2025年前三季度，甘肃上市公司交出一份稳健增长答卷，营收创出历史新高，地区上市公司总资产突破 9000亿元，科技、电力、银行龙头企业表现亮眼，通过技术创新、资产整合、市场拓展等多元路径实现 业绩突破，彰显区域产业韧性与转型活力。 一、总营收创出历史新高，首家企业突破700亿元 2024年 2023年 2022年 2021年 726.43 690.46 695.63 634.54 519.05 600307.SH 酒钢宏兴 237.57 257.57 301.15 365.14 403.78 002185.SZ 今年前三季度，甘肃地区34家A股上市公司合计实现营收1730.47亿元，金额创出历史同期新高，同比增 长2.69%，占当地GDP比重的17.36%。16家公司营收同比增长，兰石重装等增幅超20%。 | 华天科技 | | --- | | 123.80 | | 105.31 | | 80.68 | | 91.27 | | 88.67 | | 000791.SZ | | 甘肃能源 | | 65.25 | | 20.92 | | 19.12 | | 15.59 | | 15.14 | | 000552.SZ ...

2025年前三季度，甘肃上市公司交出一份稳健增长答卷，营收创出历史新高，地区上市公司总资产突破9000亿元，科 技、电力、银行龙头企业表现亮眼，通过技术创新、资产整合、市场拓展等多元路径实现业绩突破，彰显区域产业韧 性与转型活力。 一、总营收创出历史新高，首家企业突破700亿元 今年前三季度，甘肃地区34家A股上市公司合计实现营收1730.47亿元，金额创出历史同期新高，同比增长2.69%，占 当地GDP比重的17.36%。16家公司营收同比增长，兰石重装（603169）等增幅超20%。 其中，3家公司总营收突破百亿元，白银有色（601212）、酒钢宏兴（600307）、华天科技（002185）分别实现营收 726.43亿元、237.57亿元、123.80亿元。百亿级营收公司数量与去年同期一样，但龙头公司白银有色营收首次突破700 亿元，也是甘肃地区首家三季报营收超700亿元公司。 甘肃上市公司2025年前三季度营收TOP10（亿元） 甘肃上市公司2025年前三季度净利润TOP10（亿元） | 代码 | 简称 | 2025年 | 2024年 | 2023年 | 2022年 | 2021年 | | --- | ...

Investment Rating - The report does not explicitly state an investment rating for the banking sector, but it provides detailed insights into dividend yields and distribution processes, which can inform investment decisions. Core Insights - The report outlines the latest dividend yields and mid-term dividend processes for A and H shares of listed banks, emphasizing the importance of accurately calculating dynamic dividend yields to avoid discrepancies across periods [1][2]. - It details the two processes for mid-term dividends following the 2023 revision of the regulatory guidelines, highlighting the conventional and simplified processes for implementing mid-term dividends [2]. - The report provides a comprehensive overview of key dates related to dividend distribution for both A and H shares, including the importance of purchasing shares before the ex-dividend date to qualify for dividends [3][4]. Summary by Sections Dynamic Dividend Yield Calculation - A simplified yet accurate method for calculating dynamic dividend yield is introduced, defined as "rolling 12-month EPS * cash dividend rate / share price," which helps avoid issues related to overlapping or missing annual and mid-term dividends [1]. - The report calculates the cash dividend rate using a standardized approach across different banks, resulting in a clear comparison of dividend yields as of November 13, 2025 [1]. Mid-Term Dividend Processes - The report explains the two processes for mid-term dividends: the conventional process requiring shareholder approval and a simplified process allowing for quicker implementation [2]. - The simplified process is designed to enhance flexibility for companies in distributing mid-term dividends, thereby improving shareholder returns [2]. Dividend Distribution Key Dates - For A shares, investors must purchase shares before the ex-dividend date to receive dividends on the same day, while H shares typically see a delay of about one month for dividend payments [3][4]. - The report outlines the differences in the dividend distribution timeline between A and H shares, emphasizing the need for investors to be aware of these timelines to maximize their returns [3][4]. Mid-Term Dividend Progress - As of November 13, 2025, 31 A-share banks have confirmed mid-term dividends, while 11 H-share banks have also confirmed their dividend distributions [9][11]. - The report categorizes banks based on their dividend status, detailing those that have implemented dividends, those that are pending, and those that have opted not to distribute dividends [9][10][11]. - It highlights that the end of 2025 and early 2026 is expected to be a peak period for mid-term dividend distributions, suggesting potential investment opportunities for dividend-seeking investors [11].

Core Insights - In the second half of this year, institutions have actively researched and tracked the operational status of listed banks, with 748 institutions conducting 133 investigations into 23 listed banks as of November 13 [1][2] - The focus of these investigations has been primarily on city commercial banks and rural commercial banks, with key areas of interest including net interest margin trends, non-interest income trends, and capital replenishment [1][2] Group 1: Institutional Research - The majority of institutions conducting research on listed banks are fund companies and securities firms, accounting for 53% of the total [2] - Jiangsu Bank emerged as the most popular among institutions, receiving 83 investigations, followed by Chongqing Rural Commercial Bank and Ningbo Bank with 76 and 75 investigations respectively [2] - Ruifeng Bank had the highest number of total investigations at 22 [2] Group 2: Net Interest Margin Trends - Net interest margin has been a focal point for institutions, with some listed banks showing signs of stabilization or slight recovery compared to the previous year [2] - Several banks reported successful measures to reduce funding costs, such as exiting high-cost deposits and enhancing the absorption of low-cost current deposits [3] - Xiamen Bank reported a 4 basis point increase in net interest margin to 1.08% in the first half of the year, with continued stabilization in the third quarter [3] Group 3: Debt Market Analysis - The bond market has shown a volatile trend this year, impacting the investment income of some listed banks, particularly city and rural commercial banks [4] - Banks are focusing on their investment strategies in the bond market, with a cautious approach to market trends and adjustments in trading positions [4] - Shanghai Bank plans to enhance its market analysis capabilities and maintain flexibility in its investment strategies to mitigate risks from market interest rate fluctuations [4] Group 4: Non-Interest Income and Capital Replenishment - Many banks noted changes in non-interest income, particularly in net income from fees and commissions, which have been affected by regulatory requirements on self-managed wealth management [6] - Banks are exploring various methods for capital replenishment, combining internal capital accumulation with external sources to strengthen their capital base [6]

Core Insights - Institutions are actively researching the operational status of listed banks in the second half of the year, with 748 institutions conducting 133 investigations into 23 listed banks, primarily focusing on city commercial banks and rural commercial banks [1][2] Group 1: Institutional Research - The majority of institutions conducting research are fund companies and securities firms, accounting for 53% of the total [2] - Jiangsu Bank is the most popular among institutions, receiving 83 investigations, followed by Chongqing Rural Commercial Bank and Ningbo Bank with 76 and 75 investigations respectively [2] - Ruifeng Bank leads in total investigation counts with 22 [2] Group 2: Net Interest Margin Trends - Net interest margin (NIM) has stabilized for some listed banks, with a slight year-on-year recovery noted [2] - Several banks have reported success in reducing funding costs, which alleviates downward pressure on NIM by exiting high-cost deposits and enhancing low-cost deposit absorption [2][3] - Xiamen Bank reported a 4 basis point increase in NIM to 1.08% in the first half of the year, with continued stabilization in the third quarter [3] Group 3: Debt Market Analysis - The bond market has shown volatility this year, impacting investment income for some banks, particularly city and rural commercial banks [4] - Banks are adjusting their investment strategies in response to market conditions, with a focus on defensive strategies and selective trading opportunities [4] - Shanghai Bank aims to enhance market analysis and maintain flexibility in its investment strategies while managing interest rate risks [4] Group 4: Non-Interest Income and Capital Supplementation - Non-interest income, particularly from fees and commissions, has been affected by regulatory requirements on self-managed wealth management products [5] - Banks are exploring ways to supplement capital through internal accumulation and external sources to strengthen their capital base [5] - Qingdao Bank focuses on standardized fixed-income securities and emphasizes duration management to ensure steady growth in bond investment income [5]

证券之星消息，截至2025年11月13日收盘，兰州银行(001227)报收于2.45元，上涨0.41%，换手率 2.17%，成交量91.55万手，成交额2.23亿元。 11月13日的资金流向数据方面，主力资金净流入2342.48万元，占总成交额10.5%，游资资金净流出 1611.03万元，占总成交额7.22%，散户资金净流出731.44万元，占总成交额3.28%。 近5日资金流向一览见下表： | | | | 日期 收盘价 涨跌幅 主力净流入 主力净占比 游资净占比 散户净流入 散户净占比 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-11-13 | 2.45 0.41% | 2342.48万 | 10.50% | -1611.03万 | -7.22% | -731.44万 | -3.28% | | 2025-11-12 | 2.44 0.41% | 1113.21万 | 4.10% | -561.49万 | -2.07% | -551.71万 | -2.03% | | 2025-11-11 | 2.43 0.00% | ...

Core Viewpoint - The emergence of a "bank direct supply housing" market is noted, where banks are selling properties at significantly lower prices than the market rate, yet many properties are failing to attract bids, indicating a potential mismatch between supply and demand [2][4][20]. Group 1: Market Dynamics - On November 10, the Lanzhou Rural Commercial Bank auctioned over a hundred residential units at prices as low as half the market rate, but all units received zero bids, leading to a failed auction [2][4]. - Major banks, including Agricultural Bank and various city commercial banks, are actively listing thousands of properties for direct sale, with Agricultural Bank listing 3,436 properties and Guangdong Rural Credit System exceeding 12,000 [3][10]. - The properties being sold are primarily non-performing assets, often resulting from loans that borrowers could not repay, and banks are under pressure to liquidate these assets within two years [4][16]. Group 2: Pricing and Demand - The starting prices for bank-supplied properties can be as low as 2,000 yuan per square meter, significantly below the market average of around 5,000 yuan per square meter, yet this has not translated into sales [4][20]. - Despite the attractive pricing, properties like those from the "育才壹品" project have not seen any successful bids, highlighting a potential lack of buyer interest or confidence in these offerings [20]. - In contrast, properties previously used as bank offices are in high demand, with some selling for prices significantly above their starting bids, indicating a differentiated market response based on property type [2][16]. Group 3: Asset Liquidation Process - The increase in bank direct supply housing is closely tied to the disposal of non-performing loans, with banks utilizing both judicial and non-judicial methods to recover debts [16][17]. - The judicial auction process typically starts at 70% of the appraised value, with subsequent rounds reducing the price further, leading to properties being sold at approximately 56% of their original appraised value after multiple rounds [17]. - The case of Lanzhou Rural Commercial Bank illustrates this process, where properties were acquired through court enforcement after the original borrower defaulted on a significant loan [17].

Core Points - The city commercial bank sector experienced a slight decline of 0.02% on November 13, with Changsha Bank leading the drop [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Summary by Category Stock Performance - Ningbo Bank (002142) closed at 29.79, with an increase of 1.57% and a trading volume of 268,200 shares, totaling a transaction value of 792 million yuan [1] - Chongqing Bank (601963) closed at 11.43, up 0.70%, with a trading volume of 97,500 shares, totaling 111 million yuan [1] - Zhengzhou Bank (002936) closed at 2.06, up 0.49%, with a trading volume of 1,339,300 shares, totaling 273 million yuan [1] - Other banks such as Lanzhou Bank, Shanghai Bank, and Suzhou Bank showed minor fluctuations in their stock prices, with varying trading volumes and values [1] Capital Flow - The city commercial bank sector saw a net outflow of 67.9693 million yuan from main funds, while retail funds experienced a net outflow of 99.3293 million yuan [3] - Conversely, speculative funds recorded a net inflow of 166.7 million yuan [3]

Core Insights - The banking sector in China is experiencing an unprecedented wave of direct property sales, with institutions like Lanzhou Bank and Agricultural Bank selling properties at prices up to 25% below market value, reflecting a unique financial market ecology and providing rare opportunities for buyers [1][4] Group 1: Scale of Direct Property Sales - Lanzhou Rural Commercial Bank has listed nearly 200 properties in late October, with a total of 720 properties on the JD platform, including 630 newly added this year [3] - Other banks are also participating significantly, with Jilin Bank listing 2,099 properties, Tianjin Bank 1,227, and Zhongyuan Bank 521 [3] - The scale of asset disposal in the rural credit system is even more remarkable, with Guangdong Rural Credit listing 12,386 properties and Sichuan Rural Credit reaching 24,821 [3] Group 2: Source of Properties - Most properties are acquired by banks through "debt-for-assets" arrangements, such as Lanzhou Rural Commercial Bank obtaining over 250 residential units from a developer unable to repay a loan totaling 460 million yuan [3] - Similar cases are reported nationwide, with banks acquiring properties and land in various regions due to borrowers' defaults [3] Group 3: Price Advantages and Market Conditions - Bank direct sales offer significant price advantages, with properties in Lanzhou selling for 151 million yuan, 30-70 million yuan below market prices [4] - Despite attractive pricing, actual transaction rates are low, with some properties experiencing multiple failed sales [4] - The urgency for banks to recover funds quickly and the prolonged traditional asset disposal cycle are driving this trend, as personal loan default rates rise significantly [4] Group 4: Implications for Buyers and Market Dynamics - Buyers should approach bank direct sales with caution, as while properties have clear titles and avoid common issues associated with auctioned properties, some may have location or amenity drawbacks [5] - The ongoing direct sales trend will be influenced by macroeconomic conditions, real estate market regulations, and banks' strategies for handling non-performing assets [5] - This wave of asset disposal represents a significant risk clearing for banks and poses a challenge to their asset management capabilities, while also potentially exerting downward pressure on local property prices [5]

Core Viewpoint - Banks are accelerating their real estate direct sales business, indicating a shift in strategy to manage non-performing assets and respond to declining property values [2][6][14]. Group 1: Bank Actions - Multiple banks, including major ones like Agricultural Bank and Construction Bank, as well as smaller regional banks, are actively selling properties, with some banks listing over 1,000 units for sale [2][4][5]. - The official narrative is to "activate non-performing assets," but the reality suggests banks are offloading properties that are unlikely to appreciate in value [6][11]. - Banks are not only selling repossessed homes but also offloading non-core assets like office buildings and employee dormitories, signaling a broader strategy to minimize liabilities [12][14]. Group 2: Market Conditions - The real estate market is experiencing a decline, with banks facing increasing non-performing loan rates, particularly in the real estate sector, which has surpassed 9% for some banks [11]. - The number of properties in the auction market has decreased slightly, indicating a potential saturation in the foreclosure market [6]. - The overall trend is towards asset devaluation, with banks prioritizing cash recovery over profit maximization in the current economic climate [13][14]. Group 3: Implications for Homeowners - Homeowners are left with limited options as banks flood the market with discounted properties, creating pressure on existing homeowners [14][15]. - The actions of banks may lead to a significant shift in the real estate market dynamics, affecting homeowners' strategies in either holding onto their properties or exiting the market [15][16].