证 券 研 究 报 告 【策略月报】 A 股 25H1 分红扩围增量 ——多行业联合红利资产 8 月报 策略研究 策略月报 2025 年 09 月 01 日 华创证券研究所 证券分析师：姚佩 邮箱：yaopei@hcyjs.com 执业编号：S0360522120004 证券分析师：吴一凡 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 证券分析师：杨晖 邮箱：yanghui@hcyjs.com 执业编号：S0360522050001 证券分析师：欧阳予 邮箱：ouyangyu@hcyjs.com 执业编号：S0360520070001 证券分析师：韩星雨 邮箱：hanxingyu@hcyjs.com 执业编号：S0360525050001 证券分析师：单戈 邮箱：shange@hcyjs.com 执业编号：S0360522110001 证券分析师：刘欣 邮箱：liuxin3@hcyjs.com 执业编号：S0360521010001 相关研究报告 ...

Investment Rating - The industry investment rating is maintained at "Outperform" [1] Core Viewpoints - The financial indicators of banks showed marginal improvement in the first half of 2025, with most banks experiencing a rebound in revenue and profit growth, a stable decline in non-performing loan ratios, and a stabilization in provision coverage ratios [4] - The banking sector is expected to experience a rotation and rebound due to solid fundamentals and prior adjustments in the sector, with the overall performance of banks in the mid-year report being positive [4] - The ranking of bank sub-sectors is as follows: Joint-stock banks > City commercial banks = State-owned banks > Rural commercial banks, with a strong preference for joint-stock banks [4] Summary by Sections Financial Performance - In the first half of 2025, state-owned banks saw a significant rebound in fee and other non-interest income growth, which boosted revenue growth [14] - Joint-stock banks generally experienced a recovery in revenue growth in Q2 2025, primarily driven by contributions from other non-interest income [17] - City commercial banks mostly saw an increase in revenue growth, mainly from improvements in interest and other non-interest income [21] - Rural commercial banks showed mixed performance, with some experiencing improvements in interest income growth [26] Revenue Growth - The revenue growth rates for various banks in H1 2025 indicate a positive trend, with specific banks like Minsheng Bank and Ping An Bank showing notable increases [18][19] - The overall revenue growth for the banking sector in H1 2025 was better than in Q1, indicating a recovery trend [4] Loan Growth - The loan growth rates for state-owned banks in Q2 2025 showed a range of 7.9% to 10.1%, indicating a healthy lending environment [32] - Joint-stock banks exhibited lower loan growth rates, with the highest being 6.0% for certain banks [36] - City commercial banks demonstrated strong loan growth, with some banks exceeding 35% [39] Non-Performing Loans - The non-performing loan ratios for state-owned banks showed slight improvements, with ratios around 1.28% to 1.33% [79] - Joint-stock banks had non-performing loan ratios ranging from 0.93% to 1.60%, indicating a stable credit environment [84] - City commercial banks also reported stable non-performing loan ratios, reflecting effective risk management [89]

1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report The report presents the top ten convertible bonds for September 2025, including detailed information on each bond such as credit rating, closing price at the end of August, conversion premium rate, and the financial and business conditions of the underlying companies, as well as their key attractions [13][23][35]. 3. Summary by Company 3.1 Zhongte Convertible Bond - **Bond Information**: AAA rating, August closing price of 114.493 yuan, conversion premium rate of 96.64%, and a positive stock PE - TTM of 12.68 [6][13]. - **Company Overview**: A global leader in specialized special - steel materials manufacturing, with a production capacity of about 20 million tons of special - steel materials per year. It has multiple production and raw material bases, forming a strategic layout along the coast and rivers [13]. - **Financial Data**: In 2024, its operating income was 109.203 billion yuan (YoY - 4.22%), net profit attributable to the parent was 5.126 billion yuan (YoY - 10.41%). In the first half of 2025, operating income was 54.715 billion yuan (YoY - 4.02%), and net profit attributable to the parent was 2.798 billion yuan (YoY + 2.67%) [13]. - **Company Highlights**: It is one of the world's most comprehensive special - steel enterprises in terms of variety and specifications, with leading market shares in core products. It has a complete industrial chain and strong cost - control capabilities. It also seeks external expansion opportunities [14]. 3.2 Shanlu Convertible Bond - **Bond Information**: AAA rating, August closing price of 117.2 yuan, conversion premium rate of 48.74%, and a positive stock PE - TTM of 4.02 [6][23]. - **Company Overview**: Mainly engaged in road and bridge engineering construction and maintenance, and is expanding into other fields. It has a complete business and management system [23]. - **Financial Data**: In 2024, its operating income was 71.348 billion yuan (YoY - 2.3%), net profit attributable to the parent was 2.322 billion yuan (YoY + 1.47%). In the first half of 2025, operating income was 28.575 billion yuan (YoY + 0.26%), and net profit attributable to the parent was 1.029 billion yuan (YoY + 0.89%) [23]. - **Company Highlights**: Controlled by the Shandong Provincial SASAC, it has the potential for improvement in its balance sheet, liquidity, and order volume. It is expected to benefit from infrastructure construction in Shandong and the Belt and Road Initiative [24]. 3.3 Hebang Convertible Bond - **Bond Information**: AA rating, August closing price of 121.6 yuan, conversion premium rate of 27.33%, and a positive stock PE - TTM of - 154.7 [6][35]. - **Company Overview**: It has advantages in salt mines, phosphate mines, and natural gas supply. Its business has expanded from single - product operations to multiple sectors including chemicals, agriculture, and photovoltaics [35]. - **Financial Data**: In 2024, its operating income was 8.547 billion yuan (YoY - 3.13%), net profit attributable to the parent was 0.031 billion yuan (YoY - 97.55%). In the first half of 2025, operating income was 3.921 billion yuan (YoY - 19.13%), and net profit attributable to the parent was 0.052 billion yuan (YoY - 73.07%) [35]. - **Company Highlights**: Its phosphate mines and salt mines contribute to profits, and its liquid methionine production is a major profit - contributor [36]. 3.4 Aima Convertible Bond - **Bond Information**: AA rating, August closing price of 127.164 yuan, conversion premium rate of 31.95%, and a positive stock PE - TTM of 14.18 [6][46]. - **Company Overview**: A leading enterprise in the electric two - wheeler industry, producing and selling various electric two - wheelers through dealers [46]. - **Financial Data**: In 2024, its operating income was 21.606 billion yuan (YoY + 2.71%), net profit attributable to the parent was 1.988 billion yuan (YoY + 5.68%). In the first half of 2025, operating income was 13.031 billion yuan (YoY + 23.04%), and net profit attributable to the parent was 1.213 billion yuan (YoY + 27.56%) [46]. - **Company Highlights**: It may benefit from government subsidies for trade - ins, the implementation of new national standards, and has potential for improving gross margins [47]. 3.5 Xingye Convertible Bond - **Bond Information**: AAA rating, August closing price of 124.698 yuan, conversion premium rate of 17.91%, and a positive stock PE - TTM of 6.14 [6][55]. - **Company Overview**: One of the first - established joint - stock commercial banks, evolving into a modern financial service group [55]. - **Financial Data**: In 2024, its operating income was 212.226 billion yuan (YoY + 0.66%), net profit attributable to the parent was 77.205 billion yuan (YoY + 0.12%). In the first half of 2025, operating income was 110.458 billion yuan (YoY - 2.29%), and net profit attributable to the parent was 43.141 billion yuan (YoY + 0.21%) [55]. - **Company Highlights**: It has stable asset quality and scale growth, with a large number of corporate and retail customers [56]. 3.6 Wentai Convertible Bond - **Bond Information**: AA - rating, August closing price of 123.15 yuan, conversion premium rate of 23.63%, and a positive stock PE - TTM of - 19.91 [6][67]. - **Company Overview**: A global leader in semiconductor R & D and manufacturing, adopting the IDM model [67]. - **Financial Data**: In 2024, its operating income was 73.598 billion yuan (YoY + 20.23%), net profit attributable to the parent was - 2.833 billion yuan (YoY - 339.83%). In the first half of 2025, operating income was 25.341 billion yuan (YoY - 24.56%), and net profit attributable to the parent was 0.474 billion yuan (YoY + 237.36%) [67]. - **Company Highlights**: After divesting some subsidiaries, it focuses on the semiconductor business, which has shown growth. Its automotive and consumer electronics businesses also have development potential [68]. 3.7 Chongqing Bank Convertible Bond - **Bond Information**: AAA rating, August closing price of 123.688 yuan, conversion premium rate of 21.55%, and a positive stock PE - TTM of 6.47 [6][78]. - **Company Overview**: One of the earliest local joint - stock commercial banks in the upper reaches of the Yangtze River and Southwest China, with a wide range of business operations [78]. - **Financial Data**: In 2024, its operating income was 13.679 billion yuan (YoY + 3.54%), net profit attributable to the parent was 5.117 billion yuan (YoY + 3.8%). In the first half of 2025, operating income was 7.659 billion yuan (YoY + 7%), and net profit attributable to the parent was 3.19 billion yuan (YoY + 5.39%) [78]. - **Company Highlights**: It benefits from the national strategy of the Chengdu - Chongqing economic circle, has stable asset - scale growth, and actively adjusts its credit strategy [79]. 3.8 Tianye Convertible Bond - **Bond Information**: AA + rating, August closing price of 123.717 yuan, conversion premium rate of 84.35%, and a positive stock PE - TTM of 146.1 [6][90]. - **Company Overview**: A leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [90]. - **Financial Data**: In 2024, its operating income was 11.156 billion yuan (YoY - 2.7%), net profit attributable to the parent was 0.068 billion yuan (YoY + 108.83%). In the first half of 2025, operating income was 5.16 billion yuan (YoY - 0.98%), and net profit attributable to the parent was - 0.009 billion yuan (YoY - 228.22%) [90]. - **Company Highlights**: It has relatively stable caustic soda production costs and plans to increase dividend frequency, while its group is promoting two coal - mine projects [91]. 3.9 Huanxu Convertible Bond - **Bond Information**: AA + rating, August closing price of 127.8 yuan, conversion premium rate of 24.45%, and a positive stock PE - TTM of 27.85 [6][101]. - **Company Overview**: A global leader in electronic manufacturing design, providing value - added services to brand customers [101]. - **Financial Data**: In 2024, its operating income was 60.691 billion yuan (YoY - 0.17%), net profit attributable to the parent was 1.652 billion yuan (YoY - 15.16%). In the first half of 2025, operating income was 27.214 billion yuan (YoY - 0.63%), and net profit attributable to the parent was 0.638 billion yuan (YoY - 18.66%) [101]. - **Company Highlights**: It is a leading manufacturer of smart - wearable SiP modules and has strengthened its R & D and production capabilities in key fields through global expansion [102]. 3.10 Yushui Convertible Bond - **Bond Information**: AAA rating, August closing price of 124.714 yuan, conversion premium rate of 28.15%, and a positive stock PE - TTM of 27.4 [6][111]. - **Company Overview**: The largest integrated water supply and drainage enterprise in Chongqing, with a monopoly position in the local market [111]. - **Financial Data**: In 2024, its operating income was 6.999 billion yuan (YoY - 3.52%), net profit attributable to the parent was 0.785 billion yuan (YoY - 27.88%). In the first half of 2025, operating income was 3.519 billion yuan (YoY + 7.16%), and net profit attributable to the parent was 0.458 billion yuan (YoY + 10.06%) [111]. - **Company Highlights**: It has a high market share in Chongqing, is expanding its business externally, and has achieved cost control through intelligent applications [112].

| 时间范围 | | 一季报,中打▼ | | | | | | --- | --- | --- | --- | --- | --- | --- | | 11 | 002438.SZ | | 江苏神通 | 707.129.00 | 8.895.682.82 | 3.64 | | 12 | 06060.HK | | 众安在线 | 390,700.00 | 6.506.017.27 | 2.66 | | 13 | 600446.SH | | 金证股份 | 329.200.00 | 6.244.924.00 | 2.56 | | 14 | 000768.SZ | | 中航西飞 | 216,600.00 | 5,921,844.00 | 2.42 | | 15 | 300648.SZ | | 星云股份 | 165,700.00 | 5,726,592.00 | 2.34 | | 16 | 06185.HK | | 康希诺生物 | 169,600.00 | 5.328.268.50 | 2.18 | | 17 | 688568.SH | | 中科 雪图 | 138,366.00 | 4.982.559.66 | 2.04 ...

Group 1 - The company reported a revenue of 56.32 million yuan for the first half of 2025, which is approximately flat year-on-year [1] - The net profit attributable to shareholders reached 133 million yuan, representing a year-on-year increase of 36.03% [1] - The total profit amounted to 157 million yuan, showing a significant year-on-year growth of 60.97% [1] Group 2 - The company holds the concession rights for the Jiahuajialing River Bridge in Chongqing, generating toll revenue of 55.71 million yuan and facility leasing income of 0.61 million yuan in the first half of the year [1] - The company received dividends of 70.89 million yuan from its stake in Chongqing Bank and is set to receive 6.6 million yuan from Chongqing Yufu Expressway Co., Ltd. [1] - The company has a stake in Anhui Changfei Advanced Semiconductor Co., Ltd., which successfully launched its first wafer and is set to enter mass production [2] Group 3 - As of the end of the reporting period, the company's total assets were 7.13 billion yuan, with total liabilities of 1.77 billion yuan, resulting in total equity of 5.36 billion yuan [2] - The company's debt-to-asset ratio stands at 24.83%, indicating a solid financial structure [2]

Core Viewpoint - The mid-year reports of public funds reveal the hidden heavy holdings of foreign public funds, indicating their investment strategies for the second half of the year, with a focus on technology, new consumption, high-end manufacturing, pharmaceuticals, and high-dividend stocks [1][2]. Group 1: Hidden Heavy Holdings - Fidelity's hidden heavy holdings include Jiangsu Shentong, ZhongAn Online, Jinzheng Co., AVIC Xi'an Aircraft Industry, and Xingyun Co., with a high allocation in information technology and industrial sectors [2]. - In the case of the Invesco Great Wall Mixed Fund, hidden heavy holdings include Yunnan Baiyao, Chongqing Bank, Giant Network, Qilu Bank, and China Pacific Insurance, focusing on AI supply, experiential consumption, financial dividends, and pharmaceuticals [2]. - Allianz China Select Mixed Fund's hidden heavy holdings consist of Zhuoyi Information, Junshi Biosciences, Zhaomin Technology, Fuda Co., Fule New Materials, and Zhongjian Technology, maintaining a high stock position amid global tech transformation [2]. Group 2: Investment Strategies for the Second Half - Fund managers express optimism about the market's investment value due to ongoing supportive policies, strong growth potential in AI and advanced manufacturing, and stable expansion of corporate return on equity [3]. - Schroder's China Power Stock Fund adopts a barbell strategy, focusing on high-dividend sectors benefiting from risk-averse capital inflows and technology and high-end manufacturing sectors [3]. - Allianz's fund manager emphasizes the importance of quality tech assets in the ongoing value reassessment of Chinese stocks, with a focus on TMT, machinery, pharmaceuticals, and chemicals [3][4].

Core Insights - The credit card business of banks is undergoing a significant contraction, with a shift from expansion to value reconstruction, indicating a transformation in the industry [1][5][7] Group 1: Industry Trends - The overall credit card loan scale is declining across multiple banks, despite some growth in personal loan business [1][2] - Many banks are closing credit card centers, signaling a move towards a more refined and high-value development phase [1][4] - The total number of credit cards and combined credit and loan cards has decreased, with a notable drop of 6 million cards in Q2 compared to the previous quarter [4][9] Group 2: Bank Performance - CITIC Bank reported a credit card issuance of 126 million cards, with a loan balance of 458.45 billion yuan, but a 12.54% decline in transaction volume and a 14.61% drop in business revenue [2] - Ping An Bank's credit card receivables decreased by 9.2% to 394.87 billion yuan, with a significant drop in the number of active credit card users [3] - Smaller banks like Jiangsu Bank and Chongqing Bank also reported declines in credit card loan scales, with reductions of 7.51% and 10.23% respectively [3][4] Group 3: Strategic Shifts - Banks are focusing on improving asset quality and risk management, with CITIC Bank emphasizing a shift from scale to quality in its credit card business [5][6] - The trend of integrating credit card and consumer loan products is emerging, with banks like Chongqing Bank adapting their strategies to maintain competitiveness [6][9] - Experts suggest that the future of credit card business will focus on high-end customer needs and basic customer demands, moving away from merely acquiring new customers [7][8]

Core Insights - The issuance of technology innovation bonds (科创债) is gaining traction among commercial banks, particularly among small and medium-sized banks, which are increasingly participating in this market [1][3][4]. Group 1: Market Dynamics - As of August 29, 35 banks have issued a total of 226.6 billion yuan in technology innovation bonds, with interest rates primarily ranging from 1.65% to 1.95% [3]. - State-owned banks dominate the issuance, accounting for over half of the total volume with 115 billion yuan, while six joint-stock banks have issued 55 billion yuan [3]. - A notable increase in participation from local banks has been observed, with 23 institutions collectively issuing 56.6 billion yuan [3]. Group 2: Benefits of Issuing Technology Innovation Bonds - Issuing technology innovation bonds helps small and medium-sized banks innovate their business models, optimize financing costs, and provide targeted support for grassroots technological innovation [4][7]. - These banks are more familiar with local technology parks and specialized small and medium enterprises, allowing them to offer flexible loan solutions that enhance the efficiency of technology funding [4]. Group 3: Regional Economic Advantages - Shanghai Bank and Guangdong Huaxing Bank are leveraging their regional advantages to support local technology enterprises and enhance the technology financial ecosystem [6]. - The establishment of a standard basket for technology innovation bonds has been initiated, with several banks participating as market makers to facilitate trading [6]. Group 4: Future Outlook - The technology innovation bond market is expected to continue expanding in terms of issuance scale and diversity of issuers, with increased market activity anticipated [7]. - There is a need for small and medium-sized banks to develop credit assessment models tailored to the unique characteristics of technology enterprises, which often exhibit high growth and risk [7].

截至2025年7月31日，该行(集团口径)资产总额达到10087亿元，较上年末增长1521亿元，增幅17.76%， 资产规模突破一万亿元，提前完成"十四五"战略规划目标。 智通财经APP讯，重庆银行(01963)发布公告，近年来，该行深入贯彻党的二十大和中央金融工作会议精 神，充分把握金融工作的政治性、人民性，持续提升金融服务的专业性、有效性，坚定"高目标引领、 高站位转型、高效率运行、高品质服务、高质量发展"定位，统筹推进"三稳、三进、三优化、三强化、 三提升"重点工作举措，聚焦主责主业，服务重大战略，强化综合经营，提升服务质效，推动高质量发 展持续走深走实。 ...

另外资产规模突破万亿级的8家城商行为北京银行、江苏银行（600919）、上海银行（601229）、宁波 银行、南京银行、杭州银行（600926）、成都银行、长沙银行（601577）。 人民财讯8月29日电，第九家资产规模突破万亿级的城商行来了——重庆银行（601963）。川渝地区目 前已经有两家万亿级城商行：成都银行（601838）和重庆银行。 据重庆银行披露：截至2025年7月31日，重庆银行(集团口径)资产总额达到10087亿元，较上年未增长 1521亿元，增幅17.76%，资产规模突破一万亿元，提前完成"十四五"战略规划目标。 ...