证券研究报告 | 2025 年 10 月 28 日 | | | --- | --- | | 评级 | 增持 | | | 评级变动 维持 | | 交易数据 | | | 当前价格（元） | 9.53 | | 52 周价格区间（元） | 8.14-10.62 | | 总市值（百万） | 38325.41 | | 流通市值（百万） | 38317.11 | | 总股本（万股） | 402155.38 | | 流通股（万股） | 402068.36 | 涨跌幅比较 | | 长沙银行 | | 城商行Ⅱ | | | --- | --- | --- | --- | --- | | 38% | | | | | | 28% | | | | | | 18% | | | | | | 8% | | | | | | -2% | | | | | | 2024-10 | 2025-01 | 2025-04 | 2025-07 | 2025-10 | | % | | 1M | 3M | 12M | | 长沙银行 | | 7.44 | -3.93 | 23.93 | | 城商行Ⅱ | | 5.08 | -5.26 | 12.14 | 洪欣佼 分 ...

| 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600009 | 南京银行 | 2164.91万 | 4.27% | 1009.35万 | 1.99% | -3174.25万 | -6.27% | | 002936 郑州银行 | | 1358.56万 | 5.78% | -877.91万 | -3.74% | -480.65万 | -2.05% | | 600928 西安银行 | | 912.35万 | 4.90% | -147.87万 | -0.79% | -764.47万 | -4.10% | | 601838 | 成都银行 | 695.38万 | 0.81% | -3444.73万 | -4.03% | 2749.35万 | 3.22% | | 601187 | 厦门银行 | 496.11万 | 3.19% | 529.21万 | 3.40% | -1025.31万 | -6.58% | | 601577 | ...

行 业 研 究 2025 年 10 月 27 日 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2024-10 2025-02 2025-06 银行 沪深300 相关研究报告 投资评级：看好（维持） 行业走势图 业务特征及经营目标，推动银行信贷去抵押化 《规模站上新台阶，存款仓位创历史 新高—理财登 2025Q3 季报解读》 -2025.10.24 《非银存款波动加剧，大小行投债思 路 分 化 — 9 月 信 贷 收 支 表 点 评 》 -2025.10.17 《关注"资金属性"增强过程中的银 行经营分化 — 行 业 点 评 报 告 》 -2025.10.16 零售风险及新规影响有限，兼论信贷去抵押化 ——行业深度报告 刘呈祥（分析师） 丁黄石（分析师） liuchengxiang@kysec.cn 证书编号：S0790523060002 dinghuangshi@kysec.cn 证书编号：S0790524040004 2025H1 零售不良率及不良生成率指标双高，但风险应仍处可控区间 中报上市银行不良率延续低位改善趋势，但或因信贷规模扩张及不良处置因素使 其参考价值弱化。中报上市银行零 ...

证券研究报告 | 行业周报 gszqdatemark 2025 10 27 年 月 日 银行 本周聚焦—黄金波动下的机遇与挑战：银行贵金属业务有望成重要增长极 一、上市银行贵金属业务：机遇与挑战交织下的发展态势 增持（维持） 2025 年黄金市场虽因高波动性带来挑战，但并未改变上市银行深化贵金 属业务的趋势。在全球央行持续增持黄金等基本面支撑下，以黄金为代表 的贵金属业务，对上市银行盈利稳定性的贡献或将日趋凸显。 分析师 朱广越 执业证书编号：S0680525070002 邮箱：zhuguangyue@gszq.com 相关研究 1、政策与市场环境：奠定银行黄金业务的发展基础 截至 2025 年 9 月末，中国官方黄金储备为 7406 万盎司，已连续 11 个月 增持，较 8 月末增加 4 万盎司。全球范围内，2025 年二季度央行共增储 166 吨，尽管购金增速有所放缓，但世界黄金协会调查显示，2025 年中时 有 95%的受访央行预计未来 12 个月内全球央行黄金储备将进一步增加。 2025 年 2 月，金融监管总局发布《关于开展保险资金投资黄金业务试点 的通知》，推出保险资金投资黄金业务试点。确定中国人 ...

长沙晚报掌上长沙10月24日讯（全媒体记者 刘军）24日，A股上市企业中远海控实施大手笔中期分红： 每股派发现金红利0.56元（含税），共计派发现金红利近87亿元。据统计，目前，A股上市公司近850家 公布了中期分红方案或已实施分红，中期分红合计超6600亿元，已接近去年中期分红总额。记者统计发 现，目前有10多家上市湘企发布了2025中期分红方案或已实施中期分红。其中，长沙银行拟派发现金红 利超8亿元，是目前上市湘企中最多的。 可孚医疗的主营业务为家用医疗器械的研发、生产、销售和服务。2025年中报，公司每股收益0.82元， 归母净利润16738.75万元，净利润同比增长率-9.51%。公司表示，深耕家用医疗器械近20年，公司已逐 步构建起覆盖健康监测、康复辅具、呼吸支持、医疗护理及中医理疗五大领域的完善产品矩阵，同时构 建了以数据为驱动、全渠道协同的运营体系，数十款核心品类在主流电商平台长期稳居销量前列。 长沙银行的主营业务为包括公司金融业务、零售金融业务和资金业务等。2025年中报，公司每股收益 1.08元，归母净利润432890.30万元，净利润同比增长率5.05%。公司表示，在低利率环境下，公司债券 ...

Core Insights - The city commercial bank sector experienced a decline of 0.77% on October 24, with Xiamen Bank leading the drop [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Stock Performance - Shanghai Bank closed at 9.67, up 0.73% with a trading volume of 848,400 shares and a transaction value of 822 million [1] - Xiamen Bank closed at 6.68, down 1.76% with a trading volume of 153,100 shares and a transaction value of 103 million [2] - The majority of city commercial bank stocks showed negative performance, with notable declines in Beijing Bank (-0.52%) and Guizhou Bank (-0.66%) [1][2] Capital Flow - The city commercial bank sector saw a net outflow of 142 million from institutional investors, while retail investors contributed a net inflow of 55.9 million [2] - Jiangsu Bank had a net inflow of 70.84 million from institutional investors, while Shanghai Bank experienced a net outflow of 78.96 million from retail investors [3] Individual Stock Analysis - Chengdu Bank had a slight negative net flow from institutional investors of 19.75 million, but a positive inflow from retail investors of 596.99 million [3] - Lanzhou Bank saw a net inflow of 13.36 million from institutional investors, while it faced a net outflow of 1.48 million from retail investors [3]

Market Performance - The city commercial bank sector increased by 0.48% on October 22, with Changsha Bank leading the gains [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Individual Stock Performance - Changsha Bank closed at 9.53, up 1.06% with a trading volume of 162,100 shares and a transaction value of 154 million [1] - Other notable performers include: - Xi'an Bank: closed at 4.17, up 0.97% [1] - Beijing Bank: closed at 5.75, up 0.88% [1] - Chengdu Bank: closed at 18.54, up 0.76% [1] - Jiangsu Bank: closed at 10.93, up 0.74% [1] Capital Flow Analysis - The city commercial bank sector experienced a net outflow of 269 million from institutional investors, while retail investors saw a net inflow of 165 million [2] - The overall capital flow indicates a mixed sentiment among different investor types [2] Detailed Capital Flow for Selected Banks - Shanghai Bank had a net outflow of 34.67 million from institutional investors, with a retail net inflow of 41.06 million [3] - Qilu Bank saw a net inflow of 22.48 million from institutional investors, while retail investors had a net inflow of 9.09 million [3] - Changsha Bank recorded a net inflow of 2.31 million from institutional investors and a net inflow of 1.55 million from retail investors [3]

Core Insights - A-shares of bank stocks have seen significant gains, with Jiangyin Bank rising over 3%, and Agricultural Bank achieving a historical high with a 14-day consecutive increase, up nearly 58% year-to-date [1][2] Summary by Category Stock Performance - Jiangyin Bank: Increased by 3.37%, market cap at 12.8 billion, year-to-date gain of 25.69% [2] - CITIC Bank: Increased by 2.45%, market cap at 441.8 billion, year-to-date gain of 15.95% [2] - Agricultural Bank: Increased by 2.41%, market cap at 282.44 billion, year-to-date gain of 57.91% [2] - Zhangjiagang Bank: Increased by 2.23%, market cap at 11.2 billion, year-to-date gain of 12.29% [2] - Other notable banks include: - Zhejiang Commercial Bank: Increased by 1.97%, market cap at 85.1 billion, year-to-date gain of 11.37% [2] - Su Nong Bank: Increased by 1.92%, market cap at 10.7 billion, year-to-date gain of 15.74% [2] Market Trends - The overall trend indicates a strong bullish sentiment in the banking sector, with MACD golden cross signals suggesting continued upward momentum for these stocks [1]

Core Viewpoint - Changsha Bank has initiated a capital replenishment plan after a decline in capital adequacy indicators in the first half of the year, with approval to issue up to 12 billion yuan in capital instruments, including perpetual bonds and subordinated bonds [2][3]. Group 1: Capital Replenishment Plan - Changsha Bank has received approval from the Hunan Financial Regulatory Bureau to issue capital tools not exceeding 12 billion yuan, which includes perpetual bonds and subordinated bonds [3]. - The bank can decide the timing, batch, and scale of issuance within the approved limit and must complete the issuance within 24 months [3]. Group 2: Capital Adequacy Indicators - As of the first half of 2025, Changsha Bank's core Tier 1 capital adequacy ratio, Tier 1 capital adequacy ratio, and total capital adequacy ratio were 9.73%, 11.3%, and 13.6%, respectively, showing a decline of 0.39, 0.51, and 0.6 percentage points compared to the end of the previous year [5]. - The urgency for capital replenishment is highlighted by the declining capital adequacy ratios, necessitating effective measures to meet increasingly stringent regulatory requirements [5]. Group 3: Industry Context - In 2023, Changsha Bank's total assets exceeded 1 trillion yuan, but the expansion led to increased capital consumption, prompting multiple capital replenishment initiatives [4]. - The issuance of perpetual bonds by commercial banks has accelerated, with a total issuance of 1.26 trillion yuan in 2023, indicating a trend among smaller banks to supplement capital through such instruments [6]. Group 4: Market Dynamics - The interest rates for newly issued perpetual bonds by small and medium-sized banks range from 2.1% to 2.9%, significantly lower than five years ago, which incentivizes banks to redeem old bonds and issue new ones [6]. - The flexibility and cost-effectiveness of issuing perpetual bonds and subordinated bonds provide a sustainable way for small and medium-sized banks to enhance their capital structure without immediately diluting shareholder equity [7].

Group 1 - The core activity involved a joint党建共联共建 event between Changsha Bank Xiangjiang New District Branch and Changsha Jinwei Integrated Circuit Co., Ltd, aimed at integrating party building with business development [1][3] - Participants visited the Hunan Lei Feng Memorial Hall, reflecting on Lei Feng's spirit of selfless service and commitment to the people, reinforcing the mission of serving the public among party members [3] - The event included a re-affirmation of party membership vows and a themed party class titled "Remembering the Trust, Moving Forward with Courage," along with a screening of the film "Volunteers: Bloodbath for Peace" [3] Group 2 - The collaboration between the bank and the company is seen as a platform for enhancing communication and cooperation, with plans for broader collaboration in financial services and technological development in the future [3]