Core Insights - The report from the fund managed by Zhu Shaoxing under the Fuqua Fund indicates a net value growth rate of 15.18% over the past year [1] Fund Holdings Summary - New additions to the top ten holdings include Zhongchuang Zhiling, Luxshare Precision, and Guoci Materials, while Ningbo Bank remains the largest holding at 5.47% [1] - The fund has reduced its positions in major stocks such as Midea Group, Guangdong Hongda, and Blue Sky Technology, which have exited the top ten holdings [1] Detailed Holdings Changes - Zhongchuang Zhiling (601717): New entry with 26 million shares valued at 646 million [1] - Luxshare Precision (002475): New entry with 10 million shares valued at 647 million [1] - Guoci Materials: New entry with 22 million shares valued at 491 million [1] - Ningbo Bank (002142): Reduced by 1.96% with 50 million shares valued at 1.321 billion [1] - Kweichow Moutai: Reduced by 15.0% with 850,000 shares valued at 1.227 billion [1] - CATL (300750): Increased by 8.0% with 2.7 million shares valued at 1.085 billion [1] - Jerry Holdings (002353): Increased by 23.33% with 18.5 million shares valued at 1.03 billion [1] - Spring Power: Reduced by 35.59% with 3.2203 million shares valued at 864 million [1] - Binjiang Group: Reduced by 5.66% with 50 million shares valued at 628 million [1] - Ruifeng New Materials: Reduced by 27.54% with 10 million shares valued at 530 million [1]

Investment Rating - The investment rating for Ningbo Bank is maintained at Buy-A with a 6-month target price of 35.17 CNY [5][12]. Core Insights - Ningbo Bank's Q3 2025 results show a year-on-year revenue growth of 8.32%, with a pre-provision profit increase of 12.88% and a net profit growth of 8.39%, indicating a slight recovery in performance compared to the mid-year report [1]. - The growth in net profit is primarily driven by the expansion of interest-earning assets and a reduction in costs, although increased provisioning has negatively impacted performance [1][10]. - The bank's asset quality remains stable, with a non-performing loan generation rate of 0.86%, down 30 basis points year-on-year, reflecting a proactive approach to risk management [10]. Summary by Sections Financial Performance - In Q3 2025, Ningbo Bank's average daily interest-earning assets grew by 16% year-on-year, although the growth rate slightly decreased compared to Q2 [1][16]. - Total assets increased by 108.1 billion CNY year-on-year, with a focus on bond asset allocation, while new loan issuance saw a minor decline [1][17]. - The bank's net interest margin improved by 4 basis points quarter-on-quarter to 1.76%, despite a year-on-year decline of 4 basis points [2][3]. Asset and Liability Management - Total liabilities increased by 100.1 billion CNY year-on-year, with a notable rise in interbank liabilities, while deposits have seen a net decrease over the past two quarters [2][3]. - The cost of interest-bearing liabilities decreased by 10 basis points, benefiting from the repricing of high-cost deposits [3][26]. Non-Interest Income and Cost Management - Non-interest income decreased by 2.6% year-on-year, with a significant drop in other non-interest income due to bond market fluctuations [9]. - The cost-to-income ratio improved to 31.3%, down 3.5 percentage points year-on-year, indicating effective cost control measures [9][27]. Future Outlook - The bank is expected to maintain a revenue growth rate of 7.74% and a net profit growth rate of 7.10% for 2025, reflecting a stable outlook for its financial performance [12][30]. - The balance between asset expansion and risk control is anticipated to support stable performance and provisioning levels in the future [11].

Group 1: Kingsoft Office - Kingsoft Office reported a revenue of 1.521 billion yuan in Q3 2025, a year-on-year increase of 25.33% [1][2] - The net profit attributable to shareholders for Q3 2025 was 431 million yuan, reflecting a growth of 35.42% year-on-year [1][2] - For the first three quarters of 2025, the total revenue reached 4.178 billion yuan, up 15.21% year-on-year, while net profit was 1.178 billion yuan, an increase of 13.32% [1][2] Group 2: Ying Shi Innovation - Ying Shi Innovation achieved a revenue of 2.940 billion yuan in Q3 2025, marking a significant growth of 92.64% year-on-year [4] - The net profit attributable to shareholders for Q3 2025 was 272 million yuan, a decrease of 15.90% compared to the previous year [4][5] - For the first three quarters, the company reported a total revenue of 6.611 billion yuan, up 67.18%, while net profit was 792 million yuan, down 5.95% year-on-year [4][5] Group 3: Aier Eye Hospital - Aier Eye Hospital reported a revenue of 5.977 billion yuan in Q3 2025, a year-on-year increase of 3.83% [6][7] - The net profit attributable to shareholders for Q3 2025 was 1.064 billion yuan, reflecting a decline of 24.12% year-on-year [6][7] - For the first three quarters, the total revenue reached 17.484 billion yuan, up 7.25%, while net profit was 3.115 billion yuan, down 9.76% [6][7] Group 4: Hengrui Medicine - Hengrui Medicine reported a revenue of 7.427 billion yuan in Q3 2025, a year-on-year increase of 12.72% [8][10] - The net profit attributable to shareholders for Q3 2025 was 1.301 billion yuan, reflecting a growth of 9.53% year-on-year [8][10] - For the first three quarters, the total revenue reached 23.188 billion yuan, up 14.85%, while net profit was 5.751 billion yuan, an increase of 24.50% [8][10] Group 5: Victory Technology - Victory Technology achieved a revenue of 5.086 billion yuan in Q3 2025, marking a year-on-year increase of 78.95% [11][12] - The net profit attributable to shareholders for Q3 2025 was 1.102 billion yuan, reflecting a substantial growth of 260.52% year-on-year [11][12] - For the first three quarters, the company reported a total revenue of 14.117 billion yuan, up 83.40%, while net profit was 3.245 billion yuan, an increase of 324.38% [11][12] Group 6: Southern Airlines - Southern Airlines reported a revenue of 51.374 billion yuan in Q3 2025, a year-on-year increase of 3.01% [13][14] - The net profit attributable to shareholders for Q3 2025 was 3.840 billion yuan, reflecting a growth of 20.26% year-on-year [13][14] - For the first three quarters, the total revenue reached 137.665 billion yuan, up 2.23%, while net profit was 23.070 billion yuan, an increase of 17.40% [13][14] Group 7: Ningbo Bank - Ningbo Bank reported a revenue of 17.816 billion yuan in Q3 2025, a year-on-year increase of 9.19% [16][17] - The net profit attributable to shareholders for Q3 2025 was 7.673 billion yuan, reflecting a growth of 8.71% year-on-year [16][17] - For the first three quarters, the total revenue reached 54.976 billion yuan, up 8.32%, while net profit was 22.445 billion yuan, an increase of 8.39% [16][17] Group 8: Guizhou Moutai - Guizhou Moutai announced the resignation of Chairman Zhang Deqin due to work adjustments, with a new chairman to be elected soon [19] Group 9: Baosteel - Baosteel reported a revenue of 167.51 billion yuan in Q3 2025, a year-on-year increase of 14.29% [20][21] - The net profit attributable to shareholders for Q3 2025 was 812.45 million yuan, reflecting a return to profitability [20][21] - For the first three quarters, the total revenue reached 480.8 billion yuan, down 3.58%, while net profit was 2.33 billion yuan [20][21] Group 10: China Aluminum - China Aluminum reported a revenue of 601.24 billion yuan in Q3 2025, a year-on-year decrease of 4.66% [22][23] - The net profit attributable to shareholders for Q3 2025 was 38.01 billion yuan, reflecting a significant increase of 90.31% year-on-year [22][23] - For the first three quarters, the total revenue reached 1,765.16 billion yuan, up 1.57%, while net profit was 108.72 billion yuan, an increase of 20.65% [22][23] Group 11: Northern Rare Earth - Northern Rare Earth reported a revenue of 114.25 billion yuan in Q3 2025, a year-on-year increase of 33.32% [25][26] - The net profit attributable to shareholders for Q3 2025 was 610 million yuan, reflecting a growth of 69.48% year-on-year [25][26] - For the first three quarters, the total revenue reached 302.92 billion yuan, up 40.50%, while net profit was 1.541 billion yuan, an increase of 280.27% [25][26] Group 12: Hengli Petrochemical - Hengli Petrochemical reported a revenue of 534.96 billion yuan in Q3 2025, a year-on-year decrease of 17.98% [27] - The net profit attributable to shareholders for Q3 2025 was 19.72 billion yuan, reflecting a significant increase of 81.47% year-on-year [27] - For the first three quarters, the total revenue reached 1,573.84 billion yuan, down 11.46%, while net profit was 50.23 billion yuan, a slight decrease of 1.61% [27] Group 13: High Energy Environment - High Energy Environment is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and competitiveness [28] Group 14: Guangyun Technology - Guangyun Technology plans to acquire a 36.4652% stake in Chengdu Lingxuan Precision Machinery Co., Ltd. for 240 million yuan, gaining control over the company [29] Group 15: Zhongxin Metal - Zhongxin Metal reported a revenue of 39.807 billion yuan in Q3 2025, a year-on-year increase of 29.21% [32] - The net profit attributable to shareholders for Q3 2025 was 877 million yuan, reflecting a growth of 43.74% year-on-year [32] - For the first three quarters, the total revenue reached 1,034.64 billion yuan, up 8.84%, while net profit was 2.326 billion yuan, an increase of 35.47% [32]

Core Viewpoint - Ningbo Bank reported a year-on-year increase in operating income and net profit for the third quarter of 2025, indicating steady growth in financial performance [1] Financial Performance - For the third quarter of 2025, the operating income reached 17.816 billion yuan, representing a year-on-year growth of 9.19% [1] - The net profit attributable to shareholders was 7.673 billion yuan, with a year-on-year increase of 8.71% [1] - Basic earnings per share for the third quarter stood at 1.11 yuan [1] Year-to-Date Performance - In the first three quarters of 2025, the total operating income amounted to 54.976 billion yuan, reflecting a year-on-year growth of 8.32% [1] - The net profit attributable to shareholders for the first three quarters was 22.445 billion yuan, showing a year-on-year increase of 8.39% [1] - Basic earnings per share for the first three quarters were reported at 3.35 yuan [1]

Core Viewpoint - The third-quarter reports of six A-share listed banks indicate a stable overall performance, with some banks achieving year-on-year growth in both revenue and net profit, while others show a narrowing decline in performance metrics [1][3]. Group 1: Performance Highlights - Six banks, including Chongqing Bank and Wuxi Rural Commercial Bank, reported strong growth, with Chongqing Bank's revenue and net profit both exceeding 10% year-on-year [3][4]. - Chongqing Bank achieved a revenue of 11.74 billion and a net profit of 4.88 billion, marking increases of 10.40% and 10.19% respectively [3]. - Nanjing Bank and Ningbo Bank also demonstrated solid performance, with revenue growth rates of 8.79% and 8.32%, and net profit growth rates of 8.06% and 8.39% respectively [3][4]. Group 2: Declining Performance and Recovery Signals - Huaxia Bank and Ping An Bank reported declines in revenue and net profit, but the rate of decline has narrowed compared to the first half of the year [4][5]. - Huaxia Bank's revenue decreased by 8.79% to 64.88 billion, while net profit fell by 2.86% to 17.98 billion, with a decline reduction of 5.09 percentage points [4]. - Ping An Bank's revenue dropped by 9.8% to 100.67 billion, and net profit decreased by 3.5% to 38.34 billion, with declines narrowing by 0.2 and 0.4 percentage points respectively [4][5]. Group 3: Asset Quality Improvement - The overall asset quality of the six banks showed improvement, with Wuxi Rural Commercial Bank, Nanjing Bank, and Ningbo Bank maintaining low non-performing loan (NPL) ratios of 0.78%, 0.83%, and 0.76% respectively [7][8]. - Chongqing Bank's NPL ratio decreased to 1.14%, Huaxia Bank's to 1.58%, and Ping An Bank's to 1.05%, all showing a year-on-year decline [7]. - The banks attributed the improvement in asset quality to enhanced risk management and increased efforts in disposing of non-performing assets [8][9]. Group 4: Future Outlook - Analysts predict that the banking sector will maintain a stable performance, but structural differentiation will continue, with quality city commercial banks likely to accelerate growth due to strong regional credit demand [6][9]. - The overall performance of the banking industry will depend on the pace of economic recovery and the effectiveness of policy support, particularly in addressing risks in real estate and local government debt [6][9].

Core Viewpoint - Ningbo Bank has demonstrated robust growth in assets and profits in the first three quarters of 2025, maintaining a strong asset quality and a commitment to supporting the real economy [1][2][4]. Group 1: Financial Performance - As of September 30, 2025, Ningbo Bank's total assets reached 3.578396 trillion yuan, marking a 14.50% increase from the beginning of the year [2]. - The net profit attributable to shareholders for the first three quarters was 22.445 billion yuan, reflecting an 8.39% year-on-year growth [3]. - The bank's operating income for the same period was 54.976 billion yuan, with an 8.32% increase compared to the previous year [3]. Group 2: Asset Quality - Ningbo Bank maintained a non-performing loan ratio of 0.76%, consistent with the beginning of the year, indicating strong asset quality [4]. - The provision coverage ratio stood at 375.92%, showcasing the bank's solid risk mitigation capabilities [4]. - The bank has successfully kept its non-performing loan ratio below 1% for 18 consecutive years since its listing in 2007 [4]. Group 3: Business Strategy - The bank focuses on a differentiated operating strategy, emphasizing support for the real economy and enhancing service quality [1][2]. - Ningbo Bank has developed a diversified profit structure with nine profit centers and four subsidiaries, contributing to its stable growth [3]. - The bank aims to strengthen its core competitiveness by addressing customer needs and enhancing its service offerings [6].

Core Insights - Ningbo Bank reported a total asset of 3.58 trillion yuan as of September 2025, marking a 14.5% increase from the beginning of the year, and achieving a significant milestone of surpassing 3.5 trillion yuan for the first time [2][3] - The bank's operating income for the first three quarters reached 54.98 billion yuan, reflecting an 8.3% year-on-year growth, while net profit was 22.59 billion yuan, up 8.7% year-on-year, indicating an acceleration in revenue and profit growth compared to the first half of the year [2][3] Financial Performance - As of September 2025, total loans and advances amounted to 17.2 trillion yuan, a 16.3% increase from the start of the year, while total deposits reached 20.5 trillion yuan, growing by 11.5% [3] - The annualized weighted average return on equity stood at 13.81% [3] Revenue Breakdown - Net interest income for the first three quarters was 39.5 billion yuan, up 11.8% year-on-year, with its share of total revenue rising to 71.8% [4] - Net fee and commission income surged to 4.85 billion yuan, a significant increase of 29.3% compared to the previous year, driven primarily by growth in wealth distribution and asset management services [4] - Investment income reached 9.93 billion yuan, reflecting an 11.3% year-on-year increase, while fair value changes resulted in a loss of 500 million yuan, a decrease of 2.59 billion yuan compared to the previous year [4] Asset Quality - The non-performing loan ratio remained stable at 0.76% as of September 2025, consistent with the beginning of the year, while the provision coverage ratio was 375.92%, indicating strong risk mitigation capabilities [5] - Ningbo Bank has maintained a non-performing loan ratio below 1% for 18 consecutive years since its listing in 2007 [5] Risk Management - The bank emphasized its commitment to risk management, stating that "operating a bank is about managing risks," and aims to uphold a risk baseline as a fundamental operational goal [5]

下一步，宁波银行将继续坚守金融为民初心，秉持"真心对客户好"的理念，用专业创造价值，以责任诠 释担当，在服务实体的过程中不断锤炼自身的核心竞争力，持续积累银行差异化比较优势，积极推动银 行稳健可持续发展。 10月27日晚间，宁波银行正式对外发布2025年三季报，截至9月末，宁波银行资产总额35,783.96亿元， 首次突破3.5万亿元，较年初增长14.50%，前三季实现归属于母公司股东的净利润224.45亿元，同比增 长8.39%，不良贷款率0.76%，资产质量继续保持业内较好水平。自2007年上市以来，宁波银行的不良 贷款率已连续18年保持在1%以下，确保银行能够专业专注于业务拓展和金融服务，为可持续发展打下 坚实基础。 ...

Core Insights - Ningbo Bank reported a net profit of 22.445 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 8.39% [2] - The bank's operating income for the same period reached 54.976 billion yuan, also up by 8.32% year-on-year [2] - The annualized weighted average return on equity stood at 13.81% [2] Financial Performance - In Q3 2025, Ningbo Bank achieved a net profit of 7.673 billion yuan, reflecting a year-on-year growth of 8.71% [2] - The operating income for Q3 was 17.816 billion yuan, marking a 9.19% increase compared to the same quarter last year [2] - As of September 30, 2025, the total assets of Ningbo Bank amounted to 3,578.396 billion yuan, a growth of 14.50% since the beginning of the year [2] - The total loans and advances reached 1,716.823 billion yuan, increasing by 16.31% year-to-date [2] - Total deposits were reported at 2,047.804 billion yuan, up by 11.52% from the start of the year [2] Asset Quality - As of September 30, 2025, the non-performing loan ratio remained stable at 0.76%, unchanged from the beginning of the year [3] - The non-performing loan balance increased to 12.995 billion yuan, up by 17.28% from the end of the previous year [3] - The provision coverage ratio was reported at 375.92%, with a provision for loan losses ratio of 2.85% [3]

格隆汇10月27日丨宁波银行(002142.SZ)公布三季度报告，前三季营业收入549.76亿元，同比增长 8.32%，归属于上市公司股东的净利润224.45亿元，同比增长8.39%，归属于上市公司股东的扣除非经常 性损益的净利润224.95亿元，同比增长8.22%。 ...