（文章来源：北京商报） 北京商报讯1月4日，宁波银行发布公告称，该行于2025年12月8日召开的2025年第二次临时股东大会审 议通过了《关于修订的议案》和《关于不再设立监事会的议案》。近日，该行收到《宁波金融监管局关 于宁波银行修改公司章程的批复》。宁波金融监管局已核准宁波银行修订后的公司章程。 公告显示，自2025年12月31日起，宁波银行不再设立监事会，由董事会审计委员会承接法律法规规定的 原监事会职权。监事会下设各专门委员会同步撤销，《宁波银行股份有限公司监事会议事规则》等监事 会相关公司治理文件相应废止。丁元耀、鲍明伟、俞德昌、周士捷、庄晔、陈锦晓不再担任该行监事， 其均已确认与该行无不同意见，亦无任何其他相关事项需知会该行股东及债权人。 ...

宁波银行股份有限公司章程 二〇二五年十二月 | | | | 第六节 董事会秘书 | | --- | | 第七章 高级管理人员 . | | 第八章 财务会计制度、利润分配和审计 | | 第一节 财务会计制度 . | | 第二节 内部审计 | | 第三节 会计师事务所的聘任 | | 第九章 通知和公告 53 | | 第一节 通知 53 | | 第二节 公告 54 | | 第十章 合并、分立、增资、减资、解散和清算 54 | | 第一节 合并、分立、增资和减资 . | | 第二节 解散和清算 | | 第十一章 修改章程. | | 第十二章 附则 . | 宁波银行股份有限公司章程 第一章 总则 第一条 为维护宁波银行股份有限公司(以下简称"本行")、股东、 职工和债权人的合法权益，规范本行的组织和行为，根据《中华人民共和 国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简 称"《证券法》"）、《中华人民共和国商业银行法》（以下简称"《商业银行 法》"）和其他法律、行政法规及部门规章，制定本章程。 第二条 本行系依照《公司法》、《商业银行法》和其他法律、行政法 规及部门规章成立的股份有限公司。 本行 ...

证券代码：002142 证券简称：宁波银行 公告编号：2026-001 优先股代码：140001 优先股简称：宁行优01 宁波银行股份有限公司关于 公司章程修订获核准及不再设立监事会的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或者重大遗漏。 宁波银行股份有限公司（以下简称"公司"）于 2025 年 12 月 8 日召开的 2025 年第二次临时股东大会审议通过了《关于修订< 宁波银行股份有限公司章程>的议案》和《关于不再设立监事会的 议案》。 近日，公司收到《宁波金融监管局关于宁波银行修改公司章程 的批复》（甬金复〔2025〕330 号）。宁波金融监管局已核准公司 修订后的公司章程。修订后的公司章程全文详见巨潮资讯网 （http://www.cninfo.com.cn）。 东及债权人。公司对各位监事在任职期间作出的贡献给予高度评价 并致以衷心的感谢。 特此公告。 宁波银行股份有限公司董事会 2026 年 1 月 5 日 2 自 2025 年 12 月 31 日起，公司不再设立监事会，由董事会审 计委员会承接法律法规规定的原监事会职权。监事会下设各专门委 员会同步 ...

Core Viewpoint - The Chinese banking industry is undergoing a significant transformation, with banks redeeming high-cost preferred shares and issuing perpetual bonds as a more cost-effective financing alternative, driven by declining social financing costs and regulatory changes [2][4][11]. Group 1: Redemption of Preferred Shares - By the end of 2025, a total of 9 banks announced the redemption of preferred shares, amounting to 111.8 billion RMB in domestic preferred shares and 5.72 billion USD in foreign preferred shares [4]. - In December 2025 alone, five banks, including Changsha Bank and Beijing Bank, redeemed a total of 45.8 billion RMB in preferred shares [3]. - The redemption of preferred shares is facilitated by their lack of maturity dates but includes redemption clauses, allowing banks to manage capital flexibly [4]. Group 2: Issuance of Perpetual Bonds - As of December 31, 2025, Chinese commercial banks issued 69 perpetual bonds, raising a total of 821.8 billion RMB, marking a historical high in both issuance quantity and scale [5]. - The interest rates for newly issued perpetual bonds generally ranged from 2.0% to 2.9%, the lowest in nearly three years, with a significant issuance peak occurring in the second half of 2025 [5][6]. - The issuance of perpetual bonds is seen as a response to the urgent need for capital replenishment, especially among small and medium-sized banks facing declining capital adequacy ratios [2][6]. Group 3: Cost Savings and Financial Efficiency - By replacing preferred shares with perpetual bonds, banks can save at least 3% annually on interest expenses, significantly reducing their financing costs [8][10]. - For instance, the interest rate on newly issued perpetual bonds is substantially lower than that of previously issued preferred shares, with examples showing potential annual savings of 12.8 million RMB for banks like Industrial Bank [10]. - The transition from preferred shares to perpetual bonds is viewed as a strategic move to optimize capital structure and reduce interest payment burdens, aligning with regulatory requirements [8][10]. Group 4: Regulatory Environment and Market Dynamics - The shift towards perpetual bonds is influenced by regulatory changes that favor capital instruments with loss absorption capabilities, making traditional preferred shares less attractive [11]. - The approval process for issuing perpetual bonds is simpler and faster compared to preferred shares, which require dual regulatory approvals, thus enhancing their appeal to banks [11]. - The current low-interest-rate environment is expected to persist, allowing banks to lock in low financing costs for the next 5 to 10 years, effectively mitigating the pressure from narrowing net interest margins [10].

Core Viewpoint - In 2025, the A-share banking sector index increased by 12%, with significant fluctuations throughout the year, including a strong performance in the first half, a pullback in the third quarter, and a recovery in the fourth quarter [1] Group 1: Overall Market Performance - The A-share banking sector index saw a cumulative increase of 12% in 2025 [1] - Agricultural Bank of China (ABC) stood out with a stock price increase of over 52.66%, making it the highest-performing bank in terms of stock price growth [1] - By the end of 2025, six banks had stock price increases exceeding 20%, including ABC, Xiamen Bank, Shanghai Pudong Development Bank, Chongqing Bank, Industrial and Commercial Bank of China (ICBC), and Ningbo Bank [1] Group 2: Market Capitalization - By the end of 2025, ABC's A-share market capitalization surpassed that of ICBC, making it the highest market capitalization bank in A-shares, although ICBC still held a higher total market capitalization when including H-shares [1] - The total market capitalization rankings of the six major state-owned banks were led by ICBC (2.63 trillion yuan), followed closely by ABC (2.61 trillion yuan) [3] Group 3: Valuation Metrics - ABC's price-to-book (PB) ratio exceeded 1 for the first time, breaking the long-standing trend of state-owned banks trading below book value, which contributed to the overall valuation recovery of A-share listed banks [3] - The PB ratio for ABC was reported at 1.00, indicating a significant improvement in its market valuation [2] Group 4: Growth Drivers - The recovery of ABC's PB ratio is attributed to the potential release of county-level business opportunities amid urban-rural integration, which is expected to drive credit growth more significantly than its peers [4] - The bank benefits from lower liability costs and superior asset quality in the county financial sector, supporting steady growth in asset scale and profitability [4]

Summary of the Conference Call Transcript Industry Overview - The banking sector is entering a phase of high-quality development, with a focus on absolute and relative returns from bank stocks, driven by high dividend yields and asset quality [3][4][20]. Key Points Financial Performance Projections - Expected revenue growth for listed banks in 2026 and 2027 is +2.5% and +3.6% respectively, with net profit growth of +1.9% and +2.6% [4][20]. - Revenue and profit growth are anticipated to improve due to: 1. Narrowing net interest margin pressure 2. Quality-focused credit issuance amid weak demand [4][20]. 3. Stabilization of fee income growth after several years of fee reductions [4][20]. 4. Stable or improving net non-performing loan generation rates [4][11]. 5. Accelerated supply-side reforms leading to a reduction in the number of bank licenses, improving competition and operational landscape [4][11]. Customer Demand and Market Dynamics - The low-interest-rate environment has shifted customer demand, with government and state-owned enterprises becoming significant contributors to leverage, affecting the structure of new social financing [5][10]. - Regulatory policies are influencing the development of inclusive finance, focusing on risk compensation rather than merely increasing customer numbers [5][10]. Risk Factors - Risks associated with real estate developers and retail sectors are highlighted, with potential for greater-than-expected exposure [6][11]. Profitability and Valuation Adjustments - Adjustments to profitability forecasts for 2025 and 2026 have been made, with a focus on net interest income recovery and fee income growth [20][21]. - The expected net interest margin for 2026 is projected to be approximately 1.34%, a decrease of 6 basis points from 2025 [21][22]. - Fee income is expected to grow by 3.6% and 4.9% in 2026 and 2027 respectively, indicating a positive trend in non-interest income [21][22]. Asset Quality and Credit Costs - The net non-performing loan generation rate is expected to stabilize or slightly decline, with structural characteristics of retail and corporate lending continuing [11][21]. - Credit costs are projected to remain stable at around 0.58% for 2026 and 2027, reflecting the balance between corporate and household debt servicing capabilities [21][22]. Investment Recommendations - The report suggests a continued positive outlook for bank stocks, emphasizing the importance of dividend yield and asset quality in investment decisions [3][4][20]. Additional Insights - The banking sector is undergoing a transformation towards high-quality development, with a shift in focus from scale to quality, driven by macroeconomic pressures and regulatory changes [12][20]. - The reduction in the number of banking licenses over the past five years indicates successful risk management efforts within the sector [11][12]. - The report emphasizes the need for banks to adapt their strategies to maintain competitiveness in a changing regulatory and economic environment [12][20].

Core Viewpoint - Ningbo Bank aims to achieve steady and high-quality development by implementing a service system focused on professionalism, digitalization, comprehensiveness, and internationalization, while supporting the real economy and enhancing customer value [1][5]. Group 1: 2025 Performance and Goals - In 2025, Ningbo Bank's total assets are expected to exceed 3.5 trillion yuan, maintaining its position as one of the highest-valued and lowest non-performing rate banks in A-shares [1][5]. - The bank is projected to advance to the 72nd position in the "2025 Global Top 1000 Banks" list, continuing its status as a systemically important bank in China [1][5]. Group 2: Strategic Focus for 2026 - For 2026, Ningbo Bank will continue to prioritize customer-centric services, aiming to create unexpected value and become a comprehensive service partner for clients [2][6]. - The bank plans to enhance its offerings in foreign exchange management, interest rate management, and asset allocation to help clients preserve and increase their assets [2][6]. - Digital systems will be utilized to improve service efficiency and support clients' digital management, while comprehensive services will link various resources to facilitate high-quality development [2][6]. Group 3: Commitment to Real Economy - Ningbo Bank will uphold its mission to serve the real economy, emphasizing a customer-first approach and a commitment to creating value for clients [4][7]. - The bank will continue to strengthen its support for the real economy and align its operations with the principles of political and people-oriented financial work [1][5].

Market Overview - The city commercial bank sector experienced a decline of 0.33% on December 31, with Xiamen Bank leading the drop [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] Individual Bank Performance - Qilu Bank closed at 5.74, up 1.77% with a trading volume of 848,200 shares and a transaction value of 485 million [1] - Suzhou Bank closed at 8.29, up 0.24% with a trading volume of 263,500 shares and a transaction value of 219 million [1] - Xiamen Bank closed at 7.34, down 1.08% with a trading volume of 133,200 shares and a transaction value of 97.8 million [2] - Nanjing Bank closed at 11.43, down 0.78% with a trading volume of 235,600 shares and a transaction value of 270 million [2] Capital Flow Analysis - The city commercial bank sector saw a net inflow of 201 million from institutional investors, while retail investors experienced a net outflow of 9.56 million [2] - The capital flow for individual banks shows that Shanghai Bank had a net inflow of 48.9 million from institutional investors, while Hangzhou Bank had a net outflow of 50.55 million [3] - Suzhou Bank recorded a net inflow of 30.66 million from institutional investors, while retail investors had a net outflow of 27.1 million [3]

Core Viewpoint - Ningbo Bank has been recognized as the "Annual Listed Bank" in the 2025 Financial Industry Annual Selection for its outstanding performance in business development and commitment to serving the real economy [1] Group 1: Financial Performance - As of September 2025, Ningbo Bank's total assets reached 35,783.96 billion yuan, a 14.50% increase from the beginning of the year [2] - The bank reported operating income of 54.976 billion yuan and a net profit attributable to shareholders of 22.445 billion yuan, reflecting year-on-year growth of 8.32% and 8.39%, respectively, outperforming the industry average [2] Group 2: Loan and Deposit Growth - Total loans and advances amounted to 17,168.23 billion yuan, marking a 16.31% increase since the beginning of the year [3] - Total deposits reached 20,478.04 billion yuan, up 11.52% from the start of the year [3] Group 3: Risk Management - As of September 2025, the non-performing loan ratio stood at 0.76%, unchanged from the beginning of the year, with a provision coverage ratio of 375.92% [3] - The bank has maintained a non-performing loan ratio below 1% for 18 consecutive years since its listing, showcasing strong asset quality [3] Group 4: Strategic Initiatives - Ningbo Bank is committed to integrating national strategies with its development, focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance [3][4] - The bank has been recognized for its achievements, ranking 72nd in the Global 1000 Banks list by The Banker magazine, an improvement of 8 places from the previous year [4] Group 5: Social Responsibility and Innovation - The bank emphasizes its role in supporting the real economy and has developed specialized products like patent loans and technology loans to foster new technologies [5] - It has also integrated green development into its strategic management, with green loan balances exceeding 68 billion yuan, expected to facilitate a carbon reduction of over 230,000 tons [5] Group 6: Future Outlook - Looking ahead, Ningbo Bank aims to uphold the principle of "professionalism creates value" while continuing to serve the real economy and empower social progress [7]

Market Sentiment - The current market sentiment score is 70, indicating a "relatively hot" market condition, which suggests investor confidence is strong [5][9]. - Historical trends show that when the sentiment score is below or close to 30, the market tends to find support, while scores above 70 may indicate resistance [9]. Hot Themes Tracking - **Robotics Theme**: The establishment of a national standard organization for humanoid robots and embodied intelligence marks a transition from "technical exploration" to "industrial collaboration" and "scale deployment," which is expected to accelerate technology application and ecosystem formation. Related stocks include Sanhua Intelligent Control (002050) and Wolong Electric Drive (600580) [5]. - **Banking Theme**: Bank stocks are characterized by high dividend yields, with the CSI Bank Index yielding 6.02%, significantly higher than the 10-year government bond yield. This makes bank stocks attractive for long-term funds during economic slowdowns. Relevant stocks include Agricultural Bank of China (601288) and Ningbo Bank (002142) [5]. - **Brokerage Theme**: The China Securities Regulatory Commission (CSRC) is focusing on strengthening classified regulation and optimizing risk control indicators for quality institutions. This shift aims to enhance capital utilization efficiency and promote high-quality development in the securities industry. Related stocks include CITIC Securities (600030) and Guotai Junan Securities (601211) [5]. Capital Flow Analysis - The top ten stocks with the highest net inflow include Sanhua Intelligent Control (002050) with a net inflow of approximately 279.98 million, and Shanzhi Gaoke (000981) with about 153.53 million [10]. - The top ten stocks with the highest net buy in financing include C Qiangyi (688809) with 54.91 million and Sanhua Intelligent Control (002050) with 37.68 million [13]. - The top ten industries with the highest net inflow include SW Machinery Equipment and SW Automotive, indicating strong investor interest in these sectors [17]. Industry Insights - The banking sector is highlighted for its stability and high dividend yields, making it a key focus for long-term investors amid economic uncertainties [5]. - The robotics industry is poised for growth due to new standards that facilitate collaboration and reduce development costs, indicating a shift towards more scalable applications [5]. - The brokerage industry is undergoing a transformation towards quality over quantity, with a focus on differentiated services and professional strength [5].