Group 1 - The city commercial bank sector experienced a decline of 0.31% on December 8, with Shanghai Bank leading the drop [1] - The Shanghai Composite Index closed at 3924.08, up 0.54%, while the Shenzhen Component Index closed at 13329.99, up 1.39% [1] - Key individual stock performances in the city commercial bank sector included Xiamen Bank rising by 3.32% and Shanghai Bank falling by 1.43% [1][2] Group 2 - The net inflow of main funds into the city commercial bank sector was 129 million yuan, while retail investors saw a net outflow of 156 million yuan [2] - The table of fund flows indicated that Jiangsu Bank had a net outflow of 56.86 million yuan from main funds, while Hangzhou Bank had a net inflow of 49.79 million yuan [3] - The overall trend showed that retail investors were withdrawing funds from several banks, with notable outflows from Suzhou Bank and Qingdao Bank [3]

行业周报 | 非银金融 险资股票因子下调，看好券商板块盈利修复 金融行业周报（2025/12/7） 核心结论 金融行业周涨跌幅跟踪：1）本周非银金融（申万）指数涨跌幅为 2.27%，跑 赢沪深 300 指数 0.99pct。本周证券Ⅱ（申万）、保险Ⅱ（申万）、多元金融 指数涨跌幅分别为+1.14%、+5.08%、+0.49%。 2）本周银行（申万）涨跌幅 为-1.18%，跑输沪深 300 指数 2.46pct。其中，国有行、股份行、城商行、 农商行本周涨跌幅分别为-2.67%、-0.50%、-0.86%、+0.41%。 投资观点：保险：本周五保险指数大涨 5.80%，我们认为主要系以下几个因 素形成合力：1）长期股票持仓风险因子调降，虽短期对偿付能力改善有限， 但长期资金入市态度明确，点燃市场做多情绪；2）开门红预计将超预期： 在居民"挪储"需求背景下，分红险优势凸显，成为头部险企主力产品，明 年负债端稳健增长开始被市场交易； 3）12 月美国降息概率提升，全球流动 性改善利好保险等高弹性品种。我们认为，保险将是产业结构转型中金融业 最具成长性的方向，一旦总量政策进一步发力，通胀趋势加强，那么保险的 估值修复 ...

证 券 研 究 报 告 其次，在基础设施建设方面，25 年 9 月，央行已经在上海设立数字人民币国 际运营中心，负责数字人民币跨境合作和使用；10 月在北京设立数字人民币 运营管理中心，负责数字人民币系统的建设、运行和维护，促进数字人民币发 展，助力首都国家金融管理中心建设。而更广密的"毛细血管"则需要依靠各家 商业银行及金融科技公司等商业机构搭建。11 月，恒生银行、恒生中国与建设 银行在香港推出数字人民币商户收款服务，拓展数字人民币在香港零售消费的 应用。目前数字人民币应用场景已覆盖全国 17 个省（市）的 26 个地市，试点 区域覆盖了全国五分之一的人口。截至 2025 年 9 月末，数字人民币试点地区 累计交易金额达 14.2 万亿元，累计处理交易 33.2 亿笔，通过数字人民币 App 开立个人钱包 2.25 亿个。数字人民币已经在批发零售、餐饮文旅、教育医疗、 公共服务、社会治理、乡村振兴等领域形成了覆盖线上线下、可复制可推广的 应用模式。 行业研究 银行 2025 年 12 月 07 日 华创证券研究所 证券分析师：贾靖 邮箱：jiajing@hcyjs.com 执业编号：S0360523040 ...

| 行 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 业 | | | | | | | | | | 周 | | | | | | | | | | 报 | | | | | | | | | | 金融行业 | 行 | | | | | | | | | 业 | | | | | | | | | | 银行：超配（维持） | 金融行业双周报（2025/11/21-2025/12/4） | 研 | | | | | | | | 证券：标配（维持） | | | | | | | | | | 究 | | | | | | | | | | 保险：超配（维持） | 工行跻身全球系统重要性银行第三组，中资银行稳健性再获印证 | | | | | | | | | 2025 | 年 | 12 | 月 | 5 | 日 | 投资要点： | 行情回顾：截至2025年12月4日，近两周银行、证券、保险指数涨跌幅 |  | | 分别-2.18%、-4.12%、-2.74%，同期沪深300指数-0.40%。在申万31个 | 行业中，银行和非银板块涨跌幅分别排 ...

厦门银行股份有限公司 | 有效期及相关授权有效期的议案 240 | | --- | 会议议程 会议时间：2025 年 12 月 12 日下午 14:30 议程内容 2025 年第二次临时股东大会会议材料 （股票代码：601187） 中国·厦门 2025 年 12 月 12 日 1 | . | 10 | II | | --- | --- | --- | | X | A | र्र 1 | 七、投票表决 十一、宣布会议结束 3 会议地点：厦门市湖滨北路 101 号商业银行大厦 A603 会议室 召开方式：现场会议+网络投票 召 集 人：厦门银行股份有限公司（以下简称"公司"或"本行"） 董事会 一、宣布会议开始 二、宣读股东大会会议须知 三、审议各项议案 四、提问交流 五、宣布出席会议股东人数、代表股份数 六、推选计票人、监票人 八、与会代表休息（工作人员统计投票结果） 九、宣布表决结果 十、见证律师宣读法律意见书 会议须知 为维护全体股东的合法权益，确保股东大会会议秩序和议事效 率，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会 规 ...

2025年， 厦门银行 迎来上市五周年，也迎来了新任董事长洪枇杷执掌后的首个完整经营周期。表面上 看，该行资产规模突破4400亿元、前三季度营收与净利润双双由负转正、不良贷款率维持在0.8%低 位，似乎印证了管理层"稳增长、调结构、防风险"战略的初步成效。深入剖析其财务数据与业务结构不 难发现，这一轮"稳中有进"的表象之下，实则暗流汹涌：资本充足率持续下滑、净息差行业垫底、利润 增长极度依赖非经常性投资收益、资产质量隐患重重，而高达38.56亿元的未执结诉讼债权更暴露出风 控体系的重大漏洞。 种种迹象表明， 厦门银行 当前的经营策略不仅未能有效提升内生盈利能力，反而加剧了资本消耗与结 构性失衡，其所谓"转型"更多体现为规模扩张下的被动应对，而非高质量发展的主动布局。 截至2025年9月末， 厦门银行 总资产达4425.58亿元，较年初增长8.52%，增速显著高于2024年同期的 3.23%。这一扩张主要由贷款驱动——客户贷款及垫款余额达2345.24亿元，较年初增长14.15%。但细究 贷款结构，企业贷款余额飙升至1572亿元，增幅高达28.76%，占总贷款比重升至67%，创近年新高；而 个人贷款则同比下降约 ...

Core Viewpoint - The recent increase in institutional research on local listed banks, particularly city and rural commercial banks, is driven by improving fundamental indicators, investment value, and market performance, with a generally optimistic outlook on net interest margins and dividend prospects [1][3]. Group 1: Institutional Research Activity - As of December 3, 12 listed banks have received 195 research visits from 81 institutions since November, a significant increase from October's 58 visits [1][2]. - The banks involved in this round of research are all regional institutions, including Ningbo Bank, Hangzhou Bank, and others [2]. - Year-to-date, 25 banks have been researched, with Ningbo Bank and Hangzhou Bank leading in the number of visits, receiving 323 and 285 visits respectively [3]. Group 2: Outlook on Net Interest Margins - Institutions are focusing on dividend plans, net interest margin outlooks, and response measures during their research [4]. - Despite a historical low net interest margin of 1.42% as of Q3, many banks express optimism about future trends, citing potential stabilization [4][5]. - Banks are adjusting their asset-liability structures and reducing deposit rates to manage the pressure on net interest margins [5]. Group 3: Dividend Stability and Plans - The upcoming mid-term dividends for A-share listed banks in 2025 have become a focal point for institutions, with banks like Ningbo Bank and Zhangjiagang Bank implementing mid-term dividends for the first time [6]. - Several banks, including Suzhou Bank, maintain a stable cash dividend ratio of over 30%, indicating a commitment to providing consistent returns to shareholders [6]. - Banks are advised to balance their operational performance with dividend frequency, ensuring that dividend policies are aligned with profitability and capital adequacy [7].

12月3日，存款利率处于历史低位情况下，银行一年一度的"开门红"又该如何开展？财联记者近日采访 多家机构了解到，多地银行"开门红"营销较往年有所提前，以便提前锁定优质客户和发力中收业务。 与此同时，银行"开门红"营销差异化也日趋明显。虽然不少地方性银行依然将揽储作为重点来做，但部 分银行需求有所减弱，而多数大行策略更是明显转变，重点发力财富管理业务，在营销上也更显低调。 此外，智通财经记者注意到，相较于往年，今年部分银行对揽储需求有所减弱。在为明年"开门红"做准 备，部分银行甚至要先进行"排水"，即要求客户暂时先将资金转出。 受访业内人士指出，银行业正在经历一场深刻的转型，从传统的存贷业务向综合金融服务转变，而"开 门红"正是这种转型的缩影，映射出银行在变化的市场环境中寻找新增长点的努力。 净息差收窄压力下，银行提早发力"开门红"营销 据了解，往年银行"开门红"大多集中在第一季度，而今年市场节奏明显前置。自11月下旬起，已有多家 银行通过召开"专项启动会"等形式，在内部下达了针对资管产品销售的冲刺任务。 "最近接到的培训通知特别密集，都是关于新产品推介和营销技巧的。"一位城商银行客户经理向智通财 经记者透露， ...

Core Insights - The article highlights the top-performing stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) as of December 2, 2025, showcasing significant daily and year-to-date gains along with dividend yields [1][4]. Summary by Category Stock Performance - The top stock, 思维列控 (Code: 603508.SH), recorded a daily increase of 6.38% and a year-to-date increase of 38.28%, with a dividend yield of 12.69% [1][4]. - 建霖家居 (Code: 603408.SH) and 欧普照明 (Code: 603515.SH) also showed strong performance, with daily increases of 3.25% and 2.61%, and year-to-date increases of 11.24% and 15.74%, respectively [1][4]. - 录日股份 (Code: 002083.SZ) stands out with an impressive year-to-date increase of 118.84%, despite a lower daily increase of 1.96% [1][4]. Dividend Yields - The highest dividend yield among the top performers is from 永新股份 (Code: 002014.SZ) at 7.98%, with a year-to-date increase of 12.58% [1][4]. - Other notable dividend yields include 志邦家居 (Code: 603801.SH) at 6.47% and 思维列控 (Code: 603508.SH) at 12.69% [1][4]. Market Trends - The article indicates a positive market trend with the formation of MACD golden cross signals, suggesting potential upward momentum for the highlighted stocks [3][6].

Group 1 - The city commercial bank sector increased by 0.43% on December 2, with Jiangsu Bank leading the gains [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] - Jiangsu Bank's closing price was 10.95, reflecting a 1.67% increase, with a trading volume of 1.7435 million shares and a transaction value of 1.897 billion [1] Group 2 - The city commercial bank sector experienced a net outflow of 316 million from institutional funds, while retail investors saw a net inflow of 421 million [2][3] - The trading data for various banks showed mixed performance, with Ningbo Bank declining by 0.69% and Guizhou Bank remaining unchanged [2] - Shanghai Bank had a net outflow of 46.6477 million from institutional funds, while retail investors contributed a net inflow of 2.33839 million [3]