Core Viewpoint - Ping An Insurance and its subsidiary Ping An Life have invested approximately HKD 173 million in H-shares of China Merchants Bank and Postal Savings Bank since October, indicating a strategic move to capitalize on the recent market corrections in the banking sector [1][4]. Group 1: Investment Details - Ping An and its subsidiary Ping An Life have increased their holdings in China Merchants Bank H-shares by approximately 2.99 million shares, investing around HKD 139 million, resulting in a holding ratio of about 17% [3]. - Additionally, they have acquired approximately 6.42 million shares of Postal Savings Bank H-shares, investing around HKD 34.41 million, which brings their holding ratio to approximately 17.01% [3]. Group 2: Market Context - The banking sector has experienced a decline of over 10% since July, with both China Merchants Bank and Postal Savings Bank H-shares seeing significant drops [4]. - The current external uncertainties in the global market have made financial sectors, particularly banks and insurance, preferred defensive assets for investors [4]. Group 3: Future Outlook - The trend of insurance capital increasing equity asset allocation is expected to continue, with banks remaining a focal point due to their high dividend yields [5]. - Research indicates that insurance capital is likely to further increase its holdings in bank stocks, particularly favoring large banks and those with regional advantages [5].

前瞻 | 上市银行 2025 年三季报： 营收利润增速维持正增，稳健性持续 银行 证券研究报告/行业专题报告 2025 年 10 月 15 日 评级： 增持（维持） 分析师：戴志锋 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 分析师：邓美君 执业证书编号：S0740519050002 Email：dengmj@zts.com.cn 分析师：杨超伦 执业证书编号：S0740524090004 Email：yangcl@zts.com.cn 基本状况 上市公司数 42 行业总市值(亿元) 150,797.31 行业流通市值(亿元) 144,282.74 行业-市场走势对比 报告摘要 核心观点：1、投资建议：银行股从"顺周期"到"弱周期"，看好板块的稳健性和 持续性。在目前环境下，从兼顾成长与防御的角度，建议关注有成长性且估值低的城 农商行。2、预计行业前三季度营收利润增速仍能维持正增。其中净利息收入降幅收 窄，手续费增速边际向上，其他非息收入增速放缓。全年趋势延续。3、资产质量维 持平稳：对公持续优化，零售不良暴露速度预计有放缓。 利息收入：预计 2025 前三季度净 ...

继信达资产出手之后，浦发银行（600000）再获AMC（金融资产管理公司）增持。 近日，浦发银行发布的董事会决议公告显示，基于对浦发银行未来经营发展的信心，中国东方资产管理股份有限公司（以下简称"东方资产"）及其控制的 一致行动人通过二级市场购入普通股及可转债转股的形式增持浦发银行股份。 凭借此番增持，东方资产或将跻身浦发银行前五大股东，拟获得浦发银行一名董事会席位。 而就在三个月前，另一家AMC——信达资产曾斥资百亿元，通过增持可转债并迅速转股的方式，获得浦发银行一名董事会席位。 东方资产增持"双管齐下" 在停止交易后、转股期结束前（即自10月23日至27日），浦发转债持有人仍可以依据约定的条件将浦发转债转换为公司普通股。 具体来看，东方资产通过二级市场购入普通股及可转债转股的形式增持浦发银行股份。 根据公告披露，截至9月19日，东方资产持有浦发银行普通股93865.40万股，占其普通股总股本比例为3.03%。截至9月29日，东方资产持有浦发银行普通 股107299.96万股，持股比例为3.44%，另持有其可转债860万张。 从持股比例来看，东方资产持有浦发银行3.44%股权，或将成为浦发银行前五大股东。 ...

股东加快增持步伐 自年初起，南京银行已连续获得多位重要股东的频繁增持，近两个月增持的频率进一步加快。 本月，南京银行大股东紫金集团旗下控股子公司紫金信托宣布，于7月18日至9月10日期间，以 自有资金通过上交所集中竞价交易系统，增持该行股份5677.98万股，占总股本的0.46%。增 持完成后，紫金集团及紫金信托持股比例从12.56%提升至13.02%。上个月，该行另一大股东 南京高科也完成增持。7月24日至8月4日期间，南京高科通过二级市场增持南京银行750.77万 股，其持股比例从8.94% 增至9.00%。 无独有偶，9月11日，光大银行发布公告称，其控股股东中国光大集团股份公司（以下简称"光 大集团"）通过集中竞价方式累计增持该行A股股份1397万股，占总股本的0.02%，增持金额达 5166.1万元。此次增持是光大集团自2025年4月8日起实施的为期12个月的增持计划的一部分， 计划累计增持金额不少于人民币0.5亿元，不超过人民币1亿元。 光大集团在2024年至2025年间多次对光大银行实施增持，累计投入资金超过4亿元，持股比例 由47.19%提升至47.42%，显示出较强的资本实力和对银行长期价值 ...

Core Viewpoint - The article discusses the upcoming cash dividend distributions by various banks in China, highlighting the trend of mid-year dividends among A-share listed banks, with significant contributions from state-owned banks and several banks announcing their first mid-year dividends [1][3][5]. Group 1: Dividend Announcements - Shanghai Rural Commercial Bank plans to distribute a cash dividend of 0.241 yuan per share (including tax), totaling 2.324 billion yuan on September 26 [1]. - Changsha Bank will also distribute a cash dividend of 0.20 yuan per share (including tax), amounting to 804 million yuan on the same day [1]. - A total of 17 out of 42 A-share listed banks have announced their mid-year dividend plans for 2025, with state-owned banks contributing over 200 billion yuan in dividends [1][3]. Group 2: Major State-Owned Banks' Dividends - Industrial and Commercial Bank of China (ICBC) plans to distribute approximately 50.396 billion yuan, with a dividend of 1.414 yuan per 10 shares [3]. - China Construction Bank intends to distribute 48.605 billion yuan, with a dividend of 1.858 yuan per 10 shares [3][4]. - Agricultural Bank of China is set to distribute 41.823 billion yuan, maintaining a 30% payout ratio [4]. Group 3: First-Time Mid-Year Dividends - Seven banks, including China Merchants Bank, Changshu Bank, and Ningbo Bank, are announcing their first mid-year dividends since listing [5][6]. - Changshu Bank will distribute 0.15 yuan per share, totaling 497 million yuan, while Minsheng Bank will distribute 0.136 yuan per share, totaling 5.954 billion yuan [5]. Group 4: Regulatory Environment and Market Context - The regulatory environment encourages banks to increase dividend payouts, with new policies aimed at enhancing shareholder returns and stabilizing stock valuations [6][7]. - Analysts suggest that the current economic recovery provides a favorable backdrop for banks to improve their performance and expand dividend distributions [7][8].

（文章来源：证券时报网） 中信证券表示，目前A股上市银行算术平均静态股息率回升至4.3%，算术平均静态PB水平则回落至0.61 倍，隐含较高的权益回报空间。二季度以来的市场风格和资金面波动，双向影响板块走势，且上周开始 资金面影响强于市场风格，给配置型资金带来机会。无论是基于慢牛的板块接续、还是长线资金的欠配 空间，银行股绝对收益空间开始显现，建议投资者积极配置。个股选择方面，由于银行板块贝塔表现底 部恢复，个股转向阿尔法策略更具空间，建议关注细分子行业中ROE高且稳定性强、估值空间乐观的银 行。 银行板块23日盘中逆市上扬，截至发稿，南京银行涨约5%，厦门银行、齐鲁银行、苏州银行涨逾3%， 工商银行、农业银行、建设银行、中国银行等涨超2%。 ...

回顾近期行情表现，自7月11日高点以来，银行板块一路震荡向下，截至上周五（9月19日），银行ETF （512800）跟踪的中证银行指数区间已累计下跌13.67%。 中信证券指出，伴随着前期回调，目前A股上市银行算术平均静态股息率回升至4.3%，算术平均静态 PB水平则回落至0.61x，隐含较高的权益回报空间。无论是基于慢牛的板块接续、还是长线资金的欠配 空间，银行股绝对收益空间开始显现，建议投资者积极配置。 9月23日，行情风云变幻，资金再度涌入银行板块。截至发稿，主力资金净流入银行板块逾30亿元，高 居所有行业（申万一级）第2位。银行股集体反弹，南京银行领涨5%，工、农、建三大行等7股涨逾 2%，中行、交行涨逾1%。 | | | | 现价 | 淵鉄 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | | 601009 | 南京银行 | | 日 53 | | | 2 | 601665 | 齐鲁银行 | 5.79 | 0.15 | 2.66% | | 3 | 002966 | 苏州银行 | 8.23 | 0.22 | 2.75% | | 4 | 601398 | 工商 ...

Investment Rating - The report maintains a "Positive" investment rating for the banking sector [11] Core Insights - Recent adjustments in bank stocks have led to accelerated share buybacks by state-owned shareholders and management, indicating strong recognition of investment value [2][6] - The systematic increase in holdings by state-owned shareholders reflects a demand to optimize financial equity layouts amid asset scarcity, highlighting the core advantages of low valuations, stable profits, and dividends in bank stocks [7][41] - The report emphasizes the long-term investment value of regional leading city commercial banks, particularly after two rounds of debt restructuring [7][41] Summary by Sections Shareholder Activity - In the past week, banks such as Qingdao Bank, Nanjing Bank, and Chengdu Bank have disclosed progress in share buybacks by state-owned shareholders, showcasing their confidence in investment value [2][6] - Nanjing Bank has seen its state-owned shareholder, Nanjing High-tech, increase its stake by 1.05%, bringing its total holding to 9.99% [6][41] - Other banks, including Suzhou Bank and Qingdao Bank, have also reported significant buyback plans, with Suzhou Bank's shareholders increasing their holdings by 856 million yuan earlier this year [6][41] Market Performance - The banking index has experienced a cumulative decline of 4.1% this week, underperforming the CSI 300 index by 3.6% and the ChiNext index by 6.4% [9][20] - Despite the recent downturn, the long-term investment logic remains solid, with individual stocks like Qilu Bank showing resilience due to management buybacks [9][20] Dividend and Earnings Outlook - The report notes that the expected dividend yield for leading city commercial banks has risen to around 5%, with specific banks like Jiangsu Bank and Chengdu Bank reaching yields of 5.5% [7][8] - The stability of the banking sector's fundamentals is highlighted, with expectations for net interest income to maintain stable growth despite market fluctuations [8][40] - Mid-term dividends are set to commence, with several banks planning to distribute dividends in the fourth quarter, creating an attractive entry point for absolute return funds [8][40] Valuation and Investment Opportunities - The report suggests that the recent valuation adjustments have created significant investment opportunities in bank stocks, particularly for those focusing on dividend yields [7][44] - The ongoing adjustments in the bond market and the anticipated stabilization of loan interest rates are expected to support the banks' revenue streams [8][44]

Core Viewpoint - Several major shareholders and executives of listed banks have taken the opportunity to increase their holdings during the recent stock price fluctuations, reflecting confidence in the banks' fundamentals and future prospects, as well as highlighting the long-term investment value of bank stocks at current valuations, particularly their high dividend yields [2][5]. Group 1: Shareholder Actions - Since August, multiple listed banks, including Huaxia Bank, Chengdu Bank, Suzhou Bank, Nanjing Bank, Qingdao Bank, and Shanghai Bank, have announced plans or progress regarding share buybacks by major shareholders or executives [2][5]. - For instance, Nanjing Bank's major shareholder, Zijin Group's subsidiary, increased its holdings by 56.78 million shares, accounting for 0.46% of the total share capital, between July 18 and September 10 [2]. - Huaxia Bank completed its buyback plan by acquiring 4.23 million shares for a total of 31.9 million yuan, after initially announcing a plan to buy back at least 30 million yuan worth of shares [3][4]. Group 2: Market Context - The banking sector index has experienced a significant decline since reaching a peak around July 10, with smaller banks facing even larger drops [3][4]. - The stock price of Huaxia Bank fell from a high of 8.72 yuan per share on July 10 to 7.28 yuan per share by September 9 [4]. - Chengdu Bank's buyback plan was delayed due to its stock price exceeding the set upper limit, but it resumed with a total investment of 170 million yuan over a short period [4]. Group 3: Investment Sentiment - Analysts suggest that the recent buybacks by major shareholders and executives signal their recognition of the banks' long-term investment value and confidence in future operations, which can help stabilize stock price expectations [5][6]. - The banking sector is viewed as a defensive investment during market downturns due to its low valuations and high dividend characteristics, providing relatively stable returns [6]. - The banking sector index has seen a 64% increase from December 2023 to July 2025, with a maximum drawdown of over 10% in 2023 [7]. Group 4: Institutional Investment Trends - Insurance funds have increasingly targeted undervalued, large-cap, low-volatility banks, with several banks experiencing multiple stake increases from these funds [7]. - Public funds have also shown a rising interest in bank stocks, with the proportion of active public funds in bank stocks reaching 4.9% by the end of Q2, the highest since Q2 2021 [8]. - Despite the inflow of funds, there are concerns regarding net interest margin pressures and potential asset quality issues due to the real estate downturn, leading to some portfolio adjustments [8].

Core Viewpoint - Agricultural Bank of China (ABC) has seen its A-shares rise over 5% on September 4, reaching a historical high and surpassing the market capitalization of Industrial and Commercial Bank of China (ICBC) for the first time, with ABC's total market value approximately 2.55 trillion yuan compared to ICBC's 2.5 trillion yuan [1] Group 1: Performance Comparison - ABC reported a net profit of 139.9 billion yuan for the first half of 2025, a year-on-year increase of 2.53%, and operating income of 369.8 billion yuan, up 0.72% year-on-year [1] - In contrast, ICBC's operating income for the same period was 409.1 billion yuan, a year-on-year increase of 1.8%, but its net profit decreased by 1.4% to 168.1 billion yuan [2] - ABC's A-shares have increased over 30% year-to-date, while ICBC's A-shares have only risen about 10% [1] Group 2: Market Trends - The banking sector has been active this year, with several banks reaching new highs in stock prices [1] - Goldman Sachs predicts a turning point for Chinese bank stocks, with expected growth in average pre-provision operating profit (PPOP) and net profit for the second quarter [2] - CITIC Securities anticipates a stabilization and recovery in bank earnings, with expectations for improved net interest margins and asset quality [2][3] Group 3: Future Outlook - The banking sector is expected to see substantial performance improvements in the second half of 2025, driven by coordinated fiscal and monetary policies, controlled interest margins, and improved asset risk expectations [3]