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， ...

证券研究报告 兴业银行 (601166 CH) 2025 年中期策略会速递—兴业银行： 负债成本优化，资产结构调优 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 6 月 | 05 日│中国内地 | 全国性股份制银行 | 6 月 4 日兴业银行出席了我们组织的 2025 年中期策略会，会上公司分享近 期经营变化和后续展望。我们认为主要关注点包括： 1）负债成本后续或仍 有优化空间。2）公司预计今年新发生不良及减值计提同比回落。3）公司着 力调优资产结构，聚焦支持实体经济。 聚焦支持实体，负债成本优化延续 兴业注重高质量发展，压降票据、同业资产等低收益资产，增加一般性贷款 投放，并重点投向绿色、科技、高端制造业，持续调优资产结构，服务实体 经济。我们预计定期存款占比仍有优化空间，随较高成本负债到期，低成本 负债置换，负债端成本预计延续改善趋势，对冲贷款定价下行压力，全年息 差降幅预计约 10bp。截至 6/4，兴业可转债余额 414 亿元，在流通市值占 比 8%，若全部转股有望提升核充率 0.53pct。福建省财政厅已于 2025/5/14 和 ...

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].