Core Viewpoint - The recent fluctuations in the banking sector are primarily driven by short-term arbitrage fund withdrawals and an increase in market risk appetite, rather than the fundamental performance of banks [1][2][3] Group 1: Market Trends - Since July 11, the banking sector index has shown a downward trend, with an overall decline exceeding 14% after a brief rebound in early August [1] - The current market environment has led active funds to favor technology and growth sectors, resulting in a shift away from banking stocks [1][2] - The recent adjustments in the banking sector are compounded by high dividend payouts in July, leading to profit-taking by investors [2][3] Group 2: Investment Sentiment - Despite recent underperformance, banking stocks remain attractive to long-term investors such as insurance funds and social security funds, supported by favorable policies encouraging institutional investment [3][4] - Data shows that insurance funds are significant shareholders in over 700 stocks, with several banking stocks among their top holdings [3] Group 3: Long-term Outlook - Analysts believe that the long-term valuation recovery of banking stocks is not a short-term phenomenon but will be supported by ongoing transformations in the banking sector's operating models [6][7] - The banking sector is transitioning towards a more quality-focused approach, enhancing capital efficiency and increasing non-interest income, which is expected to bolster the attractiveness of banking stocks [6][7] - The potential for increased investment from insurance funds is significant, as regulatory changes may lead to a higher allocation of new premiums into the A-share market [7]

Core Viewpoint - Recent shareholder increases in Nanjing Bank reflect strong confidence in the bank's performance and growth potential [1][2][3] Group 1: Shareholder Activity - BNP Paribas (QFII) increased its stake in Nanjing Bank by acquiring 108 million shares, raising its total holding from 16.14% to 17.02% [1] - Other major shareholders, including Nanjing Gaoke and Zijin Group, have also increased their holdings, indicating a positive outlook on the bank [2] - Nanjing Gaoke acquired a total of 1.98 million shares between July and September, increasing its stake from 8.94% to 9.99% [2] Group 2: Financial Performance - As of June 30, Nanjing Bank's total assets reached 2.90 trillion yuan, an increase of 11.96% year-on-year [2] - The bank reported a net profit of 12.62 billion yuan for the first half of 2025, reflecting an 8.84% year-on-year growth [3] - Nanjing Bank's non-performing loan ratio stood at 0.84%, with a provision coverage ratio of 311.65% as of June 30 [3] Group 3: Revenue Composition - For the first half of 2025, Nanjing Bank's net interest income was 15.65 billion yuan, contributing nearly 55% to the revenue growth [3] - Non-interest income reached 12.83 billion yuan, with fee and commission income growing by 6.70% year-on-year [3]

9月28日，南京银行（601009）发布公告披露大股东法国巴黎银行（QFII）于9月22日至26日通过集中竞 价交易方式，以自有资金增持该行股份108,093,950股，占总股本的0.87%。此次增持后，法国巴黎银行 及其QFII合计持股比例由16.14%上升至17.02%。公告明确指出，本次权益变动不触及强制要约收购， 亦未违反相关承诺或计划。 本次增持是外资股东对南京银行长期价值判断的一次实质性表达。作为该行主要战略投资者之一，法国 巴黎银行近年来持续通过QFII渠道增持，反映出其对中国区域性银行基本面稳定性和区域经济韧性的认 可。在当前资本市场波动加剧、部分金融机构面临转型压力的背景下，此类明确且连续的增持动作具有 较强的信号意义。它不仅体现了国际投资者对中国金融资产配置的审慎乐观态度，也为市场观察区域性 银行估值修复提供了重要参考坐标。 今年以来，南京银行已先后发布多份股东权益变动公告，显示包括法国巴黎银行、南京高科 （600064）、紫金投资集团及其关联方在内的多家主要股东，均在不同时间段内通过二级市场集中竞价 方式增持公司股份。这些增持行为均明确表示基于对南京银行未来发展的信心与价值成长的认可，且 ...

南京银行于2005年引进法国巴黎银行作为战略投资者，今年双方合作已满20年。本次增持，恰逢法国巴 黎银行首席执行官柏诺飞一行前往南京，参加双方战略合作二十周年系列活动。在南京期间，包括柏诺 飞在内的高管多次表示，法国巴黎银行始终坚定看好双方战略合作。9月22日，南京银行与法国巴黎银 行签署战略合作备忘录。 9月28日，南京银行（SH601009，股价11.26元，总市值1392亿元）发布公告，法国巴黎银行（QFII）于 9月22日至9月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。 （文章来源：每日经济新闻） MACD金叉信号形成，这些股涨势不错！ 截至今年6月末，南京银行资产总额达2.9万亿元，上半年该行实现营业收入284.8亿元，同比增长 8.64%，实现归母净利润126.19亿元，同比增长8.84%，同时营收、净利实现了环比逐季提升。 《每日经济新闻》记者注意到，法国巴黎银行 ...

9月28日，南京银行（SH601009，股价11.26元，总市值1392亿元）发布公告，法国巴黎银行（QFII）于9月22日至9月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%。 截至今年6月末，南京银行资产总额达2.9万亿元，上半年该行实现营业收入284.8亿元，同比增长8.64%，实现归母净利润126.19亿 元，同比增长8.84%，同时营收、净利实现了环比逐季提升。 《每日经济新闻》记者注意到，法国巴黎银行及法国巴黎银行（QFII）在去年多次出手"加仓"南京银行。今年7月"南银转债"提前赎 回后，南京银行总股本增加至123.64亿股，也使得主要股东持股比例出现一定稀释，其中法国巴黎银行及法国巴黎银行（QFII）合计 持股比例降至16.14%。彼时浙商证券银行研究团队提到，2025年为南京银行与法巴合作20周年，参考近期法巴增持行为及较20%持股 上限仍有空间，不排除后续法巴继续增持的可能性。 此外，年内南京银行其他主要股东增持也十分踊跃，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 ...

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。 ...