Core Viewpoint - The successful launch of the Zhuque-2 rocket by Blue Arrow Aerospace represents a significant achievement for China's private space industry, showcasing the support from Minsheng Bank in fostering technological innovation and development in this sector [1][3][6]. Company Overview - Blue Arrow Aerospace, established in 2015, is one of the earliest private companies in China engaged in the development of launch vehicles, completing a commercialized closed loop in design, research, production, testing, and launching [3]. - The Zhuque series rockets, particularly the Zhuque-2 liquid rocket, exemplify the highest technological standards of China's private aerospace sector and hold a significant position in the global aerospace arena [3]. Financial Support and Collaboration - Since the partnership began in 2021, Minsheng Bank has provided comprehensive financial services to Blue Arrow Aerospace, including financing services, integrated financial systems, and asset management, addressing the company's funding needs at various development stages [3][6]. - Minsheng Bank's support has been crucial during challenging times, such as the failed test flight of the Zhuque-1 rocket in December 2022, where both parties remained committed to the long-term vision of technological advancement [4]. Recent Achievements - On July 12, 2023, the Zhuque-2 rocket successfully launched, marking it as the world's first liquid oxygen-methane rocket to reach orbit, a historic milestone for both Blue Arrow Aerospace and Minsheng Bank [6]. - Minsheng Bank has become the main settlement bank for Blue Arrow Aerospace and has facilitated a fixed asset loan for the construction of the Jiuquan launch site, further solidifying Blue Arrow's leading position in the private aerospace sector [6]. Technological Financial Services - Minsheng Bank has positioned itself as a key player in the technology finance sector, aligning with national innovation strategies and providing tailored financial products to support technology-driven enterprises [7][9]. - The bank has developed a multi-tiered service system and innovative financial product matrix, aiming to create a sustainable ecosystem that integrates technology, industry, and finance [7][8]. Future Outlook - Minsheng Bank aims to continue its commitment to supporting technology enterprises, enhancing their growth potential through open ecosystems and agile services, thereby contributing to the development of new productive forces in China [9].

沪指5月7日上涨0.80%，申万所属行业中，今日上涨的有26个，涨幅居前的行业为国防军工、银行，涨 幅分别为3.70%、1.49%。银行行业位居今日涨幅榜第二。跌幅居前的行业为传媒、计算机，跌幅分别 为0.56%、0.42%。 银行行业资金流向排名 资金面上看，两市主力资金全天净流出254.59亿元，今日有6个行业主力资金净流入，国防军工行业主 力资金净流入规模居首，该行业今日上涨3.70%，全天净流入资金41.90亿元，其次是农林牧渔行业，日 涨幅为0.71%，净流入资金为6.66亿元。 主力资金净流出的行业有25个，计算机行业主力资金净流出规模居首，全天净流出资金79.55亿元，其 次是电子行业，净流出资金为67.25亿元，净流出资金较多的还有通信、非银金融、医药生物等行业。 银行行业今日上涨1.49%，全天主力资金净流入5.86亿元，该行业所属的个股共42只，今日上涨的有42 只；。以资金流向数据进行统计，该行业资金净流入的个股有28只，其中，净流入资金超5000万元的有 7只，净流入资金居首的是民生银行，今日净流入资金1.25亿元，紧随其后的是平安银行、建设银行， 净流入资金分别为1.24亿元、951 ...

营收大幅改善，资产质量稳健 公司报告 | 季报点评 民生银行（600016） 证券研究报告 民生银行发布2025 年一季度财报。公司实现营收368亿元，YoY+7.41%； 归母净利润 127 亿元，YoY-5.13%；不良率 1.46% ，拨备覆盖率 144.27%。 事件： 点评： 营收大幅增长。2025 年一季度，民生银行营收 368 亿元（YoY+7.41%， 较 2024 年末提升 10.62pct），其中净利息收入 249 亿元（YoY+2.49%， 较 2024 年末提升 6.14pct），占营收比重 67.6%；非息收入 119 亿元， 同比增长 19.34%，较 2024 年末提升 21.39pct。2025Q1 拨备前利润、 归母净利润分别同比+9.98%、-5.13%。导致拨备前利润与归母净利润增 速较大差距的主要原因是公司计提力度加大，2025 年一季度计提减值准备 同比+42.68%，增长约 33 亿元。 非息收入方面：2025 年一季度，公司手续费及佣金收入 49 亿元，同比 -3.94%。其它非息收入整体同比增长 43.79%；其中投资净收益 94 亿元， 同比增长 58.10% ...

Core Viewpoints - The company's revenue growth has rebounded, with a 7.41% increase in Q1 2025, up 10.63 percentage points from the full year of 2024, driven by stable scale, recovering interest margins, and significant growth in non-interest income [2] - The net interest margin has improved, with a net interest margin of 1.41% in Q1 2025, up 2 basis points from the full year of 2024, and up 3 basis points from Q1 2024 [2] - The asset quality indicators remain stable, with a slight decrease in the non-performing loan ratio to 1.46%, down 1 basis point from the end of Q4 2024 [2] Revenue and Profitability - Q1 2025 operating income, pre-provision operating profit (PPOP), and net profit attributable to shareholders grew by 7.41%, 9.98%, and -5.13% year-on-year, respectively [1] - The growth rates for PPOP and net profit have increased by 15.37 percentage points and 4.72 percentage points compared to the full year of 2024 [1] Non-Interest Income and Asset Growth - Non-interest income saw a significant year-on-year increase of 43.79% in Q1 2025, with a growth rate improvement of 42.7 percentage points compared to the full year of 2024 [2] - Total assets grew by 0.72% year-on-year in Q1 2025, with loan growth at 0.48%, both showing a decline in growth rates compared to the full year of 2024 [3] Investment Recommendations - The company shows signs of revenue growth recovery, improving interest margins, and stable asset quality indicators, suggesting potential for valuation recovery if macroeconomic policies continue to support economic recovery [3]

2025年4月30日，民生银行(600016.SH)发布2025年第一季报。截至2025年4月30日，共有32个机构投资 者披露持有民生银行A股股份，合计持股量达181.74亿股，占民生银行总股本的41.51%。其中，前十大 机构投资者包括大家人寿保险股份有限公司-万能产品、大家人寿保险股份有限公司-传统产品、深圳市 立业集团有限公司、同方国信投资控股有限公司、新希望六和投资有限公司、上海健特生命科技有限公 司、中国船东互保协会、东方集团股份有限公司、香港中央结算有限公司、国富恒瑞债券A，前十大机 构投资者合计持股比例达41.38%。相较于上一季度，前十大机构持股比例合计下跌了0.98个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计8个，主要包括国富恒瑞债券A、国富弹性市值 混合A、招商安和债券A、创金合信沪深300增强A、工银价值精选混合A等，持股增加占比小幅上涨。 本期较上一季度持股减少的公募基金共计6个，主要包括易方达上证中盘ETF、南方中证银行ETF发起 联接A、国泰君安红利量化选股混合A、鹏扬景欣混合A、申万菱信红利量化选股股票A等，持股减少占 比小幅下跌。本期较上一季度新披露的公募基金 ...

Group 1 - The upcoming "May Day" holiday has prompted several banks, including CITIC Bank, China Merchants Bank, Minsheng Bank, and Pudong Development Bank, to launch holiday-themed financial products or investment strategies [2] - Minsheng Bank's product, "Guizhu Fixed Income Enhanced Weekly Yield 7-Day Holding Period No. 16 A," has shown a unique performance, achieving an annualized return of 5.28% over the past three months, despite a general downturn in the bond market [5][8] - The product's scale has dramatically increased from 575.34 million to 1.964 billion, representing a growth of over 340 times [8] Group 2 - The product has a historical annualized return of 4.7% since its inception, which is relatively low compared to its peers, with an average return of 2.6% during the previous year [8][11] - In terms of performance metrics, the product scored 64 in yield performance, 97 in risk control, 39 in risk-adjusted return, and 17 in fee rate, ranking it in the top 44% of similar products [10][14] - The product primarily invests in fixed-income assets, with over 85% of its portfolio allocated to such assets, and has maintained a maximum drawdown of only 0.07% since inception, indicating strong risk management [11][17] Group 3 - The product's investment strategy includes a flexible approach to fixed-income assets, with a significant allocation to stable assets like bank deposits and reverse repos, which was as high as 32.11% at the end of last year [21] - The product's equity investments are conservative, with a cap of 10% on equity exposure, focusing on high-quality assets [21][22] - The product is suitable for investors seeking moderate returns with a low-risk profile, requiring a minimum holding period of 7 days for liquidity [22]

本行董事会及董事会全体成员保证公告内容不存在虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 经国家金融监督管理总局和中国人民银行批准，中国民生银行股份有限公司 （以下简称"本行"）在全国银行间债券市场成功发行了"中国民生银行股份有 限公司 2025 年二级资本债券（第一期）"，并在银行间市场清算所股份有限公 司完成债券的登记、托管。 证券简称：民生银行 A 股代码：600016 优先股简称：民生优 1 优先股代码：360037 编号：2025-017 中国民生银行股份有限公司 关于成功发行 400 亿元二级资本债券的公告 特此公告 中国民生银行股份有限公司董事会 2025 年 4 月 29 日 本期债券于 2025 年 4 月 23 日簿记建档，并于 2025 年 4 月 25 日完成发行。 发行规模为人民币 400 亿元，品种为 10 年期固定利率债券，在第 5 年末附有条 件的发行人赎回权，票面利率为 2.35%。 本期债券募集资金将依据适用法律和监管部门的批准，用于补充本行二级资 本，提高资本充足率。 ...

证券简称：民生银行 A 股代码：600016 优先股简称：民生优 1 优先股代码：360037 编号：2025-019 中国民生银行股份有限公司 第九届监事会第八次会议决议公告 本行监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国民生银行股份有限公司（以下简称"中国民生银行""公司"）第九届监 事会第八次会议以书面传签方式召开，表决截止日期为 2025 年 4 月 29 日。会议 通知、会议文件于 2025 年 4 月 17 日以电子邮件方式发出。向监事发出表决票 6 份，收回 6 份。会议符合《中华人民共和国公司法》及《中国民生银行股份有限 公司章程》的规定，表决所形成的决议合法、有效。 会议审议通过了如下决议： 1. 关于《中国民生银行 2025 年第一季度报告》的决议 根据相关规定，会议对 2025 年第一季度报告提出如下审核意见： （1）公司 2025 年第一季度报告的编制和审议程序符合法律、行政法规、规 范性文件及《中国民生银行股份有限公司章程》的规定。 （2）公司严格按照企业会计准则、企业会计制度和金融企业会计制度规 ...

会议审议通过了如下决议： 1. 关于《中国民生银行 2025 年第一季度报告》的决议 《中国民生银行 2025 年第一季度报告》已经本行董事会审计委员会全体委员审 议通过，并同意提交董事会。《中国民生银行 2025 年第一季度报告》详见上海证券 交易所网站及本行网站。 证券简称：民生银行 A 股代码：600016 优先股简称：民生优 1 优先股代码：360037 编号：2025-018 中国民生银行股份有限公司 第九届董事会第十二次会议决议公告 本行董事会及董事会全体成员保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国民生银行股份有限公司（以下简称"中国民生银行"）第九届董事会第十 二次会议以书面传签方式召开，表决截止日期为 2025 年 4 月 29 日。会议通知、会 议文件于 2025 年 4 月 15 日以电子邮件方式发出，共收回有效表决票 13 份。会议符 合《中华人民共和国公司法》及《中国民生银行股份有限公司章程》的规定，表决 所形成决议合法、有效。 4. 关于《中国民生银行 2024 年度资本充足率管理报告》的决议 议案表决情况：同 ...

Financial Performance - Net profit attributable to shareholders decreased by 5.13% to RMB 12,742 million compared to the same period last year [4]. - Basic earnings per share decreased by 6.45% to RMB 0.29 [4]. - The group's net profit for Q1 2025 was RMB 12,782 million, a decrease of 5.2% from RMB 13,487 million in Q1 2024 [48]. - The total comprehensive income for the group was RMB 9,376 million for Q1 2025, a decrease of 36.5% compared to RMB 14,688 million in Q1 2024 [50]. Asset and Liability Management - Total assets decreased by 0.40% to RMB 7,783,420 million compared to the end of 2024 [3]. - The total liabilities were 71,174.92 billion yuan, a decrease of 409.09 billion yuan or 0.57% compared to the end of the previous year [18]. - Total liabilities decreased to RMB 7,117,492 million from RMB 7,158,401 million at the end of 2024, indicating a reduction of 0.6% [46]. - The bank's total equity increased to RMB 665,928 million from RMB 656,568 million at the end of 2024, showing a growth of 1.4% [46]. Loan and Deposit Growth - Total loans and advances increased by 1.57% to RMB 4,520,467 million, with corporate loans rising by 2.75% to RMB 2,753,706 million [3]. - Total deposits increased by 2.53% to RMB 4,356,395 million, with personal deposits rising by 5.78% to RMB 1,373,405 million [3]. - The total deposits increased by 1,073.00 billion yuan or 2.53%, reaching 43,563.95 billion yuan, which accounted for 61.21% of total liabilities, up 1.85 percentage points [18]. Interest Income and Margins - Net interest income increased by 2.49% to RMB 24,866 million [4]. - The net interest margin improved to 1.41%, an increase of 3 basis points year-on-year [19]. - Net interest income for the group reached RMB 24,866 million, up from RMB 24,262 million in the same period last year, reflecting a growth of 2.5% [48]. Non-Performing Loans and Risk Management - Non-performing loan ratio improved slightly to 1.46% from 1.47% [3]. - The bank's non-performing loans totaled RMB 66.05 billion, with a non-performing loan ratio of 1.46%, a decrease of 0.01 percentage points from the previous year [35]. - The bank's non-performing loan ratio remained stable, reflecting effective risk management strategies [42]. Cash Flow and Investment Activities - The net cash flow from operating activities was negative at RMB -117,455 million [4]. - The net cash flow from operating activities for the group was negative RMB 117,455 million in Q1 2025, compared to negative RMB 127,366 million in Q1 2024, showing an improvement [52]. - The net cash flow from investment activities was RMB 112,003 million for the group in Q1 2025, significantly up from RMB 11,242 million in Q1 2024 [54]. Strategic Initiatives and Market Expansion - The group is focused on optimizing asset structure and increasing credit investment to support the real economy [18]. - The company launched 32 new AI application scenarios during the reporting period, enhancing its digital transformation strategy [29]. - The bank plans to enhance its market expansion strategies and continue investing in new technologies to drive future growth [40]. Customer Base and Services - The company serves 119,600 technology enterprises, including 27,100 "specialized, refined, distinctive, and innovative" clients [21]. - The number of personal pension accounts reached 2.3986 million, an increase of 103,000 accounts, representing a growth rate of 4.49% [27]. - Retail customer base grew to 136.99 million, a 2.02% increase year-over-year [32].