Core Insights - The A-share market saw a collective rise in bank stocks, with notable increases in China Bank, which rose nearly 3%, and other banks like Everbright Bank, Bank of Communications, and Agricultural Bank of China also showing gains of over 1% [1] Summary by Category Stock Performance - China Bank increased by 2.77%, reaching a total market capitalization of 191.39 billion, with a year-to-date increase of 12.62% [2] - Everbright Bank rose by 1.98%, with a market cap of 21.27 billion and a year-to-date decline of 2.61% [2] - Bank of Communications saw a 1.75% increase, with a market cap of 66.80 billion and a year-to-date increase of 2.38% [2] - Agricultural Bank of China increased by 1.10%, with a market cap of 289.79 billion and a year-to-date increase of 62.02% [2] - Other banks such as Construction Bank, Jiangsu Bank, and Industrial and Commercial Bank of China also reported gains, with year-to-date increases ranging from 15.34% to 25.13% [2] Historical Performance - China Bank reached a new historical high, following similar achievements by Agricultural Bank and Industrial and Commercial Bank [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 据此，自2025年11月17日（因2025年11月16日为法定休息日，故顺延至下一个工作日）起，"宁行优 01"第三个计息周期的基准利率为1.59%，固定溢价为1.66%，票面股息率为3.25%，股息每会计年度支 付一次。 特此公告。 宁波银行股份有限公司董事会 2025年11月18日 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。 根据《宁波银行股份有限公司非公开发行优先股（第一期）募集说明书》（以下简称"《募集说明 书》"）的相关条款，宁波银行股份有限公司于2015年11月非公开发行的优先股（简称"宁行优01"，代 码"140001"）采用分阶段调整的票面股息率，自缴费截止日（2015年11月16日）起每五年为一个计息周 期，每个计息周期内票面股息率相同。"宁行优01"的第二个计息周期至2025年11月16日满五年，现调整 确定"宁行优01"的第三个计息周期的票面股息率。 "宁行优01"的第三个计息周期的票面股息率确定方式为根据基准利率调整日的基准利率加首次定价时所 确定的固定溢价得出。其中，当期基准利率 ...

（文章来源：证券日报） 证券日报网讯宁波银行11月18日在互动平台回答投资者提问时表示，公司始终聚焦新质生产力培育、未 来产业建设以及增强人民群众获得感和幸福感的相关领域，持续做大客户总量、做深客户经营，全心全 意服务实体经济，为公司可持续发展筑牢坚实基础。 ...

Core Viewpoint - Major investment banks like UBS and Goldman Sachs are optimistic about the performance of the Chinese market in 2026, highlighting opportunities in sectors such as AI and overseas expansion [1][7]. Group 1: Market Performance and Trends - The A-share market has experienced fluctuations, with the Shanghai Composite Index closing at 3939.81 points on November 18, down 0.81% [2]. - Despite market volatility, foreign investment interest remains high, with over 100 A-share companies receiving foreign research attention this month [2][4]. - The overall health of corporate earnings, supported by robust Q3 reports, indicates that recent market fluctuations are more influenced by sentiment rather than fundamental weaknesses [6]. Group 2: Foreign Investment and Research - AI companies are the most favored by foreign investors, with Optoelectronics receiving 92 institutional research visits, over half from foreign entities [2][3]. - Other notable companies attracting foreign research include BeiGene, Luxshare Precision, and Huichuan Technology, all of which are involved in AI or technology sectors [4][5]. - The trend shows that large-cap stocks continue to attract foreign interest, with companies like Wens Foodstuffs, Industrial Fulian, and BYD being included in recent foreign research lists [4]. Group 3: Future Outlook and Investment Themes - UBS forecasts that the Chinese stock market will experience another prosperous year in 2026, driven by innovation, particularly in AI, and supportive policies for private enterprises [7]. - Key investment themes identified by UBS include internet, hardware technology, and brokerage sectors, while high-dividend stocks are being deprioritized [7]. - Goldman Sachs also highlights several investment themes expected to outperform the market, including the return of private enterprises, overseas expansion, and AI-related sectors [7].

Market Overview - The city commercial bank sector experienced a decline of 0.75% on November 18, with Zhengzhou Bank leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Individual Stock Performance - Zhengzhou Bank's stock closed at 2.03, down 1.46% with a trading volume of 1.3032 million shares and a transaction value of 266 million [2] - Xiamen Bank closed at 7.13, down 1.38%, with a trading volume of 144,000 shares [2] - Nanjing Bank closed at 11.48, down 0.09%, with a trading volume of 385,400 shares [1] - The highest closing price was for Ningbo Bank at 28.70, down 0.35% [1] Capital Flow Analysis - The city commercial bank sector saw a net outflow of 183 million from institutional investors, while retail investors contributed a net inflow of 74.99 million [2] - The main capital inflow was observed in stocks like Nanjing Bank, which had a net inflow of 62.45 million from institutional investors [3] - Conversely, stocks like Xiamen Bank and Zhengzhou Bank experienced significant net outflows from institutional investors, amounting to 8.32 million and 4.80 million respectively [3]

Core Viewpoints - The mid-term dividend rush in the banking sector is nearing its end but is not yet finished, potentially extending until the end of November [4][11][26] - The four major banks have announced mid-term dividends earlier this year compared to last year, with the record date for dividends set for mid-December, which is nearly one month earlier than last year [7][11] - The recent rise in the banking sector is primarily driven by changes in market investment style, with mid-term dividends acting as a catalyst [4][11][26] Investment Strategy Post-Dividend Rush - After the mid-term dividend rush, the banking sector may experience short-term fluctuations, but it is unlikely that the overall trend has ended [5][14][26] - There are expected investment opportunities in the banking sector before the main spring rally is identified, suggesting that investors should overlook short-term volatility [5][16][26] - The demand for insurance funds and the need for asset allocation in a low-interest-rate environment make stable bank stocks attractive [5][16][26] Stock Selection Recommendations - Focus on high-dividend, fundamentally strong stocks in the short term, while also considering quality stocks for potential upside [6][26] - Recommended stocks include Industrial and Commercial Bank of China and China Merchants Bank for their stability, as well as Ningbo Bank and Chongqing Bank for their upward momentum [6][26] - Low-valuation banks such as Changsha Bank and Chongqing Rural Commercial Bank are also suggested for consideration [6][26] Market Performance Insights - The banking index has shown a cumulative increase of 7.7% from October 14 to November 14, 2025, with individual banks like ICBC and ABC showing significant gains [11][26] - The cumulative gains of the four major banks from December 2024 were 12.5%, 11.0%, 10.2%, and 10.0%, respectively, indicating a strong performance leading into the new year [7][11] Fundamental Analysis - The banking sector's fundamentals are expected to stabilize, with net interest margins showing signs of improvement [23][26] - The asset quality of listed banks is at its best level in recent years, with retail non-performing loans gradually being cleared [23][26]

Core Viewpoint - The asset scale of urban commercial banks in China has surpassed 60 trillion yuan, marking significant growth over the past 30 years, with a 134-fold increase since 1995, and now accounting for 13.53% of the total assets of banking financial institutions [2][4]. Development of Urban Commercial Banks - Urban commercial banks have evolved into a crucial part of China's multi-tiered financial system since their establishment in 1995, with a focus on serving urban residents, small and medium-sized enterprises, and local economies [4]. - Key financial indicators for urban commercial banks show stable profitability, improved asset quality, a non-performing loan rate of 1.76%, a provision coverage ratio of 188.08%, and a capital adequacy ratio of 12.97% as of the end of 2024 [4]. Market Position and Performance - As of 2024, there are 12 urban commercial banks with asset scales exceeding 1 trillion yuan, and 5 of these banks are classified as systemically important banks in China [4]. - The market share of urban commercial banks has increased by 8.24 percentage points over the years, reflecting their growing significance in the banking sector [4]. Financial Resource Allocation - Urban commercial banks have strategically focused on high-quality development areas and sectors that align with their capabilities, continuously exploring differentiated and specialized development paths [5]. Market Capitalization of Listed Banks - Among the 17 urban commercial banks listed on the A-share market, Jiangsu Bank, Ningbo Bank, and Shanghai Bank have the highest market capitalizations, with Jiangsu Bank nearing 200 billion yuan and Ningbo Bank at 190.2 billion yuan [7][8].

Core Insights - The asset scale of urban commercial banks in China has surpassed 60 trillion yuan, reaching 60.15 trillion yuan by the end of 2024, marking a 134-fold increase since 1995 and accounting for 13.53% of the total assets of banking financial institutions [1][2] Development of Urban Commercial Banks - Urban commercial banks have evolved over 30 years, becoming a crucial part of China's multi-tiered financial system, with stable profitability and improving asset quality [2] - Key financial metrics include a non-performing loan ratio of 1.76%, a provision coverage ratio of 188.08%, and a capital adequacy ratio of 12.97% [2] - There are 12 urban commercial banks with assets exceeding 1 trillion yuan, and 5 of them are classified as systemically important banks [2] Market Position and Performance - Among the 17 urban commercial banks listed on the A-share market, Jiangsu Bank, Ningbo Bank, and Shanghai Bank have the highest market capitalizations, with Jiangsu Bank nearing 200 billion yuan [4][5] - Jiangsu Bank and Beijing Bank both have asset scales of approximately 4.9 trillion yuan, while Ningbo Bank and Shanghai Bank exceed 3 trillion yuan [4][5] Strategic Focus - Urban commercial banks have focused on serving urban and rural residents, small and medium-sized enterprises, and local economies, enhancing their service channels and offering diverse financial products [2][3] - They have aligned their financial resources with high-quality development strategies and key sectors, exploring differentiated and specialized development paths [3]

证券代码：002142 证券简称：宁波银行 公告编号：2025-043 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 关于调整优先股（宁行优 01）股息率的公告 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。 根据《宁波银行股份有限公司非公开发行优先股（第一期）募 集说明书》（以下简称"《募集说明书》"）的相关条款，宁波银行股 份有限公司于 2015 年 11 月非公开发行的优先股（简称"宁行优 01"，代码"140001"）采用分阶段调整的票面股息率，自缴费截止 日（2015 年 11 月 16 日）起每五年为一个计息周期，每个计息周 期内票面股息率相同。"宁行优 01"的第二个计息周期至 2025 年 11 月 16 日满五年，现调整确定"宁行优 01"的第三个计息周期的 票面股息率。 "宁行优 01"的第三个计息周期的票面股息率确定方式为根 据基准利率调整日的基准利率加首次定价时所确定的固定溢价得 出。其中，当期基准利率为本次基准利率调整日即 2025 年 11 月 16 日前二十个交易日（不含当日）中央国债登记结算有限责任公 ...

编辑：杨希 本期文案：吴霜 视频制作：薛霁 （原标题：长三角城商行三季度PK赛：对公、财富，谁最能打？） 当银行业贷款增速放缓，长三角城商行却杀出重围？本期飞钱说来解读三季报。今年前三季度，长三角 城商行总资产呈两位数暴涨，其中江苏银行增速24.68%，宁波银行 14.5%！但有人欢喜有人愁。 出品：飞钱说工作室 栏目统筹：耿雁冰 栏目策划：杨希 设计：王冰 （部分素材由AI制作） ...