Group 1 - The core point of the article is that Société Générale plans to cut 1,800 jobs in France by the end of 2027 as part of a restructuring plan [1] - The French General Confederation of Labor (CGT) stated that management is convening unions to present the restructuring plan, which will lead to the layoffs without any specific support plan for affected employees [1] - A statement from Société Générale is expected to be released on Thursday regarding this matter [1]

Group 1 - China and the US are expected to hold another round of trade negotiations, emphasizing the need to implement the consensus reached by the two countries' leaders [2][24] - The Chinese government expressed serious concerns over the EU's new cybersecurity policy, which aims to exclude Chinese companies from the European mobile communication network, arguing that Chinese enterprises have contributed positively to the European telecom industry [3][25] - French President Macron's statement at Davos highlighted the need for more Chinese direct investment in Europe, with China emphasizing its commitment to mutual benefits and not pursuing trade surpluses [4][26] Group 2 - The Ministry of Housing and Urban-Rural Development plans to implement urban renewal actions to promote high-quality development in the real estate sector, aiming to create modern, livable cities [7][28] - The Ministry of Industry and Information Technology reported significant growth in emerging industries, with industrial robot production increasing by 28% and the AI core industry expected to exceed 1.2 trillion yuan [8][29] - The National Taxation Bureau of Shanghai imposed a fine of 100,000 yuan on Pinduoduo for failing to report tax-related information as required [15][37] Group 3 - Moore Threads released its first performance forecast post-IPO, expecting revenue between 1.45 billion and 1.52 billion yuan for 2025, representing a growth of 230.70% to 246.67% year-on-year [16][38] - The financial reports from various companies indicate a mixed outlook, with some expecting significant profit increases while others anticipate losses, reflecting the diverse performance across sectors [20][44]

Financial Data and Indicators - The company reported a total operating income of 212.741 billion yuan, representing a year-on-year increase of 0.24% [3] - The total profit reached 89.973 billion yuan, with a year-on-year growth of 3.27% [3] - The net profit attributable to shareholders was 77.469 billion yuan, showing a year-on-year increase of 0.34% [3] Business Performance and Financial Condition - The company emphasized its commitment to serving the real economy and enhancing its service capabilities, leading to stable operating efficiency and improved profitability [3] - Total assets amounted to 11.09 trillion yuan, an increase of 5.57% from the previous year [4] - The total liabilities reached 10.18 trillion yuan, growing by 5.88% year-on-year [4] - The balance of various loans was 5.95 trillion yuan, up by 3.70% from the previous year [4] - The balance of deposits was 5.93 trillion yuan, reflecting a year-on-year increase of 7.18% [4] Asset Quality and Risk Management - The company maintained a stable asset quality, with a non-performing loan balance of 64.251 billion yuan, an increase of 2.774 billion yuan from the previous year [4] - The non-performing loan ratio stood at 1.08%, up by 0.01 percentage points from the previous year [4] - The provision coverage ratio was 228.41%, indicating a strong risk management capability [4]

市场资讯：法国兴业银行将在法国裁员1800人。 ...

2026 年 01 月 21 日 兴业银行 (601166) ——营收超预期，风险再收敛，期待利润表持续修复 报告原因：有业绩公布需要点评 证券分析师 郑庆明 A0230519090001 zhengqm@swsresearch.com 林颖颖 A0230522070004 linyy@swsresearch.com 冯思远 A0230522090005 fengsy@swsresearch.com 李禹昊 A0230525070004 liyh2@swsresearch.com 联系人 冯思远 A0230522090005 fengsy@swsresearch.com 买入（维持） | 市场数据： | 2026 年 01 月 21 日 | | --- | --- | | 收盘价（元） | 19.61 | | 一年内最高/最低（元） | 25.45/19.35 | | 市净率 | 0.5 | | 股息率%（分红/股价） | 5.41 | | 流通 A 股市值（百万元） | 415,004 | | 上证指数/深证成指 | 4,116.94/14,255.13 | | 注："股息率"以最近一年已公布分红计算 | ...

（文章来源：证券日报） 证券日报网讯 1月21日，兴业银行发布公告称，公司2025年实现营业收入2，127.41亿元，同比增长 0.24%；归属于母公司股东的净利润774.69亿元，同比增长0.34%。 ...

Group 1 - The core viewpoint of the news is that Industrial Bank has achieved stable growth in its financial performance for 2025, with total assets exceeding 11 trillion yuan and a focus on high-quality development aligned with China's financial strategy [1][2] - As of the end of 2025, total assets reached 11.09 trillion yuan, a year-on-year increase of 5.57% [1] - The bank reported operating income of 212.74 billion yuan, a slight increase of 0.24% year-on-year, and a net profit attributable to shareholders of 77.47 billion yuan, up 0.34% [1] Group 2 - The bank's loan balance increased by 3.70% year-on-year to 5.95 trillion yuan, with significant growth in technology finance loans exceeding 1.12 trillion yuan and green finance loans reaching 1.1 trillion yuan [1] - The deposit balance grew by 7.18% year-on-year to 5.93 trillion yuan, indicating a successful expansion of low-cost liabilities [1] - The non-performing loan ratio remained stable at 1.08%, with a high provision coverage ratio of 228.41%, reflecting strong asset quality and risk management [2] Group 3 - The bank's shareholders approved a cash dividend of 5.65 yuan per 10 shares, amounting to a total distribution of approximately 11.96 billion yuan to investors [2]

截至报告期末，公司资产总额11.09万亿元，较上年末增长5.57%，其中各项贷款余额5.95万亿元，较上 年末增长3.70%;负债总额10.18万亿元，较上年末增长5.88%，其中各项存款余额5.93万亿元，较上年末 增长7.18%。 智通财经APP讯，兴业银行(601166.SH)发布2025年度业绩快报，报告期内，公司实现营业收入2127.41 亿元，同比增长0.24%;利润总额899.73亿元，同比增长3.27%;归属于母公司股东的净利润774.69亿元， 同比增长0.34%。 ...

继浦发银行、中信银行后，兴业银行交出了2025年成绩单。 在刚刚披露的业绩快报中，这家股份制银行的营收与利润增速几乎画出了一条平行线—— 2025年，兴业银行实现营业收入2127.41亿元，同比增长0.24%；归母净利润774.69亿元，增幅仅为0.34%。 在息差持续收窄的行业大背景下，这种近乎"原地踏步"的增长并不意外，但也直观地反映出商业银行通过规模扩张对冲价格下行的难度正在加大。 虽然管理层在公告中强调经营"稳中有进、韧性增强"，但数据表明，依靠非息收入挖掘来填补利息收入缺口的策略，在2025年面临了不小的挑战。 资产方面，截至2025年末，兴业银行总资产扩张至11.09万亿元，增速5.57%，保持了相对克制的扩张节奏； 兴业银行2015-2 2500 2000 18 1583 1571 1543 1400 1500 1000 606 572 539 502 500 0 2015年 2016年 2017年 2018年 2( | | 2015年 | 2016年 | 2017年 | 201 | | --- | --- | --- | --- | --- | | 营业收入（亿元） | 1543.48 | 1 ...

兴业银行表示，该公告所载2025年度数据为初步核算的集团口径数据，可能与该行2025年年度报告披露 的数据存在差异，但预计上述差异幅度不会超过10%，请投资者注意投资风险。 业务规模方面，截至报告期末，兴业银行资产总额11.09万亿元，较上年末增长5.57%，其中各项贷款余 额5.95万亿元，较上年末增长3.70%；负债总额10.18万亿元，较上年末增长5.88%，其中各项存款余额 5.93万亿元，较上年末增长7.18%。 资产质量方面，截至报告期末，兴业银行不良贷款余额642.51亿元，较上年末增加27.74亿元；不良贷款 率1.08%，较上年末上升0.01个百分点；拨备覆盖率228.41%，继续保持较高水平。 北京商报讯（记者 孟凡霞 周义力）1月21日，兴业银行发布2025年度业绩快报公告，报告期内，该行实 现营业收入2127.41亿元，同比增长0.24%；利润总额899.73亿元，同比增长3.27%；归属于母公司股东 的净利润774.69亿元，同比增长0.34%。 ...