Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report provides a comprehensive analysis of 127 regional banks in Jiangsu Province, highlighting their asset and liability structures, profitability, and asset quality [6][18] - Jiangsu's regional banks have shown a significant increase in asset growth, with major city commercial banks growing at 19.4%, surpassing the growth of listed city commercial banks at 14.2% [24][26] - The report indicates that the loan-to-asset ratio for city commercial banks is projected to reach 48.4% in 2024, reflecting a gradual increase in lending activities [30] - Jiangsu's regional banks exhibit better return on assets (ROA) compared to listed banks, with city commercial banks outperforming by 16 basis points and rural commercial banks by 9 basis points [6][42] - The asset quality of Jiangsu's regional banks is superior to that of listed banks, with lower non-performing loan ratios and higher provision coverage ratios [6][42] Summary by Sections 1. Economic Structure of Jiangsu Province - Jiangsu Province is focusing on new industrialization and strategic emerging industries, with significant contributions from cities like Nanjing and Suzhou [13][14] 2. Overview of 127 Regional Banks in Jiangsu - The report categorizes the banks into city commercial banks, rural commercial banks, and others, with a total of 127 banks established between 2006 and 2015 [18][20] 3. Asset/Liability Structure - The asset growth of major city commercial banks is accelerating, while rural commercial banks are experiencing a decline in growth rates [24][26] - The loan-to-asset ratio for city commercial banks is expected to increase to 48.4% by 2024, indicating a shift towards more lending [30] 4. Profitability - Jiangsu's regional banks have a higher ROA compared to listed banks, with city commercial banks showing a 16 basis point advantage [6][42] 5. Asset Quality/Capital Levels - Jiangsu's regional banks maintain a lower non-performing loan ratio compared to listed banks, with city commercial banks having a 30 basis point lower ratio [6][42]

| 代码 | 名称 | | 涨幅%↑ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 601229 | 上海银行 | 1 | -2.30 | 1329亿 | -7.43 | | 601128 | 常熟銀行 | | -1.51 | 238亿 | 1.99 | | 601998 | 中信銀行 | 1 | -1.47 | 4107亿 | -4.16 | | 601166 | 兴业银行 | 1 | -1.40 | 4038亿 | -9.40 | | 002142 | 宁波银行 | 1 | -1.39 | 1921亿 | 3.56 | | 601838 | 成都银行 | | -1.26 | 664亿 | -2.85 | | 600000 | 浦发银行 | 1 | -1.13 | 3500亿 | -15.51 | | 600919 | 江苏银行 | 兼 | -1.12 | 1786亿 | -3.44 | | 601398 | 工商银行 | 1 | -1.10 | 25626亿 | -9.33 | | 600926 | 杭州银行 | 张 | -1.04 | ...

Group 1 - The core viewpoint of the article highlights the performance and adjustments of the fund managed by Zhu Shaoxing, with a net asset value of 22.484 billion yuan as of Q4 2025 [1] - The fund's performance during the reporting period shows a return of 1.12% for both the A/B and D classes, while the C class returned 0.91%, compared to a benchmark return of -0.09% across all classes [1][2] - The top ten holdings of the fund include notable companies such as Ningbo Bank, Jerry Holdings, CATL, and Kweichow Moutai, indicating a diversified investment strategy [1][2] Group 2 - Zhu Shaoxing's recent adjustments in the portfolio include a reversal on Zijin Mining, which was sold off in the first half of 2025 and repurchased in the second half, now ranking as the seventh largest holding [2] - The fund has reduced its exposure to the new energy vehicle sector, with companies like Luxshare Precision exiting the top ten holdings, while increasing its stake in CATL [2] - The analysis indicates that the current monetary policy remains accommodative, and the fiscal policy is actively supporting the market, leading to improved investor risk appetite [3] Group 3 - The A-share market is noted to have seen a significant increase in overall valuations, yet it remains within a reasonable range in a long-term cycle, suggesting continued attractiveness of equity assets [3] - The focus on selecting stocks with strong corporate governance and management is emphasized as a strategy for future value creation, aligning with the fund's growth-oriented investment approach [3]

Core Viewpoint - The report highlights the performance and asset allocation of the fund managed by Zhu Shaoxing, indicating a strategic shift in investment focus and a positive outlook on certain sectors amid a changing economic environment [1][3]. Fund Performance - As of the end of Q4 2025, the net asset value of the fund managed by Zhu Shaoxing is 22.484 billion yuan [1]. - The performance of various fund classes during the reporting period shows: - Fund Class A/B: 1.12% return, benchmark return: -0.09% - Fund Class C: 0.91% return, benchmark return: -0.09% - Fund Class D: 1.12% return, benchmark return: -0.09% [1]. Top Holdings - The top ten holdings of the fund include: 1. Ningbo Bank (002142.SZ) - 6.25% of net asset value 2. Jerry Holdings (002353.SZ) - 4.98% 3. CATL (300750.SZ) - 4.90% 4. Kweichow Moutai (600519.SH) - 4.90% 5. Chuanfeng Power (603129.SH) - 3.70% 6. Zhongchuang Zhiling (601717.SH) - 2.84% 7. Zijin Mining (601899.SH) - 2.53% 8. Ruifeng New Materials (300910.SZ) - 2.52% 9. Guocer Materials (300285.SZ) - 2.19% 10. Xugong Machinery (000425.SZ) - 2.05% [2]. Investment Strategy - Zhu Shaoxing indicates a clear adjustment in investment strategy, with a notable reversal in the position of Zijin Mining, which was sold off in the first half of 2025 and repurchased in the second half [2]. - The fund has reduced its holdings in the new energy sector, with companies like Luxshare Precision exiting the top ten holdings, while increasing its position in CATL during Q4 2025 [2]. - The report emphasizes a favorable economic outlook, with a focus on sectors such as communications, electronics, and non-ferrous metals, which are expected to perform well [3]. Market Outlook - The current A-share market is described as having risen in valuation but still within a reasonable range for long-term investment [3]. - The report suggests that equities remain attractive compared to other asset classes, and emphasizes the importance of selecting individual stocks with strong corporate governance and management to maximize future value creation [3].

平安证券研报指出，宁波银行2025年全年营业收入增速较25Q1-3回落0.3个百分点至8.0%，主要受净利 息收入影响，25年公司净利息收入同比增长10.8%（11.8%，25Q1-3），中收延续高增，盈利增速平 稳，宁波银行作为城商行的标杆，受益于多元化的股权结构、市场化的治理机制和稳定的管理团队带来 的战略定力，资产负债稳步扩张，盈利能力领先同业，在稳健资产质量护航下，夯实的拨备为公司未来 稳健经营和业绩弹性带来支撑。根据25年快报小幅上调公司盈利预测，鉴于公司市场化基因突出，长期 视角下的盈利能力、资产质量有望持续领先同业，维持"强烈推荐"评级。 ...

Core Viewpoint - Ningbo Bank is expected to achieve a revenue growth of 8.01% and a net profit growth of 8.13% in 2025, indicating a stable financial outlook for the company [1] Revenue and Profit Forecast - The revenue for Q4 2025 is projected to increase by 7.0% year-on-year, while the net profit is expected to rise by 7.3% [1] - The overall revenue and profit growth for Ningbo Bank in 2025 is anticipated to remain above 8% [1] Cost and Asset Quality - The cost-to-income ratio is expected to decrease by 2.8 percentage points year-on-year, indicating improved operational efficiency [1] - The non-performing loan ratio is expected to remain stable on a quarter-on-quarter basis, reflecting sound asset quality management [1] Business Strategy and Growth Drivers - The contribution of light capital business to revenue growth is significantly higher than the overall revenue growth rate, highlighting a strategic focus on efficient capital utilization [1] - There is a notable expansion in the number of corporate clients, and the bank maintains a comparative advantage in cross-border financial services [1] - The company's strategic direction is clear and effectively implemented, with expectations for a continued reduction in deposit costs in 2026 [1]

Group 1: Commercial Aerospace - The Chinese commercial aerospace sector is entering a new phase aimed at large-scale launches and commercial closed-loop systems, with significant breakthroughs expected in rocket capacity over the next 3 to 5 years [1] - By 2025, China's commercial aerospace is projected to complete 50 launches, accounting for 54% of total space launches, with 25 commercial rockets launched and 311 commercial satellites in orbit, representing 84% of total satellites [1] - The capital market for commercial aerospace companies is accelerating, with several leading firms preparing for IPOs, including Blue Arrow Aerospace and Zhongke Aerospace [1] Group 2: Public Fund Performance - The latest public fund reports reveal that the top ten holdings include companies like Zhongji Xuchuang, Ningde Times, and Tencent, with notable increases in holdings for companies like Zhongji Xuchuang, which saw an increase of 22.602 billion yuan [2] - The automotive industry is facing cost pressures due to rising prices of memory chips and metals, impacting supply chain dynamics and competition [2] Group 3: Biopharmaceutical Industry - Over 50 biopharmaceutical companies have disclosed their 2025 performance forecasts, with nearly 50% showing positive expectations, particularly in the CXO sector, where WuXi AppTec anticipates a revenue increase of approximately 15.84% [3] - The biopharmaceutical industry is expected to enter a new phase of high-quality development as structural reforms and supportive policies continue to evolve [3] Group 4: Fundraising and Market Trends - The public fund market has seen a resurgence, with several equity funds raising over 7 billion yuan, indicating a positive trend in active equity fund performance [4] - The Shanghai Suiruan Technology Co., Ltd. has received approval for its IPO, aiming to raise 6 billion yuan for product development and business expansion [5] Group 5: Aluminum Market - The aluminum market has shown strong performance, with prices rising over 12% since mid-December 2025, supported by favorable macroeconomic conditions and demand for aluminum in various applications [6] - The copper-aluminum price ratio exceeding 4 suggests a potential shift towards aluminum in sectors like air conditioning, indicating new demand growth [6] Group 6: Banking Sector - Five listed banks have reported a year-on-year increase in net profit for 2025, with improvements in non-performing loan ratios for three banks [9] - The banking sector is expected to maintain stable performance, supported by improved funding costs and a potential stabilization of net interest margins [9] Group 7: Chemical Industry - The chemical industry is experiencing positive performance, with over 60% of companies reporting improved earnings, driven by rising prices of certain chemical products [10] - The DOP market is expected to maintain upward momentum due to strong raw material prices and limited supply, indicating a stable support for pricing [10]

Group 1 - As of January 22, 2025, five listed banks in A-shares have reported their preliminary performance for the year, showing an overall increase in net profit attributable to shareholders compared to 2024 [1] - Among these banks, three have reported a decrease in non-performing loan (NPL) ratios compared to the end of 2024 [1] - Shanghai Pudong Development Bank (SPDB) reported a revenue of 173.96 billion yuan, a year-on-year increase of 1.88%, and a net profit of 50.02 billion yuan, up 10.52% [1] - CITIC Bank and Industrial Bank reported revenues of 212.48 billion yuan and 212.74 billion yuan, with net profits of 70.62 billion yuan and 77.47 billion yuan, reflecting year-on-year growth of 2.98% and 0.34% respectively [1] - Ningbo Bank and Su Nong Bank also reported positive growth, with Ningbo Bank's revenue at 71.97 billion yuan (up 8.01%) and net profit at 29.33 billion yuan (up 8.13%), while Su Nong Bank's revenue was 4.19 billion yuan (up 0.41%) and net profit was 204.3 million yuan (up 5.04%) [1] Group 2 - Ningbo Bank disclosed its revenue structure, reporting net interest income of 53.16 billion yuan (up 10.77%) and net fee and commission income of 6.09 billion yuan (up 30.72%) [2] - All five listed banks have shown steady growth in total assets, with SPDB and CITIC Bank both surpassing 1 trillion yuan in total assets, reaching 1.008 trillion yuan and 1.013 trillion yuan respectively, marking increases of 6.55% and 6.28% from 2024 [2] - Industrial Bank's total assets reached 1.109 trillion yuan, up 5.57%, while Ningbo Bank's total assets grew by 16.11% to 363 billion yuan, and Su Nong Bank's total assets increased by 8% to 231.1 billion yuan [2] - In terms of asset quality, SPDB, CITIC Bank, and Su Nong Bank reported declines in NPL ratios, with ratios of 1.26%, 1.15%, and 0.88% respectively, while Ningbo Bank's NPL ratio remained stable and Industrial Bank's increased by 0.01 percentage points [2] Group 3 - The banking industry is expected to maintain stable performance in 2025, supported by significant improvements in funding costs, which are likely to stabilize net interest margins and boost interest income [3] - Analysts predict that the growth rates of revenue and net profit for listed banks in 2025 will improve compared to the first three quarters of 2025, driven by stable net interest margins and declining credit costs [3] - SPDB noted a significant decrease in interest costs, leading to a stabilization of net interest margins, while Ningbo Bank benefited from a 33 basis point drop in deposit interest rates, resulting in substantial growth in interest income [3] - The effects of previous reductions in deposit rates are expected to continue into 2026, helping to improve funding costs and reduce pressure on net interest margins, indicating a potential recovery phase [3]

Core Viewpoint - Ningbo Bank emphasizes a differentiated business strategy to adapt to changing operating environments and accumulate comparative advantages for high-quality development [1] Group 1: Business Strategy - The company aims to deepen its operational focus to promote sustainable growth [1] - It seeks to strengthen its professional operations to solidify core advantages [1] Group 2: Technological Transformation - The bank is accelerating its technological transformation to empower management and operations [1] Group 3: Risk Management - The company is committed to maintaining a risk baseline to ensure stable operations [1]

（编辑 王雪儿） 证券日报网1月22日讯 ，宁波银行在接受调研者提问时表示，一直以来公司始终着眼长远，统筹好分红 与内源性资本增长的关系，夯实业务稳健可持续发展所必需的资本基础。鉴于当前再融资的监管政策要 求，内源性资本将为公司发展创造更大的价值。公司将一如既往地努力提升公司的业绩，保持内源性资 本的稳健增长，为股东创造更多的回报。 ...