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国有大行强上涨趋势是否终结?
GOLDEN SUN SECURITIES· 2025-07-14 09:34
证券研究报告 | 策略研究 gszqdatemark 2025 07 14 年 月 日 投资策略 国有大行强上涨趋势是否终结? 一、策略专题:国有大行强上涨趋势是否终结? 1.1 长期视角:宏观叙事驱动的强上涨趋势可能有多段 梳理 2016 年至今出现的行业强上涨趋势,其底层逻辑主要有两类。第一 类是宏观叙事驱动:2016~2018 年白酒、白色家电强势上涨,彼时经济复 苏提振后周期行业盈利预期,同时资金对稳定高 ROE 所反映的股东回报 也愈发青睐;2020~2021 年白酒、白色家电再次出现强上涨趋势,在经济 面临不确定性的背景下,稳定的盈利能力较为稀缺。第二类则为产业景气 驱动,包括 2019~2021 年的半导体,2020~2022 年的电池、光伏设备。 两类行业虽同为强上涨趋势,但具体表现存在差异。历史经验看,宏观叙 事的影响时间较长,对应行业可能出现多段上涨趋势,白酒、白色家电在 2016~2021 年期间均出现三轮大级别的股价上涨。产业景气驱动下的行 业强上涨趋势则具体表现为一次二波,即行业一次性走出极强的上涨趋 势,期间又分为第一波的景气启动、第二波的景气兑现,两波之间有一段 不算太长的过渡期 ...
福建银行业发力科技金融:全周期赋能创新主体
21世纪经济报道记者杨希福州报道 当我们向着科技强国目标迈进,每一个在各自领域散发活力的创新主体,就如同构成广袤科技"星河"中 的点点"萤火"。 在教育领域,AI数字体育正快速发展,在视觉识别、骨骼计算和大数据分析等技术的支持下,AI数字 体育产品能够帮助学生快速改进运动动作,也能够在中考、体测等场景中深度应用,在提升效率的同时 保证公平。 在广袤大海上,渔民通过"北斗+5G"海洋远距离融合通信终端,不仅能够守护平安归航,还可解决在近 海40海里区域上网的问题。渔民"左手捕鱼,右手直播",新鲜渔获一出海就被在线消费者抢购一空。在 这背后,北斗结合数字海洋,"观测一张网、数据一站达、预警一键知、管控一盘棋"的海洋立体防控体 系正在建立。 科技创新从来不是"无根之水"。优质的创新主体需要多方帮助与支持,才能及时抓住市场机遇,迈向高 速发展的"下一程"。近日,21世纪经济报道记者跟随中国银行业协会在福建调研了解到,福建省银行业 正积极发力科技金融,为创新主体提供全生命周期的金融赋能。 为科技型企业全景"画像" 在恒鸿达(福建)体育科技有限公司(以下简称"恒鸿达")的展厅里,恒鸿达董事长章珠明向记者展示 了多项AI体 ...
药企“出海”无忧 建行江苏省分行服务药企抢滩国际市场
Jin Rong Shi Bao· 2025-07-14 03:12
建行扬州分行在获悉企业优化资金管理的需求后,迅速组建客户经理团队深入艾迪药业开展实地调研。 团队系统梳理了企业国内采购环节的支付流程优化空间,针对多渠道支付体系建设提出改进方案;基于 企业全生命周期资金需求特征,包括采购付款节奏、生产运营资金配置、销售回款周期等要素,引入智 能化供应链金融工具,助力企业实现支付流程的自动化升级,资金周转效率显著提升,通过弹性授信机 制为企业业务扩张提供了灵活的资金支持,有力推动了企业高质量发展目标的实现。 2025年3月,在建行扬州分行协助下,艾迪药业成功通过供应链产品支付货款1000万元,不仅保障了原 材料的稳定供应,让生产线能够持续高效运转,还进一步巩固了企业与供应商之间的合作关系,提升了 企业在供应链中的信誉和地位。当月,艾迪药业向建行扬州分行申请的流动资金贷款4000万元也获批到 账,并被及时投入新药研发和生产设备升级等关键生产经营环节。 目前,建行扬州分行与艾迪药业在资金结算、IPO资金托管等多个领域开展业务合作,信贷余额超5000 万元,为企业"出海"提供了高质量金融支撑和服务保障。 跨境金融服务持续升级 助力企业突破海外市场壁垒 在国内的医药产业强省江苏,"走出 ...
2025年全球银行1000强榜单:中资城商行排名跃升
Cai Fu Zai Xian· 2025-07-14 02:05
2025年7月2日,英国《银行家》杂志(The Banker)正式公布2025年全球银行1000强榜单。在这份被视为 国际银行业权威排名的榜单中,中资银行表现亮眼,不仅包揽全球前四强,城商行梯队也展现出强劲的 上升势头。不仅首次有成员进入前50强,江苏银行、宁波银行、南京银行等区域银行排名也显著提升, 反映出中国城商行在资本实力、差异化经营和区域深耕上的综合竞争力。 不过,挑战与机遇并存。当前全球低利率环境对银行净息差造成压力,城商行需进一步优化资产负债结 构。 业内人士建议,未来城商行应继续强化科技投入,例如北京银行已设立金融科技子公司,宁波银行每年 将5%的营收投入数字化建设;同时需拓展财富管理、投行等轻资本业务,减少对传统存贷利差的依 赖。此外,国际化布局仍是短板,除少数头部城商行在港澳或东南亚设点外,多数机构仍聚焦本土市 场,与全球性银行相比存在差距。 全球银行1000强榜单由英国金融时报集团旗下专注于提供银行和金融资讯服务的权威杂志——《银行 家》创立。榜单基于直观衡量银行实力的关键指标一级资本,并辅以全球2000多家不同国家和地区的银 行资本实力、经营规模、盈利能力和经营效率等数据最终评定而出。自 ...
广东17家银行跻身世界银行千强榜
Nan Fang Du Shi Bao· 2025-07-13 23:07
面方都市報 奥一网Oceee. 6大国有行和12家股份行排名情况 数据来源:英国《银行家》"2025年世界银行1000强"榜单 | 银行名称 | 2025年排名 | 排名变化 | | --- | --- | --- | | 工商银行 | 1 | | | 建设银行 | 2 | | | 农业银行 | 3 | | | 中国银行 | 4 | | | 招商银行 | 8 | 12 | | 交通银行 | 9 | | | 邮储银行 | 12 | | | 兴业银行 | 14 | 12 | | 中信银行 | 18 | | | 浦发银行 | 19 | | | 民生银行 | 22 | | | 光大银行 | 25 | 11 | | 平安银行 | 33 | ↑ 1 | | 华夏银行 | 47 | 12 | | 广发银行 | 60 | | | 浙商银行 | 82 | 12 | | 恒丰银行 | 118 | 13 | | 渤海银行 | 146 | 115 | | | | 南方布局 | 城商行方面,排名在前100的有北京银行、江苏银行、上海银行、宁波银行和南京银行,这5家银行排名 较去年均有所进步,分别前进了2位、10位、1位、8位和5位。 ...
35家A股上市银行年度分红密集落地
Zheng Quan Ri Bao· 2025-07-13 15:53
Core Viewpoint - A-share listed banks are increasingly distributing dividends, reflecting strong operational performance and adherence to regulatory requirements for cash dividends [1][2] Group 1: Dividend Distribution - As of July 13, 35 out of 42 A-share listed banks have completed their annual dividend distribution for 2024 [1] - Major banks involved include five state-owned banks such as Industrial and Commercial Bank of China and China Bank, along with several joint-stock and city commercial banks [1] - The trend of dividend distribution is driven by the new "National Nine Articles" which emphasizes cash dividends and enhances predictability [1] Group 2: Dividend Yield - Approximately half of the A-share listed banks have a dividend yield exceeding 4%, with six banks surpassing 7% [2] - High dividend yields are attributed to the banks' stable long-term operations and relatively low valuations [2] - The banking sector has seen a year-to-date average increase of 19.34%, driven by high dividend attractiveness [2] Group 3: Future Outlook - The combination of stable operations and high dividend levels is expected to continue attracting investors, suggesting a positive outlook for the banking sector [3]
上市银行年度分红进行时 银行股投资吸引力持续凸显
Zheng Quan Ri Bao Wang· 2025-07-13 12:51
本报记者 彭妍 7月份以来,多家A股上市银行陆续发布利润分配实施公告。东方财富Choice数据显示,截至7月13日,在42家A股上市银 行中,已有35家完成2024年年度分红。 上海金融与法律研究院研究员杨海平对《证券日报》记者表示,A股上市银行分红密集落地,一是落实新"国九条"关于强 化现金分红、优化分红频次、强化分红可预期性的要求;二是回报投资者,向投资者传递出经营业绩向好的信号;三是强化市 值管理,形成经营业绩与股票价格、投资者回报之间的相互促进关系。 以派息日为统计节点,截至目前已有35家银行完成2024年年度分红。其中包括工商银行、交通银行、邮储银行、建设银 行、中国银行5家国有大行,招商银行、兴业银行等7家股份制银行,以及23家城商行和农商行。 对于高股息率的成因,明明表示,一方面,银行长期经营稳健,决定了其可以长期维持高股息率;另一方面,部分银行投 资者具有相对较低的风险偏好,也更看重分红所带来的稳健收益。 杨海平认为,A股上市银行股息率较高的原因,也与银行股估值相对较低以及上市银行积极响应监管部门关于分红的政策 有关。 依托高股息等核心优势,银行板块今年以来持续获得市场资金青睐。东方财富Cho ...
超6300亿元!A股上市银行大派“红包”
21世纪经济报道· 2025-07-12 15:01
记者丨 叶麦穗 实习生孙筠雅 编辑丨包芳鸣 银行的"红包行情"持续,7月11日,招商银行和西安银行双双派发红包,而就在前一日中信银 行和北京银行也刚刚实施完毕分红。 根据同花顺统计,A股上市银行2024年年度分红累计总额超过6300亿元,相比前一年增加了 200亿元。就在银行派发去年红包的同时,银行的中期分红也在路上。大额红包也让银行股大 火,以工农中建等为代表的18只银行股在2025年年内先后创出新高,中证银行指数上涨17%, 成为今年行业板块"最靓的仔"。 银行分红高峰期 进入7月后,A股上市银行迎来分红高峰期。7月11日,招商银行和西安银行两家银行同日 派"红包"。根据此前的公告,招商银行向全体A股股东每股派发现金红利2.000元(含税),合 计派发金额约504.40亿元,其中A股现金红利达412.58亿元。此次分红方案延续了招商银行一 贯的高比例分红政策,以公告日假设股价35元/股计算,股息率约为5.7%。 西安银行则向全体股东每10股派现1元(含税),合计派发现金红利人民币4.44亿元,占同期 归母净利润的比例为17.37%,不送红股,不进行资本公积转增股本。 而就在前一天,7月10日,北京银行和中 ...
又开“卷”?多家银行经营贷年化利率现“2”开头
券商中国· 2025-07-12 08:07
Core Viewpoint - The recent trend of decreasing interest rates for business loans from various banks, including China Merchants Bank, is aimed at reducing financing costs for small and micro enterprises, while also targeting quality customer segments [3][11][12]. Group 1: Interest Rate Trends - China Merchants Bank has introduced a promotional business mortgage loan with an annual interest rate as low as 2.7%, available until September 30 [4][5]. - Other major banks, such as Industrial and Commercial Bank of China and Jiangsu Bank, have also launched business loan products with interest rates reaching or falling below 3% [2][6][7]. - The competitive landscape has led to some banks offering business loans with interest rates as low as 2.2% for certain products [6]. Group 2: Loan Product Characteristics - The business mortgage loan from China Merchants Bank offers a maximum limit of 20 million, with a repayment period of up to 20 years [5]. - The approval process for these low-interest loans is more stringent compared to consumer loans, requiring businesses to meet specific criteria such as maintaining a good credit status and providing operational data [9][10]. Group 3: Market Dynamics and Policy Influence - The decline in business loan interest rates is influenced by both policy guidance aimed at lowering financing costs for the real economy and competitive market pressures [11][12]. - The current monetary policy remains accommodative, with measures like reserve requirement ratio cuts providing banks with lower funding costs, allowing for reduced loan pricing [11]. Group 4: Risks and Strategic Considerations - The trend towards lower interest rates may lead to increased credit risk as banks seek to expand their customer base, potentially impacting asset quality [15]. - Experts suggest that banks should innovate financial products and focus on effective market demand to balance business expansion with asset quality [17].
帮主郑重:银行股凭啥能“逆袭”黄金和纳指?
Sou Hu Cai Jing· 2025-07-12 07:30
Core Viewpoint - The recent surge in bank stocks has outperformed gold and the Nasdaq, marking a significant shift in market dynamics [1][3]. Group 1: Bank Stock Performance - The five major banks in China (Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, Bank of China, and Postal Savings Bank) have reached historical highs, contributing to the A-share market's recovery to 3,500 points [3]. - The China Securities Bank Index has shown a remarkable increase since 2024, surpassing both gold and the Nasdaq in returns, establishing itself as a global high-yield asset champion [3]. Group 2: Reasons for Bank Stock Surge - The valuation of bank stocks has undergone significant repair, with price-to-book (PB) ratios declining faster than return on equity (ROE) in previous years, leading to an undervalued state that has now begun to correct [3]. - The introduction of policies in 2022 aimed at stabilizing the real estate market has alleviated financial risks, thereby improving the asset quality of banks and boosting investor confidence [3]. Group 3: Dividend Appeal - Current bank stocks offer an average dividend yield exceeding 4%, with some Hong Kong bank stocks reaching over 9%, making them more attractive compared to traditional savings [4]. - The downward trend in interest rates has positioned bank stocks as reliable "cash cows," providing stable dividends and appealing to investors seeking consistent returns [4]. Group 4: Market Dynamics - Although gold has seen price increases due to a decline in trust in the dollar system, its long-term performance remains tied to the dollar's strength [4]. - The Nasdaq has faced challenges due to changing interest rate expectations and overvaluation concerns in some tech stocks, leading to a shift in capital towards bank stocks [4]. Group 5: Long-term Outlook - The ongoing recovery of the Chinese economy, indicated by rising manufacturing PMI, is expected to positively influence bank credit demand [5]. - The push for financial openness and the accelerated internationalization of banks present significant growth opportunities in the future [5].