Core Insights - The article emphasizes the abundance of bank wealth management products with similar names and vague characteristics, urging investors to carefully select and differentiate among them [1] - The focus is on pure fixed-income products issued by wealth management companies, providing a performance ranking of these products based on their annualized returns over the past month, three months, and six months [1] Summary by Category Product Performance - The ranking showcases products with outstanding performance, sorted by annualized returns over the past three months to reflect their multidimensional yield performance amid recent market fluctuations [1] - Specific products highlighted include those from Huaxia Bank, which achieved annualized returns of 9.89% over 1 month and 10.92% over 3 months for a 180-day holding period [7] - Other notable products include those from China Bank and China Construction Bank, with varying annualized returns across different holding periods [5][8] Distribution Channels - The article lists 28 distribution institutions, including major banks such as Industrial and Commercial Bank of China, Bank of China, and Agricultural Bank of China, among others [2] - It notes that the availability of products may vary due to factors like sold-out quotas or differences in product listings for different customers, advising investors to refer to the actual displays on bank apps [2] Data Source - The performance data is sourced from the Nanfang Financial Terminal and Nanfang Wealth Management, with statistics as of November 20 [5][12]

Investment Rating - The report maintains a "Positive" investment rating for the banking sector [12] Core Insights - The overall market has seen a decline, with a noticeable drop in risk appetite, yet bank stocks have slightly retreated while outperforming the broader market and the ChiNext index, showcasing their defensive attributes [2] - The report highlights a significant focus on the asset quality trends of retail loans, particularly mortgage loans, due to recent fluctuations in housing prices, raising concerns about the ability to cover loan principal [6][40] - The report anticipates that the decision-makers will prioritize financial system stability and risk thresholds, likely implementing policy adjustments to alleviate the pressure on mortgage loan asset quality [6][40] Summary by Sections Market Performance - The Longjiang Bank Index fell by 0.9%, but outperformed the CSI 300 and ChiNext indices by 2.9% and 5.3% respectively, indicating a defensive characteristic of bank stocks [19] - State-owned banks have shown notable performance, with early mid-term dividend distributions in December encouraging increased allocations [19] Retail Loan Quality - There has been a rise in retail loan non-performing ratios and amounts among listed banks, reflecting pressures from declining housing prices and household income [6][41] - By June 2025, the non-performing balance of personal loans among sample listed banks increased by 88.3 billion yuan, with significant impacts from mortgage loans and rapidly growing personal business loans [6][41] - Individual banks such as China Communications Bank and China Merchants Bank reported rising retail non-performing ratios, while Ping An Bank showed a decline due to effective risk management and write-offs [7][42] Future Outlook - The report suggests that city commercial banks, like Ningbo Bank, are expected to achieve improvements in retail asset quality by actively adjusting their loan structures [8] - The overall retail risk in the banking sector is anticipated to remain under observation, with potential improvements in overdue rates and non-performing ratios expected in the future [7][41]

Investment Rating - The report assigns an "Accumulate" rating for the banking sector [5]. Core Insights - Since the beginning of the year, many banks' shareholders and executives have actively increased their holdings, ranking first among 31 industries in terms of the amount of increase. Notable banks with significant increases include Nanjing Bank, Suzhou Bank, Everbright Bank, Shanghai Pudong Development Bank, and Chengdu Bank [2][5]. - The net amount of shareholding changes in the banking sector is approximately 9.03 billion, with an increase of about 12.63 billion, ranking second only to the transportation industry. The decrease amounts to about 3.60 billion [5]. - More than half of the banks have disclosed plans for major shareholders or executives to increase their holdings, with the top three banks in terms of increased amounts being Nanjing Bank (7.38 billion), Suzhou Bank (1.74 billion), and Everbright Bank (1.24 billion) [5]. Summary by Sections Related Reports - The report references several related reports on banking, including topics such as mid-term dividend acceleration and credit issuance tracking [4]. Industry and Company Dynamics Tracking Major News - The People's Bank of China announced the LPR rates for one year and five years remain unchanged at 3.0% and 3.5%, respectively [11]. - Recent surveys indicate that operating loan rates have dropped significantly, with some banks offering rates below 2.5% [11]. Major Announcements - Wuxi Bank plans to implement a mid-term dividend of 0.11 yuan per share, totaling 241 million [12]. - Nanjing Bank's major shareholder, France's BNP Paribas, increased its holdings by 128 million shares, representing 1.04% of the total share capital [12]. Weekly Data Tracking - During the period from November 17 to November 21, the banking sector experienced a decline of 0.87%, outperforming the CSI 300 index by 2.90 percentage points [5][14]. - The average interest rate for the six-month national large banks and joint-stock banks increased by 7 basis points to 0.68% [5].

Group 1: Banking Sector - The banking sector is highlighted as a "dividend king," with valuations at historical lows and dividend yields surpassing many investment products [3] - Industrial and Commercial Bank of China (ICBC) is identified as a leading state-owned bank with a dividend yield exceeding 4.5% and stable non-performing loan ratios [3] - Ningbo Bank is noted as a high-performing city commercial bank with a dividend yield around 3.8%, strong profitability, and good asset quality [3] Group 2: Public Utilities Sector - The public utilities sector is characterized by its essential nature, ensuring stable performance regardless of market fluctuations [3] - Yangtze Power is mentioned as a leading hydropower company with a consistent dividend yield between 3.5% and 4%, supported by stable cash flow and government policies favoring clean energy [3] - China Shenhua Energy, with a dual focus on coal and electricity, offers a dividend yield exceeding 5% and possesses substantial resource reserves [3] Group 3: Consumer Sector - The consumer sector features undervalued blue-chip stocks with improved dividend yields [3] - Yili Group, a leader in dairy products, has a valuation below 20 times earnings and a dividend yield of around 3%, benefiting from consistent domestic demand for milk [3] - Midea Group, a leading home appliance manufacturer, has a dividend yield around 4% and a valuation of approximately 12 times earnings, supported by a well-established global presence [3] Group 4: Manufacturing Sector - The manufacturing sector includes high-quality stocks with strong dividend yields and low valuations, backed by industry logic [4] - Fuyao Glass, a global leader in automotive glass, has a dividend yield of about 3.5% and a valuation around 15 times earnings, with increasing demand driven by the rise of electric vehicles [4] - China Railway Construction Corporation is highlighted as a leading infrastructure company with a dividend yield exceeding 4% and a valuation below 8 times earnings, benefiting from ample infrastructure orders under stable growth policies [4]

Core Viewpoint - Ningbo Bank's board of directors approved several key resolutions during the 12th meeting of the 8th board, including the expected amount for daily related transactions in 2026 and the appointment of new executives [1][4][10]. Group 1: Board Resolutions - The board approved the expected amount for daily related transactions in 2026 with unanimous support [2][54]. - The board also approved the revision of the "Ningbo Bank Related Transaction Management Implementation Measures" [5][6]. - A unified authorization for daily financial services for directors and senior management was approved [7][8]. - The financial report audit and internal control audit plan for 2025 was approved [10][11]. - The business continuity management audit report was also approved [12][13]. - The board approved the formulation of the "Ningbo Bank Group Risk Appetite Management Measures" [15][16]. - The appointment of Fu Wensheng as the vice president of the bank was approved, pending regulatory approval [17][19]. - The appointment of Wang Yongjie as the chief compliance officer was also approved, pending regulatory approval [18][19]. - The board approved the revision of the bank's articles of association [22][23]. - The board approved the revision of the rules for the shareholders' meeting [25][26]. - The board approved the revision of the rules for the board meeting [28][29]. - The board approved the proposal to abolish the supervisory board [31][32]. - The board approved the convening of the second extraordinary general meeting of shareholders in 2025, scheduled for December 8, 2025 [34][35]. Group 2: Supervisory Board Resolutions - The supervisory board approved the expected amount for daily related transactions in 2026 with unanimous support [38]. - The supervisory board approved the financial report audit and internal control audit plan for 2025 [40][41]. - The supervisory board approved the business continuity management audit report [42][43]. - The supervisory board approved the revision of the bank's articles of association [44][45]. - The supervisory board approved the revision of the rules for the shareholders' meeting [47][48]. - The supervisory board approved the proposal to abolish the supervisory board [50]. - The supervisory board approved the convening of the second extraordinary general meeting of shareholders in 2025 [51]. Group 3: Related Transactions - The expected amount for daily related transactions in 2026 includes a maximum credit balance of 100 billion for corporate shareholders, with specific limits for high-risk credits and bond investments [55]. - The expected amount for related transactions with Singapore Overseas Chinese Bank and its affiliates includes a maximum credit balance of 220 billion [57]. - The expected amount for related transactions with natural persons and their related enterprises includes a maximum high-risk credit of 20 billion [58].

Core Points - Ningbo Bank announced the appointment of Fu Wensheng as Vice President and Wang Yongjie as Chief Compliance Officer, effective upon regulatory approval [1] Group 1: Appointments - Fu Wensheng has been appointed as Vice President of Ningbo Bank, with qualifications effective from regulatory approval [1] - Wang Yongjie has been appointed as Chief Compliance Officer of Ningbo Bank, with qualifications effective from regulatory approval [1] Group 2: Profiles - Fu Wensheng, born in August 1972, holds a master's degree and is a senior economist. He has held various positions within the bank, including Deputy Secretary of the Party Committee and has been Vice President since September 2012 [2] - Wang Yongjie, born in October 1972, also holds a master's degree and is a senior economist. He has served as Vice President and Risk Director, with a career spanning various roles in the bank since November 2011 [3]

11月21日，宁波银行（002142）发布公告称，近日该行监事会收到罗孟波提交的辞呈。因工作原因，罗孟波辞去公司监事长、职工监事职 务，自2025年11月21日起生效。罗孟波辞任后，继续担任公司党委委员，履行相关工作职责。 ...

Core Points - Ningbo Bank announced the appointment of Fu Wensheng as Vice President and Wang Yongjie as Chief Compliance Officer, effective upon regulatory approval [1][2] - The board also approved a proposal to abolish the supervisory board, which will be submitted to the shareholders' meeting for approval [2] Summary by Sections Appointments - Fu Wensheng, born in August 1972, holds a master's degree and is a senior economist. He is currently the Deputy Secretary of the Party Committee at Ningbo Bank and has held various positions including Assistant to the President and Vice President [1] - Wang Yongjie, born in October 1972, also holds a master's degree and is a senior economist. He is currently the Vice President and Risk Director at Ningbo Bank, with a background in credit and risk management [2] Corporate Governance - The decision to abolish the supervisory board indicates a shift in corporate governance structure, pending approval from the shareholders [2]

Investment Ratings - Banking: Overweight (Maintain) [1] - Securities: Market Weight (Maintain) [1] - Insurance: Overweight (Maintain) [1] Core Insights - The report highlights the emergence of a trillion-yuan brokerage firm through mergers, accelerating supply-side reforms in the securities industry [3] - The total assets of the new company formed by the merger of CICC, Dongxing Securities, and Xinda Securities are expected to reach 1009.583 billion yuan, making it the fourth largest securities company in A-shares [3] - The report indicates that the insurance sector is seeing a steady increase in stock investments, with a total balance of 3.62 trillion yuan, reflecting a shift towards equity investments to mitigate potential risks [4][46] Summary by Sections Market Review - As of November 20, 2025, the banking, securities, and insurance indices have changed by +1.69%, -3.36%, and +1.76% respectively, while the CSI 300 index decreased by -2.74% [12] - Among the sub-sectors, China Bank (+10.25%), Dongxing Securities (+5.38%), and China Life Insurance (+2.32%) performed the best [12] Valuation Situation - As of November 20, 2025, the PB ratio for the banking sector is 0.77, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks having PB ratios of 0.83, 0.62, 0.73, and 0.65 respectively [22] - The securities sector's PB ratio is 1.49, indicating potential for valuation recovery [25] Recent Market Indicators - The average daily trading volume in A-shares was 1819.419 billion yuan, a decrease of 10.14% week-on-week [35] - The average margin balance was 2493.753 billion yuan, showing a slight decrease of 0.05% [35] Industry News - The report notes that the financial regulatory authority has implemented measures to enhance the supervision of pension institutions, which may impact banking operations [39] - The report also highlights a significant increase in bond underwriting by securities firms, particularly in technology and rural revitalization bonds [39] Company Announcements - CICC announced plans to merge with Dongxing Securities and Xinda Securities, with the merger expected to enhance its market position significantly [45] - Nanjing Securities plans to raise up to 5 billion yuan through a private placement to strengthen its capital base and enhance competitiveness [42] Weekly Perspectives - The banking sector is expected to benefit from a shift in funds towards safer investments, particularly in high-dividend, low-valuation bank stocks [44] - The insurance sector is encouraged to increase equity investment ratios, with a focus on returning to core protection functions [46]

宁波银行股份有限公司关于监事长辞任的公告 证券代码：002142 证券简称：宁波银行 公告编号：2025-046 优先股代码：140001 优先股简称：宁行优01 本公司及监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。 近日，宁波银行股份有限公司（以下简称"公司"）监事会 收到罗孟波先生提交的辞呈。因工作原因，罗孟波先生辞去公司 监事长、职工监事职务，自 2025 年 11 月 21 日起生效。罗孟波 先生辞任后，继续担任公司党委委员，履行相关工作职责。罗孟 波先生确认与公司监事会无不同意见，亦无任何与其辞任有关的 事项需要通知公司股东。截至本公告日，罗孟波先生持有公司 1,300,000 股股份。罗孟波先生将严格按照相关法律法规对其持 有的公司股票进行管理。 罗孟波先生在担任公司监事长期间，恪尽职守，勤勉尽责， 带领公司监事会积极完善监督机制，创新监督方式，持续提升战 略、履职、财务、风险、内控等重点领域的监督工作质效，有效 发挥监督制衡作用，切实维护公司、股东、职工、债权人和其他 利益相关者的合法权益，为推动公司持续稳健经营、实现高质量 发展作出了重要贡献。公司 ...