Core Viewpoint - The article discusses the recent trends in bank stock buybacks, highlighting that several banks are adjusting their buyback plans due to rising stock prices, indicating strong market confidence in the banking sector [1][3][4]. Group 1: Bank Buyback Plans - Chengdu Bank announced an extension of its buyback plan until April 9, 2026, due to its stock price exceeding the previously set upper limit [1][3]. - The adjusted buyback plan for Chengdu Bank includes a total investment of no less than 700 million yuan and no more than 1.4 billion yuan, with no price limit set for the buyback [3]. - Huaxia Bank plans to initiate a buyback of at least 30 million yuan starting from April 11, 2025, with the buyback subject to market conditions [4]. Group 2: Bank Performance Reports - Changshu Bank reported a 10.10% increase in revenue to 6.062 billion yuan and a 13.51% rise in net profit to 1.969 billion yuan for the first half of 2025 [8]. - As of June 30, 2025, Changshu Bank's total assets reached 401.227 billion yuan, a 9.45% increase year-on-year, with a non-performing loan ratio of 0.76% [8]. - Other banks, including Pudong Development Bank and Hangzhou Bank, have also reported positive performance, with Hangzhou Bank achieving a 16.67% increase in net profit [9][10]. Group 3: Market Sentiment and Trends - Data from Tonghuashun indicates that eight listed banks have received shareholder buybacks or are planning to do so this year, reflecting strong market enthusiasm for bank stocks [6]. - Analysts predict that while retail non-performing loans will remain high in the second half of 2025, quality banks will begin to clear their non-performing assets first [12].

成都银行表示，由于该行股价持续超过原增持计划设定的价格上限，为积极履行公开承诺，传递对成都 银行未来发展前景的信心，积极支持成都银行高质量发展，成都市国资委及增持主体拟对原增持计划进 行合理调整和变更，确保能够继续实施增持。调整方案如下： 21世纪经济报道 记者 叶麦穗银行股价"步步高"，超过增持价格上限，有银行甚至不得不改价、延期增 持。成都银行近日发布公告称，自2025年7月9日增持计划进展公告披露以来，因成都银行股价持续超过 增持计划披露的价格上限，成都产业资本集团、成都欣天颐仍未增持成都银行股份，增持计划实施期限 将延长至2026年4月9日。 成都产业资本集团和成都欣天颐两家增持主体拟增持的金额合计不低于7亿元，合计不高于14亿元。其 中，成都欣天颐拟增持的金额合计不低于人民币4.5亿元，不超过人民币8.9亿元；成都产业资本集团拟 增持的金额合计不低于人民币2.5亿元，不超过人民币5.1亿元。增持计划的实施期限拟延期6个月，即增 持计划的实施期限为自2025年4月9日起12个月内。 取消原有的价格上限。变更之后不设定价格区间，根据股票价格波动情况及资本市场整体趋势，择机实 施增持计划。而在此次变更前， ...

Core Insights - The banking sector has shown robust performance in the first half of 2025, with several banks reporting significant growth in both asset size and operating income, with net profits for five banks increasing by over 10% year-on-year [1][2] Group 1: Financial Performance - Shanghai Pudong Development Bank reported an operating income of 90.559 billion yuan, a year-on-year increase of 2.62%, and a net profit of 29.737 billion yuan, up 10.19% [2] - Qingdao Bank's total assets reached 743.028 billion yuan, growing by 7.69% compared to the end of the previous year, with a net profit of 3.065 billion yuan, reflecting a 16.05% increase [2] - The asset quality of multiple banks remains stable, with Shanghai Pudong Development Bank's non-performing loan (NPL) balance decreasing by 608 million yuan, resulting in an NPL ratio of 1.31%, down 0.05 percentage points from the end of the previous year [2][3] Group 2: Market Conditions and Revenue Drivers - The growth in bank operating income is attributed to two main factors: a decline in deposit rates leading to lower funding costs, and a recovery in the capital markets boosting income from wealth management and other intermediary services [1][4] - The capital market's recovery has enhanced the attractiveness of bank wealth management products, contributing to increased non-interest income [4][5] - Analysts expect that as the market stabilizes and the impact of previous fee adjustments diminishes, banks will see a recovery in fee and commission income, particularly from wealth management services [5] Group 3: Future Outlook - Looking ahead, banks are expected to continue supporting economic growth, with loan and deposit activities driving asset and liability growth, and a focus on optimizing credit structures [1][6] - Despite facing some downward pressure on net interest margins, banks are likely to stabilize these margins through measures such as lowering deposit rates and managing high-interest deposits [6]

Core Viewpoint - The first half of 2025 has shown positive growth in revenue and net profit for several A-share listed banks, with a notable performance from Changshu Bank, indicating a potential revaluation of bank stocks and a favorable outlook for a "slow bull market" [2][9]. Group 1: Changshu Bank Performance - Changshu Bank reported a revenue of 6.062 billion yuan, a year-on-year increase of 10.1%, and a net profit of 1.969 billion yuan, up 13.51% [3]. - Non-interest income surged by 57.26%, driven by significant increases in fee and commission income (up 637.77%) and bond investment income (up 560.13%) [3]. - As of June 30, 2025, total assets reached 401.227 billion yuan, with loans and deposits growing by 4.4% and 8.46%, respectively [3][4]. Group 2: Asset Quality and Dividends - The non-performing loan (NPL) ratio stood at 0.76%, a slight decrease from the previous year, while the provision coverage ratio was 489.53% [4]. - Changshu Bank proposed a cash dividend of 0.15 yuan per share, totaling 497 million yuan, which is 25.27% of its net profit for the half-year [4]. Group 3: Other Banks' Performance - Other banks such as Hangzhou Bank, Ningbo Bank, and Shanghai Pudong Development Bank also reported net profit growth exceeding 10%, with Hangzhou Bank achieving a 16.67% increase [5][7]. - Shanghai Pudong Development Bank's net profit reached 29.737 billion yuan, reflecting a 10.19% year-on-year growth, with total loans and deposits increasing by 4.51% and 8.71%, respectively [5][7]. - Qingdao Bank and Ningbo Bank also reported positive growth in both revenue and net profit, with Qingdao Bank's net profit increasing by 16.05% [8]. Group 4: Market Performance and Outlook - The banking sector has seen an 18.10% increase in stock prices year-to-date, with Shanghai Pudong Development Bank leading with a 41.88% rise [9]. - Agricultural Bank of China has surpassed Industrial and Commercial Bank of China in market capitalization, reaching 2.14 trillion yuan [10][11]. - Analysts suggest that the combination of low valuations and high returns makes bank stocks attractive, with potential for over 60% price appreciation based on current dividend yields and asset quality [11][12].

资产质量方面，各家银行均表现良好，杭州银行、常熟农商行、宁波银行不良贷款率均为0.76%，其 中，常熟农商行较年初微降0.01个百分点，宁波银行、杭州银行不良率均与上年末持平；齐鲁银行不良 贷款率1.09%，较上年末下降0.1个百分点；青岛银行不良贷款率1.12%，较上年末下降0.02个百分点； 浦发银行不良贷款率1.31%，较上年末下降0.05个百分点。 8月7日晚间，常熟农商行率先披露"期中考"成绩单，A股上市银行2025年半年报正式迎来放榜期。根据 半年报，常熟农商行上半年实现营业收入60.62亿元，同比增长10.1%；归母净利润19.69亿元，同比增 长13.51%。而在该行之前，杭州银行、宁波银行、齐鲁银行、青岛银行、浦发银行也曾发布业绩"预 喜"公告，其中多家银行归母净利润同比增幅达两位数。业绩的回暖也对股价形成支撑，年内银行股涨 势喜人。分析人士称，银行业绩改善为股价上涨提供了核心支撑，同时股价表现还受市场环境、估值水 平及投资者情绪等多重因素的综合影响。 多家银行业绩预喜 8月7日，常熟农商行披露半年报，报告期内，该行实现营业收入60.62亿元，同比增长10.1%；归母净利 润19.69亿元， ...

招商证券表示，展望未来，随着公募基金改革方案的逐步落地，业绩比较基准的约束作用将逐渐强化， 而银行是基金业绩基准中的主要组成部分，预计未来将进一步得到主动基金的增持。在之前发布的报告 《有增持，更欠配—2025年2季度基金持仓点评》中提出，银行中期行情结束的其中一个标志就是公募 基金将银行配置提高到8%-10%左右的合意比例，目前银行股的欠配程度从不同口径来看均在5%-7%左 右，仍相对较高，因此银行的中期行情预计仍未结束。 消息面上，据智通财经，6家银行率先预喜半年度业绩。截至8月6日，已有浦发银行、杭州银行、常熟 银行、宁波银行、齐鲁银行、青岛银行等6家A股上市银行发布了2025年半年度业绩快报，营收净利均 实现正增长，其中5家银行归母净利润同比增幅达两位数。 银行ETF天弘（515290）紧密跟踪中证银行指数，该指数选取中证全指样本股中至多50只银行业股票组 成，以反映该行业股票的整体表现。该基金规模位居同标的产品ETF前二，还配备场外联接基金（A 类：001594，C类：001595）。 8月7日，银行股早盘拉升，相关ETF方面，银行ETF天弘（515290）盘中震荡走高，截至发稿涨 0.58%，成交 ...

◎记者 黄坤 截至8月6日，已有浦发银行、杭州银行、常熟银行、宁波银行、齐鲁银行、青岛银行等6家A股上市银 行发布了2025年半年度业绩快报，营收净利均实现正增长，其中5家银行归母净利润同比增幅达两位 数。 6家银行业绩报喜 6家A股上市银行率先披露半年度业绩快报，关键业绩指标浮出水面。 在保持稳健扩表的情况下，上半年，浦发银行、杭州银行、常熟银行、宁波银行、齐鲁银行、青岛银行 的营收、归母净利润均实现同比正增长。 归母净利润方面，常熟银行同比增幅为13.55%，杭州银行、齐鲁银行、青岛银行均超16%，浦发银行为 10.19%，宁波银行为8.23%。 齐鲁银行同步披露了营业收入的具体情况，其中利息净收入同比增长13.57%；手续费及佣金净收入同 比增长13.64%。 齐鲁银行在半年度业绩快报中提到，该行净息差企稳回升。杭州银行近日在投资者关系活动记录表中透 露，预计今年息差整体降幅将好于2024年。 上述头部券商银行业分析师说，虽然净息差整体仍在下降，但得益于存款利率下调，息差压力趋缓。 银行板块景气度上行 基本面企稳向好，支撑了银行股上涨、估值显著修复。截至8月6日，申万银行板块指数年内累计涨幅达 16.1 ...

银行板块指数日K线图 范雨露 制图 ◎记者 黄坤 截至8月6日，已有浦发银行、杭州银行、常熟银行、宁波银行、齐鲁银行、青岛银行等6家A股上市银 行发布了2025年半年度业绩快报，营收净利均实现正增长，其中5家银行归母净利润同比增幅达两位 数。 一家头部券商银行业分析师表示，上市银行一季度业绩整体疲软，主要是因为债市调整带来的其他非息 收入增速大幅下滑。二季度债市回暖、息差压力减轻，推动半年度业绩有所好转。 天风证券银行业首席分析师刘杰表示，一方面，信贷供需矛盾缓和，贷款利率下行趋缓，同时高息定期 存款集中到期，存款成本改善红利释放，有望推动净息差边际企稳；另一方面，非息收入有望持续改 善，低基数叠加理财回暖下中收降幅有望收窄，二季度债市行情修复后，其他非息收入降幅有望收窄。 在保持稳健扩表的情况下，上半年，浦发银行、杭州银行、常熟银行、宁波银行、齐鲁银行、青岛银行 的营收、归母净利润均实现同比正增长。 归母净利润方面，常熟银行同比增幅为13.55%，杭州银行、齐鲁银行、青岛银行均超16%，浦发银行为 10.19%，宁波银行为8.23%。 齐鲁银行同步披露了营业收入的具体情况，其中利息净收入同比增长13.57% ...

自7月以来，上市银行"中报季"逐步拉开帷幕。截至记者发稿前，已有5家上市银行率先"交卷"，发布了 2025年半年度业绩快报。 总体来看，今年上半年，5家上市银行资产规模增长稳健，营业收入和归母净利润均实现同比增长，还 有银行实现营收、净利润"双升"。 5家上市银行业绩报喜 《金融时报》记者梳理数据时发现，截至发稿前，已有杭州银行（600926）、常熟银行（601128）、宁 波银行（002142）、齐鲁银行（601665）、青岛银行（002948）共5家A股上市银行发布了2025年中期 业绩快报。 从资产规模来看，今年上半年，5家上市银行总资产均实现正增长，同比增速均超过5%，但也呈现出梯 队差异。 在归母净利润方面，宁波银行、杭州银行超100亿元，分别为147.72亿元、116.62亿元。杭州银行、齐鲁 银行、青岛银行归母净利润均实现超16%的高速增长。 值得一提的是，作为首家披露中期业绩快报的A股上市农商行，常熟银行也是目前唯一一家营收、净利 双双实现两位数增长的上市银行。该行上半年实现营业收入60.62亿元，同比增长10.10%；归母净利润 为19.69亿元，同比增长13.55%。 上半年，5家上市银行 ...

| 601860 | 紫金银行 | -0.66 | 1.78 | -778.68 | | --- | --- | --- | --- | --- | | 600036 | 招商银行 | -0.29 | 0.21 | -666.17 | | 002807 | 江阴银行 | -0.83 | 0.70 | -583.01 | | 601825 | 沪农商行 | -0.53 | 0.16 | -572.73 | | 002948 | 青岛银行 | 0.99 | 1.24 | -410.70 | | 601963 | 重庆银行 | -0.48 | 0.50 | -306.36 | | 600000 | 浦发银行 | 0.29 | 0.28 | -259.69 | | 601187 | 厦门银行 | 0.00 | 1.63 | -242.53 | | 600928 | 西安银行 | 0.26 | 0.59 | -97.37 | | 600908 | 无锡银行 | -0.49 | 0.59 | -37.20 | | 603323 | 苏农银行 | -0.73 | 0.99 | 378.64 | | 002958 | 青农商 ...