人民财讯8月29日电，兴业银行（601166）行长陈信健在该行2025年半年度业绩说明会上表示，对兴业 银行股价继续修复，实现500亿元可转债转股，总体是比较乐观的。一方面，从银行板块来讲，基于风 险边际改善、中长期增量资金入市等积极因素，板块估值在显著修复；从兴业银行自身来看，整体业绩 稳中向好，分红政策也将更加积极，中期分红方案即将出炉，下阶段还将积极推动现有股东、新投资者 通过二级市场进行增持，或通过收购可转债进行转股等方式入股，进一步提升长期稳定的投资者持股比 例。 ...

Core Viewpoint - The performance report of Industrial Bank for the first half of 2025 shows a slight decline in revenue but a positive turnaround in net profit growth, indicating resilience amidst industry challenges [1][2][9]. Financial Performance - The bank achieved operating income of 1,104.58 billion yuan, a year-on-year decrease of 2.29%, with the decline narrowing by 1.29 percentage points compared to the first quarter [1][2]. - Net profit attributable to shareholders reached 431.41 billion yuan, reflecting a year-on-year growth of 0.21%, reversing the negative trend from the first quarter [1][2]. - The net interest margin stood at 1.75%, down 7 basis points from the previous year, but still above the industry average of 1.42% for commercial banks and 1.55% for joint-stock banks [2][3]. Asset Quality - Total assets reached 10.61 trillion yuan, growing by 1.01% from the end of the previous year, while non-performing loans amounted to 634.93 billion yuan, increasing by 20.16 billion yuan [1][4][7]. - The non-performing loan ratio was stable at 1.08%, unchanged from the first quarter and up 0.01 percentage points from the end of the previous year [1][7]. - The bank's provision coverage ratio was 228.54%, indicating a strong capacity to absorb potential losses [7]. Loan and Deposit Trends - Customer deposits totaled 5.87 trillion yuan, up 6.10% from the end of the previous year, with a deposit interest rate of 1.76%, down 22 basis points year-on-year [4][5]. - The loan balance reached 59,034.33 billion yuan, a growth of 2.91% from the previous year, with corporate loans making up 62.15% of the total [5][6]. - Green loans exceeded 1 trillion yuan, reaching 1,075.63 billion yuan, with a growth rate of 15.61% [6]. Non-Interest Income - Non-interest income was reported at 367.03 billion yuan, a decrease of 3.80% year-on-year, primarily due to market interest rate fluctuations [3][6]. - Fee and commission income increased by 2.59% to 130.75 billion yuan, driven by enhanced customer service capabilities [3][6]. Strategic Developments - The establishment of the Industrial Bank Asset Investment Company (AIC) has been approved, aimed at enhancing support for technology and private enterprises, thereby optimizing the bank's asset structure [8][9]. - The bank continues to focus on maintaining a competitive edge in green finance, wealth management, and investment banking, while also developing its technology finance capabilities [6][9].

Investment Rating - The investment rating for the company is "Neutral" [5] Core Views - The company's revenue for the first half of 2025 was 110.46 billion yuan, a year-on-year decrease of 2.3%, but the decline narrowed by 1.3 percentage points compared to the first quarter. The net profit attributable to shareholders was 43.14 billion yuan, a year-on-year increase of 0.2%, marking a turnaround from a 2.2% decline in the first quarter [1][3] - The net interest margin slightly decreased, impacting the growth of net interest income, which fell by 1.5% year-on-year. The net interest margin for the first half was 1.75%, down from 1.80% in the first quarter, with a year-on-year contraction of 11 basis points and 7 basis points respectively [1] - The total assets at the end of the period were 10.61 trillion yuan, a 1.0% increase from the beginning of the year, while total loans reached 5.90 trillion yuan, up 2.9% from the start of the year [1] - The company has seen a stable asset quality with a non-performing loan ratio of 1.08%, unchanged from the end of March, and a decrease in the attention ratio to 1.66%, down 5 basis points from the beginning of the year [2][3] Financial Forecasts - The forecast for net profit attributable to shareholders for 2025-2027 is 77.6 billion yuan, 80.3 billion yuan, and 84.6 billion yuan respectively, with corresponding year-on-year growth rates of 0.5%, 3.5%, and 5.4% [3][4] - The price-to-earnings (PE) ratios for 2025-2027 are projected to be 6.6x, 6.3x, and 6.0x, while the price-to-book (PB) ratios are expected to be 0.59x, 0.55x, and 0.52x [3][4]

Core Viewpoint - The article highlights a unique financial service provided by Industrial Bank's Hohhot branch, demonstrating their commitment to customer service by facilitating banking operations for hospitalized clients [1][2]. Group 1: Service Innovation - Industrial Bank's Hohhot branch has introduced a "mobile counter + remote guidance" service model specifically for vulnerable groups such as the elderly, patients, and disabled individuals [2]. - The bank has established a service hotline to create customized solutions for urgent needs like medical payments and disaster relief funds, ensuring a tailored response for each situation [2]. - The implementation of technology, including facial recognition and electronic signatures, allows for efficient service delivery, enabling "one visit, all online processing" for over 200 special clients [2]. Group 2: Customer-Centric Approach - The bank's staff promptly responded to a call from a hospitalized client needing to reset a bank card password, demonstrating a proactive approach to customer service [1]. - The process involved staff bringing mobile terminal devices to the hospital, completing identity verification and authorization in just 10 minutes, showcasing efficiency and dedication [1]. - The bank aims to continue enhancing its services with smarter solutions and more compassionate measures, positioning itself as a reliable financial partner for clients [2].

Core Viewpoint - Industrial Bank has launched the standardized V3.0 manual for its branches, emphasizing a comprehensive upgrade in physical appearance and customer service, aligning with ESG principles and enhancing customer and employee experiences [3][4]. Group 1: Standardization and Design - The V3.0 manual is based on five core concepts: technology empowerment, intelligent efficiency, integrated communication, green environmental protection, and a bright and warm atmosphere [3]. - The new branch design features a blue and white electronic signboard, glass facades for visual interaction, and a warm color palette to create a welcoming environment [3][4]. Group 2: Customer Experience and Efficiency - The new design includes differentiated layouts for faster service response, enhancing both efficiency and privacy for customers [4]. - The "integrated hall + separated counter" model allows staff to provide mobile services, improving both employee efficiency and customer experience [4][5]. Group 3: Accessibility and Inclusivity - The branches have been designed with accessibility in mind, featuring ramps for wheelchair users, low-height ATMs, and comfortable seating for elderly customers [4][5]. - Facilities such as nursing rooms have been introduced to cater to the needs of specific customer groups [5]. Group 4: Research and Development - Prior to the V3.0 manual's release, the bank conducted extensive research involving various customer segments, ensuring the upgrades meet diverse needs [5]. - The bank aims to position its branches as frontline service points that align with national strategies and address public needs [5].

Core Viewpoint - In the context of increasing competition in the financial services market, the bank is committed to a customer-centric service philosophy and aims to enhance service quality through reforms and cost reductions [1][2]. Group 1: Service Fee Adjustments - Starting from July 1, 2025, the bank will implement a new service fee schedule to further promote cost reduction and benefit policies [1]. - The new fee schedule includes an extension of payment fee discounts and additional free services specifically for small and micro enterprises [1]. - The bank aims to optimize service fee structures and reduce customer costs, thereby enhancing market competitiveness and providing high-quality financial services [1]. Group 2: Commitment to Social Responsibility - The bank has already waived service fees amounting to 16.336 million yuan by the end of July 2025, demonstrating its commitment to reducing customer burdens [1]. - The bank will continue to promote the cost reduction policies to benefit more market participants and contribute to the high-quality development of the real economy [2].

Investment Rating - The report maintains a rating of "Accumulate" for the company [5]. Core Views - The company has shown a positive turnaround in performance with a year-on-year increase in net profit of 0.21% in H1 2025, compared to a decline in previous quarters [1]. - The asset quality remains stable, with a non-performing loan ratio of 1.08% as of Q2 2025, unchanged from the previous quarter [3]. - The company is expected to benefit from its wealth management and investment banking business advantages, supported by a strong capital market environment [4]. Summary by Sections Performance - In H1 2025, the company's operating income, pre-provision operating profit (PPOP), and net profit attributable to shareholders showed year-on-year growth rates of -2.29%, -3.08%, and 0.21%, respectively, indicating a positive trend compared to Q1 2025 [1][15]. Non-Interest Income - The company reported a 2.59% year-on-year increase in non-interest income in H1 2025, with retail wealth management and custody services performing particularly well, achieving revenue growth of 13.45% and 9.98%, respectively [2][31]. Interest Margin and Asset-Liability Structure - The total loans and total assets grew by 4.13% and 2.55% year-on-year, respectively, while total deposits increased by 8.89%. The net interest margin for H1 2025 was reported at 1.75%, reflecting relative resilience despite a 7 basis point decline from the beginning of the year [2][3]. Asset Quality - The company maintained a stable asset quality with a non-performing loan ratio of 1.08% and a provision coverage ratio of 228.54% as of Q2 2025. The focus on key risk areas has led to a reduction in new non-performing loans in corporate real estate and credit cards [3][4]. Capital and Shareholder Information - The largest shareholder, the Fujian Provincial Finance Department, converted 8.644 billion yuan of convertible bonds into shares, indicating confidence in the company's fundamentals. The core Tier 1 capital adequacy ratio stood at 9.54% as of Q2 2025, with potential for further improvement if remaining convertible bonds are fully converted [3][4].

Core Insights - The report reveals that as of the end of the reporting period, the total scale of Xinyin Wealth Management products reached 2,315.577 billion yuan [1] - The fixed income product scale was 2,273.872 billion yuan, while equity products accounted for 6.732 billion yuan, and mixed products totaled 34.932 billion yuan [1] - The total assets of Xinyin Wealth Management stood at 18.860 billion yuan, with owner’s equity at 18.252 billion yuan [1] - During the reporting period, the company achieved an operating income of 1.886 billion yuan and a net profit of 1.262 billion yuan [1]

证券研究报告 | 2025年08月29日 兴业银行（601166.SH）2025 年半年报点评 中性 业绩增速由负转正 业绩增速由负转正。2025 年上半年实现营收 1104.6 亿元，同比下降 2.3%， 降幅较一季度收窄 1.3 个百分点；实现归母净利润 431.4 亿元，同比增长 0.2%，增速由负转正，一季度同比下降了 2.2%。。 净息差同比降幅略有扩大，拖累净利息收入增速转负。上半年利息净收入同 比下降 1.5%，一季度同比增长 1.3%，主要是净息差同比降幅略有扩大。上 半年净息差 1.75%，一季度净息差 1.80%，同比分别收窄 11bps 和 7bps，二 季度降幅虽略有扩大但在对标同业中表现依然尚可。其中，上半年负债付息 率同比下降 40bps，存款付息率同比下降 30bps。 规模小幅扩张，积极优化结构。期末资产总额 10.61 万亿元，较年初增长 1.0%，贷款总额 5.90 万亿元，较年初增长 2.9%，期末贷款净额占总资产比 重为 54.4%，较年初提升 1.1 个百分点。 三张名片保持特色。期末绿色贷款余额 1.08 万亿元，较年初增长 15.61%； 大投行 FPA 余额 4 ...

8月28日，兴业银行半年报中披露的信息显示，截至报告期末，兴业基金资产管理总规模5,061.38亿元， 较上年末增长23.20%；公募基金管理规模4,480.23亿元，较上年末增长28.93%；其中，非货基金管理规 模2,740.64亿元，较上年末增长23.30%。总资产58.15亿元，所有者权益52.55亿元；报告期内实现营业 收入6.95亿元，净利润2.4亿元。 （兴业银行） ...