Investment Rating - The report maintains a "Buy" rating for Hangzhou Bank (600926.SH) with a current price of 14.69 CNY [1]. Core Views - Hangzhou Bank's Q1 2025 report shows strong revenue growth and profitability, with operating income of 9.98 billion CNY, a year-on-year increase of 2.2%, and net profit attributable to shareholders of 6.02 billion CNY, up 17.3% year-on-year [3][4]. - The bank's annualized weighted average return on equity (ROE) stands at 20.6%, an increase of 0.64 percentage points year-on-year [3]. Summary by Sections Financial Performance - Revenue, pre-provision profit, and net profit growth rates for Q1 2025 are 2.2%, 3%, and 17.3% respectively, showing a decline from 2024 by 7.4, 6.5, and 0.8 percentage points [4]. - Net interest income and non-interest income growth rates are 6.8% and -5.4% respectively, with changes from 2024 of +2.4 and -25.6 percentage points [4]. Credit and Deposit Growth - As of Q1 2025, the growth rates for interest-earning assets and loans are 15.9% and 14.3% respectively, with loan growth slightly decreasing compared to the end of the previous year [5]. - The bank's total deposits increased by 98 billion CNY in Q1, with a year-on-year growth rate of 21.1% [6]. Interest Margin and Non-Interest Income - The net interest margin for Q1 2025 is 1.32%, a decrease of 6 basis points from 2024 [7]. - Non-interest income decreased by 5.4% year-on-year to 3.48 billion CNY, primarily due to a decline in net other non-interest income [8]. Asset Quality and Capital Adequacy - The non-performing loan (NPL) ratio remains low at 0.76%, with a provision coverage ratio of 530.1% [9]. - Capital adequacy ratios as of Q1 2025 are 9.01% for core tier 1, 11.34% for tier 1, and 14.05% for total capital, showing a stable increase [9]. Profit Forecast and Valuation - The report maintains net profit forecasts for 2025-2027, with slight adjustments to earnings per share (EPS) estimates due to potential dilution from convertible bonds [10]. - The current stock price corresponds to price-to-book (PB) ratios of 0.75, 0.65, and 0.56 for 2025-2027 [10].

Investment Rating - The investment rating for Ningbo Bank is "Buy-A" with a 6-month target price of 28.09 CNY, compared to the current stock price of 24.96 CNY [4]. Core Views - The report highlights that Ningbo Bank's performance in Q1 2025 was primarily driven by scale expansion, cost reduction, and tax benefits, despite a slight slowdown in various performance metrics compared to 2024 [1][10]. - The bank's non-performing loan generation rate has begun to decline, indicating improved asset quality, while the bank has increased its provisioning efforts [9][10]. Summary by Sections Financial Performance - In Q1 2025, Ningbo Bank's revenue grew by 5.63% year-on-year, with pre-provision profit increasing by 10% and net profit attributable to shareholders rising by 5.76% [1]. - The average daily balance of interest-earning assets increased by 17.79% year-on-year, with new asset scale reaching 270.8 billion CNY, a year-on-year increase of 94.3 billion CNY [1][17]. - New loans amounted to 162 billion CNY, up 53 billion CNY year-on-year, primarily driven by corporate loans and bill discounting [1][18]. Capital and Asset Quality - As of the end of Q1 2025, the core Tier 1 capital adequacy ratio was 9.32%, down 0.52 percentage points from the end of the previous year, indicating challenges in balancing capital consumption with asset expansion [2]. - The bank's non-performing loan balance increased by 20.61% year-on-year, while the total loan amount grew by 20.41% [10]. - The non-performing loan generation rate (annualized) was 1.08%, down 12 basis points year-on-year, reflecting a slowdown in the generation of new non-performing loans [9][10]. Income and Cost Management - The net interest margin decreased by 7 basis points quarter-on-quarter to 1.8%, with a year-on-year decline of 10 basis points, slightly impacting net interest income growth [2][3]. - Non-interest income fell by 5.78% year-on-year, with net fee and commission income down by 1.32% [3][9]. - The cost-to-income ratio improved to 29.07%, a decrease of 2.46 percentage points year-on-year, indicating effective cost control measures [9]. Future Outlook - For the full year of 2025, revenue growth is expected to be 6.50%, with net profit growth projected at 5.48% [10][12].

存贷增速均边际上升，资负结构更加均衡 光大银行2025Q1 末贷款本金总额4.11 万亿元，较年初增长5.24%，增速高于2024年四个季度，贷款放 量有所加快。吸收存款方面，2025Q1 末存款余额为4.27 万亿元，同比增加3.49%，逆转了2024Q2-Q4 连续三个季度的同比负增长，资负结构更加均衡，更好匹配贷款的增长。高息存款收紧后，2024 年光 大银行存款成本率同比下降14BP 至2.18%，部分对冲了资产端收益率下降的影响，预计随着存款增长 加快，负债压力减轻，净息差降幅或继续收窄。 不良率环比持平，高分红+低估值属性较强 营收结构改善，利润增速保持平稳 光大银行2025 年一季度实现营收330.86 亿元（YoY-4.06%），营收降幅边际收窄；归母净利润124.64 亿 元（YoY+0.31%），盈利增速相对平稳。收入结构更加均衡，2025Q1 单季实现净利息收入225.38 亿元 （YoY-6.84%），虽同比下降但降幅较2024 年全年有所收窄；2025Q1 单季实现非息收入105.48 亿元 （YoY+2.46%），主要中收和投资净收益均同比正增长贡献。考虑到实体需求有待恢复、银行业 ...

Core Insights - The company's revenue growth has significantly declined in Q1 2025 compared to the same period last year, primarily due to the impact of one-time asset disposals in the previous year [1] - Credit growth continues to rebound, which may alleviate the pressure on net interest margins [2] - The company's projected net profit growth for the years 2025, 2026, and 2027 is modest, with estimates of 0.3%, 1.8%, and 1.6% respectively [3] Financial Performance - As of Q1 2025, the company's revenue, PPOP, and net profit attributable to shareholders showed year-on-year growth rates of 0.9%, -7.4%, and -3.6% respectively [1] - Net interest income decreased by 5.6% year-on-year, indicating ongoing pressure on net interest margins despite total assets growing by 6.8% [1] - The company experienced a significant decline in non-interest income, with a year-on-year decrease of 14.4% and a quarter-on-quarter drop of 44.8% [1] Credit and Asset Quality - Total assets and loan amounts grew by 6.8% and 6.0% year-on-year as of Q1 2025, with loan growth showing a continuous rebound over three consecutive quarters [2] - The non-performing loan (NPL) ratio remained stable, while the attention rate increased by 21 basis points [2] - The company’s provision coverage ratio and loan-to-deposit ratio decreased by 13.1 percentage points and 11 basis points respectively as of Q1 2025 [2] Valuation and Forecast - The projected book value per share (BVPS) for 2025, 2026, and 2027 is estimated at 13.37, 13.92, and 14.47 yuan respectively [3] - The current stock price corresponds to a price-to-book (PB) ratio of 0.65X, 0.62X, and 0.60X for the years 2025, 2026, and 2027 [3] - A valuation premium of 10% is applied due to the company's strong core tier one capital adequacy ratio and dividend rate, resulting in a reasonable value of 9.18 yuan per share for 2025 [3]

事件: 对公及个人存款在付息率大幅下降的同时保持较高增速，或与公司精进交易银行、巩固养老金融优势等 有关。2025Q1 人民币公司存款同比增长5.0%，付息率为1.51%，同比下降31bps；人民币个人存款同比 增长5.5%，付息率1.90%，同比下降32 bps。公司助力国资国企司库管理体系建设，服务司库客户6507 户，较2024 年末增长5.24%。2025Q1 公司养老金代发获客量同比增长10.30%，截至2025 年一季度末总 规模保持上海地区养老金客户份额第一。 关注类贷款占比下降，拨备覆盖率、拨贷比双增。2025Q1 不良率较上年末持平，仍为1.18%；关注类 贷款占比较上年末下降1bp 至2.05%。拨备覆盖率较上年末提升1.43pct 至271.24%，拨贷比较上年末环 比提升2bps 至3.20%。 盈利预测和投资评级：上海银行负债端成本大幅下行，净息差同比平稳，反映公司交易银行与养老金融 的综合实力。首次覆盖，给予"买入"评级。我们预测2025-2027 年营收为541、555、570 亿元，同比增 速为2.02%、2.74%、2.63%；归母净利润为244、249、256亿元，同比增速 ...

Core Insights - The company reported a solid growth in net interest income and a double-digit increase in total profit for Q1 2025, with revenue, PPOP, and net profit growth rates of 1.4%, 3.8%, and 6.25% year-on-year respectively [1] - The company’s asset expansion capability was validated in Q1 2025, with total assets and loan amounts growing by 8% and 6.8% year-on-year respectively [2] - The company forecasts a steady growth in net profit for the years 2025, 2026, and 2027, with expected year-on-year growth rates of 5.5%, 7.9%, and 8.5% respectively [3] Financial Performance - As of Q1 2025, net interest income grew by 5.6% year-on-year, supported by a robust net interest margin and strong asset expansion [1] - Fee income continued to decline at -3.2% year-on-year, although it improved by 6.8 percentage points compared to the end of 2024 [1] - Other non-interest income saw a significant decline of -16.6% year-on-year, primarily due to a notable pullback in the bond market [1] Asset Quality and Structure - The company maintained a stable asset quality with a non-performing loan (NPL) ratio of 1.17%, a decrease of 1 basis point from the end of 2024 [2] - The provision coverage ratio remained stable at 363%, providing ample profit space [2] - The company’s financial investment structure has shifted significantly over the past three years, with OCI's share increasing from 18.4% at the end of 2022 to 40.9% in Q1 2025 [1] Future Projections - The company projects earnings per share (EPS) of 1.05, 1.13, and 1.23 for the years 2025, 2026, and 2027 respectively, with a corresponding book value per share (BVPS) of 11.85, 12.70, and 13.62 [3] - The current stock price corresponds to a price-to-book (PB) ratio of 0.57X, 0.53X, and 0.50X for the years 2025, 2026, and 2027 respectively [3] - Given the strong regional financing demand, the company maintains a 10% valuation premium compared to peers, projecting a reasonable value of 7.6 yuan per share for 2025 [3]

Investment Rating - The report maintains a strong buy recommendation for Jiangsu Bank (600919.SH) [4] Core Views - Jiangsu Bank's net interest income saw a significant increase of 22% year-on-year in Q1 2025, reaching 16.6 billion yuan, driven by rapid asset growth and optimized liability costs [2][3] - The bank's asset quality remains robust, with a non-performing loan ratio of 0.86% and a provision coverage ratio of 343.51% as of Q1 2025 [2][3] - The bank's non-interest income experienced a decline of 32.72% year-on-year, primarily due to a significant drop in fair value changes, although investment income increased by 30.1% [3] Summary by Sections Performance - In Q1 2025, Jiangsu Bank reported a revenue growth of 6.21%, PPOP growth of 7.88%, and a net profit growth of 8.16% compared to the previous year [1][11] - The bank's total assets reached 4.46 trillion yuan, with total deposits of 2.46 trillion yuan [11] Non-Interest Income - The bank's net fee and commission income grew by 21.77% year-on-year in Q1 2025, benefiting from a recovery in the capital market and macroeconomic conditions [2][3][29] Interest Margin and Asset Quality - The bank's interest-earning assets grew by 27.82% year-on-year, with loans increasing by 18.83% [2] - The net interest margin showed a slight decline but was supported by effective cost management on liabilities [2][3] Capital and Shareholder Information - Jiangsu Bank's return on equity (ROE) was reported at 16.50% for Q1 2025, with a target price of 10.13 yuan per share [4][27] - The bank's major shareholder is Jiangsu International Trust Co., holding a 6.98% stake [4]

Core Viewpoint - Shengjing Bank is struggling to transform itself two years after shedding its "Evergrande system" identity, facing significant historical burdens and declining financial performance, with a strategic goal of "stabilizing growth, improving quality, increasing efficiency, and enhancing effectiveness" for 2024 [2] Financial Performance - In 2024, Shengjing Bank reported revenue of 8.577 billion yuan, a year-on-year decrease of 14.57%, and a net profit attributable to shareholders of 621 million yuan, down 15.21%, marking the fourth consecutive year of revenue and profit decline [2] - The bank's net interest margin was only 0.8%, down 16 basis points year-on-year, significantly lower than the average for commercial banks and city commercial banks, which were 1.52% and 1.38% respectively [4][3] - Total interest-earning assets decreased by nearly 70 billion yuan to 8555.16 billion yuan, a decline of 7.5% year-on-year, with a significant gap between interest-earning assets and interest-bearing liabilities [5] Asset Quality and Loan Performance - As of the end of 2024, Shengjing Bank's total assets grew by 4% to 1.12 trillion yuan, with loans issued amounting to 500.6 billion yuan, a year-on-year increase of 4.8% [9] - The bank's corporate loans, which account for over two-thirds of its credit portfolio, reached 337.88 billion yuan, growing by 9.67% year-on-year, while personal loans showed mixed performance with a notable increase in personal consumption loans [10] - The non-performing loan (NPL) ratio for personal loans was 2.9%, with mortgage loans having a particularly high NPL ratio of 3.66% [12][11] Non-Interest Income - Shengjing Bank achieved non-interest income of 1.69 billion yuan in 2024, a significant increase of 44% year-on-year, attributed to improved investment trading capabilities [7] Market Performance and Shareholder Sentiment - The bank's stock price in the Hong Kong market has been underperforming, trading around 1.06 HKD per share, significantly lower than its initial listing price of 7.65 HKD in 2014, with liquidity issues evident as trading volumes dropped to zero during certain periods [15] - The number of H-share shareholders has dwindled to just 124, reflecting market skepticism regarding the bank's future profitability and growth prospects [15] Strategic Direction - Shengjing Bank is actively pursuing a "de-Evergrande" strategy, having removed references to Evergrande from its annual reports since 2023, and has undergone significant management restructuring to align with its vision of becoming a "good bank for enterprises and the public" [16][17]

图片来源 | AI制图 近日，江苏银行发布年报，2024年，营收808.15亿元，同比增长8.78%；归母净利润318.43亿元，同比增长 10.76%。增速与城商行前三甲中的其他两家北京银行和宁波银行相比，都是最高的。 从近十年数据看，江苏银行也是上市城商行乃至上市银行中，业绩成长性最强的一家之一。江苏银行的高 成长性，应该说跟两任董事长夏平和葛仁余高度相关。 这二位在三家银行里搭档了十余年。2013年3月，原南京银行行长夏平就任江苏银行董事长，同年8月，南 京银行信息技术部总经理葛仁余也加盟江苏银行，任首席信息官、信息技术部总经理。这是二人的第三次 搭档。早年夏平和葛仁余均任职于建行江苏分行，此后又都到南京银行任高管。夏平执掌江苏银行十年， 将江苏银行一路带成了国内营收与利润首屈一指的城商行。在2023年，60岁的夏平退休，葛仁余从行长位 置上升任董事长。到2025年，1965年10月出生的葛仁余也临近退休，江苏银行业绩依旧出色。 除了营收与利润增长不错，资产扩张和负债均保持了较快的增长，不良率与2023年持平，拨备覆盖率维持 在较高水平。 不过美中不足的是，江苏银行净息差下滑较多，是已披露年报的头部城商 ...

Core Viewpoint - Recent restrictions by banks on early repayment of housing loans indicate a shift in their lending strategies, aimed at managing profitability amidst declining net interest margins and increased early repayment requests [1][5][10]. Group 1: Banking Pressure - Banks are facing a dual pressure of reduced lending opportunities and increased deposits, leading to a shrinking net interest margin, which is currently at 1.52%, below the warning line of 1.8% [5][10]. - In February, the People's Bank of China reported a decrease of 115 billion yuan in long-term loans, indicating a trend of borrowers opting for early repayments [6][10]. - The total balance of personal housing loans was 37.68 trillion yuan at the end of last year, down 1.3% year-on-year, reflecting a growing number of borrowers repaying loans early [6][10]. Group 2: Changes in Loan Terms - Banks have implemented restrictions on the number of early repayment requests and the amount that can be repaid at once, with some banks limiting online repayments to two times a year and a maximum of 200,000 yuan per transaction [1][10]. - The average interest rate for existing housing loans has dropped from 4%-5% in 2023 to 3.3% in 2024, further squeezing bank profits [10]. - The increase in early repayments is causing banks to lose significant future interest income, with one insider noting that every 1 million yuan repaid early results in a loss of interest income for several years [10]. Group 3: Deposit Trends - There has been a significant increase in household deposits, with new deposits reaching 14.26 trillion yuan in 2024, and 6.2 trillion yuan in just the first two months of this year [10]. - The total balance of household deposits has surpassed 157 trillion yuan, with per capita deposits exceeding 110,000 yuan, indicating a shift in consumer behavior towards saving rather than borrowing [10]. Group 4: Strategies for Borrowers - Borrowers are advised to understand their loan agreements, as restrictions on early repayment may vary by bank and region [16]. - Exploring offline repayment options may provide more flexibility, as these channels are less restricted compared to online methods [18]. - A rational decision-making process is recommended for borrowers considering early repayment, comparing the interest rates of their loans with potential investment returns [19][21].