Core Insights - The foreign exchange business reform has been positively received by commercial banks and the public, with 26 banks participating as of September 2025, covering various types of banks across the country [1][2] Group 1: Reform Implementation and Participation - As of September 2025, 26 banks are involved in the foreign exchange business reform, including 5 large banks, 9 joint-stock banks, 4 city commercial banks, and 8 foreign banks [1] - The newly added banks in the third quarter include Industrial and Commercial Bank of China, Deutsche Bank, Mizuho Bank, and Mitsubishi UFJ Financial Group [2] Group 2: Benefits of the Reform - The reform has reduced the burden on enterprises, allowing them to handle foreign exchange transactions more efficiently, with some businesses experiencing a significant reduction in processing time from days to minutes [3] - Banks have improved their customer identification and service capabilities, leading to a reduction in average processing time for transactions by over 50% [3] - The reform has enhanced regulatory quality, with banks establishing risk monitoring systems to better track cross-border transactions and identify abnormal activities early [3] Group 3: Future Directions - The State Administration of Foreign Exchange plans to further enhance the foreign exchange management system, focusing on convenience, openness, security, and intelligence [4] - Future efforts will include expanding the coverage of the reform to benefit more enterprises and integrating various facilitation policies [4] - The application of new technologies such as artificial intelligence and big data will be encouraged to improve efficiency in foreign exchange services [4]

近期A股银行板块再现股东与高管"真金白银"增持热潮，南京银行、成都银行等城商行接连披露大额增 持公告。业内人士认为，银行股在震荡市中展现出强劲韧性。这场覆盖多家中小银行的增持行动，既传 递出银行对自身基本面的坚定信心，也折射出市场资金对高股息资产的配置偏好。 内外资同步发力 业内人士认为，近期银行股东的密集增持并非偶然，而是由经济复苏预期、业绩改善与估值修复逻辑共 同作用的结果。 ● 本报记者 石诗语 11月下旬，上市银行增持公告密集落地，内外资大股东与核心管理层形成增持合力。11月21日，南京银 行公告显示，法国巴黎银行（QFII）9月29日至11月20日，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该行股份1.28亿股，占该行总股本的1.04%。增持后，法国巴黎银行及法国巴黎 银行（QFII）合计持股比例由17.02%增至18.06%。 值得注意的是，这已是法国巴黎银行今年以来第二次增持南京银行。9月法国巴黎银行通过QFII渠道增 持南京银行1.08亿股，今年的两次增持合计超2.36亿股。除法国巴黎银行外，今年下半年以来，南京银 行还获得南京高科、紫金集团等股东的增持。 成都银行近期披露的 ...

基本面企稳与估值优势共振 业内人士认为，近期银行股东的密集增持并非偶然，而是由经济复苏预期、业绩改善与估值修复逻辑共 同作用的结果。 值得注意的是，这已是法国巴黎银行今年以来第二次增持南京银行。9月法国巴黎银行通过QFII渠道增 持南京银行1.08亿股，今年的两次增持合计超2.36亿股。除法国巴黎银行外，今年下半年以来，南京银 行还获得南京高科（600064）、紫金集团等股东的增持。 成都银行近期披露的股东增持进展也颇为亮眼。该行两大股东成都产业资本集团与成都欣天颐在8月27 日至11月21日期间，合计耗资6.11亿元增持该行3424.7万股，其中成都产业资本集团增持1404.48万股， 成都欣天颐增持2020.22万股，目前持股比例分别达6.06%和4.27%。公告明确此次增持计划尚未实施完 毕，两大股东将按照增持计划以自有资金继续增持成都银行股份。 中小银行的管理层自掏腰包增持同样引人关注。11月20日常熟银行（601128）公告称，该行行长陆鼎昌 等6名高管拟在未来6个月内增持该行A股股份不少于55万股；沪农商行（601825）则于11月18日披露， 该行行长汪明等5位高管已于11月13日至17日合计增 ...

Core Viewpoint - A surge in share buybacks by listed banks in China's A-share market is observed, driven by strong confidence from major shareholders and management teams in the banks' future prospects and the current undervaluation of bank stocks [1][5][6] Group 1: Share Buyback Activities - Numerous listed city commercial banks and rural commercial banks, including Nanjing Bank, Suzhou Rural Commercial Bank, Chengdu Bank, and others, have disclosed their share buyback progress since November [1][3] - Chengdu Bank reported that its major shareholders, Chengdu Industrial Capital Holding Group and Chengdu Xintianyi Investment, have cumulatively increased their holdings by 14.04 million shares, amounting to 253 million yuan [3][4] - Nanjing Bank's major shareholder, BNP Paribas, increased its stake by 128 million shares, raising its total holding from 17.02% to 18.06% [4] Group 2: Financial Performance and Market Sentiment - The banking sector's fundamentals remain robust, with commercial banks achieving a net profit of 1.9 trillion yuan in the first three quarters, and 24 listed banks announcing a total cash dividend of 263.79 billion yuan [5][6] - The stock prices of several banks have reached historical highs, with Agricultural Bank of China seeing a year-to-date increase of nearly 60% [6][7] - Analysts suggest that the current buyback trend reflects internal confidence in the banks' future and signals to the market that their value is underestimated [5][7] Group 3: Future Outlook - The ongoing recovery in the macroeconomic environment is expected to support the banking sector's performance, with analysts highlighting the importance of sustained economic recovery, interest rate changes, and long-term capital inflows for future stock performance [7][8] - Investors are advised to maintain a long-term perspective and focus on banks with strong fundamentals, emphasizing the importance of asset quality, profitability, and dividend policies [7][8]

Core Viewpoint - Recent announcements from multiple commercial banks regarding the redemption of preferred shares indicate a shift in capital management strategies within the banking sector [1][2]. Group 1: Redemption of Preferred Shares - Several banks, including Ping An Bank and Nanjing Bank, have announced plans to redeem preferred shares issued over five years ago, with Ping An Bank set to redeem 200 million shares worth 20 billion yuan by March 2026 and Nanjing Bank planning to redeem 49 million shares worth 4.9 billion yuan by December 2025 [1]. - Since July, at least nine banks, including Industrial and Commercial Bank of China and Bank of Beijing, have disclosed similar redemption plans, creating a notable trend in the market [1]. Group 2: Reasons for Redemption - The high dividend rates set at the time of issuance, combined with declining market interest rates, incentivize banks to redeem high-cost preferred shares and replace them with lower-cost perpetual bonds [2]. - Regulatory changes and the need for banks to optimize their capital structures are also significant factors driving the decision to redeem high-cost preferred shares [2]. Group 3: Capital Management Strategies - The banking sector is transitioning from a focus on scale expansion to a cost-efficiency-centered model, emphasizing the need for banks to balance the redemption of high-interest preferred shares with the issuance of low-cost capital tools [3]. - Banks are adopting more diversified and flexible capital supplement tools, allowing them to respond to market conditions effectively, such as redeeming high-interest preferred shares when interest rates are low [3].

Core Insights - The city commercial bank sector experienced a rise of 0.99% on November 25, with Nanjing Bank leading the gains [1] - The Shanghai Composite Index closed at 3870.02, up 0.87%, while the Shenzhen Component Index closed at 12777.31, up 1.53% [1] Stock Performance - Nanjing Bank (600T009) closed at 11.64, with a gain of 2.65% and a trading volume of 457,300 shares, amounting to a transaction value of 526 million [1] - Beijing Bank (601169) closed at 5.78, up 1.76%, with a trading volume of 2,510,400 shares [1] - Xiamen Bank (601187) closed at 7.03, up 1.59%, with a trading volume of 156,300 shares [1] - Hangzhou Bank (600926) closed at 15.49, up 1.37%, with a trading volume of 128,080 shares [1] - Guiyang Bank (601997) closed at 6.07, up 1.17%, with a trading volume of 335,800 shares [1] - Other notable performances include Changsha Bank (601577) at 69.6 (+1.04%), Suzhou Bank (002966) at 8.22 (+0.98%), and Qingdao Bank (002948) at 4.78 (+0.84%) [1] Capital Flow - The city commercial bank sector saw a net inflow of 366 million in main funds, while retail funds experienced a net outflow of 305 million [2] - The main funds' net inflow for Hangzhou Bank was 97.67 million, while retail funds saw a net outflow of 48.86 million [3] - Qilu Bank (601665) had a main fund net inflow of 67.32 million, with retail funds experiencing a net outflow of 50.62 million [3] - Jiangsu Bank (601009) reported a main fund net inflow of 38.10 million, while retail funds had a net outflow of 45.88 million [3]

| 序号 代码 | | 名称 | O | 最新 | 总市值 | 涨幅％ 1 | 年初 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 601009 | 南京银行 | 1 | 11.64 | 1439亿 | 2.65 | | | 2 | 601998 | 中信银行 | 1 | 7.91 | 4402亿 | 246 | | | 3 | 601328 | 交通银行 | 1 | 7.72 | 6822亿 | 2.12 | | 农业银行此前走出"14连阳"行情，截至11月25日收盘，收盘价为8.07元/股。据东方财富choice数据，农行年初至今涨幅近58%，居板块首位。对于农业银行 本轮行情，资深金融监管政策专家周毅钦曾向记者分析谈到，其核心逻辑仍以估值修复为主，尚未切换为成长属性定价。一方面当前仍以低估值与高股息的 吸引力为主。农行股息率显著高于国债收益率，叠加市场避险情绪升温，险资、公募等长期资金持续加仓，推动估值向合理区间回归。 "另外一方面是基本面韧性提供支撑。农行上半年财报数据稳健，存款成本低、不良率可控的护城河优势强化了安全垫，但成长属性 ...

Core Viewpoint - The six A-share listed city commercial banks in the Yangtze River Delta region are demonstrating resilient growth, achieving increases in both revenue and net profit despite the pressure of narrowing interest margins [1][2]. Revenue and Profit Growth - All six city commercial banks reported year-on-year growth in both revenue and net profit for the first three quarters, with five banks achieving profits exceeding 10 billion yuan, except for Suzhou Bank, which is relatively smaller [2]. - Jiangsu Bank led with a revenue of 67.183 billion yuan and a net profit of 30.583 billion yuan, ranking first among A-share city commercial banks [2]. Interest Income Performance - Despite the overall pressure on interest margins, all six banks achieved year-on-year growth in net interest income, with Nanjing Bank and Jiangsu Bank showing significant increases of 28.52% and 19.61%, respectively [3]. - Nanjing Bank attributed its growth in net interest income to increased credit investment and optimized asset allocation strategies, alongside a reduction in deposit costs [3]. Asset Expansion - The six banks are steadily expanding their asset scales, with Jiangsu Bank holding the largest total assets of 4.93 trillion yuan, marking a 24.68% increase from the beginning of the year, the fastest growth among A-share listed banks [6]. - All banks exhibited strong growth in both deposits and loans, with Jiangsu Bank's total deposits reaching 2.54 trillion yuan, a 20.22% increase, and total loans growing by 17.87% to 2.47 trillion yuan [6]. Corporate Lending Growth - Corporate lending has become the main driver of credit expansion for these banks, with significant growth in loans for technology finance, inclusive finance, and green finance [9]. - For instance, Nanjing Bank's corporate loans increased by 14.63%, with notable growth in green finance (33.03%), technology finance (17.47%), and inclusive finance (16.16%) [9]. Asset Quality - The asset quality of the six banks remains stable, with non-performing loan (NPL) ratios either holding steady or declining. Jiangsu Bank's NPL ratio decreased by 0.05 percentage points to 0.84% [10]. - Nanjing Bank's NPL ratio remained stable at 0.83%, reflecting effective risk management and asset disposal strategies [10]. Capital Adequacy - Shanghai Bank reported a high core Tier 1 capital adequacy ratio of 10.52%, up 0.17 percentage points from the beginning of the year, supported by improved profitability and capital management [11]. - Both Hangzhou Bank and Nanjing Bank completed convertible bond conversions, with their core Tier 1 capital ratios rising to 9.64% and 9.54%, respectively [11]. Dividend Distribution - Several banks, including Shanghai Bank and Suzhou Bank, have completed mid-term dividend distributions, with Jiangsu Bank and Ningbo Bank also advancing their mid-term dividend plans [12]. - Hangzhou Bank has consistently increased its cash dividend ratio, with a projected mid-term dividend of 2.755 billion yuan for 2025, reflecting a commitment to enhancing shareholder returns [13].

中经记者 郝亚娟 夏欣 上海 北京报道 11月24日，上海票据交易所负责建设运营的票据综合服务平台（以下简称"综服平台"）投产上线。在上 线当日，多家银行直连接入综服平台。 西南财经大学金融安全协同创新中心首席研究员毛强华在接受《中国经营报》记者采访时分析，综服平 台的核心定位在于构建"一站式"服务体系。该平台通过互联网渠道，将原本分散、线下处理的票据签 发、承兑、背书、贴现及托收等全流程业务，集成于统一的数字化入口，显著提升了企业融资的便捷性 与效率，更好地满足了多元化的融资需求。这一转变，标志着中国票据市场在数字化、集约化与透明化 进程中迈出了关键一步。 毛强华同时指出，对票据中介行业而言，综服平台的推出将带来结构性冲击。票据中介长期依赖的"为 企业寻找低价贴现渠道"的信息不对称优势，将被平台的公开比价与高效匹配功能大幅削弱。 打造"一站式"服务生态 上海票据交易所披露的数据显示，截至11月24日16:00，综服平台新增注册用户数量达到2201户，用户 访问量4581次；金融机构发起贴现报价13笔；企业发起贴现询价50笔，金额5132.46万元；43家金融机 构参与交易服务，94名交易员完成实名认证，发送 ...

Core Points - Nanjing Bank announced adjustments to its personal accumulation gold business, including extended trading hours, holiday trading arrangements, and updates to the business agreement [1][2] Group 1: Trading Hours - The daily trading hours for the personal accumulation gold business will be extended from December 1, 2025, changing from 9:30 AM - 3:00 PM to 9:30 AM - 10:30 PM [1] - The service hours for physical gold redemption will also be adjusted from 10:00 AM - 3:00 PM to 10:00 AM - 5:00 PM [1] Group 2: Holiday Trading Arrangements - The trading hours during holidays will be clarified, with specific hours set for December 25, 2025, and December 31, 2025, as well as January 5, 2026 [1] - On December 25, 2025, trading will occur from 9:30 AM - 3:00 PM, and on December 31, 2025, from 9:30 AM - 3:00 PM, with trading resuming on January 5, 2026, at 9:30 AM [1] Group 3: Business Agreement Updates - A new version of the personal accumulation gold business agreement will take effect on November 28, 2025, which includes updates on trading hours, risk management mechanisms, trading limits, and gold investment rules [1]