随着A股上市银行年报的陆续披露，各家银行的分红方案也陆续拉开了帷幕。 《金融时报》记者梳理数据时发现，截至4月22日，在42家A股上市银行中，共有26家银行公布了2024 年分红方案。从分红金额来看，这26家银行累计派发现金红利近6000亿元，较去年增加超百亿元。 分机构类型来看，六家国有大行依旧是上市银行分红的"主力军"。根据年报数据，2024年六大行现金分 红金额合计超4200亿元，占全行业分红总额超七成，且分红比例均稳定在30%及以上。 其中，工商银行（601398）以1097.73亿元的派息总额领跑全行业，建设银行（601939）2024年分红金 额也超过千亿元，达1007.54亿元。农业银行（601288）、中国银行（601988）、交通银行 （601328）、邮储银行（601658）2024年分别派发现金红包846.61亿元、713.6亿元、281.46亿元和 259.41亿元。 股份制银行的分红情况也十分亮眼，但也出现了一定分化。招商银行（600036）以504.4亿元的分红总 额稳坐股份行的"头把交椅"。兴业银行（601166）分红总额达到220.21亿元，分红比例首次突破30%。 "2024 ...

Core Insights - The report highlights the performance of the Fuqua Tianhui Select Growth Fund, which increased its holdings in companies like BYD, Ningbo Bank, and Ruifeng New Materials during Q1 2025, with Kweichow Moutai remaining the largest holding [1][2] - The fund's net asset value growth rates for different classes were 3.56% for A/B and D classes, and 3.35% for C class, while the benchmark return was -1.09% across all classes [1] Market Overview - The Shanghai and Shenzhen 300 Index fell by 1.21%, and the ChiNext Index dropped by 1.77% in Q1 2025, indicating a challenging market environment [2] - Despite the downturn, there are signs of recovery in the real economy, with a slowdown in the decline of the real estate sector and indications of investment recovery [2] Investment Strategy - The fund manager emphasizes the importance of focusing on high-quality stocks with strong corporate governance and management, as these are more likely to generate value for investors in the long term [2] - The report suggests that the current market conditions may lead to increased volatility, and a more proactive fiscal and monetary policy is anticipated [2] Top Holdings - As of Q1 2025, the top ten holdings of the Fuqua Tianhui Select Growth Fund include Kweichow Moutai, Ningbo Bank, Midea Group, Chuanfeng Power, Luxshare Precision, CATL, Ruifeng New Materials, BYD, Guocera Materials, and Binjiang Group, with Binjiang Group being a new addition to the top holdings [3]

Core Viewpoint - The report indicates a cautious optimism regarding the recovery of the economy, despite ongoing uncertainties due to trade wars, with a focus on specific investment opportunities in quality growth and dividend value styles [1] Group 1: Fund Performance and Holdings - The fund managed by Zhu Shaoxing increased its positions in BYD (002594), Ningbo Bank (002142), and Ruifeng New Materials (300910) during the first quarter, while Kweichow Moutai (600519) remains the largest holding [1] - The report highlights that the fund is adapting its strategy in response to market conditions, particularly in the context of real estate and consumer sectors [1] Group 2: Economic Outlook - Micro-research feedback suggests a slowdown in the decline of the real estate sector and signs of investment recovery, although consumer spending remains low without further deterioration in inventory levels [1] - Zhu Shaoxing expresses that the entity economy should be on a gradual recovery path, but the significant uncertainties from the trade war may lead to increased market volatility and greater difficulty in stock selection in the future [1] Group 3: Investment Strategy - Zhu Shaoxing believes that under the current valuation, there are good investment opportunities in dividend value styles, while quality growth styles also present numerous investment prospects [1]

| | | | | | | 击次:(VVIII)V | | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 性别 | 年齡 | 职务 | 任职状态 | 从公司获得的 | 是否从股东单位或其 | | | | | | | 税前提高总额 | 他关联方获取报 | | 陆华盛 | 号 | 60 | 重事长 | 現任 | 275 | 否 | | 庄灵君 | 则: | 42 | 副董事长、行长 | 現任 | 275 | 香 | | 周建华 | 男 | 52 | 童事 | 现任 | 0 | 语 | | 魏雪梅 | 女 | 10 | 重事 | 现任 | 0 | 是 | | 陈德隆 | તેત્ | 55 | 重事 | 现任 | 10 | Pr | | 邱清和 | 男 | 62 | 重事 | 现任 | 10 | 尼 | 但是，宁波银行在2024年年报中披露，公司董监高的业绩年薪实行递延支付，其董监高涉及的2024年度 递延支付薪酬合计为924.72万元，延期三年支付。也就是说，上述薪酬并不是陆华裕2024年所获的全部 薪酬。 此外，董事长陆华裕在2024年还获得了2021年考核应 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 66.631 billion yuan in 2024, an increase of 8.19% year-on-year, and a net profit attributable to shareholders of 27.127 billion yuan, up 6.23% year-on-year. The total assets at year-end reached 3.13 trillion yuan, reflecting a growth of 15.25% year-on-year. The non-performing loan (NPL) ratio stood at 0.76%, unchanged quarter-on-quarter, while the NPL coverage ratio was 389.35%, down 15.45 percentage points quarter-on-quarter. The net interest margin for the year was 1.86%, a decrease of 2 basis points year-on-year [2][12]. Summary by Sections Loan Growth and Demand - In Q4 2024, corporate loan growth slowed slightly from high levels, while personal loan growth remained constrained by demand. The growth in corporate loans was affected by common industry factors, including significant debt replacement efforts and reduced lending tasks due to previous high growth. Personal loans continued to show limited growth, consistent with industry trends, primarily due to high repayment pressures from previous large loan issuances, weak credit demand, and tightened credit standards due to rising risks [3][4]. Deposit Growth - The company maintained strong deposit growth, significantly outpacing the M2 growth rate. Factors contributing to this include strong customer loyalty, improved cash flow from good export conditions, and increased fiscal efforts since May of the previous year, benefiting the company's deposit structure [3][4]. Interest Margin - The net interest margin for Q4 turned positive, with a measured value of 1.89%, an increase of approximately 8 basis points quarter-on-quarter and 4 basis points year-on-year. The asset yield was 3.84%, showing a slight decline, while the funding cost improved due to previous deposit rate cuts [4][5]. Asset Quality - The overall asset quality remained stable, with the NPL ratio at 0.76%. The personal loan NPL ratio increased slightly, reflecting broader industry trends. The company maintained a proactive approach to risk management, with significant loan write-offs in Q4, which were at a record high [12][9]. Profit Forecast and Valuation - The company adjusted its profit forecasts, expecting revenues of 70.696 billion yuan, 77.352 billion yuan, and 85.983 billion yuan for 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is projected to be 28.937 billion yuan, 32.071 billion yuan, and 35.288 billion yuan for the same years. The company is expected to maintain a strong asset quality and revenue growth, supported by its solid customer base and professional management capabilities [10][12].

[Table_Reportdate] 2025年04月21日 公 司 简 评 买入（维持） 报告原因：业绩点评 [宁波银行 Table_NewTitle]（002142）：息差、投资及资产 质量彰显专业经营优势 ——公司简评报告 投资要点 ➢ 事件：公司公布2024年度报告。2024年公司实现营业收入666.31亿元（+8.19%，YoY）， 归属于母公司普通股股东净利润271.27亿元（+6.23%，YoY）。年末，公司总资产为3.13 万亿元（+15.25%，YoY），不良贷款率为0.76%（持平，QoQ），不良贷款拨备覆盖率为 389.35%（-15.45PCT，QoQ）。全年净息差为1.86%，同比下降2BPs。 ➢ 2024年Q4对公贷款增长从高位略有放缓，个人贷款增长依然受制于需求端。 Q4宁波银行贷款增速从高位放缓，但相对依然优势依然明显。结构上来看，对公贷款同比 明显少增，一方面或是受到行业共性因素影响：Q4隐债置换力度较大，对公中长期贷款替 代效应明显。另一方面或是由于：前三季度对公信贷受益于区域需求及自身主动发力，实 现高速增长，Q4投放任务相应减轻。个人贷款延续少增，与行业趋势相符，主要 ...

Group 1: Key Points on Keda Li - Keda Li has optimized its product structure and improved gross margin through high-value order production, cost control, and supply chain collaboration [1] - The company is optimistic about its 2025 business outlook, expecting both order quality and scale to improve [1] - Keda Li's harmonic reducer business has received strong recognition from domestic and international clients, indicating a promising future [1] - The impact of tariff policy adjustments on the company is limited, and it is steadily advancing its direct export business [1] - The overseas market outlook is positive, with a prudent capacity layout strategy and successful operations at its European production base [1] - Asset impairment mainly involves overseas client Northvolt, which is being handled cautiously [1] - Other comprehensive income fluctuations are primarily influenced by exchange rate changes [1] - PEEK materials offer lightweight characteristics, and the company aims to enhance cost-effectiveness through large-scale production [1] - Keda Li plans to scientifically expand harmonic reducer capacity in alignment with customer demand [1] - The company effectively reduces international logistics costs through a global strategy and localized operations [1] - Keda Li will continue to maintain a steady pace of innovation and dynamically adjust R&D directions to ensure technological leadership [1] Group 2: Key Points on Ningbo Bank - Ningbo Bank proposed a cash dividend of 9 yuan per 10 shares for its 2024 profit distribution plan, marking the second consecutive year of increased dividends [2] - The net interest margin for 2024 is projected at 1.86%, a decrease of 2 basis points year-on-year, while the net profit margin is expected to be 1.91%, down 10 basis points [2] - In 2025, the bank plans to optimize credit resource allocation, promote personal loan growth, and control liability costs [2] - Fee income is expected to be significantly pressured in 2024 due to capital market fluctuations, with plans to enhance wealth management income in 2025 [2] - The provision coverage ratio is projected to decline from a high of 2023 to 389.35% by the end of 2024, primarily due to rapid growth in credit assets [2] - The bank is researching advanced capital measurement methods and is attentive to regulatory dynamics and developments among peers [2]

机构简介： 根据市场公开信息及4月18日披露的机构调研信息，知名私募景林资产近期对2家上市公司进行了调研， 相关名单如下： 1）宁波银行 （景林资产参与公司投资者电话会议&电话会议） 调研纪要：宁波银行在2024年度利润分配方案中提出每10股派发9元现金红利，连续第二年增加分红金 额。2024年净息差为1.86%，同比下降2个基点，净利差为1.91%，同比下降10个基点。2025年，公司将 优化信贷资源配置，推动个人贷款增长，控制负债成本。手续费收入方面，2024年受资本市场波动等因 素影响承压明显，2025年将提升财富管理业务收入，挖掘客户多元需求，丰富用卡场景。拨备覆盖率从 2023年的高位下降至2024年末的389.35%，主要原因是信贷资产增长快，增加了拨备计提和不良核销。 此外，公司正在研究资本计量高级法，并关注监管动态和其他同业进展。 2）晶丰明源 （景林资产参与公司特定对象调研&业绩说明会(集体)） 调研纪要：2024年，晶丰明源各业务线表现不一，LED照明驱动芯片销售收入下降7.82%，而C/DC电源 芯片、电机控制驱动芯片和高性能计算电源芯片分别增长39.64%、95.67%和1402.25 ...

2）怡和嘉业 （淡水泉(北京)投资参与公司业绩说明会(电话形式)） 调研纪要：怡和嘉业2024年第四季度收入环比增长9.77%，主要因美国呼吸机市场库存出清。境外毛利 率升至51.20%，源于产品结构调整，耗材占比提升。全年境外业务收入5.42亿元，占比64.21%，境内业 务收入3.02亿元。家用呼吸机诊疗业务收入5.27亿元，耗材类业务收入2.84亿元，耗材增长46.22%，主 要来自美国和欧洲。公司生产地为天津和东莞，核心零部件已基本实现国产化替代。2023年家用无创呼 吸机全球市占率12.4%，排名第二，国内市场占有率30.6%。 机构简介： 根据市场公开信息及4月18日披露的机构调研信息，知名私募淡水泉近期对2家上市公司进行了调研，相 关名单如下： 1）宁波银行 （淡水泉参与公司投资者电话会议&电话会议） 调研纪要：宁波银行在2024年度利润分配方案中提出每10股派发9元现金红利，连续第二年增加分红金 额。2024年净息差为1.86%，同比下降2个基点，净利差为1.91%，同比下降10个基点。2025年，公司将 优化信贷资源配置，推动个人贷款增长，控制负债成本。手续费收入方面，2024年受资本市场波 ...

Group 1: Core Insights - The financial performance of eight major city commercial banks shows positive growth in both revenue and net profit for 2024, with Jiangsu Bank leading in both categories, surpassing 80 billion and 30 billion respectively for the first time [4][6][7] - Nanjing Bank recorded the highest revenue growth rate at 11.3%, while Hangzhou Bank led in net profit growth at 18.1%. In contrast, Chongqing Bank had the lowest growth rates in both revenue and net profit, below 4% [4][6][7] - By the end of 2024, seven out of the eight city commercial banks reported double-digit growth in total assets, with Shanghai Bank lagging at 4.6% [6][12] Group 2: Revenue and Profit Analysis - The average revenue growth rate for the eight banks was 7.1%, while the average net profit growth rate was 8.7% [7] - Jiangsu Bank's revenue and net profit were 80.82 billion and 31.84 billion respectively, maintaining its top position. Ningbo Bank followed with revenues of 66.63 billion and net profits of 27.13 billion [7][8] - The profitability ratio, measured as net profit per 100 units of revenue, showed Chengdu Bank at 56, while Changsha Bank was the lowest at 30.8 [8] Group 3: Asset Quality and Risk Management - By the end of 2024, Chongqing Bank had the highest non-performing loan (NPL) ratio at 1.25%, while Shanghai and Changsha Banks followed with ratios of 1.18% and 1.15% respectively [12] - The provision coverage ratio for Chongqing Bank was the lowest at 245.08%, with Shanghai Bank at 269.81%. In contrast, six banks maintained coverage ratios above 300%, with Hangzhou Bank leading at 541.45% [12][13] Group 4: Individual Business Performance - Ningbo Bank's net interest income grew by 17.3% to 47.99 billion, while its fee and commission income fell by 19.3% to 4.66 billion [9][10] - Chongqing Bank reported a 2.6% decrease in net interest income to 10.18 billion, but a significant increase in fee income by 115.7% to 0.89 billion [10][11]