Core Viewpoint - The company emphasizes its commitment to high-quality development and strategic transformation, focusing on integrating various financial services and enhancing its competitive advantages in green finance, wealth management, and investment banking [1][3][14]. Financial Performance - For the first half of 2025, the company reported operating income of 110.46 billion RMB, a decrease of 2.29% compared to the same period in 2024 [10]. - Net profit attributable to shareholders was 43.14 billion RMB, showing a slight increase of 0.21% year-on-year [10][16]. - Total assets reached 10.61 trillion RMB, reflecting a growth of 1.01% from the end of 2024 [10][15]. Strategic Initiatives - The company is actively pursuing a "1234" strategic framework, focusing on "light assets, light capital, and high efficiency" to enhance its banking capabilities [6][19]. - It aims to strengthen its position in five new sectors: technology finance, inclusive finance, energy finance, automotive finance, and park finance [2][6]. - The company is committed to building a "value bank" by improving five core capabilities: strategic execution, customer service, investment trading, comprehensive risk control, and management promotion [14][19]. Risk Management - The company has implemented reforms in its risk management system to enhance its ability to identify and mitigate risks [17]. - As of June 30, 2025, the non-performing loan ratio was 1.08%, indicating stability in asset quality [11][17]. - The provision coverage ratio stood at 228.54%, ensuring a robust buffer against potential loan losses [11][18]. Market Position - The company ranked 14th globally in the "Banker" magazine's 2025 list of the top 1000 banks by Tier 1 capital [4]. - It maintains a leading position in green finance, with green loan balances reaching 1.08 trillion RMB, a growth of 15.61% from the previous year [18]. - The company has successfully expanded its customer base, with corporate clients increasing by 4.26% and retail clients by 1.63% compared to the previous year [17].

Core Viewpoint - The strategic cooperation agreement signed between Hualong Securities and Gansu Bank marks a significant step towards integrated financial services in the region, enhancing financial support for the modernization of Gansu's industrial system [1][3]. Group 1: Cooperation Details - The partnership aims to serve the regional economic and social development, indicating a new phase of collaboration between commercial banks and investment banks [1][3]. - Both institutions will focus on Gansu's major development strategies, enhancing strategic collaboration and detailing cooperative measures [3]. - The cooperation will leverage their respective resources in areas such as brokerage services, capital financing, financial markets, investment banking, and corporate finance [3]. Group 2: Expected Outcomes - The collaboration is expected to bridge the gap between banking funds and capital market tools, improving financing efficiency for major local projects and reducing overall financing costs [3]. - A mechanism for "resource sharing, channel interconnection, and product complementarity" will be established to create a synergistic effect, aiming for a "1+1>2" outcome [3]. - This partnership is positioned to set a new benchmark for mutual benefit among state-owned financial enterprises in Gansu [3].

转自：新华财经 兴业银行青岛分行成功落地分行首单绿色科技企业并购贷款试点业务，为青岛某重型机械设备公司发放 并购贷款近8000万元，占整体并购交易价款的80%。并购方为青岛市"专精特新"中小企业，专注从事化 工装备、核电设备的生产制造。通过本笔并购交易，企业将进一步整合资源扩充自身的核电板块产能， 推动战略性绿色新能源产业发展。 据了解，作为青岛市首批科技企业并购贷款试点业务的参与者，在国家金融监督管理总局青岛监管局指 导下，兴业银行青岛分行迅速创设科技企业并购贷款试点业务绿色审批通道，组建了由"经营机构—业 务管理部门—项目审批部门"构成的"前中后台"高效联动机制。截至目前，兴业银行青岛分行已累计投 放科创企业并购贷款4.1亿元。 绿色科技企业并购贷款的成功落地既是兴业银行青岛分行积极探索科技金融、绿色金融创新发展路径的 又一成果，也是该行践行"商行+投行"模式的新举措。近年来，兴业银行青岛分行始终坚守金融服务实 体经济本源，充分发挥"投行生态圈"联动效应，围绕股票、债券、贷款、基金及其衍生品的全链条服务 体系，持续深化与优质企业的合作，不断提升服务水平。 兴业银行青岛分行相关负责人表示，兴业银行青岛分行将 ...

衍生品研究 兴业转债投资价值分析 稀缺性凸显，冲击强赎有望 2025 年 6 月 11 日 衍生品研究/转债分析报告 个券近一年走势 投资要点： 兴业转债（113052.SH）： AAA，截止 2025/6/9 债券余额 413.53 亿元，剩余期限 2.55 年，收盘价 122.62 元，转股溢价率 14.63%，纯债溢价率 13.73%。 正股：兴业银行（601166.SH）： 资料来源：最闻 最新总市值 4944 亿元，PE TTM 6.45x，PB LF 0.63x。兴业银行成立于 1988 年，福建省财政厅旗下核心企业，是我国首批股份行之一，拥有信托、金租、 基金、资管等金融牌照。 植根增长行业，值得长期关注-韵达转债 兴业转债主要看点： 投资价值分析 2025.3.7 高评级新券，稀缺性凸显-南药转债投资 价值分析 2025.3.7 危化品物流龙头，仓储区位和资质壁垒 凸显-密卫转债投资价值分析 2025.3.5 机制灵活，稳健扩张。兴业银行机制灵活，围绕"商行+投行"布局， 构建"股债贷"综合金融服务体系，表内外业务均衡，ROE 始终处股份行前 列。近年来，公司通过优化存款结构和控制高成本负债， ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 25.60 [9]. Core Views - The company is focusing on optimizing its liability costs and adjusting its asset structure to support the real economy. It aims to reduce low-yield assets and increase general loan issuance, particularly in green, technology, and high-end manufacturing sectors [2][3]. - The company expects a year-on-year decline in new non-performing loans and impairment provisions for the current year [4]. - The establishment of a financial AIC (Asset Investment Company) is expected to enhance the company's bond trading capabilities and integrate group resources to provide comprehensive financial services [3]. Summary by Sections Liability Cost Optimization - The company is expected to continue optimizing its liability costs, with room for improvement in the proportion of time deposits. The replacement of high-cost liabilities with low-cost ones is anticipated to lead to an ongoing improvement in liability costs, countering the downward pressure on loan pricing. The estimated decline in net interest margin for the year is about 10 basis points [2]. Asset Quality - The asset quality remains stable, with a focus on potential pressures in retail. The company predicts a year-on-year decline in new non-performing loans and impairment provisions. As of Q1 2025, the non-performing loan ratio was 1.08%, with a coverage ratio of 233% [4]. Profit Forecast and Valuation - The company maintains its forecast for net profit attributable to shareholders for 2025-2027 at RMB 774 billion, RMB 782 billion, and RMB 801 billion, respectively, with year-on-year growth rates of 0.2%, 1.1%, and 2.5% [5]. - The estimated book value per share (BVPS) for 2025 is RMB 39.39, corresponding to a price-to-book (PB) ratio of 0.60 times. The target PB for 2025 is set at 0.65 times, with a target price of RMB 25.60 [5].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 25.60 [9]. Core Views - The company is focusing on optimizing its liability costs and adjusting its asset structure to support the real economy. It aims to reduce low-yield assets and increase general loan issuance, particularly in green, technology, and high-end manufacturing sectors [2][3]. - The company expects a year-on-year decline in new non-performing loans and impairment provisions for the current year [4]. - The establishment of a financial AIC (Asset Investment Company) is expected to enhance the company's bond trading capabilities and integrate group resources to provide comprehensive financial services [3]. Summary by Sections Liability Cost Optimization - The company anticipates further optimization of its liability costs, particularly as higher-cost liabilities mature and are replaced with lower-cost ones. This is expected to improve the cost of liabilities and mitigate the downward pressure on loan pricing, with an estimated annual decline in net interest margin of about 10 basis points [2]. Asset Quality - The asset quality remains stable, with a focus on key areas such as corporate real estate, credit cards, and local government financing platforms. The company expects the peak of new non-performing loans in these areas to have passed, with ongoing monitoring of potential pressures in retail consumer loans and operating loans [4]. Profit Forecast and Valuation - The company maintains its forecast for net profit attributable to shareholders for 2025-2027 at RMB 774 billion, RMB 782 billion, and RMB 801 billion, respectively, with year-on-year growth rates of 0.2%, 1.1%, and 2.5% [5]. - The estimated book value per share (BVPS) for 2025 is RMB 39.39, corresponding to a price-to-book (PB) ratio of 0.60 times. The target PB for 2025 is set at 0.65 times, reflecting a clear strategic goal and potential for valuation premium [5].

Core Viewpoint - Fujian province emphasizes the development of county-level economies, focusing on key industrial chains as a critical support for high-quality economic growth. Industrial Bank plays a significant role in providing comprehensive financial services to enhance these key industrial chains in Fujian [1][2]. Group 1: Financial Support for Key Industries - Industrial Bank has provided over 244.5 billion yuan in credit to key industrial chains in Fujian, with cumulative investments exceeding 127 billion yuan [3]. - The bank has established a close partnership with Ningde Sikeqi Intelligent Equipment Co., supporting its transition from manufacturing to intelligent manufacturing through various financial services, including a 60 million yuan credit line for equipment upgrades [2]. Group 2: Mergers and Acquisitions Financing - Industrial Bank successfully executed Fujian's first pilot merger loan for a technology enterprise, covering 80% of the total acquisition cost with a loan term of up to 10 years, demonstrating its commitment to supporting technological innovation [4]. - The bank integrates merger loans with various commercial and investment banking products to provide comprehensive financing support for private enterprises and state-owned enterprise transformations [4]. Group 3: Cross-Border Financial Services - Industrial Bank optimizes cross-border financial services to support Fujian enterprises in global market expansion, providing tailored services for companies like Sendike Group, which has seen significant international trade growth [5][6]. - The bank has implemented a streamlined process for cross-border trade settlements, reducing transaction times from 1-2 days to just a few minutes, significantly enhancing operational efficiency for clients [6]. Group 4: Talent Development and Support - Industrial Bank has introduced financial products aimed at supporting technology talent, providing 530 million yuan in credit to Fujian Yanan Electric Co. for research and development in fuel cells and generators [7]. - The bank plans to offer at least 100 billion yuan in financing for the housing rental market and comprehensive financial services for innovative talents, ensuring a conducive environment for talent retention and entrepreneurship in Fujian [8].