这是今年以来机构踊跃调研上市银行的一个缩影。东方财富Choice数据显示，今年上半年，19家A股上 市银行累计接待超千家机构调研，创下近年来新高。 "我们上半年已经接待了两轮调研，主要是券商和保险资管，今年股价涨得比较好，前几年银行股基本 没什么机构关注，今年热度明显不一样。"某上市城商行投资者关系负责人对智通财经记者说。 41只银行股年内收涨 在这场调研盛宴中，区域银行成为机构投资者的主要目标。长三角地区的银行尤其受到青睐，宁波银 行、常熟银行和杭州银行三家的调研机构数量和调研总次数均位居前列。 国际资本也积极参与这场调研热潮。例如，5月21日，国际对冲巨头Millennium（千禧年资本）的两位 分析师对宁波银行展开调研；5月12日，杭州银行也接受了拉扎德资产管理有限公司等12家外资机构调 研。 苏商银行特约研究员薛洪言对智通财经记者说，近期机构高频密集调研上市银行，既释放出市场对银行 股投资关注度显著升温的信号，也可视作市场在经济弱复苏背景下对银行板块价值重估的深度博弈信 号。 智通财经记者 | 曾令俊 7月3日下午，青岛农商行召开了一场投资者关系活动，此次活动类别为分析师会议，参与单位包括招商 证券及 ...

Investment Rating - The report maintains a "Buy" rating for Suzhou Bank [7]. Core Views - The state-owned major shareholder has been continuously increasing its stake, indicating a strong long-term value outlook. The bank's fundamentals remain robust, with government-related business driving accelerated credit growth. The improvement in deposit costs alleviates net interest margin pressure, and the asset quality indicators are consistently excellent. The dividend payout ratio for 2024 is expected to increase by 1.4 percentage points to 32.5% of net profit attributable to the parent company, supporting a year-on-year increase in DPS. The completion of the convertible bond conversion in Q1 this year has bolstered capital, supporting credit issuance and ensuring stable future dividends. Currently, the 2025 PB valuation is 0.83x, PE valuation is 8.2x, and the expected dividend yield is 4.1% [5][9][10]. Summary by Sections Shareholder Actions - On June 30, it was announced that the major shareholder, Suzhou Guofa Group, increased its stake in Suzhou Bank, along with its concerted action partner, Dongwu Securities, to a total of 15.00%. The actual controller of Suzhou Bank has changed to the Suzhou Municipal Finance Bureau. The group plans to increase its holdings by no less than 400 million yuan over the next six months, with a commitment not to reduce its holdings within six months after the completion of this plan [5][10]. Business Performance - Suzhou Bank has shown steady growth in its core business, with total loans increasing by 8.9% year-on-year as of the end of Q1. The bank's asset scale is currently 727.2 billion yuan, with a clear path towards reaching a trillion yuan in assets. The bank's net interest margin has been under pressure due to declining loan rates, but the reduction in deposit costs is expected to stabilize this margin moving forward. The bank maintains a conservative risk appetite, with a low non-performing loan ratio and strong provisioning capabilities [9][10][11]. Financial Projections - The bank's total assets are projected to grow from 693.71 billion yuan in 2024 to 1,009.84 billion yuan by 2027. The net profit attributable to the parent company is expected to increase from 5.07 billion yuan in 2024 to 6.04 billion yuan in 2027. The bank's return on equity (ROE) is projected to be around 10.19% by 2027, with a non-performing loan ratio stabilizing at approximately 0.82% [24].

Core Viewpoint - China Merchants Bank has undergone significant personnel changes over the past year, including the recent approval of Xu Mingjie as vice president, which reflects the bank's strategic adjustments and leadership restructuring [1][2][3] Personnel Changes - Xu Mingjie has been approved as vice president of China Merchants Bank, effective from June 4, 2025, until the end of the twelfth board of directors [1][2] - Xu Mingjie has a long tenure at the bank, having joined in 1995 and held various senior positions, including assistant to the president and head of several departments [2][3] - The bank has seen multiple leadership changes, including the retirement of Wang Yungui and the appointment of new executives such as Zhong Desheng as chief risk officer [3] Financial Performance - In 2024, China Merchants Bank reported operating income of 337.49 billion yuan, a slight decrease of 0.48% year-on-year, while net profit increased by 1.22% to 148.39 billion yuan [5] - The bank's net interest income for 2024 was 211.28 billion yuan, down 1.58% year-on-year, while non-interest income rose by 1.41% to 126.21 billion yuan [6] - For Q1 2025, the bank's operating income was 83.75 billion yuan, a decline of 3.09% year-on-year, with net profit at 37.51 billion yuan, down 2.08% [6] Asset Quality - As of Q1 2025, China Merchants Bank's total assets reached 12.5 trillion yuan, a 3.1% increase from the previous year [8] - The non-performing loan (NPL) ratio stood at 0.94%, a slight decrease of 0.01 percentage points from the end of the previous year, indicating improved asset quality [8] - The bank's provision coverage ratio was 410.03%, maintaining a strong position within the industry despite a slight decline of 1.95 percentage points [8] Non-Interest Income - In Q1 2025, non-interest income decreased by 10.64% to 30.76 billion yuan, accounting for 36.72% of total operating income [7] - The bank's net fee and commission income showed signs of recovery, with a decline of only 2.51% in Q1 2025 compared to a 14.28% drop in 2024 [7] - Wealth management fees increased by 10.45% to 6.78 billion yuan in Q1 2025, indicating a positive trend in this segment [7]

Core Viewpoint - The Turkish central bank governor stated that despite tightening financial conditions, the deterioration in the quality of bank assets has lessened [1] Group 1 - The central bank acknowledges a tightening of financial conditions in Turkey [1] - There is a noted improvement in the deterioration of bank asset quality compared to previous assessments [1]

Core Insights - The overall asset quality of banks is good, but there is still weakness in the commercial real estate investment portfolio [1] - The number of "problem banks" has decreased by three, totaling 63 banks currently [1] Summary by Category Asset Quality - Banks are reported to have a generally good asset quality, indicating stability in the banking sector [1] Commercial Real Estate - There remains a persistent weakness in the commercial real estate investment portfolio, which could pose challenges for banks [1] Problem Banks - The count of problem banks has reduced by three, now standing at 63, suggesting an improvement in the banking sector's health [1]

Group 1: Financial Investment Trends - The financial investment growth rate for listed banks showed divergence, with rural commercial banks rebounding to 8.30% in Q1 2025 after a decline in 2024[2] - State-owned banks' financial investment growth was weaker compared to other types of banks due to liability pressures[2] - The average contribution of investment net income to revenue increased, with contributions for state-owned, joint-stock, city commercial, and rural commercial banks at 6.95%, 18.56%, 25.86%, and 28.85% respectively in Q1 2025[2][31] Group 2: OCI Account and Profit Realization - The average proportion of OCI accounts increased to 32.5%, while the average AC proportion decreased to 47.5% in Q1 2025, indicating a greater reliance on OCI accounts for profit adjustment[2][28] - Estimated remaining sellable old bonds for listed banks is approximately 4.5 trillion yuan, with state-owned banks holding about 2.8 trillion yuan[4] - The pressure to sell bonds may re-emerge in Q2, raising questions about the remaining space for selling old bonds[3] Group 3: Profitability and Cost Management - The average net profit growth rate for listed banks declined from 4.83% in 2024 to 2.29% in Q1 2025, with some banks experiencing negative growth[19] - Average interest margin narrowed to 1.58% in Q1 2025, down from 1.61% in 2024, indicating ongoing profitability pressure[21] - Interest income remains the primary revenue source, but the average interest net income for state-owned banks decreased by 2.75% year-on-year[23] Group 4: Asset Quality and Risk - Overall asset quality improved, but potential risks accumulated, particularly with an increase in the proportion of special mention loans for rural commercial banks[5] - The capital adequacy ratio for various banks declined, with state-owned banks experiencing the most significant drop, indicating pressure on capital retention capabilities[5]

Core Viewpoint - Huishang Bank has shown steady growth in total assets while experiencing a slowdown in revenue growth and moderate profit growth, positioning itself favorably among urban commercial banks in China [2][3][7]. Group 1: Company Overview - Huishang Bank was established in 1997 and has undergone several name changes and mergers, currently operating 21 branches and 464 outlets, primarily in Anhui province [1]. - As of the end of 2024, Huishang Bank's loans in Anhui accounted for 88.87% of its total loans, indicating a strong regional focus [1]. Group 2: Financial Performance - By the end of 2024, Huishang Bank's total assets exceeded 2 trillion yuan, reaching 2.01 trillion yuan, with a year-on-year growth of 11.49% [2]. - The bank achieved operating income of 37.175 billion yuan, a year-on-year increase of 1.62%, and a net profit attributable to shareholders of 15.414 billion yuan, up 6.80% year-on-year [2]. Group 3: Comparative Analysis - Huishang Bank ranks approximately seventh among urban commercial banks in terms of total assets, surpassing Hengfeng Bank and Bohai Bank in total assets, operating income, and net profit [7]. - In 2024, Huishang Bank's net interest margin was 1.71%, a decrease of 17 basis points from 2023, which is considered moderate among major commercial banks [12]. Group 4: Asset Quality - As of the end of 2024, Huishang Bank's non-performing loan (NPL) ratio was 0.99%, down 27 basis points from the previous year, with a provision coverage ratio of 286.47%, an increase of 14.53 percentage points [14]. - The bank's corporate loan NPL ratio improved to 0.86%, while the personal loan NPL ratio rose to 1.51%, indicating a divergence in asset quality between corporate and personal loans [16].

Overall Review - The banking sector is currently under pressure, with a decline in both revenue and profit. In Q1 2025, the total operating income of listed banks decreased by 1.7% year-on-year, while net profit attributable to shareholders fell by 1.2%. The decline in net profit is primarily due to a slowdown in the growth of other non-interest income and reduced provisioning efforts [1] Net Interest Margin - The year-on-year decline in net interest margin has narrowed, with listed banks experiencing a decrease of 13 basis points to 1.43% in Q1. This is an improvement from a 17 basis point decline in the previous year. A slight reduction in the annual net interest margin is expected to be between 10-15 basis points due to lower deposit rates [2] Asset Quality - Overall asset quality pressure has slightly eased, with major banks having sufficient provisioning space to support profits. The non-performing loan ratio, attention rate, and overdue rate are all showing a stable decline. Major banks still have ample provisioning to support profits, while smaller banks may face limitations [3] Asset Scale - The overall growth rate of total assets has returned to normal levels, with city commercial banks maintaining a higher growth rate. As of the end of Q1 2025, the total assets of listed banks grew by 7.5% year-on-year, aligning with the current industry return on equity (ROE) and dividend rates [4] Non-Interest Income - Net fee income has reached a bottom level, while other non-interest income has negatively impacted performance. In Q1, the growth rate of other non-interest income for smaller banks significantly declined due to rising market interest rates, becoming a major drag on revenue and net profit growth [5]

Investment Rating - The report maintains a positive outlook on the banking sector, highlighting it as a low-volatility dividend play in a counter-cyclical environment and a strong performer in absolute returns during a pro-cyclical phase [6]. Core Insights - The first quarter of 2025 saw a decline in both revenue and net profit for listed banks, with revenue and net profit down 1.7% and 1.2% year-on-year, respectively. The main reasons for this decline were the expected decrease in interest margins and pressure from non-interest income [3][12]. - Loan growth has remained stable, with a year-on-year increase of 7.9% in the first quarter. Notably, banks in Jiangsu and Zhejiang, as well as Chengdu, continue to show strong economic performance, while Chongqing has emerged as a new growth area with loan growth exceeding 16% [3][4]. - The average net interest margin for listed banks was 1.54% in the first quarter, reflecting a slight quarter-on-quarter increase of 2 basis points, supported by a decrease in the cost of interest-bearing liabilities [4][12]. - The non-performing loan (NPL) ratio for listed banks decreased to 1.23%, with an estimated annualized NPL generation rate of approximately 0.63% [5][19]. - The report emphasizes the importance of focusing on high-dividend yield banks, particularly those with solid provisions and growth opportunities in favorable policy environments [6][19]. Summary by Sections Performance Overview - The first quarter of 2025 saw a significant impact from the decline in interest margins and non-interest income, leading to a negative growth in both revenue and profit for listed banks [10][12]. - The report indicates that the performance of state-owned banks was below expectations, while city and rural commercial banks generally met expectations [3][19]. Loan and Credit Analysis - Loan growth has been stable, with a year-on-year increase of 7.9% in the first quarter. The report highlights that the demand for loans from small and medium-sized enterprises has weakened, affecting the growth rates of rural commercial banks [3][4]. Interest Margin and Cost Analysis - The report notes that the average net interest margin for listed banks improved slightly, with a quarter-on-quarter increase attributed to a reduction in the cost of interest-bearing liabilities [4][12]. Asset Quality and Risk Management - The NPL ratio for listed banks decreased to 1.23%, with proactive measures taken to manage and dispose of non-performing assets [5][19]. - The report indicates that the retail sector is experiencing some risk exposure, but overall asset quality remains stable [5][19]. Investment Recommendations - The report recommends focusing on banks with high dividend yields and solid fundamentals, particularly those that are well-positioned to benefit from favorable policy changes [6][19].

丨证券研究报告丨 %% %% [Table_Author] 马祥云 盛悦菲 SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 请阅读最后评级说明和重要声明 %% %% 公司研究丨点评报告丨厦门银行（601187.SH） [Table_Title] 分红比例新高，利息压力改善 ——2024 年年报&2025 年一季报点评 报告要点 [Table_Summary] 厦门银行 2024 全年分红比例同比提升近 1pct 至 31.5%（占归母净利润比例），2024 年度股息 率 5.38%，在 A 股上市银行中位居前列。从长期角度，考虑厦门银行目前的资产规模基数并不 庞大，且底层资产质量没有历史包袱，新一届董事长履新后，有望在未来提升扩表速度，具备 成长空间。短期一季度业绩下滑主要受到投资收益波动影响，今年后续关注负债成本及利息净 收入改善趋势，以及银行业整体零售风险改善节奏。目前估值仅 0.57x2025PB，维持"买入" 评级。 分析师及联系人 厦门银行（601187.SH） cjzqdt11111 [Table_Title 分红比例新高，利息压力改善 2] —— ...