申万宏源最新研报指出，自2023年末银行股估值再度新低以来，银行板块实现一轮超出部分投资者预期 的修复行情：可以看到的是，2024年以来板块上涨、多家银行股价创新高，估值预期修复是主因（累计 上涨55%，其中估值修复约43%，盈利增长贡献9%），其背后，始于"中特估"，成于"高股息"，但更本 质是银行配置价值与依然偏低的估值之间的显著错配。拥抱稳定、可持续、可预期的回报确定性，看好 银行长期投资价值。 国投证券也认为，对银行而言，与业绩微小的变化相比，估值变化的影响力更巨大且持久，而影响估值 变化的因素取决于基本面景气度、定价资金属性、宏观利率等因素。自2021年以来，银行估值发生拐点 背后的趋势性力量尚在延续，将驱动银行板块持续贡献不错的收益。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 6月10日，A股三大指数涨跌不一，银行等防御板块涨幅居前。相关ETF中，银行ETF天弘（515290）截 至发稿涨1.29%，冲击三连涨，盘中价格一度触及上市以来新高；成分股中，民生银行涨超3%，浙商 银行、华夏银行、兴业银行等多股跟涨。 银行ETF天弘（515290 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002807 证券简称：江阴银行 公告编号：2025-018 2025年4月18日，江苏江阴农村商业银行股份有限公司（以下简称"本行"）召开第八届董事会第九次会 议，拟聘任周晓堂先生为本行第八届董事会秘书。近日，本行收到《无锡金融监管分局关于周晓堂江阴 农村商业银行董事会秘书任职资格的批复》（锡金复﹝2025﹞57号），国家金融监督管理总局无锡监管 分局核准周晓堂江苏江阴农村商业银行股份有限公司董事会秘书的任职资格。 江苏江阴农村商业银行股份有限公司 周晓堂先生已取得深圳证券交易所颁发的《董事会秘书资格证书》。因此，周晓堂先生即日起正式履行 董事会秘书职责，同时卞丹娟女士的履职工作终止。本行董事会对卞丹娟女士在担任董事会秘书期间为 本行做出的贡献表示衷心感谢。 关于董事会秘书任职资格获核准的公告 公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误导性陈述或重大遗漏。 证券代码：002807 证券简称：江阴银行 公告编号：2025-019 江苏江阴农村商业银行股份有限公司 关于风险总监任职资格获核准的公告 传真：0510-86805 ...

2025 年 3 月 27 日，江苏江阴农村商业银行股份有限公司（以下简称"本行"） 召开第八届董事会第八次会议，拟聘任翁烨锋先生为本行风险总监。近日，本行 收到《无锡金融监管分局关于翁烨锋江阴农村商业银行风险总监任职资格的批复》 （锡金复﹝2025﹞54 号），国家金融监督管理总局无锡监管分局核准翁烨锋江苏 江阴农村商业银行股份有限公司风险总监的任职资格。 特此公告。 江苏江阴农村商业银行股份有限公司董事会 2025 年 6 月 7 日 1 证券代码：002807 证券简称：江阴银行 公告编号：2025-019 江苏江阴农村商业银行股份有限公司 关于风险总监任职资格获核准的公告 公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误导性 陈述或重大遗漏。 ...

证券代码：002807 证券简称：江阴银行 公告编号：2025-018 江苏江阴农村商业银行股份有限公司 电话：0510-86801978 传真：0510-86805815 电子邮箱：jynsyh@sina.com 地址：江苏省江阴市澄江中路 1 号银信大厦十一楼 特此公告。 关于董事会秘书任职资格获核准的公告 公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、误导性 陈述或重大遗漏。 2025 年 4 月 18 日，江苏江阴农村商业银行股份有限公司（以下简称"本行"） 召开第八届董事会第九次会议，拟聘任周晓堂先生为本行第八届董事会秘书。近 日，本行收到《无锡金融监管分局关于周晓堂江阴农村商业银行董事会秘书任职 资格的批复》（锡金复﹝2025﹞57 号），国家金融监督管理总局无锡监管分局核 准周晓堂江苏江阴农村商业银行股份有限公司董事会秘书的任职资格。 周晓堂先生已取得深圳证券交易所颁发的《董事会秘书资格证书》。因此， 周晓堂先生即日起正式履行董事会秘书职责，同时卞丹娟女士的履职工作终止。 本行董事会对卞丹娟女士在担任董事会秘书期间为本行做出的贡献表示衷心感 谢。 本行新任董事会秘书周晓堂先 ...

全市场个股涨多跌少，超2600只股票上涨。沪深两市全天成交额1.29万亿元。 2025.06. 05 本文字数：629，阅读时长大约2分钟 6月5日，A股三大指数集体上涨。截至收盘，沪指涨0.23%，深成指涨0.58%，创业板指涨 1.17%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 3384.10 c | 7.90 | 0.23% | | 399001 | 深证成指 | 10203.50 c | 58.92 | 0.58% | | 899050 | 非证50 | 1434.63 c | -4.11 | -0.29% | | 881001 | 万得全A | 5158.55 c | 21.60 | 0.42% | | 000688 | 科创20 | 996.41 c | 10.30 | 1.04% | | 399006 | 创业板指 | 2048.61 c | 23.68 | 1.17% | 盘面上看，通信服务、足球概念、消费电子、算力板块涨幅居前，养殖业、中药、银行板块走低。 具体来看，消费电子 ...

Core Insights - The China Securities State-Owned Enterprises Dividend Index (000824) has shown a slight increase of 0.28% as of May 23, 2025, with notable gains in constituent stocks such as Jinkong Coal Industry (601001) up by 2.55% and Shanxi Coal International (600546) up by 1.73% [1] - The current coal supply and demand situation is relatively loose, primarily due to weak demand expectations from the power, real estate, and infrastructure sectors [1] - The long-term contract prices for coal are expected to be less affected, with companies like Shenhua, Shaanxi Coal, and China Coal showing stable performance due to their high proportion of long-term contracts [1] Industry Analysis - The China Securities State-Owned Enterprises Dividend Index reflects the overall performance of 100 listed companies with high cash dividend yields and stable dividends, selected from state-owned enterprises [2] - As of April 30, 2025, the top ten weighted stocks in the index account for 15.18% of the total index, with significant contributors including COSCO Shipping Holdings (601919) and Jizhong Energy (000937) [2] - The coal industry may see investment opportunities if coal prices rebound, particularly for undervalued stocks with high elasticity [1]

目前，10家A股上市农商行2025一季度报告已悉数披露完毕。 整体来看，A股农商行一季度呈现出明显的抗压性，10家银行均实现了净利润的正增长，其 中，常熟银行净利润同比增幅最大，为13.81%；营业收入方面，共计8家营收同比实现正增 长，2家出现负增长，分别为沪农商行和紫金银行。 从资产质量看，截至3月末，7家A股上市农商行不良贷款率均低于1%。其中，常熟银行、 无锡银行、江阴银行不良率均低于0.9%，分别为0.76%、0.78%、0.86%。相对而言，青农商 行不良率虽然较上年末下降0.02个百分点，但仍在上述银行中最高，为1.77%。 2家农商行营收同比下降， | 名称 | 营业收入 | 增速 | 原因润 | 増速 | | --- | --- | --- | --- | --- | | | (亿元) | (%) | (亿元) | (%) | | 渝农商行 | 72. 24 | 1.35 | 37. 45 | 6. 25 | | 沪农商行 | 65. 60 | (7.41) | 35. 64 | 0. 34 | | 青农商行 | 30. 57 | 0. 99 | 11.82 | 7.97 | | 常熟银行 ...

Group 1: Financial Investment Trends - The financial investment growth rate for listed banks showed divergence, with rural commercial banks rebounding to 8.30% in Q1 2025 after a decline in 2024[2] - State-owned banks' financial investment growth was weaker compared to other types of banks due to liability pressures[2] - The average contribution of investment net income to revenue increased, with contributions for state-owned, joint-stock, city commercial, and rural commercial banks at 6.95%, 18.56%, 25.86%, and 28.85% respectively in Q1 2025[2][31] Group 2: OCI Account and Profit Realization - The average proportion of OCI accounts increased to 32.5%, while the average AC proportion decreased to 47.5% in Q1 2025, indicating a greater reliance on OCI accounts for profit adjustment[2][28] - Estimated remaining sellable old bonds for listed banks is approximately 4.5 trillion yuan, with state-owned banks holding about 2.8 trillion yuan[4] - The pressure to sell bonds may re-emerge in Q2, raising questions about the remaining space for selling old bonds[3] Group 3: Profitability and Cost Management - The average net profit growth rate for listed banks declined from 4.83% in 2024 to 2.29% in Q1 2025, with some banks experiencing negative growth[19] - Average interest margin narrowed to 1.58% in Q1 2025, down from 1.61% in 2024, indicating ongoing profitability pressure[21] - Interest income remains the primary revenue source, but the average interest net income for state-owned banks decreased by 2.75% year-on-year[23] Group 4: Asset Quality and Risk - Overall asset quality improved, but potential risks accumulated, particularly with an increase in the proportion of special mention loans for rural commercial banks[5] - The capital adequacy ratio for various banks declined, with state-owned banks experiencing the most significant drop, indicating pressure on capital retention capabilities[5]

Investment Rating - The industry investment rating is "Buy" [9] Core Viewpoints - The total issuance of government bonds in 2025 is expected to reach 15.19 trillion CNY, with a net financing of 6.66 trillion CNY for national bonds [3][21] - The issuance of local government bonds is projected to be approximately 9.85 trillion CNY, with a net financing amount of about 6.84 trillion CNY [3][21] - The issuance structure indicates that 10-year national bonds will account for about 87.5% of the total issuance, while bonds with maturities longer than 10 years will have a significantly lower proportion [3][25] Summary by Sections Government Bond Issuance - The total limit for national bonds in 2025 is set at 4.86 trillion CNY, with an additional 1.3 trillion CNY for ultra-long special bonds and 500 billion CNY for special bonds [20][21] - The expected net financing for national bonds in 2025 is 6.66 trillion CNY, with a total issuance of 15.19 trillion CNY [3][21] Local Government Bonds - The limit for local general bonds and special bonds is projected to be 5.2 trillion CNY, with a net financing amount of approximately 6.84 trillion CNY [3][21] - The issuance of local bonds is expected to be concentrated in June, with a significant increase in supply [38] Bond Structure and Maturity - For national bonds, the issuance of 10-year bonds is expected to account for about 87.5% of the total, while bonds with maturities longer than 10 years will represent only 1.5% [3][35] - The issuance of ultra-long special bonds is anticipated to be concentrated between May and September, with specific amounts projected for each month [28][29] Market Performance - The bond market has shown a faster issuance pace compared to seasonal trends, with 26% of the annual plan completed by April [36] - The issuance of special refinancing bonds has been front-loaded, with expectations of completion by the second quarter [38]

Investment Rating - The report maintains an "Increase" rating for the banking sector [5] Core Insights - The report highlights that by the end of 2024, the bond investments of 42 listed banks significantly contributed to their performance, particularly due to the continuous decline in bond market interest rates, with a cumulative drop of 88 basis points in the 10-year government bond yield [1] - The report emphasizes the substantial floating profits accumulated in the FV-OCI financial assets due to fair value changes, which banks have utilized to support their performance through timely disposals of financial assets [1][4] - The report identifies that the floating profits from FV-OCI assets are particularly significant for state-owned banks, with Construction Bank and Agricultural Bank leading with floating profit balances exceeding 50 billion yuan by the end of 2024 [1] Summary by Sections 1. FV-OCI Floating Profit Situation - By the end of 2024, the floating profit from FV-OCI assets is notably high among city commercial banks and rural commercial banks, with Lanzhou Bank's floating profit to profit ratio reaching 126.9% [2] - The report indicates that the floating profits from FV-OCI assets have a significant capital replenishment effect, particularly for city and rural commercial banks, with notable contributions to their core Tier 1 capital [3] 2. Financial Asset Disposal Income Situation - In 2024, listed banks disposed of AC financial assets generating a total income of 50.29 billion yuan, an increase of 82.5% year-on-year, while the disposal of FV-OCI financial assets generated 85.36 billion yuan, a year-on-year increase of 134.4% [4] - The report notes that the disposal income from these two asset categories accounted for 2.4% of the revenue of the sample banks, reflecting a year-on-year increase of 1.3 percentage points [4][8] 3. Sector Outlook - The report suggests that while short-term impacts from tariff policies may affect exports, long-term domestic policies aimed at stabilizing real estate, promoting consumption, and enhancing social security are expected to support economic growth [9] - The banking sector is anticipated to benefit from policy catalysts, with specific banks such as Ningbo Bank, Postal Savings Bank, and China Merchants Bank highlighted as potential investment opportunities [9]