浙商证券研报指出，南京银行25H1营收和归母利润增速均环比提升，呈现U型改善态势，略好于市场预 期。展望全年，营收、利润增速有望继续维持大个位数增长，主要考虑上半年生息资产高增，为全年营 收打下良好基础。测算25Q2息差环比下降10bp至1.31%，主要受资产收益率下行幅度大于负债成本率影 响。上半年南京银行持股1%以上的股东持续增持，主动增持金额近60亿元，显示了股东对南京银行未 来发展的信心和价值的认可。认为不排除主要股东继续增持的可能，主要考虑大股东受转债摊薄影响， 持股比例较历史高位和持股上限还有空间。目标价为15.70元/股，对应25年PB1.04倍，现价空间39%， 维持"买入"评级。 ...

Core Viewpoint - In the first half of 2025, Nanjing Bank's revenue and profit growth accelerated, continuing a "U" shaped trend, supported by regional advantages and a stable net interest margin [1][9] Financial Performance - Nanjing Bank reported a revenue of 28.48 billion yuan, a year-on-year increase of 8.6%, and a net profit attributable to shareholders of 12.62 billion yuan, up 8.8% year-on-year [2][3] - The bank's net interest income grew by 22.1% year-on-year, driven by increased volume and improved pricing [3][4] - Non-interest income increased by 6.7%, primarily from growth in custody, guarantee, agency, and consulting services [3] Revenue and Profit Drivers - The main contributors to profit growth were scale expansion, operating expenses, and non-interest income, with respective positive contributions of 17.54%, 0.94%, and 0.67% [4] - The bank's net interest margin (NIM) was 1.86%, with a restored NIM of 1.38%, reflecting a year-on-year increase of 5 basis points [4][6] Asset Quality - Nanjing Bank maintained excellent asset quality, with a non-performing loan (NPL) ratio of 0.84%, slightly up by 1 basis point [8] - The bank's credit cost decreased to 0.79%, while the provision coverage ratio fell to 311.7% [8] Capital Position - The successful conversion of "Nanjing Convertible Bonds" improved the bank's capital position, with the core Tier 1 capital adequacy ratio rising to 9.47% [9][10] - The bank's annualized average return on equity was 15.32%, indicating strong profitability [9] Market Outlook - Nanjing Bank is expected to achieve nearly double-digit growth in revenue and profit for the full year, supported by favorable regional conditions and strong asset quality [4][10] - The bank's stock is currently trading at 0.76 times the 2025 price-to-book ratio, with a projected dividend yield of 4.75%, indicating a balance of growth and dividend attributes [10]

Core Viewpoint - Nanjing Bank demonstrates robust growth and stability in its operations, aligning with its new five-year strategic plan, showcasing a balanced development across strategic business segments and overall positive quality improvement [1] Group 1: Financial Performance - As of June 30, Nanjing Bank's total assets reached 2.9 trillion yuan, an increase of nearly 12% from the end of the previous year [2] - The bank's deposit scale was 1.64 trillion yuan, and loan scale was 1.38 trillion yuan, growing by 9.98% and 10.41% respectively compared to the previous year [2] - Operating income was 28.5 billion yuan, with a year-on-year increase of 8.64%, while net profit attributable to shareholders was 12.6 billion yuan, up 8.84% year-on-year [2] - The non-performing loan ratio stood at 0.84%, with a provision coverage ratio of 311.65%, indicating good asset quality [2] Group 2: Business Segment Development - Nanjing Bank focuses on differentiated competitive advantages in sectors such as technology innovation, investment banking, green finance, and inclusive finance, leading to balanced growth across three major business segments [3] - Retail business revenue surged by 21.4% year-on-year to 7.6 billion yuan, contributing 829 million yuan in profit [3] - The corporate loan segment exceeded 1 trillion yuan, increasing by 119 billion yuan since the beginning of the year, enhancing credit support for the real economy [3] Group 3: Strategic Initiatives - Nanjing Bank actively supports national and local development strategies, increasing financial supply to key areas, and enhancing financial services for high-quality economic development [4] - The bank has launched various innovative financial products, including technology innovation bonds and green loans, to support the transformation of traditional industries and promote sustainable development [4] - As of June 30, the balance of green finance loans reached 258.3 billion yuan, an increase of 56.2 billion yuan, representing a growth rate of nearly 28% [4] Group 4: International and Consumer Services - Nanjing Bank is optimizing its cross-border financial product and service system, enhancing international business and free trade zone collaboration [5] - The bank has introduced digital products to support foreign trade enterprises, serving 1,257 small and micro foreign trade enterprises [5] - In the consumer finance sector, the bank has launched various initiatives to stimulate consumption, including the "Su Travel Loan" and support for the "old-for-new" policy in key consumer areas [6]

Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Views - The report highlights strong credit growth, with significant increases in interest income and stable asset quality. The company is positioned as a quality investment with dividend growth potential [6][10] - The company has shown steady performance with a U-shaped recovery curve, supported by convertible bond conversions that further bolster business expansion [6] Financial Performance Summary - For the first half of 2025, the company's net profit attributable to shareholders increased by 8.8% year-on-year, while revenue grew by 8.6% [6] - The annualized ROA and ROE for the first half of 2025 were 0.93% and 15.32%, respectively, reflecting slight declines compared to the previous year [6] - The company’s total assets, loans, and deposits grew by 16.9%, 15.0%, and 16.2% respectively, with strong loan growth continuing into the second quarter [7] Revenue and Profitability Forecast - Projected operating revenue for 2024 is RMB 50,273 million, with a growth rate of 11.32%. The net profit attributable to shareholders is expected to reach RMB 20,177 million, reflecting a growth of 9.05% [5][10] - The net interest margin for the first half of 2025 was 1.86%, with net interest income increasing by 22.1% year-on-year [8] - The company’s EPS for 2025 is projected at RMB 1.88, with a PE ratio of 6.01 times [10] Asset Quality and Capital Adequacy - The non-performing loan (NPL) ratio at the end of the first half of 2025 was 0.84%, with a provision coverage ratio of 312% [9] - The core Tier 1 capital adequacy ratio improved to 9.47%, indicating a solid capital position [9] Valuation Metrics - The target price for the company is set at RMB 14.79, corresponding to a PB ratio of 0.76 times [2][10] - The report suggests a target PB of 1.0 times for 2025, reflecting the company's strategic clarity and stable operations [10]

Core Viewpoint - Nanjing Bank's 2025 semi-annual report indicates steady growth in key operating indicators, balanced development across strategic business segments, and an overall improvement in quality, showcasing sustainable development in scale, quality, structure, and efficiency [1] Group 1: Financial Performance - Nanjing Bank has achieved a significant increase in green finance loans, with a balance of 258.3 billion yuan as of June, up 56.2 billion yuan from the beginning of the year, representing an increase of nearly 28% [3] - The personal loan balance reached approximately 332 billion yuan by the end of the second quarter, an increase of nearly 11.8 billion yuan, or 3.67%, compared to the end of the previous year [5] Group 2: Strategic Initiatives - The bank is focusing on key areas such as "two highs and two new" and new quality productivity, enhancing credit investment in these sectors to better align financial services with high-quality economic development [3] - Nanjing Bank has launched various innovative financial products, including the "ecological loan" and the first "near-zero carbon factory-linked loan" in the province, to support the green transformation of traditional industries [3] Group 3: International Business and Consumer Support - The bank is optimizing its cross-border financial product and service system, launching the upgraded "Export Quick Loan 2.0" to support foreign trade enterprises and meet diverse financing needs [4] - Nanjing Bank has initiated a special action to boost consumption, introducing a comprehensive upgrade of its consumer finance product service system, including the "Su Travel Loan" and various measures to stimulate consumer demand [4][5]

Core Viewpoint - Nanjing Bank's 2025 semi-annual report indicates robust growth in core operating indicators, balanced development across strategic business segments, and an overall improvement in quality, showcasing sustainable development in scale, quality, structure, and efficiency [1] Group 1: Financial Performance and Strategy - Nanjing Bank has implemented a new five-year strategic plan, leading to steady growth in key financial metrics [1] - The bank's green finance loan balance reached 25.83 billion yuan, an increase of 5.62 billion yuan, representing a growth rate of nearly 28% compared to the beginning of the year [3] Group 2: Support for Innovation and Industry - The bank focuses on key areas such as "two highs and two new" and new quality productivity, enhancing credit support for these sectors to align financial services with high-quality economic development [3] - Nanjing Bank has launched various financial products to support technology innovation, including the "Xing E Technology Enterprise" service, which has served nearly 26,000 clients [3] Group 3: International Business and Trade - The bank is optimizing its cross-border financial product and service system, promoting the synergy between international business and free trade zone operations [4] - Nanjing Bank has introduced the "Export Quick Loan 2.0" to support foreign trade enterprises, achieving full coverage of various export clients [4] Group 4: Consumer Finance Initiatives - The bank has launched a special action to boost consumption, introducing 20 new measures to enhance consumer scenarios and stimulate demand [4] - By the end of the second quarter, the bank's personal loan balance was approximately 332 billion yuan, an increase of nearly 11.8 billion yuan, with a growth rate of 3.67% [5]

Core Points - The "Walking Nanjing" public welfare event will officially launch on October 19, 2025, at the Zhonghua Gate, aiming to promote public fitness and showcase the cultural heritage of Nanjing's Ming City Wall [1][2] - The event features two routes: a 35-kilometer full challenge and a 3-kilometer fun short course, allowing participants to enjoy the unique landscapes of Nanjing [1] - This year, a creative design call has been issued for works themed around "walking," "city wall," and "plum blossom," encouraging community engagement [1] Company and Industry Insights - Nanjing Bank has been the title sponsor of the "Walking Nanjing" event for nine consecutive years, with all registration fees donated for the protection and restoration of the city wall [2] - The event has consistently attracted over 2,000 participants each year, highlighting its popularity and community involvement [2] - The organizers emphasize the importance of connecting citizens with history and promoting a green travel concept through this initiative [2]

Investment Rating - The investment rating for Nanjing Bank is "Buy" (maintained) [9] Core Views - Nanjing Bank's performance has shown a U-shaped improvement, with revenue and net profit increasing by 8.6% and 8.8% year-on-year respectively in the first half of 2025, indicating a positive trend [2][3] - Shareholders have shown confidence in the bank's future by increasing their holdings, with a total of nearly 6 billion yuan in active purchases [6] Summary by Sections Performance Overview - In H1 2025, Nanjing Bank's revenue and net profit increased by 8.6% and 8.8% year-on-year, with quarter-on-quarter growth of 2.1 percentage points and 1.8 percentage points respectively [2] - The bank's non-performing loan (NPL) ratio rose slightly by 1 basis point to 0.84% by the end of Q2 2025, while the provision coverage ratio decreased by 12 percentage points to 312% [2][5] Revenue and Profit Growth - The bank's revenue and net profit growth rates improved quarter-on-quarter, driven by a 27% year-on-year increase in interest-earning assets in Q2 2025, which was 7 percentage points higher than Q1 [3] - The increase in impairment losses contributed positively, with a 12% year-on-year rise in asset impairment losses in H1 2025, although the growth rate slowed by 2 percentage points compared to Q1 [3] Interest Margin and Asset Quality - The interest margin decreased by 10 basis points to 1.31% in Q2 2025, primarily due to a larger decline in asset yield compared to the cost of liabilities [4] - The bank's NPL generation rate continued to improve, with a true NPL generation rate of 1.30% in H1 2025, down 12 basis points from Q1 [5] Shareholder Confidence - Shareholders holding more than 1% of Nanjing Bank's shares have actively increased their holdings, reflecting confidence in the bank's future development and value recognition [6] Earnings Forecast and Valuation - Nanjing Bank's net profit is expected to grow by 8.94%, 6.97%, and 6.33% year-on-year from 2025 to 2027, with corresponding book values per share of 15.07, 16.35, and 17.71 yuan [7] - The target price is set at 15.70 yuan per share, corresponding to a price-to-book (PB) ratio of 1.04 for 2025, indicating a potential upside of 39% from the current price [7]

Core Viewpoint - Multiple small and medium-sized banks in China have announced reductions in RMB deposit rates, with decreases ranging from 10 to 20 basis points, reflecting a response to previous rate cuts by larger commercial banks and the need to address downward pressure on net interest margins [1][5]. Group 1: Deposit Rate Adjustments - Jiangsu Bank and Nanjing Bank have adjusted their three-year fixed deposit rates from 1.85% to 1.75% [1]. - Highmi Hui Min Village Bank in Shandong has lowered the annual interest rates for personal fixed deposits of 6 months, 1 year, and 2 years by 10 basis points, while the rates for 3-year and 5-year deposits have been reduced by 20 basis points [2]. - Jilin Longtan Huayi Village Bank has also adjusted its deposit rates, lowering the annual interest rate for demand deposits from 0.2% to 0.15%, and reducing rates for various fixed deposit terms by 10 to 20 basis points [3]. - Zhejiang Shengzhou Ruifeng Village Bank and Jilin Baishan Hunjing Hengtai Village Bank have similarly announced reductions in deposit rates, primarily between 10 to 20 basis points [4]. Group 2: Market Context and Trends - The recent rate cuts by small and medium-sized banks are seen as a follow-up to earlier reductions by major banks, which included a maximum cut of 25 basis points [5]. - As of May, the six major banks have set their demand deposit rates at 0.05%, with three-year and five-year deposit rates at 1.25% and 1.3%, respectively [5].

Core Viewpoint - Multiple small and medium-sized banks in China have announced reductions in RMB deposit interest rates, with decreases ranging from 10 to 20 basis points [1][8]. Summary by Sections Deposit Rate Adjustments - Jiangsu Bank and Nanjing Bank have adjusted their three-year fixed deposit rates from 1.85% to 1.75% [2][3]. - Jilin Longtan Huayi Village Bank has lowered its interest rates for various deposit terms, with the three-year and five-year rates down by 20 basis points [5]. - Shandong Gaomi Huimin Village Bank has also reduced its rates for personal fixed deposits across multiple terms, with three-year and five-year rates down by 20 basis points [6]. Market Trends - The recent rate cuts by small and medium-sized banks are seen as a follow-up to earlier reductions by major commercial banks, which had cut rates by up to 25 basis points [8][9]. - The current interest rates for major banks are 0.05% for demand deposits and 1.25% and 1.30% for three-year and five-year fixed deposits, respectively [9]. Implications for Investors - According to a researcher from China Postal Savings Bank, the downward pressure on deposit rates is expected to continue, prompting residents to consider their investment experience, capabilities, and risk preferences to achieve better returns [8].