[Table_Reportdate] 2025年05月25日 [供给与价格传导，关注中游制造环节 Table_NewTitle] ——资产配置周报（2025/05/19-2025/05/23） [证券分析师 Table_Authors] 王鸿行 S0630522050001 whxing@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn 证券分析师 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师 张季恺 S0630521110001 ➢ 全球大类资产回顾。5月23日当周，全球股市多数收跌，港股表现逆势走强；主要商品期 货中黄金、铜收涨，铝、原油收跌；美元指数下跌，非美货币升值。1）权益方面：恒生指 数>英国富时100>沪深300指数>深证成指>上证指数>德国DAX30>恒生科技指数>创业板 指>科创50>日经225>法国CAC40>道指>纳指>标普500。2）原油价格震荡调整，OPEC+ 预期7月再度增产，缓解地缘局势紧张对油价带来的影响。3）工业品期货：南华工业品价 格指数下跌，炼焦煤、水泥、混凝 ...

[证券分析师： Table_Authors] 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 赵敏敏 zmmin@longone.com.cn 联系人： 李嘉豪 lijiah@longone.com.cn [晨会纪要 Table_NewTitle] 20250523 重点推荐 财经要闻 [Table_Reportdate] 2025年05月23日 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 晨 会 纪 要 [table_summary] ➢ 1.宁波银行（002142）：对公信贷明显发力，不良确认与处置保持审慎——公司简评报告 ➢ 2.产能加快调整，2025年奶价有望企稳——乳制品行业深度报告 ➢ 1.欧元区5月PMI低于预期 ➢ 2.美国5月标普全球制造业PMI初值52.3，预期50.1 超出预期 ➢ 3.科技部等七部门联合印发《加快构建科技金融体制有力支撑高水平科技自立自强的若干 政策举措》 ➢ 4. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a strong performance in Q1 2025, with operating income of 18.495 billion yuan (up 5.63% YoY) and net profit attributable to ordinary shareholders of 7.417 billion yuan (up 5.76% YoY) [4] - The total assets reached 3.40 trillion yuan (up 17.58% YoY), with a non-performing loan (NPL) ratio of 0.76% (unchanged QoQ) and a provision coverage ratio of 370.54% (down 18.81 percentage points QoQ) [4] - The net interest margin (NIM) for Q1 was 1.80% (down 10 basis points YoY) [4] - The company has shown strong growth in corporate loans, while personal loan growth remains constrained by demand [4] - Deposit growth has been robust, benefiting from regional economic conditions and fiscal support [4] - The company maintains a cautious approach to non-performing loan recognition and disposal, reflecting its prudent management philosophy [5] - Earnings forecasts have been adjusted, with expected operating income for 2025-2027 at 71.402 billion, 76.912 billion, and 84.322 billion yuan respectively [5] Summary by Sections Financial Performance - Q1 2025 operating income was 18.495 billion yuan, a 5.63% increase YoY, and net profit was 7.417 billion yuan, a 5.76% increase YoY [4] - Total assets reached 3.40 trillion yuan, up 17.58% YoY, with an NPL ratio of 0.76% [4] Loan and Deposit Growth - Corporate loan growth was strong, driven by good regional economic demand, while personal loans saw a slight decline [4] - Deposits grew significantly, outpacing M2 growth, supported by strong customer retention and fiscal policies [4] Interest Margin and Investment - The NIM for Q1 was 1.80%, reflecting a slight decrease due to market conditions [4] - Investment income was impacted by market fluctuations, but the company’s professional investment capabilities are expected to provide resilience [5] Asset Quality - The overall asset quality remains stable, with a cautious approach to recognizing and managing non-performing loans [5] - The company reported a provision for loan losses of 4.701 billion yuan, a record high for a single quarter, indicating a proactive stance on risk management [5] Earnings Forecast - Adjusted earnings forecasts for 2025-2027 predict operating income of 71.402 billion, 76.912 billion, and 84.322 billion yuan, with net profits of 29.211 billion, 31.598 billion, and 34.823 billion yuan respectively [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in corporate credit, with a cautious approach to bad debt recognition and disposal [1] - The first quarter of 2025 saw a year-on-year increase in operating income of 5.63% to 18.495 billion yuan and a net profit attributable to ordinary shareholders of 7.417 billion yuan, up 5.76% year-on-year [4] - Total assets reached 3.4 trillion yuan, reflecting a year-on-year growth of 17.58% [4] - The non-performing loan (NPL) ratio remained stable at 0.76%, while the provision coverage ratio for bad loans decreased by 18.81 percentage points to 370.54% [4] Summary by Sections Financial Performance - Q1 operating income was 18.495 billion yuan, a 5.63% increase year-on-year, and net profit was 7.417 billion yuan, up 5.76% year-on-year [4] - Total assets reached 3.4 trillion yuan, marking a 17.58% increase year-on-year [4] - The NPL ratio was stable at 0.76%, with a provision coverage ratio of 370.54% [4][5] Loan and Deposit Growth - Corporate loans saw rapid growth, driven by strong demand in the region, while personal loans remained constrained [4] - The bank's deposit growth outpaced the M2 growth rate, benefiting from strong customer loyalty and favorable economic conditions [4] Interest Margin and Investment - The net interest margin for Q1 was 1.80%, down 10 basis points year-on-year [4] - The bank's financial investments also grew rapidly, driven by government financing [4] Asset Quality and Risk Management - The overall asset quality remained stable, with a cautious approach to bad debt disposal [5] - The bank's bad debt recognition and write-off efforts were significant, with a write-off ratio of 27.37% [5] Earnings Forecast and Valuation - The earnings forecast for 2025-2027 has been adjusted, with expected operating revenues of 71.402 billion, 76.912 billion, and 84.322 billion yuan respectively [5] - The forecasted net profits for the same period are 29.211 billion, 31.598 billion, and 34.823 billion yuan respectively [5] - The projected price-to-book ratios for 2025-2027 are 0.79, 0.72, and 0.65 respectively [5]

行 业 研 究 [Table_Reportdate] 2025年05月22日 [table_invest] 超配 行 业 深 度 食 品 饮 -40% -29% -18% -7% 4% 15% 24-05 24-08 24-11 25-02 申万行业指数:食品饮料(0734) 沪深300 [相关研究 table_product] [Table_NewTitle 产能加快]调整，2025年奶价有望企稳 ——乳制品行业深度报告 [table_main] 投资要点： 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 料 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn [table_stockTrend] 26% 1.白酒底部区间，大众品关注高成长 性赛道 — — 食 品 饮 料 行 业 周 报 （2025/5/12-2025/5/18） 2.白酒压力释放，关注高景气品类— —食品饮料行业周报（2025/5/5- 2025/5/11） 3.安井食品（603345）：经营稳健， 方向明确——公司 ...

[证券分析师： Table_Authors] 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 赵敏敏 zmmin@longone.com.cn 联系人： [Table_Reportdate] 2025年05月22日 李嘉豪 lijiah@longone.com.cn [晨会纪要 Table_NewTitle] 20250522 [table_summary] 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 ➢ 1.保险板块或已走出下降趋势，上涨空间大回落空间小——技术分析行业板块简评 ➢ 2.邮储银行（601658）：非息收入表现较好，存贷同步降息缓解息差压力——公司简评报 告 ➢ 1.上海市人民政府办公厅印发《上海市提振消费专项行动方案》 ➢ 2.金融监管总局等八部门联合印发《支持小微企业融资的若干措施》 ➢ 3.中国与东盟十国全面完成中国—东盟自贸区3.0版谈判 | 1 ...

[Table_Reportdate] 2025年05月21日 [证券分析师： Table_Authors] 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn 联系人： 赵敏敏 zmmin@longone.com.cn [晨会纪要 Table_NewTitle] 20250521 [table_summary] 重点推荐 财经要闻 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 晨 会 ➢ 1.邮储银行（601658）：非息收入表现较好，存贷同步降息缓解息差压力——公司简评报 告 ➢ 2.保险板块或已走出下降趋势，上涨空间大回落空间小——技术分析行业板块简评 ➢ 3.美出台措施加强半导体出口管制，国产AI芯片2025年国内市占率有望升至40%——电子 行业周报2025/5/12-2025/5/19 ➢ 1.国家发展改革委举行5月份 ...

[Table_Reportdate] 2025年05月20日 公 司 简 评 报告原因：业绩点评 [证券分析师 Table_Authors] 王鸿行 S0630522050001 whxing@longone.com.cn | [数据日期 Table_cominfo] | 2025/05/19 | | --- | --- | | 收盘价 | 5.30 | | 总股本(万股) | 9,916,108 | | 流通A股/B股(万股) | 6,712,240/0 | | 资产负债率(%) | 94.37% | | 市净率(倍) | 0.53 | | 净资产收益率(加权) | 2.83 | | 12个月内最高/最低价 | 5.83/4.45 | [Table_QuotePic] -21% -14% -8% -1% 5% 12% 18% 25% 24-05 24-08 24-11 25-02 邮储银行 沪深300 [相关研究 Table_Report] 《邮储银行（601658）：负债优势凸 显，财政部战投与邮政集团增持彰显 信心—公司简评报告》 2025.04.16 《邮储银行（601658）：负债成本优 势保持，储 ...

[Table_Reportdate] 2025年05月20日 策 略 研 究 [证券分析师 Table_Authors] 总 量 研 究 王洋 S0630513040002 wangyang@longone.com.cn 投资要点 ➢ 核心观点：保险板块长时间震荡回落，调整较为充分。短线技术条件逐渐向好，或已走出 下降趋势。指数在震荡调整过程中，大单资金活跃。下方支撑较多，回落空间小，上涨空 间大。 ➢ 风险提示：技术分析是对已有的行情进行统计、归纳、分析，是从当前市场量、价、线、 形、位多个角度进行多空力量对比，是对稳定条件下的市场情绪进行的判断预估，是对之 前的行情运行规律进行的总结、应用。当市场突发较大的政治、经济、军事、自然灾害及 [相关研究 Table_Report] 1.《波浪里前行 上证指数目前或处 于黎明的曙光中》 2.《上证指数或酝酿反弹动能——技 术分析上证指数系列》 3.《上证指数短线或有反弹需求—— 技术分析上证指数简评》 4.《上证指数或有进一步震荡盘升动 能——技术分析上证指数简评》 5.《上证指数短线技术条件明显修 复，回落空间小上涨空间大——技术 分析上证指数简评》 6. 《证 ...

[Table_Reportdate] 2025年05月20日 [证券分析师： Table_Authors] 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn 联系人： 赵敏敏 zmmin@longone.com.cn [晨会纪要 Table_NewTitle] 20250520 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.创新药链热度持续，关注中药等细分板块——医药生物行业周报（2025/05/12- 2025/05/18） ➢ 2.修订并购重组管理办法，制度包容度提升释放市场活力——资本市场聚焦（三） ➢ 3.关税扰动下，韧性较强的4月经济——国内观察：2025年4月经济数据 ➢ 4.白酒底部区间，大众品关注高成长性赛道——食品饮料行业周报（202 ...