Serving Technology Enterprises - Banks face challenges in risk assessment due to the high complexity and instability of technology enterprises' business models, making it difficult to evaluate their repayment capabilities [4] - The mismatch between the long financing cycles of technology enterprises and the short-term nature of traditional bank loans poses a significant challenge [4] - The need for banks to adapt their assessment mechanisms and develop innovative credit products to better serve technology enterprises is critical [5] Group 3: Regional Advantages of Local Banks - Local banks like Nanjing Bank have unique advantages in serving local technology enterprises, including a deeper understanding of the local economic environment and industry characteristics [6] - The flexibility in decision-making processes allows local banks to tailor financial solutions to the specific needs of technology enterprises [6] - Local banks can leverage their established relationships with local governments and industry parks to better support technology enterprises [7] Group 4: Collaboration with Government and Industry Capital - Banks should focus on local industries and utilize innovative models like "investment-loan linkage" to effectively connect with government-guided funds and industry capital [8] - By addressing the funding gaps in key segments of the industrial chain, banks can design specialized financial solutions to support projects in emerging sectors [9] - The integration of banking and investment banking capabilities allows banks to provide comprehensive support to industry capital, promoting long-term partnerships and funding solutions [10]

Core Points - The company will hold a performance briefing for the third quarter of 2025 on October 31, 2025, from 11:00 AM to 12:00 PM [1][2] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an online text interaction format [2][3] - Investors can submit questions until 4:00 PM on October 30, 2025, through the Roadshow Center website or via the company's investor relations email [3][4] Meeting Details - The performance briefing is designed to facilitate communication between the company and investors regarding the third quarter performance and operational status [2] - Senior management, the board secretary, at least one independent director, and key heads of business and management departments will participate in the meeting [2] - After the briefing, investors can access the meeting's main content and details through the Shanghai Stock Exchange Roadshow Center [4]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The bond market is affected by a combination of bullish and bearish factors, with bond yields expected to maintain a range - bound oscillation. Trading positions can take the opportunity to close when interest rates decline, and allocation positions can enter the market when prices are high. Medium - and long - term bonds have better allocation value [3][121]. - In the fourth quarter, the pressure to achieve the annual economic goal is relatively small, and the space for incremental policies such as reserve requirement ratio cuts and interest rate cuts may be limited. The central bank may prefer to use open - market operations such as outright repurchases to reduce the cost of banks' liability side, and structural monetary policies will play a greater role in stabilizing growth and foreign trade [2][88]. Summary by Directory 1. Macroeconomy: Domestic Demand Continues to Decline, and Inflation Rises Slowly - **Demand: Domestic demand continues to decline, and production maintains resilience** - The cumulative year - on - year GDP growth rate in the first three quarters is 5.2%, reducing the pressure to stabilize growth in the fourth quarter, and the probability of policy intensification in the short term is low [7][8]. - From January to September, the cumulative year - on - year growth rate of fixed - asset investment was - 0.5%, with the growth rate turning negative. The growth rates of real estate, manufacturing, and infrastructure investment all declined, dragging down fixed - asset investment [9]. - From January to September, real estate development investment and sales growth rates continued to decline. Real estate is still in the process of bottom - seeking, and real estate investment is expected to remain at a low level [10]. - In September, the consumption growth rate continued to decline to 3%. Affected by the withdrawal of subsidies and weak catering consumption, it is expected to further decline below 3% in October [15][18]. - In September, the national urban survey unemployment rate decreased slightly after the graduation season. The employment demand of large, medium, and small enterprises all increased, alleviating some employment pressure [19]. - From January to September, the cumulative year - on - year export growth rate was 6.1%, and the import growth rate increased significantly. The trade surplus narrowed in September and is expected to continue narrowing [23][27][28]. - High - frequency data shows that the daily coal consumption of power plants decreased in October, the steel and coking enterprise start - up rates were differentiated, and the truck tire start - up rate decreased [33][35][39]. - **Production: Production shows strong resilience** - From January to September, the cumulative year - on - year growth rate of the added value of large - scale industries was 6.2%. In September, the added value of industries increased by 6.5% year - on - year, indicating strong production resilience [44]. - **CPI remains negative, and the decline of PPI continues to narrow** - In September, CPI increased slightly but remained negative, and PPI increased year - on - year. It is expected that CPI will gradually recover in the fourth quarter [47][55]. - The year - on - year decline of PPI narrowed by 0.6 percentage points. Some industries showed positive price changes, and the impact of anti - involution policies was significant [57][62]. 2. Liquidity and Monetary Policy: The Central Bank Conducts Outright Repurchase Operations with Increased Volume, and the Liquidity is Expected to be Balanced and Slightly Loose - **Liquidity review: The central bank conducts outright repurchase operations with increased volume, and short - term interest rates return to stability after the quarter** - Since October, the liquidity has remained loose, and DR007 mostly operates within 5bp above the policy rate. The central bank conducts outright repurchase operations with increased volume, and the large - scale banks' fund lending is mostly above 4 trillion [2][64]. - The long - term fund price has changed little, and the pressure on inter - bank certificates of deposit repayment in October has decreased [70][72]. - **Financial data: New credit increases less year - on - year, the growth rate of social financing declines, and the growth rate of M1 exceeds expectations** - In September, new credit increased less year - on - year, mainly due to the weak credit demand of residents and enterprises. Social financing also increased less year - on - year, mainly dragged down by government bonds and RMB loans [79][83]. - In September, M2 increased by 8.4% year - on - year, a decrease of 0.4%. M1 increased by 7.2% year - on - year, and the gap between M1 and M2 narrowed [84]. - **Next - stage liquidity outlook: The bond supply pressure in the fourth quarter eases, and the liquidity is expected to be balanced and slightly loose** - Since October, the liquidity has remained loose, and the central bank conducts outright repurchase operations with increased volume. Although the supply - demand contradiction in the first half of the fourth quarter is relatively large, the liquidity disturbance is expected to be limited [2][88]. - The central bank may prefer to use open - market operations to reduce the cost of banks' liability side, and structural monetary policies will play a greater role [88]. 3. Interest - Rate Bond Strategy: A Combination of Bullish and Bearish Factors, with Interest Rates Oscillating within a Range - **Interest - rate bond trend review** - Bond yields first rose and then fell. The 10 - year treasury bond yield is around 1.85%, and the 10 - year CDB bond yield rose to around 2.01%. The yield curve first steepened and then flattened [90]. - Since September, the implicit tax rate has generally increased, with the 1Y and 3Y implicit tax rates being relatively high [100]. - **Analysis of interest - rate bond influencing factors** - **Economic fundamentals**: Domestic demand continues to decline, but the bond market is more sensitive to bearish fundamentals [103]. - **Inflation**: Inflation is gradually recovering from a low level, but the impact on the bond market is currently small [104]. - **Broad liquidity**: Social financing and loans increase less year - on - year, while M1 continues to rise [105]. - **Narrow liquidity**: The central bank of funds is stable, and the repurchase trading volume increased in October [109][111]. - **Sino - US interest rate spread**: The inversion amplitude has narrowed, and the exchange rate is relatively stable, not restricting monetary policy [112][113]. - **Stock - bond ratio**: It continues to decline, and the allocation value of bonds increases [114][116]. - **Bond supply and demand**: The overall supply pressure has decreased, but the supply of policy - based financial bonds is expected to increase slightly [117]. - **Interest - rate bond strategy: A combination of bullish and bearish factors, with interest rates oscillating within a range** - Bond yields are expected to maintain a range - bound oscillation. Trading positions can close when interest rates decline, and allocation positions can enter the market when prices are high. Medium - and long - term bonds have better allocation value [121].

Investment Rating - The report maintains a "Positive" investment rating for the banking sector as of October 23, 2025 [6]. Core Insights - The external environment's uncertainty has increased, leading to a temporary decline in market risk appetite. However, the report is optimistic about the relative performance of the banking sector in Q4 2025 [3]. - The report identifies two main investment themes: the ongoing demand for financial investments and the motivation behind realizing unrealized gains in bank assets [4][9]. Summary by Sections 1. Investment Assets Driving Bank Expansion - Financial investment growth has accelerated to 15%, with significant performance differentiation across sectors. In H1 2025, financial investments were the core driver of asset expansion, with a year-on-year growth of 14.9% [14]. - The structure of financial investments shows that interest-bearing bonds continue to dominate, with their proportion increasing to 60.2% by mid-2025. The growth rates for state-owned banks and city commercial banks were 8% and 11%, respectively [16]. 2. Changes in How Banks Smooth Earnings Volatility - Banks are increasingly shifting from using the income statement to the balance sheet to smooth earnings volatility. The report highlights that the contribution of investment income, particularly from the amortized cost (AC) assets, has been rising significantly [9][10]. - The unrealized gains in the Other Comprehensive Income (OCI) account were estimated at CNY 438.4 billion, representing 7.8% of annual revenue as of H1 2025 [9]. 3. Motivation for Realizing Unrealized Gains - Smaller banks exhibit a stronger motivation to realize unrealized gains compared to larger banks, which need to balance performance and interest rate risk management (IRRBB) assessments [9]. - The report anticipates continued demand for realizing unrealized gains in Q3 2025, although the intensity may weaken compared to mid-year [9][10]. 4. Investment Recommendations - The report recommends focusing on fundamentally strong small and medium-sized banks, such as Chongqing Rural Commercial Bank (601077, Buy) and Nanjing Bank (601009, Buy) [9]. - For state-owned banks with solid fundamentals and defensive value, the report mentions Industrial and Commercial Bank of China (601398, Not Rated) and Agricultural Bank of China (601288, Not Rated) as potential investment targets [9].

证券简称: 南京银行 证券代码: 601009 编号:2025-072 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 关于召开 2025 年第三季度业绩说明会的公告 特别提示： 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。 ●投资者可于 2025 年 10 月 30 日（星期四）16:00 前登录上证路演中心网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 本 公 司 投 资 者 关 系 邮 箱 boardoffice@njcb.com.cn 进行提问。本公司将在说明会上对投资者普遍关注的 问题进行回答。 南京银行股份有限公司（以下简称"本公司"）将于 2025 年 10 月 28 日在 上海证券交易所网站（www.sse.com.cn）披露本公司 2025 年第三季度报告。为 便于广大投资者更全面深入地了解本公司 2025 年第三季度业绩和经营情况，本 公司拟于 2025 年 10 月 31 日（星期五）上午 11:00-12:00 召开 2025 ...

Core Viewpoint - The recent capital inflow into Nanjing Bank reflects a significant trend of shareholder increases across various banks, indicating a growing confidence in the banking sector's long-term value and stability [2][3][9] Group 1: Shareholder Actions - Nanjing Gaoke Co., Ltd. increased its stake in Nanjing Bank to 9.99% by investing approximately 1.684 billion yuan, marking the second major increase for the bank this year [2][3] - BNP Paribas raised its holdings in Nanjing Bank to 17.02% by acquiring 108 million shares, signaling international capital's endorsement of the bank's fundamentals [3] - Other banks, including Qingdao Bank, Suzhou Bank, Chengdu Bank, and Chongqing Bank, have also seen significant shareholder increases, showcasing a broader trend in the banking sector [2][5][7] Group 2: Capital Composition - The capital influx into Nanjing Bank includes contributions from foreign investors, domestic listed companies, and local state-owned enterprises, indicating a rare alignment of interests among diverse capital sources [3][4] - Local state-owned capital, such as Jiangsu Transportation Holding Co., Ltd., has optimized its shareholding structure by transferring shares to enhance management efficiency [4] Group 3: Market Trends - The trend of shareholder increases in 2025 is characterized by a diverse range of investors, including local state-owned platforms, central state-owned enterprises, foreign QFII, and industrial capital [8] - The banking sector is experiencing a shift in valuation logic, with investors increasingly focusing on structural advantages such as customer base, regional economic resilience, and asset quality stability [9] - The current market environment is transitioning from speculative trading to a focus on stable returns, positioning bank stocks as attractive investments for long-term capital [8][9]

Group 1 - Zhejiang Min Tai Commercial Bank has received regulatory approval to increase its registered capital by approximately 200 million yuan, raising it from about 5.097 billion yuan to approximately 5.297 billion yuan [1] - This marks the second capital change for Zhejiang Min Tai Commercial Bank in 2025, following a previous increase of about 490 million yuan earlier in the year [1] - As of the end of 2024, the bank's total assets reached 286.895 billion yuan, with annual operating income of 6.312 billion yuan and net profit of 1.009 billion yuan, while maintaining a low non-performing loan ratio of 0.91% [1] Group 2 - Nanjing Bank has announced a plan to change its registered capital, which is subject to shareholder approval, following the early redemption of its "Nan Yin Convertible Bonds" [2] - The total share capital of Nanjing Bank has increased to approximately 12.364 billion shares, prompting a proposed change in registered capital from about 10.007 billion yuan to approximately 12.364 billion yuan [2]

Group 1: Coal Industry - The coal industry has shown a positive trend with a 2.65% increase, reaching a total of 12,931.58 [1] - Notable stocks in the coal sector include: - Shaanxi Black Cat (601015) with a price of 4.57, up 10.12% - Yunnan Coal Energy (600792) at 5.14, up 10.06% - Zhengzhou Coal Electricity (600121) at 5.60, up 10.02% - Dayou Energy (600403) at 9.67, up 10.01% [1] Group 2: Banking Sector - The banking sector has also seen an upward movement, with Agricultural Bank achieving a 15-day consecutive rise to a new high [1] - Key banks experiencing stock price increases include: - Postal Savings Bank at 5.97, up 4.19% - Qingdao Bank at 5.28, up 1.93% - Industrial Bank at 20.78, up 1.86% - Agricultural Bank at 8.24, up 1.85% [3] Group 3: Port Concept Stocks - Port concept stocks have experienced significant movements, with Xiamen Port reaching a peak increase of 7.23% [3] - Other ports such as Nanjing Port, Yantian Port, and Beibu Gulf Port have also shown positive trends [3]