证券代码：002142 证券简称：宁波银行 编号:2025-35 | 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； | | | | 兴业基金 刘方旭、蒋晨龙 | | | 时间 | 2025 年 11 月 25 日上午 | | | 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？ | | | | 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 | | | | 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 | | | | 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、请问公司再融资和内源性增长情况？ | | | | 答：一直以来公司始终着眼长远，统筹好分红与内源性资本增长的关系，夯 | | | | 实业务稳健可持续发展所必需的 ...

变更内容涉及公司名称、董监高、注册资本等 11月份以来，中国人民银行分支机构公布了一批非银行支付机构重大事项变更许可信息，主要涉及近10 家非银行支付机构，变更内容包括公司名称、董监高、注册资本等。 中国人民银行北京市分行本月公示了4项非银行支付机构重大事项变更许可信息。 具体包括，同意北京中投科信电子商务有限责任公司（以下简称"北京中投科信"）、北京雅酷时空信息 交换技术有限公司分别变更公司名称为北京安心支付有限公司、北京酷宝支付科技有限公司；同意北京 中投科信变更叶泽锋为公司董事（董事长），变更王玟为公司监事（监事会主席）；同意北京市政交通 一卡通支付有限公司郝艳阳、唐球、陈慧芳、韩雪为董事，潘冲为副总经理（技术负责人），陈怡为合 规风控负责人；同意联通支付有限公司变更高级管理人员（副总经理）为吴子华。 上海汇付支付和杉德支付同样涉及董监高变更。上海汇付支付变更沈皓旻为副总经理兼技术负责人；杉 德支付变更陈兵为副总经理和董事，王永泳、于晓伟为董事，方正为监事，沈家春为合规风控负责人获 批同意。 此外，中国人民银行广东省分行本月公示同意证联支付有限责任公司注册资本由1亿元增至2亿元。 综合梳理来看，近年来， ...

Investment Rating - The report maintains a positive outlook on the home appliance sector, highlighting that the sector outperformed the CSI 300 index during the week [2][3]. Core Insights - The home appliance sector index fell by 2.3%, while the CSI 300 index dropped by 3.8%, indicating a relative strength in the sector [2][3]. - Key companies such as Aopu Technology, Zhejiang Meida, and Supor showed gains, while companies like Joyoung, Beiqi, and Biyi experienced significant declines [4]. - Haier Robotics and INDEMIND signed a strategic cooperation agreement to advance the application of embodied robots in home settings [8]. - Biyi Electric received approval from the China Securities Regulatory Commission for a specific stock issuance [9]. Sales Data - In October, sales of cleaning appliances increased year-on-year, with robotic vacuum sales rising by 36.01% to 500,900 units and sales revenue increasing by 35.34% to 1.025 billion yuan [29]. - Sales of washing machines also saw a significant increase, with units sold rising by 60.11% to 429,300 and revenue increasing by 60.34% to 756 million yuan [29]. - Personal care products showed mixed results, with hairdryer sales slightly up by 0.31% but revenue down by 18.17%, while electric shaver sales rose by 29.12% with revenue up by 38.05% [34]. Industry Dynamics - The report identifies three main investment themes: 1. The potential of leading white and black appliance companies characterized by low valuations, high dividends, and stable growth [2]. 2. Upstream core component manufacturers are diversifying into emerging tech fields such as robotics and data center cooling [2]. 3. The increasing penetration of new consumer categories like cleaning appliances presents significant growth opportunities [2]. Macro Economic Environment - As of November 21, 2025, the USD to CNY exchange rate was reported at 7.0875, reflecting a year-to-date decrease of 1.40% [40]. - In October 2025, the total retail sales of consumer goods reached 46,291 billion yuan, showing a year-on-year increase of 2.90% [42].

Group 1 - The company has been promoting a technology transformation strategy since the change of its actual controller to the Wuhan State-owned Assets Supervision and Administration Commission [2] - The focus is on laying out new types of information infrastructure, enhancing industrial layout through multiple measures [2] - The company will continue to optimize resource allocation to promote high-quality development across various business segments [2]

科创板100ETF（588120）跟踪的是科创100指数（000698），单日涨跌幅达20%，该指数从科创板市场 中选取市值较大、流动性较好的100只证券作为指数样本，以反映科创板代表性上市公司证券的整体表 现。成分股覆盖了信息技术、生物医药、新材料等多个高科技领域，具有较强的创新性和成长潜力。 （文章来源：每日经济新闻） 野村东方国际证券指出，在科技转型过程中，由于指数行业权重的持续转变，历史相对估值的参考意义 下降，电子等行业在内的盈利增长持续带动科技领域的估值上修。估值分化加剧的现象将在A股市场持 续，指数的下行空间有限。中美贸易摩擦出现缓和，但双方都已展开中长期自主可控的产业链安全建 设，自主可控等题材将长期受益。科技题材中的医药等先于市场调整，可能成为科技内部轮动的首选。 此外，在"十五五"规划中，对安全韧性的描述（自主可控的投资加码）和新兴产业的商业化（商业航 天、卫星、6G、低空机器人）有望对A股形成积极影响。建议投资者同步增加对中美两国自主可控题材 的关注度，在中国资产中加大对军贸、AI基建、商业航天与6G基建、工控/办公/AI软件等题材的关注。 ...

Inflation Trends - In October 2025, the CPI increased by 0.2% year-on-year, while the core CPI rose by 1.2%, marking a significant increase from the previous values of -0.3% and 1% respectively[6] - The tourism CPI in October was notably high at 2.1%, influenced by the Mid-Autumn Festival, compared to 0.9% in the previous month[6] - Food prices showed a year-on-year decrease of -2.9% in October, an improvement from -4.4% in September, indicating a recovery in consumer demand[6] Policy Impact - Government consumption policies have shown a substantial leverage effect, with industrial consumer goods prices excluding energy rising by 2.0%, up from 1.8% in the previous month[6] - The PPI decreased at a slower rate of -2.1% year-on-year in October, an improvement from -2.3% in September, reflecting effective supply-side policies[6] - The prices in traditional high-energy-consuming industries improved, with the PPI for the mining and raw materials sectors increasing by 1.2 and 0.4 percentage points respectively[6] Future Outlook - Despite expected inflation declines post-holiday, the effects of various policies are anticipated to continue supporting economic growth, shifting the focus from external to high-quality domestic demand[6] - The implementation of policy-driven financial tools by the end of October is expected to further enhance domestic demand, with tangible results reflected in upcoming data[6] - Risks remain, particularly from geopolitical conflicts that could lead to unexpected fluctuations in commodity prices[6]

Core Viewpoint - Ningquan Asset, a private equity firm, announced a suspension of new investor subscriptions for all its funds starting October 30, 2023, amidst a strong market rally where the Shanghai Composite Index stabilized above 4000 points [1][2]. Group 1: Company Actions - The suspension applies to all products and new investors, with existing investors allowed to make additional subscriptions [2]. - The firm has not provided a timeline for when subscriptions will reopen, indicating that future announcements will dictate the resumption [2]. Group 2: Market Context - Ningquan Asset's decision to suspend new investments is interpreted as a response to its large asset management scale, which reportedly exceeded 400 billion yuan as of the first quarter of this year [4][5]. - The firm’s founder, Yang Dong, is recognized for his cautious market predictions, having previously warned investors at critical market peaks [7]. Group 3: Industry Trends - The trend of private equity firms suspending new subscriptions is not uncommon this year, with several firms, including Ruijun Asset and Yanfeng Investment, also announcing similar actions to prioritize performance and manage growth [8]. - The broader market context shows that the A-share market is experiencing a potential slow bull run, supported by economic recovery and policy measures [10][11].

Group 1 - The core viewpoint of the report is that Daiwa has upgraded Baidu Group-SW (09888) from "Outperform" to a strategic "Buy" with a target price increase from HKD 92 to HKD 158 [1] - Two key catalysts are identified: the "Baidu World 2025" annual event on November 13 and the financial disclosure of improved performance in new businesses in the third quarter earnings report at the end of November [1] - Despite potential significant adjustments to profitability in 2026 due to Baidu's marketing business, there is a belief in the company's transformation from a marketing firm to a technology company, which may lead to further stock price increases due to limited investor holdings [1]

Core Viewpoint - Daiwa has upgraded Baidu Group-SW (09888) from "Outperform" to a strategic "Buy" rating, raising the target price from HKD 92 to HKD 158, citing two key catalysts [1] Group 1: Catalysts - The first catalyst is the "Baidu World 2025" annual event scheduled for November 13 [1] - The second catalyst is the financial disclosure of improved performance in new business during the third-quarter earnings report at the end of November [1] Group 2: Market Outlook - Despite potential significant revisions to 2026 earnings due to Baidu's marketing business, there is optimism about Baidu's transformation from a marketing company to a technology company [1] - Limited investor holdings in the company may drive further stock price increases [1]

Core Viewpoint - Daiwa has upgraded Baidu's rating from "Outperform" to "Strategic Buy" and raised the target price from HKD 92 to HKD 158, citing two key catalysts for this change [1] Group 1: Catalysts - The first catalyst is the Baidu World 2025 event scheduled for November 13 [1] - The second catalyst is the third-quarter earnings report at the end of November, which is expected to show improved financial disclosures regarding new business performance [1] Group 2: Company Transformation - Daiwa believes that Baidu is transitioning from a digital marketing company to a technology company, which enhances its growth prospects [1] - The report indicates that limited investor holdings in the company could lead to further stock price increases [1]