登录新浪财经APP 搜索【信披】查看更多考评等级 基金管理人：北京京管泰富基金管理有限责任公司 基金托管人：北京银行股份有限公司 重要提示 本基金A类基金份额和C类基金份额分别设置代码。投资者在认购时须注意选择相应的基金份额类别， 正确填写拟认购基金份额的代码。本基金不同基金份额类别之间不得互相转换。 8、在基金募集期内，投资者通过北京京管泰富基金管理有限责任公司直销柜台每次认购本基金A类或C 类基金份额的金额均不得低于1.00元（含认购费），通过其他代销机构认购本基金A类或C类基金份额 的每次最低认购金额以各代销机构的规定为准。基金管理人可根据有关法律法规的要求，增减或变更基 金销售机构，请投资者关注基金管理人网站公示的本基金销售机构名录。 1、京管泰富中债京津冀债券综合指数证券投资基金（以下简称"本基金"）经2024年11月25日中国证券 监督管理委员会（以下简称"中国证监会"）证监许可〔2024〕1652号文准予募集注册。 2、本基金为以契约型开放式运作的债券型证券投资基金。 3、本基金的基金管理人及登记机构为北京京管泰富基金管理有限责任公司（以下简称"本公司"），基 金托管人为北京银行股份有限公司。 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The banking sector is expected to benefit from the influx of long-term capital and relative underweighting in indices, alongside stable dividends, indicating continued upward momentum for bank stocks [5][6] - The report anticipates stable performance in the banking sector for 2025, with steady growth in revenue and net profit, driven by improved credit structure and reduced risk in retail lending [6] Summary by Sections Industry Trends - The banking sector's active equity holdings as of Q1 2025 accounted for 3.75%, which is approximately 10 percentage points lower than the CSI 300 index [4][9] - The report highlights a decrease of 0.23 percentage points in bank stock holdings compared to Q4 2024 [4] Investment Opportunities - The report suggests that the banking sector is likely to see a valuation recovery due to supportive policies and stable dividend yields, with a projected dividend yield of over 4% [5][6] - Recommended stocks include Citic Bank, Agricultural Bank of China, and China Merchants Bank, with cyclical stocks like Suzhou Bank also highlighted [6] Market Dynamics - The report notes that the banking sector's return on equity (ROE) to price-to-book (PB) ratio dynamics are shifting from being driven by ROE to being driven by capital inflows [5] - The anticipated necessary return rate of 4% suggests that the theoretical PB valuation for the four major banks could exceed 1, indicating significant upside potential [5]

Core Insights - The "2025 Top 100 Brand Value Vitality List" was released, with Pinduoduo (PDD) ranking first and achieving a brand value growth rate of 235.7% [1][2] - The list includes companies with a brand value exceeding 20 billion yuan, highlighting significant growth among the top 100 [2] Company Performance - Pinduoduo (PDD) leads the list with a brand value growth rate of 235.7% [2] - Kuaishou (HK 01024) follows in second place with a growth rate of 220.7% [2] - Li Auto (HK 02015) ranks third with a growth rate of 163.7% [2] - Beijing Bank (SH 601169) is at the bottom of the list, ranking 100th with a growth rate of 8.8% [2] Growth Rate Distribution - In the 2025 Top 100, 4 companies have a brand value growth rate exceeding 100% [5] - 7 companies have a growth rate between 60% and 100% [5] - 39 companies show a growth rate between 20% and 60% [5] - 50 companies have a growth rate below 20% [5] Industry Representation - The equipment industry has the highest representation with 13 companies in the list [7] - Five industries, including finance, automotive, home appliances, beverages, and electronics, have between 7 to 12 companies represented [7] - Five additional industries, such as retail, non-ferrous metals, transportation, food, and communications, have between 3 to 6 companies [7] - 14 other industries have no more than 2 companies represented [7] Historical Context - The "China Listed Company Brand Value List" series has been published for nine consecutive years, reflecting the professionalism and objectivity of the research process [7]

中国经济网北京5月8日讯 目前，30家A股、H股上市城商行的2024年报已披露完毕。从归母净利润表现 来看，江苏银行2024年实现归属于上市公司股东的净利润318.43亿元，排名城商行第一，宁波银行、北 京银行分别以271.27亿元、258.31亿元位列第二、三名。 银行名称 归母净利润（亿元） 归母净利润增速 江苏银行 318.43 10.76% 宁波银行 0.81% 上海银行 235.60 4.50% 南京银行 201.77 271.27 6.23% 北京银行 258.31 9.05% 杭州银行 169.83 18.07% 徽商银行 154.14 6.80% 成都银行 128.58 10.17% 长沙银行 78.27 10.16% 齐鲁银行 重庆银行 51.17 3.80% 苏州银行 4.87% 50.68 贵阳银行 51.64 -7.16% 49.86 17.77% 青岛银行 42.64 20.16% 天津银行 38.02 1.11% 贵州银行 37.79 3.43% 中原银行 34.46 6.98% 厦门银行 25.95 -2.60% 西安银行 25.59 3.91% 威海银行 19.92 2.99% ...

Group 1 - The resignation of Jin Yu as chairman of Shanghai Bank due to age marks a significant leadership change, with Gu Jianzhong appointed as the new party secretary [2] - The banking sector is witnessing a wave of retirements as many executives approach the legal retirement age, raising concerns about maintaining strategic continuity [2][14] - Wang Liang, the chairman of China Merchants Bank, reported a slight decline in revenue and a modest increase in net profit, reflecting the pressures faced by the banking industry [3] Group 2 - Gao Yingxin, chairman of Minsheng Bank, has become the highest-paid executive in the A-share listed banks, despite the bank reporting its worst performance in nearly a decade [4][5] - Lu Jianqiang, chairman of Zhejiang Commercial Bank, has recently been re-elected, emphasizing the "good financial" concept as part of the bank's strategy [6] - The upcoming retirement of several key executives, including those from major banks, poses challenges for strategic direction and organizational culture [14][15] Group 3 - The transition of leadership in banks like CITIC Bank and Beijing Bank is critical as they navigate retail transformation and digitalization strategies [9][10] - The performance of Jiangsu Bank under the leadership of Ge Renyu has shown growth in revenue and profit, highlighting the importance of digital transformation in the banking sector [11] - The retirement of senior executives may lead to instability in team dynamics and affect customer trust, necessitating effective management of the transition [17][19] Group 4 - The implementation of a flexible retirement policy starting in 2025 may allow banks to retain key executives beyond the legal retirement age, potentially stabilizing leadership during transitions [19][20] - A well-structured corporate governance mechanism is essential for maintaining strategic consistency and navigating economic cycles in the banking industry [20]

北京银行在零售业务上探索出了不一样的打法，取得了不错的成效。一方面，通过洞察市场，发掘客户在不同人生阶段尚未被 满足的金融需求，进而提供相应产品和服务；另一方面，在客户每一个人生阶段布局可以提升客户价值的产品，形成"伴您一 生的银行"服务体系与品牌。 例如在儿童友好城市建设的号召下，北京银行从"一米视角"出发，打造"儿童友好型银行"，持续深化构筑"产品、服务、生 态"三位一体儿童友好服务体系，形成覆盖金融与非金融场景的儿童成长生态，赋能少年儿童成长。此后客户进入求学阶段， 北京银行提供成长金融，围绕学生、青年客群金融需求和校园、教育金融场景，提供校园缴费、教育公益等专属金融支持。客 户毕业后若有创业需求，北京银行也有相应的综合金融服务。该行为个体工商户、小微企业主提供个人经营性贷款。针对企业 在发展过程中的薪酬管理需求，北京银行打造了"爱薪通"智慧薪酬服务品牌，包括办公、人事、薪酬、费控四大智能模块，使 企业实现"人、财、事"数字化管理，让企业可以聚焦主营业务进行产品研发和市场拓展。在客户组建家庭、并有了财富管理、 财富传承的需求后，北京银行还有家庭金融、财富金融来满足客户需求。在步入老年后，养老金融将为客户 ...

Investment Rating - The report maintains a positive outlook on the banking sector, highlighting it as a low-volatility dividend play in a counter-cyclical environment and a strong performer in absolute returns during a pro-cyclical phase [6]. Core Insights - The first quarter of 2025 saw a decline in both revenue and net profit for listed banks, with revenue and net profit down 1.7% and 1.2% year-on-year, respectively. The main reasons for this decline were the expected decrease in interest margins and pressure from non-interest income [3][12]. - Loan growth has remained stable, with a year-on-year increase of 7.9% in the first quarter. Notably, banks in Jiangsu and Zhejiang, as well as Chengdu, continue to show strong economic performance, while Chongqing has emerged as a new growth area with loan growth exceeding 16% [3][4]. - The average net interest margin for listed banks was 1.54% in the first quarter, reflecting a slight quarter-on-quarter increase of 2 basis points, supported by a decrease in the cost of interest-bearing liabilities [4][12]. - The non-performing loan (NPL) ratio for listed banks decreased to 1.23%, with an estimated annualized NPL generation rate of approximately 0.63% [5][19]. - The report emphasizes the importance of focusing on high-dividend yield banks, particularly those with solid provisions and growth opportunities in favorable policy environments [6][19]. Summary by Sections Performance Overview - The first quarter of 2025 saw a significant impact from the decline in interest margins and non-interest income, leading to a negative growth in both revenue and profit for listed banks [10][12]. - The report indicates that the performance of state-owned banks was below expectations, while city and rural commercial banks generally met expectations [3][19]. Loan and Credit Analysis - Loan growth has been stable, with a year-on-year increase of 7.9% in the first quarter. The report highlights that the demand for loans from small and medium-sized enterprises has weakened, affecting the growth rates of rural commercial banks [3][4]. Interest Margin and Cost Analysis - The report notes that the average net interest margin for listed banks improved slightly, with a quarter-on-quarter increase attributed to a reduction in the cost of interest-bearing liabilities [4][12]. Asset Quality and Risk Management - The NPL ratio for listed banks decreased to 1.23%, with proactive measures taken to manage and dispose of non-performing assets [5][19]. - The report indicates that the retail sector is experiencing some risk exposure, but overall asset quality remains stable [5][19]. Investment Recommendations - The report recommends focusing on banks with high dividend yields and solid fundamentals, particularly those that are well-positioned to benefit from favorable policy changes [6][19].

Investment Rating - The report indicates a cautious outlook for the banking sector, with expectations of continued narrowing of interest margin declines due to improved cost management on the liability side [5]. Core Insights - The overall revenue and profit growth rates for listed banks in Q1 2025 were -1.7% and -1.2%, respectively, showing a widening decline compared to 2024 [4]. - Net interest income decreased by 1.7% year-on-year, influenced by factors such as loan repricing and lower new loan rates, but the decline in interest margins is expected to continue to narrow [4][5]. - The overall asset quality remains stable, with a non-performing loan ratio of 1.23% and a provision coverage ratio of 238% [4]. Summary by Sections 1. Performance Overview - Listed banks' overall revenue and profit growth rates for Q1 2025 were -1.7% and -1.2%, respectively, with declines expanding by 1.8 percentage points and 3.5 percentage points compared to 2024 [4]. - The net interest income saw a year-on-year decline of 1.7%, attributed to factors like loan repricing and intensified competition [4]. 2. Revenue Breakdown - Fee and commission income for listed banks decreased by 0.7% year-on-year, with the decline rate narrowing by 8.7 percentage points compared to 2024 [4]. - Other non-interest income fell by 3.2% year-on-year, primarily due to significant fluctuations in the bond market affecting fair value changes [4]. 3. Asset Quality - The non-performing loan ratio stood at 1.23%, slightly down by 1 basis point from the end of Q4 2024, while the provision coverage ratio was 238%, showing a slight decrease of 2 percentage points from the previous year [4]. 4. Future Outlook - The narrowing trend in interest margin declines is expected to continue, supported by improved management of liability costs and stable asset quality [5]. - The report anticipates that the overall profit growth for the year will maintain a trend of quarterly improvement [5].

Core Insights - The competitive landscape among listed city commercial banks has significantly changed in Q1 2025, with Beijing Bank maintaining its leading position in asset size, while Jiangsu Bank leads in revenue and net profit [1][2] - The total number of listed city commercial banks with assets exceeding 2 trillion yuan has increased to six, including Beijing Bank, Jiangsu Bank, Ningbo Bank, Shanghai Bank, Nanjing Bank, and Hangzhou Bank [1] - Strong credit growth has driven asset expansion and supported revenue growth for major city commercial banks [1][3] Group 1: Asset Size and Rankings - As of Q1 2025, Jiangsu Bank's asset size reached 4.46 trillion yuan, closely trailing Beijing Bank by 98 billion yuan [1] - Ningbo Bank's asset size increased to 3.40 trillion yuan, surpassing Shanghai Bank's 3.27 trillion yuan [1] - Nanjing Bank approached 2.8 trillion yuan, while Hangzhou Bank exceeded 2 trillion yuan [1] Group 2: Revenue and Profitability - In Q1 2025, the revenues of Jiangsu Bank, Ningbo Bank, Beijing Bank, Nanjing Bank, and Shanghai Bank were 223.04 billion yuan, 184.95 billion yuan, 171.27 billion yuan, 141.90 billion yuan, and 135.97 billion yuan, with growth rates of 6.21%, 5.63%, -3.18%, 6.53%, and 3.85% respectively [2] - Jiangsu Bank's net profit reached 97.8 billion yuan, followed by Beijing Bank at 76.72 billion yuan and Ningbo Bank at 74.17 billion yuan [2] Group 3: Credit Growth and Interest Income - The significant increase in credit issuance has led to a rise in net interest income for several city commercial banks, with Jiangsu Bank, Nanjing Bank, and Ningbo Bank reporting net interest incomes of 165.92 billion yuan, 77.52 billion yuan, and 128.35 billion yuan, respectively [3] - The year-on-year growth rates for net interest income were 21.94% for Jiangsu Bank, 17.80% for Nanjing Bank, and 11.59% for Ningbo Bank [3] - The strong performance in public loans was noted, with Ningbo Bank, Jiangsu Bank, Hangzhou Bank, and Nanjing Bank showing increases of 17.08%, 13.49%, 9.75%, and 8.75% respectively [2]