Market Overview - On September 15, the city commercial bank sector declined by 0.85% compared to the previous trading day, with Xi'an Bank leading the decline [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Individual Bank Performance - Zhengzhou Bank closed at 2.07, up 0.98% with a trading volume of 1.38 million shares and a transaction value of 286 million yuan [1] - Xi'an Bank closed at 4.19, down 1.87% with a trading volume of 438,000 shares and a transaction value of 184 million yuan [2] - The highest decline was observed in Chengdu Bank, which closed at 18.07, down 0.93% [1] Capital Flow Analysis - The city commercial bank sector experienced a net outflow of 797 million yuan from institutional investors, while retail investors saw a net inflow of 348 million yuan [2] - The main capital inflow and outflow for individual banks varied, with Hangzhou Bank seeing a net inflow of 61.64 million yuan from institutional investors [3] - Conversely, Suzhou Bank experienced a net outflow of 11.76 million yuan from institutional investors [3]

Group 1 - Xiamen Bank has successfully issued the "Xiamen Bank Co., Ltd. 2025 First Phase Technology Innovation Bond" in the national interbank bond market [2] - The bond was recorded on September 10, 2025, and completed issuance on September 12, 2025 [2] - The total issuance scale of the bond is RMB 1 billion, with a fixed interest rate of 1.90% for a term of 5 years [2]

Group 1 - The core point of the article is that Xiamen Bank has successfully issued its first phase of technology innovation bonds for 2025, approved by the People's Bank of China [1] - The bond issuance took place on September 12, 2025, with a total scale of RMB 1 billion and a fixed interest rate of 1.90% over a 5-year term [1] - The funds raised from this bond will be allocated to the technology innovation sector as outlined in the "Five Major Articles of Finance" statistical system, including technology loans and investments in bonds issued by technology innovation enterprises [1]

证券代码：601187 证券简称：厦门银行 公告编号：2025-037 本期债券于 2025 年 9 月 10 日簿记建档，并于 2025 年 9 月 12 日发行完毕， 发行规模为人民币 10 亿元，品种为 5 年期固定利率债券，票面利率为 1.90%。 本期债券发行的募集资金将投向《金融"五篇大文章"总体统计制度（试行）》 中规定的科创领域，包括发放科技贷款、投资科技创新企业发行的债券，专项支 持科技创新领域业务。 特此公告。 厦门银行股份有限公司董事会 2025 年 9 月 12 日 经中国人民银行核准，厦门银行股份有限公司于近日在全国银行间债券市场 成功发行"厦门银行股份有限公司 2025 年第一期科技创新债券"（以下简称"本 期债券"）。 厦门银行股份有限公司 关于 2025 年第一期科技创新债券发行完毕的 公告 厦门银行股份有限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。 ...

Group 1 - A-shares of bank stocks weakened, with notable declines in several banks including Shanghai Pudong Development Bank, which fell over 3% [1] - Qilu Bank experienced a decline of 2%, while other banks such as Chongqing Rural Commercial Bank, Chengdu Bank, and others saw drops exceeding 1% [1] - The overall market performance for these banks indicates a bearish trend in the banking sector [1] Group 2 - Shanghai Pudong Development Bank reported a decline of 3.68%, with a total market capitalization of 414.8 billion [2] - Qilu Bank's stock decreased by 2.07%, with a market value of 35 billion [2] - Other banks like Chongqing Rural Commercial Bank and Chengdu Bank also reported declines of 1.81% and 1.67% respectively, with market capitalizations of 73.8 billion and 77.6 billion [2]

Investment Rating - The report maintains an "Increase" rating for the banking sector, indicating a positive outlook for the industry [1]. Core Insights - In the first half of 2025, the contribution of financial asset disposal gains from AC and OCI accounts to revenue reached 5.2%, an increase of 2.9 percentage points compared to 2024 [1][2]. - The investment income growth rate for 42 listed banks was 23.6%, with AC, OCI, and TPL gains showing year-on-year growth rates of 134.7%, 79.0%, and -8.4% respectively [1]. - The report highlights that the increase in disposal gains does not necessarily indicate a significant increase in asset disposal scale, as market conditions and strategies vary among banks [2]. Financial Asset Disposal Gains - The contribution of AC and OCI financial asset disposal gains to revenue was 5.2%, up 2.9 percentage points from 2024, with AC asset disposal gains contributing 2.6% [2]. - Among different types of banks, rural commercial banks had the highest contribution from AC and OCI disposal gains, reaching 11.0%, an increase of 6.2 percentage points from 2024 [2]. - Specific banks such as Jiangyin Bank, Sunong Bank, and Zijin Bank had high disposal gain ratios relative to their revenue, at 28.9%, 26.7%, and 22.7% respectively [2]. OCI Floating Profit Situation - The overall OCI floating profit decreased compared to the end of the previous year, accounting for 12.6% of the estimated profit for 2025 [3]. - Major state-owned banks like CCB and ABC reported significant OCI floating profits, with balances exceeding 30 billion [3]. - The average contribution of OCI floating profits to profits for city and rural commercial banks was notably high, with Ningbo Bank's ratio reaching 35% [3][6]. Sector Trends - The banking sector is expected to benefit from expansionary policies aimed at stabilizing the economy, with a focus on real estate and consumer spending [7]. - The report suggests a focus on banks with improving fundamentals, such as Ningbo Bank, and those with dividend strategies like Jiangsu Bank and Chengdu Bank [7]. - Attention is also drawn to banks with potential convertible bond conversion expectations, including Shanghai Bank and Industrial Bank [7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company experienced a revenue decline of 7.0% year-on-year in the first half of the year, with a net profit decline of 4.6%. However, the second quarter showed a positive trend with revenue and profit growth [2][6]. - The loan balance at the end of the first half increased by 7.5% compared to the beginning of the year, with corporate loans significantly rising by 17.2% [2][6]. - The net interest margin stabilized at 1.08%, showing a recovery of 4 basis points from the first quarter, which is expected to support the growth of net interest income [2][6]. - The non-performing loan ratio decreased to 0.83%, down 3 basis points from the previous quarter, with a provision coverage ratio of 322%, up 8 percentage points [2][6]. Summary by Sections Financial Performance - Revenue growth for the first half was -7.0%, with a second quarter growth of +5.1%. Net profit growth was -4.6%, with a second quarter growth of +11.1% [2][6]. - The company’s interest income decreased by 0.5% year-on-year, but showed improvement in the second quarter [11]. - Non-interest income saw a significant decline of 21.7% year-on-year, but the second quarter showed a recovery [11]. Loan and Deposit Growth - Total assets increased by 6.4% compared to the beginning of the year, with loans growing by 7.5% [11]. - Corporate loans increased significantly, with a year-on-year growth of 17.2% and a quarter-on-quarter growth of 10.5% [11]. - Retail loans decreased by 5.8% compared to the beginning of the year, reflecting weak demand and tightened risk control [11]. Interest Margin and Asset Quality - The net interest margin was 1.08%, down 5 basis points from the previous year but up 4 basis points from the first quarter [11]. - The non-performing loan ratio improved to 0.83%, with a provision coverage ratio of 322% [11]. - The company is expected to maintain a focus on asset quality and monitor retail risk trends [11]. Investment Outlook - The company is expected to see accelerated loan growth driven by government-related business, which will support total asset growth and revenue recovery in the medium to long term [11]. - The current price-to-book ratio is 0.65x, with an expected dividend yield of 4.7% for the year [11].

Core Viewpoint - Xiamen Bank is set to issue up to 9 billion RMB in capital supplement tools to address declining capital adequacy ratios, which have dropped significantly in recent years [2][3]. Capital Adequacy and Financial Performance - Xiamen Bank's capital adequacy ratio fell to 14.11% in the first half of 2025, down 1.19 percentage points from the beginning of the year, with core tier 1 capital adequacy ratio at 9.10% and tier 1 capital adequacy ratio at 11.28% [3]. - The bank's asset scale reached 434 billion RMB, an 8.92% year-on-year increase, but operating income decreased by 7.02% to 2.689 billion RMB, and net profit attributable to shareholders fell by 4.59% to 1.158 billion RMB [3][7]. Capital Management Strategy - Xiamen Bank has developed a capital management plan for 2024-2026, focusing on internal capital accumulation and external financing to maintain adequate capital levels [4]. - The plan includes enhancing profitability, controlling non-performing assets, and utilizing various capital tools such as ordinary shares, preferred shares, and perpetual bonds [4]. Recent Capital Raising Activities - This is not the first instance of external capital supplementation for Xiamen Bank; it has previously issued green financial bonds and fixed-rate bonds to optimize its capital structure [5]. - As of mid-2025, the bank's bond payable balance was 948.84 billion RMB, reflecting a 3.77% increase from the previous year [5]. Revenue and Profit Trends - Xiamen Bank has faced declining revenues, with operating income experiencing negative growth in recent years, including a 4.96% decline in 2023 [7]. - In the first half of 2025, net interest income was 1.992 billion RMB, a slight decrease of 0.47% year-on-year, while non-interest income dropped by 21.72% to 697 million RMB [7]. Asset Quality Concerns - The bank's non-performing loan ratio increased from 0.74% at the end of the previous year to 0.83%, with the provision coverage ratio declining significantly from 391.95% to 321.67% [8].

Investment Rating - The report maintains a positive outlook on the banking sector's allocation value, suggesting continued investment interest in the sector [4][10]. Core Viewpoints - The performance of listed banks in the first half of 2025 shows a marginal improvement in revenue and profit margins, with year-on-year growth of 1.0% in revenue and 0.8% in net profit attributable to shareholders [4][5]. - The recovery in the bond market during the second quarter has alleviated some of the pressures on bond investment returns, contributing to the overall performance improvement [4][5]. - The report anticipates that the banking sector's revenue and net profit growth will remain around 1% year-on-year for 2025, despite ongoing pressures on the banking fundamentals [4][10]. Summary by Sections Performance Overview - In the first half of 2025, listed banks experienced a year-on-year revenue growth of 1.0% and a net profit growth of 0.8%, with quarter-on-quarter improvements of 2.8 percentage points and 2 percentage points respectively [4][5]. - The growth in interest-earning assets was 9.7% year-on-year, with a stable credit growth of 8% and a significant increase in financial investments by 14.9% [4][11]. - The net interest margin for the first half of 2025 was 1.33%, showing a year-on-year decline of 13 basis points, which is less than the decline seen in the same period last year [4][5]. Non-Interest Income - Non-interest income showed a positive trend, with a year-on-year increase of 10.8% in other non-interest income and a 3.1% increase in fee income [4][5][10]. - The report highlights that the recovery in the capital market has contributed to the improvement in non-interest income [4][10]. Asset Quality - The report notes that while the non-performing loan ratio remains stable, there is an increase in the generation rate of overdue and non-performing loans, particularly in retail banking [4][10]. - The provision coverage ratio remained stable, with an increase in provisioning efforts during the first half of 2025 [4][10]. Future Outlook - The banking sector is expected to face continued pressure in 2025, but signs of a potential turning point are emerging, with improved net interest margins and non-interest income [4][10]. - The report suggests that the demand for bank stocks will increase from long-term funds, driven by favorable policies encouraging investment in the banking sector [4][10].

Core Viewpoint - Xiamen Bank is set to issue up to 9 billion RMB in capital supplement tools to address declining capital adequacy ratios, which have dropped significantly in recent years [2][3] Group 1: Capital Adequacy and Regulatory Compliance - Xiamen Bank's capital adequacy ratio fell to 14.11% in the first half of 2025, down 1.19 percentage points from the beginning of the year, with core tier 1 capital adequacy ratio at 9.10% and tier 1 capital adequacy ratio at 11.28% [3] - The bank's capital adequacy ratios still meet regulatory requirements, which stipulate a minimum core tier 1 capital adequacy ratio of 7.5%, tier 1 capital adequacy ratio of 8.5%, and total capital adequacy ratio of 10.5% [3] Group 2: Financial Performance - Xiamen Bank's total assets reached 434 billion RMB, an 8.92% year-on-year increase, but operating income decreased by 7.02% to 2.689 billion RMB, and net profit attributable to shareholders fell by 4.59% to 1.158 billion RMB [3][7] - The bank's net interest income for the first half of 2025 was 1.992 billion RMB, a slight decrease of 0.47% year-on-year, although it showed a 3.56% increase in the second quarter compared to the same period last year [7] Group 3: Capital Management Strategy - Xiamen Bank has developed a capital management plan for 2024-2026, focusing on internal capital accumulation supplemented by external financing, aiming to maintain sufficient capital levels [4][5] - The bank plans to utilize various capital tools, including common stock, preferred stock, convertible bonds, perpetual bonds, and subordinated debt, while also exploring innovative capital instruments [5] Group 4: Recent Capital Raising Activities - This is not the first instance of external capital supplementation for Xiamen Bank; it has previously issued green financial bonds and fixed-rate bonds to optimize its capital structure and support business development [6][8] - As of June 30, 2025, the bank's bond payable balance was 94.884 billion RMB, an increase of 3.77% from the previous year, primarily due to the issuance of new general financial bonds [6]