点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 亿、-39亿。25Q1末，对公贷款（含贴现）、零售贷款同比增速分别为18.2%、6.1%，增速较上年末分别下降 1.6、3.1pct，贷款投放保持较高强度。 利息收入贡献季环比提升，盈利增速维持高位 杭州银行25Q1营收、拨备前利润、归母净利润同比增速分别为2.2%、3%、17.3%，较2024年分别下降7.4、 6.5、0.8pct。其中，净利息收入、非息收入同比增速分别为6.8%、-5.4%，较2024年分别变动+2.4、-25.6pct。 拆分盈利同比增速结构，规模扩张、拨备为主要贡献分项，分别拉动业绩增速20、17.4pct；从边际变化看，规 模正贡献小幅下降但仍维持高位，息差负向拖累收窄，对利息收入形成支撑；非息收入由正向拉动 ...

Investment Rating - The report maintains a "Buy" rating for Ningbo Bank [1] Core Views - Ningbo Bank's performance in Q1 2025 shows steady growth with a revenue increase of 5.6% year-on-year and a net profit growth of 5.8% year-on-year, driven by high credit demand and net interest income [4][6] - The bank's non-performing loan (NPL) ratio remains stable at 0.76%, while the provision coverage ratio has decreased to 370.5% [4][6] - The report anticipates continued growth in net profit for 2025-2027, with expected year-on-year growth rates of 5.5%, 7.2%, and 9.8% respectively [6] Financial Data Summary - Q1 2025 revenue reached 185 billion yuan, with a year-on-year growth of 5.6% - Q1 2025 net profit attributable to shareholders was 74 billion yuan, reflecting a year-on-year increase of 5.8% - The bank's total loans increased by 20.4% year-on-year, with new loans in Q1 2025 amounting to 164.1 billion yuan [4][5][10] - The bank's total assets as of Q1 2025 were 3,396.04 billion yuan, marking a year-on-year growth of 17.6% [10] Loan and Deposit Performance - The bank's loan growth was primarily supported by corporate loans, which saw a growth rate of nearly 30% in Q1 2025, while retail loan growth was more cautious [6][8] - Total deposits increased by 19.9% year-on-year, reaching 2,182.6 billion yuan in Q1 2025 [10] Profitability Metrics - The net interest margin (NIM) for Q1 2025 was reported at 1.80%, with a slight decline from the previous year [10] - The cost-to-income ratio improved to 29.16%, indicating better operational efficiency [10] Asset Quality - The report notes an increase in the annualized NPL generation rate to 0.92% in Q1 2025, but the overall asset quality remains stable due to proactive write-offs [6][10] - The bank's provision for loan losses increased, reflecting a cautious approach to potential credit risks [6][10]

Core Viewpoint - The company maintains strong profit growth and stable asset quality, with a recommendation to increase holdings based on positive financial performance and operational efficiency [1][4][5]. Financial Performance - In Q1 2025, the company's net profit attributable to shareholders and operating income increased by 17.3% and 2.2% year-on-year, respectively, consistent with preliminary performance reports [1]. - The annualized ROE and ROA improved by 0.64 percentage points and 0.02 percentage points to 20.60% and 1.11%, indicating robust profitability [1]. Credit and Asset Quality - As of the end of March, total assets, loans, and deposits grew by 15.9%, 14.3%, and 21.1% year-on-year, respectively, showing a strong lending environment [2]. - The non-performing loan ratio and provision coverage ratio remained stable at 0.76% and 530%, respectively, reflecting sound asset quality [4]. Non-Interest Income and Cost Management - Non-interest income decreased by 5.4% year-on-year, primarily due to a slowdown in other non-interest income, while fee-based income rose by 22.2%, accounting for 14.1% of total revenue [3]. - The cost-to-income ratio improved by 0.4 percentage points to 23.7%, indicating effective cost management [3]. Capital Adequacy and Valuation - As of March, the capital adequacy ratio and core tier 1 capital ratio were 14.05% and 9.01%, respectively, showing a slight increase from the end of 2024 [4]. - The company is projected to achieve net profits of 195 million, 227 million, and 264 million yuan for 2025-2027, with a target price of 17.66 yuan, reflecting a price-to-book ratio of 0.91 for 2025 [5].

宁津县帅博机械有限公司是一家主营建筑机械、五金配件为主的民营企业，经过多年的苦心经营逐步发 展壮大。公司内整齐划一的厂房井然有序，机器轰鸣声不绝于耳，工厂负责人张井龙正在清点订单情 况。 "农商银行为我们企业扩大经营提供了实实在在的资金支持，有了这笔100万元的'拥军贷'作后盾，我们 面对未来发展的信心和底气倍感充足。"谈及信贷支持，张井龙心里乐开了花。原来，随着全民健身热 潮的兴起，作为产品端的健身器材销量火爆，五金板材加工类企业的订单也水涨船高，该公司抢抓发展 机遇，急需购置2台T型轨道式机械手和10吨钢材用于满足日常生产，受下游资金回流慢、自有资金不 足等因素影响，企业面临较大的资金压力。正在这时宁津农商银行"红马甲"走进企业，在对企业资产、 负债及经营情况进行了详细考察和分析测算后，结合借款人退役军人身份，为其量身打造了一款针对性 强、授信额度较高的贷款产品——"拥军贷"。如今随着信贷资金的及时注入，企业在精细化管理、规模 化生产等方面迈出了坚实步伐，并带来了可观的收益。 宁津农商银行依托重心下沉、产品创新、服务保障等举措，精准开展"银企对接+产品适配"服务，对辖 区内个体工商户、民营企业等生产经营主 ...

Core Insights - The article highlights the increasing role of financial services in supporting agricultural development in the Hebei province, particularly through innovative loan products tailored for farmers and agricultural enterprises [2][3][4]. Group 1: Agricultural Financing Innovations - The "Farm Loan" product has significantly boosted agricultural financing, with a reported growth rate of 499.1% in high-standard farmland loans in the first quarter [2]. - The "Grain Farmer e-Loan" addresses funding gaps for agricultural cooperatives, enabling timely procurement of essential supplies like fertilizers [3]. - The "Jiqun Loan" has provided tailored financial solutions for leading agricultural enterprises, with a total of 12.7 billion yuan in credit extended to over 400 agricultural enterprises [4]. Group 2: Impact on Agricultural Productivity - The financial support from Agricultural Bank of China has facilitated the construction of high-standard farmland, with a government investment of 60 million yuan for a project covering 20,000 acres [2]. - The proactive approach of the Agricultural Bank's financial service teams has ensured that farmers receive necessary funding without delays, thus enhancing agricultural productivity [3]. - The collaboration between financial institutions and agricultural enterprises is fostering a sustainable agricultural ecosystem, contributing to food security and economic growth in the region [5].

事件：长沙银行披露2024 年报及2025 年一季报，2024 年实现营收259亿元，同比增长4.57%，归母净利 润78 亿元，同比增长4.87%。2025 年一季度实现营收68 亿元，同比增长3.78%，归母净利润22 亿元， 同比增长3.81%。2025Q1 末不良率、拨备覆盖率分别为1.18%、309.82%，较上季度末分别提升1bp、下 降3pc。此外，2024 年公司以每10 股派发现金股利4.20 元，全年分红比例达22.49%（2023 年为 21.39%）。 1、业绩表现：中收表现亮眼 25Q1 营业收入、归母净利润增速分别为3.78%、3.81%，分别较24A 下降0.8pc、下降1.1pc，中收大幅增 长、成本费用节约预计对业绩形成正向贡献，具体来看： A、24Q4 企业贷款不良率（0.69%）较23Q4 下降12bps，主要源于建筑业、批发零售业、租赁和商务服 务业不良率改善。 B、24Q4 个人贷款不良率（1.87%）较23Q4 提升35bps，个人贷款资产质量波动，或主要源于个人经营 性贷款、信用卡等领域的不良生成压力加大，整体与行业趋势保持一致。 2）24A 不良生成率为1.21 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 17.66 [8][10]. Core Views - The company demonstrates strong profitability with a year-on-year increase in net profit and operating income of 17.3% and 2.2% respectively for Q1 2025, maintaining a high annualized ROE of 20.60% [1]. - Credit growth remains robust, with total assets, loans, and deposits increasing by 15.9%, 14.3%, and 21.1% respectively as of March 2025 [2]. - Non-interest income continues to grow, with a 22.2% increase in fee-based income, contributing to 14.1% of total revenue [3]. - Asset quality remains stable, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 530% as of March 2025 [4]. - The company is projected to achieve a net profit of RMB 19.55 billion in 2025, reflecting a growth rate of 15.1% [5]. Summary by Sections Profitability and Growth - The company reported a net profit of RMB 19.55 billion for 2025, with a projected growth of 15.1% [5]. - The annualized ROE and ROA for Q1 2025 are 20.60% and 1.11% respectively, indicating strong profitability [1]. Credit and Asset Quality - As of March 2025, total assets, loans, and deposits grew by 15.9%, 14.3%, and 21.1% respectively compared to the end of 2024 [2]. - The non-performing loan ratio stands at 0.76%, with a provision coverage ratio of 530%, indicating solid asset quality [4]. Non-Interest Income and Cost Management - Non-interest income decreased by 5.4% year-on-year, while fee-based income increased by 22.2%, contributing to a higher proportion of total revenue [3]. - The cost-to-income ratio improved to 23.7%, reflecting operational efficiency [3]. Capital and Valuation - The capital adequacy ratio and core tier 1 capital ratio are 14.05% and 9.01% respectively, showing a healthy capital position [4]. - The target price of RMB 17.66 corresponds to a price-to-book ratio of 0.91 for 2025, indicating a premium valuation compared to peers [5].

欧洲央行管委雷恩：信贷环境确实有所收紧，但可能只是短期现象，尚未定论。 ...

银行加速出清不良资产。4月28日，北京商报记者梳理发现，近期包括建设银行、平安银行、兴业银行、中信银行、广发银行、兰州农商行、深 圳南山宝生村镇银行等多家银行的总行或分行挂牌转让不良贷款，个人消费贷成为各家银行转让的重点项目。 从试点到扩围，不良贷款转让正呈现加速态势，作为出让方的银行更是不良贷款转让的主力军，一季度交易占比已超70%。在分析人士看来，当 前消费贷成为不良贷款转让的重点项目，反映出个人信贷风险正逐渐上升，消费金融市场进入新一轮调整期，后续应继续优化不良资产转让机 制，推动批量转让和市场化定价，提高资产处置效率。 加速挂牌转让不良贷款 4月28日，建设银行新疆维吾尔自治区分行挂牌转让2期个人不良贷款，第1期主要为个人经营性贷款，涉及未偿本息总额3927.92万元，第2期则为 个人消费及经营性贷款，涉及未偿本息总额7682.86万元，2期不良贷款均将于5月15日开启竞价，起始价分别为494.82万元、844.74万元。 "当前个人消费贷款成为不良贷款转让的重点项目，反映出个人信贷风险正逐渐上升，消费金融市场进入新一轮调整期。"曾刚表示，后续应继续 优化不良资产转让机制，推动批量转让和市场化定价，提 ...

Core Viewpoint - The People's Bank of China (PBOC) Beijing Branch reported a significant increase in social financing scale in Q1 2025, indicating strong financial support for the capital's economic development [1][3]. Financial Growth and Support - In Q1, the social financing scale increased by 842.55 billion yuan, up from 271.23 billion yuan in the same period last year, marking a historically high level [1][3]. - The total loan balance in Beijing as of the end of March grew by 5.1% year-on-year, with a geometric average growth rate of 8.7% over two years, adding 449.97 billion yuan since the beginning of the year [3][4]. - Loans to households increased by 5.0%, while loans to enterprises rose by 6.9%, with the latter adding 407.84 billion yuan in Q1, a year-on-year increase of 139.46 billion yuan [3][4]. Long-term Financial Support - The PBOC provided more long-term stable funding for the real economy, with medium to long-term loans to enterprises growing by 7.0%, adding 197.54 billion yuan in Q1 [4]. - The manufacturing sector saw a 15.8% year-on-year increase in medium to long-term loans, significantly higher than the overall industry growth rate [4]. Financing Cost Reduction - The financing cost for the real economy continued to decline, with the average loan interest rate in March at 3.49%, down 21 basis points year-on-year, and corporate loan rates at 2.63%, down 34 basis points [4]. Credit Structure Optimization - The credit structure in Beijing is continuously optimizing, with green loans increasing by 140.03 billion yuan, accounting for 30.6% of the total loan increase [6]. - Inclusive finance saw a 12.4% year-on-year growth in small and micro-enterprise loans, with agricultural loans increasing by 9.8% [7]. Support for Capital Markets - The PBOC has actively supported the stable operation of capital markets, with 142 million yuan in loans issued under the stock repurchase and increase policy, benefiting 30 listed companies [2][8]. - As of now, 93 listed companies have established cooperation intentions with banks, totaling 186.5 billion yuan [8][11].