大摩认为，中银香港(02388)股息回报将获支持，相信即将公布的中期业绩当中净息差将受压，但非利 息收入预料表现强劲，将关注管理层对信贷质素及资本管理的看法，予"减持"评级，目标价从24.7港元 上调至31.4港元。该行又指，恒生银行(00011)估值偏高，维持减持评级，目标价由93港元升至94.5港 元。 智通财经APP获悉，摩根士丹利发布研报称，上半年本地利率因素及信贷质素风险持续，一众银行股中 较偏好国际银行多于本地银行，因本地银行估值偏高，而国际性银行估值相对合理、资本回报具支持及 前景正面，维持对汇丰控股(00005)及渣打集团(02888)的"增持"评级。 （原标题：大摩：港银中偏好估值合理的国际性银行 予汇丰控股(00005)及渣打集团(02888)"增持"评 级） 该行认为，银行股第二季业绩将主要受HIBOR下跌及香港商业地产信贷质素恶化的影响，预料财富管 理业务及市场收入可抵销部分压力，但相信下半年挑战仍存在，预计银行净利息收入及净息差将于第三 季录得按季下跌，至第四季有望轻微复苏。随着美国利率预期下降，大摩预期2026年净息差可进一步收 窄。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights strong growth in non-interest income and an increase in cash dividend payout ratio [1] - The company achieved operating revenue of 6.062 billion yuan (up 10.10% YoY) and net profit attributable to shareholders of 1.969 billion yuan (up 13.51% YoY) in the first half of 2025 [2] - Total assets exceeded 400 billion yuan, reaching 401.227 billion yuan (up 9.24% YoY) by the end of June [2] - The non-performing loan (NPL) ratio remained stable at 0.76%, while the NPL coverage ratio was 489.53% [2] Summary by Sections Financial Performance - In Q2, the net interest margin was 2.55%, a decrease of 20 basis points YoY, but the decline was narrower than in Q1 [2][4] - The company reported a significant increase in investment income and commission income, with Q2 investment income at 546 million yuan (up 10.53% YoY) and commission income at 71 million yuan (up 869% YoY) [4][5] Asset Quality - The company maintained a prudent approach to asset quality management, with an increase in the proportion of non-performing loans and overdue loans compared to the end of the previous year [4] - The company increased efforts in bad debt disposal, achieving a bad debt write-off ratio of 36.33% and a recovery ratio of 171.56% [4][5] Future Outlook - The report adjusts profit forecasts for 2025-2027, expecting operating revenues of 11.966 billion yuan, 13.214 billion yuan, and 14.551 billion yuan respectively [6][8] - The net profit attributable to ordinary shareholders is projected to be 4.326 billion yuan, 4.934 billion yuan, and 5.598 billion yuan for the same period [6][8] - The company is expected to maintain a stable asset quality while actively expanding non-interest income streams [8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The report highlights that Jiangsu Jiaokong has received a 4.02% stake in Nanjing Bank from Yunshan Capital, increasing its total holdings to 14.01%. Yunshan Capital, a wholly-owned subsidiary of Jiangsu Jiaokong, will no longer hold shares in Nanjing Bank. This move reflects the major shareholders' confidence in the long-term development value of Nanjing Bank, which has seen continuous increases in shareholding in recent years [2][6]. - The report emphasizes that local state-owned enterprises are actively increasing their stakes in quality local banks, optimizing the financial equity structure amid an asset shortage. Nanjing Bank's fundamentals are strong, and it is expected to maintain a leading position in ROE and performance growth in the medium term. The high proportion of state-owned shareholders ensures stable dividends [2][6]. - The current valuation stands at 0.83x 2025 PB, with low institutional holdings, indicating significant allocation value [2]. Summary by Sections Event Description - Nanjing Bank announced that Jiangsu Jiaokong will receive a 4.02% stake from Yunshan Capital, raising its total shareholding to 14.01% after the transfer. Yunshan Capital will no longer hold shares in Nanjing Bank [6]. Shareholder Activity - Major shareholders, including Jiangsu provincial and municipal state-owned enterprises, have been consistently increasing their stakes since 2020, reflecting confidence in Nanjing Bank's future growth and value [11]. - Jiangsu Jiaokong has been a significant player, having previously acquired 10 billion shares through a directed issuance, becoming one of the top shareholders [11]. Financial Performance and Projections - Nanjing Bank is expected to enter a new five-year planning cycle in 2026, with three major turning points anticipated. These include a completed large-scale branch expansion, a peak in fixed deposit maturities, and a gradual decrease in cost-to-income ratios, which will enhance ROE [11]. - The report forecasts a 2025 dividend yield of 4.4% and highlights that the bank's valuation is notably low compared to other quality banks in the Yangtze River Delta region [11]. Investment Recommendation - The report concludes that the dividend value is underestimated, and the allocation value is significant. The high proportion of state-owned shareholders ensures a commitment to dividends, making Nanjing Bank a compelling investment opportunity [11].

A股上市银行今年上半年经营情况如何？ 据记者初步统计，截至今年8月初，已有12家A股上市银行披露业绩快报（未经审计），披露主体目前 均为城商行和农商行。从已披露的数据来看，银行业绩表现亮眼，归母净利润均较去年同期实现两位数 增长，且有多家银行同比增长超30%。 光大银行金融市场部宏观研究员周茂华表示，介于二季度遭遇了散发疫情的冲击，银行如果有两位数的 利润增长，则表明银行的经营和盈利性相当有韧性。 对于银行下半年经营情况，周茂华表示，虽然二季度的散发疫情波及面比较广，但对银行的影响整体可 控，加之上半年出台的政策，其效果也会在下半年逐渐显现，因此对银行下半年的经营"整体保持乐 观"。 营收、净利润齐增长 据记者统计，已披露中期快报的银行营业收入和归母净利润均实现双增长。城商行阵营中的江苏银行、 南京银行、杭州银行营收超百亿元，分别为351.07亿元、235.32亿元、172.95亿元，位居前三位。江苏 银行、南京银行的净利润超百亿元，分别为133.8亿元、101.5亿元，同比增长31.81亿元、16.96亿元。 总体来看，12家银行净利润同比增幅均超10%，其中张家港行、苏州银行、江阴银行等6家银行同比增 速 ...

当好服务实体经济主力军 实业兴则金融兴。党的二十大报告强调，坚持把发展经济的着力点放在实体经济上。今年以来，银行业 把支持实体经济高质量发展摆放到更加突出的位置，在金融监管部门的引导下切实增加有效金融供给， 提升金融服务实体经济的深度、广度和温度，彰显金融担当。 今年以来，小微企业贷款继续保持增量扩面态势，银行业在支持小微企业恢复发展方面取得了积极成 效。国家金融监督管理总局发布数据显示，截至2023年9月末，全国小微企业贷款余额69.2万亿元，其 中普惠型小微企业贷款余额28.4万亿元，较年初增加4.8万亿元，今年前三季度贷款增量已超过去年全年 增量。10月份，国务院发布《关于推进普惠金融高质量发展的实施意见》，为构建高水平普惠金融体 系，进一步推进普惠金融高质量发展指明了方向。 银行业信贷投放保持合理充裕的同时，服务方式持续优化。截至三季度末，企业类中长期贷款同比增长 17%，企业类信用贷款同比增长21.8%，循环贷款余额同比增长24.3%。 一段时间以来，民营经济发展环境发生了一些变化，不少民营企业遇到了一些困难和问题，民营经济发 展信心受到了一定的影响。为此，年内一揽子促进民营经济发展的政策出台，以银 ...

Core Viewpoint - Changshu Bank reported a strong performance in the first half of 2025, with significant year-on-year growth in both revenue and net profit, indicating effective strategies in expanding its market presence and optimizing resource allocation [1][2][3]. Financial Performance - Revenue for the first half of 2025 reached 6.062 billion yuan, a year-on-year increase of 10.1% [1]. - Net profit attributable to shareholders was 1.969 billion yuan, reflecting a year-on-year growth of 13.51% [1]. - The bank's total assets exceeded 400 billion yuan, marking a 9.45% increase from the beginning of the year [3]. - The non-performing loan (NPL) ratio stood at 0.76%, a slight decrease of 0.01 percentage points from the start of the year [3]. Revenue Composition - Interest income contributed 4.64 billion yuan, with a modest year-on-year increase of 0.83% [4]. - Non-interest income surged to 1.422 billion yuan, a significant year-on-year increase of 57.26%, primarily driven by investment income [4]. - Investment income reached 1.201 billion yuan, up 30.94% year-on-year, with bond investment income showing a remarkable growth of 560.13% [4]. Strategic Expansion - Changshu Bank has absorbed and merged seven village banks this year, enhancing its presence in county markets and optimizing resource allocation [2][6]. - The bank's revenue from areas outside Changshu accounted for 66.52% of total revenue, indicating successful regional expansion [1][6]. - The bank's strategy includes establishing new branches following the absorption of village banks, which is expected to further enhance its market reach [6][7]. Dividend Policy - The bank announced its first interim dividend, distributing 0.15 yuan per share, totaling 497 million yuan, which is 25.27% of the net profit for the first half of 2025 [2][5]. - This marks a shift in the bank's dividend policy, as the annual dividend payout ratio has decreased in recent years [4][5].

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].

中经财富是《中国经营报》旗下专注于银行板块、投资理财的媒体平台。让投资变简单，让您的财富天天升值！ 8月8日，常熟农商行发布A股上市银行首份2025年半年报。此外，近期浦发银行、宁波银行、青岛银行、齐鲁银行、杭州银行陆续披露2025年半年度业绩 快报，整体业绩表现亮眼。 《中国经营报》记者注意到，上述银行资产规模与营业收入均实现双增长。其中5家银行归属于母公司股东的净利润同比增幅超过10%。 谈到银行营业收入增长的原因，兴业研究高级研究员吕思聪分析主要有两方面：一是存款利率下降带动负债成本率下降；二是资本市场回暖带动财富管理 相关中间业务收入增长。2024年下半年至2025年一季度，全国性银行业中间业务收入同比增速逐季回升。2025年上半年资本市场活跃度不断上升、居民风 险偏好边际修复等多重利好因素叠加下，银行中间业务收入增速将不断修复。 展望下半年，分析人士认为，银行将大力支持实体经济增长，贷款和存款继续驱动资产和负债规模增长，信贷结构进一步优化，新增信贷更多投向新质生 产力领域；利息收入方面，净息差仍是关键变量，非息收入面临结构性机遇，银行理财、财富管理、投资业务收入仍有增长空间。 资产扩张稳健资产质量持 ...

Core Viewpoint - Xiamen International Bank, established in 1985, transitioned from a Sino-foreign joint venture to a city commercial bank in 2013, reflecting its local state-owned nature despite its initial foreign investment [2][29]. Shareholding Structure - The top ten shareholders of Xiamen International Bank as of the end of 2024 include: - Fujian Provincial Investment Co., Ltd. (11.82%) - Minxin Group Co., Ltd. (8.69%) - Zhuhai Xianchuang Investment Management Co., Ltd. (4.96%) - Industrial and Commercial Bank of China (4.25%) - Fujian Investment Enterprise Group Co., Ltd. (4.12%) - Xiamen Guomao Holding Group Co., Ltd. (3.85%) - Xiamen Jianfa Group Co., Ltd. (3.83%) - Fujian Development Expressway Co., Ltd. (3.16%) - Suzhou Sugaoxin Technology Industry Development Co., Ltd. (2.99%) - Huali Family Co., Ltd. (2.87%) [3]. Business Operations - Xiamen International Bank operates 12 branches in mainland China and holds controlling stakes in two overseas banks: Macau International Bank and Chiyou Bank, forming a strategic presence in both mainland and Hong Kong/Macau markets [2][4]. Financial Performance - As of the end of 2024, Xiamen International Bank's consolidated total assets reached 1.14 trillion yuan, with a year-on-year growth rate of only 1.84%, marking a significant slowdown [6]. - The bank's operating income in 2023 was 125.13 billion yuan, a decrease of 26.95% year-on-year, and the net profit dropped by 81.39% to 8.79 billion yuan [10][14]. Profitability and Income Sources - The net interest margin for Xiamen International Bank fell below 1% to 0.90% in 2024, indicating a heavy reliance on investment income rather than traditional interest income [15][20]. - In 2024, the interest income accounted for only 42% of total operating income, significantly lower than the investment income [17]. Asset Quality and Risk Management - The non-performing loan (NPL) ratio increased to 2.12% by the end of 2024, with a declining provision coverage ratio of 105.47%, approaching regulatory danger levels [21][24]. - The overdue loan ratio was reported at 3.29%, and the attention loan ratio at 4.99%, indicating rising asset quality concerns [23]. Regional Diversification - The bank's loan balance shows that only 31.27% of loans are concentrated in Fujian province, which is low for a city commercial bank primarily serving a local market [25][26]. - The high cost-to-income ratio of 46.71% in 2023 reflects inefficiencies likely due to its dispersed operational strategy [29].

Core Viewpoint - The article highlights the strong performance of Changshu Bank in the first half of 2025, with significant growth in revenue and net profit, indicating resilience in its operations [3][4]. Financial Performance - In H1 2025, Changshu Bank achieved revenue of 6.1 billion, a year-on-year increase of 10.1%, and a net profit attributable to shareholders of 2 billion, up 13.5% year-on-year [3]. - The weighted average return on equity (ROAE) was 13.34%, reflecting a slight increase of 0.06 percentage points year-on-year [3]. Revenue and Profit Structure - The year-on-year growth rates for revenue, pre-provision profit, and net profit were 10.1%, 12.1%, and 13.5%, respectively, with slight changes compared to Q1 2025 [4]. - The contribution of provincial and rural banks to revenue and pre-provision profit was 7.1% and 7.5%, showing a slight decline compared to 2024 [4]. - Net interest income and non-interest income growth rates were 0.8% and 57.3%, respectively, with declines in growth rates compared to Q1 2025 [4]. Asset and Loan Growth - As of the end of Q2 2025, the growth rates for interest-earning assets and loans were 11.4% and 5.2%, respectively, indicating stable expansion [5]. - New loans, financial investments, and interbank assets added in H1 2025 were 10.6 billion, 13.3 billion, and 7.3 billion, respectively, with a notable increase in financial investments [5]. Deposit Trends - By the end of Q2 2025, the year-on-year growth rates for interest-bearing liabilities and deposits were 9.4% and 9.9%, respectively, showing improvement [6]. - Total deposits increased by 24.2 billion in H1 2025, although this was a decrease of 10.6 billion compared to the previous year [6]. Net Interest Margin - The net interest margin (NIM) for H1 2025 was 2.58%, with a narrowing of 3 basis points from Q1 2025 and 13 basis points from 2024 [8]. Non-Interest Income and Risk Metrics - Non-interest income reached 1.42 billion in H1 2025, representing a year-on-year increase of 57%, contributing to 23.5% of total revenue [9]. - The non-performing loan (NPL) ratio remained low at 0.76%, with a slight increase in overdue rates compared to the beginning of the year [9]. Capital Adequacy and Dividends - As of the end of Q2 2025, the core tier 1, tier 1, and total capital adequacy ratios were 10.7%, 10.8%, and 13.6%, respectively, reflecting a decrease due to dividend payouts [10]. - The bank announced a mid-term dividend plan with a cash dividend of 499 million, representing a payout ratio of 25.3%, which is an increase of 5.5 percentage points from 2024 [10].