8月28日，宁波银行半年报中披露的信息显示，截至2025年6月末，宁银消金总资产701.02亿元，净资产 66.48亿元；报告期内实现营业收入16.86亿元，实现净利润2.50亿元。 （宁波银行） ...

8月28日，宁波银行半年报中披露的信息显示，截至2025年6月末，永赢基金公募规模5,447亿元，其中 非货规模3,586亿元；总资产35.92亿元，净资产27.64亿元；报告期内实现营业收入8.97亿元，实现净利 润1.82亿元。 （宁波银行） MACD金叉信号形成，这些股涨势不错！ ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 35.11 CNY, compared to the current stock price of 28.29 CNY as of August 28, 2025 [4]. Core Views - The company's performance shows signs of improvement, with revenue growth of 7.91% year-on-year and a net profit increase of 8.23% [1]. - The growth in the second quarter was primarily driven by asset expansion, reduced cost expenditures, and tax incentives, although increased provisioning and a narrowing net interest margin negatively impacted net profit growth [1][15]. - The company is expected to achieve a revenue growth rate of 6.50% and a net profit growth rate of 5.48% for 2025 [15]. Financial Performance Summary - Revenue for 2025 is projected at 70.96 billion CNY, with a revenue growth rate of 6.50% [16]. - The net profit attributable to the parent company is expected to reach 28.61 billion CNY, reflecting a growth rate of 5.48% [16]. - The bank's non-interest income grew by 9.4% year-on-year, indicating a recovery in wealth management and investment income [11]. - The cost-to-income ratio improved to 31.64%, down 2.41 percentage points year-on-year, due to effective cost management [11]. Asset Quality and Risk Management - The non-performing loan generation rate decreased to 0.94% annualized, down 27 basis points year-on-year, indicating improved asset quality [12]. - The bank's provisioning coverage ratio increased slightly to 374%, reflecting a stable credit risk environment [14]. - The overdue rate was reported at 0.89%, showing a slight improvement in credit quality [14]. Loan and Deposit Trends - New loans in the second quarter amounted to 316 billion CNY, with a notable decrease in personal loans due to weak consumer demand [2][3]. - The bank's deposit balance decreased by 1,062 billion CNY in the second quarter, indicating signs of disintermediation [3][10]. - The bank's total loans are projected to reach approximately 1.25 trillion CNY by 2025, with a focus on broad infrastructure sectors [16][44].

证券研究报告 | 2025年08月29日 宁波银行（002142.SZ）2025 年中报点评 优于大市 业绩增速回升，资产质量改善 营收、利润等业绩增速回升。公司此前已披露快报，数据调整不大。公司 2025 年上半年实现营业收入 372 亿元，同比增长 7.9%，增速较一季度回升 2.3 个 百分点；实现归母净利润 148 亿元，同比增长 8.2%，增速较一季度回升 2.4 个百分点。上半年加权平均净资产收益率 13.8%，同比下降 0.9 个百分点。 资产规模稳定增长。2025 年二季度末总资产 3.47 万亿元，同比增长 14.4%， 较年初增长 11.0%。其中二季度末贷款总额 1.67 万亿元，较年初增长 13.4%； 存款总额 2.08 万亿元，较年初增长 13.1%。上半年新增贷款主要来自对公， 零售贷款略有减少；上半年新增存款也主要来自对公，其中对公活期存款较 年初增长 30.8%。二季度末核心一级资本充足率 9.65%，资本充足。 净息差下降。公司披露的上半年日均净息差 1.76%，同比降低 11bps，其中 受市场利率下行、零售贷款占比下降等因素影响，生息资产收益率同比下降 47bps；负债 ...

Core Viewpoint - Ningbo Bank has continuously enhanced its professional service capabilities, creating value for customers while upgrading its business model and optimizing its profit structure, resulting in more diversified sources of income [2][10]. Financial Performance - As of June 30, 2025, Ningbo Bank's total assets exceeded 3.47 trillion yuan, reflecting a growth of 11.04% since the beginning of the year [2][7]. - The bank reported operating income of 37.16 billion yuan for the first half of 2025, a year-on-year increase of 7.91% [11]. - Net profit attributable to shareholders reached 14.77 billion yuan, up 8.23% year-on-year [11]. - The non-performing loan (NPL) ratio stood at 0.76%, maintaining a strong asset quality compared to industry standards [2][15]. Business Model and Profit Centers - Ningbo Bank has established a diversified profit center structure, including nine profit centers within the bank and four subsidiaries, focusing on various financial services such as corporate banking, retail banking, wealth management, and investment banking [10][11]. - The bank's non-interest income amounted to 11.43 billion yuan, accounting for 30.77% of total operating income [11]. Risk Management - The bank has maintained a robust risk management framework, with a non-performing loan balance of 12.69 billion yuan and a provision coverage ratio of 374.16% as of June 30, 2025 [15]. - Capital adequacy ratios are strong, with a total capital adequacy ratio of 15.21% and a core tier 1 capital ratio of 9.65% [15]. Future Outlook - In the second half of 2025, Ningbo Bank aims to uphold its commitment to serving the public, focusing on customer differentiation needs and enhancing its core competitiveness through professional services [16].

Key Insights - The report highlights a selection of recommended stocks across various industries for September 2025, emphasizing their potential for performance improvement based on specific investment logic [1][2]. Banking Sector - Ningbo Bank (002142.SZ) is expected to see a performance turnaround with signs of improvement in net interest margin and a potential clearing of retail non-performing loans. The company's valuation is currently low, lacking management premium, which may lead to a recovery as fundamentals improve [1]. Light Industry - Yutong Technology (002831.SZ) shows stable business performance with growth in consumer electronics packaging and new clients in the trendy toy and AI sectors. The company reported a 7% revenue increase and an 11% profit increase in H1 2025, with an expected revenue growth rate of 10% after excluding the impact of divestitures [1]. Electronics Sector - Semiconductor manufacturer SMIC (0981.HK) exceeded revenue and gross margin guidance in Q2, with capacity utilization reaching 92.5%, the highest since Q3 2022. A further revenue growth of 5%-7% is anticipated in Q3, benefiting from the growth of domestic chip design companies and the trend towards localized chip manufacturing [1]. Telecommunications - ZTE Corporation (000063.SZ), a leading domestic telecommunications equipment provider, is expected to benefit from AI development and potential breakthroughs in chip technology, which may enhance future profitability [1]. Automotive Sector - Aikodi (600933.SH) is projected to perform well in Q2, with significant acquisitions nearing completion and strong order flow in traditional business areas. The company's robotics strategy is becoming clearer, indicating a positive outlook [1]. Utilities and Environmental Protection - Changjiang Electric Power (600900.SH) has implemented a high dividend policy with a 70% payout ratio, supported by major shareholder confidence through substantial share buybacks. The current dividend yield of 3.37% exceeds the 10-year government bond yield by 160 basis points [1]. Textile and Apparel - Huali Group (300979.SZ) faced a decline in performance due to significant price corrections and tariff uncertainties. However, with the new factory ramp-up and tariff resolutions, the company is expected to see improved performance in the latter half of the year [1]. Non-Banking Financials - Dongfang Securities (600958.SH) reported significant revenue growth in Q1 across various segments, with investment and brokerage services being the main contributors. The strategic focus on "big wealth, big investment banking, and big institutions" is expected to continue driving growth [1]. Internet Sector - Tencent Holdings (0700.HK) demonstrates stable performance with substantial growth potential, particularly in WeChat e-commerce and AI applications, which are not fully reflected in current profit forecasts. The company's ecosystem advantages position it well for the AI era [1]. - Kuaishou (1024.HK) also shows steady performance, with AI enhancing its core business and advertising efficiency. The company has successfully commercialized AI video products, achieving an annualized revenue of $125 million [1].

Core Insights - Ningbo Bank reported a total asset of 3.47 trillion yuan as of June 30, 2025, marking an 11.04% increase from the beginning of the year [1][12] - The bank's operating income for the first half of 2025 was 37.16 billion yuan, reflecting a year-on-year growth of 7.91% [1][13] - Net profit attributable to shareholders reached 14.77 billion yuan, up 8.23% year-on-year, with a non-interest income of 11.43 billion yuan, accounting for 30.77% of total revenue [1][13][14] - The bank's non-performing loan (NPL) ratio stood at 0.76%, maintaining a strong asset quality within the industry [1][14] Financial Performance - Total assets reached 34,703.32 billion yuan, an increase of 11.04% from the start of the year [12] - Customer deposits totaled 20,764.14 billion yuan, growing by 13.07% [4] - Loans and advances amounted to 16,732.13 billion yuan, reflecting a growth of 13.36% [5] Profit Distribution - The bank announced a profit distribution plan for the first half of 2025, proposing a cash dividend of 3 yuan per 10 shares (tax included), subject to shareholder approval [6] Risk Management - The bank's NPL balance was 12.688 billion yuan, with a provision coverage ratio of 374.16% [14] - Capital adequacy ratio was reported at 15.21%, with a Tier 1 capital ratio of 10.75% and a core Tier 1 capital ratio of 9.65% [14] - The bank has maintained an NPL ratio below 1% for 18 consecutive years since its listing in 2007, ensuring a focus on business expansion and financial services [14] Strategic Focus - Ningbo Bank emphasizes a differentiated operational strategy and aims to enhance service quality through digital transformation and risk management improvements [1][12] - The bank is committed to supporting the real economy and addressing customer needs through a professional service approach [15]

Group 1 - The core viewpoint of the articles highlights that Ningbo Bank reported a strong performance in the first half of 2025, with significant growth in revenue and net profit [1][2] - For the first half of 2025, Ningbo Bank achieved an operating income of 37.16 billion yuan, a year-on-year increase of 7.91% [1] - The bank's net profit attributable to shareholders reached 14.77 billion yuan, reflecting an 8.23% year-on-year growth [1] Group 2 - As of the end of the reporting period, Ningbo Bank's total assets amounted to 3,470.33 billion yuan, representing an 11.04% increase from the beginning of the year [1] - The total deposits reached 2,076.41 billion yuan, up 13.07% year-to-date [1] - The total loans and advances stood at 1,673.21 billion yuan, marking a 13.36% increase since the start of the year [1] Group 3 - The bank maintained a strong asset quality, with a non-performing loan balance of 12.69 billion yuan and a non-performing loan ratio of 0.76% as of June 30, 2025 [1] - Ningbo Bank has kept its non-performing loan ratio below 1% for 18 consecutive years since its listing in 2007 [1] - The provision coverage ratio was reported at 374.16%, with a capital adequacy ratio of 15.21% [1] Group 4 - The bank proposed a cash dividend of 3 yuan per 10 shares, totaling 1.98 billion yuan, which accounts for 13.41% of the net profit attributable to shareholders [2]

8月28日晚间，宁波银行正式对外披露2025年半年报，截至6月末，宁波银行总资产突破3.47万亿元，比 年初增长11.04%，上半年营业收入371.60亿元，同比增长7.91%，实现归属于母公司股东的净利润 147.72亿元，同比增长8.23%，不良贷款率0.76%，资产质量继续保持业内较好水平。公司同时公告2025 年中期利润分配预案，拟每10股派发现金红利3元（含税）。 2025年上半年，面对行业息差收窄、盈利承压的挑战，宁波银行始终坚持党的领导，根据董事会制定的 发展战略，坚持实施差异化经营策略，秉承"真心对客户好"的理念，努力用专业为客户创造价值，持续 提升服务质效，深入推进数字化建设，完善风险管理体系，经营业绩稳健向好，高质量发展基础得到进 一步夯实。 服务实体质效提升，资产规模稳健增长 2025年上半年，宁波银行坚持落实国家各项政策精神，持续做好金融"五篇大文章"等工作，加大对实体 经济的支持力度，深深扎根经营区域。 面对数字化的浪潮，宁波银行聚焦智慧银行的金融科技发展愿景，发挥开放银行金融服务方案的优势， 持续加大投入，依托"十一中心"的金融科技组织架构和"三位一体"的科技研发体系，推动金融与科 ...

8月28日晚间，宁波银行正式对外披露2025年半年报，截至6月末，宁波银行总资产突破3.47万亿元，比 年初增11.04%，上半年营业收入371.60亿元，同比增7.91%，实现归属于母公司股东的净利润147.72亿 元，同比增8.23%，实现非利息收入114.34亿元，在营业收入中占比为30.77%，不良贷款率0.76%。公司 同时公告2025年中期利润分配预案，拟每10股派发现金红利3元（含税）。 上半年，在资产规模稳健增长、盈利能力不断增强的同时，宁波银行的资产质量继续保持业内较好水 平，数据显示，自2007年上市以来，宁波银行的不良贷款率连续18年保持在1%以下。 ...