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。 ...

Core Insights - The report highlights that Ningbo Bank achieved a total operating income of 71.97 billion and a net profit attributable to shareholders of 29.33 billion for 2025, reflecting year-on-year growth of 8.0% and 8.1% respectively [6][7] - The annualized weighted average ROE was reported at 13.11%, showing a slight decline of 0.48 percentage points year-on-year [6] - The non-performing loan ratio remained stable at 0.76%, with a provision coverage ratio of 373.2%, which decreased by 2.8 percentage points from the previous period [7][8] Revenue and Profit Analysis - The revenue growth rate showed a slight decline compared to the previous quarters, with net interest income increasing by 10.8% year-on-year, while the growth rate for the previous three quarters was higher [7] - Non-interest income saw a significant increase of 30.7% year-on-year, benefiting from a recovering capital market, particularly in wealth management and custody services [7] - The core revenue, which includes net interest income and non-interest income, grew by 12.5% year-on-year [7] Asset Quality and Credit Growth - Total assets of Ningbo Bank increased by 16.1% year-on-year, with loans growing by 17.4%, indicating a strong growth trajectory in lending [8] - The bank's deposit growth was reported at 10.3% year-on-year, with a notable increase in the proportion of demand deposits [8] - The non-performing loan ratio remained stable, and the provision coverage ratio, although slightly decreased, indicates a robust buffer against potential loan losses [8] Investment Recommendations - Given the high growth in core revenue and stable asset quality, the report projects a net profit growth rate of 8.1%, 9.8%, and 9.9% for the years 2025 to 2027 [9] - The report maintains a "strongly recommended" rating for Ningbo Bank, with a price-to-book ratio of 0.76 times as of January 20, 2026 [9]

编号:2026-05 证券代码：002142 证券简称：宁波银行 宁波银行股份有限公司投资者关系活动记录表 | 投资者关系活动 | 特定对象调研 □分析师会议 | | | --- | --- | --- | | | □媒体采访 □业绩说明会 | | | 类别 | □新闻发布会 □路演活动 | | | | □现场参观 □其他： | | | 活动参与人员 | 公司高管； | | | | 易方达基金 王元春、沐华、何立宏 | | | 时间 | 年 1 月 22 日上午 | 2026 | | 地点 | 公司总部大厦 | | | 形式 | 现场会议 | | | | 是强化专业经营，夯实核心优势；三是加快科技转型，赋能经营管理；四是 | | | | 1、请问公司如何在行业竞争中取得优势？ 答：公司坚持差异化的经营策略，主动适应经营环境变化，持续积累差异化 | | | | 的比较优势，推动银行高质量发展：一是深化经营主线，推动持续发展；二 | | | | 守牢风险底线，确保平稳运营。 | | | | 2、请问公司未来能否保持目前的贷款增速？ | | | | 答：近年来，公司认真贯彻落实各级政府和金融监管部门的决策部署，聚 ...

Core Viewpoint - Ningbo Bank has maintained stable revenue and profit growth over 25 years, with a remarkable increase of over 30% in non-interest income [1] Group 1: Financial Performance - Revenue and profit growth has been stable over 25 years [1] - Non-interest income has shown a significant increase of over 30% [1] - Steady growth in deposits and loans, with a high proportion of new deposits being demand deposits [1] Group 2: Cost and Asset Quality - Liability costs are expected to decline, supporting a gradual stabilization of interest margins [1] - Non-performing loans remain low and stable, with continued emphasis on cost control [1] Group 3: Strategic Focus - The company has consistently implemented a strategy of "large banks cannot do well, small banks cannot do" [1] - Market-oriented operations are a key feature, with a focus on high-quality operational areas [1] - Credit scale growth is higher than the industry average, and asset quality remains stable [1] Group 4: Service Development - Recently, the company has actively provided comprehensive services to corporate clients [1] - There is a strengthened focus on developing wealth management in the retail sector, marking a new phase in banking operations [1] Group 5: Investment Recommendation - The report maintains a "recommended" rating and suggests active monitoring of the company [1]