Core Viewpoint - The company Rongxin Technology, a subsidiary of Xinbei Yang, has been awarded a contract for the "small cash sorting machine project" by the Guoxin Tendering Group, indicating a significant opportunity for growth in the banking automation sector [1] Group 1: Company Overview - Rongxin Technology has received a "Notice of Winning Bid" for the small cash sorting machine project from the Guoxin Tendering Group [1] - The small cash sorting machine is designed for use in bank branches and can automate the processes of currency recognition, counting, and sorting while also providing counterfeit detection capabilities [1] Group 2: Product Features - The small cash sorting machine is characterized by its compact size, ease of operation, rapid and accurate sorting, and low maintenance requirements [1] - The machine significantly enhances the level of automation in cash handling for banks [1]

Core Viewpoint - The company, New Beiyang (002376.SZ), announced that its subsidiary, Weihai New Beiyang Rongxin Technology Co., Ltd. (referred to as "Rongxin Technology"), has received a "Winning Notification" from Guoxin Tendering Group Co., Ltd. for the "Small Sorting Machine Project" under the cash handling equipment package for the Bank of Communications [1] Group 1 - Rongxin Technology has been selected as the winning bidder for the project after a thorough evaluation by the review committee and confirmation by the commissioning unit [1]

Core Viewpoint - The company New Beiyang (002376.SZ) announced that its subsidiary Weihai New Beiyang Rongxin Technology Co., Ltd. has been awarded a contract for the "small cash sorting machine project" by the Bank of Communications [1] Group 1 - The subsidiary Rongxin Technology received a "Notice of Winning Bid" from Guoxin Tendering Group Co., Ltd. [1] - The evaluation committee conducted a thorough review and recommended Rongxin Technology as the winning bidder [1] - The project involves cash handling equipment for the Bank of Communications [1]

计 天 时间:2025年11月25日(周二) 地址：浙江绍兴富悦温德姆酒店国供1厅 (a 交通 缘行 |交银惠贷 SFC 南方财经全媒体集团 铝未来 2025 WEAVE THE FUTURE 交通银行"惠有好生意"商圈金融生态大会 会议日程 签 到 09:00-09:30 09:30-09:35 主持人开场 09:35-09:45 嘉宾致辞 专家主旨演讲 09:45-10:15 10:15-10:40 市场方主旨演讲 商圈惠贷产品发布 10:40-10:55 10:55-11:00 《普惠金融赋能商圈合作备忘录》战略签约 11:00-11:30 圆桌论坛 11:30-14:00 午餐和休息 14:00-15:00 中国轻纺城参观调研 ...

Investment Rating - The report assigns a "Buy" rating to several banks, including ICBC-H, CCB-H, and BOC-H, based on their above-peer dividend yield and attractive valuations [11]. Core Insights - The net interest margin (NIM) is expected to diverge between large banks and regional banks, with regional banks likely to perform better due to higher risk appetite and benefits from time-deposit rate cuts [2]. - Policy-financing instruments are anticipated to support loan growth into 1Q26E, potentially driving new loans of RMB2.5 trillion to RMB5 trillion [3]. - Overall asset quality remains stable, but there is increasing pressure on developer loans and non-mortgage retail loans, with manageable credit risk in mortgage loans [4][7]. - Fee income is improving due to strong agency and custodian fees, although a potential fee rate cut in mutual funds could impact future income [8]. - Big banks maintain flattish earnings growth guidance for 2025E, while regional banks like BOCD and BONJ expect around 5% to 8% earnings growth [9][10]. Summary by Sections Net Interest Margin (NIM) - NIM pressure is expected to moderate into 4Q25E, with large banks anticipating continued year-on-year compression in 2026E [2]. Loan Growth - The distribution of RMB500 billion in policy-financing instruments is expected to enhance loan growth, particularly for banks with higher exposure to infrastructure [3]. Asset Quality - Asset quality is stable overall, but there are rising pressures in developer loans and non-mortgage retail loans, with manageable risks in mortgage loans [4][7]. Fee Income - Fee income has improved, driven by strong performance in asset management, though future fee income may be affected by rate cuts [8]. Earnings Growth - Big banks expect flattish earnings growth in 2025E, while regional banks forecast modest growth, with specific banks like PAB expecting a return to positive year-on-year growth in 2026E [9][10]. Valuation and Equity Raising - The market is focused on potential equity raising, particularly for regional banks trading below 1x book value, which could open financing opportunities for others [10].

Core Insights - The article emphasizes the abundance of bank wealth management products with similar names and vague characteristics, urging investors to carefully select and differentiate among them [1] - The focus is on pure fixed-income products issued by wealth management companies, providing a performance ranking of these products based on their annualized returns over the past month, three months, and six months [1] Summary by Category Product Performance - The ranking showcases products with outstanding performance, sorted by annualized returns over the past three months to reflect their multidimensional yield performance amid recent market fluctuations [1] - Specific products highlighted include those from Huaxia Bank, which achieved annualized returns of 9.89% over 1 month and 10.92% over 3 months for a 180-day holding period [7] - Other notable products include those from China Bank and China Construction Bank, with varying annualized returns across different holding periods [5][8] Distribution Channels - The article lists 28 distribution institutions, including major banks such as Industrial and Commercial Bank of China, Bank of China, and Agricultural Bank of China, among others [2] - It notes that the availability of products may vary due to factors like sold-out quotas or differences in product listings for different customers, advising investors to refer to the actual displays on bank apps [2] Data Source - The performance data is sourced from the Nanfang Financial Terminal and Nanfang Wealth Management, with statistics as of November 20 [5][12]

Core Insights - The article presents the top 20 stocks in the S&P China A-Share Dividend Opportunity Index, highlighting their performance in terms of daily increase, year-to-date increase, and dividend yield [1] Group 1: Stock Performance - The top performer is Kesheng Co., Ltd. (300856.SZ) with a daily increase of 2.72% but a year-to-date decrease of 16.22% and a dividend yield of 1.46% [1] - Midea Group (000333.SZ) shows a daily increase of 1.04% and a year-to-date increase of 10.44%, with a dividend yield of 5.09% [1] - China Bank (601988.SH) has a daily increase of 0.80% and a year-to-date increase of 19.25%, with a dividend yield of 3.55% [1] Group 2: Dividend Yields - The highest dividend yield is from Siwei Liekong (603508.SH) at 13.26%, despite a daily decrease of 0.52% and a year-to-date increase of 23.78% [1] - Other notable dividend yields include China Shenhua (601088.SH) at 7.71% and Gree Electric Appliances (000651.SZ) at 7.41% [1] - Jiangsu Jinxiang (600901.SH) has a year-to-date increase of 29.11% with a dividend yield of 4.19% [1]

《个人消费贷款财政贴息政策实施方案》实施已逾两个月，目前政策效果如何？贴息成功率高不 高？还面临哪些问题？记者进行了采访。 据了解，目前建设银行受理的贴息申请中，成功率大概在80%以上。不过，即便有较高的成功率， 建设银行在贴息审核中仍存在部分未通过案例，且在业务推进中面临着一些实际难点。建设银行相关负 责人介绍，受理的贴息申请中，未通过的主要原因是发票购买方名称与客户姓名不一致，开票日期早于 消费日期，上传发票影像不清晰、不完整等。消费贷款本质为居民个人或家庭周转资金，具有小额分散 特点，资金用途存在客观判定困难；业务实践中，因消费交易场景复杂隐蔽，精准识别存在难点，如第 三方支付消费无法穿透识别至具体商品、MCC码套用、不同渠道MCC码不一致等。同时，人工集约化 处理也面临发票鉴定难，客户取现、转账消费证明材料规则不统一等问题。 浙商银行相关负责人表示，尽管浙商银行的自动审批率较高，但在具体的识别技术层面，同样面临 着一些特殊情况。比如，客户的贷款如出现部分提前还款、结清或逾期等情况，会使借据状态发生变 动；同时客户的消费行为也随着当日退款、非当日退款等情况不断变动，使得消费场景难以准确识别。 此外，大部 ...

Core Viewpoint - The A-share banking sector is experiencing a strong "buying frenzy" driven by market style shifts and substantial mid-term dividend distributions, with Agricultural Bank of China leading the surge with a nearly 60% increase year-to-date [1][4]. Market Performance - As of November 21, 2023, the total market capitalization of the six major state-owned banks reached 10.61 trillion yuan, accounting for 69.5% of all listed banks, with an increase of 2.45 trillion yuan compared to the end of 2024 [1][4]. - The average dividend yield for listed banks is 4.47%, with 12 banks yielding over 5% [1][8]. Dividend Distribution - A total of 24 listed banks have announced mid-term dividend plans, with a combined payout of 263.8 billion yuan, of which the six major state-owned banks plan to distribute over 204.6 billion yuan [6][8]. - The mid-term dividend distribution is occurring earlier than in 2024, with the record date set for mid-December [8]. Stock Performance - Agricultural Bank of China has seen a year-to-date increase of 57.9%, while other major banks like Industrial and Commercial Bank of China and China Bank have also performed well, with respective increases of 24.77% and 16.73% [4][6]. - As of November 21, 2023, the stock price of China Bank reached 6.29 yuan per share, with a year-to-date increase of 19.41%, ranking eighth among 42 listed banks [2][4]. Investment Trends - Recent increases in shareholdings by significant stakeholders in various banks signal positive market sentiment [9]. - The banking sector's performance is supported by a stable fundamental outlook, high dividend yields, and low valuations, making it an attractive investment option [5][6].

丨证券研究报告丨 行业研究丨行业周报丨银行 [Table_Title] 关注零售贷款资产质量趋势 ——银行业周度追踪 2025 年第 46 周 报告要点 [Table_Summary] 本周市场整体下跌，风险偏好明显回落，银行股小幅回调，但明显跑赢大盘及创业板指数，体 现防御属性。四季度以来市场调整过程中国有行表现最突出，率先创新高，同时中期分红时点 提前至 12 月，推动配置盘加仓。个股层面，国有行呈现轮动式上涨，前期领涨的农业银行本周 调整，但中国银行 A 股大涨，建设银行 A 股、交通银行 A 股等也涨幅靠前，南京银行大股东法 巴银行再度增持，推动涨幅领先。四季度继续看好银行股系统性估值修复，红利配置盘持续加 仓，同时受益市场风险偏好回落。 分析师及联系人 [Table_Author] 马祥云 盛悦菲 SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 关注零售贷款资产质量趋势 2] ——银行业周度追踪 2025 年第 46 周 [Tab ...