炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 与资本运作同步，公司也在加速回流资金至主营业务。药明康德在公告中指出，本次出售所得现金将用 于全球产能扩张与能力建设，强化其一体化CRDMO业务模式，并继续吸引和保留顶尖科研人才，以支 撑核心业务的长期增长。 公告显示，药明康德于10月8日通过大宗交易方式，出售了间接控股子公司持有的药明合联3030万股， 约占后者总股本的2.47%。 本次出售药明合联股票的投资净收益对公司2025年度税后净利润的影响约为人民币16.79亿元，占公司 最近一期（2024年度）经审计归属母公司股东净利润的比例超过10%。 这场减持行动，早在9月23日的股东大会上便已埋下伏笔。当时公司获得授权，允许投资部门在市场条 件合适时择机处置已上市流通的境内外股票，总额度上限为归母净资产的15%。换言之，此次减持属于 既定战略的一部分，是公司在授权范围内灵活调整资产结构的延续动作。 回溯近药明康德出售股票的操作路径，药明康德对药明合联的"套现"节奏颇为精准。今年以来，公司先 后于2024年11月8日、2025年1月10日和4月1日三度出售合计1.37亿股药明合联股票， ...

Core Insights - Meike Home is facing significant financial difficulties, including delayed salary payments to employees and outstanding debts to suppliers [1][3] - The company's revenue has declined for three consecutive years, with a total loss exceeding 1.6 billion yuan, and a loss of 87.98 million yuan reported in the first half of 2025 [2][3] - Meike Home's asset-liability ratio has risen to 63.1%, indicating substantial short-term repayment pressure [3] Financial Performance - Revenue for the first half of 2025 was approximately 1.5 billion yuan, down 8.11% from the same period last year [2] - Total profit for the same period was a loss of approximately 92.43 million yuan, an improvement from a loss of 322.94 million yuan in the previous year [2] - The net cash flow from operating activities was approximately 56.20 million yuan, a significant increase from 2.36 million yuan in the previous year [2] Legal and Operational Challenges - Multiple lawsuits have been filed against Meike Home, with over ten contract dispute cases since 2025 [3] - Suppliers have reported unpaid renovation fees from 2022, with Meike Home only able to pay one-third of the awarded amounts in court [3] - The company has acknowledged the need to optimize cash flow and adjust its asset structure to stabilize operations and protect stakeholder interests [3]

美元资产瘦身：一场关于储备韧性的主动重塑 市场上的交易员们，早已就此展开了直接的对话。当交易员甲感慨"欧洲长债也正在被抛售，大家都在小心翼翼地探索"时， 交易员乙的回应更是道出了关键："确实如此，就连日本和英国在七月都还在增持美债，唯独我们选择撤离，这说明我们的策 略存在不对称性。"这番略显随意却掷地有声的闲聊，直观地揭示了一个不争的事实：外资的配置行为并非铁板一块，甚至在 关键时刻还会出现显著分化。 为何说这种分化是"策略不对称"？不妨换个角度审视。日本和英国在七月选择逆势增持美债，这可能意味着它们对美债的风 险偏好、期限错配以及短期套利机会有着不同的评估，甚至可能是出于某种被动考量。而中国在此背景下的选择，则更像是 一种主动的、有预见性的资产结构调整。其目标并非追求立竿见影的短期收益，而是致力于构建一个更具长期韧性的外汇储 备体系。尤其是在美元指数自特朗普再次当选以来已累计下跌超过10%的宏观背景下，过度依赖单一货币的风险已不再令人 安心。 同期，中国人民银行连续第10个月增持黄金的举动，同样引人注目。截至八月底的官方数据显示，黄金储备已增至7402万盎 司，较七月底净增6万盎司。这绝非一时兴起，而是长期 ...

2025.09. 12 本文字数：1425，阅读时长大约2分钟 作者 | 第一财经 胡弋杰 封图 | AI生成 9月12日，现货黄金一度升至3674.27美元/盎司，创下新的历史纪录，并首次突破1980年1月21日创 下的850美元/盎司峰值（按通胀调整约为3590美元）。本月以来金价累计上涨约5%，今年以来涨幅 已接近40%。市场普遍认为，这一突破再次凸显黄金在持续的宏观不确定性中作为避险资产的地 位。 在美国经济数据公布前，金价曾一度下跌多达0.6%。随着数据出炉，价格迅速扭转跌势并刷新高 位。独立金属交易员黄泰（Tai Wong）评论称："上周初请失业金人数大幅攀升至26.3万，创三年来 新高，而核心CPI环比增幅仍维持在0.3%的高位，这些因素共同'拯救'了黄金。"他补充道，尽管短 期走势显示部分买家出现疲态，但未来几个月黄金前景依然具有建设性，大幅回调的空间有限。 经济降温加大宽松预期 近期公布的一系列数据表明，美国经济潜在动能正在降温。8月消费者价格指数（CPI）同比上涨 2.9%，为七个月来最大涨幅；生产者价格指数（PPI）意外下滑，反映服务业利润承压和商品价格 疲软。与此同时，8月非农新增就业 ...

Core Insights - The banking sector is actively implementing the core objectives of the "Five Major Articles" in finance, focusing on adjusting asset structures to strengthen the foundation for a financial powerhouse, with emphasis on technology, green finance, inclusive finance, pension, and digital sectors [1][4] - Major banks, including state-owned and joint-stock banks, are leading efforts by providing substantial long-term funding support for key national projects and core links in industrial chains [1][4] - Smaller banks are also making contributions by focusing on regional needs, with significant growth in loans for technology enterprises and green finance [2] Summary by Categories Major Banks - ICBC has seen its strategic emerging industry loan balance exceed 3.1 trillion yuan, with technology enterprise loans nearing 2 trillion yuan, green loans surpassing 6 trillion yuan, and inclusive loans reaching 2.9 trillion yuan by the end of 2024 [1] - Other major banks are also focusing on the five key areas, with notable loan growth in technology and green sectors [1] Small and Medium Banks - Guilin Bank's loans in the "Five Major Articles" reached 117.68 billion yuan, with technology enterprise loans growing over 30% year-on-year [2] - Shanghai Rural Commercial Bank's technology enterprise loan balance is nearly 115 billion yuan, up 24.29% from the previous year [2] - Huishang Bank's green loan balance is close to 116 billion yuan, increasing over 40% year-on-year, while its inclusive small and micro enterprise loans exceed 150 billion yuan [2] Challenges - Some banks face challenges in data and business practices, with discrepancies in loan balances compared to similar-sized institutions, such as Ningbo Bank's green loan balance of 50.54 billion yuan being below the average for A-share city commercial banks [3] - There is a notable gap in technology investment between domestic banks and international peers, with only 4 out of 20 banks investing over 5% of revenue in technology by 2024 [3] - The pension finance sector requires enhanced product innovation, as the current pension system heavily relies on the first pillar, with low coverage in the second pillar and slow development in the third pillar [3] Data Governance - The banking industry faces issues with inconsistent data standards, naming conventions, and data discrepancies, which affect the objectivity of assessments [4] - There is an urgent need for unified data standards and improved data governance within the banking sector [4]

Core Insights - The article discusses the changing perceptions of homeownership in China, highlighting how individuals are selling their only homes due to financial pressures and shifting beliefs about real estate as a secure investment [2][10]. Group 1: Reasons for Selling Homes - Many individuals are selling their only homes to prevent wealth erosion and to access cash for essential expenses like medical and educational costs [1][13]. - Some are actively restructuring their asset portfolios to seek more liquid and safer investments amid market volatility [1][10]. Group 2: Personal Experiences - The stories of individuals like Dafu and Cao Mei illustrate the emotional and financial struggles associated with selling homes at a loss, with Dafu selling her home for 300 million after purchasing it for 360 million, resulting in a loss exceeding 100 million [4][10][16]. - Cao Mei sold her newly purchased home for 240 million, incurring a loss of over 30 million, reflecting the drastic changes in the housing market within a few years [7][9][10]. Group 3: Market Conditions - The article notes that the real estate market in China has experienced significant fluctuations, with many homeowners facing losses due to declining property values [10][18]. - The narrative emphasizes the shift from viewing real estate as a guaranteed investment to a more cautious approach, where individuals are reconsidering the necessity of homeownership [2][10]. Group 4: Emotional and Psychological Impact - The emotional toll of selling homes is evident, with individuals experiencing feelings of failure and loss of identity tied to their homes [3][5][14]. - The article highlights the struggle of adapting to rental living after selling homes, with individuals like Cao Mei and Dafu grappling with feelings of displacement and the challenge of creating a new sense of home [28][29]. Group 5: Future Perspectives - Some individuals, like Lin Qing, have found new opportunities and perspectives after selling their homes, leading to a reevaluation of what constitutes security and happiness in life [22][36]. - The article suggests a growing acceptance of renting as a viable alternative to homeownership, with individuals prioritizing flexibility and reduced financial burdens over traditional notions of stability [34][36].

Core Viewpoint - Zhejiang Commercial Bank has achieved significant growth in customer deposits, surpassing 2 trillion yuan for the first time, indicating a strategic shift towards liability-driven operations [2][3]. Financial Performance - As of the end of Q1 2025, Zhejiang Commercial Bank reported total assets of 3.44 trillion yuan, a 3.54% increase from the previous year [2]. - The bank's total liabilities reached 3.24 trillion yuan, reflecting a 3.67% growth year-on-year [2]. - The bank's operating income for Q1 2025 was 17.105 billion yuan, a decrease of 1.302 billion yuan or 7.07% compared to the previous year [3]. - Net interest income increased to 11.981 billion yuan, up 1.38% year-on-year, while non-interest income fell to 5.124 billion yuan, down 22.23% [3]. Profitability - The net profit attributable to shareholders was 5.949 billion yuan, a slight increase of 0.36 billion yuan or 0.61% year-on-year [4]. Asset Quality - As of March 2025, the non-performing loan balance was 25.955 billion yuan, up 1.81% from the previous year, with a non-performing loan ratio of 1.38%, unchanged from the end of the previous year [4]. - The provision coverage ratio decreased to 171.21%, down 7.46 percentage points from the previous year [4]. Capital Adequacy - The capital adequacy ratio stood at 12.18%, a decrease of 0.43 percentage points from the previous year, while the core tier 1 capital ratio remained stable at 8.38% [4].

长江商报记者注意到，在市场利率下降，收入端增长乏力的同时，加大拨备计提力度成为晋商银行利润 减少的重要原因。 2024年营收净利双降 赴港上市已超过五年，晋商银行(02558.HK)首次出现净利润下滑。 年报显示，2024年，晋商银行实现营业收入57.91亿元，同比减少0.2%；净利润17.5亿元，同比减少 12.6%。截至2024年末，晋商银行资产总额3763.06亿元、发放贷款及垫款净额1951.04亿元，较上年末 分别增加4.2%、5.1%。 2024年，晋商银行信用减值损失为16.75亿元，同比增长17%，其中发放贷款和垫款减值损失17.83亿 元，同比增长85.9%。 截至2024年末，晋商银行不良贷款余额为35.66亿元，较上年末增加1.53亿元，不良贷款率1.77%，较上 年末下降0.01个百分点。 值得关注的是，晋商银行调整资产结构，适度增加债券和基金的投资规模。截至2024年末，该行金融投 资资产净额达到1067.96亿元，较上年末增加17.6%。其中，债券、基金投资规模合计达到983.59亿元， 较上年末增加187.34亿元。 2024年，晋商银行的交易收益、投资证券所得收益净额合计为9. ...

Core Viewpoint - Ping An Bank reported a decline in both revenue and net profit for Q1 2025, while also announcing plans to issue capital bonds totaling up to RMB 100 billion to strengthen its capital structure [2][3]. Financial Performance - For Q1 2025, Ping An Bank achieved operating revenue of RMB 33.709 billion, a year-on-year decrease of 13.1%, and a net profit of RMB 14.096 billion, down 5.6% year-on-year [2]. - The net interest margin fell to 1.83%, a decrease of 18 basis points compared to the same period last year [2]. - The non-performing loan ratio remained stable at 1.06%, unchanged from the end of the previous year [2]. Retail Business Adjustments - The bank's retail loan scale continued to shrink, with personal loan balances at RMB 1,729.046 billion, down 2.2% from the end of the previous year [3]. - High-risk loans decreased, with credit card receivables down 7.9% to RMB 400.638 billion and consumer loans down 3.2% to RMB 459.315 billion [3]. - The quality of retail assets improved, with the personal loan non-performing rate at 1.32%, a decrease of 0.07 percentage points from the end of the previous year [3]. Corporate Lending Growth - Corporate loans increased to RMB 1,682.667 billion, a growth of 4.7% from the end of the previous year [4]. - The bank's focus on four major industries (infrastructure, automotive ecosystem, public utilities, and real estate) resulted in new corporate loans of RMB 123.571 billion, a year-on-year increase of 13.3% [5]. - New loans in emerging industries reached RMB 73.956 billion, growing by 32.7% year-on-year [5]. Cost Management and Efficiency - The bank's operating costs decreased, with business and management expenses at RMB 9.055 billion, down 13.2% year-on-year [5]. - Credit and other asset impairment losses were RMB 7.430 billion, a reduction of 20.9% compared to the previous year [5].

Core Viewpoint - Ping An Bank's 2024 financial results reveal a significant decline in both revenue and net profit, indicating the bank is facing substantial challenges due to industry cycles and competitive pressures, as well as the costs associated with restructuring its asset portfolio and business model [1][2]. Financial Performance - The bank reported total operating income of 146.695 billion yuan, a year-on-year decrease of 10.93%, and a net profit attributable to shareholders of 44.508 billion yuan, down 4.19% from the previous year [1]. - The net interest margin fell to 1.87%, a decrease of 51 basis points from the previous year, marking the largest annual decline since 2010 [2]. - Interest income decreased by 20.8%, with corporate loan average yield dropping by 44 basis points and personal loan average yield declining by 102 basis points [4]. Revenue Breakdown - Interest income accounted for 93.427 billion yuan, representing 63.7% of total income, down from 71.6% the previous year [4]. - Non-interest income grew by 14.0%, but net fees and commissions fell by 18.1%, particularly in credit card and wealth management services [5][6]. Retail Business Challenges - The retail business, once a strong growth area, saw its revenue contribution drop below 50%, falling from 58.2% in 2023 to 48.6% in 2024 [8]. - Credit card circulation decreased by 12.9%, and total credit card spending fell by 16.6%, reflecting increased competition and changing consumer financial needs [8][9]. - Consumer loan balances also declined, with a notable increase in the non-performing loan ratio for personal loans [9][12]. Asset Quality Concerns - Total assets reached 5.769 trillion yuan, a 3.3% increase year-on-year, but the quality of assets remains under pressure, with rising non-performing loan ratios [12][14]. - The bank reported significant asset impairment losses, totaling 49.428 billion yuan, primarily affecting retail operations [6][14]. Strategic Adjustments - In response to these challenges, Ping An Bank is undergoing strategic adjustments, including a restructuring of its credit product offerings and a focus on improving internal management [20]. - Recent personnel changes in the retail division signal a commitment to reform and a desire to enhance operational efficiency [20].