Core Insights - The report indicates that the banking sector is entering a favorable period for investment as the bull market atmosphere strengthens, suggesting a good opportunity for high-quality cyclical stocks [1][5][33] - Historical analysis shows that in previous bull markets, the banking sector typically experiences three phases: initial phase with moderate gains, mid-phase where growth sectors outperform, and a late phase where banks present the best investment opportunities with both absolute and excess returns [4][9][28] Market Performance Analysis - Since 2010, the banking sector has shown varying performance across three bull market cycles, with only the 2016-2018 cycle yielding excess returns for banks [6][9] - In the 2014-2015 bull market, the banking index rose by 96.8%, while the Shanghai Composite Index increased by 152.2% [6][10] - The 2016-2018 bull market saw the banking index increase by 44.8%, compared to a 32.3% rise in the Shanghai Composite Index [6][10] - The 2019-2021 cycle had the banking index rising by 37.1%, while the Shanghai Composite Index rose by 50.0% [6][10] Sector Rotation and Stock Selection - The report highlights that during the 2014-2015 bull market, city commercial banks and joint-stock banks performed well, with Nanjing Bank, Everbright Bank, and Ningbo Bank leading with gains of 181.6%, 171.3%, and 154.6% respectively [12][15] - In the 2016-2018 period, leading banks included China Merchants Bank and Ningbo Bank, with respective gains of 144.6% and 126.5% [15][25] - The 2019 cycle saw Ping An Bank and Ningbo Bank leading with gains of 79.1% and 77.9%, indicating significant stock differentiation [18][21] Investment Recommendations - The report suggests focusing on high-quality stocks with a significant retail component, as they are expected to have improved win rates and high payout ratios [5][36] - Specific banks recommended for investment include Ningbo Bank, Changshu Bank, Changsha Bank, China Merchants Bank, and Chongqing Rural Commercial Bank, as they are positioned well in the current market environment [5][36]

Investment Rating - The report does not explicitly provide an investment rating for the banking sector Core Insights - The banking wealth management market showed stable growth in the first half of 2025, with a total scale of 30.67 trillion yuan, a year-on-year increase of 7.53% [1] - Cash management products continued to decline, with a scale of 6.4 trillion yuan, down 14.55% year-on-year, attributed to lower deposit rates and regulatory policies [1] - The market share of wealth management companies increased, with 32 companies holding 89.61% of the market by the end of Q2 2025, up 1.8 percentage points from the end of the previous year [2] - The asset allocation in wealth management products shifted, with a decrease in credit bond allocation and a notable increase in public fund allocation, which rose to 4.2% [3] - The average annualized yield of wealth management products was 2.12%, a decrease of 53 basis points compared to 2024, indicating a low-interest-rate environment [4] - The proportion of sales through parent banks has decreased to around 65%, as companies expand their distribution channels [5][8] Summary by Sections 1. Wealth Management Market Overview - As of the end of Q2 2025, the total scale of wealth management products reached 30.67 trillion yuan, with a year-on-year growth of 7.53% [1] - Cash management products saw a significant decline, with a scale of 6.4 trillion yuan, down 14.55% year-on-year [1] 2. Market Structure - The market share of wealth management companies increased to 89.61%, reflecting a concentration of market power among leading firms [2] 3. Asset Allocation - The allocation to credit bonds decreased, while public funds saw a significant increase, indicating a shift in investment strategy [3] 4. Yield Trends - The average annualized yield of wealth management products fell to 2.12%, continuing a downward trend since 2023 [4] 5. Distribution Channels - The share of sales through parent banks has decreased to approximately 65%, as firms diversify their distribution strategies [5][8] 6. Sector Outlook - The banking sector is expected to benefit from policy catalysts, with specific banks like Ningbo Bank, Postal Savings Bank, and others highlighted as potential investment opportunities [9]

Core Viewpoint - Ningbo Shenglong Automotive Power System Co., Ltd. has opened a dedicated settlement account for cash management and is utilizing idle raised funds for cash management to enhance fund efficiency and increase company returns [2][4][9]. Group 1: Cash Management Account Details - The company has opened a dedicated cash management settlement account at Ningbo Bank, with an account number of 86033000001261015 [2]. - The cash management amount is set at 10 million yuan, with the management product being a structured deposit [2]. - The cash management period is from July 25, 2025, to September 2, 2025 [2]. Group 2: Previous Cash Management Activities - Previously, on April 24, 2025, the company used 15 million yuan of idle raised funds to subscribe to a structured deposit product, which yielded a total return of 85,100 yuan [3]. - The previous cash management account was automatically canceled on July 23, 2025, after the product maturity [3]. Group 3: Purpose and Source of Funds - The purpose of cash management is to improve fund utilization efficiency and generate additional income without affecting the construction of investment projects [4]. - The source of funds for this cash management is the company's idle raised funds [5]. Group 4: Cash Management Product Information - The cash management product purchased is a principal-protected floating income type, ensuring high safety and liquidity [9]. - The cash management does not involve any investment in non-deposit products [8]. Group 5: Risk Control and Internal Management - The company has established internal controls for cash management, including regular audits and oversight by the board and independent directors [11]. - The financial department selects suitable financial products based on safety, term, and yield, with approvals required from senior management [11]. Group 6: Impact on Company - The cash management activities are expected to have no significant impact on the company's future operations, financial status, or cash flow [13].

Core Viewpoint - The early disclosure of semi-annual performance reports by Ningbo Bank, Changshu Bank, and Hangzhou Bank indicates positive growth in revenue and net profit, setting a favorable tone for the upcoming earnings season for listed banks [1][3][4]. Group 1: Performance Highlights - Ningbo Bank reported a revenue of 37.16 billion yuan, a year-on-year increase of 7.91%, and a net profit of 14.77 billion yuan, up 8.23% year-on-year [3]. - Changshu Bank achieved a revenue of 6.06 billion yuan and a net profit of 1.97 billion yuan, with year-on-year growth rates of 10.10% and 13.55% respectively [4]. - Hangzhou Bank's revenue reached 20.09 billion yuan, reflecting a 3.89% increase, while its net profit surged by 16.67% to 11.66 billion yuan [5]. Group 2: Asset Quality - All three banks maintained a stable asset quality, with non-performing loan (NPL) ratios decreasing and remaining at low levels compared to the end of 2024 [6][7]. - Ningbo Bank's NPL ratio stood at 0.76%, with a provision coverage ratio of 374.16% and a capital adequacy ratio of 15.21% [7]. - Hangzhou Bank also reported an NPL ratio of 0.76%, with a provision coverage ratio of 520.89% and a capital adequacy ratio of 14.64% [7]. - Changshu Bank's NPL ratio decreased to 0.76%, with a provision coverage ratio of 489.53% [8]. Group 3: Market Outlook - Analysts expect that the mid-year reports for listed banks in 2025 will show a slight upward trend in revenue and profit growth, alongside stable asset quality [9]. - The overall loan NPL ratio is anticipated to remain stable, with a gradual improvement trend expected in the industry [9].

Core Viewpoint - Ningbo Bank's revenue and profit are accelerating, leading to a stock price increase of over 6%, reaching a nearly two-year high, with other city commercial banks also experiencing gains [1] Group 1: Stock Performance - Ningbo Bank's current price is 28.94c, with a year-to-date increase of 23.01% [2] - Other banks such as Changshu Bank, Chongqing Rural Commercial Bank, and Jiangsu Bank also saw price increases, with year-to-date gains of 13.63%, 18.33%, and 21.62% respectively [2] - The banking sector has cumulatively risen over 12% this year, significantly outperforming the broader market [2] Group 2: Institutional Investment - As of the end of Q2 2025, public funds held a total market value of approximately 25.837 billion yuan across 2,917 A-share companies, with significant investments in the banking sector [3] - Public funds increased their holdings in banks and telecommunications by over 40 billion yuan, leading the industry [3] - Major banks like China Merchants Bank, Industrial Bank, and Jiangsu Bank have seen substantial public fund investments, with China Merchants Bank leading at 75.9 billion yuan [3] Group 3: ETF Inflows - In the first half of the year, a total of 12.2 billion yuan flowed into the banking sector through ETFs, primarily from the CSI 300 ETF and dividend ETFs [4] - Individual banks such as Industrial Bank, Agricultural Bank, and China Merchants Bank benefited from significant net inflows exceeding 500 million yuan [4] Group 4: Future Outlook - The banking sector's weight in active equity funds is currently 3.35%, while the CSI 300 index has a weight of 15.71%, indicating potential for increased allocation [5] - The recent reforms in public funds are expected to align fund allocation closer to benchmark weights, benefiting the underweighted banking sector [5] - Insurance capital is also anticipated to further support inflows into the banking sector [5]

扩表稳健，存贷增速维持高位。规模方面，截至2025 年6 月末，公司总资产规模同比增长14.4% （+17.6%，25Q1），其中贷款规模同比增长18.7%（+20.4%，25Q1），增速水平小幅下行预计与公司1 季度贷款的投放前置相关。负债方面，公司6 月末存款同比增长12.7%（+19.9%，25Q1），仍保持较高 水平。 不良率环比持平，拨备稳中有升。宁波银行2025 年6 月末不良率环比1 季度末持平于0.76%，资产质量 保持稳健。拨备方面，2025 年6 月末拨备覆盖率和拨贷比环比1 季度末上升3.62pct/3BP 至 374%/2.84%，绝对水平仍然较高。 投资建议：零售转型高质量发展，看好公司高盈利水平保持。宁波银行作为城商行的标杆，受益于多元 化的股权结构、市场化的治理机制和稳定的管理团队带来的战略定力，资产负债稳步扩张，盈利能力领 先同业。我们维持公司25-27 年盈利预测，预计公司25-27 年EPS 分别为4.38/4.83/5.34元，对应盈利增速 分别为6.5%/10.3%/10.7%，目前公司股价对应25-27 年PB 分别是0.83x/0.75x/0.67x，鉴于公司市场化 ...

Core Insights - Ningbo Bank reported a revenue of 37.16 billion yuan for the first half of 2025, representing a year-on-year growth of 7.9%, and a net profit attributable to shareholders of 14.77 billion yuan, up 8.2% year-on-year [2][4] Financial Performance - Revenue for the first half of 2025 was 37.16 billion yuan, compared to 34.44 billion yuan in the same period of 2024, marking a 7.91% increase [3] - Operating profit reached 16.12 billion yuan, a 3.09% increase from 15.63 billion yuan in 2024 [3] - Total profit was 16.05 billion yuan, up 3.18% from 15.56 billion yuan [3] - Basic earnings per share increased to 2.24 yuan, an 8.21% rise from 2.07 yuan [3] - The annualized return on average equity decreased by 0.94 percentage points to 13.80% [3] Asset Quality - As of June 2025, the non-performing loan ratio remained stable at 0.76%, unchanged from the end of the first quarter [5] - The provision coverage ratio improved to 374.16%, up 3.62 percentage points from the previous quarter, indicating enhanced risk mitigation capacity [5] - The core Tier 1 capital adequacy ratio increased by 0.33 percentage points to 9.65% [5] Loan and Deposit Growth - Total loans and advances reached 1.67 trillion yuan, with a year-on-year growth of 13.36% [4] - The growth rate of loans and advances was 18.7%, although it decreased by 1.7 percentage points compared to the end of the first quarter [4] - Total deposits amounted to 2.08 trillion yuan, reflecting a year-on-year increase of 12.7%, but a decline of 4.9 percentage points from the end of the first quarter [4]

银行 2025 年 7 月 25 日 宁波银行(002142.SZ) 盈利增速上行，拨备水平修复 强烈推荐（维持） 股价：27.24 元 主要数据 | 行业 | 银行 | | --- | --- | | 公司网址 | www.nbcb.com.cn | | 大股东/持股 | 宁波开发投资集团有限公司/18.74% | | 实际控制人 | | | 总股本(百万股) | 6,604 | | 流通 A 股(百万股) | 6,600 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 1,799 | | 流通 A 股市值(亿元) | 1,798 | | 每股净资产(元) | 31.83 | | 资产负债率(%) | 93.0 | | 行情走势图 | | 【平安证券】宁波银行（002142.SZ）*季报点评* 盈 利增 速稳健，存贷持续高增*强烈推荐20250429 证券分析师 | 袁喆奇 | 投资咨询资格编号 | | --- | --- | | | S1060520080003 | | | YUANZHEQI052@pingan.com.cn | | 许淼 | 投资咨询资格编号 | | | S1060 ...

以下文章来源于一丰看金融 ，作者王一峰、董文欣 一丰看金融 . 分享经济金融领域大事小情，路边新闻 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 点评： 营收盈利增速季环比均有提升，基本面韧性强 宁波银行上半年营收、归母净利润同比增速分别为7.9%、8.2%，较25Q1分别提升2.3、2.5pct；2Q单季营收、 归母净利润同比增速分别为10.3%、10.8%，较25Q1分别提升4.6、5.1pct。预计扩表保持较高强度、息差收窄 压力季环比改善及净其他非息收入韧性共同对2Q营收形成支撑。 扩表保持较高强度，贷款同比增长18.7% 25Q2末，宁波银行总资产、贷款、非信贷类资产同比增速分别为14.4%、18.7%、10.6%，较上季末分别下降 3.2、1.7、4.4pct，整体扩表 ...

丨证券研究报告丨 公司研究丨点评报告丨宁波银行（002142.SZ） [Table_Title] 单季增速上双超预期，零售风险预计改善 ——2025 年半年度业绩快报点评 报告要点 [Table_Summary] 上半年营收同比增速 7.9%（二季度单季增速 10.3%），归母净利润同比增速 8.2%（二季度单 季同比增速 10.8%）。预计利息净收入保持双位数以上增速，源于贷款高速扩表+预计净息差相 对稳定。预计非利息收入增速改善，投资等其他非息收入受益债市企稳回暖。扩表强劲，上半 年末贷款较期初大幅增长 13.4%，预计对公政府类业务是今年以来主要投向。上半年末不良率 环比持平于 0.76%，拨备覆盖率环比回升 4pct 至 374%，预计二季度不良净生成率企稳，推断 零售风险指标开始改善。 分析师及联系人 [Table_Author] 马祥云 盛悦菲 SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 宁波银行（002142.SZ） cjzqdt11111 [Ta ...