2025年9月28日，宁波银行（002142）发布公告称，因系统维护升级，宁波银行将于2025年10月1日8 时-10月2日12时暂停个人养老金理财业务，届时个人养老金理财投资账户开户、产品购买及赎回等均将 暂时停止服务。 ...

证券研究报告 | 2025年09月29日 资产质量十五年 优于大市 上市银行不良出清与拨备压力观察 不过我们也需要注意，目前上市银行整体的不良生成率边际稳定，但纵 向比较来看，近几年上市银行整体不良生成率在 0.7%左右，仍处于较高 水平，只是比 2015 年的峰值有所回落，并非完全没有资产质量压力。 微观上，不同银行之间资产质量压力、拨备计提压力、存量拨备的利润 维持能力、存量拨备重组情况等表现分化。综合来看，大行及一些城商行 在资产质量和拨备压力方面表现相对更好。 投资建议：我们认为今年是此轮业绩下行周期的尾声，预计明年行业基 本面将有所改善，维持行业"优于大市"评级。个股方面建议关注资产 质量和拨备压力表现较好且估值较低的成都银行、长沙银行、张家港行、 瑞丰银行等。此外，四季度我们从策略角度仍然继续推荐基本面有望率 先走出拐点的优质顺周期个股，包括宁波银行、常熟银行。 风险提示：宏观经济超预期下行可能从多方面影响银行业。 重点公司盈利预测及投资评级 | 公司 | 公司 | 投资 | 收盘价 | 总市值 | EPS | | PE | | | --- | --- | --- | --- | --- | -- ...

Investment Rating - The report maintains a recommendation for the banking industry [3] Core Insights - The report provides a comprehensive analysis of the asset-liability structure and interest margin changes of 42 A-share listed banks during the "14th Five-Year Plan" period, highlighting a shift towards corporate loans on the asset side and a stronger retail focus on the liability side [12][14] - The asset-liability structure indicates a significant increase in the proportion of corporate loans, rising from 57.02% to 63.22% from the end of 2020 to mid-2025, while the proportion of demand deposits decreased from 41.94% to 30% [12][14] - The report notes a decline in both asset yield and interest margin, with the yield on interest-earning assets dropping from 4.43% to 3.32% and the net interest margin decreasing from 2.23% to 1.53% during the same period [14][15] Summary by Sections Overall Asset-Liability Structure and Interest Margin Changes - The asset-liability structure shows an increase in loan-to-earning asset ratio from 54.19% to 56.49%, with corporate loans making up a larger share of total loans [14][15] - The average yield on interest-earning assets decreased significantly, with the loan yield falling from 5.34% to 3.82% [15] - The net interest margin for listed banks remains higher than that of commercial banks, despite a decline [14][15] Changes in Each Banking Sector's Asset-Liability Structure and Interest Margin - City commercial banks experienced a more significant increase in the proportion of corporate loans, with their interest margin narrowing less compared to other banks [18] - The report highlights that the proportion of deposits in interest-bearing liabilities for state-owned banks decreased, while it increased for rural commercial banks [18] - The decline in interest-bearing liabilities' cost rate was most pronounced in city commercial banks, leading to a smaller reduction in their interest margin [18]

行业周报 | 非银金融 险资配置动作活跃，看好银行股中长期修复空间 金融行业周报（2025/09/28） 核心结论 金融行业周涨跌幅跟踪：1）本周非银金融（申万）指数涨跌幅为-0.09%， 跑输沪深 300 指数 1.16pct。本周证券Ⅱ（申万）、保险Ⅱ（申万）、多元金 融指数涨跌幅分别为-0.18%、+0.46%、-1.51%。2）本周银行（申万）涨跌 幅为-0.48%，跑输沪深 300 指数 1.55pct。按子板块情况看，国有行、股份 行、城商行、农商行本周涨跌幅分别为-0.41%、-0.76%、-0.05%、-0.49%。 投资观点：1）保险：本周保险Ⅱ(申万)+0.46%，跑输沪深 300 指数 0.61pct。 行业降本增效取得进展，寿险 2024 年以来压降成本 3500 亿元，财险综合成 本率、费用率分别创近 10 年、20 年新低。险资配置动作活跃，平安人寿、 长城人寿等多有增持，瑞众人寿减持勤上股份，险企积极配置第二批科创债 ETF，其中泰康人寿认购 20 亿份。我们坚定看好保险股的投资价值，核心在 于负债端反内卷下的供给侧改革叠加权益资产上行的显著受益，保险将成为 产业结构转型下金融业 ...

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints of the Report - External environment factors such as interest rate fluctuations, bond supply - demand, and policy orientation jointly impact bond investment returns. In H1 2025, the bond investment of 42 listed banks showed certain characteristics in scale, structure, and profit and loss, but there are still challenges in maintaining stable returns in the future [1]. - The overall bond investment scale of 42 listed banks expanded steadily in H1 2025. There were differences in the investment structure among different types of banks, with state - owned banks and city commercial banks having stable growth in the bond allocation portfolio, while joint - stock banks and rural commercial banks increased their efforts in the bond trading portfolio. The bond investment portfolio generally presented a pattern of "stable foundation and flexible gain" [1]. - The coupon income of 42 listed banks was generally stable in H1 2025 but showed a slight year - on - year decline. The fair value change loss was significant, and the investment income increased. However, the bond investment of the banking industry still faces pressure to maintain stable returns [1]. 3. Summary According to the Table of Contents 3.1 42 Listed Banks' Bond Investment Volume - **Overall Bond Investment Scale: Steady Expansion**: In H1 2025, the total scale of the three types of bond - type financial assets of 42 listed banks showed a steady expansion trend. The growth of debt investment - type financial assets measured at amortized cost was relatively slow, while the growth of trading financial assets measured at fair value and included in current profits and losses was relatively large, indicating that banks increased the proportion of trading positions [9]. - **Differentiated Bond Investment Distribution Structures among Different Bank Types**: In H1 2025, state - owned banks and city commercial banks showed stable growth in the bond allocation portfolio, which may be related to their participation in the primary - market issuance of important national and regional bond varieties. Joint - stock banks and rural commercial banks slightly weakened their bond allocation power but significantly increased their efforts in the bond trading portfolio, showing a differentiated feature of "stable allocation by large banks and prominent trading flexibility by small and medium - sized banks" [13]. - **Bond Investment Allocation Tilted towards Government - Related Bonds**: In H1 2025, commercial banks increased their allocation of government - related bonds, with an average month - on - month increase of about 10% for state - owned banks, joint - stock banks, and city commercial banks, and a slightly smaller increase for rural commercial banks. The allocation of financial bonds and other bonds was differentiated. All banks held a relatively large scale of government - related bonds, followed by financial bonds and credit - related bonds [18]. - **Correlation between Financial Asset Types and Bond Variety Structures**: The banking industry maintained a stable growth of interest - rate bonds in the bond allocation portfolio and increased the allocation of credit bonds, while the allocation of financial bonds was relatively weak. In the bond trading portfolio, interest - rate bonds and financial bonds were the core varieties, with a more significant increase than credit bonds, showing a "stable foundation and flexible gain" pattern [22]. 3.2 42 Listed Banks' Bond Investment Profit and Loss - **Coupon Income: Generally Stable and Still the Main Source of Income**: In H1 2025, the total coupon income of 42 listed banks decreased slightly year - on - year. Although the scale of held - to - maturity bonds increased, the decline in the coupon rate of newly issued bonds led to a decrease in coupon income. In the future, coupon income is still expected to be the main source of bond investment income for commercial banks [26]. - **Fair Value Change Loss: Losses in the Trading Level**: In H1 2025, the total fair value change loss of 42 listed banks decreased significantly year - on - year, indicating that it was difficult to obtain capital gains through short - term trading in the volatile bond market, and there were floating losses in bond trading [28]. - **Investment Income: Growth in All Bank Types**: In H1 2025, the actual investment income of 42 listed banks in the bond field increased significantly year - on - year. Although the book value appreciation of bond - type trading financial assets and other debt investment - type financial assets was not as good as that of the previous year, banks could still increase their investment income by selling floating - profit old bonds and waiting for the maturity of high - coupon bonds [31]. 3.3 Attribution and Summary - **External Environment Driving Factors: Interest Rate Fluctuations, Bond Supply - Demand, and Policy Orientation Jointly Impact Bond Investment Returns**: In H1 2025, the "more adjustments and fewer opportunities" bond market environment led to a general decline in the prices of existing bonds, resulting in a significant year - on - year decline in the fair value change loss of listed banks' bond investment. The supply of national bonds, local government bonds, and policy - based financial bonds increased, but the coupon rate of newly issued bonds decreased, leading to a decline in coupon income. Regulatory policies indirectly affected bond investment performance [35]. - **Banking Industry's Bond Investment Pressure and Future Outlook** - Overall Income Shows a Positive Trend but There Are Still Hidden Concerns: In H1 2025, the actual bond investment income of 42 listed banks increased slightly year - on - year, but the coupon income faced downward pressure in the interest - rate downward cycle, and it was more difficult to obtain spread income through band trading. Since H2 2025, the "stock - strong and bond - weak" pattern has emerged, and the loss caused by fair value change will be more obvious [3]. - Different Bank Types Show Differentiated Performance, and State - owned Banks' Pressure Is Relatively Controllable: State - owned banks can maintain a certain profit - making ability in the low - interest - rate volatile bond market due to their advantages in bond allocation and trading portfolios. Joint - stock banks, city commercial banks, and rural commercial banks are more vulnerable, and they may increase their capital allocation in the equity market, commodity market, and related structured fixed - income products in the future [3].

Core Viewpoint - Since September, local small and medium-sized banks have been continuously lowering deposit interest rates to alleviate net interest margin pressure and follow the lead of larger banks [1][3]. Group 1: Deposit Rate Adjustments - On September 25, several banks in Henan, including Luoyang Rural Commercial Bank, announced reductions in RMB deposit rates, with the highest cut reaching 35 basis points [2][3]. - The new rates for fixed-term deposits at Luoyang Rural Commercial Bank are now 0.75% for three months, 1.00% for six months, 1.30% for one year, and 1.35% for two years, reflecting a reduction of 15 basis points [3]. - Other banks, such as Jieyang Rural Commercial Bank and Shanghai Huarui Bank, have also lowered rates across various deposit products, indicating a broader trend among local banks to adjust rates following national banks [3]. Group 2: Retail Deposit Trends - There is a noticeable outflow of retail deposits as customers shift to investment products with higher returns, such as cash management and fixed-income bank wealth management products, which offer annual yields of 2% to 3% [2][5]. - Retail deposit growth has significantly slowed, with banks facing challenges in attracting new customers and retaining existing deposits [5][6]. - Data shows that major banks like China Merchants Bank and Ping An Bank experienced a decline in retail deposit growth rates in the first half of 2025 compared to the same period in 2024, with decreases of 3.43 and 3.73 percentage points, respectively [8]. Group 3: Wealth Management Strategies - In response to declining retail deposits, banks are focusing on expanding their wealth management services, leveraging the recent bullish trends in capital markets [9][10]. - Wealth management products, particularly those linked to equity funds, are becoming key revenue drivers for banks as they seek to retain customer assets [9]. - The "fixed income plus" product category is seen as a new pathway for banks to attract deposits in a low-interest-rate environment, highlighting the need for diversified investment options [10].

Investment Rating - The investment rating for the banking industry is "Positive" (maintained) [1] Core Insights - The banking sector is experiencing a shift in fund investment behavior, with banks redeeming low-yield money market funds and increasing their holdings in credit bond funds to enhance returns [5][57] - The total fund holdings of listed banks reached approximately 6.37 trillion yuan, accounting for 2.03% of total assets as of the end of the first half of 2025 [15][18] - The proportion of fund investments in the fair value through profit or loss (FVTPL) category is 48.5%, with city commercial banks showing even higher ratios [15][22] Summary by Sections 1. Fund Investment Participation and Scale - The self-managed fund holdings of listed banks as of June 2025 were approximately 6.37 trillion yuan, with shareholding banks and city commercial banks having significant investment scales of 2.84 trillion yuan and 1.72 trillion yuan, respectively [15][18] - The investment in money market funds decreased to 9.10%, while the proportion of passive index bond funds increased to 7.90% [23][25] 2. Changes in Fund Investment Behavior - Banks are redeeming money market funds and low-yield rate bond funds while increasing their investment in credit bond funds [5][57] - The redemption pressure for money market funds was primarily concentrated in the first quarter of 2025, driven by liquidity management needs and yield enhancement [49][55] 3. Future Expansion and Impact of Redemption Fee Reform - Smaller banks have greater expansion potential in fund investments, driven by the need for redundant fund screening and tax-exempt income [3][3] - The implementation of redemption fee reforms may catalyze preventive redemptions by banks, leading to a preference for customized bond funds and bond ETFs [3][3]

2023年12月29日，国家外汇管理局出台《银行外汇展业管理办法（试行）》，为银行外汇业务流程 再造提供了制度框架。作为城商行中的积极实践者，宁波银行以全流程管理为核心，通过矩阵式管理体 系构建、业务流程革新与金融科技深度赋能，实现了跨境便利化与风险防控的精准平衡，为中小民营企 业量身打造了"越诚信越便利"的外汇服务生态。 矩阵式管理织密风控网络 宁波银行创新构建总分支三级联动的矩阵式管理体系，为外汇展业改革筑牢组织根基。总行国际业 务部统筹规划，设立事中审核和事后监测专业团队，实施差异化客户管理策略；分行国际业务部通过市 场、单证、综合三大团队协同，将总行策略转化为具体操作；支行外汇业务经理深耕一线，提供个性化 客户服务。这种 "决策-执行-服务" 的垂直管理链条，实现了全行外汇业务的高效协同与信息共享。 为确保专业能力与合规要求落地，宁波银行建立严格的岗位资格准入机制，要求尽职调查、业务审 查及合规管理人员均需取得专业资格认证。在考核体系中嵌入外汇合规指标，对违规行为实施责任追 究，形成"专业准入-过程管控-结果考核"的全链条管理闭环。这一机制不仅保障了业务规范性，更推动 外汇展业深度融入日常运营，为改革 ...

Group 1 - On September 24, a total of 26 companies were investigated by institutions, with 18 companies being surveyed by funds, indicating a strong interest in these firms [1] - Among the companies surveyed, Mintai Aluminum (601677) received the most attention, with 12 funds participating in the investigation, followed by Antai Technology (000969) and Dongsheng Technology (300073), each with 9 funds [1] - The surveyed companies are distributed across various sectors, with the most represented industries being electric equipment, automotive, and non-ferrous metals, each having three companies listed [1] Group 2 - In terms of market performance, 7 out of the surveyed stocks increased in value over the past five days, with Jin Tai Yang (300606) leading with a rise of 12.67%, followed by New Coordinates (603040) at 10.47% and Honghua Digital Science (9.68%) [2] - Conversely, 11 stocks experienced declines, with Yun Aluminum (000807) dropping by 7.46%, followed by Jingjin Electric and Shuangjie Electric (300444) with declines of 6.91% and 3.66% respectively [2] - Notably, Dongsheng Technology saw a net inflow of funds amounting to 291 million yuan over the past five days, indicating strong institutional interest [2]

Market Overview - The Shanghai Composite Index rose by 0.83% on September 24, with 28 out of 41 sectors experiencing gains. The leading sectors were power equipment and electronics, with increases of 2.88% and 2.76% respectively. Conversely, the banking, coal, and telecommunications sectors saw declines of 0.36%, 0.29%, and 0.01% respectively, with the banking sector being the largest decliner [1]. Capital Flow Analysis - The net inflow of capital in the two markets was 19.725 billion yuan, with 14 sectors experiencing net inflows. The electronics sector led with a net inflow of 13.046 billion yuan and a daily increase of 2.76%. The computer sector followed with a net inflow of 5.021 billion yuan and a daily increase of 2.52% [1]. - In contrast, 17 sectors experienced net outflows, with the automotive sector leading at a net outflow of 2.064 billion yuan, followed by telecommunications with a net outflow of 1.670 billion yuan. Other sectors with significant outflows included public utilities, food and beverage, and banking [1]. Banking Sector Performance - The banking sector declined by 0.36% on the same day, with a net outflow of 795 million yuan. Out of 42 stocks in this sector, 20 rose while 21 fell. Notably, 19 stocks had net inflows, with the highest being China Merchants Bank, which saw a net inflow of 109 million yuan. Other banks with significant inflows included Ningbo Bank and Shanghai Pudong Development Bank, with net inflows of 55.414 million yuan and 32.761 million yuan respectively [2]. - The stocks with the largest net outflows included Agricultural Bank of China, China Bank, and China Construction Bank, with net outflows of 295 million yuan, 170 million yuan, and 140 million yuan respectively [2]. Individual Stock Performance in Banking - The following table summarizes the performance of selected banking stocks: - Agricultural Bank of China: -1.20% change, net outflow of 295.23 million yuan - China Bank: -0.38% change, net outflow of 170.08 million yuan - China Construction Bank: -1.13% change, net outflow of 139.90 million yuan - Industrial and Commercial Bank of China: +0.95% change, net outflow of 108.01 million yuan - Minsheng Bank: -0.24% change, net outflow of 67.54 million yuan [2][3].