Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report provides a comprehensive analysis of 127 regional banks in Jiangsu Province, highlighting their asset and liability structures, profitability, and asset quality [6][18] - Jiangsu's regional banks have shown a significant increase in asset growth, with major city commercial banks growing at 19.4%, surpassing the growth of listed city commercial banks at 14.2% [24][26] - The report indicates that the loan-to-asset ratio for city commercial banks is projected to reach 48.4% in 2024, reflecting a gradual increase in lending activities [30] - Jiangsu's regional banks exhibit better return on assets (ROA) compared to listed banks, with city commercial banks outperforming by 16 basis points and rural commercial banks by 9 basis points [6][42] - The asset quality of Jiangsu's regional banks is superior to that of listed banks, with lower non-performing loan ratios and higher provision coverage ratios [6][42] Summary by Sections 1. Economic Structure of Jiangsu Province - Jiangsu Province is focusing on new industrialization and strategic emerging industries, with significant contributions from cities like Nanjing and Suzhou [13][14] 2. Overview of 127 Regional Banks in Jiangsu - The report categorizes the banks into city commercial banks, rural commercial banks, and others, with a total of 127 banks established between 2006 and 2015 [18][20] 3. Asset/Liability Structure - The asset growth of major city commercial banks is accelerating, while rural commercial banks are experiencing a decline in growth rates [24][26] - The loan-to-asset ratio for city commercial banks is expected to increase to 48.4% by 2024, indicating a shift towards more lending [30] 4. Profitability - Jiangsu's regional banks have a higher ROA compared to listed banks, with city commercial banks showing a 16 basis point advantage [6][42] 5. Asset Quality/Capital Levels - Jiangsu's regional banks maintain a lower non-performing loan ratio compared to listed banks, with city commercial banks having a 30 basis point lower ratio [6][42]

兴业银行（601166.SH）2025 年度业绩快报点评 营收增速转正，金市扩表明显 glmszqdatemark [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 212,226 | 212,741 | 219,804 | 230,555 | | 增长率（%） | 0.7 | 0.2 | 3.3 | 4.9 | | 归属母公司股东净利润（百万元） | 77,205 | 77,469 | 80,369 | 84,788 | | 增长率（%） | 0.1 | 0.3 | 3.7 | 5.5 | | 每股收益（元） | 3.52 | 3.47 | 3.61 | 3.82 | | PE（X） | 6 | 6 | 5 | 5 | | PB（X） | 0.5 | 0.5 | 0.5 | 0.4 | 资料来源：Wind，国联民生证券研究所预测；（注：股价为 2026 年 1 月 22 日收盘价） 2026 年 01 月 23 日 | 推荐 | 首 ...

资金面上看，两市主力资金全天净流出85.76亿元，今日有12个行业主力资金净流入，电力设备行业主 力资金净流入规模居首，该行业今日上涨3.50%，全天净流入资金123.23亿元，其次是有色金属行业， 日涨幅为2.73%，净流入资金为54.32亿元。 主力资金净流出的行业有19个，电子行业主力资金净流出规模居首，全天净流出资金130.25亿元，其次 是通信行业，净流出资金为69.11亿元，净流出资金较多的还有机械设备、公用事业、建筑装饰等行 业。 沪指1月23日上涨0.33%，申万所属行业中，今日上涨的有23个，涨幅居前的行业为电力设备、有色金 属，涨幅分别为3.50%、2.73%。跌幅居前的行业为通信、银行，跌幅分别为1.52%、0.90%。银行行业 位居今日跌幅榜第二。 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600036 | 招商银行 | -0.92 | 0.92 | -90149.12 | | 601166 | 兴业银行 | -1.19 | 0.81 | -26498.17 | | ...

Investment Rating - The report assigns a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [2][8]. Core Insights - The company has shown a positive turnaround in revenue growth, with a cumulative revenue increase of 0.2% year-on-year for 2025, and a net profit increase of 0.3% [8]. - The fourth quarter saw a significant expansion in the broad financial market, contributing to the company's asset growth, which increased by 5.6% year-on-year [8]. - The asset quality remains stable, with a non-performing loan ratio of 1.08% and a provision coverage ratio of 228.41%, indicating improved risk resilience [8]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2024A: Revenue of 212,226 million, Net Profit of 77,205 million - 2025E: Revenue of 212,741 million, Net Profit of 77,469 million - 2026E: Revenue of 219,804 million, Net Profit of 80,369 million - 2027E: Revenue of 230,555 million, Net Profit of 84,788 million [2][39]. - **Growth Rates**: - Revenue growth rates are projected at 0.2% for 2025, 3.3% for 2026, and 4.9% for 2027 - Net profit growth rates are expected to be 0.3% for 2025, 3.7% for 2026, and 5.5% for 2027 [2][39]. - **Earnings Per Share (EPS)**: - EPS is forecasted to be 3.52 for 2024, 3.47 for 2025, 3.61 for 2026, and 3.82 for 2027 [2][39]. - **Valuation Metrics**: - Price-to-Earnings (PE) ratio is projected at 6 for 2025 and 5 for 2026 and 2027 - Price-to-Book (PB) ratio is expected to remain at 0.5 for 2025 and decrease to 0.4 by 2027 [2][39]. Asset and Liability Management - Total assets increased significantly by over 4,200 million in the fourth quarter, surpassing 11 trillion in total assets - Total liabilities grew by 5.9% year-on-year, with deposits increasing by 7.2% [8]. - The company has adjusted its funding strategy to match asset growth, increasing bond issuance and interbank liabilities [8].

Core Viewpoint - Industrial Bank is actively pursuing international expansion as a strategic priority, focusing on enhancing its organizational structure and developing comprehensive cross-border financial services [1] Group 1: Organizational Structure - The bank has established a strategic working group at the headquarters level to promote international business development from top to bottom [1] - In overseas markets, the Hong Kong branch serves as a key hub for international business, while 17 domestic branches are designated as main players in international operations [1] - The bank has received approval to establish six free trade zone branches to serve as offshore financial service platforms [1] Group 2: International Business Development - In corporate finance, the bank aims to build a comprehensive cross-border financial service system centered on "commercial banking + investment banking," covering areas such as cross-border investment and financing, global wealth management, FICC, and cross-border settlement [1] - The bank plans to expand its network of correspondent banks and enhance cooperation in regions related to the Belt and Road Initiative, focusing on multi-currency product combinations and improving overseas asset investment capabilities [1] - Retail financial services are tailored for tourists and business personnel visiting China, offering localized and comprehensive financial support [1] Group 3: Brand and Service Integration - The bank is committed to refining its operational system and rebranding its global services, integrating diverse resources from both domestic and international markets [1] - A one-stop comprehensive cross-border financial service is being launched for clients with cross-border financial service needs [1]

| 代码 | 名称 | | 涨幅%↑ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 601229 | 上海银行 | 1 | -2.30 | 1329亿 | -7.43 | | 601128 | 常熟銀行 | | -1.51 | 238亿 | 1.99 | | 601998 | 中信銀行 | 1 | -1.47 | 4107亿 | -4.16 | | 601166 | 兴业银行 | 1 | -1.40 | 4038亿 | -9.40 | | 002142 | 宁波银行 | 1 | -1.39 | 1921亿 | 3.56 | | 601838 | 成都银行 | | -1.26 | 664亿 | -2.85 | | 600000 | 浦发银行 | 1 | -1.13 | 3500亿 | -15.51 | | 600919 | 江苏银行 | 兼 | -1.12 | 1786亿 | -3.44 | | 601398 | 工商银行 | 1 | -1.10 | 25626亿 | -9.33 | | 600926 | 杭州银行 | 张 | -1.04 | ...

平安证券研报指出，兴业银行2025年营业收入同比增长0.2%，归母净利润同比增长0.3%。规模方面， 截至2025年末，总资产同比增长5.6%，其中贷款余额同比增长3.7%。负债方面，存款同比增长7.2%。 兴业体制机制灵活，不断推动业务转型，目前公司表内外业务均衡发展，ROE始终保持优异，看好公司 长期价值。小幅调整公司25-27年盈利预测，预计公司归母净利润增速分别为0.5%/4.4%/5.2%，目前公 司股价对应25-27年PB分别为0.51x/0.48x/0.45x，考虑到目前公司估值安全边际相对较高，长期盈利能力 有望修复，维持"强烈推荐"评级。 ...

近日，兴业银行济南分行成功为辖属济宁某重点贸易企业提供7000万元授信支持，专项用于开立银行承 兑汇票，有效解决了企业在采购环节的资金周转压力，以实际行动支持实体经济发展，展现了金融机构 服务地方经济的责任担当。 助力发展，彰显金融价值。此次授信支持将有效增强企业的信用实力和采购能力，帮助企业锁定优质货 源，争取更有利的采购条件，同时也将显著降低企业的融资成本。企业负责人表示："兴业银行的信贷 支持来得非常及时，不仅解决了我们的资金难题，更为我们扩大经营规模、提升市场竞争力提供了有力 保障。" 深耕本土，服务实体经济。该案例是兴业银行济南分行持续深耕区域市场、服务实体经济的又一重要成 果。济宁分行相关负责人表示，未来将继续秉持"服务实体经济、助力企业发展"的宗旨，不断创新金融 产品，优化服务模式，为更多企业提供精准高效的金融服务，为区域经济高质量发展注入强劲的金融动 力。 （通讯员 褚夫月） 精准施策，破解融资瓶颈。该贸易公司作为区域重点商贸企业，日常经营中面临采购资金占用量大、周 转周期长等现实挑战。了解到企业为扩大经营规模、优化采购条件急需增信支持后，兴业银行济宁分行 迅速响应，组织专业团队深入企业调研， ...

（通讯员 褚夫月） 该方案通过"高额度、低敞口"的巧妙设计，使企业仅以部分保证金（2.5亿元）即可开立总额4.5亿元的 银承汇票，极大缓解了全额支付对流动资金的占用压力。2亿元的敞口额度，在优化企业负债结构的同 时，显著节约了财务成本。 本次4.5亿元银行承兑汇票业务的成功落地，是兴业银行济南分行践行"服务实体经济"初心使命的切实 体现。未来，该行将继续通过专业的金融产品和高效的金融服务，精准支持地方支柱产业发展，为区域 经济注入更强劲的金融动能。 近日，兴业银行济南分行成功为济宁某重点化工企业办理了总额4.5亿元的银行承兑汇票业务，其中敞 口额度2亿元。此举措不仅精准满足了客户在大宗原材料采购中的支付需求，有效降低了其综合融资成 本，更通过灵活的金融方案为企业提升了资金使用效益。 该化工企业作为区域内的龙头企业，在日常经营中面临大宗采购金额大、支付节点集中、流动资金占用 高等挑战。兴业银行济南分行在深入调研后，精准把握客户在"保障支付"与"提升资金收益"方面的双重 需求，迅速组建专业服务团队，为其量身定制了以银行承兑汇票为核心的综合金融服务方案。 ...

Group 1 - The core viewpoint emphasizes the deep integration of technology and industry, showcasing advancements in various sectors such as server virtualization, autonomous logistics, clean technology, and aerospace commercialization, contributing to high-quality development and technological self-reliance [1][5]. Group 2 - The program "New Forces in Venture Capital" produced by Industrial Bank, in collaboration with Southeast TV and Haixia TV, focuses on the importance of technological innovation, inviting experts from various fields to discuss the practices of benchmark enterprises in technology breakthroughs and industrial ecosystem construction [3][9]. Group 3 - The "14th Five-Year Plan" suggests accelerating high-level technological self-reliance, with innovative enterprises being key players in overcoming critical technological challenges and ensuring industrial chain security [5]. Group 4 - Challenges such as funding shortages, resource dispersion, and market validation difficulties hinder the transformation of innovative results into industrial applications, necessitating systemic support from financial services and innovation ecosystems [7]. Group 5 - The program will explore new sectors like artificial intelligence, advanced manufacturing, smart energy, optoelectronic materials, and aerospace technology, featuring visits to representative innovative enterprises and discussions with industry experts [11]. Group 6 - The "Xinghuo Technology Support Package" segment of the program offers tailored financial service solutions from Industrial Bank based on the growth needs of enterprises, aiming to provide precise financial support [13]. Group 7 - Industrial Bank aims to enhance its role in supporting technological innovation and high-quality development through the "Xinghuo Technology" brand service, with significant investments in traditional and emerging industries, targeting over 60 billion yuan by the end of 2025 [13]. Group 8 - The program "New Forces in Venture Capital" will air weekly, starting January 23, on various platforms, aiming to showcase the new momentum of technological innovation and its impact on economic vitality [14].