宁波银行股份有限公司投资者关系活动记录表 编号:2025-23 | 投资者关系活动 |  特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 □其他： | | 活动参与人员 | 公司投关团队； | | | 工银瑞信 万力实、刘欣然、郭荣琛 | | 时间 | 2025 年 7 月 9 日下午 | | 地点 | 公司总部大厦 | | 形式 | 现场会议 | | | 1、请问公司如何在行业竞争中取得优势？ 答：公司坚持差异化的经营策略，主动适应经营环境变化，持续积累差异化 | | | 的比较优势，推动银行高质量发展：一是深化经营主线，推动持续发展；二 是强化专业经营，夯实核心优势；三是加快科技转型，赋能经营管理；四是 | | | 守牢风险底线，确保平稳运营。 | | | 2、请问公司资本补充计划？ 答：近年来，我行不断优化业务结构，节约资本使用，同时通过内生性补充 | | | 资本，资本基础得到持续夯实，2024 年末资本充足率为 15.32%，保持了行业 | | 交流内容及具体 | | | 问答记录 | ...

编号:2025-22 | 投资者关系活动 |  特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 □其他： | | 活动参与人员 | 公司高管； 泰康资产 陈功、李鑫，富国基金 徐健荣，九方云智能 尤众元，天弘基金 蒋 | | | 江松媛，国华人寿 傅慧芳，竹润投资 倪华，毅木资产 陈锡伟，厚山投资 | | | 魏原，Millennium Capital Sharon Li | | 时间 | 年 月 日上午 2025 7 9 | | 地点 | 公司总部大厦 | | 形式 | 现场会议 | | | 1、请问公司对未来资产质量的展望？ 答：面对经济周期起伏和国内外局势变化，银行资产质量管控面临新形势、 | | | 新挑战。公司将积极应对经营环境变化，聚焦重点领域，坚守风险底线。一 方面，依托行内特色的"四化五帮"服务体系，精准助力经济重点领域，努力做 好"五篇大文章"工作，同时紧跟内外部经济形势及政策要求，严格授信准入， | | | 实施审慎稳健、务实高效的授信政策。另一方面，持续完善全流程信用风险 ...

越南央行行长：如有需要，可将信贷增长目标调整至16%，以促进经济增长。 ...

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。 报告摘要 在这两个年度中，我国宏观调控力度明显加大，且创新性地推出了若干新的调控工具。例如， 2022 年 6 月 29 日国常会批准设立了政策性开发性金融工具，用于补充重大项目资本金，或为专项债项目资本金搭 桥。截至该年 10 月末，这项工具已向实体企业投放 7400 亿元（月均投放约 1900 亿元），不仅解决了重 大项目资本金不足的问题，而且激发出更多有效信贷需求。 今年 4 月 25 日召开的政治局会议要求"设立新型政策性金融工具"，该工具的运作机制与前文所述的政策 性开发性金融工具较为接近。假设平均项目资本金比例为 20% ，则每 5000 亿元新型政策性金融工具的规 模在理论上皆可撬动 2 万元（注： 5000 亿元÷ 20 ...

欧洲央行会议纪要：信贷增长较之前预期略有加快。 ...

Group 1: Competitive Advantage and Business Strategy - The company adopts a differentiated business strategy to adapt to changes in the operating environment, focusing on high-quality development through four main approaches: deepening operational lines, strengthening professional management, accelerating technological transformation, and maintaining risk control [2]. Group 2: Asset Quality Outlook - The bank faces new challenges in asset quality management due to economic fluctuations and changes in domestic and international situations. It will focus on key areas while adhering to a strict risk bottom line, utilizing a unique service system to support economic priorities and implementing prudent credit policies [2]. Group 3: Loan Growth and Future Prospects - The company has been actively supporting key sectors such as small and micro enterprises, manufacturing, and consumer services, leading to steady loan growth. Future policies aimed at expanding domestic demand and promoting consumption are expected to further enhance financial service coverage and support the real economy [2]. Group 4: Compliance and Disclosure - During the investor relations activity, the company ensured that all communications adhered to disclosure regulations, with no significant undisclosed information leaked [2].

分析师：高瑞东 2025 年 5 月 15 日 总量研究 信贷增长的非常规性扰动 ——2025 年 4 月金融数据点评 作者 执业证书编号：S0930520120002 010-56513108 gaoruidong@ebscn.com 分析师：王佳雯 执业证书编号：S0930524010001 021-52523870 wangjiawen@ebscn.com 要点 事件：2025 年 5 月 14 日，中国人民银行公布 2025 年 4 月货币金融数据：社 融新增 1.16 万亿元，前值为新增 5.89 万亿元；社融存量同比增速为 8.7%，前 值为 8.4%；人民币贷款新增 2800 亿元，前值为新增 3.64 万亿元；M1 同比增 速为 1.5%，前值为 1.6%。 核心观点： 4 月份金融数据呈现"社融强+信贷弱"的组合。财政持续靠前发力，社融增速 进一步加快，较为符合预期。而信贷偏弱主要是受季节性、清欠加快、关税冲 击等非常规因素扰动。向前看，一揽子金融政策将加快落实，配合二季度财政 发力，而信贷的非常规扰动因素可能弱化，预计主要金融指标有望平稳向好。 一、信贷增长存在非常规扰动 2025 年 5 ...

债券研究 证 券 研 究 报 告 【债券日报】 非银回流银行，M2 增速回升 ——4 月金融数据解读 2025 年 4 月新增人民币贷款 2800 亿元，同比少增 4500 亿元，信贷余额增速 由 7.4%回落至 7.2%；新增社会融资规模 1.16 万亿，同比多增 1.22 万亿元， 社融存量增速由 8.4%回升至 8.7%；M2 同比增速从 7%修复至 8%，新口径的 M1 增速由 1.6%小幅下降至 1.5%。整体来看，季末信贷冲刺形成较为明显的 透支效应，4 月信贷增长大幅偏弱于预期，其中企业部门是明显拖累，但由于 央行"前置降息"，数据发布后市场反应钝化。在政府债券前置发行的支持下， 社融增速继续回升。存款方面，M1 表现不弱，去年手工补息禁止之后，存款 大幅外流形成低基数，非银存款回流支撑本月 M2 增速明显修复。 一、积极信号之中的季节性因素 二季度融出定价相对偏低的情况下，理财等广义基金增配存款带动 M2 增速 明显修复。（1）4 月 M2 减少 8815 亿元，较去年同期少减 2.7 万亿，带动 M2 增速向上回升接近 1 个百分点，其中非银定期存款为主要支撑，当月同比多增 1.9 万亿，与 ...

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].

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].