Investment Rating - The report maintains a "Buy" rating for Nanjing Bank (601009.SH) with a current price of 11.12 CNY [1]. Core Views - Nanjing Bank's revenue and profit growth have accelerated, with a "double U" development curve solidifying [4]. - The bank achieved an operating income of 28.5 billion CNY in the first half of 2025, representing an 8.6% year-on-year increase, and a net profit attributable to shareholders of 12.6 billion CNY, up 8.8% year-on-year [3][4]. - The annualized weighted average return on equity (ROE) for the first half of the year was 15.3%, a decrease of 0.6 percentage points year-on-year [3]. Revenue and Profit Growth - Revenue and profit growth rates for the first half of 2025 were 8.6%, 9.6%, and 8.8% respectively, showing improvements compared to the first quarter [4]. - The net interest income and non-interest income growth rates were 22.1% and -4.3%, respectively, with net interest income maintaining double-digit growth [4]. Asset and Loan Growth - As of the end of Q2 2025, the growth rates for interest-earning assets and loans were 26.7% and 15%, respectively, indicating a steady increase in scale [5]. - The bank added 130.8 billion CNY in loans during the first half of the year, with significant contributions from corporate and retail loans [5]. Deposit Growth - Deposits increased steadily, with a year-on-year growth rate of 16% as of the end of Q2 2025 [6]. - The bank added 149.4 billion CNY in deposits in the first half of the year, with a notable increase in both fixed and current deposits [6]. Net Interest Margin (NIM) - The NIM for the first half of the year was 1.86%, a slight decrease of 8 basis points compared to 2024 [7][8]. - The bank's interest-earning asset yield and loan yield were 3.72% and 4.56%, respectively, both down from 2024 [7]. Non-Interest Income - Non-interest income for the first half of the year was 12.8 billion CNY, reflecting a year-on-year decline of 4.3%, but the negative growth rate narrowed compared to Q1 [9]. Asset Quality - The non-performing loan (NPL) ratio remained low at 0.82% as of the end of Q2 2025, with a coverage ratio of 312% [10]. - The bank's risk compensation ability remains strong, with a slight decrease in the provision coverage ratio [10]. Capital Adequacy - As of the end of Q2 2025, the core Tier 1 capital ratio was 9.5%, indicating an increase from the previous quarter [11]. - Major shareholders have shown confidence in the bank's future by increasing their holdings [11]. Profit Forecast and Valuation - The report forecasts net profits for 2025-2027 to be 22.15 billion, 23.58 billion, and 24.50 billion CNY, respectively [12]. - The adjusted earnings per share (EPS) estimates for 2025-2027 are 1.79, 1.91, and 1.98 CNY, with corresponding price-to-book (PB) and price-to-earnings (PE) ratios indicating attractive valuations [12][13].

8月17日，成都银行发布公告称，因组织工作调动，王晖辞去董事长等职务，黄建军获任董事长及党委 书记。 此次履新成都银行董事长的黄建军，对该行而言并非新面孔。公开资料显示，其职业生涯早期深耕于成 都银行，曾担任多个部门负责人、董事会秘书、行长助理、副行长等职。 2020年，黄建军转任成都农商银行董事长。在其任内，该行资产规模显著扩张，从彼时的5197.21亿元 攀升至2025年6月末的9836.78亿元。 据了解，凭借独特的区位优势，成都银行近年来发展迅猛，成功跻身城商行前列。然而，面对经济周期 波动、行业竞争加剧及监管趋严的多重挑战，该行正经历增长动能转换的阵痛期。 例如，从业绩增速的角度来看，2021年至2024年，成都银行的营收增速分别为22.54%、13.14%、 7.22%、5.89%，归母净利润增速分别为29.98%、28.24%、16.22%、10.17%。2025年一季度，该行营收 增速降至3.17%，归母净利润增速降至5.64%。 成都银行迎"黄徐配" 王晖辞任成都银行董事长一职。 股价一路狂飙的成都银行迎来新帅。 近日，成都银行发布公告称，因组织工作调动另有任用，王晖辞去公司董事长、董事、董 ...

Core Viewpoint - Nanjing Bank, known as the "King of Bonds," has faced mixed reviews due to its aggressive investment strategy, which has led to significant fluctuations in earnings and challenges in its retail banking transformation [1][2][3]. Financial Performance - As of the end of 2024, Nanjing Bank's financial investments reached 1.08 trillion yuan, accounting for 41.7% of total assets, ranking third among 29 A-share listed banks [2][3]. - The bank's trading financial assets constituted 18.2% of total assets, indicating a more aggressive investment style compared to peers [2][3]. - In 2024, Nanjing Bank reported a public value change profit of 7.38 billion yuan, a 329.5% increase year-on-year, primarily driven by trading financial assets [3][4]. - The bank's total revenue for 2024 was 50.27 billion yuan, with a net profit of 20.37 billion yuan, reflecting year-on-year growth of 11.3% and 9.3%, respectively [3]. Retail Banking Transformation - Nanjing Bank has implemented a "Big Retail" strategy, significantly increasing its consumer loan balance to 203.84 billion yuan, a 24-fold increase since 2014 [5][6]. - Despite the growth in consumer loans, the retail banking segment reported a loss of 1.2 billion yuan in the previous year, highlighting challenges in profitability [6][7]. - The bank's personal loan interest income grew only 1.87% year-on-year, significantly lagging behind the growth in loan volume [6][7]. Asset Quality and Risks - The personal loan non-performing rate was 1.29%, down 0.21 percentage points from the previous year, but the overall asset quality pressure remains high [7][8]. - Nanjing Bank's overall non-performing loan ratio was 0.83%, with a significant increase in the amount of non-performing loans written off [7][8]. - The bank's reliance on certain sectors, such as public services, has kept its corporate loan non-performing rates low, while exposure to real estate and manufacturing has increased risk [8]. Strategic Direction - In 2024, Nanjing Bank initiated a new five-year strategic plan focusing on five key banking areas, with an emphasis on innovation and digital banking, moving away from the previous "Big Retail" strategy [10][11]. - The new chairman, who took office in February 2024, is expected to address the challenges in retail banking and enhance the bank's core responsibilities [9][10].