证券研究报告 成都银行 (601838 CH) 业绩增速向好，信贷投放提速 2025 年 8 月 27 日│中国内地 区域性银行 25H1 归母净利润、营收、PPOP 同比+7.3%、+5.9%、+6.7%（25Q1 同比 +5.6%、+3.2%、+3.5%），25H1 业绩增速提升，主因信贷规模扩张，利息 净收入改善。公司秉承"稳定存款立行、高效资产立行"战略，我们认为经 营有改善空间，董事长换届平稳过渡，维持"买入"评级。 信贷投放强劲，负债成本优化 信贷投放提升，增速维持行业前列，负债成本优化。6 月末总资产、贷款、 存款同比+14.3%、+18.0%、+14.8%（25Q1 分别同比+13.3%、+16.9%、 +15.6%），信贷扩张提升，维持行业第一梯队。Q2 新增零售/对公贷款占 比分别为 10%/90%，公司聚焦产业园区建设，有望撬动增量空间。25H1 利息净收入同比+7.6%，增速较 Q1+3.8pct。上半年净息差为 1.62%，较 2024 年全年-4bp。上半年生息资产收益率、计息负债成本率分别为 3.57%、 1.98%，较 2024 年全年-27bp、-24bp。 金融投资稳健，中 ...

以下文章来源于金融八卦女频道 ，作者身披铠甲的方方 原本一碗面的小事，瞬间变成品牌危机现场—一边是网友的吃瓜心理，一边是品牌形象的无辜牵连，七匹狼不得不在风口浪尖上应对。 此外，这并不是七匹狼唯一的"烦恼"，更大的问题其实藏在2025年的半年报里。 01 七匹狼半年报亮红灯 净利润下滑比腰斩还多 七匹狼，1990年创立于福建晋江，之前那可是国民男装界的"扛把子"。 金融八卦女频道 . 有深度、有温度、有态度，在这里读懂财富。 文丨金融八卦女 特约作者：身披铠甲的方方 最近，河南郑州的"一碗面"火了—火得连国民男装品牌七匹狼都被卷了进来。 事情是这样的：8月16日，涉事面馆老板在短视频里调侃7位要求"续面"的顾客为"七匹狼"，没想到网友们脑洞大开，直接把七匹狼品牌拉进了舆论旋涡。 到了8月18日，诸多网友涌入七匹狼官方直播间，高喊"不给起诉面馆就不买衣服"，客服在直播间苦口婆心劝理性，但效果显然有限。 ▲七匹狼直播间 来源：小红书 "茄克=七匹狼"几乎成了一代人的消费共识，那句广告词——"男人不只一面，品格始终如一"——更是洗脑，穿上七匹狼茄克就像加了"狼性Buff"，立刻切 换到战斗模式。靠着这股劲儿，它连续 ...

今日，"市值124亿元公司拟用138亿元炒股理财"话题冲上热搜。 8月22日晚间，上市公司江苏国泰发布多则公告在资本市场掀起轩然大波。 这家总市值仅124亿元的上市公司宣布，却要拟使用不超过120亿元(含120亿元)的闲置自有资金进行委托理财，同时计划以不超过18.306亿元(含)闲置自有 资金开展证券投资，两项合计金额高达138.3亿元，超过公司当前总市值11%。 值得注意的是，江苏国泰同日宣布终止总投资15.38亿元的年产40万吨锂离子电池电解液项目。 一边大手笔理财投资，一边终止锂电项目，江苏国泰的"闲钱"操作方式，引发了市场和投资者广泛关注和热议。 投资者纷纷质疑其合理性："账上躺着百亿闲钱，不用于主业扩张或产业并购，反而大举进军股市，是要当'股神'吗？" 回溯其近年财务行为，自2022年起便多次动用巨资进行理财与证券投资，然而投资业绩却并不理想，甚至累计亏损已超7000万元。在沪指上半年上涨 2.76%的背景下，公司仍录得亏损，表现远逊大盘。 此外，公司经营性现金流持续下滑、研发投入连年缩减，与高昂的高管薪酬形成鲜明对比，进一步加剧外界对其治理结构与发展战略的质疑。 01 市值124亿拟138亿理财 ...

中金公司点评7月金融数据：金融投资活跃或是非银存款大幅多增的重要支撑因素。7月一个突出的特点 是新增非银机构存款较多，7月新增非银机构存款达到2.14万亿元，同比多增1.39万亿元。这已经不是今 年第一次出现非银金融机构存款大幅多增的情况，今年4月新增非银金融机构存款也创下过去10年的最 高纪录。这或反映出在存款利率下降的大背景下，私人部门的金融投资愈加活跃。考虑到7月国债收益 率上升、利率债价格下降，固定收益资产的相对吸引力偏弱，非银金融机构的新增存款有可能更多流向 了股票市场。 ...

Group 1 - The enthusiasm for bond investments among small and medium-sized banks reached a new high in July, with total bond trading exceeding 17.24 trillion yuan [1][2] - The increase in bond trading is attributed to insufficient loan demand, reduced credit issuance, pressure from larger banks, and restrictions on cross-regional operations [1][3] - Many small and medium-sized banks are actively engaging in financial investments, particularly in bonds, to expand their assets and income [1][4] Group 2 - The trading volumes for city commercial banks and rural commercial banks showed a consistent upward trend in the first quarter, with a significant increase in July [2][3] - In the first half of the year, a notable portion of asset growth for some banks was achieved through bond investments, with one city commercial bank reporting a 500 billion yuan increase in assets, half of which came from bond investments [3][4] - The trend of increasing financial investment as a proportion of total assets among listed banks has been evident, with 30 banks reporting financial investments exceeding 30% of total assets [5][6] Group 3 - The investment income from bond trading has become a significant driver of revenue for banks, with many banks reporting substantial year-on-year growth in investment income [6][7] - The Central Bank acknowledged the importance of bond investments for banks and their role in supporting fiscal policy and the real economy [7][8] - There is a need for small and medium-sized banks to maintain a balance between investment returns and risk exposure, with the Central Bank monitoring high-risk institutions [8]

人民财讯8月3日电，中小行的做债热情，在7月创出年初迄今新高。 （原标题：【独家】做债热情飙升，城农商行现券交易金额7月创新高！） 此外记者近期走访了若干西部城农商行，其中两家均告诉记者，其上半年尤其是二季度资产规模的增 量，有相当大一部分是靠"投债"。 这背后，有效贷款需求不足、信贷投放缩量、大行下沉挤压、跨区展业受限的影响叠加，让中小行或主 动、或被动，更加有冲动进行金融投资（尤其是债券投资）来扩容资产，扩充收益。 记者查阅银行间同业拆借中心的现券买卖数据，发现在今年7月，城农商行合计现券交易金额再次突破 17万亿大关（上一次是在一季度末），约为17.24万亿元，且继续高于大行和股份行合计现券交易金 额。 ...

Core Viewpoint - The increasing bond investment by rural commercial banks (RCBs) is a response to the ongoing "asset shortage" trend, with RCBs becoming a significant force in the bond market as they prefer to use idle funds for bond investments rather than lending [1][2][3] Group 1: Bond Investment Trends - RCBs are increasingly investing in bonds due to limited financial investment options, with bond holdings generally accounting for 20%-35% of their total assets [3][4] - Major RCBs like Dongguan RCB and Chongqing RCB have bond investment ratios exceeding 30%, while others like Jiangnan RCB and Hangzhou United RCB have lower ratios around 14.76% and 16.54% respectively [4] - The bond investment strategy includes a preference for interbank certificates of deposit, government bonds, local government bonds, policy financial bonds, and urban investment bonds, with a particular interest in long-term government bonds for 2024 [1][3] Group 2: Market Dynamics and Regulatory Environment - The bond market has remained stable, with banks holding a significant portion of government bonds (70%) and corporate credit bonds (20%), which supports fiscal policy and economic development [7][8] - There is a debate on whether to reduce the bond holding ratio of rural financial institutions, with some experts suggesting that maintaining a reasonable level of bond investment is essential for stability [2][8] - The average bond investment ratio among 379 RCBs has increased from 20% in 2022 to 22% in 2023, indicating a trend towards higher bond investments [8] Group 3: Future Investment Directions - If bond investments are curtailed, RCBs may struggle to find alternative investment options, as they have limited capacity to invest in equities or asset-backed securities (ABS) [5][6] - The regulatory environment varies across regions, affecting the types of bonds RCBs can invest in, with many still facing restrictions on equity investments [6] - The potential impact of reducing bond investments on the market is considered manageable, with a significant reduction unlikely given the current regulatory stance [8]

Core Viewpoint - The article emphasizes the importance of selecting a safe, regulated, and efficient trading platform for investors, highlighting the Hong Kong Futures Exchange as a leading financial derivatives trading center with a robust regulatory framework and diverse product offerings [1][3]. Summary by Sections Overview of Hong Kong Futures Exchange - The Hong Kong Futures Exchange plays a crucial role in advancing financial market development while maintaining market order and protecting investor rights through a stringent membership system [3]. Top Ten Regulated Member Platforms 1. **Jinrong China** - Established in 2010, Jinrong China offers continuous financial investment trading services globally and is recognized as a reputable trader with a license number 084, allowing operations in precious metals [4]. - Comprehensive Rating: 5 stars [5]. 2. **Wanzhou Gold Industry** - Focuses on providing professional online investment services in precious metals and holds license number 141, recognized as a member of the Standard Gold Group [5]. - Comprehensive Rating: 4 stars [6]. 3. **Aide Gold Industry** - A member of the Hong Kong Gold and Silver Exchange Society with license number 156, Aide Gold offers trading in spot gold and silver, leveraging global market resources [6]. - Comprehensive Rating: 4 stars [7]. 4. **British Financial** - Registered in Hong Kong, British Financial provides various online trading services for spot gold and silver, ensuring client fund security under the exchange's regulation [7]. - Comprehensive Rating: 4 stars [8]. 5. **New Wei Gold Industry** - A member of the Hong Kong Gold and Silver Exchange Society with license number 57, specializing in spot precious metal investments [8]. - Comprehensive Rating: 3 stars [9]. 6. **Baili Precious Metals** - Registered member of the Hong Kong Gold and Silver Exchange Society, focusing on trading in spot gold and silver for institutional and individual investors [9]. - Comprehensive Rating: 3 stars [11]. 7. **Liansheng Precious Metals** - A member with license number 177, providing trading services for London gold and silver products with 24-hour customer support [11]. - Comprehensive Rating: 3 stars [12]. 8. **Yinghuang Gold Number** - Offers online trading for local London gold and silver, recognized as a member of the Hong Kong Gold and Silver Exchange Society with license number 102 [12]. - Comprehensive Rating: 2 stars [13]. 9. **Hansheng Gold Industry** - An AA-class electronic trader recognized by the Hong Kong Gold and Silver Exchange Society, dealing in various gold products [13]. - Comprehensive Rating: 1 star [14]. 10. **Gaosheng Gold Industry** - Holds AA-class recognition as an electronic trader, providing professional and convenient spot gold trading services [14]. - Comprehensive Rating: 1 star [16]. Conclusion - The article concludes that choosing a legitimate and reliable trading platform is essential for wealth growth, with the Hong Kong Futures Exchange and its member institutions offering professional, efficient, and secure services for investors [16].

Summary of Shenneng Co., Ltd. Conference Call Company Overview - Shenneng Co., Ltd. operates in the energy sector with a diversified energy structure, where coal power accounts for approximately 20% and renewable energy, particularly wind power, has a significant share [2][3][6]. Key Points Business Segments - The company has two main business segments: electricity and oil & gas. In the electricity segment, coal power accounts for less than 50%, natural gas power for 15-20%, and the remainder is renewable energy, with a high proportion of wind power [3][6]. - The oil & gas segment focuses on resources in East China, South China, and Xinjiang, with ongoing exploration and development activities [4]. Renewable Energy Projects - The Hainan CD2 Phase I 600,000 kW offshore wind project has been connected to the grid in Q1 2025. Future large-scale renewable energy investments are planned in Xinjiang, Hainan, and Shanghai, with an estimated investment of about 130 billion yuan over the next five years, of which 20% will be equity [2][7]. - The company plans to add 2.8 to 3 GW of new installed capacity in 2025, excluding the Shanghai offshore photovoltaic and Xinjiang onshore wind projects [20]. Financial Performance - The coal procurement structure consists of approximately 70% long-term contracts and 30% market coal, with a slight increase in market coal this year. The price of coal for the company's controlled enterprises is between 850-870 yuan per ton, reflecting a year-on-year decrease of about 10% [9][10]. - The company reported stable performance in the electricity segment, with no losses in 2025, and improved profitability due to declining coal prices [17]. Capital Expenditure and Investment Strategy - The capital expenditure for 2025 is primarily focused on two projects in Xinjiang: 2 GW of photovoltaic and 1.35 GW of wind power, along with a 500,000 kW offshore photovoltaic project in Shanghai [10][21]. - The company aims to maintain a dividend payout ratio of 55-60%, with dividends expected to be distributed in mid-July 2025 [7]. Market Conditions and Pricing - The electricity price in the Shanghai region is relatively stable, with limited impact from the opening of the spot market due to stable supply and demand [11][12]. - The offshore photovoltaic project in Shanghai is expected to have a construction cost of about 7 yuan per watt, which is competitive compared to other projects [14]. Future Outlook - The company anticipates that the renewable energy projects in Xinjiang, Hainan, and Shanghai will attract investor interest due to favorable electricity pricing [19]. - The overall investment return rate for large-scale projects is expected to be competitive, with an average capital return rate of around 6.5% and total investment return rates potentially reaching 8-9% [26]. Additional Insights - The company has diversified its financial investments, holding approximately 2 billion yuan in secondary market financial stocks, including shares in major banks and ETFs [5]. - The company is also exploring opportunities in traditional power generation, biomass energy, and hydropower projects to ensure energy security and meet public demand [22].

Core Viewpoint - The company, Liuzhou Two-Sided Needle Co., Ltd., is under scrutiny regarding its financial disclosures, particularly concerning its cash management, interest income, and borrowing practices, as highlighted in the inquiry from the Shanghai Stock Exchange [1][4][21]. Financial Disclosure and Cash Management - The company is required to disclose details about its cash holdings, including the institutions where funds are stored, amounts, account types, and interest rates [1][2]. - The total cash holdings amount to approximately 1.27 billion yuan, with interest income reported at 40.72 million yuan, reflecting an average annual interest rate of 3.26% [2][3]. - The company has a significant amount of cash but has also taken on new short-term borrowings, which raises questions about the rationale behind this borrowing given the cash reserves [3][4]. Borrowing Practices - The company has taken out loans totaling 65 million yuan from various banks, with interest rates ranging from 2.60% to 4.15% [3][4]. - The rationale for new borrowings includes taking advantage of government subsidies and maintaining good relationships with financial institutions for future financing needs [3][4]. Industry Context and Competitive Position - The company operates primarily in the daily chemical products sector, focusing on oral care products and hotel supplies, with a significant portion of revenue derived from these segments [6][8]. - The overall industry is experiencing growth, driven by increasing consumer awareness of oral health and rising disposable incomes, although the company faces challenges such as rising operational costs and intense competition [8][9]. - The company's main products include household toothpaste and hotel toiletries, with the household segment contributing significantly to revenue [8][16]. Financial Performance and Profitability - The company's revenue for 2024 is reported at 1.05 billion yuan, with a gross margin of 16.69%, which is lower than competitors in the industry [6][8][17]. - The company has been struggling with profitability, primarily due to high sales and management expenses, which have increased significantly compared to revenue growth [6][14]. - The company plans to improve its profitability through various strategies, including enhancing product quality, optimizing product structure, and expanding market reach [18][19]. Advertising and Marketing Expenses - The company's advertising expenses for 2024 are reported at 113 million yuan, accounting for 10.73% of total revenue, which is lower than some competitors [14][20]. - The company has detailed its advertising expenditures, ensuring that there are no funds flowing to related parties, which is a point of scrutiny in the inquiry [20][21].