Core Viewpoint - The article highlights the proactive measures taken by Ningbo Bank to assist foreign trade enterprises in managing exchange rate risks amid uncertainties related to U.S. tariffs, thereby enhancing their confidence and operational stability in international markets [1][2][3]. Group 1: Exchange Rate Risk Management - Ningbo Bank is enhancing its foreign exchange risk management services to support local foreign trade enterprises in response to increased exchange rate volatility due to U.S. tariff policies [1][3]. - The bank has established specialized teams and grassroots foreign exchange service stations to promote a neutral exchange rate concept and improve risk management capabilities among local enterprises [1][4]. - The bank's initiatives have received positive feedback from local businesses, with many expressing that the services have effectively reduced future exchange rate risks and secured profit margins on foreign trade orders [2][8]. Group 2: Financial Services and Support - Ningbo Bank is innovating its foreign exchange hedging products and service models to meet the diverse needs of foreign trade enterprises [2][9]. - The bank has organized various promotional activities, including live broadcasts and policy seminars, to educate enterprises on foreign exchange risk management and provide comprehensive financial service solutions [5][10]. - The introduction of foreign exchange option fee subsidies has significantly reduced financial burdens for enterprises, allowing them to engage in hedging activities more confidently [8][9]. Group 3: Cross-Border Investment and Operations - Ningbo Bank is assisting foreign trade enterprises in navigating overseas investment and production challenges, particularly in light of U.S. tariff uncertainties [10]. - The bank provides tailored financial service packages that cover the entire process of overseas investment, from project approval to operational compliance [10][11]. - The bank has implemented a digital service system to streamline cross-border payment processes, enhancing efficiency for enterprises engaged in international trade [11].

■本报记者 王爱静 作为"中国外贸百强城市"，宁波经济的对外依存度超过80%，其中民营企业占据举足轻重的地位。为加 大对涉外企业的定向支持与帮扶力度，近年来，人民银行宁波市分行强化政策引导、拓宽融资渠道，全 面提升金融助力民营经济发展质效。 博菱公司成立初期，面临资金短缺的难题，浙江农商联合银行辖内北仑农商银行基于对公司发展潜力的 认可，提供了关键融资支持。10余年来，北仑农商银行多措并举助力企业节省财务费用并完成海外布 局。 金融支持涉外企业，除了提供精准服务护航其发展外，高效便捷的跨境金融服务也是助力外贸企业在全 球市场中稳健前行的关键要素。"我们用行业首创的'外汇金管家'系统为进出口企业提供7×24小时全线 上服务，企业足不出户即可办理外汇结算、融资、避险等200多项业务。"宁波银行党委副书记付文生对 记者说。 据付文生介绍，宁波银行依托数字化，将外贸企业嵌入数字金融的发展链条。通过"速汇盈"服务，企业 可直接在ERP或OA系统中办理国际收支业务，实现"数据多跑路，企业少跑腿"。 自"外汇金管家"系统推出以来，已成功助力众多外贸企业应对汇率波动和资金周转难题。特别是针对货 代企业，该系统还提供"拍照汇款 ...

Investment Rating - The report maintains a "Recommended" investment rating for the banking sector, expecting the sector index to outperform the benchmark index by more than 5% in the next 3-6 months [24]. Core Insights - The report highlights the recent revisions to the CIPS (Cross-border Interbank Payment System) rules, which aim to enhance the management of participants and adapt to the growing cross-border e-commerce trade, projected to reach approximately 2.71 trillion yuan in 2024, a 14% year-on-year increase [3][4]. - The CIPS system processed 8.2169 million transactions amounting to 175.49 trillion yuan in 2024, reflecting a significant year-on-year growth of 42.60% [3]. - The report emphasizes the flexibility introduced in the new CIPS rules, allowing financial market infrastructure participants to open CIPS accounts based on business needs rather than strict management requirements [4]. Summary by Sections CIPS Overview - CIPS is a clearing system for cross-border payments in RMB, distinct from SWIFT's messaging system, and has seen a substantial increase in participation, with 174 direct participants and 1,509 indirect participants across 120 countries [2][3]. Recent Developments - The new rules include relaxed entry conditions for system participants, allowing for a more flexible approach to participant management [4]. - The rules specify that foreign direct participants must select domestic direct participants as fund custodians, as foreign banks lack CNAPS accounts [4]. Risk Management Enhancements - The updated regulations detail business processing and risk management requirements, mandating that participants establish robust risk management frameworks and adhere to international anti-money laundering standards [4]. Market Performance - The banking sector index rose by 3.77% during the reporting period, outperforming the CSI 300 index by 2.23 percentage points [8]. - The report suggests a focus on banks with high dividend yields and strong asset quality, recommending major state-owned banks and select regional banks for investment [9]. Company Forecasts - Key banks such as Ningbo Bank, Jiangsu Bank, and China Merchants Bank are highlighted with positive earnings forecasts and investment ratings, indicating strong potential for returns [10].

证券研究报告 | 行业周报 gszqdatemark 2025 07 06 年 月 日 银行 本周聚焦—5 月重点省市信贷投放情况如何？ 一、5 月四川、江苏、安徽信贷同比增速排名靠前 根据人民银行披露数据，截至 2025 年 5 月末，全国金融机构本外币各项 贷款同比增速为 6.6%，较上月下降 0.1pc，其中住户、企事业单位的本外 币贷款同比增速分别为 3.0%、8.5%，分别较上月持平、下降 0.1pc。从 全国各省份披露的信贷数据来看： 1、全部贷款：四川、江苏、安徽、山东信贷增速排名靠前，信贷增速仍在 9%以上，5 月信贷同比增速分别为 11.6%、9.7%、9.4%、9.4%，其中 在 5 月末信贷余额在 10 万亿以上的省份中，如北京（信贷增速提升 +1.7pc）、广东（+0.3pc）、浙江（+0.1pc），增速环比提升。 2、企事业单位贷款：四川、江苏、山东企事业单位贷款增速排名靠前，5 月企事业单位贷款同比增速分别为 13.8%、13.6%、13.4%，其中在 5 月 末信贷余额在 10 万亿以上的省份中，如北京（信贷增速提升+2.0pc）、广 东（+0.3pc）、浙江（+0.3pc）、上 ...

Core Viewpoint - The article emphasizes the complexity of understanding bank profitability, highlighting that traditional metrics like interest margin, cost of expenses, and asset impairment losses do not provide a complete picture of a bank's true earning capacity [4][20][22]. Group 1: Understanding Bank Profitability - The profitability of banks cannot be solely determined by analyzing interest margins and impairment losses, as these metrics do not allow for effective peer comparison [4][22]. - For example, Bank A with a 2.5% interest margin and Bank B with a 2% interest margin can both achieve the same net profit of 1%, indicating that higher interest margins do not necessarily equate to better profitability [5][6][7]. - The article discusses the importance of understanding the underlying business model and risk management strategies of banks, particularly in the context of small and micro loans [14][18][19]. Group 2: Risk and Business Models - The article presents a case where high-interest loans can be associated with low risk, particularly in regions with strong micro-enterprise demand, suggesting that local knowledge can mitigate risks [11][13]. - It argues that small banks are better positioned to manage small and micro loans due to their flexibility and closer ties to local businesses [18][19]. - The discussion includes the notion that a bank's risk profile cannot be judged solely on its loan portfolio size or interest margins; rather, it requires a deeper analysis of the specific business practices and regional economic conditions [60][66]. Group 3: Financial Metrics and Valuation - The article introduces the concept of Return on Assets (ROA) and Return on Equity (ROE) as critical metrics for evaluating bank performance, with ROA being influenced by interest margin, cost of expenses, and impairment losses [25][31][48]. - A comparison of two banks, Industrial and Commercial Bank of China (ICBC) and Hangzhou Bank, reveals that despite ICBC having a larger asset base, Hangzhou Bank demonstrates a higher ROA and ROE due to its effective use of leverage [34][48][55]. - The article concludes that Hangzhou Bank's higher valuation should be reflected in its price-to-book (PB) ratio compared to ICBC, suggesting that current market valuations may not accurately represent the banks' underlying performance [76][78].

Core Viewpoint - The surge in institutional research on listed banks in the first half of the year indicates a significant increase in market interest in bank stocks, particularly focusing on credit issuance, dividend plans, and asset quality [1][2]. Group 1: Institutional Research Trends - In the first half of the year, 19 A-share listed banks received over 1,000 institutional research visits, with Ningbo Bank, Changshu Bank, and Hangzhou Bank being the most popular [1][2]. - The focus of institutional research has been on key operational areas of banks, especially credit allocation and dividend strategies [2][3]. Group 2: Credit Issuance and Dividend Plans - Ningbo Bank, Changshu Bank, and Hangzhou Bank were the top three banks in terms of research visits, with 235, 192, and 153 visits respectively [2]. - Hangzhou Bank reported that its credit issuance has improved compared to the previous year, with a focus on strategic sectors such as technology and manufacturing [2]. - Chongqing Bank has maintained a high cash dividend level for 11 consecutive years since its H-share listing, with plans for a sustainable dividend strategy [3][4]. Group 3: Asset Quality and Net Interest Margin - Many banks expressed confidence in maintaining stable asset quality throughout the year, with measures in place to enhance risk management [5][6]. - Suzhou Bank reported a net interest margin of 1.34% at the end of Q1, which is a slight decrease compared to the end of 2024, but better than the industry average [6]. - The overall expectation is for a marginal improvement in asset quality, supported by policy measures and digital risk management [5][6].

Core Viewpoint - Ningbo Bank has developed an integrated service system of "financing + intelligence" to address the transformation challenges faced by cross-border e-commerce enterprises, particularly in the context of the evolving global trade landscape [2][4]. Group 1: Industry Context - Cross-border e-commerce has transitioned from a "new business model" to a "new normal," becoming a significant driver of economic growth, especially in Shenzhen, which is projected to exceed 300 billion yuan in cross-border e-commerce import and export volume by 2024 [4]. - As the initial advantages of rapid growth diminish, cross-border e-commerce sellers are now required to focus on brand building and global expansion, facing challenges such as compliance with overseas intellectual property laws and navigating complex international financial environments [4][5]. Group 2: Challenges Faced by Enterprises - The shift from a "stocking" model to brand-oriented operations presents new challenges, including compliance risks related to intellectual property, which can lead to severe consequences such as product delisting and legal disputes [5]. - Marketing challenges arise from high traffic costs and the need for effective brand outreach, with traditional marketing methods becoming less effective and new social media strategies facing difficulties in execution [5][6]. - Financial management issues are prevalent, with cross-border e-commerce businesses often facing high inventory financing needs, long payment recovery cycles, and significant foreign exchange risks [6]. Group 3: Ningbo Bank's Solutions - Ningbo Bank has integrated financial and non-financial services to provide a comprehensive solution for cross-border e-commerce enterprises, focusing on both "financing" and "intelligence" [7]. - The "Bobo Zhiliao" platform offers services such as risk detection for intellectual property and marketing support, enabling businesses to mitigate risks and enhance their marketing effectiveness [7][8]. - The bank has introduced innovative financing products like "Export Extreme Loan," allowing businesses to access up to $2 million in credit through a fully online process, addressing the urgent cash flow needs of e-commerce enterprises [8]. Group 4: Ecosystem Development - Ningbo Bank aims to create a "tropical rainforest" service ecosystem that combines online and offline resources, as well as financial and non-financial services, to support cross-border e-commerce enterprises [9]. - The bank has facilitated over $2 billion in cross-border settlement services for more than 200 e-commerce companies in Shenzhen, establishing itself as a reliable financial partner in the region [10]. - By organizing various events and workshops, the bank provides valuable insights into policies and practices relevant to cross-border trade, fostering collaboration and knowledge sharing among enterprises [10].

【导读】四大行连续8年位居全球银行排行榜前四强，招商银行跃升至第8位 民生银行（600016）、光大银行（601818）、华夏银行（600015）以及北京银行（601169）进入全球银 行前五十强，排名分别为第22位、第25位、第33位、第47位以及第49位。 值得关注的是，部分区域行银行的排名也在持续上升。例如，北京银行排名上升两位，也是唯一一家进 入榜单前五十的城商行；宁波银行（002142）位居第72位，较上年提升8位；南京银行（601009）位居 第86位，较上年提升5位，整体实力进一步提升。 在业内人士看来，对比2024年榜单，中资银行在全球1000强排名中呈现稳定以及占比持续扩大的趋势， 在全球金融体系中的地位愈发重要。 公开资料显示，自1970年开始，英国《银行家》杂志连续发布全球银行1000强榜单。该榜单主要基于一 级资本等关键指标，对全球银行进行排名，被视为衡量全球银行综合实力的权威标尺，是透视银行业发 展变化趋势的重要窗口。 按照一级资本排名，全球银行十强依次为：工商银行（601398）、建设银行（601939）、农业银行 （601288）、中国银行（601988）、摩根大通、美国银行、花 ...

截至2025年7月2日 13:55，中证银行指数(399986)强势上涨1.14%，成分股上海银行(601229)上涨 3.08%，宁波银行(002142)上涨2.44%，紫金银行(601860)上涨2.31%，民生银行(600016)，苏州银行 (002966)等个股跟涨。中证银行ETF(512730)上涨0.90%，最新价报1.79元。 进入7月份，银行理财的"年中考"成绩单成为市场关注的焦点。普益标准数据显示，截至今年6月底，银 行理财市场存续规模31.22万亿元，较年初增加5.22%。不少业内人士认为，在当前存款利率持续下行、 监管叫停手工补息的背景下，同期限理财收益的吸引力持续上升，将吸引更多资金涌入银行理财市场。 中邮证券指出，存款降息短期内带来银行负债端紧张，但中长期来看，银行负债成本趋于下降， 同时 随着三季度长期限存款集中重定价， 银行负债成本下降有望超预期。 随着银行负债端下行， 市场利率 中枢有望进一步下行， 考虑到 6月末银行板块调整较大， 调整后国有银行股息率将进一步提升。 中证银行ETF紧密跟踪中证银行指数，为反映中证全指指数样本中不同行业公司证券的整体表现，为投 资者提供分析工具 ...

Group 1 - The core viewpoint of the articles highlights that listed banks in China are distributing dividends, with a total cash dividend amount reaching 6,319.56 billion yuan for 2024, reflecting a year-on-year increase of 3.03% [1] - A total of 26 banks have implemented their profit distribution plans for the year 2024, with 14 banks completing both mid-term and year-end dividends [1] - Among the 42 A-share banks, 39 have increased their cash dividends compared to the previous year, with an overall increase of 186 billion yuan in total dividend amounts [1] Group 2 - Notably, Ningbo Bank has proposed a cash dividend of 9 yuan per 10 shares for 2024, marking a second consecutive year of increased dividend payouts [2] - 25 A-share listed banks have raised their cash dividend ratios for 2024, with Ningbo Bank's ratio increasing by 6.3 percentage points to 21.91% [2] - Industrial Bank and Citic Bank have also reported consistent increases in their cash dividend ratios, with Industrial Bank's ratio reaching 30.73% for 2024 and Citic Bank planning a cash dividend of 194.55 billion yuan [2]