Market Performance - The city commercial bank sector increased by 0.01% compared to the previous trading day, with Xiamen Bank leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down by 0.22%, while the Shenzhen Component Index closed at 13430.1, down by 0.44% [1] Individual Bank Performance - Xiamen Bank's closing price was 7.15, with a rise of 5.46% and a trading volume of 582,400 shares, amounting to a transaction value of 412 million yuan [1] - Chongqing Bank closed at 10.67, up by 2.11%, with a trading volume of 225,000 shares [1] - Chengdu Bank's closing price was 18.11, increasing by 0.84% with a trading volume of 314,100 shares [1] - Other banks such as Changsha Bank, Lanzhou Bank, and Jiangsu Bank showed minimal changes in their stock prices [1] Capital Flow Analysis - The city commercial bank sector saw a net inflow of 223 million yuan from institutional investors, while retail investors experienced a net outflow of 356 million yuan [2] - The main capital inflow was observed in banks like Nanjing Bank and Chengdu Bank, with significant net inflows from institutional investors [3] - Retail investors showed a negative net flow in several banks, indicating a cautious sentiment among smaller investors [3]

Market Performance - The city commercial bank sector increased by 0.63% on October 27, with Chongqing Bank leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Individual Bank Performance - Chongqing Bank's closing price was 10.45, with a rise of 2.75% and a trading volume of 349,100 shares, amounting to a transaction value of 368 million yuan [1] - Other notable banks included Xi'an Bank, which rose by 1.95% to 4.19, and Xiamen Bank, which increased by 1.50% to 6.78 [1] - Conversely, Chengdu Bank saw a decline of 1.54%, closing at 17.96, with a trading volume of 474,100 shares [2] Capital Flow Analysis - The city commercial bank sector experienced a net outflow of 310 million yuan from institutional investors, while retail investors saw a net inflow of 22.9 million yuan [2] - The capital flow data indicates that Nanjing Bank had a net inflow of 21.65 million yuan from institutional investors, while Zhengzhou Bank experienced a net outflow of 13.86 million yuan [3] Summary of Trading Data - The trading data for various banks shows mixed performance, with some banks like Chongqing Bank and Xi'an Bank showing positive trends, while others like Chengdu Bank and Suzhou Bank faced declines [1][2][3] - The overall trading volume and transaction values reflect active market participation, with significant amounts traded across various banks [1][2]

Investment Rating - The investment rating for the industry is "Positive" (maintained) [1] Core Insights - The report highlights that retail non-performing loan (NPL) rates and generation rates are currently high, indicating ongoing pressure on bank profitability. Despite a low overall NPL rate, the retail sector shows signs of risk, with a marginal increase in the NPL rate to 1.28% [14][15] - The transition period for new risk regulations is nearing its end, with concerns about the impact on banks' provisioning levels. However, the report suggests that the actual impact may be less severe than market expectations [16] - The trend of de-collateralization in bank lending is evident, driven by both business characteristics and strategic choices made by banks to reduce reliance on collateralized loans [17] Summary by Sections 1. Retail NPL and Generation Rates - The retail NPL rate has increased to 1.28%, with a steepening curve indicating ongoing risk. The generation rate for retail loans remains high, with significant increases noted in certain banks [14][18] - The report indicates that while the overall NPL rate is low, the divergence between overdue and NPL indicators suggests underlying risks in the retail sector [19] 2. Impact of New Risk Regulations - The new risk regulations will require banks to classify impaired loans as NPLs, potentially increasing reported NPL rates. However, the report anticipates that the actual provisioning pressure may be manageable [16][17] 3. De-Collateralization in Lending - The report notes a significant decline in the proportion of collateralized loans, with banks shifting towards non-collateralized lending strategies. This shift is influenced by the need to manage risk more effectively [17][18] 4. Investment Recommendations - The report recommends certain state-owned banks due to their customer base advantages and manageable retail risk pressures. It also highlights specific banks such as CITIC Bank and Agricultural Bank of China as beneficiaries of this trend [6]

Core Viewpoint - The A-share listed banks are expected to show overall revenue and net profit growth in the third quarter of 2025, with improvements in asset quality and a narrowing decline in net interest margins [1][2][3]. Group 1: Financial Performance - Huaxia Bank reported operating income of 64.881 billion yuan, a year-on-year decrease of 8.79%, and net profit attributable to shareholders of 17.982 billion yuan, down 2.86%, with a narrowing decline of 5.09 percentage points compared to the first half of the year [1]. - Chongqing Bank achieved operating income of 11.740 billion yuan, a year-on-year increase of 10.40%, and net profit of 5.196 billion yuan, up 10.42% [2]. - Ping An Bank reported operating income of 100.668 billion yuan, a year-on-year decrease of 9.8%, and net profit of 38.339 billion yuan, down 3.5%, with a narrowing decline compared to the first half of the year [2]. Group 2: Market Trends - Ten banks have seen shareholding increases from shareholders and executives this year, indicating a positive outlook for the banking sector amid macroeconomic stabilization and easing monetary policy [3]. - Analysts expect cumulative revenue and net profit for listed banks in the first three quarters of 2025 to grow by 0.4% and 1.1% year-on-year, respectively, driven by a narrowing decline in net interest margins and reduced credit costs [3]. Group 3: Interest Margin Outlook - Zhongtai Securities suggests that the net interest margin for banks may stabilize in the third quarter due to reduced re-pricing pressure on assets and a greater decline in deposit rates compared to the Loan Prime Rate (LPR) [4]. - The projected increase in net interest margin for the third and fourth quarters is 0.7 basis points and 0.3 basis points, respectively, indicating stability in the banking sector [4]. Group 4: Related Stocks - Goldman Sachs reported that the A-shares and H-shares of major banks have recorded absolute returns of 12% and 21% year-to-date, driven by improvements in asset quality and narrowing declines in net interest margins [5]. - Ping An Insurance increased its stake in Postal Savings Bank, acquiring 6.416 million shares at an average price of 5.3638 HKD per share [6].

Investment Rating - The report maintains an "Accumulate" rating for the banking sector, indicating a positive outlook despite challenges in the gold market in 2025 [1]. Core Insights - The gold market is expected to present both opportunities and challenges for banks, with a trend towards deepening precious metal business driven by central bank purchases [1][2]. - The demand for gold bars and coins has increased significantly, reflecting a growing need for gold as a hedge and store of value among residents [4]. - The establishment of a market-making system for gold trading is anticipated to enhance market liquidity and stability, positioning listed banks as key players [3][4]. Summary by Sections 1. Policy and Market Environment - As of September 2025, China's official gold reserves reached 74.06 million ounces, marking an increase for 11 consecutive months [2]. - In Q2 2025, global central banks added 166 tons of gold to their reserves, with 95% of surveyed central banks expecting further increases in the next 12 months [2]. - New policies allowing insurance funds to invest in gold are expected to create new opportunities for banks to provide services to insurance institutions, enhancing their intermediary income [2]. 2. Business Dynamics and Revenue Contribution - In the first half of 2025, China's gold consumption was 505.205 tons, a year-on-year decrease of 3.54%, with significant growth in gold bar and coin consumption by 23.69% [4]. - The decline in gold jewelry consumption is prompting banks to shift focus from traditional jewelry sales to investment-oriented precious metal businesses [4]. - The growth in investment demand for gold bars and coins is expected to stabilize income from investment-related businesses, enhancing the profitability of the precious metals segment for banks [4]. 3. Industry Trends - The report highlights a structural shift in gold consumption, with investment demand rising while jewelry demand declines, indicating a need for banks to adapt their business strategies [4]. - The performance of the banking sector is expected to benefit from expansionary policies aimed at stabilizing the economy, with specific banks like Ningbo Bank and Jiangsu Bank recommended for investment due to positive fundamental changes [8]. 4. Key Data Tracking - The report includes various financial metrics, such as average daily trading volume and margin financing balances, which are essential for assessing market conditions [9][10].

Core Viewpoint - The report from the招商中证红利交易型开放式指数基金 indicates a net value growth rate of 9.21% over the past year, with significant changes in the top ten holdings compared to the previous quarter [1]. Group 1: Fund Performance - The fund achieved a net value growth rate of 9.21% over the last year [1]. - The report highlights the addition of new stocks to the top ten holdings, including 潞安环能, 中谷物流, 农业银行, 南钢股份, and 建设银行 [1]. Group 2: Changes in Top Holdings - New entries in the top ten holdings include: - 潞安环能 (669709): 7.7764 million shares valued at 1.11 billion - 中谷物流 (603560): 10.0744 million shares valued at 1.1 billion - 农业银行 (601288): 161.424 million shares valued at 1.08 billion - 南钢股份 (600282): 199.957 million shares valued at 1.05 billion - 建设银行 (601939): 117.632 million shares valued at 1.01 billion [2]. - 宁波华翔 (002048) saw an increase in holdings by 56.7 thousand shares, making it the largest holding at 2.73 billion [1][2]. - Other stocks that exited the top ten holdings include 成都银行, 兴业银行, 大秦铁路, 江苏银行, and 交通银行 [1][2].

证券研究报告 2025 年 10 月 26 日 湘财证券研究所 行业研究 银行业周报 关注信贷需求修复 | 1. | 《2025年中期策略-价值重估仍 | | --- | --- | | 在进行时》 | 2025.07.02 | | 2. | 《业绩底部修复，配置价值提 | | 升》 | 2025.09.05 | 近十二个月行业表现 | % | 1 | 个月 | 3 | 个月 | 12 | 个月 | | --- | --- | --- | --- | --- | --- | --- | | 相对收益 | 2.7 | | | -15.8 | | -5.6 | | 绝对收益 | 4.8 | | -3.5 | | | 13.0 | 分析师：郭怡萍 证书编号：S0500523080002 Tel：(8621) 50295327 Email：guoyp@xcsc.com 国人寿金融中心10楼 相关研究： 核心要点： 政策性金融工具助力提振信贷需求 据央视网，截至目前，国家开发银行、中国农业发展银行、中国进出口银 行三家政策性银行新型政策性金融工具共计投放超 3300 亿元。 行业评级：增持（维持） 2025 年 9 月 ...

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]

Core Insights - The banking industry is experiencing a significant salary reduction trend that has reached top management levels, with Chengdu Bank's senior management compensation decreasing by 1.708 million yuan in 2024, a drop of 13.4% compared to 2023 [1] - The overall reduction in senior management compensation at Chengdu Bank over the past three years has been nearly 48%, indicating a long-term trend rather than a short-term occurrence [1][5] - The average salary for the core management team in 2024 is 736,500 yuan, with a median salary of 734,600 yuan, reflecting a balanced compensation structure [2] Salary Overview - The total compensation for Chengdu Bank's board and senior management has decreased from 17.7835 million yuan in 2022 to 9.2566 million yuan in 2024, showing a cumulative reduction of 8.5269 million yuan over three years [1] - The highest-paid executive in 2024 is Vice Chairman He Weizhong, while the lowest is Secretary of the Board Chen Haibo, with a salary difference of less than 150,000 yuan [2] - Chairman Wang Hui's salary increased by 13,700 yuan to 790,500 yuan in 2024, reflecting adjustments related to his position change [4] Notable Salary Reductions - The most significant salary reduction was experienced by 70-year-old foreign Vice Chairman He Weizhong, whose compensation dropped from 1.4063 million yuan in 2023 to 781,000 yuan in 2024, a decrease of 562,000 yuan or 41.8% [3] - Despite the substantial reduction, He Weizhong's salary remains slightly above the median for the management team, indicating it is still within a reasonable range for the industry [3] Reasons for Salary Adjustments - The ongoing reduction in executive compensation is driven by changes in the banking operating environment and policy directives, with Chengdu Bank reporting strong performance in 2024, including total revenue of 22.982 billion yuan and net profit of 12.850 billion yuan [5] - As a state-owned enterprise, Chengdu Bank's executive compensation must adhere to the salary assessment mechanisms set by the municipal state-owned assets supervision and administration commission, which considers multiple performance indicators [5] Industry Trends - The salary reductions at Chengdu Bank are part of a broader trend in the banking sector, with many listed banks reporting management salary decreases ranging from 5% to over 30% in 2024 [6] - This collective adjustment aligns with the financial industry's goals of cost reduction and efficiency improvement, as well as regulatory expectations linking compensation to risk and social responsibility [6] Implications for the Banking Sector - The changes in executive compensation at Chengdu Bank provide a model for salary structure reform in urban commercial banks, characterized by long-term, differentiated, and compliant adjustments [7] - The ongoing salary adjustments are expected to become a new normal in the banking industry, promoting a shift from expansion to quality improvement [7] - A rational adjustment in the compensation system is seen as beneficial for both employee cohesion and investor interests, ensuring operational efficiency and shareholder value [7][8]

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]