证券研究报告 2025 年 8 月份股票组合 2025 年 8 月 1 日 重要提示： | 代码 | 名称 | 收盘价 （25/7/31） | 投资主题 | | --- | --- | --- | --- | | 601838 | 成都银行 | 18.47 | 质地优异+高股息 | | 601336 | 新华保险 | 66.77 | 资产端业绩弹性大 | | 600549 | 厦门钨业 | 23.22 | 钨钼与稀土业务 | | 001206 | 依依股份 | 24.62 | 宠物用品 | | 600276 | 恒瑞医药 | 62.90 | 创新药 | | 300750 | 宁德时代 | 264.62 | 估值修复 | | 600027 | 华电国际 | 5.30 | 煤电 | | 603986 | 兆易创新 | 121.13 | 国内存储、MCU 双龙头企业， | | | | | 平台化布局助力企业成长 | | 600031 | 三一重工 | 19.94 | 工程机械 | | 002463 | 沪电股份 | 56.27 | PCB | 东莞证券 2025 年 8 月股票组合 本报告的风险等级为中高风险。 本 ...

◎记者 张欣然 随着银行板块回暖，沉寂多年的银行可转债市场迎来久违的"转股潮"。从南京银行、杭州银行高达99% 以上的转股率，到光大银行、浦发银行引入"白衣骑士"压哨转股，再到中信银行、兴业银行股东主动出 手协助转股，银行可转债正摆脱"发得出，转不动"的尴尬局面，迈向"发得出，转得动"的新阶段。 在监管政策鼓励资本多元补充、市场供需错配加剧、投资者接受度提升等因素推动下，银行转债正重新 回归为"补血主渠道"，并迎来"再起航"窗口期。 可转债重返银行"补血主渠道" 今年以来，成都银行、南京银行、杭州银行、苏州银行等多家银行可转债触发强赎，转股率普遍在90% 以上，部分银行甚至高达99.98%。在股价修复共振的背景下，曾经的"理想型融资工具"开始真正兑现其 资本工具属性。 7月18日，南京银行公告称，"南银转债"触发强赎并摘牌，其转股率高达99.98%，刷新银行转债转股率 纪录。"南银转债"于2021年6月发行，设置了明确的强赎机制。随着南京银行股价持续走强，提前满足 赎回条件，转股总数达23.57亿股。分析人士认为，转债得以转股，不仅反映出正股强势表现，也体现 市场对银行基本面与资本回报能力的认可。 7月7日， ...

证券代码：601838 证券简称：成都银行 公告编号：2025-042 任职期间，张蓬女士恪尽职守、勤勉尽责，以高度的敬业精神， 丰富的管理经验，忠实履行工会主席职责，切实保障职工权益，以多 元的职工文化建设激发全行工作热情，为本行推动构建和谐劳动关 系、凝心聚力发挥了重要作用。本行董事会对张蓬女士在任职期间的 辛勤付出和突出贡献表示充分肯定、高度评价和衷心感谢！ 特此公告。 成都银行股份有限公司董事会 2025 年 8 月 1 日 1 成都银行股份有限公司关于工会主席离任的公告 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。 成都银行股份有限公司（以下简称"本行"）党委委员、工会主席 张蓬女士因组织工作调动另有任用，将不再担任本行任何职务。 ...

证券代码：601838 证券简称：成都银行 公告编号：2025-041 特此公告。 成都银行股份有限公司监事会 2025 年 7 月 31 日 成都银行股份有限公司 关于职工监事辞职的公告 本公司监事会及全体监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。 成都银行股份有限公司（以下简称"公司"）监事会于 2025 年 7 月 30 日收到职工监事张蓬女士的书面辞职报告。张蓬女士因工作 调动，辞去公司第八届监事会职工监事、监事会提名委员会委员职务。 经张蓬女士确认，其与监事会无不同意见，亦无任何与其辞职有关的 事项需要通知公司股东及债权人。 张蓬女士担任本行职工监事期间，恪尽职守、勤勉履职，主动作 为，积极开展监督工作，依法维护职工合法权益，为公司稳健运营和 高质量发展发挥了积极作用。本公司监事会对张蓬女士在任职期间的 辛勤付出和突出贡献表示衷心感谢！ 1 ...

Investment Rating - The report maintains a "Positive" investment rating for the banking sector [11]. Core Insights - The banking sector has completed its 2024 dividend distribution, with a shift towards 2025 where the expected dividend yield for quality city commercial banks is projected to rise to approximately 4.5% to 5.0% [2][6]. - After recent market adjustments, leading city commercial banks such as Chengdu Bank and Jiangsu Bank have seen their expected dividend yields rebound to 5.1% and 4.9%, respectively, making them attractive for investment [7]. - The average static dividend yield for state-owned banks in A-shares is 4.02%, which still offers a 230 basis points (BP) spread over the 10-year government bond yield [7][20]. Summary by Sections Dividend Distribution - As of July 28, 2024, all 42 listed banks in A-shares have completed their dividend distributions for the year [6]. - For 2025, the expected average dividend yields for state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks are projected at 4.04%, 4.27%, 4.05%, and 3.94%, respectively [6]. Market Dynamics - Recent market sentiment has shifted, leading to a significant recovery in risk appetite, which has resulted in capital outflows and price adjustments in the banking sector [7]. - The stable performance of banks is supported by recent interim reports from Hangzhou Bank, Ningbo Bank, Qilu Bank, and Changshu Bank, all of which exceeded expectations [7]. Mid-term Dividend Planning - In 2024, 24 listed banks are expected to implement mid-term dividends, with several banks like China Merchants Bank, Changshu Bank, and Su Nong Bank announcing their first mid-term dividends [8]. - The timing of mid-term dividends is expected to be similar to the previous year, influencing the allocation rhythm within the sector [8]. Dividend Ratios - The overall dividend ratio for banks in 2024 is expected to increase compared to the previous year, with limited room for further increases in 2025 [9]. - Attention is drawn to banks like Hangzhou Bank and Qilu Bank, which may have incentives to raise their dividend ratios post-conversion of convertible bonds [9]. Valuation Recovery - The report expresses optimism regarding the valuation recovery of banking stocks, particularly favoring quality city commercial banks such as Hangzhou Bank, Jiangsu Bank, Qilu Bank, Chengdu Bank, Nanjing Bank, and Qingdao Bank [10]. - The report highlights that various capital sources, including insurance and state-owned capital, have been increasing their holdings in banking stocks, indicating a positive outlook for the sector [27].

Core Insights - The 2025 Fortune China 500 list shows a significant increase in the number of commercial banks, rising from 28 to 33, marking a record high [1] - Regional banks are demonstrating strong performance, reflecting the deep empowerment of China's regional economic development strategies [2] - State-owned and joint-stock banks remain the backbone of the banking sector, with total revenues of approximately $1.33 trillion and profits exceeding $266.2 billion, accounting for about 35% of the overall profits of the Fortune 500 [3] Commercial Banks Performance - The total revenue of the 33 commercial banks in the list reached approximately $1.33 trillion, with a combined profit of over $266.2 billion [3] - Major state-owned banks like ICBC, ABC, and CCB maintained stable rankings, with ICBC leading at $221.46 billion in revenue [3][4] - Joint-stock banks showed mixed results, with China Merchants Bank improving its ranking to 49th with $70.39 billion in revenue [3][4] Regional Banks Highlights - Regional banks such as Jiangsu Bank, Beijing Bank, and Ningbo Bank performed well, with Jiangsu Bank ranking 162nd with $21.88 billion in revenue [5] - Chengdu Bank emerged as the "progress king" in the banking sector, climbing 35 places to rank 324th with $6.56 billion in revenue [6][7] - New entrants like Guangzhou Rural Commercial Bank and Chengdu Rural Commercial Bank made notable debuts, ranking 354th and 383rd respectively [7] Strategic Insights - The performance of regional banks is attributed to their ability to align with local economic strategies, providing ample credit demand and diverse opportunities [2][7] - Continuous improvement in corporate governance and a focus on differentiated services are essential for regional banks to achieve long-term value growth [7]

Core Viewpoint - The A-share market showed mixed performance with the Shanghai Western Development Leading Enterprises Index rising by 0.2% to 6529.57 points, with a trading volume of 62.957 billion yuan [1] Group 1: Index Performance - The Shanghai Western Development Leading Enterprises Index increased by 4.75% over the past month and 3.46% over the past three months, but has decreased by 2.45% year-to-date [1] - The index is composed of leading companies from various secondary industries in selected regions, providing a reference for investors interested in China's regional economic development [1] Group 2: Index Holdings - The top ten weighted companies in the index are: Shaanxi Coal and Chemical Industry (15.2%), Kweichow Moutai (14.42%), Yili Industrial Group (14.27%), Seres (13.44%), TBEA (6.64%), Chengdu Bank (4.23%), Chongqing Rural Commercial Bank (3.33%), Sichuan Changhong (3.06%), Northern Rare Earth (2.83%), and Sichuan Road and Bridge (2.77%) [1] - The index's holdings are entirely composed of companies listed on the Shanghai Stock Exchange [1] Group 3: Industry Composition - The industry composition of the index includes: Consumer Staples (29.48%), Discretionary Consumer (16.92%), Energy (16.30%), Industrials (14.69%), Materials (12.04%), Financials (7.96%), Utilities (1.53%), Healthcare (0.76%), Information Technology (0.15%), Communication Services (0.14%), and Real Estate (0.02%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]

Core Viewpoint - Since 2022, the real estate market has been adjusting, leading to a contraction in real estate loans, while government-related loans have been on the rise, particularly in city commercial banks where the proportion of government loans has exceeded 40% in some cases [1][6] Group 1: Loan Market Dynamics - The "exit list" platform has emerged as a new growth point for bank credit, allowing financing platforms that have exited the list to operate as market entities without financing restrictions [2][3] - Government-related loans have seen a significant increase, compensating for the decline in real estate loans, with banks focusing on infrastructure projects and local government financing [6][10] - The exit of financing platforms from the list is part of a broader reform, with over 7,000 platforms expected to be reduced, which may lead to increased credit demand in the market [3][4] Group 2: Bank Strategies and Performance - Different types of banks have varying strategies for government-related loans, with state-owned banks focusing on major national and provincial projects, while city commercial banks target county-level projects [7][9] - City commercial banks have seen a significant increase in the proportion of government-related loans, with some banks like Chengdu Bank exceeding 53% [7][10] - The capital market has responded positively to banks with a high proportion of government loans, with notable increases in market value for banks like Chengdu Bank and Hangzhou Bank [10]

Investment Rating - The report maintains a "Positive" outlook on the banking industry [6] Core Insights - Active equity funds have increased their holdings in A-share banks, with a total of 4.90% of their heavy positions in the banking sector as of Q2 2025, up by 1.14 percentage points from Q1 2025 [10][12] - Passive funds have also seen an increase, with their heavy positions in A-share banks rising to 11.15%, an increase of 2.02 percentage points [10][19] - The report highlights a preference for low-valuation joint-stock banks and high-growth city commercial banks among active funds [12] Summary by Sections Active Equity Funds - As of Q2 2025, active equity funds held 4.90% of their heavy positions in banks, with a total of 49.17 billion shares, an increase of 6.64 billion shares from Q1 2025 [10][12] - The market value of these holdings reached 640.78 billion yuan, up by 135.08 billion yuan [10][12] - The top five stocks favored by active funds include China Merchants Bank (1.01%), Jiangsu Bank (0.54%), Ningbo Bank (0.51%), Hangzhou Bank (0.45%), and Chengdu Bank (0.41%) [10][12] Passive Equity Funds - Passive funds increased their holdings to 71.47 billion shares, a rise of 16.23 billion shares from Q1 2025 [10][19] - The market value of these holdings reached 1,332.61 billion yuan, an increase of 288.32 billion yuan [10][19] - Key stocks with significant inflows include China Merchants Bank and Industrial Bank, while Bank of China and Qingdao Bank saw reductions in holdings [10][19] Investment Recommendations - The report suggests focusing on two main investment lines: 1. High-dividend banks in anticipation of a potential reduction in insurance premium rates, recommending stocks like China Construction Bank, Industrial and Commercial Bank of China, and Chongqing Rural Commercial Bank [10][12] 2. Strong-performing small and medium-sized banks, with recommendations for Industrial Bank, CITIC Bank, Nanjing Bank, Jiangsu Bank, and Hangzhou Bank [10][12]

Core Viewpoint - The banking sector experienced a slight increase of 0.40% on July 23, with a net inflow of 4.91 billion yuan in main capital, indicating positive investor sentiment towards the sector [1][2]. Market Performance - The Shanghai Composite Index rose by 0.01% on the same day, with eight industries showing gains, particularly non-bank financials and beauty care, which increased by 1.29% and 0.59% respectively [1]. - The banking sector's performance was supported by 28 out of 42 listed banks experiencing price increases, while nine saw declines [2]. Capital Flow - The non-bank financial sector led the net capital inflow with 28.59 billion yuan, followed by the banking sector with 4.91 billion yuan [1]. - A total of 23 industries faced net capital outflows, with the power equipment sector experiencing the largest outflow of 101.71 billion yuan [1]. Individual Bank Performance - Agricultural Bank of China topped the net inflow list with 6.33 billion yuan, followed by China Bank and China Merchants Bank with inflows of 3.34 billion yuan and 1.83 billion yuan respectively [2]. - Notable outflows were observed in Industrial Bank, Minsheng Bank, and Chengdu Bank, with outflows of 2.58 billion yuan, 1.30 billion yuan, and 1.20 billion yuan respectively [2]. Detailed Bank Data - The top-performing banks in terms of capital flow included: - Agricultural Bank: +2.46% with a main capital flow of 633.09 million yuan [3] - China Bank: +0.90% with a main capital flow of 334.19 million yuan [3] - China Merchants Bank: +0.40% with a main capital flow of 183.25 million yuan [3] - Conversely, banks like Industrial Bank and Minsheng Bank reported significant capital outflows, with -25.75 million yuan and -13.03 million yuan respectively [4].