宁波银行公告，2025年，公司实现营业收入719.68亿元，同比增长8.01%；实现归属于母公司股东的净 利润293.33亿元，同比增长8.13%。 ...

Core Viewpoint - Ningbo Bank reported a steady growth in its financial performance for the year 2025, achieving a revenue of 71.968 billion yuan and a net profit of 29.333 billion yuan, reflecting a year-on-year increase of 8.01% and 8.13% respectively, while maintaining a low non-performing loan ratio of 0.76% [1] Financial Performance - The total operating income for 2025 reached 71.968 billion yuan, marking an 8.01% increase compared to the previous year [1] - The net profit attributable to shareholders was 29.333 billion yuan, which is an 8.13% year-on-year growth [1] - The non-performing loan ratio stood at 0.76%, indicating strong asset quality [1] - The provision coverage ratio was reported at 373.16%, showcasing a robust risk management framework [1] Loan and Deposit Growth - Total loans and advances amounted to 1,733.313 billion yuan, an increase of 257.25 billion yuan or 17.43% from the beginning of the year [1] - Total deposits reached 2,024.883 billion yuan, with an increase of 188.538 billion yuan, where demand deposits accounted for 70.84% of the new deposits [1] - The interest-bearing deposit rate decreased by 33 basis points year-on-year, with a December 2025 rate of 1.42%, down 44 basis points from the previous year [1] Asset Quality and Sustainability - Since its listing in 2007, Ningbo Bank has maintained a non-performing loan ratio below 1% for 18 consecutive years, ensuring a focus on business expansion and financial services [1] - The bank's commitment to high-quality development is reflected in its strategic initiatives and adherence to customer-centric principles [1]

宁波银行公告称，2025年实现营业收入719.68亿元，同比增长8.01%；归属于母公司股东的净利润 293.33亿元，同比增长8.13%。利息净收入531.61亿元，同比增10.77%；手续费及佣金净收入60.85亿 元，同比增30.72%。截至年末，总资产36,286.01亿元，较年初增长16.11%；贷款和垫款总额17,333.13 亿元，增长17.43%；客户存款总额20,248.83亿元，增长10.27%。不良贷款率0.76%，与上年末持平；拨 备覆盖率373.16%。 ...

南财智讯1月20日电，宁波银行发布年度业绩快报，内容显示：报告期内公司实现营业收入719.68亿 元，同比增长8.01%；归属于上市公司股东的净利润293.33亿元，同比增长8.13%；基本每股收益4.29 元，同比增长8.61%。 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示：本公告所载 2025 年度主要财务数据为宁波银行股 份有限公司（以下简称"公司"）初步核算的集团口径数据，未经 会计师事务所审计，与年度报告中披露的最终数据可能存在差异， 请投资者注意投资风险。 一、2025年度主要财务数据和指标 1 单位：人民币亿元 项目 2025 年（未经审计） 2024 年（经审计） 增减变动幅度 营业收入 719.68 666.31 8.01% 营业利润 323.40 315.48 2.51% 利润总额 321.60 312.86 2.79% 归属于母公司股东的净利润 293.33 271.27 8.13% 归属于母公司股东的扣除非经常性损益的净利润 294.33 273.02 7.81% 基本每股收益（元/股） 4.29 3.95 8.61% 加权平均净资产收益率（%） 13.11 13.59 下降 0.48 个百分点 项目 2025 年 12 月 31 日 （未经审计） 2024 年 12 月 31 日 （经审计） 增减变动幅度 总资产 36,286.01 31,252.3 ...

Group 1 - The core viewpoint of the news is the implementation of a financial subsidy policy for equipment renewal loans to support businesses in reducing financing costs and promoting effective investment [3][4][5] - The policy includes a 1.5% interest subsidy on fixed asset loans for equipment renewal projects, applicable for a maximum of two years, and is effective until December 31, 2026 [3][4] - The scope of support has been expanded to include various sectors such as construction, aviation, digital technology, and green energy, emphasizing high-end, intelligent, and digital equipment updates [4][6] Group 2 - A total of 26 banks are designated as eligible for processing the interest subsidy loans, including major national banks and several regional banks [4][5] - The subsidy process has been optimized to include a "pre-allocation + settlement" method, streamlining the application and approval process for banks and provincial financial departments [5][6] - The policy aims to enhance the experience of businesses by ensuring timely communication regarding subsidy payments through modern technology [6][7] Group 3 - The policy for small and micro enterprises includes a 1.5% interest subsidy on fixed asset loans, with a maximum loan amount of 50 million yuan, effective from January 1, 2026 [8][9] - The targeted sectors for this subsidy include new energy vehicles, medical equipment, and various service industries, aiming to stimulate investment and production [9][10] - The operational mechanism involves a "total-to-total" model for coordination between financial institutions and fiscal departments to ensure efficient processing of subsidy funds [11][12] Group 4 - The service industry loan subsidy policy has been extended until December 31, 2026, with an increased maximum loan amount of 10 million yuan and a 1% interest subsidy for one year [16][17] - New sectors such as digital, green, and retail have been added to the support scope, enhancing the policy's relevance to current economic trends [17][18] - The funding allocation process has been refined to improve efficiency and reduce redundancy in the approval process [18][19] Group 5 - A special guarantee plan for private investment has been introduced with a total quota of 500 billion yuan over two years, aimed at supporting small and micro enterprises [22][24] - The plan includes risk-sharing mechanisms where banks bear at least 20% of the loan risk, while the government guarantee fund covers up to 80% [24][25] - The initiative encourages innovative financing models and aims to enhance the capital strength of the government guarantee fund to support private investments effectively [26][27]

Core Insights - The city commercial bank sector experienced a rise of 1.35% on January 20, with Chengdu Bank leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Stock Performance - Chengdu Bank (601838) closed at 15.94, up 3.10% with a trading volume of 606,000 shares and a transaction value of 9.56 billion [1] - Chongqing Bank (601963) closed at 10.44, up 2.96% with a trading volume of 133,800 shares and a transaction value of 138 million [1] - Other notable performers include: - Changsha Bank (601577): closed at 9.36, up 2.41% [1] - Qilu Bank (601665): closed at 5.48, up 2.05% [1] - Beijing Bank (601169): closed at 5.32, up 1.92% [1] - Qingdao Bank (002948): closed at 4.30, up 1.90% [1] - Xiamen Bank (601187): closed at 7.25, up 1.54% [1] - Shanghai Bank (601229): closed at 9.79, up 1.35% [1] - Nanjing Bank (601009): closed at 10.56, up 1.34% [1] - Hangzhou Bank (600926): closed at 15.24, up 1.20% [1] Capital Flow - The city commercial bank sector saw a net inflow of 266 million from institutional investors, while retail investors experienced a net outflow of 42.84 million [1] - Detailed capital flow for selected banks includes: - Shanghai Bank (601229): net inflow of 1.051 billion from institutional investors, with net outflows from retail and speculative investors [2] - Hangzhou Bank (600926): net inflow of 90.48 million from institutional investors, with significant outflows from retail and speculative investors [2] - Nanjing Bank (601009): net inflow of 26.57 million from institutional investors, with outflows from retail investors [2] - Other banks also showed varying levels of net inflows and outflows [2]

Core Viewpoint - Morgan Stanley predicts that China Bank (601988) will experience absolute stock price appreciation but may underperform the market by 2026 [1] Group 1: Bank Ratings - Morgan Stanley upgraded the rating of Minsheng Bank (600016) from "Neutral" to "Overweight" [1] - The rating of Agricultural Bank (601288) was downgraded from "Overweight" to "Neutral" [1] Group 2: Market Liquidity and Growth Expectations - Approximately 110 trillion RMB of fixed-term deposits are expected to mature by 2026, including around 7 trillion RMB of excess household savings, which may provide liquidity support to the capital market and boost market performance [1] - The recovery of net interest income and wealth management fees is expected to lead to moderate improvements in revenue and profit growth for domestic banks in 2026 [1] Group 3: Stock Performance Preferences - In the context of high dividend stocks, Morgan Stanley prefers Bank of Communications (601328), China Bank (03988), and China Construction Bank (601939) [1] - Banks such as Ningbo Bank (002142), Shanghai Pudong Development Bank (600000), Industrial Bank (601166), and China Merchants Bank (600036) are seen as having better growth potential [1] - Growth-oriented stocks are expected to outperform high dividend stocks [1]

Core Viewpoint - JPMorgan expects Chinese bank stocks to achieve absolute price increases but may underperform the market by 2026 [1] Group 1: Ratings Changes - JPMorgan upgraded the rating of Minsheng Bank (01988) H-shares from "Neutral" to "Overweight" [1] - JPMorgan downgraded the rating of Agricultural Bank of China (01288) H-shares from "Overweight" to "Neutral" [1] Group 2: Market Predictions - JPMorgan anticipates approximately 110 trillion RMB in time deposits maturing by 2026, including around 7 trillion RMB in excess household savings, which could provide liquidity support to the capital market and boost market performance [1] - The bank expects a moderate improvement in revenue and profit growth for domestic banks in 2026, driven by a recovery in net interest income and wealth management fees [1] Group 3: Stock Preferences - Among high-dividend stocks, JPMorgan prefers Bank of Communications (601328.SH), Bank of China (03988), and China Construction Bank (00939) [1] - Banks such as Ningbo Bank (002142.SZ), Shanghai Pudong Development Bank (600000.SH), Industrial Bank (601166.SH), and China Merchants Bank (03968)(600036.SH) are seen as having good growth potential [1] - JPMorgan predicts that growth-oriented stocks will outperform high-dividend stocks [1]

Core Viewpoint - Morgan Stanley forecasts that domestic bank stocks will experience absolute price increases but may underperform the market by 2026 [1] Group 1: Market Outlook - The bank anticipates approximately 110 trillion yuan in time deposits maturing by 2026, including around 7 trillion yuan in excess household savings, which could provide liquidity support to the capital markets and boost market performance [1] - The recovery in net interest income and wealth management fees is expected to lead to moderate improvements in revenue and profit growth for domestic bank stocks by 2026 [1] - Despite the liquidity-driven rally, bank stocks may lag in performance compared to the overall market [1] Group 2: Stock Preferences - Among high-dividend stocks, the bank prefers Bank of Communications and China Construction Bank [1] - Ningbo Bank, Shanghai Pudong Development Bank, Industrial Bank, and China Merchants Bank are identified as having better growth potential [1] - The bank upgraded the rating of Minsheng Bank from "Neutral" to "Overweight," while downgrading Agricultural Bank of China from "Overweight" to "Neutral" [1]