Investment Rating - The report maintains an "Outperform" rating for the banking industry [5][6]. Core Insights - The banking industry's net interest margin (NIM) is expected to reach its bottom level around 1.2% to 1.3%, indicating a potential end to the current downtrend in NIM [1][42]. - The report predicts a decline in the Loan Prime Rate (LPR) by approximately 10 basis points (bps) in 2026, which will likely lead to a year-on-year decrease in NIM of about 5 to 8 bps [2][3]. - The monetary policy for 2026 is characterized as "reasonable and ample" with a focus on precise adjustments, aiming to balance economic growth and financial stability [3][67]. Summary by Sections Investment Recommendations - Focus on high-quality stocks that are expected to see an inflection point in NIM, such as Ningbo Bank and Changshu Bank, while also considering stocks with attractive dividend yields like China Merchants Bank and Industrial and Commercial Bank of China [4][5]. NIM Analysis - The report estimates that the NIM for 2026 will narrow by approximately 2 to 5 bps, marking the likely end of the current downtrend cycle [66]. - The projected decline in loan rates is about 24 bps, which will negatively impact NIM by approximately 15 bps, while deposit rates are expected to decrease by 14 to 17 bps, providing a positive impact on NIM of about 10 to 13 bps [66][60]. Monetary Policy Outlook - The monetary policy framework for 2026 emphasizes a balanced approach, with the LPR expected to decrease by 10 bps, contingent on economic conditions [3][68]. - The report highlights that maintaining stability in NIM and deposit rates will be a key objective for the People's Bank of China in 2026 [71][72].

Core Insights - The 25th China Venture Capital & Private Equity Annual Forum highlighted the recovery of the secondary market, with the value of newly invested Chinese companies' IPO shares held by VC/PE institutions exceeding 410 billion yuan, marking a three-year high [6] - The forum emphasized the importance of inclusivity in the private equity market to drive innovation, aligning with the central government's strategy to enhance the attractiveness and inclusivity of domestic capital markets [9] - There is a strong belief in maintaining a steady investment pace in early-stage ventures, as innovation opportunities are more influenced by industry development trends than by the current investment environment [14] Investment Trends - The AI, energy, and biomedicine sectors are viewed as promising areas for future investment [30] - The upcoming year is expected to see a surge in mergers and acquisitions, supported by new financial policies and increased bank lending for such activities [36] - There is a recognition that the current valuation discrepancies in the IPO market could create a false perception of company values, particularly in the Hong Kong market [27] Market Dynamics - The current low debt levels of listed companies in China present a favorable environment for mergers and acquisitions, indicating strong demand for such activities [47] - The forum discussed the cyclical nature of financial bubbles, suggesting that past technological revolutions have often been preceded by periods of speculative excess [39] - The importance of maintaining reasonable valuations and strong cash flow to support leverage and dividends was highlighted as critical for controlling risks in merger investments [45] Future Outlook - The next five years are deemed crucial for companies like Kingdee, which aims to significantly increase revenue from AI, focusing on large-scale acquisitions of overseas AI startups [52] - The rapid development of generative AI is expected to accelerate application growth in the coming year, despite current slower-than-expected adoption rates [78] - The competition in the AI field is characterized as a race between Chinese and overseas talents, with ongoing learning and adaptation between the two [75]

Core Viewpoints - The banking sector is expected to return to a fundamental narrative in 2026, supported by policy financial tools and resilient asset expansion, with net interest margins likely stabilizing and improving due to the ongoing deposit repricing cycle [3][9] - The report highlights two main investment lines: high-quality small and medium-sized banks with solid fundamentals and state-owned large banks with good defensive value [3][9] Group 1: Fiscal Policy and Social Financing - In 2026, fiscal policy will remain key to stabilizing demand, with a stable growth rate of social financing expected between 8.3% and 9.0% [9][41] - The fiscal deficit rate is projected to remain at least at the 2025 level, with a focus on stimulating total demand and influencing the growth rate of bank asset expansion [26][41] - The government has introduced a new policy financial tool of 500 billion yuan, which is expected to leverage a total investment scale of approximately 7 trillion yuan, with a significant portion of related loans anticipated to materialize in 2026 [26][41] Group 2: Net Interest Margin Outlook - The net interest margin for banks is expected to stabilize and improve in 2026, primarily driven by a significant reduction in liability costs, with a projected improvement of approximately 30 basis points [9][49] - The scale of deposits entering the repricing cycle in 2026 is estimated at around 112 trillion yuan, contributing approximately 17.5 basis points to the improvement in the cost of interest-bearing liabilities [47][49] - The report anticipates that the overall improvement in the cost of interest-bearing liabilities will be around 30 basis points, with a corresponding effect on net interest margins of approximately 27 basis points [49] Group 3: Non-Interest Income and Asset Quality - Growth in non-interest income is expected to return to normal levels, with a marginal decline in contributions from other non-interest income sources [9][45] - The overall asset quality is projected to remain stable, with a focus on the risks associated with individual loans and real estate loans, which are expected to be manageable [9][45] - The report indicates that corporate asset quality continues to improve, while risks in the real estate sector are expected to be controllable [9][45] Group 4: Capital and Refinancing Outlook - The capital adequacy ratios of commercial banks are expected to remain stable, with a slight decline due to fluctuations in bond market interest rates [9][45] - The successful capital injection into four major state-owned banks is anticipated to enhance their ability to manage risks and support credit issuance [9][45] - The report notes that the path for capital replenishment through external channels remains relatively blocked, particularly for small and medium-sized banks [9][45]

（原标题：宁波能源(600982.SH)：公司没有投资宁波银行和杭州银行） 格隆汇12月4日丨宁波能源(600982.SH)在投资者互动平台表示，公司没有投资宁波银行和杭州银行。 ...

Group 1: Company Growth and Financing - The company focuses on long-term growth, balancing dividends with internal capital growth to ensure a solid capital foundation for sustainable development [2] - Internal capital is expected to create greater value for the company's development, with a commitment to enhancing performance and maintaining steady internal capital growth for shareholder returns [2] - The company has been actively supporting key sectors such as small and micro enterprises, manufacturing, and consumer services, leading to steady growth in loan scale [2] Group 2: Future Strategies and Regulatory Compliance - The company plans to continue expanding financial services to meet the funding needs of the real economy, supported by policies aimed at boosting domestic demand and consumption [2] - The company is researching and following regulatory requirements regarding the implementation of advanced capital measurement methods, as outlined by the National Financial Supervision Administration [2] - The company ensures compliance with disclosure regulations during investor communications, with no significant undisclosed information leaks reported [2]

在资本市场高质量发展的时代洪流中，一套规范、高效且富有远见的公司治理体系，不仅是企业行稳致 远的压舱石，更是其穿越周期、创造长期价值的领航灯。近日，中国上市公司协会2025年度两大权威奖 项评选结果揭晓，宁波银行再次凭借其卓越表现，同时荣获"上市公司董事会最佳实践"和"上市公司董 办最佳实践"称号。尤为引人注目的是，这已是该行连续第三年将这两项治理领域的最高荣誉双双收入 囊中。 本次评选活动吸引了全国五千余家上市公司参与，经过严格的初审、专家委员会评审及诚信核查等层层 筛选，最终有240家入选"董事会最佳实践"，344家入选"董办最佳实践"。宁波银行的持续胜出，标志其 公司治理的实践已从"达标合规"迈入了"示范引领"的标杆行列。 连续三年斩获中国上市公司协会两项治理大奖，对宁波银行而言，是一份实至名归的认可，更是一份沉 甸甸的责任。这串连贯的荣誉刻度，不仅记录了一家优秀银行在公司治理现代化道路上的坚实足迹，更 是源于内在治理的坚固。在建设金融强国的新征程上，以宁波银行为代表的治理标杆，正以其躬身实 践，为资本市场的高质量发展书写着有价值的注脚。 当前，随着新"国九条"及资本市场"1+N"政策体系的落地，市场对 ...

Core Viewpoint - The recent increase in institutional research on local listed banks, particularly city and rural commercial banks, is driven by improving fundamental indicators, investment value, and market performance, with a generally optimistic outlook on net interest margins and dividend prospects [1][3]. Group 1: Institutional Research Activity - As of December 3, 12 listed banks have received 195 research visits from 81 institutions since November, a significant increase from October's 58 visits [1][2]. - The banks involved in this round of research are all regional institutions, including Ningbo Bank, Hangzhou Bank, and others [2]. - Year-to-date, 25 banks have been researched, with Ningbo Bank and Hangzhou Bank leading in the number of visits, receiving 323 and 285 visits respectively [3]. Group 2: Outlook on Net Interest Margins - Institutions are focusing on dividend plans, net interest margin outlooks, and response measures during their research [4]. - Despite a historical low net interest margin of 1.42% as of Q3, many banks express optimism about future trends, citing potential stabilization [4][5]. - Banks are adjusting their asset-liability structures and reducing deposit rates to manage the pressure on net interest margins [5]. Group 3: Dividend Stability and Plans - The upcoming mid-term dividends for A-share listed banks in 2025 have become a focal point for institutions, with banks like Ningbo Bank and Zhangjiagang Bank implementing mid-term dividends for the first time [6]. - Several banks, including Suzhou Bank, maintain a stable cash dividend ratio of over 30%, indicating a commitment to providing consistent returns to shareholders [6]. - Banks are advised to balance their operational performance with dividend frequency, ensuring that dividend policies are aligned with profitability and capital adequacy [7].

Core Viewpoint - The collaboration between Changning District Federation of Industry and Commerce and Ningbo Bank aims to promote the digital transformation and intelligent upgrade of private enterprises, leveraging international technology and management practices [2][8]. Group 1: Event Overview - On November 28, nearly 30 enterprises from Changning and Suzhou visited the Shanghai Fanuc Intelligent Manufacturing Experience Center to explore solutions in production execution management, digital smart factories, and intelligent equipment management [2][8]. - The event facilitated discussions on financial empowerment and intelligent manufacturing transformation, aiming to stimulate innovation and build consensus for development [2][8]. Group 2: Expert Contributions - Industry experts from Shanghai Fanuc shared intelligent manufacturing solutions and transformation strategies through specific industry case studies [4][10]. - Ningbo Bank's experts introduced the "Equipment Home" financial service platform, emphasizing the importance of financial support for enterprises [4][10]. Group 3: Financial Services and Support - Ningbo Bank Changning Branch expressed its commitment to deepening its financial services, optimizing product systems, and enhancing service efficiency to support market expansion and innovation for enterprises [4][10]. - The Changning District Federation of Industry and Commerce promoted the region's business environment, highlighting the construction of the "Shanghai Silicon Alley" innovation district and the development of key regional industries [4][10]. Group 4: Future Initiatives - The event exemplified the "government-business-bank-enterprise" cooperation mechanism, with plans to continue focusing on the needs of the private economy and optimizing service measures under the "Ningxin Tongxing·Shanglian π" brand [6][12]. - The goal is to provide warm, strong, and efficient financial services to assist in the high-quality development of the private economy [6][12].

在董事会的带领下，宁波银行规模和效益持续稳健增长，同时资产质量保持长期平稳，始终位列全国系 统重要性银行序列；在英国《银行家》杂志"全球银行1000强"榜单中连年进位，2025年位列第72位；信 息披露工作连续17年在深圳证券交易所信息披露考核中被评为最高等级A级，是全市场仅有的6家连续 17年"信披常青树"之一。 本次评选由中国上市公司协会主办，旨在促进上市公司董事会及其日常职能机构董事会办公室的合规运 作，提升上市公司治理效能，发挥先进治理模式示范作用。评选活动历经初审、专家委员会评审、诚信 核查等环节，最终在五千余家上市公司中评出董事会最佳实践240家、董办最佳实践344家。在激烈的竞 争中，宁波银行凭借扎实的工作表现、显著的管理成效以及创新的实践模式脱颖而出，获得专家评委的 一致认可。 连续三载摘得桂冠的背后，是宁波银行在公司治理实践中的不懈耕耘与持续创新。宁波银行董事会作为 公司治理的核心，切实发挥战略决策主体作用，紧密对接国家宏观政策与产业导向，以创新驱动发展为 引领，实施差异化的发展策略，不断升级"专业化、数字化、综合化、国际化"赋能体系，在助力实体经 济实现更高质量发展的同时，持续提升自身市场 ...

Group 1: Digital Transformation and Financial Services - Ningbo Bank leverages digital transformation to enhance financial services, enabling small businesses to apply for loans quickly and receive funds on the same day [2] - The bank has introduced a range of credit products tailored for small enterprises, addressing their unique financing challenges by reducing reliance on collateral [6][7] - A comprehensive financial service platform has been developed, integrating various functionalities to streamline processes for businesses [7] Group 2: Support for Technology and Innovation - Ningbo Bank has established industry funds to support technology-driven enterprises, facilitating their growth and development [3][4] - The bank's initiatives have led to the successful establishment of multiple industry funds, totaling 4.37 billion yuan, focusing on advanced sectors like robotics and high-end manufacturing [4][5] - A dedicated technology finance department is set to be established to provide lifecycle services for tech enterprises, enhancing support for innovation [5] Group 3: Green Finance Initiatives - The bank is actively promoting green finance by converting environmental benefits into financial value through data-driven solutions [8][9] - Services like "波波知了" have been introduced to help companies monitor energy consumption and improve efficiency, contributing to cost savings [8] - The bank has developed a green finance management system that incorporates ESG requirements into its credit management processes [9] Group 4: Commitment to Sustainable Development - Ningbo Bank is committed to investing 5% of its annual revenue into technology and digital product development, positioning itself as a leader among publicly listed banks [11] - The bank has implemented innovative financial solutions to assist businesses in optimizing their operations and reducing costs [11][12] - Ongoing efforts are focused on enhancing service delivery to meet the diverse needs of clients, thereby fostering sustainable economic growth [12]