Core Viewpoint - The banking net interest margin is expected to stabilize and rebound by 2026, driven primarily by improvements in liability costs [1] Group 1: Banking Sector Insights - The improvement in liability costs is projected to contribute approximately 17.5 basis points (BP) to the interest-bearing liability cost rate, supporting the net interest margin by about 15.6 BP [1] - The impact of asset repricing is limited, with new loan interest rates potentially reaching an inflection point, alongside local debt influences, leading to a combined negative impact of approximately -8 BP on the net interest margin [1] - Credit growth is anticipated to be between 6.1% and 6.6%, while social financing growth is expected to range from 8.3% to 9% [1] Group 2: Financial Industry Overview - The overall asset quality remains stable, with continuous improvements in the corporate sector [1] - The growth of non-interest income is expected to marginally decline as the industry returns to normal growth patterns [1] - The capital adequacy ratio across the industry remains stable, with large banks injecting capital to help mitigate risks [1] Group 3: Financial ETF Information - The financial ETF (510230) tracks the 180 Financial Index (000018), which selects large and medium-sized enterprises from the banking, insurance, and securities sectors in the Chinese A-share market [1]

Core Viewpoint - Multiple A-share listed banks have recently seen significant share purchases by their directors, supervisors, and major shareholders, indicating confidence in the banks' long-term value and stability in market sentiment [1][5]. Group 1: Shareholder and Management Purchases - Qilu Bank announced on November 7 that its directors and executives have collectively increased their holdings by approximately 3.15 million yuan, achieving 90% of their planned purchase amount [1][3]. - Qingdao Bank reported that its major shareholder, Guoxin Chanin Holdings, increased its stake to 15.42% through the Hong Kong Stock Connect, becoming the largest shareholder [1][4]. - Since 2025, over 10 banks, including Xiamen Bank and Suzhou Bank, have experienced similar increases in shareholdings by management or major shareholders, predominantly among city commercial banks [1][3]. Group 2: Financial Performance and Trends - The third-quarter reports of listed banks show positive performance, with 35 out of 42 banks reporting year-on-year profit growth, and seven banks achieving double-digit growth [7]. - Qingdao Bank and Qilu Bank led the profit growth among listed banks, with increases of 15.54% and 15.14% respectively [7]. - The overall revenue of A-share listed banks grew by 0.9% year-on-year, while net profit increased by 1.5%, driven by stable expansion and improved net interest margins [7][8]. Group 3: Net Interest Margin Stability - The net interest margin (NIM) of many listed banks has shown signs of stabilization, particularly among city commercial banks, with 19 banks reporting an increase compared to the first half of 2025 [8]. - Notable increases in NIM were observed in banks such as Xi'an Bank and Nanjing Bank, with rises of 11 basis points and 7 basis points respectively [8]. - Analysts expect continued improvement in NIM due to the optimization of funding costs, with city commercial banks maintaining good growth potential [8][9].

Core Viewpoint - Multiple A-share listed banks have seen significant share purchases by directors, supervisors, and major shareholders, indicating confidence in the long-term value of these banks and a shift towards proactive market management [1][4]. Group 1: Shareholder and Management Purchases - Qilu Bank announced that as of November 7, its directors and executives had completed 90% of their share purchase plan, totaling approximately 3.15 million yuan [1][2]. - Qingdao Bank reported that its major shareholder, Guoxin Chanin, increased its stake to 15.42%, becoming the largest shareholder after purchasing 243 million H-shares for a total of 9.57 billion yuan [2][3]. - Other banks, including Xiamen Bank, have also seen management voluntarily increase their holdings, with Xiamen Bank's management purchasing shares worth at least 964,000 yuan [3]. Group 2: Financial Performance and Trends - The recent quarterly reports indicate a positive performance among listed banks, with 35 out of 42 banks reporting year-on-year profit increases, and seven banks achieving double-digit growth [5]. - Qingdao Bank and Qilu Bank led the profit growth with increases of 15.54% and 15.14%, respectively [5]. - The overall revenue of A-share listed banks grew by 0.9% year-on-year, while net profit increased by 1.5%, driven by stable expansion and improved net interest margins [5]. Group 3: Net Interest Margin and Market Outlook - The net interest margin (NIM) for many listed banks has shown signs of stabilization, with 19 banks reporting an increase compared to the first half of 2025 [6]. - Notably, Xi'an Bank's NIM increased by 11 basis points, while Nanjing Bank's rose by 7 basis points, indicating a positive trend in operational performance [6]. - Analysts expect that the net interest margin will stabilize in 2026, with a focus on asset quality, particularly in retail banking, as potential pressures may arise [7].