Core Viewpoint - Nanjing Bank has decided to exercise its early redemption rights for its convertible bonds due to the triggering of conditional redemption clauses, which may lead to significant losses for investors who do not act promptly [1][3][4]. Group 1: Early Redemption Announcement - Nanjing Bank announced the early redemption of its convertible bonds, which will be redeemed at face value plus accrued interest [1][3]. - The bonds are currently trading at 137.998 yuan per bond, and investors could face nearly a 30% loss if they do not act in time [4][6]. - The bank's stock price has remained above 130% of the conversion price for 15 out of 19 trading days, triggering the redemption clause [3]. Group 2: Market Implications - The number of bank convertible bonds has been decreasing, leading to a potential "asset shortage" for fixed-income funds and wealth management products [1][6]. - As several bank convertible bonds exit the market, the scarcity of high-quality convertible bonds is expected to persist, maintaining high valuations for these bonds [1][11]. - Currently, only 10 bank convertible bonds remain in the market, with several having triggered early redemption clauses, indicating a shrinking market [11]. Group 3: Investment Strategy Adjustments - Investors are advised to adjust their strategies in light of the declining supply of high-rated convertible bonds, as demand remains stable [11]. - The market for high-quality convertible bonds is expected to see increased valuations due to supply-demand imbalances, although this may also lead to some bonds trading above their intrinsic value, increasing investment risks [11].

证券简称: 南京银行 证券代码: 601009 编号: 2025-022 优先股简称：南银优 1 优先股代码：360019 南银优 2 360024 可转债简称：南银转债 可转债代码：113050 南京银行股份有限公司 关于提前赎回"南银转债"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。 重要内容提示： 南京银行股份有限公司（以下简称"公司"）股票自 2025 年 5 月 13 日至 2025 年 6 月 9 日的 19 个交易日中已有 15 个交易日的收盘价不低于"南银转债"当期转 股价格人民币 8.22 元/股的 130%（含 130%），即人民币 10.69 元/股。根据《南京银 行股份有限公司公开发行 A 股可转换公司债券募集说明书》（以下简称"《募集说明 书》"）的相关约定，已触发"南银转债"的有条件赎回条款。 公司于 2025 年 6 月 9 日召开第十届董事会第十次会议审议通过《南京银行 股份有限公司关于提前赎回"南银转债"的议案》，决定行使"南银转债"的提前赎 回权，对赎回登记日登记在册的 ...

证券简称: 南京银行 证券代码: 601009 编号: 2025-020 优先股简称：南银优 1 优先股代码：360019 南银优 2 360024 可转债简称：南银转债 可转债代码：113050 关于"南银转债"2025 年付息事宜的公告 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。 重要内容提示： 南京银行股份有限公司 （因2025年6月15日为休息日，可转债兑息日顺延至2025年6月16日） 南京银行股份有限公司（以下简称"公司"）于2021年6月15日公开发行的200 亿元A股可转换公司债券（以下简称"可转债""本期债券"或"南银转债"）， 将于2025年6月16日开始支付自2024年6月15日至2025年6月14日期间的利息（因2025 年6月15日为休息日，可转债兑息日顺延至2025年6月16日）。根据《南京银行股份 有限公司公开发行A股可转换公司债券募集说明书》（以下简称"《募集说明书》"） 有关条款的规定，现将有关事项公告如下： 一、本期债券基本情况 1．债券名称：南京银行股份有限公司A股可转换公 ...

证券简称: 南京银行 证券代码: 601009 编号: 2025-022 优先股简称：南银优 1 优先股代码：360019 南银优 2 360024 可转债简称：南银转债 可转债代码：113050 南京银行股份有限公司 关于提前赎回"南银转债"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。 重要内容提示： 南京银行股份有限公司（以下简称"公司"）股票自 2025 年 5 月 13 日至 2025 年 6 月 9 日的 19 个交易日中已有 15 个交易日的收盘价不低于"南银转债"当期转 股价格人民币 8.22 元/股的 130%（含 130%），即人民币 10.69 元/股。根据《南京银 行股份有限公司公开发行 A 股可转换公司债券募集说明书》（以下简称"《募集说明 书》"）的相关约定，已触发"南银转债"的有条件赎回条款。 投资者所持的"南银转债"除在规定时限内通过二级市场继续交易或按人民 币 8.22 元/股（若发生因除权、除息等引起公司转股价格调整的情形，则按调整后 的转股价格）的转股价格进行转股外，仅 ...

中信建投证券股份有限公司（以下简称"中信建投"）作为南京银行股份 有限公司（以下简称"南京银行"或"公司"）公开发行A股可转换公司债券 的保荐人，根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上 市规则》《可转换公司债券管理办法》《上海证券交易所上市公司自律监管指 引第1号——规范运作》《上海证券交易所上市公司自律监管指引第12号——可 转换公司债券》等相关法律、法规和规范性文件的规定，对南京银行提前赎回 "南银转债"的情况进行了核查，核查情况如下： 中信建投证券股份有限公司关于南京银行股份有限公司 提前赎回"南银转债"的核查意见 一、"南银转债"的发行上市情况 （一）发行上市情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准南京 银行股份有限公司公开发行可转换公司债券的批复》（证监许可〔2021〕1582 号）核准，南京银行于2021年6月15日公开发行了20,000万张可转换公司债券， 每张面值人民币100元，按面值发行，发行总额人民币200亿元，期限6年，票面 利率为第一年0.20%、第二年0.40%、第三年0.70%、第四年1.20%、第五年 1.70%、第六年2.00%。经 ...

中信建投证券股份有限公司（以下简称"中信建投"）作为南京银行股份 有限公司（以下简称"南京银行"或"公司"）公开发行A股可转换公司债券 的保荐人，根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上 市规则》《可转换公司债券管理办法》《上海证券交易所上市公司自律监管指 引第1号——规范运作》《上海证券交易所上市公司自律监管指引第12号——可 转换公司债券》等相关法律、法规和规范性文件的规定，对南京银行提前赎回 "南银转债"的情况进行了核查，核查情况如下： 中信建投证券股份有限公司关于南京银行股份有限公司 提前赎回"南银转债"的核查意见 一、"南银转债"的发行上市情况 （一）发行上市情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准南京 银行股份有限公司公开发行可转换公司债券的批复》（证监许可〔2021〕1582 号）核准，南京银行于2021年6月15日公开发行了20,000万张可转换公司债券， 每张面值人民币100元，按面值发行，发行总额人民币200亿元，期限6年，票面 利率为第一年0.20%、第二年0.40%、第三年0.70%、第四年1.20%、第五年 1.70%、第六年2.00%。经 ...

| 证券简称: | 南京银行 | 证券代码: | 601009 | 编号: | 2025-021 | | --- | --- | --- | --- | --- | --- | | 优先股简称：南银优 | 1 | | | 优先股代码：360019 | | | 南银优 | 2 | | | 360024 | | | 可转债简称：南银转债 | | | | 可转债代码：113050 | | 南京银行股份有限公司 第十届董事会第十次会议决议公告 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。 南京银行股份有限公司（以下简称"公司"）第十届董事会第十次会议于 2025 年 6 月 9 日以现场结合电话方式在公司河西总部大楼召开。会议通知及会 议文件于 2025 年 6 月 9 日以电子邮件方式发出。根据《上海证券交易所上市公 司自律监管指引第 12 号——可转换公司债券》及《南京银行股份有限公司章程》 有关规定，本次会议豁免通知时限要求。谢宁董事长主持了会议，参会人员通过 现场结合电话方式出席会议。本次董事会会议应到有表决权董 ...

| 证券简称: | 南京银行 | 证券代码: | 601009 | 编号: | 2025-021 | | --- | --- | --- | --- | --- | --- | | 优先股简称：南银优 | 1 | | | 优先股代码：360019 | | | 南银优 | 2 | | | 360024 | | | 可转债简称：南银转债 | | | | 可转债代码：113050 | | 南京银行股份有限公司 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。 南京银行股份有限公司（以下简称"公司"）第十届董事会第十次会议于 2025 年 6 月 9 日以现场结合电话方式在公司河西总部大楼召开。会议通知及会 议文件于 2025 年 6 月 9 日以电子邮件方式发出。根据《上海证券交易所上市公 司自律监管指引第 12 号——可转换公司债券》及《南京银行股份有限公司章程》 有关规定，本次会议豁免通知时限要求。谢宁董事长主持了会议，参会人员通过 现场结合电话方式出席会议。本次董事会会议应到有表决权董事 10 人，实到董 事 8 人 ...

Investment Rating - The report maintains an "Overweight" rating for both the banking and securities sectors [11]. Core Insights - The implementation of the Hong Kong "Stablecoin Regulation" on August 1, 2025, is expected to boost the financial sector, particularly benefiting banks and securities firms involved in the stablecoin ecosystem [2][14]. - The report highlights a positive outlook for banks, securities, and insurance sectors, with banks being prioritized for investment opportunities [2][14]. - The anticipated reduction in life insurance preset rates in Q3 2025 is expected to resolve the cost-revenue mismatch in insurance products, enhancing sales momentum [2][41]. Summary by Sections Banking Sector - The Hong Kong "Stablecoin Regulation" is set to take effect on August 1, 2025, which will regulate stablecoin activities and establish a licensing system [3][17]. - Standard Chartered Bank is participating in a sandbox test for stablecoin issuers, while ZA Bank is the first digital bank in Hong Kong to provide reserve banking services for stablecoin issuers [3][18]. - The banking index rose by 1.68%, outperforming the CSI 300 index, with notable gains from banks like Nanjing Bank (+11.61%) and CITIC Bank (+5.65%) [15][16]. - Recommended quality stocks include Nanjing Bank, Hangzhou Bank, Chengdu Bank, Shanghai Bank, and招商银行 (China Merchants Bank) [4][46]. Securities Sector - The report notes a surge in interest in stablecoin concepts, which has positively impacted the non-bank financial sector, particularly securities firms [2][38]. - Several securities firms have announced a reduction in margin interest rates to 0.05%, following the decrease in deposit rates by major banks [39][40]. - The approval of equity changes for multiple securities firms by the CSRC is expected to enhance market sentiment and provide structural opportunities [3][38]. Insurance Sector - The report anticipates a likely reduction in life insurance preset rates in Q3 2025, which is expected to improve the cost-revenue dynamics of insurance products [41][44]. - The insurance sector has shown resilience, with stocks like New China Life Insurance rising by 12% [41]. - Recommended insurance stocks include China Pacific Insurance, Ping An Insurance, and AIA Group [42][46].

Core Viewpoint - The recent trend of lowering deposit interest rates by small and medium-sized banks in China is prompting depositors to reconsider their investment strategies, leading to a surge in bank wealth management products as an alternative to traditional savings accounts [1][2][3]. Group 1: Deposit Rate Adjustments - Following the major state-owned and joint-stock banks, small and medium-sized banks in regions such as Hunan, Jiangsu, Anhui, Guangdong, Guangxi, and Henan have also reduced deposit interest rates since late May [1][2]. - Many city commercial banks have set their fixed deposit rates below 1.5%, with some even dropping to 1% or lower, which contrasts sharply with the approximately 2% expected returns from wealth management products [1][2]. - For instance, Nanjing Bank has adjusted its fixed deposit rates to 0.7%, 0.95%, 1.15%, 1.25%, 1.35%, and 1.35% for different terms, while Beijing Bank has similar reductions [2]. Group 2: Shift to Wealth Management Products - As deposit rates decline, banks are intensifying their marketing efforts for wealth management products, which are becoming increasingly attractive to depositors seeking better returns [4][5]. - The rapid growth of bank wealth management products is evident, with the total scale reaching 31.24 trillion yuan by June 3, an increase of 144 billion yuan since the end of April [6]. - Wealth management products, particularly short-term fixed-income products, are now viewed as viable alternatives to traditional savings accounts, especially for interest-sensitive customers [4][7]. Group 3: Fee Reductions and Promotions - In response to the competitive landscape, several wealth management companies have announced fee reductions for their products, with some fees dropping to as low as 0.01% [5]. - For example, Zhongyin Wealth Management has reduced management fees for over 20 products since May 20, while Agricultural Bank Wealth Management has also lowered fees for various open-ended products [5]. Group 4: Market Dynamics and Growth Drivers - The influx of deposits into wealth management products is driven by factors such as the migration of funds from traditional savings accounts and aggressive marketing strategies by banks [6]. - Current average yields for newly issued wealth management products exceed 2.50%, with some reaching around 3%, making them more appealing compared to declining deposit rates [6][7].