Investment Rating - The report maintains an "Overweight" rating for the banking sector [2] Core Views - The cost-effectiveness of bank allocations has improved, with a significant number of quality banks offering dividend yields exceeding 5% for 2025 [5][10] - The banking sector is expected to see a recovery in market allocation demand in Q4, driven by calendar effects and a potential shift towards safer investments [5][10] - Core business profitability is improving under supportive policies, with a narrowing decline in net interest income for listed banks [6][10] Summary by Sections Investment Rating - The banking sector is rated as "Buy" for several key banks, including Industrial and Commercial Bank of China (ICBC) with a target price of 7.88 HKD, Chengdu Bank at 23.33 CNY, and Shanghai Bank at 12.02 CNY [4] Market Trends - The banking index has experienced a maximum drawdown of approximately 15% since July, with the PB ratio falling to 0.62x, indicating a favorable valuation compared to historical levels [5][11] - The report highlights that 37 A-share banks have fallen below their six-month moving average, with 14 below their annual moving average, suggesting a potential buying opportunity [5] Performance Outlook - The report anticipates that insurance capital, industrial capital, and foreign investment will become significant incremental allocation sources for the banking sector [7] - The report notes that the banking sector's dividend payout capabilities are stable, making them attractive to long-term investors [7] Economic Indicators - The report discusses the impact of interest rate increases on bank performance, suggesting that banks may buffer non-interest income pressures through realized gains [8][10] - It emphasizes that if the economy enters an upward cycle, rising interest rates could positively impact net interest income and overall bank profitability [8][10]

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司大股东法国巴黎银行及法国巴黎银行（QFII）保证向本公司提供的信息真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： ■ 注：本表格填写主体为直接持有本公司股份、但未发生直接持股变动的股东，即信息披露义务人的一致 行动人。 ■ 近日，南京银行股份有限公司（以下简称"本公司"）收到大股东法国巴黎银行《关于增持南京银行股份 有限公司股份的告知函》，法国巴黎银行（QFII）于2025年9月22日至2025年9月26日期间以自有资金通 过上海证券交易所交易系统以集中竞价交易方式增持本公司股份。现将法国巴黎银行及法国巴黎银行 （QFII）有关权益变动情况公告如下： 一、信息披露义务人及其一致行动人的基本信息 1.身份类别 ■ 2.信息披露义务人信息 ■ 注：本表格填写主体为直接持有本公司股份、且发生直接持股变动的股东，即信息披露义务人。 3.一致行动人信息 二、权益变动触及1%刻度的基本情况 法国巴黎银行（QFII）于2025年9月22日至2025年9月26日期间，以自有资金 ...

华宝基金关于旗下部分基金新增南京银行股份 有限公司为代销机构的公告 根据华宝基金管理有限公司（以下简称"本公司"）与南京银行股份有限公司（以下简称"南京银行"）签 署的《证券投资基金销售代理协议》，本公司自2025年09月29日起增加南京银行为以下适用基金的代销 机构。 一、适用基金如下： ■ 二、投资者可到南京银行办理上述基金的开户、认购、申赎及其他业务。投资者可以通过以下途径了解 或咨询相关情况： （1） 南京银行股份有限公司 客户服务电话: 95302 客户服务电话：400-820-5050、400-700-5588 公司网址：www.fsfund.com 风险提示：基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈 利，也不保证最低收益。投资者投资本公司旗下基金时应认真阅读基金的基金产品资料概要、《基金合 同》和《招募说明书》。敬请投资者注意投资风险。 特此公告。 华宝基金管理有限公司 2025年09月29日 华宝基金管理有限公司关于以通讯方式召开 华宝中证消费龙头指数证券投资基金(LOF) 基金份额持有人大会的公告 一、召开会议基本情况 根据《中华人民共和国证券投资基金法 ...

Investment Rating - The report maintains a recommendation for the banking industry [3] Core Insights - The report provides a comprehensive analysis of the asset-liability structure and interest margin changes of 42 A-share listed banks during the "14th Five-Year Plan" period, highlighting a shift towards corporate loans on the asset side and a stronger retail focus on the liability side [12][14] - The asset-liability structure indicates a significant increase in the proportion of corporate loans, rising from 57.02% to 63.22% from the end of 2020 to mid-2025, while the proportion of demand deposits decreased from 41.94% to 30% [12][14] - The report notes a decline in both asset yield and interest margin, with the yield on interest-earning assets dropping from 4.43% to 3.32% and the net interest margin decreasing from 2.23% to 1.53% during the same period [14][15] Summary by Sections Overall Asset-Liability Structure and Interest Margin Changes - The asset-liability structure shows an increase in loan-to-earning asset ratio from 54.19% to 56.49%, with corporate loans making up a larger share of total loans [14][15] - The average yield on interest-earning assets decreased significantly, with the loan yield falling from 5.34% to 3.82% [15] - The net interest margin for listed banks remains higher than that of commercial banks, despite a decline [14][15] Changes in Each Banking Sector's Asset-Liability Structure and Interest Margin - City commercial banks experienced a more significant increase in the proportion of corporate loans, with their interest margin narrowing less compared to other banks [18] - The report highlights that the proportion of deposits in interest-bearing liabilities for state-owned banks decreased, while it increased for rural commercial banks [18] - The decline in interest-bearing liabilities' cost rate was most pronounced in city commercial banks, leading to a smaller reduction in their interest margin [18]

（文章来源：中国经营报） 9月28日，南京银行发布公告，法国巴黎银行（QFII）于9月22日至26日期间，以自有资金通过上交所交 易系统以集中竞价交易方式增持该行股份1.08亿股，占该行总股本的0.87%。增持完成后，法国巴黎银 行及法国巴黎银行（QFII）合计持股比例由16.14%增加至17.02%，在"南银转债"成功转股导致持股稀释 后，持股比例再次回到"17%"上方。 今年以来，南京银行主要股东增持十分踊跃，江苏交通控股、南京高科、东部机场集团投资公司、紫金 信托公司纷纷大笔增持。上半年，该行持股1%以上股东主动增持近60亿元，增持金额位居A股上市公 司前列。 南京银行于2005年正式引进法国巴黎银行作为战略投资者，今年是双方合作的第二十个年头。本次增 持，恰逢法国巴黎银行首席执行官柏诺飞一行来宁，参加双方战略合作二十周年系列活动。在宁期间， 柏诺飞一行分别拜会了省市领导，并参加双方战略合作二十周年专题交流会，南京银行与法国巴黎银行 业务峰会等活动。 ...

Group 1 - On September 28, Nanjing Bank disclosed an increase in shareholding, with BNP Paribas and its QFII increasing their stake to a total holding ratio of 17.02% [2] - Nine A-share listed companies announced share reductions, including Jisong Intelligent, Jinhai Tong, and others [1][2] Group 2 - Jisong Intelligent's shareholder Anyuan Investment plans to reduce its stake by no more than 2.6801% [2] - Jinhai Tong's shareholder Xunuo Investment intends to reduce its stake by no more than 3% [2] - Directors and executives of Dihun Network plan to collectively reduce their stake by no more than 1.63% [2] - The controlling shareholder and actual controller of United Precision plan to reduce their stake by no more than 3% [2] - Shareholders of Weiteng Electric, including Zhenjiang Guokong and Oasis New City, plan to reduce their stakes by no more than 1% each [2] - Wuhan Huikong Group intends to reduce its stake in Changjiang Communication by no more than 1% [2] - The controlling shareholder of Keli'er, Nie Pengju, plans to reduce his stake by no more than 2% [2] - Shareholder Xinjiang Runfeng plans to reduce its stake in Changxin Technology by no more than 2.60% [2] - A director and senior management personnel of Zhongtai Co. plan to reduce their shares [2]

人民财讯9月28日电，南京银行(601009)9月28日公告，法国巴黎银行（QFII）于9月22日至9月26日期 间，以集中竞价交易方式增持该行股份1.08亿股，占该行总股本的0.87%。增持完成后，法国巴黎银行 及法国巴黎银行（QFII）合计持股比例由16.14%增加至17.02%，这是在 "南银转债" 成功转股导致持股 稀释后，其持股比例再次回到"17%"上方。 自7月份以来，南京银行大股东南京高科、紫金信托相继开展增持。其中，南京高科增持该行股份 13072.59万股，持股比例达到9.99%。紫金集团控股子公司紫金信托增持5677.98万股，二者合计持股比 例增至13.02%。 转自：证券时报 ...

北京商报讯（记者 宋亦桐）9月28日，南京银行发布公告，近日，该行收到大股东法国巴黎银行《关于 增持南京银行股份有限公司股份的告知函》，法国巴黎银行（QFII）于2025年9月22日至2025年9月26日 期间以自有资金通过上海证券交易所交易系统以集中竞价交易方式增持南京银行股份1.08亿股，占该行 总股本的0.87%。法国巴黎银行及法国巴黎银行（QFII）合计持股比例由16.14%增加至17.02%，触及 1%整数倍。 ...

Core Viewpoint - Nanjing Bank has seen increased shareholding from multiple major shareholders following the early redemption of its convertible bonds, indicating a strategic move to maintain or enhance their equity stakes amid market fluctuations [2][6][7]. Shareholder Activity - On September 28, Nanjing Bank announced that BNP Paribas (QFII) increased its shareholding by 108,093,950 shares, raising its total stake from 16.14% to 17.02% [3]. - BNP Paribas (QFII) held 419,851,157 shares before the increase, which rose to 527,945,107 shares after the transaction [4]. - The share price of Nanjing Bank experienced a rebound, moving from 10.46 CNY per share on September 22 to 11.26 CNY per share by September 26 [4]. Other Shareholder Increases - Zijin Trust, a subsidiary of Zijin Group, increased its holdings by 56,779,800 shares between July 18 and September 10, raising its stake from 12.56% to 13.02% [6][7]. - Nanjing Gaoke also completed an increase in shareholding, acquiring 7,507,700 shares from July 24 to August 4, which raised its stake from 8.94% to 9.00% [7]. Impact of Convertible Bond Redemption - The early redemption of "Nanjing Convertible Bonds" led to a dilution of shareholding percentages among major shareholders, prompting them to increase their stakes to counteract this dilution [7]. - Following the bond redemption, the total share capital of Nanjing Bank increased to 12,363,567,245 shares, affecting the ownership percentages of various shareholders [7].

Core Viewpoint - Nanjing Bank has seen significant share increases from major shareholders, particularly from BNP Paribas, following the early redemption of its convertible bonds, which diluted existing shareholdings [2][12]. Shareholder Increases - On September 28, Nanjing Bank announced that BNP Paribas (QFII) increased its shareholding by 108,093,950 shares, raising its total stake from 16.14% to 17.02% [4][5]. - Following the increase, BNP Paribas (QFII) now holds 527,945,107 shares, representing 4.27% of the total shares [5]. - In addition, Zijin Trust, a subsidiary of Zijin Group, increased its stake by 56,779,800 shares from July 18 to September 10, raising its holding from 12.56% to 13.02% [7][8]. - Another shareholder, Nanjing Gaoke, also completed an increase of 7,507,700 shares from July 24 to August 4, with its stake rising from 8.94% to 9.00% [10]. Market Performance - Nanjing Bank's stock price experienced a rebound after a previous decline, with the price dropping to 10.46 CNY per share on September 22 and closing at 11.26 CNY on September 26 [6]. Context of Increases - The increases in shareholding by major shareholders are likely a response to the dilution of their stakes due to the conversion of convertible bonds, prompting them to maintain or enhance their ownership percentages [11].