Core Viewpoint - Guiyang Bank has successfully issued a special financial bond for small and micro enterprises, approved by the People's Bank of China, indicating a strategic move to support the growth of small businesses in the region [1] Group 1: Bond Issuance Details - The bond, named "Guiyang Bank Co., Ltd. 2025 Special Financial Bond for Small and Micro Enterprises Loans (First Phase)," was recorded on September 9, 2025, and completed issuance on September 11, 2025 [1] - The total issuance scale of the bond is RMB 7 billion, with a fixed interest rate of 1.89% over a 3-year term [1] Group 2: Fund Utilization - The funds raised from this bond issuance will be used specifically for granting loans to small and micro enterprises, in accordance with applicable laws and regulatory approvals [1]

Core Viewpoint - Guiyang Bank is undergoing a change in its major shareholder structure due to the merger of its significant shareholder, Guizhou Wujiang Energy Investment Co., Ltd. (Wujiang Investment), with Guizhou Energy Group Co., Ltd. (Guizhou Energy), which will indirectly acquire a 5.49% stake in Guiyang Bank through Wujiang Investment [1][2][3]. Group 1: Shareholder Changes - Guizhou Energy plans to absorb and merge Wujiang Energy, inheriting its 100% stake in Wujiang Investment, which currently holds approximately 201 million shares of Guiyang Bank, representing 5.49% of its total equity [2][3]. - After the merger, Wujiang Investment's shareholding in Guiyang Bank will remain unchanged, but Guizhou Energy will become the indirect holder of the 5.49% stake [2][3]. Group 2: Company Background - Wujiang Investment was established in April 1994, with a registered capital of 9.84 billion yuan and total assets of 55.731 billion yuan by the end of 2024 [3]. - Guizhou Energy was formed in February 2023 through the strategic reorganization of the former Panjiang Coal and Electricity Group and Wujiang Energy Group, and it currently holds two publicly listed companies: Panjiang Shares and Guizhou Gas [4]. Group 3: Financial Performance - As of June 30, 2025, Guiyang Bank reported total assets of 741.536 billion yuan, a 5.08% increase from the beginning of the year, and a net profit of 2.474 billion yuan for the first half of 2025 [4][6]. - The bank's total loan amount reached 343.461 billion yuan, with corporate loans accounting for over 80% of the total, reflecting a strategic focus on supporting key industries [6].

Core Viewpoint - Guizhou Energy Group plans to absorb and merge with Guizhou Wujiang Energy Group, which will result in Guizhou Energy indirectly acquiring a 5.49% stake in Guiyang Bank through its wholly-owned subsidiary, Guizhou Wujiang Energy Investment Co., Ltd [1][2]. Group 1: Shareholder Changes - Guizhou Wujiang Energy Investment Co., Ltd holds approximately 201 million A-shares of Guiyang Bank, representing 5.49% of the total share capital [2]. - After the merger, Guizhou Wujiang Energy Investment's shareholding in Guiyang Bank remains unchanged, while Guizhou Energy will indirectly hold the same percentage [2]. - The merger does not trigger a mandatory tender offer and will not change the largest shareholder of Guiyang Bank [2]. Group 2: Company Background - Guizhou Wujiang Energy Investment was established in April 1994, with a registered capital of 9.84 billion yuan and total assets of 55.731 billion yuan by the end of 2024 [3]. - Guizhou Energy was formed in February 2023 through the strategic reorganization of the former Panjiang Coal and Electricity Group and Wujiang Energy Group [3]. - Guiyang Bank, founded in 1997, has a registered capital of 3.656 billion yuan and a market capitalization of approximately 22 billion yuan as of September 9 [3]. Group 3: Financial Performance - For the first half of 2025, Guiyang Bank reported operating income of 6.501 billion yuan and a net profit attributable to shareholders of 2.474 billion yuan [3]. - As of June 30, 2025, the total assets of Guiyang Bank reached 741.536 billion yuan, reflecting a growth of 5.08% since the beginning of the year [3]. - The total loan amount of Guiyang Bank was 343.461 billion yuan, with corporate loans accounting for over 80% of the total [5].

Core Viewpoint - Guizhou Energy Group plans to absorb and merge with Guizhou Wujiang Energy Group, which will result in Guizhou Energy indirectly acquiring a 5.49% stake in Guiyang Bank through its wholly-owned subsidiary, Guizhou Wujiang Energy Investment Co., Ltd [1][2] Group 1: Shareholder Changes - Guizhou Wujiang Energy Investment Co., Ltd holds approximately 201 million A-shares of Guiyang Bank, representing 5.49% of the total share capital [2] - After the merger, Guizhou Wujiang Energy Investment's shareholding in Guiyang Bank remains unchanged, while Guizhou Energy will indirectly hold the same percentage [2] - The merger does not trigger a mandatory tender offer and will not change the largest shareholder of Guiyang Bank [2] Group 2: Company Background - Guizhou Wujiang Energy Investment was established in April 1994, with a registered capital of 9.84 billion yuan and total assets of 55.731 billion yuan by the end of 2024 [3] - Guizhou Energy was formed in February 2023 through the strategic reorganization of the former Panjiang Coal and Electricity Group and Wujiang Energy Group [3] - Guiyang Bank, established in 1997, has a registered capital of 3.656 billion yuan and a market capitalization of approximately 22 billion yuan as of September 9 [3] Group 3: Financial Performance - For the first half of 2025, Guiyang Bank reported operating income of 6.501 billion yuan and a net profit attributable to shareholders of 2.474 billion yuan [3] - As of June 30, 2025, the total assets of Guiyang Bank reached 741.536 billion yuan, reflecting a growth of 5.08% since the beginning of the year [3] - The bank's total loan amount was 343.461 billion yuan, with corporate loans accounting for over 80% of the total [5]

Core Viewpoint - The report outlines the equity change involving Guizhou Energy Group Co., Ltd. acquiring control over Guiyang Bank Co., Ltd. through the absorption of Wujang Energy, resulting in Guizhou Energy indirectly holding 200,832,586 shares, representing 5.49% of the total share capital of Guiyang Bank [12][13]. Group 1: Equity Change Details - The equity change is a result of Guizhou Energy's absorption of Wujang Energy, which will lead to Wujang Energy's dissolution and the transfer of its 100% stake in Wujang Energy Investment to Guizhou Energy [4][12]. - Following the equity change, Guizhou Energy will indirectly hold 200,832,586 A-shares of Guiyang Bank, maintaining the same percentage of 5.49% of the total share capital [12][13]. - Prior to this change, Guizhou Energy did not hold any direct or indirect shares in Guiyang Bank [5][13]. Group 2: Regulatory Compliance - The report confirms that all necessary authorizations and approvals have been obtained for the equity change, ensuring compliance with relevant laws and regulations [1][2]. - Guizhou Energy has committed to the accuracy and completeness of the report, accepting legal responsibility for any false statements or omissions [2][9]. - The report has been prepared in accordance with the requirements set forth by the China Securities Regulatory Commission and the Shanghai Stock Exchange [1][2]. Group 3: Future Plans - Guizhou Energy has no plans to further increase its holdings in Guiyang Bank or to dispose of its existing shares within the next 12 months [4]. - The first major shareholder of Guiyang Bank will remain unchanged following this equity change [12][14]. Group 4: Background Information - Guizhou Energy Group Co., Ltd. is a state-controlled limited liability company with a registered capital of 1,000 million yuan, established on January 16, 1997 [3]. - The company is involved in various sectors, including coal, electricity, and renewable energy, and is focused on optimizing state asset allocation in the energy sector [3][4].

贵阳银行股份有限公司 简式权益变动报告书 信息披露义务人：贵州能源集团有限公司 住所/通信地址：贵州省贵阳市观山湖区林城西路 95 号 权益变动性质：股份增加（间接方式受让） 签署日期：2025 年 9 月 8 日 上市公司：贵阳银行股份有限公司 上市地点：上海证券交易所 股票简称：贵阳银行 股票代码：601997 贵阳银行股份有限公司简式权益变动报告书 信息披露义务人声明 一、本报告书系信息披露义务人依据《中华人民共和国证券法》《上市公司收购 管理办法》《公开发行证券的公司信息披露内容与格式准则第15号——权益变动报告 书》及相关法律、法规和规范性文件编写。 二、截至本报告书签署之日，信息披露义务人签署本报告书已获得必要的授权和 批准，其履行亦不违反信息披露义务人公司章程或内部规则中的任何条款，或与之相 冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》《公开发行证券 的公司信息披露内容与格式准则第15号——权益变动报告书》的规定，本报告书已全 面披露了信息披露义务人在贵阳银行股份有限公司中拥有权益的情况。 | 第一节 | 释义 3 | | | --- | --- | --- | | 第二节 ...

证券代码：601997 证券简称：贵阳银行 公告编号：2025-037 优先股代码：360031 优先股简称：贵银优 1 贵阳银行股份有限公司 关于股东权益变动的提示性公告 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。 重要内容提示： 1.本次权益变动系贵阳银行股份有限公司（以下简称公司）持股 5%以上股东贵州乌江能源投资有限公司（以下简称乌江能投）的控股 股东贵州乌江能源集团有限责任公司（以下简称乌江能源）被贵州能 源集团有限公司（以下简称贵州能源）吸收合并所致，不触及要约收 购。 2.本次权益变动后，贵州能源将间接持有公司 200,832,586 股 A 股普通股股票,占公司总股本的 5.49%。 一、本次权益变动基本情况 公司近日收到持股5%以上股东乌江能投出具的《贵州乌江能源投 资有限公司关于变更公司控股股东的函》，根据《省人民政府关于同 意贵州能源集团有限公司组建方案的批复》文件精神，贵州能源拟吸 收合并乌江能源，乌江能源所持有的乌江能投100%股权将由贵州能源 承继。截至公告日，贵州能源与乌江能源已签订吸收合并 ...

Investment Rating - The report maintains an "Increase" rating for the banking sector, indicating a positive outlook for the industry [1]. Core Insights - In the first half of 2025, the contribution of financial asset disposal gains from AC and OCI accounts to revenue reached 5.2%, an increase of 2.9 percentage points compared to 2024 [1][2]. - The investment income growth rate for 42 listed banks was 23.6%, with AC, OCI, and TPL gains showing year-on-year growth rates of 134.7%, 79.0%, and -8.4% respectively [1]. - The report highlights that the increase in disposal gains does not necessarily indicate a significant increase in asset disposal scale, as market conditions and strategies vary among banks [2]. Financial Asset Disposal Gains - The contribution of AC and OCI financial asset disposal gains to revenue was 5.2%, up 2.9 percentage points from 2024, with AC asset disposal gains contributing 2.6% [2]. - Among different types of banks, rural commercial banks had the highest contribution from AC and OCI disposal gains, reaching 11.0%, an increase of 6.2 percentage points from 2024 [2]. - Specific banks such as Jiangyin Bank, Sunong Bank, and Zijin Bank had high disposal gain ratios relative to their revenue, at 28.9%, 26.7%, and 22.7% respectively [2]. OCI Floating Profit Situation - The overall OCI floating profit decreased compared to the end of the previous year, accounting for 12.6% of the estimated profit for 2025 [3]. - Major state-owned banks like CCB and ABC reported significant OCI floating profits, with balances exceeding 30 billion [3]. - The average contribution of OCI floating profits to profits for city and rural commercial banks was notably high, with Ningbo Bank's ratio reaching 35% [3][6]. Sector Trends - The banking sector is expected to benefit from expansionary policies aimed at stabilizing the economy, with a focus on real estate and consumer spending [7]. - The report suggests a focus on banks with improving fundamentals, such as Ningbo Bank, and those with dividend strategies like Jiangsu Bank and Chengdu Bank [7]. - Attention is also drawn to banks with potential convertible bond conversion expectations, including Shanghai Bank and Industrial Bank [7].

Investment Rating - The report maintains a positive outlook on the banking sector's allocation value, suggesting continued investment interest in the sector [4][10]. Core Viewpoints - The performance of listed banks in the first half of 2025 shows a marginal improvement in revenue and profit margins, with year-on-year growth of 1.0% in revenue and 0.8% in net profit attributable to shareholders [4][5]. - The recovery in the bond market during the second quarter has alleviated some of the pressures on bond investment returns, contributing to the overall performance improvement [4][5]. - The report anticipates that the banking sector's revenue and net profit growth will remain around 1% year-on-year for 2025, despite ongoing pressures on the banking fundamentals [4][10]. Summary by Sections Performance Overview - In the first half of 2025, listed banks experienced a year-on-year revenue growth of 1.0% and a net profit growth of 0.8%, with quarter-on-quarter improvements of 2.8 percentage points and 2 percentage points respectively [4][5]. - The growth in interest-earning assets was 9.7% year-on-year, with a stable credit growth of 8% and a significant increase in financial investments by 14.9% [4][11]. - The net interest margin for the first half of 2025 was 1.33%, showing a year-on-year decline of 13 basis points, which is less than the decline seen in the same period last year [4][5]. Non-Interest Income - Non-interest income showed a positive trend, with a year-on-year increase of 10.8% in other non-interest income and a 3.1% increase in fee income [4][5][10]. - The report highlights that the recovery in the capital market has contributed to the improvement in non-interest income [4][10]. Asset Quality - The report notes that while the non-performing loan ratio remains stable, there is an increase in the generation rate of overdue and non-performing loans, particularly in retail banking [4][10]. - The provision coverage ratio remained stable, with an increase in provisioning efforts during the first half of 2025 [4][10]. Future Outlook - The banking sector is expected to face continued pressure in 2025, but signs of a potential turning point are emerging, with improved net interest margins and non-interest income [4][10]. - The report suggests that the demand for bank stocks will increase from long-term funds, driven by favorable policies encouraging investment in the banking sector [4][10].

Group 1 - The city commercial bank sector experienced a decline of 0.37% on September 5, with Chongqing Bank leading the drop [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] - Key individual stock performances in the city commercial bank sector included Ningbo Bank rising by 1.74% and Chongqing Bank falling by 1.34% [1][2] Group 2 - The net outflow of main funds from the city commercial bank sector was 287 million yuan, while retail investors saw a net inflow of 141 million yuan [2] - The trading volume for Chongqing Bank was 107,400 shares, with a transaction amount of 103 million yuan [2] - The overall trading activity showed a mixed trend, with some banks experiencing slight declines while others saw minor gains [1][2]