Core Viewpoint - The Southwest region of China, comprising Sichuan, Yunnan, Guizhou, Chongqing, and Tibet, is a significant driver of western development, with several listed banks reporting positive growth in assets and operating performance for 2024 [1][2]. Group 1: Asset Scale and Growth - Chengdu Bank is the only bank in the region to surpass 1 trillion yuan in total assets, reaching 1.25 trillion yuan with a growth rate of 14.56% [2][3]. - Chongqing Bank follows with total assets of 856.64 billion yuan, growing by 12.73% [3]. - Guizhou Bank's total assets exceeded 580 billion yuan, with the lowest growth rate among the five banks at 2.29% [3]. - Luzhou Bank and Yibin Bank have asset scales below 200 billion yuan, with Luzhou Bank at 171 billion yuan and Yibin Bank at 109.21 billion yuan [4][5]. Group 2: Operating Performance - All five banks reported increases in both operating income and net profit for 2024, with Guizhou Bank showing the highest revenue growth at 9.46% [6][7]. - Chengdu Bank led in revenue with 22.977 billion yuan, a 5.88% increase, although its growth rate has been declining in recent years [7]. - Chongqing Bank's revenue was 13.679 billion yuan, up 3.54%, with a notable increase in non-interest income [7][8]. - Luzhou Bank and Yibin Bank had revenues below 5.5 billion yuan, with Yibin Bank's revenue growth slowing significantly [8]. Group 3: Asset Quality - Chengdu Bank boasts the lowest non-performing loan (NPL) ratio at 0.66%, while Guizhou Bank has the highest at 1.72%, marking the only increase among the banks [10][11]. - The provision coverage ratio for Chengdu Bank is the highest in the region at 479.28%, indicating strong risk management [10][13]. - Luzhou Bank's NPL ratio decreased to 1.19%, while Chongqing Bank's NPL ratio fell to 1.25% [10][11]. - Yibin Bank's NPL ratio slightly decreased to 1.68%, but it still faces significant risks in certain sectors [11][13].

Core Insights - The Yangtze River Delta urban agglomeration is a crucial intersection of the "Belt and Road" initiative and the Yangtze River Economic Belt, comprising Shanghai, Jiangsu, Zhejiang, and Anhui provinces, with seven listed city commercial banks [1] - In 2024, the total asset scale of these seven banks reached 17.72 trillion yuan, with Jiangsu Bank, Shanghai Bank, and Ningbo Bank each exceeding 3 trillion yuan [1][3] - All seven banks reported positive growth in revenue and net profit, with asset quality remaining strong, as six banks maintained non-performing loan ratios below 1% [1][18] Asset Scale and Growth - Jiangsu Bank's total assets reached 39,520.42 billion yuan, a 16.12% increase from the previous year [3][5] - Shanghai Bank's total assets were 32,266.56 billion yuan, growing by 4.57% [3][5] - Ningbo Bank's total assets amounted to 31,252.32 billion yuan, with a growth rate of 15.25% [3][5] - Nanjing Bank, Hangzhou Bank, and Huishang Bank surpassed 20 trillion yuan in assets, while Suzhou Bank had the smallest asset scale at nearly 700 billion yuan [1][3] Revenue and Profitability - Jiangsu Bank led in revenue with 808.15 billion yuan, marking an 8.78% increase [10][12] - Ningbo Bank followed with 666.31 billion yuan in revenue, up 8.19% [10][12] - Nanjing Bank achieved a revenue growth rate of 11.32%, the only bank with double-digit growth [10][12] - Net profit for Jiangsu Bank exceeded 300 billion yuan, with a growth of 10.76% [13][12] Asset Quality - The non-performing loan ratio for Jiangsu Bank was 0.89%, while Ningbo and Hangzhou Banks had the lowest at 0.76% [18][19] - Shanghai Bank had the highest non-performing loan ratio at 1.18% [17][18] - The provision coverage ratios for most banks were robust, with Jiangsu, Nanjing, and Ningbo Banks exceeding 300% [20][18] Loan Distribution - Jiangsu Bank's loans in Jiangsu province accounted for 86.13% of its total loans, with significant portions also allocated to the Yangtze River Delta and Guangdong-Hong Kong-Macau Greater Bay Area [7] - Nanjing Bank's loans were primarily distributed in Jiangsu, with 84.92% of its loans in the province [7] - Huishang Bank's loans were predominantly in Anhui, making up 88.87% of its total [8]

一、 2024 年经营有所回稳，利润仍在低位 截至 2024 年末，渤海银行总资产达到 1.84 万亿元 ，同比增长 6.41% ；当年实现营业收入 254.82 亿元 ，同比增长 1.94% ，营业收入在连续三年下降后终于在 2024 年实现正增长；当年归母净利润为 52.56 亿元 ，同比增长 3.4% ， 归母净利润也在经历 2 年连续负增长后实现了增速归正 。 二、净息差股份行最低，收入利润增长靠金融投资 2024 年，渤海银行净息差为 1.31% ，虽较 2023 年上升了 17 个 BP ，但仍处于相对较低水平，且 在 12 家股份行中最低。 | 银行名称 | 净息差 | 净利差 | | --- | --- | --- | | 招商银行 | 1. 98% | 1.86% | | 平安银行 | 1. 87% | 1. 83% | | 兴业银行 | 1. 82% | 1.56% | | 中信银行 | 1. 77% | 1. 71% | | 浙商银行 | 1. 71% | 1.52% | | 华夏银行 | 1.59% | 1. 61% | | 光大银行 | 1.54% | 1. 45% | | 广发银行 ...

Investment Rating - The report maintains a "Strong Buy" rating for Ningbo Bank [2][8]. Core Views - Ningbo Bank achieved a revenue of 66.63 billion, a year-on-year increase of 8.2%, driven by robust net interest income growth of 17.3% [2][3]. - The bank's net interest margin (NIM) for 2024 was 1.86%, with a year-on-year decline of only 2 basis points, indicating strong resilience compared to peers [3][4]. - Asset quality remains stable, with a non-performing loan (NPL) ratio of 0.76% at year-end, unchanged from the previous year [4][8]. Summary by Sections Financial Performance - For 2024, Ningbo Bank reported revenues of 66.63 billion, with net profit reaching 27.13 billion, reflecting year-on-year growth of 8.2% and 6.2% respectively [2][9]. - The bank's return on equity (ROE) was 13.59%, a decrease of 1.49 percentage points from the previous year [2]. Loan and Asset Quality - Total assets and loans grew by 15.3% and 17.8% year-on-year, respectively, with corporate loans increasing by 24.4% and retail loans by 10.0% [2][4]. - The year-end NPL ratio was stable at 0.76%, while the coverage ratio decreased to 389.4%, down 28 percentage points [4][19]. Interest Margin and Income Sources - The bank's NIM improved slightly by 1 basis point from the previous quarter, with a year-on-year decline of only 2 basis points, outperforming the industry average [3][4]. - The main contributors to profit were scale growth and effective cost control, while non-interest income and tax reductions were the main detractors [2][8]. Future Outlook - The report projects continued high growth in scale and strong interest margin resilience for Ningbo Bank in 2025, with slight adjustments to profit forecasts for 2025-2027 [8][9].

Investment Rating - The report maintains a "Strong Buy" rating for Ningbo Bank [2][8]. Core Views - Ningbo Bank achieved a revenue of 66.63 billion, a year-on-year increase of 8.2%, driven by robust net interest income growth of 17.3% [2][3]. - The bank's net interest margin (NIM) for 2024 was 1.86%, with a year-on-year decline of only 2 basis points, indicating strong resilience compared to peers [3][4]. - Asset quality remains stable, with a non-performing loan (NPL) ratio of 0.76% at year-end, unchanged from the previous year [4][8]. Summary by Sections Financial Performance - For 2024, Ningbo Bank reported revenues of 66.63 billion, with net profit reaching 27.13 billion, reflecting year-on-year growth of 6.2% [2][9]. - The bank's return on equity (ROE) was 13.59%, a decrease of 1.49 percentage points from the previous year [2]. Loan and Asset Quality - Total assets and loans grew by 15.3% and 17.8% year-on-year, respectively, with corporate loans increasing by 24.4% [2][4]. - The year-end NPL ratio was stable at 0.76%, while the coverage ratio decreased to 389.4% [4][19]. Interest Margin and Income Sources - The net interest margin improved slightly by 1 basis point from the previous quarter, with a year-on-year decline of only 2 basis points [3][14]. - Non-interest income faced challenges, contributing negatively to overall profitability [2][8]. Future Outlook - The bank is expected to maintain high growth in scale and strong interest margin resilience, with revenue projections for 2025 at 71.9 billion, reflecting a growth rate of 7.9% [9][22]. - The report highlights potential risks from rising retail loan defaults and the impact of trade tensions on credit demand [8].

从2024年业绩报告中也可以看出该行在信贷投放上不断加码，2024年全年信贷净增量超过3700亿元，创下历史新高。浦发银行行长谢伟提及，2024年贷款在 生息资产中占比提高3.25个百分点，资产结构得以优化，有助于稳定净息差水平。 记者注意到，在信贷增量创下新高的同时，浦发银行不良贷款率也降至近十年来最低水平，2024年末为1.36%。 在日前召开的2024年度业绩说明会上，谢伟在谈及该行业绩表现时坦言，相对于上一年的表现及市场环境，整体比较满意；但是相对于同业市场、主要对标 银行的综合经营现状，感觉还是有很大的压力，"我们必须要坚守长期、对标行业，奋起直追"。 每经记者 李玉雯 每经编辑 张益铭 4月8日，浦发银行披露2025年第一季度主要经营情况公告。截至今年一季度末，该行贷款总额（不含票据贴现）达53230.05亿元，较上年末增长2545.84亿 元，增幅5.02%，贷款净增量创近年来单季新高。 净利润增幅创近十二年新高 年报显示，浦发银行2024年实现营业收入1707.48亿元，剔除上年同期出售上投摩根股权一次性因素影响后，同比增长0.92%；实现归属于母公司股东的净利 润452.57亿元，同比增长2 ...

Core Viewpoint - The overall operating conditions of the six major state-owned banks show a steady trend, with a decrease in the overall non-performing loan (NPL) ratio and a maintained provision coverage ratio at a safe level, indicating an improvement in asset quality. However, there are underlying concerns, such as the rising balance of special mention loans and the increasing individual loan NPL ratio, which presents challenges for future asset quality control [1][2][3]. Group 1: Asset Quality Indicators - The NPL ratio of the six major banks is trending downwards and remains below the regulatory red line of 5%. Specific NPL ratios include: Industrial and Commercial Bank of China (ICBC) at 1.34% (down 2 basis points), Agricultural Bank of China (ABC) at 1.30% (down 3 basis points), Bank of China (BOC) at 1.25% (down 2 basis points), China Construction Bank (CCB) at 1.34% (down 3 basis points), and Bank of Communications (BoCom) at 1.31% (down 2 basis points). Postal Savings Bank of China (PSBC) saw a slight increase of 7 basis points to 0.90%, still the lowest among the six banks [2]. - The provision coverage ratio for all six banks significantly exceeds the regulatory red line of 150%, ranging from 200% to 300%. ICBC (214.97%), BOC (200.60%), and BoCom (201.94%) showed increases compared to the previous year, while ABC and CCB experienced slight declines, with PSBC seeing the largest drop of 61.42 percentage points, yet still maintaining a high absolute value [3]. - The balance of special mention loans has increased for five of the six banks, indicating a potential risk of these loans converting into NPLs. The increases in special mention loans are as follows: ICBC up by 91.5 billion yuan, PSBC up by 29.3 billion yuan, ABC up by 27.5 billion yuan, BOC up by 26.2 billion yuan, and BoCom up by 10.7 billion yuan [3][4]. Group 2: Individual Loan NPL Trends - The individual loan NPL ratio has been quietly rising, with the total amount of personal NPLs increasing significantly. In 2024, the personal NPL amounts increased by 109 billion yuan for PSBC, 301 billion yuan for CCB, 421 billion yuan for ICBC, 143 billion yuan for BOC, 320 billion yuan for ABC, and 97 billion yuan for BoCom, totaling nearly 1.4 trillion yuan [6]. - The individual loan NPL ratios have also risen across the board, with ICBC's ratio increasing from 0.70% to 1.15% (up 0.45 percentage points), CCB from 0.66% to 0.98% (up 0.32 percentage points), ABC from 0.73% to 1.03% (up 0.30 percentage points), BoCom from 0.81% to 1.08% (up 0.27 percentage points), and PSBC from 1.12% to 1.28% (up 0.16 percentage points) [6][7]. - Notably, personal operating loans, primarily aimed at small and micro business owners, have seen a significant increase in NPL ratios, with ICBC's ratio rising from 0.86% to 1.27%, ABC from 0.93% to 1.39%, and CCB from 0.95% to 1.59% [7][8]. Group 3: Future Outlook and Strategies - In response to the rising risks in retail loans, banks are implementing various strategies. CCB plans to strengthen risk control throughout the retail loan process, while ABC emphasizes strict entry standards for inclusive retail business and optimizing the risk control system. BOC aims to enhance proactive risk management and post-loan management, and ICBC focuses on optimizing business entry and bad debt disposal processes. BoCom intends to balance business development with risk control to maintain retail loan quality within expected ranges [8][9].

Core Viewpoint - The performance of Chinese bank stocks improved in Q4 2024, with a preference for the four major state-owned banks due to their lower risk exposure to non-housing retail loans and less impact from fixed income market fluctuations [1][6]. Group 1: Profitability and Growth - In Q4 2024, operating profit and profit growth accelerated to 6.8% and 2.5% year-on-year, respectively, driven by a reduced narrowing of net interest margin (NIM) and strong growth in non-interest income [2]. - Non-interest income grew by 10% year-on-year in Q4, primarily due to investment income, while fee income remained flat with a decline of 3% year-on-year [2]. Group 2: Asset Quality - Retail loan non-performing loan (NPL) ratio increased by 18 basis points year-on-year, while corporate loan NPL ratio decreased by 15 basis points [3]. - The proportion of retail loans in the loan portfolio decreased from approximately 34% in 2023 to about 33% in 2024, with the overall NPL ratio declining from 90% in 2023 to 81% in 2024 [3]. Group 3: Future Outlook - For FY 2025, revenue growth is expected to moderately improve compared to FY 2024, with a smaller narrowing of NIM anticipated despite a further expected decrease in loan market quotation rates (LPR) [4]. - Fee income is expected to improve in 2025 as capital market and consumer-related fees recover, although retail asset quality may continue to deteriorate [4]. Group 4: Preferred and Avoided Stocks - The preferred order of banks is the four major state-owned banks > China Merchants Bank > CITIC Bank > other banks, with China Construction Bank being the top pick due to stable earnings and a strong balance sheet [6]. - The banks to avoid include Ping An Bank, Minsheng Bank, and Postal Savings Bank of China due to their higher risk exposure to non-housing retail loans and significant asset quality risks [6].

每经记者 张寿林 每经编辑 马子卿 负债方面，近年来民生银行通过深耕客户，获取高质量负债的成效逐步显现，存款付息率持续下降。各 项存款中，个人存款较上年末增加918亿元，占比提升2.4个百分点；活期存款较上年末增加1275亿元， 占比提升3.2个百分点。同时，存款付息率降幅持续扩大，2024年存款付息率2.14%，较上年下降17个 BP，下半年环比再下降20个BP。 "民生银行2024年下半年息差环比提升，带动营业收入下半年环比增长，主要是受益于负债成本的有效 管控和资产结构的不断优化。"民生银行副行长李彬表示，预计2025年银行业净息差仍将承压，该行将 积极应对形势变化，着力通过客户基础扩大，核心主营业务增长，力求推动净息差和营业收入变化优于 市场平均表现，并在此基础上力争营业收入总量保持平稳。 民生银行董事长高迎欣说，2021年以来，该行持续深化民企战略，升级服务模式，更加强调为客户创造 价值，成为民营企业的首选银行，尤其是携手他们穿越经济周期。 4月1日下午，民生银行以网络直播的形式召开2024年度业绩交流会。此前公布的年报显示，2024年末民 生银行集团资产总额7.81万亿元，较上年末增长1.82%， ...

Investment Rating - The report maintains an "Accumulate" rating for Jiangyin Bank (002807.SZ) with a current price of 4.45 CNY [1]. Core Views - Jiangyin Bank's 2024 annual report shows a revenue of 3.96 billion CNY, a year-on-year increase of 2.5%, and a net profit attributable to shareholders of 2.04 billion CNY, up 7.9% year-on-year. The weighted average return on equity (ROAE) is 11.55%, down 1 percentage point year-on-year [3][4]. Summary by Sections Revenue and Profitability - Jiangyin Bank's revenue, pre-provision profit, and net profit growth rates for 2024 are 2.5%, -4.8%, and 7.9%, respectively, with improvements of 1.2, 0.7, and 1.1 percentage points compared to the first three quarters [4]. - The net interest income and non-interest income growth rates are -6% and 31.2%, respectively, with increases of 1.3 and 1.8 percentage points compared to the previous three quarters [4]. Loan and Deposit Growth - By the end of 2024, the growth rates for interest-earning assets and loans are 6.6% and 7.6%, respectively, showing a slight improvement from the end of Q3 2024 [5]. - The bank's deposits grew at a rate of 9.1% year-on-year, with a notable increase in time deposits, which accounted for 63% of total deposits by year-end [6]. Net Interest Margin (NIM) and Income Structure - The NIM increased by 2 basis points to 1.76% despite a decline in asset yields and loan pricing pressure [7]. - Non-interest income reached 1.16 billion CNY, growing by 31% year-on-year, with significant contributions from investment income [8]. Asset Quality and Capital Adequacy - By the end of 2024, the non-performing loan (NPL) ratio and attention ratio were 0.86% and 1.22%, respectively, indicating a decrease from the previous quarter [9]. - The capital adequacy ratios are robust, with the core Tier 1 capital ratio at 14.1% and the total capital adequacy ratio at 15.2% [10]. Earnings Forecast and Valuation - The earnings per share (EPS) forecasts for 2025, 2026, and 2027 are adjusted to 0.86 CNY, 0.89 CNY, and 0.91 CNY, respectively, with corresponding price-to-book (PB) and price-to-earnings (PE) ratios indicating a favorable valuation [11].