Core Viewpoint - The scope of institutions participating in stock repurchase and increase loan business is expected to expand to city commercial banks, which were previously limited to 21 national financial institutions [1] Group 1: Institutional Participation - Beijing Bank and Shanghai Bank have signed loan commitment letters with several listed companies regarding stock repurchase and increase loans [1] - Other banks such as Ningbo Bank, Jiangsu Bank, and Nanjing Bank are also expected to qualify for this loan business [1]

Core Viewpoint - The expansion of stock repurchase financing to include city commercial banks is expected, with several banks already signing loan commitment letters with listed companies [1][2]. Group 1: Loan Participation and Expansion - The stock repurchase financing program, previously limited to 21 national financial institutions, is now likely to include city commercial banks such as Beijing Bank, Shanghai Bank, Ningbo Bank, Jiangsu Bank, and Nanjing Bank [1][2]. - The People's Bank of China has included Beijing Bank in the list of banks eligible for stock repurchase financing, indicating a significant policy shift [1]. Group 2: Market Response and Company Actions - Companies like Zhijiang Biology and Baoming Technology have announced plans to utilize stock repurchase loans, with specific amounts ranging from 60 million to 120 million yuan and 700,000 yuan respectively [1][2]. - The stock repurchase financing has been positively received by companies, providing a flexible financial tool to address timing mismatches in capital availability [5][6]. Group 3: Bank Perspective and Strategy - Banks view stock repurchase loans as a way to enhance relationships with high-quality listed companies and improve customer retention [4]. - The program allows banks to apply for refinancing from the People's Bank of China, with an initial refinancing quota of 300 billion yuan at an interest rate of 1.75% [4]. Group 4: Challenges and Considerations - Some companies remain cautious about utilizing stock repurchase loans due to perceived high interest rates and a lack of suitable repurchase windows [5][6]. - The interest rates for these loans typically range from 1.75% to 2.25%, and the limitations on loan recipients may deter some companies from participating [6].

Market Performance - The city commercial bank sector increased by 0.12% on November 5, with Ningbo Bank leading the gains [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] Individual Stock Performance - Ningbo Bank (002142) closed at 29.09, up 0.83% with a trading volume of 306,800 shares and a transaction value of 894 million [1] - Nanjing Bank (6000000) closed at 11.65, up 0.60%, with a trading volume of 555,100 shares and a transaction value of 648 million [1] - Shanghai Bank (601229) closed at 10.04, up 0.50%, with a trading volume of 842,000 shares [1] - Other notable performances include Chengdu Bank (601838) at 17.06, up 0.35%, and Hangzhou Bank (600926) at 16.02, up 0.12% [1] Capital Flow Analysis - The city commercial bank sector saw a net inflow of 52.36 million from institutional investors, while retail investors contributed a net inflow of 89.18 million [2] - The sector experienced a net outflow of 142 million from speculative funds [2] Detailed Capital Flow for Selected Banks - Jiangsu Bank (600919) had a net inflow of 63.74 million from institutional investors, while it faced a net outflow of 46.26 million from speculative funds [3] - Chengdu Bank (601838) reported a net inflow of 63.42 million from institutional investors, with a net outflow of 57.05 million from speculative funds [3] - Ningbo Bank (002142) had a net inflow of 5.72 million from institutional investors but a significant net outflow of 43.57 million from retail investors [3]

Core Points - The company will hold a Q3 earnings presentation on November 13, 2025, from 9:00 to 10:00 AM [1][2][3] - The presentation will be conducted via the Shanghai Stock Exchange Roadshow Center, allowing for online interaction [1][3] - Investors can submit questions by November 10, 2025, at 5:00 PM, which will be addressed during the earnings presentation [1][2] Meeting Details - The meeting will take place on November 13, 2025, at the Shanghai Stock Exchange Roadshow Center [2][3] - The company encourages active participation from investors during the online event [1][2] - Contact information for investor relations is provided, including a phone number and email address for inquiries [2]

Investment Rating - The report maintains a positive outlook on the banking sector, indicating a potential return to a valuation of 1 times net asset value [4][7]. Core Insights - The banking sector has demonstrated steady performance, with a year-to-date revenue growth of 0.8% and a net profit growth of 1.5% for the first nine months of 2025, reflecting a stable regulatory environment supporting bank profitability [10][14]. - The report highlights a shift in focus from scale to balance in credit growth, with banks increasingly pursuing a "quantity-price balance" strategy [4][7]. - The cost of liabilities has improved more significantly than the decline in asset pricing, leading to a stabilization of net interest margins, which is expected to continue into the next year [4][7]. - Asset quality remains stable but shows signs of divergence, particularly with rising risks in small and micro businesses [4][7]. - The report suggests that the current dividend yield of the banking sector has returned to an attractive range, indicating a significant disconnect between stable earnings and stock holdings, which could lead to a value recovery [4][7]. Summary by Sections Performance Overview - The banking sector's performance has been characterized by a steady increase in revenue and profit, with state-owned banks showing better-than-expected stability and regional banks leading in performance [11][12][15]. - The report notes that the revenue growth of state-owned banks has turned positive, with non-interest income contributing significantly to this growth [12][15]. Credit Growth and Strategy - The report indicates a gradual abandonment of scale-driven growth, with banks focusing on achieving a balance between volume and pricing in their lending practices [4][7]. - The credit growth rate for listed banks decreased by 0.3 percentage points to 7.7% in Q3 2025, with state-owned banks maintaining a growth rate of approximately 8.5% [4][7]. Profitability and Asset Quality - The net interest margin for listed banks remained stable at 1.5%, with a slight quarter-on-quarter increase of 3 basis points in Q3 2025 [4][7]. - The overall non-performing loan ratio remained stable at 1.22%, indicating manageable risk levels across the sector [4][7]. Investment Recommendations - The report recommends focusing on leading banks and undervalued regional banks as key investment opportunities, suggesting that the recovery in valuations is supported by stable earnings and attractive dividend yields [4][7].

证券代码：601169 证券简称：北京银行 公告编号：2025-052 北京银行股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 二、说明会召开的时间、地点 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 10 日（星期一）17:00 前将关注的问题 发送至本行邮箱（snow@bankofbeijing.com.cn），本行将在 2025 年第 三季度业绩说明会（以下简称"业绩说明会"）上对投资者普遍关注 的问题进行回答。 一、说明会类型 北京银行股份有限公司（以下简称"本行"）已于 2025 年 10 月 31 日披露 2025 年第三季度报告，为便于广大投资者更全面深入地了 解本行 2025 年第三季度经营成果、财务状况，本行计划于 2025 年 11 月 13 日上午 9:00-10:00 召开 2025 年第三季度业绩说明会，本次业 绩说明会以网络互动 ...

Market Performance - The city commercial bank sector increased by 1.62% on November 4, with Xiamen Bank leading the gains [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Individual Bank Performance - Xiamen Bank's closing price was 7.52, up 5.92% with a trading volume of 584,400 shares and a transaction value of 4.36 billion [1] - Shanghai Bank closed at 66.6, up 3.20%, with a trading volume of 1,373,200 shares and a transaction value of 1.364 billion [1] - Chongqing Bank closed at 11.20, up 3.13%, with a trading volume of 200,900 shares and a transaction value of 223 million [1] - Other notable banks include Xi'an Bank, Nanjing Bank, and Changsha Bank, with respective increases of 2.05%, 1.85%, and 1.75% [1] Fund Flow Analysis - The city commercial bank sector saw a net inflow of 280 million from main funds, while retail funds experienced a net outflow of 89.43 million [1] - Beijing Bank had a main fund net inflow of 1.47 billion, but retail funds saw a net outflow of 55.81 million [2] - Xiamen Bank recorded a main fund net inflow of 49.44 million, with retail funds experiencing a net outflow of 54.06 million [2]

Report Industry Investment Rating - The report is bullish on the bond market, predicting that the yield of the 10Y Treasury bond will return to around 1.65% this year, the 30Y Treasury bond to 1.9%, and the 5Y Tier 2 capital bonds of large banks to 1.9% (for bonds without VAT) [74]. Core Viewpoints - The revenue growth rate of the entire A-share market and the net profit growth rate of the parent company are at a low level, indicating that the economic growth rate may have stabilized at a low level but still faces downward pressure. The yield of the 10-year Treasury bond is more closely related to the revenue growth rate of the entire A-share market than the nominal GDP growth rate [1][4]. - The loan growth rate has been declining, and the proportion of loans in the bank's asset side is decreasing. The demand for personal and corporate loans may be weak in the long term, while the scale of government bonds may significantly expand. The asset structure of the banking system may face long-term changes, with the proportion of loans likely to decline significantly [21][24]. - Since the beginning of 2023, the proportion of financial investments of large banks has rebounded, and the growth rate of bond investments has increased. The cost rate of interest-bearing liabilities of listed banks has been decreasing quarter by quarter, and it is expected to further decline in the future [1][49]. - The decline in bank liability costs will support the downward oscillation of bond yields. Given the current economic situation, the rapid decline in bank liability costs, and the loose capital situation, the report is bullish on the bond market [70][74]. Summary by Directory 1. Analyzing Economic and Bank Operating Pressures from the Q3 Reports of the Entire A-share Market - **Economic Insights from the Entire A-share Performance**: The revenue growth rate of the entire A-share market can reflect the nominal GDP growth rate to some extent. The revenue growth rate of the entire A-share market and the 10-year Treasury bond yield have a similar trend. The performance growth rate of the entire A-share market is still under pressure, and the growth rate of the real economy also faces significant pressure [5][6][9]. - **Economic Insights from the Bank Sector Performance**: The performance of the banking sector is closely related to the economy. In recent years, the performance growth of the banking sector has been under significant pressure, and the net interest margin of commercial banks has been continuously declining [11][12][15]. - **Financing Demand from the Entire A-share Liabilities**: Since Q1 2024, the long-term borrowing growth of the entire A-share market (excluding finance, petroleum, and petrochemicals) has almost stagnated, reflecting the weak financing demand of market-oriented enterprises. The social financing growth rate generally leads the nominal GDP growth rate by 1 - 2 quarters, but its guiding role may decline in the future [18][20]. 2. Changes in Bank Asset and Liability Situations - **Declining Loan Growth Rates of Large and Small Banks**: The loan growth rate has significantly declined. The growth of personal housing loans is facing negative growth pressure, which significantly drags down the growth rate of personal loans. The loan growth rates of both large and small banks have declined, and the proportion of loans is also decreasing. In the long term, the asset structure of the banking system may change, with the proportion of loans likely to decline and the proportion of bond investments likely to increase [21][25][36]. - **Decreasing Deposit Proportion on the Liability Side of Large Banks and Stable Deposit Proportion of Small Banks**: The growth of corporate deposits of large banks has slowed down. In recent years, the proportion of deposits on the liability side of large banks has decreased, while the average deposit proportion of listed joint-stock banks has increased [37][48]. 3. Banks with Significant Financial Investment Growth in Q3 2025 - Since the beginning of 2023, the proportion of financial investments of large banks has rebounded. In Q3 2025, the financial investments of some banks, such as ICBC and CCB, increased significantly, while those of a few banks decreased. The financial investment increments of large banks, joint-stock banks, and city and rural commercial banks were all significant, and the bond investment growth rates of the Big Four banks and small and medium-sized banks were also relatively high [49][56][59]. 4. Decrease in Bank Interest-Bearing Liability Costs - In 2025, the decline of the current deposit proportion slowed down. Since the beginning of 2024, the deposit interest payment rate has significantly decreased, and the interest-bearing liability cost rate has been decreasing quarter by quarter. It is expected to further decline in the future [60][63][66]. 5. Investment Recommendations - The decline in bank liability costs will support the downward oscillation of bond yields. In the future, the liability costs of commercial banks are expected to decline year by year, which will drive the yield of the 10-year Treasury bond to decline. Given the current economic situation and the value of government bond allocation, it is recommended that commercial bank self-operated departments increase the allocation of government bonds. The report is bullish on the bond market [70][73][74].

Core Points - Beijing Bank (601169) announced a temporary suspension of its large and small payment systems due to an internal system upgrade scheduled for November 6, 2025, from 00:30 to 01:00 [1] - During the suspension, cross-bank receipt services will be affected, while cross-bank payment services can still be conducted through personal mobile banking and online banking features [1] - Customers are advised to make necessary arrangements for their fund usage in advance to mitigate any inconvenience caused by the system downtime [1]

Market Overview - The Shanghai Composite Index rose by 0.55% on November 3, with 22 out of 28 sectors experiencing gains, led by the media and coal industries, which increased by 3.12% and 2.52% respectively [1] - The banking sector also saw an increase of 1.33% [1] - Conversely, the non-ferrous metals and home appliance sectors faced declines of 1.21% and 0.66% respectively [1] Capital Flow Analysis - The main capital flow showed a net outflow of 23.944 billion yuan across the two markets, with 9 sectors experiencing net inflows [1] - The media sector led the net inflow with 2.031 billion yuan, followed by the banking sector with a net inflow of 1.831 billion yuan [1] Banking Sector Performance - The banking sector had 42 listed stocks, with 40 stocks rising and only 2 declining [2] - Among the stocks, 26 experienced net inflows, with 8 stocks seeing inflows exceeding 100 million yuan, led by China Merchants Bank with a net inflow of 452 million yuan [2] - Other notable inflows included Everbright Bank and Bank of Communications, with net inflows of 175 million yuan and 133 million yuan respectively [2] Individual Bank Performance - The top performers in the banking sector based on capital flow included: - China Merchants Bank: +2.20%, 452.42 million yuan inflow - Everbright Bank: +2.10%, 174.96 million yuan inflow - Bank of Communications: +1.25%, 133.27 million yuan inflow [2][3] - The banks with the highest net outflows included: - Guiyang Bank: -70.75 million yuan - Suzhou Bank: -38.44 million yuan - Zhejiang Commercial Bank: -34.48 million yuan [2][3]